PADDLE STEAMER PRESERVATION SOCIETY
REPORT OF THE COUNCIL OF MANAGEMENT 2005
The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2005.
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. 2005 saw no major calls on the Society’s funds. Small grants were made to P.S. Maid of the Loch and P.S. Kingswear Castle, the latter to pay for the provision of replica decorative etched glass.
The Society’s has a unique Museum Collection and it is currently valued at £40,853. The Collection has been accumulated over the 47 years of the Society's existence and includes about 10,900 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 has been completed.
At the Annual General Meeting on 25 November 2005 it was resolved " This General Meeting supports the proposal for the Society to raise funds for M.V. Balmoral while the vessel is being operated in support of a paddle steamer." Consequently the General Fund was split as at that date. Funds raised prior to that date have been designated the Paddle Steamer Fund and these will continue to be devoted to paddle steamers. General funds received subsequently, together with specific donations for M.V. Balmoral (which will be placed in the Balmoral Fund), may be used to meet the costs of renewal, replacement, upgrading or safeguarding of the Balmoral's fabric or equipment.
The Society Accounts show a net inflow of funds of £126,961 in 2005. At 31 December 2005 the General Fund stood at £49,119, the Paddle Steamer Fund at £97,206, the Streatfield Bequest at £145,753 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £437,454.
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:
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Elected Members |
Branch Representatives |
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Myra Allen (Chairman) (1) (2) |
Stuart Cameron (Scottish) |
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John Anderson (Secretary) |
John Hanson (Wessex) |
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David Haddleton |
Alec Lewis (Bristol Channel) (Vice-Chairman) |
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Martin Longhurst (Treasurer) (2) |
Roddy McKee (London) (4) |
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Patrick Murrell |
Robert Whitelaw (North) |
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Peter Tambling |
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Brian Whitmore (Membership Secretary) |
Representative of Loch Lomond Steamship Co. |
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Michael Hughan (5) |
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Representative of Waverley S. N. Co. Ltd. |
Representatives of P.S. Kingswear Castle Trust Ltd. |
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Iain MacLeod (1) |
Jeremy Gold (3) (4) |
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John Megoran (3) (4) |
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Directorships of related party companies: |
JOHN ANDERSON Secretary 12 February 2006
Registered Office: 17 Stockfield Close, Hazlemere, HIGH WYCOMBE, HP15 7LA |
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(1) Waverley Steam Navigation Co Ltd |
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(2) Waverley Excursions Ltd |
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(3) PS Kingswear Castle Trust Ltd |
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(4) PS Kingswear Castle Trust (Trading) Ltd |
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(5) Loch Lomond Steamship Company |
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Statement of Financial Activities for the Year ended 31 December 2005 |
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Unrestricted |
Restricted |
Total Funds |
Total Funds |
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Funds |
Funds |
2005 |
2004 |
|
|
£ |
£ |
£ |
£ |
|
Income and Expenditure |
|
|
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Incoming Resources |
|
|
|
|
|
Donations and gifts |
19,736 |
20,013 |
39,749 |
24,794 |
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Fund raising proceeds |
39,141 |
8,715 |
47,856 |
46,298 |
|
Membership subscriptions |
38,462 |
- |
38,462 |
38,190 |
|
Legacies |
- |
57,146 |
57,146 |
98,256 |
|
Investment income |
9,762 |
- |
9,762 |
17,759 |
|
Trading Activities |
2,109 |
- |
2,109 |
2,659 |
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Total Incoming Resources |
109,210 |
85,874 |
195,084 |
227,956 |
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Resources Expended |
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Direct charitable expenditure |
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Grants in respect of: |
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P.S. Waverley |
- |
- |
- |
- |
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P.S. Kingswear Castle |
2,234 |
- |
2,234 |
17,613 |
|
P.S. Maid of the Loch |
460 |
- |
460 |
2,290 |
|
Paddle Wheels Journals and Newsletters |
20,132 |
- |
20,132 |
20,541 |
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Public Meetings |
2,881 |
- |
2,881 |
3,169 |
|
Museum Collection |
16,800 |
- |
16,800 |
11,336 |
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Fund Raising |
7,998 |
3,950 |
11,948 |
15,237 |
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Publicity |
2,618 |
- |
2,618 |
1,995 |
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Trading Activities |
3,222 |
- |
3,222 |
6,401 |
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Management and administration of the charity |
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|
|
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Council and Committee Meetings |
1,299 |
- |
1,299 |
1,407 |
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General Expenses |
5,901 |
- |
5,901 |
4,187 |
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Reporting Accountants' Charges |
628 |
- |
628 |
580 |
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Total Resources Expended |
64,173 |
3,950 |
68,123 |
84,756 |
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Net Incoming Resources before Transfers |
45,037 |
81,924 |
126,961 |
143,200 |
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Transfers between funds |
(13,254) |
13,254 |
- |
- |
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Net Incoming Resources for the Year |
31,783 |
95,178 |
126,961 |
143,200 |
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Other Recognised Gains and Losses |
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Gains/(losses) on investments |
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Unrealised |
4,477 |
9,950 |
14,427 |
6,342 |
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Net Movement in Funds |
36,260 |
105,128 |
141,388 |
149,542 |
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Balances brought forward at 1 January 2005 |
295,285 |
332,327 |
627,612 |
478,069 |
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Balances carried forward at 31 December 2005 |
331,545 |
437,455 |
769,000 |
627,611 |
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 incoming resources for the year plus realised gains on investments and was £126,961 (2004 - £143,200).
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Balance Sheet at 31 December 2005 |
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Note |
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2005 |
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2004 |
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Fixed Assets |
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£ |
|
£ |
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Shares in Owning Companies |
|
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Paddle Steamer Kingswear Castle Trust Ltd. |
2 |
|
55 |
|
55 |
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Waverley Steam Navigation Co. Limited |
3 |
|
12 |
|
12 |
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Loan to Waverley Steam Navigation Co Ltd |
4 |
|
31,743 |
|
39,679 |
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Loan to Loch Lomond Steamship Company |
5 |
|
- |
|
210 |
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Museum Collection |
6 |
|
40,853 |
|
33,655 |
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Investments |
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|
124,997 |
|
110,570 |
|
|
|
|
197,660 |
|
184,181 |
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Current Assets |
|
|
|
|
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Short term deposits |
|
|
|
|
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Bank |
|
|
23,397 |
|
13,773 |
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Common Investment Funds |
|
|
364,552 |
|
280,926 |
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National Savings |
|
|
182,198 |
|
147,710 |
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Cash at bank and in hand |
|
|
2,887 |
|
1,809 |
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Sales Stocks |
|
|
92 |
|
1,770 |
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Accrued interest, sundry debtors and pre-payments |
|
2,818 |
|
2,140 |
|
|
|
|
|
575,944 |
|
448,128 |
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Liabilities |
|
|
|
|
|
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Amounts falling due within one year: Sundry creditors |
|
|
4,604 |
|
4,698 |
|
|
|
|
4,604 |
|
4,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net Current Assets |
|
|
571,340 |
|
443,430 |
|
|
|
|
|
|
|
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Net Assets |
|
|
769,000 |
|
627,611 |
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|
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Funds |
|
|
|
|
|
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Unrestricted |
|
|
|
|
|
|
General Fund |
|
|
49,119 |
|
125,978 |
|
Paddle Steamer Fund |
|
|
97,206 |
|
- |
|
Streatfield Bequest |
7 |
|
145,753 |
|
136,602 |
|
Museum Collection Reserve |
8 |
|
39,468 |
|
32,706 |
|
|
|
|
331,546 |
|
295,286 |
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