PADDLE STEAMER PRESERVATION SOCIETY

NOTES TO THE ACCOUNTS 1997

1. Format of Accounts and Accounting Policies

The Society has adopted the format of accounts and accounting policies set out in the Charity Commission's publication "Accounting by Charities - Statement of Recommended Practice", unless otherwise stated.

a. Donations, legacies and subscriptions: These items of income, including life subscriptions, are credited to revenue in the year of receipt. This treatment of life subscription does not comply with Recommended Practice.

b. Relics: The Society owns a collection of relics relating to paddle steamers. They are not shown in the Accounts as it is inappropriate to place a value on these items.

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

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

e. 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.

f. Cash Flow Statement: The Society has taken advantage of Sections 246 to 249 of the Companies Act 1985 in deciding not to prepare a Cash Flow Statement.

2. The holding of shares in Paddle Steamer Kingswear Castle Trust Limited, the owner of P.S. Kingswear Castle, represents a controlling interest. 55 shares (out of an authorised 100) 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 cost.

3. 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 and the P.S. Ryde Fund holds donations received to finance the P.S. Ryde Project, at present in abeyance.

4. Contingent Liability: The Council of Management has authorised a grant of up to £2,500 to Loch Lomond Steamship Co. in respect of deck repairs to P.S. Maid of the Loch. At 31 December 1997 none of this grant had been claimed.

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

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