PADDLE STEAMER PRESERVATION SOCIETY

 

REPORT OF THE COUNCIL OF MANAGEMENT 2002

 

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2002.

 

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 in London and Glasgow.   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 2002 the Society committed a further £75,000 to the Completion Phase of P.S. Waverley's Heritage Rebuild, bringing its contribution to this Phase to £275,000, of which £40,000 is by way of loan.   The work is being carried out by George Prior Engineering, the same firm which executed the First Phase, at Great Yarmouth and is due for completion in June 2003. The Society's total contribution to the entire Heritage Rebuild is expected to be £1,249,000.

 

The final tranche of the Evans Bequest (£21,991), which was specifically for the restoration of P.S. Kingswear Castle, was used as a major contribution to the renewal of the steamer’s port sponson.

 

The Society’s has a unique Museum Collection and it is currently valued at £33,501.   The Collection has been accumulated over the 44 years of the Society's existence and includes over 3,100 items ranging from ship models to handbills.  As many objects as possible have been loaned to museums for public exhibition and secure storage has been rented for the remainder.   The Museums Officer, Andrew Gladwell, compiled a Museum Policy during 2002 and this has been adopted by the Council of Management.   He has also commenced creating an electronic catalogue using professional software.   Such is the scale of this exercise that it is expected to take several years to complete in the spare time available.

 

The Society Accounts show a  net inflow of funds of £93,954 in 2002. At 31 December 2002 the General Fund stood at £126,197, the Streatfield Bequest at £123,240 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £120,507.    These Funds are stated after deducting the £148,606 commitment 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. In view of the high costs involved in marine engineering, and the possible need to effect repairs at short notice, the Council considers a balance of up to £300,000 to be desirable.  As these requirements are relatively short term, the majority of the reserves are invested as cash in Common Investment Funds and in National Savings.   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, are listed below.   It is with great regret that I record the death of Ian Burrows.  Ian was a long-term supporter of Waverley’s preservation, especially in the early stages, and his wise counsels will be sadly missed during our deliberations.

Elected Members

Branch Representatives

Myra Allen (Vice-Chairman)

Stuart Cameron (Scottish)

John Anderson (Secretary)

John Hanson (Wessex) (appointed 9.3.02)

Ian Burrows (5) (Deceased 6.3.03)

Don Hiett (Wessex) (resigned 9.3.02)

David Haddleton

Roddy McKee (London) (4)

Nick James (Chairman) (1) (2)

Pat Murrell (Bristol Channel)

Martin Longhurst (Treasurer) (2)

Robert Whitelaw (North)

Peter Tambling

 

 

Representative of Loch Lomond Steamship Co.

 

Michael Hughan (5)

Representative of Waverley S. N. Co. Ltd.

 

Iain MacLeod (1)

Representatives of P.S. Kingswear Castle Trust Ltd.

 

John Megoran (3) (4)

 

Alan Peake (3) (4)

Directorships of related party companies:

JOHN ANDERSON

Secretary

22 March 2003

 

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 2002

 

 

Unrestricted

Restricted

Total Funds

Total Funds

 

Funds

Funds

2002

2001

Income and Expenditure

£

£

£

£

Incoming Resources

 

 

 

 

Donations and gifts

12,726

17,446

30,172

24,810

Fund raising proceeds

38,086

8,280

46,366

48,506

Membership subscriptions

42,210

-

42,210

41,811

Legacies

-

79,244

79,244

65,796

Investment income

8,478

8,260

16,738

12,264

Trading Activities

4,852

-

4,852

6,980

Total Incoming Resources

106,352

113,230

219,582

200,167

 

 

 

 

 

Resources Expended

 

 

 

 

Direct charitable expenditure

 

 

 

 

         Grants in respect of:

 

 

 

 

                  P.S. Waverley

(79)

-

(79)

-

                  P.S. Kingswear Castle

85

21,991

22,076

25,148

                  P.S. Maid of the Loch

14,700

-

14,700

-

         Commitment - P.S. Waverley Heritage Rebuild

-

35,000

35,000

148,309

         Commitment - P.S. Kingswear Castle Reboilering

-

-

-

(545)

         Paddle Wheels Journals and Newsletters

20,775

-

20,775

20,046

         Public Meetings

2,158

-

2,158

3,939

         Museum Collection

4,329

-

4,329

2,029

Fund Raising

11,044

4,200

15,244

18,665

Publicity

2,238

-

2,238

2,231

Trading Activities

3,094

-

3,094

4,265

Management and administration of the charity

 

 

 

 

         Council and Committee Meetings

1,897

-

1,897

2,101

         General Expenses

3,679

-

3,679

3,254

         Audit Charges

517

-

517

517

Total Resources Expended

64,437

61,191

125,628

229,960

 

 

 

 

 

Net Incoming Resources/(Resources Expended)

 

 

 

 

          before Transfers

41,915

52,039

93,954

(29,793)

 

 

 

 

 

Transfers between funds

(44,060)

44,060

-

-

Net Incoming Resources/(Resources Expended)

 

 

 

 

          for the Year

(2,145)

96,099

93,954

(29,793)

Other Recognised Gains and Losses

 

 

 

 

          Unrealised Gains/(losses) on investments

1,846

-

1,846

(2,979)

 

 

 

 

 

Net Movement in Funds

(299)

96,099

95,799

(32,771)

 

 

 

 

 

Balances brought forward at 1 January 2002

284,610

24,409

309,019

306,915

Creation of Museum Collection Reserve

-

-

-

34,875

 

 

 

 

 

Balances carried forward at 31 December 2002

284,311

120,508

404,818

309,019

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.   The surplus for the year for Companies Act purposes comprises the net resources expended for the year less realised gains on investments and was £93,954 (2001 - £29,793 deficit).


 

PADDLE STEAMER PRESERVATION SOCIETY

 

Balance Sheet at 31 December 2002

 

 

Note

 

2002

 

2001

 

 

 

£

 

£

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

 

5,300

 

13,745

Museum Collection

6

 

33,501

 

34,875

Investment - Treasury Stock

 

 

42,049

 

40,203

 

 

 

80,917

 

88,890

Current Assets

 

 

 

 

 

Short term deposits

 

 

 

 

 

          Bank

 

 

11,530

 

10,393

          Common Investment Funds

 

 

355,956

 

406,164

          National Savings

 

 

101,322

 

-

Cash at bank and in hand

 

 

792

 

389

Sales Stocks

 

 

6,633

 

7,515

Accrued interest and pre-payments

 

 

1,746

 

530

 

 

 

477,979

 

424,991

Liabilities