To all intents and purposes it is one organisation, split for various reasons. As indicated above, PSPS really didn't want the risk at first ... and later it was a financial construction to protect the charity from default. The PSPS's shareholding is relatively new and justified by the fact that they have given millions to WSN. Still, the plan is not to interfere in the direction of the ship even though they can appoint two directors (trustees) on to the WSN board
Nobody gets paid except a couple of directors of the operating company (WEL) and their employees. All the directors of PSPS and WSN are Trustees.
All money donated goes to the company (WSN) or to PSPS (if donated to them). Both charities have governance costs of course, irrespective of what donations they receive - but there are no outside agencies involved. Whether the phone company takes a cut of donations by text I don't know. On-line giving platform JustGiving takes a cut. Most donations are done directly to the charities so there is no cut.
WEL, although not a charity, is collecting Boiler Appeal donations on behalf of the charity (WSN) and Gift Aid is allowable. All other donations go to the charities directly (WSN or PSPS, whichever you choose) and Gift Aid Applies
They tried to get Gift Aid on tickets in recent years - but that is a legal minefield and best left alone here !
The HLF have two floating charges over Waverley itself. Two phases of the millenium rebuild. I think the second mortgage expires in 2025 (after 25 years). It is unlikely that the Lottery Fund would call in thier interest at any time, but Waverley is held on the Annual Report at an enormously high monetary value as the £ 8 million is depreciated over 25 years. This in theory puts WSN in enormous debt, because the ship itself is worth nothing