1.       Format of Accounts and Accounting Policies

a.       Basis of accounts: These Accounts have been prepared in accordance with the Charity Commission's publication "Accounting and Reporting by Charities - Statement of Recommended Practice" (SORP 2005), the Accounting Standards Board’s “Financial Reporting Standard for Smaller Entities” (FRSSE), the Companies Acts and the historic cost basis of accounting, except for investments and the Museum Collection, which have been included at revalued amounts. The accounts are prepared on an income and expenditure basis.

b.       Restatement of 2005 comparative figures:  These were prepared under SORP 2000 and have been adjusted to conform with the changes in categorisation  introduced in SORP 2005.

c.       Donations, legacies and subscriptions: These items of income, including life subscriptions, are taken into account in full in the year of receipt.    No allowance is made for the undistributed part of any legacies due.

d.       Netted off expenses and related income: Where sufficient information is available the netting off of expenses and the related income has been eliminated.

e.       Stocks: Stocks of unsold goods are valued at the lower of cost or realisable value.

f.         Investments: Investments are valued at market value, except as described in Notes 3 and 4.

g.       Gains/losses on investments: 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.

h.       Grants: Liabilities arising from grant commitments made by the Society are recognised by creating a provision pending completion of Funding Agreements or fulfilment of conditions at which point the obligation becomes binding.

i.         Smaller Entity Exemptions: The Society has taken advantage of the special  provisions in Part VII of the Companies Act 1985 in deciding not to prepare Group Accounts or a Cash Flow Statement.

2.       Museum Collection: The Society owns a collection of relics relating to paddle steamers.   It was valued at market value at 31 December 2001 and is now depreciated over 20 years on a straight line basis.   Movements in 2006 may be summarised as follows:

3.       Subsidiary Undertaking: The holding of shares in Paddle Steamer Kingswear Castle Trust Limited, the owner of P.S. Kingswear Castle, represents a controlling interest.   83% of shares issued are held in equal lots by five nominees as representatives of and on behalf of the Society.   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 as no. 299931).   At 30 April 2006 the aggregate amount of its capital and reserves were £240,022 and its surplus for the year then ended was £15,384.

4.       Associated Undertaking: The holding of shares in Waverley Steam Navigation Company Limited (WSN), the owner of P.S. Waverley, represents 29% of shares issued.   The shares are shown in the Accounts at their nominal value as shareholders in the Company cannot benefit from their holdings, as it is constituted as a charity (registered in Scotland as no. SC005832).   At 31 October 2005 the aggregate amount of its capital and reserves were £7,614,936 and its excess of expenditure over income for the year then ended was £740,681.

5.       Loan to Waverley Steam Navigation Co Ltd (WSN): The Society loaned £39,679 to WSN on an interest free basis repayable in five equal instalments commencing on 1 April 2005.  The balance at 31 December 2006 was £23,808.

6.       The Restricted Funds comprise the Restoration and Preservation Fund, which holds funds received for or allocated to P.S. Waverley and P.S. Kingswear Castle.

7.       The Streatfield Bequest is available for the general purposes of the Society.  

8.       Museum Collection Reserve: This represents the net value of donated items, after deducting accumulated depreciation.

9.       Commitments: At 31 December 2006 there were no commitments (2005: Nil).

10.   Related Party Transactions:  The Society is related to the following companies because it has a controlling or significant interest as disclosed in Notes 3 and 4.

a.       Paddle Steam Kingswear Castle Trust Ltd (PSKCTL)

i)         During the year the Society made a grant of £300 to PSKCTL.

b.       Waverley Steam Navigation Co Ltd (WSN)

i)         During the year the Society made a grant of £2,130 to WSN.

ii)       The Society made WSN an interest free loan of £39,679 repayable in five equal instalments commencing on 1 April 2005.   At 31 December 2006 the balance outstanding was £23,808.

11.   Trustee Remuneration:  No Trustee received any remuneration during the year (2005 - Nil).  1 person connected with a Trustee received remuneration of £175 (2005 - £175).

12.   Trustee Expenses:  12 trustees received reimbursements of fares totalling £3,544 (2005 - £3,053).

13.   Staff Costs and Emoluments:  Nil (2005 - Nil).

14.   Cost of Reporting Accountant and Other Financial Services:  Adey Fitzgerald and Walker received £746 for reporting accountant services (2005 - £628) and provided no other services to the Society (2005 - Nil).

INDEPENDENT ACCOUNTANTS REPORT TO THE TRUSTEES OF PADDLE STEAMER PRESERVATION SOCIETY

We report on the accounts for the Paddle Steamer Preservation Society for the year ended 31 December 2006.

RESPECTIVE RESPONSIBILITIES

As the charity’s trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 does not apply. It is our responsibility to state, on the basis of’ procedures specified in the General Directions given by the Charity Commissioners under section 43 (7)(b) of the Act, whether any particular matters have come to our attention.

BASIS OF INDEPENDENT ACCOUNTANTS REPORT

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.

REPORTING ACCOUNTANTS STATEMENTS

In connection with our examination, no matter has come to our attention:

(1)       which gives us reasonable cause to believe that in any material respect the requirements of:-

(a)       The accounts of the company for the financial year in question are in agreement with the accounting records kept by the company under section 221 of the Companies Act 1985; and

(b)       Having regard only to, and on the basis of, the information in the accounting records, those accounts have been drawn up in a manner consistent with the provisions of the Act as specified in subsection (6) of section 249C, so far as applicable to the company.

(c)        Having regard only to, and on the basis of, the information in the accounting records, the company satisfied the requirements of section 249A (4), for the financial year in question, and did not fall within section 249B (1) (a) to (f) at any time within that financial year.

Have not been met, or

(2)       to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Adey Fitzgerald & Walker   

26 High Street

Barry

South Glamorgan

CF62 7EB

Date: 16 April 2007

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