PADDLE STEAMER PRESERVATION SOCIETY

 

REPORT OF THE COUNCIL OF MANAGEMENT 2003

 

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2003.

 

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 2003 the Society completed its contribution of over £1.3 million to P.S. Waverley's Heritage Rebuild, of which just under £40,000 is by way of loan.   The work was carried out by George Prior Engineering, to whom great credit is due for their commitment and for their standards of workmanship. The paddler returned to service on schedule in a blaze of publicity on 14 June 2003.

 

The London & Home Counties Branch marked their association with P.S. Kingswear Castle, by making a grant of £2,000 to cover the cost of installing period-style lighting on board the steamer.

 

The Society’s has a unique Museum Collection and it is currently valued at £33,204.   The Collection has been accumulated over the 45 years of the Society's existence and includes over 3,300 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.   Work is proceeding to create a full electronic catalogue using professional software.   In order to complete this task within a reasonable time, the decision has been taken to commission the work on a contract basis.

 

The Society Accounts show a  net inflow of funds of £71,071 in 2003. At 31 December 2003 the General Fund stood at £138,422, the Streatfield Bequest at £128,716 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £178,684.   

 

The Society has no paid employees so most of 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 £750,000 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.   There are also lesser investments in Index Linked Treasury Stock and an equity based Common Investment Fund.   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 and Directors) during the year, who received no remuneration for their services, are listed below:

Elected Members	Branch Representatives
Myra Allen (Vice-Chairman)	Stuart Cameron (Scottish)
John Anderson (Secretary)	John Hanson (Wessex)
Ian Burrows (5) (Deceased 6.3.03)	Alec Lewis (Bristol Channel) (appointed 17.9.03)
David Haddleton	Roddy McKee (London) (4)
Nick James (Chairman) (1) (2)	Patrick Murrell (Bristol Channel) (resigned 14.6.03)
Martin Longhurst (Treasurer) (2)	Robert Whitelaw (North)
Patrick Murrell (elected 15.11.03)
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.
	Jeremy Gold (3) (4) (appointed 22.3.03)
	John Megoran (3) (4)
	Alan Peake (3) (4) (resigned 22.3.03)
Directorships of related party companies:		JOHN ANDERSON Secretary 28 February 2004   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 2003

 

	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2003	2002
	£	£	£	£
Income and Expenditure
Incoming Resources
Donations and gifts	14,074	11,860	25,934	30,172
Fund raising proceeds	42,387	7,290	49,677	46,366
Membership subscriptions	40,383	-	40,383	42,210
Legacies	-	2,818	2,818	79,244
Investment income	7,183	5,298	12,481	16,738
Trading Activities	4,016	-	4,016	4,852
Total Incoming Resources	108,043	27,266	135,309	219,582
Resources Expended
Direct charitable expenditure
Grants in respect of:
P.S. Waverley	60	-	60	(79)
P.S. Kingswear Castle	2,020	-	2,020	22,076
P.S. Maid of the Loch	5,896	-	5,896	14,700
Commitment - P.S. Waverley Heritage Rebuild	-	-	-	35,000
Paddle Wheels Journals and Newsletters	20,468	-	20,468	20,775
Public Meetings	3,217	-	3,217	2,158
Museum Collection	3,862	-	3,862	4,329
Fund Raising	12,035	4,150	16,185	15,244
Publicity	599	-	599	2,238
Trading Activities	3,032	-	3,032	3,094
Management and administration of the charity
Council and Committee Meetings	1,455	-	1,455	1,897
General Expenses	6,907	-	6,907	3,679
Reporting Accountants' Charges	537	-	537	517
Total Resources Expended	60,088	4,150	64,238	125,628
Net Incoming Resources/(Resources Expended)
before Transfers	47,955	23,116	71,071	93,954
Transfers between funds	(34,822)	34,822	-	-
Net Incoming Resources/(Resources Expended)
for the Year	13,133	57,938	71,071	93,954
Other Recognised Gains and Losses
Gains/(losses) on investments
Unrealised	1,940	239	2,179	1,846
Net Movement in Funds	15,073	58,177	73,250	95,799
Balances brought forward at 1 January 2003	284,312	120,507	404,819	309,020
Balances carried forward at 31 December 2003	299,385	178,684	478,069	404,819

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 £71,071 (2001 - £93,954).