REPORT OF THE AUDITORS

TO THE PADDLE STEAMER PRESERVATION SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 1997

The Accounts and Notes have been prepared on the basis of the modifications available to small companies under Section 6 of the Companies Act 1985.

In our opinion the Society is entitled under Sections 246 and 247 (247 to 249) of the Companies Act 1985 to the exemption conferred by Part 1 of Schedule 8 to that Act in respect of the year ended 31 December 1997 and have been prepared properly from the full financial statements.

On 20 April 1998 we reported as auditors of Paddle Steamer Preservation Society on the full financial statements required by Section 226 (227) of the Companies Act 1985 for the year ended 31 December 1996 and our audit report was as follows:-

We have audited the accounts in accordance with auditing standards.

The Society has a system of accounting and control which is reasonable having regard to its size and type of operation, and is sufficient to enable the Council of Management to give us the necessary assurances of completeness.

Subject to the foregoing, in our opinion, the financial statements give a true and fair view of the state of the charitable company's state of affairs at 31 December 1997 and of its incoming resources and application of resources, including its income and expenditure, in the year then ended, and have been properly prepared in accordance with the Companies Act 1985.

Adey Bradshaw & Walker

Accountants and Registered Auditors

Barry

20 April 1998

Report of the Council of Management Statement of Financial Activities Balance Sheet Notes to the Accounts Auditor's Report

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