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2025-10-31-accounts

(Registered Number : 02167853)

The Paddle Steamer Preservation Society Report of the Trustees and Financial Statements for the Year Ended 31 October 2025

73 Union Street Greenock PA16 8BG

The Paddle Steamer Preservation Society

Contents of the Financial Statements for the Year Ended 31 October 2025

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Parent Statement of Financial Activities 13
Consolidated Statement of Financial Activities 14
Parent Statement of Financial Position 15
Consolidated Statement of Financial Position 16
Consolidated Statement of Cash Flows 17
Notes to the Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 to 42

The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2025

The Council of Management presents its report which forms the Trustees’ Annual report required by charity law and the Directors’ report required by Company law. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and in accordance with he Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Society is a company limited by guarantee (having no share capital). The Society is governed by its Articles of Association which set out the Society’s objects.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02167853 (England)

Registered Charity numbers

298328 (England) SC037603 (Scotland)

Registered office

Mayfield Hoe Lane Abinger Hammer Dorking England RH5 6RS

Trustees

Elected Members (up to seven) John Allen (Chairman) Richard Clammer (3) Ashley Gill (3) (appointed 25.10.25) David Green Jon Jolliffe (resigned 25.10.25) Martin Longhurst (Treasurer) Peter Morley (Company Secretary) Paul Semple (1,2&3)

Branch Representatives (up to five)

Keith Adams (Wessex and Dart) Angela Johnson (North of England and North Wales) (National Secretary) Noel Kemp (Bristol Channel) Christopher Larkin (London and Home Counties) Gordon Wilson (Scottish) (Vice Chairman) (Membership Secretary)

Representative of Waverley Steam Navigation Co. Ltd. (may appoint one trustee) Deryk Docherty (1&2)

Representative of P.S Kingswear Castle Trust Ltd. (may appoint one trustee) John Megoran (3)

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The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2025

Representative of Loch Lomond Steamship Co. (may appoint one trustee) Iain Robertson

Members co-opted by Council (up to two)

Vacancy Vacancy

Directorships of related party companies:-

Independent auditors

Henderson & Company 73 Union Street Greenock Renfrewshire PA16 8BG

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The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2025

Legal and administrative information set out on pages 1 and 2 forms part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Articles of Association, the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and in accordance with the Companies Act 2006.

The consolidated financial statements include the transactions of all companies within the PSPS Group. These are the Society itself together with Waverley Steam Navigation Co. Limited (WSN), Waverley Excursions Limited (WEL) and Paddle Steamer Kingswear Castle Trust Limited (PSKCT). WEL is a wholly owned subsidiary of WSN.

Objects

These may be summarised as to preserve in operation paddle steamers, to educate the public in their historical significance and to preserve and exhibit a collection of equipment and material associated with paddle steamers. The Society’s principal activities are to assist in the preservation in sailing condition of the Paddle Steamers Waverley and Kingswear Castle through its subsidiaries and to maintain a collection of historical material relating to the paddle steamers.

The Society provides public benefit by making grants to charities to enable them to maintain their vessels so the public may sail on them; by maintaining a collection of artefacts accessible for research purposes; by holding public meetings relating to paddle steamers; and by publishing current and historical information relating to paddle steamers. The trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the Society should undertake.

Business Review including Achievements, Performance and Future Developments SOCIETY

Highlights of the Year

Waverley had a record year for earnings and enjoyed the best passenger numbers for many years. This was achieved despite significant weather disruption towards the end of her season and some mechanical woes. She was able to make three first time calls at Carbost, Isle of Skye, Salen, Isle of Mull and Rochester, Kent.

On the River Dart, Kingswear Castle returned to service with a beautiful new bar aft and had a successful couple of months giving one hour cruises from Dartmouth. The two paddlers did meet up again at the end of Waverley’s epic voyage from the Clyde via Kyle of Lochalsh, Dundee and Tilbury. Following a special sailing to Totnes for the Society, Kingswear Castle was withdrawn to enable Phase 2 of her rebuild to be commenced.

More information about our paddlers is given in the owning companies’ reports below.

Although the Society’s year was largely uneventful, we had the good fortune to host our Annual General Meeting in the Princess Royal Gallery, National Museum of the Royal Navy at Portsmouth Historic Dockyard. This was followed by a presentation by Henry Cleary who preserved VIC56, a wartime Clyde puffer.

Sadly, almost a year after the death of her husband, Timothy West CBE, the second of our joint Patrons, Prunella Scales CBE, died on 27 October 2025. They had been our joint PSPS Patrons since 2016. Being true supporters, to show off Waverley, they had chartered her to celebrate both their Ruby and Golden wedding anniversaries with a sailing through Tower Bridge.

Supporting Paddle Steamer Waverley

Supporting P.S. Waverley to ensure that she can continue to operate remains a top priority of the Society. In 2024-25 the Society continued its policy of providing financial support to WSN as the owning charity.

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The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2025

Members and supporters contributed £32,030 for the Waverley which was passed on to WSN. The Scottish Branch granted £10,600, Wessex and Dart Branch gave £500. It was a record year for Grand Draw sales. The Scottish Branch Draw sold out in mid-August, while Waverley was still on the Clyde, raising £19,922. The London and Home Counties Branch rapidly organised an Autumn Draw, raising a further £11,458. This means that altogether the Society contributed £74,510 during the year. The outstanding long-term loans totalling £117,201 were converted to grants during the year.

Supporting Paddle Steamer Kingswear Castle

Supporting P.S. Kingswear Castle to ensure that she can continue to operate is the other top priority of the Society. In 2024-25 the Society continued its policy of providing financial support to PSKCT as the owning charity.

During the year members and supporters contributed £9,283 for Kingswear Castle and these contributions were passed on to PSKCT. In addition, the Wessex and Dart branch made a grant of £200 to PSKCT.

Other Paddle Steamers

Supporting Paddle Steamer Maid of the Loch

The Society also supports financially the preservation of P.S. Maid of the Loch, which is owned by Loch Lomond Steamship Company (LLSC), an independent Scottish charity (SC024062). LLSC is one of the bodies to which the Society is allied, having aims related to the preservation of large pleasure steamers, and with which close links are maintained.

Supporting Paddle Steamer Medway Queen

The Society maintains close links with the Medway Queen Preservation Society (MQPS), which is a working name of The New Medway Steam Packet Company Limited (NMSP). NMSP owns P.S. Medway Queen and is an independent English charity (02100358).

Waverley Steam Navigation (WSN) Report

Waverley is operated by WEL, which is a wholly owned subsidiary of WSN.

Waverley had been laid up for winter 2024/25 on 25 October 2024. The WSN trustees determined that sufficient funds were in hand to enable a refit and overhaul programme entailing expenditure of approximately £1m on materials and services, within a total budget of £1.7m including payroll, insurance, marketing and all other expenses. The works included survey of the high pressure part of the main engine, the aft hull, aft steam lines, anchor and chain, paddle wheels, general service pump and forward feed pump. Load testing and replacement wires for the davits were required. Steelwork repairs to the forward deck shelter were addressed. Over 200m of deck timber replacement was undertaken on the promenade deck and the forward deck shelter roof. A new staircase was constructed for the upper deck and the engine room skylight was removed. Refurbishment of the passenger toilets, the lower dining saloon, and the crew utility room alongside renewal of three electrical distribution boards and the walk-in fridge and freezer compressors and evaporators were completed. A material capital project was undertaken to replace the boiler burners, as the manufacturer of the existing plant had withdrawn from technical support and the provision of spare parts. In drydock, steelwork repairs to the aft hull were made and the entire aft hull section was sandblasted and repainted. Both paddle box facias were renewed. Through the winter volunteers undertook an extensive programme of varnishing of seats and other timber, with the use of a covered workshop area at the Riverside Museum. A lightship survey was undertaken at the Science Centre berth in Glasgow prior to her crew joining, to enable final trials and inspections for the Maritime and Coastguard Agency.

Bookings for the new season were opened in February and total advanced sales exceeded £1.3 million before the ship commenced sailing on 15 May. The programme for 2025 followed a familiar pattern but included commemoration of the 50[th] anniversary of the first sailings under preservation in 1975. Waverley called at Crinan for the first time in many years during a sold-out Glasgow to Oban voyage. She made her first call at Carbost in Skye and returned to Ullapool. Use was made of Holyhead and both Liverpool and Seacombe for North Wales trips. The Bristol Channel programme in June benefited from mostly favourable weather conditions, as did the main summer Clyde sailings. Passenger numbers for the Clyde were up about 30%. Highlights included escorting Cunard’s Queen Anne on her departure from Greenock, and a visit to Troon. Navigation of the River Clyde entailed the operation of two new bridges at Govan and Renfrew which required to open to allow Waverley to pass. Weather conditions in the Irish Sea and further south in the last week

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The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2025

of August led to Waverley making her first passage along Scotland’s north coast in over 20 years. She called at Dundee and Tilbury before eventually reaching Dartmouth, having covered over 1,200 miles since leaving Ayr. The South West and South Coast schedules through September were materially disrupted by adverse weather. Waverley called at Torquay for the first time since the 1980’s and Weymouth after a break of 7 years. On the Thames, Waverley used a new berth at Rochester for the first time. A trouble-free return passage to the Clyde via the West coast saw Waverley complete a circumnavigation of Great Britain. On conclusion of the sailing season 123 out of the planned 139 service days had been operated. Of the 16 days lost, 9 were due to weather and 7 for technical reasons. The principal technical issues were caused by a rope being caught up in the port paddle wheel, and by the failure of welds affecting the port spring beam. During the season 161,950 passenger journeys were recorded, the highest total since 1996. The revenues from ticket sales and retail sales (undertaken by WEL) of £4.91m increased by 4.5% compared to 2024.

As the winter layup and overhaul for 2025/26 commenced, the scheduled works included replacement of the port spring beam and steelwork replacement in the paddle drum and waist-rope working areas. Deck repairs were to be focussed on the port sponson, promenade deck and bridge deck. Refurbishment of the crew mess room was planned. New electronic components to improve the control system for the boilers were to be fitted. Survey items included the medium pressure section of the main engine, the capstan, the starboard fuel tank, the vacuum pump and electric feed pump. A major capital project was planned to replace the fire suppression systems in both the boiler room (foam) and throughout other areas (water sprinklers). Due to the discovery of rot affecting the main mast, the replacement of both masts had become necessary. It was decided that the timber window frames in the dining saloon required replacement. Due to the inclusion of the masts and windows at a late stage, and with the capital project utilising available funds, a public appeal was launched to raise £135,000 for the masts and windows. This had been achieved by February 2026.

The planned programme of works is well under way and arrangements are in hand for the 2026 season to start on 8 May.

The WSN Trustees are grateful for the hard work of all our employees and volunteers and for the support shown by enthusiasts and the public, in what was another memorable and significant year. Particular mention of Captain Dominic McCall is appropriate. Dominic has contributed significantly to Waverley’s success over four seasons. He is now stepping down as Master to take up an equally prestigious post elsewhere, but will continue to support Waverley in an advisory role as Senior Master

Paddle Steamer Kingswear Castle Trust (PSKCT) Report

Kingswear Castle has been placed on a long-term charter expiring in 2048 to Dart Pleasure Craft Limited (DPC) which operates the steamer at Dartmouth.

During the 2024/25 refit Kingswear Castle’s aft saloon was rebuilt in the Art Deco style in keeping with the era when the ship was designed. Much work was also undertaken in the engine room including renewing bearings as necessary, stripping down all the various pumps and retubing the condenser. We were pleased to find, when opened up, that the inner recesses of the basic structure of the condenser were in much better condition than we had anticipated. All this was financed by inhouse labour by DPC and PSKCT reserves.

Kingswear Castle once again operated harbour cruises in conjunction with the steam railway at Dartmouth during the 2025 season.

Three fund raising cruises were put on by PSKCT with disappointing results. Other fund raising continued, most particularly through the website, and produced modest but steady returns.

Kingswear Castle was taken out of service on 5 September 2025 in order for work to commence on Phase 2 of her major rebuild. This will include renewing all of the decks from the paddle boxes to the bow and the steel strake, where the hull meets the decking as necessary, also forward of the paddle boxes. This is being funded by inhouse labour from DPC, the results of PSKCT fund raising and reserves and a grant of £200,000 from PSPS. Kingswear Castle is expected to return to service for the 2026 season.

We have continued to provide an educational role, not only with material about Kingswear Castle, but also about the history of paddle steamers more generally, through regular posts on our website. There is now a post for what happened to some paddle steamers somewhere in the world for every day of the year plus regular Pictures of the Month features and stories about paddle steamers as well as other paddle steamer related news and other posts.

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The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2025

We continue to be very pleased with the way DPC look after, run and maintain Kingswear Castle to an exceptionally high standard.

Archive Collection

The Society has a specialised Archive Collection of over 70,000 items. The Collection has been accumulated over the 66 years of the Society’s existence and ranges from ship models to ship’s furniture, plans and drawings, sailing handbills, postcards, pictures/slides and company records.

To fulfil its educational role the Society is working to make its collection more accessible for research with a number of objects already on loan for display purposes to appropriate museums. As part of this process, selected items from the collection are now displayed on the Society’s website. A sub-committee of three, including two Council of Management trustees, has responsibility for managing the collection. The day-to-day running is dealt with by one trustee. Long and short term plans have been created and a five year budget has been approved. The Archive Development Fund (which partially funds this work) has benefited from contributions from individuals. In addition, the Council of Management has decided to add 5% of non-specific bequests to the Fund.

The volunteer team continues to catalogue non-accessioned items and has focused on specific collections. During this last year the Archive has relocated to further new premises and as a result the scanning project has been paused until the resultant reorganisation has been completed.

Trustees

The Council of Management are the Society’s charity trustees and directors. The Council of Management controls the Society and met online twice and face-to-face once during the year. The methods of appointment are as follows:

----- Start of picture text -----
Method of Appointment Number
Members of the Society elected by postal ballot of the membership 7
One member of the Society from each Branch of the Society nominated by
the member's Branch Committee 5
One representative appointed by Waverley Steam Navigation Co Limited 1
One representative appointed by Paddle Steamer Kingswear Castle Trust
Limited 1
One representative appointed by Loch Lomond Steamship Company 1
Members co-opted by Council until next AGM 2
17
----- End of picture text -----

Organisation

The Society operates both at UK and local levels, through five area Branches. The five Branches organise public meetings in winter, assist in promoting sailings and carry on fund raising in summer. Members also assist with varnishing Waverley’s woodwork in a shoreside workshop. The five Branch Committees are given delegated authority over 20% of the subscription income attributed to their areas.

Society Financial Statements and Membership

The Society Financial Statements for the year to 31 October 2025 show a net income of £139,876, compared to a net income of £360,566 in the year to 31 October 2024.

At 31 October 2025 the unrestricted funds of the Society comprised the General Fund standing at £92,563 (2024 - £70,550), the Restoration and Preservation Fund (General division) standing at £805,135 (2024 - £675,920), the Restoration and Preservation Fund (P.S. Kingswear Castle division) standing at £245,431 (2024 - £258,036) and part of the Archive Development Fund standing at £55,006 (2024 - £60,000).

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The Paddle Steamer Preservation Society Report of the Trustees for the Year Ended 31 October 2025

The restricted funds comprised the Restoration and Preservation Fund (General division) at £11,700 (2024 - £5,655), the Restoration and Preservation Fund (P.S. Kingswear Castle division) standing at £7,966 (2024 - £7,967) and part of the Archive Development Fund standing at £791 (2024 - £770). Full details of fund balances and movements are given in the Notes to the Financial Statements. In allocating expenditure from funds, the Society’s policy is to use applicable restricted funds before unrestricted funds. This has resulted in low balances of the restricted funds but does ensure that resources are used promptly to fulfil donors’ wishes.

The Society is fortunate to benefit from sometimes very substantial bequests from its members and supporters and in 2025 £115,139 was received (2024 - £339,826).

Group Financial Statements

For the year ended 31 October 2025 the group had a net deficit of £9,909 (2024 – surplus of £939,154).

Voluntary Workforce

The Society has no paid employees, so its achievements reflect members’ voluntary efforts. These cover a wide range of skills and are essential to the continued successful operation of the Society. The Council of Management gratefully acknowledges all contributions great and small.

Reserves Policy

The Society has four main reasons to hold reserves:

Investment Policy

In accordance with the Articles of Association the trustees have the power to invest monies of the Society not immediately required for its purpose in such investments and securities as they see fit.

Statement on Risk

The trustees have produced a Risk Register setting out the risks to which the Society is exposed and appropriate risk management strategies. Progress is monitored against the Risk Register on a regular basis and a comprehensive review is carried out on an annual basis.

Fundraising

The Society has not adopted a formal fundraising policy. However, its fundraising efforts, which are all volunteer-led, are largely directed towards its members. The only exception has been the promotion of special cruises on Waverley and Kingswear Castle and selling lottery tickets to Waverley passengers. New members are recruited by use of leaflets, through the Society’s website and social media channels.

The Society organised two successful fund-raising charters on Waverley. On 22 July Waverley gave an evening cruise Round Bute which netted £4,742, while on 20 August she cruised Loch Long and Loch Goil netting £13,912. Special cruises on Kingswear Castle are now organised by PSKCT.

The other major fund-raising effort for Waverley was the two Grand Draws, which attracted combined ticket sales of £31,380. The whole amount was paid to WSN, which donated many of the prizes. The remainder of the prizes and expenses were funded by the Scottish and London & Home Counties Branches.

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The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2025

Membership

The Society’s membership stood at 2,411 on 31 October 2025 (31 October 2024 – 2,457) made up as shown:

----- Start of picture text -----
London North of
and England
Bristol Home and North Wessex
Channel Counties Wales Scottish and Dart Total
Full 144 242 113 400 130 1,029
Senior 104 174 44 221 89 632
Associate 70 111 43 168 67 459
Young
Persons 6 3 5 12 3 29
Life 35 84 18 61 38 236
Honorary 4 3 16 3 26
Total 363 617 223 878 330 2,411
----- End of picture text -----

There was a slight reduction of 46 members during the year, a fall of 1.9%.

Public Meetings

22 public meetings about paddle steamer subjects were held at 10 locations around the country during 2024-25. These are organised by the Society’s five branches in easily accessible locations.

Regrettably, it was not possible to continue our programme of online presentations, due to the lack of a suitably skilled volunteer.

Communication

The Society communicates to its members by publishing a quarterly Journal Paddle Wheels. This is a full colour A4 format magazine edited by John Allen.

The society also communicates with non-members through its website (www.paddlesteamers.org), its social media accounts and its You Tube Channel. All of these continued to be updated regularly with news about our ships and feature articles and postings of wider paddle steamer interest.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of The Paddle Steamer Preservation Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2025

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Henderson & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 27th June 2026 and signed on the board's behalf by:

Peter Morley Company Secretary and Trustee

Page 9

Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

Opinion

We have audited the financial statements of The Paddle Steamer Preservation Society (the 'charitable company') for the year ended 31 October 2025 which comprise the group and parent charitable company Statement of Financial Activities (incorporating the income and expenditure account), the group and parent charitable company Statement of Financial Position, the group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to Going Concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion/

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Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on Which We are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our Responsibilities for the Audit of the Financial Statements

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud as detailed below.

We considered the opportunities and incentives that may exist within the organisation for fraud. We reviewed all unusual journal entries and assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. We reviewed the financial statement disclosures and tested balances to supporting documentation. We assessed the extent of compliance with laws and regulations identified through making enquiries of management and inspecting legal correspondence.

There/

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Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of Our Report

This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company's members and parent charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Henderson (Senior Statutory Auditor) for and on behalf of Henderson & Company, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 73 Union Street Greenock Renfrewshire PA16 8BG

29 June 2026

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The Paddle Steamer Preservation Society

Parent Company Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2025

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
175,822
Charitable activities
Charitable activities
4
35,655
Trading activities
3
34,011
Investment income
26,049
Total Income
271,537
EXPENDITURE ON
Trading activities
5
(22,091)
Charitable activities
Charitable activities
6
(107,075)
Other costs
7
(8,242)
Total Expenditure
(137,408)
Net (losses)/gains on investments
(318)
NET INCOME/(EXPENDITURE)
133,811
RECONCILIATION OF FUNDS
Total funds brought forward
1,197,824
TOTAL FUNDS CARRIED FORWARD
1,331,635		 31.10.25
31.10.24
Restricted
fund
Total funds
Total funds
£
£
£
46,556
222,378
435,016
-
35,655
18,905
-
34,011
21,945
822
26,871
23,690
47,378
318,915
499,556
-
(22,091)
(12,391)
(41,313)
(148,388)
(120,988)
-
(8,242)
(7,650)
(41,313)
(178,721)
(141,029)
-
(318)
2,039
6,065
139,876
360,566
14,392
1,212,216
851,650
20,457
1,352,092
1,212,216

All gains and losses recognised in the year are included above and all are derived from continuing activities.

The notes form part of these financial statements

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The Paddle Steamer Preservation Society

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2025

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
485,650
Charitable activities
Charitable activities
4
3,618,435
Trading activities
3
1,374,827
Investment income
121,827
Total Income
5,600,739
EXPENDITURE ON
Trading activities
5
(853,790)
Charitable activities
6
Charitable activities
(3,886,584)
Governance costs
(14,641)
Management and administration
(532,428)
Total Expenditure
(5,287,443)
Net (losses)/gains on investments
(318)
NET INCOME/(EXPENDITURE)
312,978
RECONCILIATION OF FUNDS
Total funds brought forward
4,392,937
TOTAL FUNDS CARRIED FORWARD
4,705,915		 31.10.25
31.10.24
Restricted
fund
Total funds
Total funds
£
£
£
46,784
532,434
1,184,474
-
3,618,435
3,515,935
-
1,374,827
1,246,260
2,669
124,496
105,226
49,453
5,650,192
6,051,895
-
(853,790)
(828,103)
(372,340)
(4,258,924)
(3,748,203)
-
(14,641)
(13,550)
-
(532,428)
(524,924)
(372,340)
(5,659,783)
(5,114,780)
-
(318)
2,039
(322,887)
(9,909)
939,154
2,420,785
6,813,722
5,874,568
2,097,898
6,803,813
6,813,722

All gains and losses recognised in the year are included above and all are derived from continuing activities.

The notes form part of these financial statements

Page 14

The Paddle Steamer Preservation Society (Registered Number : 02167853)

Parent Company Statement of Financial Position At 31 October 2025

Notes
FIXED ASSETS
Heritage assets
12
Programme related investments
14
Other investments
15
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
19
Provision for grant liabilities
20
Provision for doubtful debts
NET ASSETS
CAPITAL AND RESERVES
Restricted funds
22
General funds
22
Restoration and preservation fund
22
Archive development fund
22
Revaluation reserve
22
Museum collection reserve
22		 31.10.25
£
£
140,441
1,184
19,973
161,598
389,065
867,360
1,256,425
(41,326)
1,215,099
1,376,697
(9,886)
(14,719)
-
1,352,092
20,457
92,563
1,050,566
55,006
19,449
114,051
1,352,092		 31.10.24
£
£
139,941
118,385
20,291
278,617
396,697
717,045
1,113,742
(37,449)
1,076,293
1,354,910
(9,856)
(15,637)
(117,201)
1,212,216
14,392
70,550
933,956
60,000
19,767
113,551
1,212,216

The financial statements were approved by the Board of Trustees on 27 June 2026 and were signed on its behalf by:

Martin Longhurst Trustee

The notes form part of these financial statements

Page 15

The Paddle Steamer Preservation Society (Registered Number : 02167853) Consolidated Statement of Financial Position At 31 October 2025

Notes
FIXED ASSETS
Heritage assets
12
Tangible assets
13
Programme related investments
14
Other investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
19
NET ASSETS
CAPITAL AND RESERVES
Restricted funds
22
General funds
22
Restoration and preservation fund
22
Archive development fund
22
Revaluation reserve
22
Museum collection reserve
22
Other reserves
22		 31.10.25
£
£
140,441
2,916,132
1,078
19,973
3,077,624
95,684
528,457
3,797,882
4,422,023
(685,948)
3,736,075
6,813,699
(9,886)
6,803,813
2,097,898
3,035,178
1,050,566
55,006
19,449
114,051
431,665
6,803,813		 31.10.24
£
£
139,941
3,022,663
1,078
20,291
3,183,973
75,687
560,465
3,725,059
4,361,211
(721,606)
3,639,605
6,823,578
(9,856)
6,813,722
2,420,785
2,833,998
933,956
60,000
19,767
113,551
431,665
6,813,722

The financial statements were approved by the Board of Trustees on 27 June 2026 and were signed on its behalf by:

Martin Longhurst Trustee

The notes form part of these financial statements

Page 16

The Paddle Steamer Preservation Society

Consolidated Statement of Cash Flows for the Year Ended 31 October 2025

Notes
Cash flows from operating activities:
Cash generated from operations
1
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of heritage assets
Purchase of fixed assets
Interest received
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
2		 31.10.25
£
251,656
251,656
-
(303,329)
124,496
(178,833)
72,823
3,725,059
3,797,882		 31.10.24
£
783,874
783,874
(227)
-
105,226
104,999
888,873
2,836,186
3,725,059

The notes form part of these financial statements

Page 17

The Paddle Steamer Preservation Society

Notes to the Consolidated Statement of Cash Flows for the Year Ended 31 October 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the statement
of financial activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Donated heritage asset
Loss/(Gain) on investments
Interest received

Increase in stocks
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash provided by (used in) operating activities		 31.10.25
31.10.24
£
£
(9,909)
939,154
303,410
266,975
106,450
-
(500)
(3,000)
318
(2,039)
(124,496)
(105,226)
(19,997)
(25,932)
32,008
(419,370)
(35,628)
133,312
251,656
783,874

2. ANALYSIS OF CHANGES IN NET FUNDS

At 31.10.24
Cash flow
£
£
Net cash
Cash at bank
3,725,059
72,823		 At 31.10.25
£
3,797,882

Page 18

The Paddle Steamer Preservation Society

Notes to the Financial Statements for the Year Ended 31 October 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the company’s transactions are denominated.

The accounts have been prepared on a going concern basis under the historical cost convention with the exception of investments which are included at market value. Loans to Waverley Steam Navigation Company are shown at their full value within Total Assets of the Parent Company although a full doubtful debt provision had been made and included in Liabilities, reflecting the fair value of these loans in previous years. These loans were converted into grants during the current financial year.

Basis of consolidation

The financial statements consolidate the results of the charitable company and its subsidiaries on a line by line basis. Intercompany transactions and balances between group companies are eliminated in full. Figures labelled as Parent Company or Society include transactions of the Society alone. The group comprises the Paddle Steamer Preservation Society, Paddle Steamer Kingswear Castle Trust, Waverley Steam Navigation Co Limited and Waverley Excursions Limited.

Going concern

The accounts have been prepared on a going concern basis as the trustees are of the opinion that the group and charity can continue to meet its obligations as they fall due for the foreseeable future. The group has a strong cash position at 31 October 2025 as shown on the Statement of Financial Position.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Costs of raising funds comprise the costs of commercial trading on board P.S. Waverley, including merchandising, the dining and catering facilities, bar and their associated support costs.

Expenditure on charitable activities includes the costs of operating and preserving PS. Waverley, P.S. Kingswear Castle and activities undertaken to further the purposes of the charities and their associated support costs.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the charities’ activities in relation to P.S. Waverley.

Heritage assets

The Collection was revalued at 1 January 2020 and is subject to an annual impairment review. Donated items are recognised at their estimated fair value.

Page 19

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

1. ACCOUNTING POLICIES – continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Equipment for Vessels 4% -10% straight line P.S. Waverley 4% straight line P.S. Kingswear Castle refit costs 4% straight line Motor Vehicles 20% straight line Office Equipment 15% straight line

Investments

Programme related investments are included at their nominal value or historical cost less impairment.

Investments held to generate income or for their investment potential are valued at fair value. Gains and losses are recognised in the year they arise. Unrealised gains or losses are added to or deducted from the Fund to which the investment relates and the total is shown in a Revaluation Reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Annual membership subscriptions

As the subscription year runs from August to July for the bulk of members, this income is apportioned between the appropriate financial years.

Life membership equalisation account

Life membership subscriptions are credited to this account upon receipt and are then recognised as income in equal instalments over 20 years.

Grants

Liabilities arising from grant commitments made by the Society are recognised by creating a provision pending the fulfilment of conditions at which point the obligation becomes binding.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group’s pension scheme are charged to expenditure in the period to which they relate.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 20

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

1. ACCOUNTING POLICIES – continued

Debtors

Trade and other debtors are recognised at the settlement amount due after any discounts offered.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any discounts.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

Significant Judgments and Estimates

In the application of the Company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects both current and future periods. The trustees are satisfied that the accounting policies are appropriate and applied consistently.

Critical judgements are made in the application of income recognition accounting policies, and the timing of the recognition income in accordance with the Charities SORP (FRS 102).

2. DONATIONS AND LEGACIES Group

Unrestricted
Restricted
£
£
Membership Subscriptions
45,042
-
Donations
283,270
46,784
Legacies
157,338
-
485,650
46,784		 31.10.25
Total
£
45,042
330,054
157,338
532,434		 31.10.24
Total
£
45,675
289,896
848,903
1,184,474

Society

Unrestricted
Restricted
£
£
Membership subscriptions
45,042
-
Donations
15,641
46,556
Legacies
115,139
-
175,822
46,556		 31.10.25
Total
£
45,042
62,197
115,139
222,378		 31.10.24
Total
£
45,675
49,515
339,826
435,016

Page 21

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

3. TRADING ACTIVITIES Group

Lottery sales

Other trading activities

Shop sales

Bar and catering revenue

Society
Lottery sales

Other trading activities

4.
INCOME FROM CHARITABLE ACTIVITIES
Group
Sailing revenue
Charter Fee
Other Income
Society
Other income
5.
TRADING ACTIVITIES
Group
Purchases
Staff costs
Other costs
Society
Other costs		 31.10.25
£
31,380
2,631
296,460
1,044,356
1,374,827
31.10.25
£
31,380
2,631
34,011
31.10.25
£
3,552,887
27,276
38,272
3,618,435
31.10.25
£
35,655
31.10.25
£
465,905
255,016
132,869
853,790
31.10.25
£
22,091		 31.10.24
£
19,711
2,234
283,308
941,007
1,246,260
31.10.24
£
19,711
2,234
21,945
31.10.24
£
3,466,569
26,611
22,755
3,515,935
31.10.24
£
18,905
31.10.24
£
424,032
278,501
125,570
828,103
31.10.24
£
12,391

Page 22

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

6. CHARITABLE ACTIVITIES COSTS

Group – year ended 31 October 2025

Direct costs
Support costs
(See note 7)
£
£
Staff costs
767,681
-
Ship repair and operating costs
3,036,958
-
Depreciation
303,410
-
Loss on disposal of fixed assets
106,480
-
Paddle wheels journals and newsletters
19,226
-
Archive collection
20,018
-
Public meetings
5,151
-
Governance costs
-
14,641
Management and administration
532,428
4,258,924
547,069
Group – year ended 31 October 2024
Direct costs
Support costs
(See note 7)
£
£
Staff costs
689,752
-
Ship repair and operating costs
2,735,579
-
Depreciation
266,975
-
Grant for P.S. Medway Queen
10,200
-
Paddle wheels journals and newsletters
19,179
-
Archive collection
22,296
-
Public meetings
4,222
-
Governance costs
-
13,550
Management and administration
524,924
3,748,203
538,474
Society – year ended 31 October 2025
Unrestricted
Funds
Restricted
Funds
£
£
Grants for P.S. Waverley
42,480
32,030
Grants for P.S. Kingswear Castle
20,200
9,283
Paddle Wheels Journals and Newsletters
19,226
-
Archive Collection
20,018
-
Public Meetings
5,151
-
107,075
41,313		 Totals
£
767,681
3,036,958
303,410
106,480
19,226
20,018
5,151
14,641
532,428
4,805,993
Total
£
689,752
2,735,579
266,975
10,200
19,179
22,296
4,222
13,550
524,924
4,286,677
Total
£
74,510
29,483
19,226
20,018
5,151
148,388

Group – year ended 31 October 2024

Society – year ended 31 October 2025

Page 23

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

6. CHARITABLE ACTIVITIES COSTS – continued

----- Start of picture text -----
|| |---| |Society – year ended 31 October 2024|

----- End of picture text -----

Unrestricted
Funds
£
Grants for P.S. Waverley
31,215
Grants for P.S. Kingswear Castle
3,174
Grants for P.S. Medway Queen
10,200
Paddle Wheels Journals and Newsletters
19,179
Archive Collection
23,396
Public Meetings
4,222
91,386
SUPPORT COSTS
Group
Governance
costs
Management
and
administration
£
£
Auditors' remuneration
11,563
-
Auditors' remuneration – non audit work
2,600
-
Other professional fees
478
17,396
Staff costs
-
401,565
Office costs
-
31,903
Postage and stationery
-
7,795
Fundraising costs
-
3,495
Other costs
-
70,274
14,641
532,428
Society
Governance
costs
Management
and
administration
£
£
Auditors’ remuneration
3,700
-
Other costs
4,542
-
8,242
-		 Restricted
Funds
£
23,517
6,085
-
-
-
-
29,602
31.10.25
Total
activities
£
11,563
2,600
17,874
401,565
31,903
7,795
3,495
70,274
547,069		 Total
£
54,732
9,259
10,200
19,179
23,396
4,222
120,988
31.10.24
Total
activities
£
10,115
2,525
16,837
391,052
40,978
7,382
15,593
53,992
538,474
31.10.24
Total
activities
£
3,600
4,050
7,650
31.10.25
Total
activities
£
3,700
4,542
8,242

7. SUPPORT COSTS Group

Society

Page 24

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

8. NET INCOME/(EXPENDITURE)

Group

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Auditors' remuneration for non audit work
Depreciation - owned assets
Loss on disposal of fixed assets
ociety
Net income/(expenditure) is stated after charging/(crediting):
Auditors’ remuneration		 31.10.25
£
11,563
2,600
303,410
106,450
31.10.25
£
3,700		 31.10.24
£
10,115
2,525
266,975
-
31.10.24
£
3,600

Society

Net income/(expenditure) is stated after charging/(crediting):

9. TRUSTEES' REMUNERATION AND BENEFITS

All trustees of the Paddle Steamer Preservation Society operate on a voluntary basis and are not remunerated for the services which they provide. No person connected with a trustee received remuneration from the Society. Trustees and related parties contributed accumulated donations of £699 (2024 - £724).

Subsidiary companies paid remuneration during the period to three of their directors, two of whom were trustees of the Paddle Steamer Preservation Society, totalling £80,770 (2024 – £76,978). Payments to money purchase pension schemes on behalf of these directors totalled £2,201 (2024 - £2,201).

Trustees' expenses

Two Society trustees received reimbursements of travel and accommodation costs incurred in the course of their duties totalling £861 (2024 - £686 reimbursed to three trustees).

10. STAFF COSTS

Group

31.10.25 31.10.24
£ £
Wages and salaries 688,543 626,765
Social security costs 71,783 56,760
Other pension costs 18,696 16,148
Crew Hire Costs 645,240 659,632
1,424,262 1,359,305

The average monthly number of employees during the year was as follows:

31.10.25 31.10.24
Sailing 28 28
Office staff and management 9 9
37 37

One employee received remuneration between £60,000 and £70,000 (2024 – 1 employee).

Page 25

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES GROUP

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
1,167,496
Charitable activities
4
Charitable activities
3,515,935
Trading activities
3
1,246,260
Investment income
88,802
Total Income
6,018,493
EXPENDITURE ON
Trading activities
5
(828,103)
Charitable activities
6
Charitable activities
(3,487,376)
Governance costs
(13,550)
Management and administration
(524,924)
Total Expenditure
(4,853,953)
Net gains/(losses) on investments
2,039
NET INCOME/(EXPENDITURE)
1,166,579
RECONCILIATION OF FUNDS
Total funds brought forward
3,226,358
TOTAL FUNDS CARRIED
FORWARD
4,392,937		 2024
Restricted
fund
Total funds
£
£
16,978
1,184,474
-
3,515,935
-
1,246,260
16,424
105,226
33,402
6,051,895
-
(828,103)
(260,827)
(3,748,203)
-
(13,550)
-
(524,924)
(260,827)
(5,114,780)
-
2,039
(227,425)
939,154
2,648,210
5,874,568
2,420,785
6,813,722		 2024
Restricted
fund
Total funds
£
£
16,978
1,184,474
-
3,515,935
-
1,246,260
16,424
105,226
33,402
6,051,895
-
(828,103)
(260,827)
(3,748,203)
-
(13,550)
-
(524,924)
(260,827)
(5,114,780)
-
2,039
(227,425)
939,154
2,648,210
5,874,568
2,420,785
6,813,722
(5,114,780)
2,039
939,154
5,874,568
6,813,722

Page 26

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES SOCIETY

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
402,444
Charitable activities
Charitable activities
4
18,905
Trading activities
3
21,945
Investment income
22,790
Total Income
466,084
EXPENDITURE ON
Raising funds
5
(12,391)
Charitable activities
Charitable activities
6
(91,386)
Other costs
7
(7,650)
Total Expenditure
(111,427)
Net gains/(losses) on investments
2,039
NET INCOME/(EXPENDITURE)
356,696
RECONCILIATION OF FUNDS
Total funds brought forward
841,128
TOTAL FUNDS CARRIED
FORWARD
1,197,824		 2024
Restricted
fund
Total funds
£
£
32,572
435,016
-
18,905
-
21,945
900
23,690
33,472
499,556
-
(12,391)
(29,602)
(120,988)
-
(7,650)
(29,602)
(141,029)
-
2,039
3,870
360,566
10,522
851,650
14,392
1,212,216

Page 27

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

12. HERITAGE ASSETS

Group and Society

Archive Collection

The Society owns a collection of relics relating to paddle steamers. The collection was revalued at market value at 1 January 2020 and is subject to an annual impairment review. No impairment was identified during 2025. Movements in 2025 are summarised as follows:-

At 1 November 2024
Additions
Disposals
At 31 October 2025		 Donated at
Valuation


£
118,733
500
-
119,233		 Purchased
At Cost
£
21,208
-
-
21,208		 Total
£
139,941
500
-
140,441

Accounting standards also require the publication of a five year summary as follows:-

Acquisitions
Purchases
Donations
Charge for impairment
Donated items
Purchased items		 2024/25 2023/24
2022/23
2022
2021
£
£
£
£
£
-
227
3,342
536
501
500
3,000
1,000
3,580
1,500
500
3,227
4,342
4,116
2,001
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024/25 2023/24
2022/23
2022
2021
£
£
£
£
£
-
227
3,342
536
501
500
3,000
1,000
3,580
1,500
500
3,227
4,342
4,116
2,001
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,001
-
-
-

There were no disposals during the five year period.

Page 28

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

13. FIXED ASSETS Group

COST
At 1 November 2024
Additions
Disposals
At 31 October 2025
DEPRECIATION
At 1 November 2024
Charge for year
On Disposals
At 31 October 2025
NET BOOK VALUE
At 31 October 2025
At 31 October 2024		 Equipment
P.S.
P.S.
P.S.
Motor
Computer
Totals
for Vessels
Waverley
Kingswear
Kingswear
Vehicles
Equipment
Castle
Castle Refit
£
£
£
£
£
£
£
84,531
8,787,868
435,000
529,985
-
-
9,837,384
-
278,015
-
5,565
12,363
7,386
303,329
-
(136,183)
-
-
-
-
(136,183)
84,531
8,929,700
435,000
535,550
12,363
7,386
10,004,530
18,600
6,753,723
-
42,398
-
-
6,814,721
7,335
273,409
-
21,422
412
832
303,410
-
(29,733)
-
-
-
-
(29,733)
25,935
6,997,399
-
63,820
412
832
7,088,398
58,596
1,932,301
435,000
471,730
11,951
6,554
2,916,132
65,931
2,034,145
435,000
487,587
-
-
3,022,663

On 18th February 1998 the Trustees of the National Heritage Memorial Fund took a 25 year mortgage on the vessel P.S. "Waverley" as security for the conditions of the grant accepted by the Company for the Heritage Rebuild project. The Paddle Steamer Preservation Society have a charge on P.S. "Waverley" securing a maximum sum of £695,835.

14. PROGRAMME RELATED INVESTMENTS Group

Shares in Dart Valley Railway Limited
Society
Shares in Paddle Steamer Kingswear Castle Trust Limited
Shares in Waverley Steam Navigation Co. Limited
Loans to Waverley Steam Navigation Co. Limited
Shares in Dart Valley Railway Limited		 31.10.25
£
1,078
31.10.25
£
55
51
-
1,078
1,184		 31.10.24
£
1,078
31.10.24
£
55
51
117,201
1,078
118,385

Page 29

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

14. INVESTMENTS

The Paddle Steamer Preservation Society owns 83% of the issued share capital in Paddle Steamer Kingswear Castle Trust Limited, the owner of P.S. Kingswear Castle. The shares are shown in the accounts at their nominal value as shareholders in the Trust cannot benefit from their holdings as it is constituted as a charity (registered in England and Wales no. 299931).

The Paddle Steamer Preservation Society owns 67% of the issued share capital in Waverley Steam Navigation Co. Limited, the owner of P.S. Waverley. The shares are shown in the accounts at their nominal value as shareholders in the Trust cannot benefit from their holdings as it is constituted as a charity (registered in Scotland no. SC005832). P.S. Waverley is operated by Waverley Excursions Limited which is a wholly owned subsidiary of Waverley Steam Navigation Co. Limited.

If upon winding up or dissolution of the above subsidiary companies there remains after satisfaction of all debts any property whatsoever the same shall not be paid or distributed among the shareholders but shall be given to some other charitable institution having similar objects. No dividends are payable by the subsidiary companies. As such it is not considered that there are any minority interests.

The shares in Dart Valley Railway Limited were donated to the Society. Dart Valley Railway Limited is the ultimate holding company of Dart Pleasure Craft Limited, charterers of P.S. Kingswear Castle. The shares are shown in the accounts at their value at the date of donation.

15. OTHER INVESTMENTS

Other investments held by the Society to generate income or for their investment potential consisted of a holding in Charities Official Investment Fund Income Units at 31 October 2025 and 31 October 2024.

16.
STOCKS
Group
Souvenir shop stock
Bar and catering stock
Work in Progress

17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade debtors
Prepayments and accrued income
Bequests
Gift aid
Other debtors		 31.10.25
£
60,159
7,262
28,263
95,684
31.10.25
£
1,260
47,421
360,000
16,323
103,453
528,457		 31.10.24
£
65,518
10,169
-
75,687		 31.10.24
£
65,518
10,169
-
75,687
75,687
31.10.24
£
1,979
47,871
376,000
16,434
118,181
560,465

Page 30

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR – continued
Society

Prepayments and accrued income
Bequests
Gift aid
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade creditors
Social security and other taxes
Other creditors
Annual subscriptions in advance
Life membership equalisation account
Society
Trade creditors
Annual subscriptions in advance
Life membership equalisation account
19.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group and Society

Life membership equalisation account
20.
PROVISIONS FOR GRANT LIABILITIES
Society
Carrying amount at 1 November
Grant paid
Grant commitments made
Carrying amount at 31 October
31.10.25
£
12,742
360,000
16,323
389,065
31.10.25
£
257,322
79,786
315,227
32,475
1,138
685,948
31.10.25
£
7,713
32,475
1,138
41,326
31.10.25
£
9,886
31.10.25
£
(15,637)
15,637
(14,719)
(14,719)		 31.10.24
£
7,236
376,000
13,461
396,697
31.10.24
£
285,087
89,851
314,675
30,866
1,127
721,606
31.10.24
£
5,456
30,866
1,127
37,449
31.10.24
£
9,856
31.10.24
£
(23,871)
23,871
(15,637)
(15,637)

Page 31

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Unrestricted
fund
£
Fixed assets
1,000,183
Current assets
4,401,566
Current liabilities
(685,948)
Long term liabilities
(9,886)
4,705,915
Society
Unrestricted
fund
£
Fixed assets
161,598
Current assets
1,235,968
Current liabilities
(41,326)
Long term liabilities
(24,605)
1,331,635
22.
MOVEMENT IN FUNDS
Group
Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 31.10.25
31.10.24
Restricted
fund
Total funds
Total funds
£
£
£
2,077,441
3,077,624
3,183,973
20,457
4,422,023
4,361,211
-
(685,948)
(721,606)
-
(9,886)
(9,856)
2,097,898
6,803,813
6,813,722
31.10.25
31.10.24
Restricted
fund
Total funds
Total funds
£
£
£
-
161,598
278,617
20,457
1,256,425
1,113,742
-
(41,326)
(37,449)
-
(24,605)
(142,694)
20,457
1,352,092
1,212,216
At 1.11.24
Net movement
in funds
At 31.10.25
£
£
£
2,833,998
201,180
3,035,178
675,920
129,215
805,135
258,036
(12,605)
245,431
431,665
-
431,665
19,767
(318)
19,449
60,000
(4,994)
55,006
113,551
500
114,051
4,392,937
312,978
4,705,915
783,806
(163,656)
620,150
1,220,654
(178,408)
1,042,246
401,933
13,112
415,045
5,655
6,045
11,700
7,967
(1)
7,966
770
21
791
2,420,785
(322,887)
2,097,898
6,813,722
(9,909)
6,803,813

Page 32

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit
P.S. Kingswear Castle Rebuild
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund

TOTAL FUNDS		 Incoming
Resources
Resources
Expended
£
£
5,456,340
(5,255,160)
129,215
-
7,395
(20,000)
-
-
7,289
(12,283)
500
-
5,600,739
(5,287,443)
-
(163,656)
-
(178,408)
34,104
(20,992)
6,045
-
9,283
(9,284)
21
-
49,453
(372,340)
5,650,192
(5,659,783)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
201,180
-
-
129,215
-
-
(12,605)
-
(318)
(318)
-
-
(4,994)
-
-
500
-
(318)
312,978
-
-
(163,656)
-
-
(178,408)
-
-
13,112
-
-
-
-
6,045
-
-
(1)
-
-
21
-
-
(322,887)
-
(318)
(9,909)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
201,180
-
-
129,215
-
-
(12,605)
-
(318)
(318)
-
-
(4,994)
-
-
500
-
(318)
312,978
-
-
(163,656)
-
-
(178,408)
-
-
13,112
-
-
-
-
6,045
-
-
(1)
-
-
21
-
-
(322,887)
-
(318)
(9,909)
312,978
(163,656)
(178,408)
13,112
6,045
(1)
21
(322,887)
(9,909)

Page 33

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Group

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.11.23
Net
movement in
funds
At 31.10.24
£
£
£
2,025,595
808,403
2,833,998
580,819
95,101
675,920
-
258,036
258,036
431,665
-
431,665
17,728
2,039
19,767
60,000
-
60,000
110,551
3,000
113,551
3,226,358
1,166,579
4,392,937
946,264
(162,458)
783,806
1,297,824
(77,170)
1,220,654
393,600
8,333
401,933
1,839
3,816
5,655
7,967
-
7,967
716
54
770
2,648,210
(227,425)
2,420,785
5,874,568
939,154
6,813,772		 At 1.11.23
Net
movement in
funds
At 31.10.24
£
£
£
2,025,595
808,403
2,833,998
580,819
95,101
675,920
-
258,036
258,036
431,665
-
431,665
17,728
2,039
19,767
60,000
-
60,000
110,551
3,000
113,551
3,226,358
1,166,579
4,392,937
946,264
(162,458)
783,806
1,297,824
(77,170)
1,220,654
393,600
8,333
401,933
1,839
3,816
5,655
7,967
-
7,967
716
54
770
2,648,210
(227,425)
2,420,785
5,874,568
939,154
6,813,772
4,392,937
783,806
1,220,654
401,933
5,655
7,967
770
2,420,785
6,813,772

Page 34

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.W. Waverley Boiler Refit
Capital Fund
P.S. Kingswear Castle
Restoration and
Preservation Fund General
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
Resources
Expended
£
£
5,648,113
(4,839,710)
345,101
-
8,036
-
-
-
14,243
(14,243)
3,000
-
6,018,493
(4,853,953)
-
(162,458)
-
(77,170)
29,532
(21,199)
3,816
-
54
-
33,402
(260,827)
6,051,895
(5,114,780)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
808,403
(250,000)
-
95,101
250,000
258,036
-
2,039
2,039
-
-
-
-
-
3,000
-
2,039
1,166,579
-
-
(162,458)
-
-
(77,170)
8,333
-
-
3,816
-
-
54
-
-
(227,425)
-
2,039
939,154

Page 35

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Group

A current year and prior year combined net movement in funds is as follows:-

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.11.23
Net movement
in funds
At 31.10.25
£
£
£
2,025,595
1,009,583
3,035,178
580,819
224,316
805,135
-
245,431
245,431
431,665
-
431,665
17,728
1,721
19,449
60,000
(4,994)
55,006
110,551
3,500
114,051
3,226,358
1,479,557
4,705,915
946,264
(326,114)
620,150
1,297,824
(255,578)
1,042,246
393,600
21,445
415,045
1,839
9,861
11,700
7,967
(1)
7,966
716
75
791
2,648,210
(550,312)
2,097,898
5,874,568
929,245
6,803,813		 At 1.11.23
Net movement
in funds
At 31.10.25
£
£
£
2,025,595
1,009,583
3,035,178
580,819
224,316
805,135
-
245,431
245,431
431,665
-
431,665
17,728
1,721
19,449
60,000
(4,994)
55,006
110,551
3,500
114,051
3,226,358
1,479,557
4,705,915
946,264
(326,114)
620,150
1,297,824
(255,578)
1,042,246
393,600
21,445
415,045
1,839
9,861
11,700
7,967
(1)
7,966
716
75
791
2,648,210
(550,312)
2,097,898
5,874,568
929,245
6,803,813
4,705,915
620,150
1,042,246
415,045
11,700
7,966
791
2,097,898
6,803,813

Page 36

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit
Capital Fund
P.S. Kingswear Castle
Rebuild
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
Resources
Expended
£
£
11,104,453
(10,094,870)
474,316
-
15,431
(20,000)
-
-
21,532
(26,526)
3,500
-
11,619,232
(10,141,396)
-
(326,114)
-
(255,578)
63,636
(42,191)
9,861
-
9,283
(9,284)
75
-
82,855
(633,167)
11,702,087
(10,774,563)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
1,009,583
(250,000)
-
224,316
250,000
-
245,431
-
1,721
1,721
-
-
(4,994)
-
-
3,500
-
1,721
1,479,557
-
-
(326,114)
-
-
(255,578)
-
-
21,445
-
-
9,861
-
-
(1)
-
-
75
-
-
(550,312)
-
1,721
929,245

Page 37

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Society

Society
Net movement
At 1.11.24 in funds At 31.10.25
£ £ £
Unrestricted funds
General Fund 70,550 22,013 92,563
Restoration and Preservation Fund General 675,920 129,215 805,135
P.S. Kingswear Castle 258,036 (12,605) 245,431
Revaluation Reserves 19,767 (318) 19,449
Archive Development Fund 60,000 (4,994) 55,006
Archive Collection Reserve 113,551 500 114,051
1,197,824 133,811 1,331,635
Restricted funds
Restoration and Preservation Fund General 5,655 6,045 11,700
P.S. Kingswear Castle 7,967 (1) 7,966
Archive Development Fund 770 21 791
14,392 6,065 20,457
TOTAL FUNDS 1,212,216 139,876 1,352,092
Net movement in funds, included in the above are as follows:
Incoming Resources Transfer Gains and Movement in
Resources Expended between Losses funds
funds
£ £ £ £ £
Unrestricted funds
General fund 127,138 (105,125) - - 22,013
Restoration and Preservation
Fund General 129,215 - - - 129,215
P.S. Kingswear Castle 7,395 (20,000) - - (12,605)
Revaluation Reserves - - - (318) (318)
Archive Development Fund 7,289 (12,283) - - (4,994)
Archive Collection Reserve 500 - - - 500
271,537 (137,408) - (318) 133,811
Restricted funds
Restoration and Preservation
Fund General 6,045 - - - 6,045
P.S. Waverley 32,030 (32,030) - - -
P.S. Kingswear Castle 9,283 (9,284) - - (1)
Archive Development Fund 21 - - - 21
47,379 (41,314) - - 6,065
TOTAL FUNDS 318,916 (178,722) - (318) 139,876

Page 38

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Society

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
Resources
Resources
Expended
£
£
Unrestricted funds
General fund
95,704
(97,184)
Restoration and
Preservation Fund General
345,101
-
P.S. Kingswear Castle
8,036
-
Revaluation Reserves
-
-
Archive Development Fund
14,243
(14,243)
Archive Collection Reserve
3,000
-
466,084
(111,427)
Restricted funds
Restoration and
Preservation Fund General
3,816
-
P.S. Waverley
23,517
(23,517)
P.S. Kingswear Castle
6,085
(6,085)
Archive Development Fund
54
-
33,472
(29,602)
TOTAL FUNDS499,556
(141,029)		 At 1.11.23
Net movement
in funds
At 31.10.24
£
£
£
72,030
(1,480)
70,550
580,819
95,101
675,920
-
258,036
258,036
17,728
2,039
19,767
60,000
-
60,000
110,551
3,000
113,551
841,128
356,696
1,197,824
1,839
3,816
5,655
7,967
-
7,967
716
54
770
10,522
3,870
14,392
851,650
360,566
1,212,216
Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
(1,480)
(250,000)
-
95,101
250,000
-
258,036
-
2,039
2,039
-
-
-
-
-
3,000
-
2,039
356,696
-
-
3,816
-
-
-
-
-
-
-
-
54
-
-
3,870
-
2,039
360,566

Page 39

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Society

A current year and prior year combined net movement in funds is as follows:-

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.11.23
Net movement in
funds

£
£
72,030
20,533
580,819
224,316
-
245,431
17,728
1,721
60,000
(4,994)
110,551
3,500
841,128
490,507
1,839
9,861
7,967
(1)
716
75
10,522
9,935
851,650
500,442		 At 31.10.25
£
92,563
805,135
245,431
19,449
55,006
114,051		 At 31.10.25
£
92,563
805,135
245,431
19,449
55,006
114,051
1,331,635
11,700
7,966
791
20,457
1,352,092

Page 40

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

22. MOVEMENT IN FUNDS – continued Society

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
Resources
Expended
£
£
222,842
(202,309)
474,316
-
15,431
(20,000)
-
-
21,532
(26,526)
3,500
-
737,621
(248,835)
9,861
-
55,547
(55,547)
15,368
(15,369)
75
-
80,851
(70,916)
818,472
(319,751)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
20,533
(250,000)
-
224,316
250,000
-
245,431
-
1,721
1,721
-
-
(4,994)
-
-
3,500
-
1,721
490,507
-
-
9,861
-
-
-
-
-
(1)
-
-
75
-
-
9,935
-
1,721
500,442

Restricted funds comprise the restoration and preservation fund, which holds funds donated for P.S. Waverley or P.S. Kingswear Castle, or either of them and the archive development fund which holds monies given for the development of the archive collection.

P.S. Waverley rebuild funds are comprised of capital grants received towards the rebuild costs of P.S. Waverley less annual depreciation charges.

P.S. Waverley Boiler refit capital fund represents the capital cost incurred on the boiler refit project less depreciation.

P.S. Kingswear Castle rebuild fund related solely to funds received towards major work on the vessel.

Page 41

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2025

23. GRANTS

All grants made by the Society were to other charities in pursuit of the Society’s object of preserving in operation paddle steamers and maintaining a collection of historical material relating to paddle steamers. In general grants are only made towards work on the fabric of the vessels supported.

24. CAPITAL COMMITMENTS
Group
Contracted for but not provided in these financial statements
Society
Contracted for but not provided in these financial statements
25.
LEASE COMMITMENTS
Minimum lease payments fall due as follows:
Group
Within one year
Between one and five years
More than five years
Society
Within one year
Between one and five years
More than five years		 31.10.25
31.10.24
£
£
100,633
278,015
31.10.25
31.10.24
£
£
-
-
Non-Cancellable
Operating Leases
2025
2024
£
£
22,813
6,048
103,118
24,192
82,836
12,096
208,767
42,336
Non-Cancellable
Operating Leases
2025
2024
£
£
6,048
6,048
24,192
24,192
6,048
12,096
36,288
42,336

The Paddle Steamer Preservation Society leases two properties at Chatham Historic Dockyard to house its Archive Collection.

At 31 October 2025 Unit B4 was occupied with an annual commitment of £6,048. The lease on the Old Custom House had expired and it was vacated on 7 December 2025. On 11 November 2025 a lease over the replacement property (Craft Workshop 1) was signed with an annual commitment of £6,034.

Page 42