PADDLE STEAMER PRESERVATION SOCIETY

 

REPORT OF THE COUNCIL OF MANAGEMENT 2004

 

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2004.

 

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 2004 the Society made grants totalling £17,613  covering the cost of rebuilding both paddle boxes of P.S. Kingswear Castle.   Following the completion of P.S. Waverley's Heritage Rebuild no contribution was necessary towards work on the steamer, in line with expectations before the Rebuild was commenced.

 

The Society continued its support for P.S. Maid of the Loch by making a loan of £2,500 to her owning company, Loch Lomond Steamship Company.   This was subsequently largely converted to a grant as matching donations were raised.

 

The Society’s has a unique Museum Collection and it is currently valued at £33,655.   The Collection has been accumulated over the 46 years of the Society's existence and includes over 5,300 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 to create a full electronic catalogue using professional software is nearing completion.   In order to complete this task within a reasonable time, it is being undertaken on a contract basis.

 

At the 2004 Annual General Meeting it was resolved "That the Council of Management be authorised to investigate Members’ views as to the desirability of direct PSPS support for M.V. Balmoral in her role as consort to P.S. Waverley, and, if appropriate subsequent to such investigation, to put to the 2005 AGM a method or methods by which this might be achieved."   Work has commenced on the investigation.

 

The Society Accounts show a  net inflow of funds of £143,200 in 2004. At 31 December 2004 the General Fund stood at £125,978, the Streatfield Bequest at £136,602 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £332,325.   

 

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 between £500,000 and £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 has taken steps 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 (Chairman) (1) (2)	Stuart Cameron (Scottish)
John Anderson (Secretary)	John Hanson (Wessex)
David Haddleton	Alec Lewis (Bristol Channel) (Vice-Chairman)
Nick James (1) (2) (retired 20.11.04)	Roddy McKee (London) (4)
Martin Longhurst (Treasurer) (2)	Robert Whitelaw (North)
Patrick Murrell
Peter Tambling	Representative of Loch Lomond Steamship Co.
Brian Whitmore (appointed 20.11.04)	Michael Hughan (5)
Representative of Waverley S. N. Co. Ltd.	Representatives of P.S. Kingswear Castle Trust Ltd.
Iain MacLeod (1)	Jeremy Gold (3) (4)
	John Megoran (3) (4)
Directorships of related party companies:		JOHN ANDERSON Secretary 12 March 2005   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 2004

 

	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2004	2003
Income and Expenditure	£	£	£	£
Incoming Resources
Donations and gifts	15,721	9,073	24,794	25,934
Fund raising proceeds	37,108	9,190	46,298	49,677
Membership subscriptions	38,190	-	38,190	40,383
Legacies	-	98,256	98,256	2,818
Investment income	8,835	8,924	17,759	12,481
Trading Activities	2,659	-	2,659	4,016
Total Incoming Resources	102,513	125,443	227,956	135,309
Resources Expended
Direct charitable expenditure
Grants in respect of:
P.S. Waverley	-	-	-	60
P.S. Kingswear Castle	200	17,413	17,613	2,020
P.S. Maid of the Loch	2,290	-	2,290	5,896
Paddle Wheels Journals and Newsletters	20,541	-	20,541	20,468
Public Meetings	3,169	-	3,169	3,217
Museum Collection	11,336	-	11,336	3,862
Fund Raising	10,560	4,677	15,237	16,185
Publicity	1,995	-	1,995	599
Trading Activities	6,401	-	6,401	3,032
Management and administration of the charity
Council and Committee Meetings	1,407	-	1,407	1,455
General Expenses	4,187	-	4,187	6,907
Reporting Accountants' Charges	580	-	580	537
Total Resources Expended	62,666	22,090	84,756	64,238
Net Incoming Resources/(Resources Expended)
before Transfers	39,847	103,353	143,200	71,071
Transfers between funds	(47,732)	47,732	-	-
Net Incoming Resources/(Resources Expended)
for the Year	(7,885)	151,085	143,200	71,071
Other Recognised Gains and Losses
Gains/(losses) on investments
Unrealised	3,784	2,558	6,342	2,179
Net Movement in Funds	(4,101)	153,643	149,542	73,250
Balances brought forward at 1 January 2004	299,385	178,684	478,069	404,819
Balances carried forward at 31 December 2004	295,284	332,327	627,611	478,069

 

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 £143,200 (2003 - £71,071).