PADDLE
STEAMER PRESERVATION SOCIETY
REPORT
OF THE COUNCIL OF MANAGEMENT 2001
The Council of Management presents
its Report and the Financial Statements for the year ended 31 December 2001.
The Society is a company limited
by guarantee (having no share capital), registered in England and Wales No.
2167853, and a registered charity (No. 298328). The Society is governed by its Memorandum and
Articles of Association which set out its objects which may be summarised as to
preserve in operation paddle steamers, to educate the public in their
historical significance and to preserve relics and other materials 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 and to maintain
a collection of historical material relating to paddle steamers.
The Society operates both at
national and local levels, through five area Branches. The Council of Management
controls the Society and meets four times a year around the country. The five Branch Committees are
given delegated authority over 20% of the subscription income attributed to
their areas and promote the Society and organise activities locally.
P.S. Waverley is owned on behalf
of the Society by Waverley Steam Navigation Co. Ltd. (WSN) (itself a charity)
and operated by Waverley Excursions Ltd. P.S. Kingswear Castle is owned on behalf of the
Society by Paddle Steamer Kingswear Castle Trust Ltd. (also a charity) and
operated by Paddle Steamer Kingswear Castle Trust (Trading) Ltd. The Society also supports
financially the preservation of P.S. Maid of the Loch, which is owned by Loch
Lomond Steamship Company, an independent Scottish charity. These companies are classified as
related parties as there are reciprocal arrangements to nominate trustees. Links are also maintained with the
Medway Queen Preservation Society.
The Society largely fulfils its
aim of supporting the steamers by fund raising for specific projects to restore
and preserve them. In 2001
the Society made its final contribution of £48,624 to the First Phase of P.S.
Waverley's Heritage Rebuild, mainly for timber decking to the Main Deck and the
Engine Room skylight.
The remaining unspent provision of £51,691 has been carried forward to
the Completion Phase, to which the Society has committed a total of
£200,000. The Heritage
Lottery Fund has given Stage 1 approval to the project, which is planned to
take place during the winter of 2002-03. The Society's total contribution to the entire project
is expected to be £1,174,000.
The project to re-boiler P.S.
Kingswear Castle was completed in time for the start of the season. The new boiler has performed well
and has reduced coal consumption.
The Society contributed £8,521 to the project in 2001, giving a total of
£9,456. The unspent balance of our
commitment of £544 has been transferred to the P.S. Kingswear Castle division
of the Restoration and Preservation Fund. In addition, the starboard sponson has been
renewed at a cost of £24,848, drawn from the Evans Bequest.
The Society has, for the first
time, valued its Museum Collection and it is now shown in the Accounts at
£34,875. The Collection has
been accumulated over the 43 years of the Society's existence and includes over
3,100 items ranging from ship's wheels to postcards. As many objects as possible have been loaned to museums for
public exhibition and secure storage has been rented for the remainder. The Society is very lucky to have
such an enthusiastic and energetic Museums Officer as Andrew Gladwell.
The Society Accounts show a net outflow of funds of £29,793 in 2001, mainly to fund the Completion Phase of the Waverley Heritage Rebuild. At 31 December 2001 the General Fund stood at £132,284, the Streatfield Bequest at £117,451 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £24,409. These Funds are stated after deducting the £200,000 contribution towards the cost of the Completion Phase of the Waverley Heritage Rebuild.
As the Society has no paid
employees 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
acknowledges gratefully all contributions great and small.
The Society's policy is to
maintain reserves to fund future restoration and maintenance requirements of
the paddle steamers it supports.
As these requirements are mainly relatively short term, the majority of
the reserves are invested as cash in Common Investment Funds. A proportion is invested in Index
Linked Treasury Stock as a hedge against inflation. The Council of Management has identified and reviewed
the major risks to which the Society is exposed and established systems to
mitigate those risks.
The members of the Council of
Management (the Society's Trustees) during the year, who received no
remuneration for their services, were:
|
Elected
Members |
Branch
Representatives |
|
|
Myra
Allen (Vice-Chairman) |
Stuart
Cameron (Scottish) (appointed 24.11.01) |
|
|
John
Anderson (Secretary) |
Don Hiett
(Wessex) |
|
|
Ian
Burrows (5) |
Roddy
McKee (London) (4) |
|
|
David
Haddleton (co-opted 24.2.01) |
Pat
Murrell (Bristol Channel) |
|
|
Graham
Hand (resigned 24.1.01) (2) |
Robert
Whitelaw (North) |
|
|
Nick
James (Chairman) (1) (2) |
|
|
|
Martin
Longhurst (Treasurer) (2) |
Representative
of Loch Lomond Steamship Co. |
|
|
Peter
Tambling |
Michael
Hughan (5) |
|
|
|
|
|
|
Representatives
of Waverley S. N. Co. Ltd. |
|
|
|
Alan
MacDonald (resigned 24.1.01) (2) |
Representatives
of P.S. Kingswear Castle Trust Ltd. |
|
|
Iain
MacLeod (1) |
John
Megoran (3) (4) |
|
|
Terry
Sylvester (resigned 17.4.01) (1) |
Alan
Peake (3) (4) |
|
|
Directorships
of related party companies: |
JOHN ANDERSON Secretary 9 March 2002 Registered Office: 17 Stockfield Close, Hazlemere, HIGH WYCOMBE, HP15 7LA |
|
|
|
||
|
(1)
Waverley Steam Navigation Co Ltd |
||
|
(2)
Waverley Excursions Ltd |
||
|
(3) PS
Kingswear Castle Trust Ltd |
||
|
(4) PS
Kingswear Castle Trust (Trading) Ltd |
||
|
(5) Loch
Lomond Steamship Company |
||
|
|
||
|
|
|
|
|
PADDLE STEAMER PRESERVATION
SOCIETY |
|
Statement of Financial
Activities for the Year ended 31 December 2001 |
|
|
Unrestricted |
Restricted |
Total Funds |
Total Funds |
|
|
Funds |
Funds |
2001 |
2000 |
|
|
£ |
£ |
£ |
£ |
|
Income
and Expenditure |
|
|
|
|
|
Incoming
Resources |
|
|
|
|
|
Donations
and gifts |
10,002 |
14,808 |
24,810 |
118,714 |
|
Fund
raising proceeds |
39,636 |
8,870 |
48,506 |
25,357 |
|
Membership
subscriptions |
41,811 |
- |
41,811 |
40,231 |
|
Legacies |
21,190 |
44,606 |
65,796 |
92,654 |
|
Investment
income |
11,025 |
1,239 |
12,264 |
30,772 |
|
Trading
Activities |
6,980 |
- |
6,980 |
3,874 |
|
Total
Incoming Resources |
130,644 |
69,523 |
200,167 |
311,602 |
|
Resources
Expended |
|
|
|
|
|
Direct
charitable expenditure |
|
|
|
|
|
Grants in respect of: |
|
|
|
|
|
P.S. Waverley |
- |
- |
- |
250 |
|
P.S. Kingswear Castle |
300 |
24,848 |
25,148 |
- |
|
P.S. Maid of the Loch |
- |
- |
- |
1,304 |
|
Commitment - P.S. Waverley Heritage Rebuild |
30,177 |
118,132 |
148,309 |
681,000 |
|
Commitment - P.S. Kingswear Castle Reboilering |
- |
(545) |
(545) |
10,000 |
|
Paddle Wheels Journals and Newsletters |
20,046 |
- |
20,046 |
18,573 |
|
Museum Collection |
2,029 |
- |
2,029 |
1,836 |
|
Public Meetings |
3,939 |
- |
3,939 |
2,761 |
|
Fund
Raising |
14,465 |
4,200 |
18,665 |
4,453 |
|
Publicity |
2,231 |
- |
2,231 |
1,246 |
|
Trading
Activities |
4,265 |
- |
4,265 |
3,234 |
|
Management
and administration of the charity |
|
|
|
|
|
Council and Committee Meetings |
2,101 |
- |
2,101 |
1,980 |
|
General Expenses |
3,254 |
- |
3,254 |
5,891 |
|
Audit Charges |
517 |
- |
517 |
487 |
|
Total
Resources Expended |
83,324 |
146,635 |
229,960 |
733,015 |
|
|
|
|
|
|
|
Net Incoming Resources/(Resources Expended)
re Transfers |
47,320 |
(77,112) |
(29,793) |
(421,413) |
|
Transfers
between funds |
(7,937) |
7,937 |
- |
- |
|
Net
Incoming Resources/(Resources Expended) for the Year |
39,383 |
(69,175) |
(29,793) |
(421,413) |
|
Other
Recognised Gains and Losses |
|
|
|
|
|
Gains/(losses)
on investments |
|
|
|
|
|
|
|
|
|
|
|
Realised |
- |
- |
- |
143 |
|
Unrealised |
(2,297) |
(682) |
(2,979) |
682 |
|
Net
Movement in Funds |
37,086 |
(69,857) |
(32,771) |
(420,588) |
|
Balances
brought forward at 1 January 2001 |
212,650 |
94,265 |
306,915 |
727,612 |
|
Creation
of Museum Collection Reserve |
34,875 |
- |
34,875 |
- |
|
Balances
carried forward at 31 December 2001 |
284,611 |
24,408 |
309,019 |
307,024 |
All of the above results are
derived from continuing activities. All gains and losses recognised in the year
are included above. The
deficit for the year for Companies Act purposes comprises the net resources
expended for the year less realised gains on investments and was £29,793 (2000
- £387,067).
|
PADDLE STEAMER PRESERVATION
SOCIETY |
|
Balance Sheet at 31
December 2001 |
|
|
Note |
|
2001 |
|
2000 |
|
|
|
|
£ |
|
£ |
|
Fixed
Assets |
|
|
|
|
|
|
Shares in
Owning Companies |
|
|
|
|
|
|
Paddle Steamer Kingswear Castle
Trust Ltd. |
2 |
|
55 |
|
55 |
|
Waverley Steam Navigation Co.
Limited |
3 |
|
12 |
|
12 |
|
Loan to
Loch Lomond Steamship Company |
8 |
|
13,745 |
|
- |
|
Museum
Collection |
6 |
|
34,875 |
|
- |
|
Investment
- Treasury Stock |
|
|
40,203 |
|
43,182 |
|
|
|
|
88,890 |
|
43,249 |
|
Current
Assets |
|
|
|
|
|
|
Short
term deposits |