The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2006.

The Society is a company limited by guarantee (having no share capital), registered in England and Wales No. 2167853, and a charity registered in England and Wales (No. 298328) and in Scotland (SC037603).    The Society is governed by its Memorandum and Articles of Association (adopted on 16 May 1987 and last amended on 9 November 2002) 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 UK 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.  

There are five Branches which organise public meetings in winter and assist in promoting sailings and carry on fund raising in summer.  Members also participate in working parties on P.S. Waverley at Glasgow, M.V. Balmoral at Bristol and P.S. Kingswear Castle at Chatham.

Branch	Venues of public meetings
Bristol Channel	Bristol, Clevedon and Cardiff
London and Home Counties	Central London and Southend
North of England and North Wales	Stockport and York
Scottish	Glasgow
Wessex	Bournemouth, East Cowes and Southampton

The Council of Management are the Society’s charity trustees.  The Articles of Association allow up to 17 members, appointed as follows:

Method of Appointment	Number
Members of the Society elected by postal ballot of the membership	7
One member of the Society from each Branch of the Society nominated by the member's Branch Committee	5
The Chairman of and one other representative appointed by Waverley Steam Navigation Company Limited	2
The Chairman of and one other representative appointed by Paddle Steamer Kingswear Castle Trust Limited	2
One representative appointed by Loch Lomond Steamship Company	1
	17

 

P.S. Waverley is owned on behalf of the Society by Waverley Steam Navigation Co. Ltd. (WSN) (itself a registered Scottish charity - SC005832)) and operated by Waverley Excursions Ltd., a wholly owned subsidiary of WSN.   P.S. Kingswear Castle is owned on behalf of the Society by Paddle Steamer Kingswear Castle Trust Ltd. (a charity registered in England and Wales as no. 299931) 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 (SC024062).  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.   2006 saw no major calls on the Society’s funds.  Small grants were made to P.S. Waverley and P.S. Kingswear Castle.   However, the longer term requirements to keep both steamers in sailing condition are currently being assessed and it is anticipated that the level of funding to achieve this will increase substantially.

 

The Society’s has a specialised Museum Collection and it is currently valued at £39,877.   The Collection has been accumulated over the 48 years of the Society's existence and includes over 12,000 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.   During the year a unique collection of handbills and other memorabilia relating to P & A Campbell’s South Coast operations was added to the Collection.

The Society Accounts show a  net inflow of funds of £106,862 in 2006. At 31 December 2006 the General Fund stood at £70,052, the Paddle Steamer Fund at £101,583, the Streatfield Bequest at £150,791 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £523,811.   

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 could be 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, an equity based Common Investment Fund and a guaranteed equity bond. 

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)
Martin Longhurst (Treasurer) (2)	Roddy McKee (London) (4)
Patrick Murrell	Robert Whitelaw (North)
Peter Tambling (resigned 1.9.06)
Brian Whitmore (Membership Secretary)	Representative of Loch Lomond Steamship Co. (May appoint one trustee)
	Michael Hughan (5)
Representative of Waverley S. N. Co. Ltd. (May appoint two trustees)	Representatives of P.S. Kingswear Castle Trust Ltd. (May appoint two trustees)
Iain MacLeod (1)	Jeremy Gold (3) (4)
	John Megoran (3) (4)
Directorships of related party companies:		JOHN ANDERSON Secretary 28 February 2007   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

 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 £106,862 (2005 - £126,961).