PADDLE STEAMER PRESERVATION SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT 1998

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 1998.

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. P.S. Waverley is owned on behalf of the Society by Waverley Steam Navigation Co. Ltd. (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 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.

The Society largely fulfils its aim of supporting the steamers by fund raising for specific projects to restore and preserve them. 1998 was again a year of planning and preparation for future projects. Much effort was again expended taking forward the Waverley Heritage Rebuild Project which had been planned for winter 1998/99. Unfortunately difficulties in agreeing Safety at Sea requirements with the Maritime and Coastguard Agency have delayed the major part of the work to winter 1999/2000. The Society has entered into a funding contract for £345,000 and this is included in the Financial Statements as a commitment. Payments will be made as the work progresses. The proposal to re-boiler P.S. Kingswear Castle has now been firmed up. An application has been made to the National Heritage Lottery Fund with the intention of fitting the new boiler in early 2000.

The Society continued to support the preservation of P.S. Maid of the Loch on Loch Lomond and was able to hold its Annual General Meeting aboard the vessel at Balloch. In 1998 a grant of £200 was made to pay for materials to be used by volunteers. In addition, £1,196 of the grant approved in 1997 to renew the main deck in the port engine room alleyway was paid, leaving £1,304 available to fund the same work on the starboard side.

The Society Accounts show a net inflow of funds of £24,935 in 1998. The Society benefited from 3 bequests totalling £231,533 in the year, the majority being the residue of the estate of Leonard Streatfield of Poole. The Council of Management decided that the Streatfield Bequest should be kept for use on any British paddle steamer. At 31 December 1998 the General Fund stood at £69,638, the Streatfield Bequest at £267,444 (including interest) and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £172,101. In addition, the Society is committed to contributing £345,000 towards the cost of the Waverley Heritage Rebuild.

As the Society has no paid employees its achievements reflect members' voluntary efforts. These can range from maintaining the membership list through to organising raffles, and from manning stands to cataloguing relics. All these tasks are vital to our success and the Council of Management acknowledges gratefully all contributions great and small.

The members of the Council of Management during the year, who received no remuneration for their services, were:

JOHN ANDERSON

Secretary

28 March 1999

Registered Office:

17 Stockfield Close, Hazlemere, HIGH WYCOMBE, Buckinghamshire, HP15 7LA

PADDLE STEAMER PRESERVATION SOCIETY

Statement of Financial Activities for the Year ended 31 December 1998

PADDLE STEAMER PRESERVATION SOCIETY

Balance Sheet at 31 December 1998

In preparing these accounts the Society has taken advantage of the special exemptions applicable to small companies conferred by Section A of Part III of Schedule 8 to the Companies Act 1985. In the opinion of the Council of Management the Society is entitled to the benefit of those exemptions on the grounds that it complies with the qualifying conditions set out in the Act.

These financial statements were approved by the Council of Management on 27 February 1999 and signed on its behalf by Martin Longhurst.

NOTES TO THE ACCOUNTS

1. Format of Accounts and Accounting Policies

The Society has adopted the format of accounts and accounting policies set out in the Charity Commission's publication "Accounting by Charities - Statement of Recommended Practice", unless otherwise stated.

a. Donations, legacies and subscriptions: These items of income, including life subscriptions, are taken into account in full in the year of receipt. This treatment of life subscription does not comply with Recommended Practice.

b. Relics: The Society owns a collection of relics relating to paddle steamers. They are not shown in the Accounts as it is inappropriate to place a value on these items.

c. Netted off expenses and related income: Where sufficient information is available the netting off of expenses and the related income has been eliminated.

d. Stocks: Stocks of unsold goods are valued at the lower of cost or realisable value.

e. Gains/losses on investments: Gains and losses are recognised in the year they arise. Unrealised gains or losses are added to or deducted from the Fund to which the investment relates.

f. Cash Flow Statement: The Society has taken advantage of Sections 246 to 249 of the Companies Act 1985 in deciding not to prepare a Cash Flow Statement.

1. The holding of shares in Paddle Steamer Kingswear Castle Trust Limited, the owner of P.S. Kingswear Castle, represents a controlling interest. 55 shares (out of an authorised 100) are held in equal lots by five nominees as representatives of and on behalf of the Society. The shares are shown in the Accounts at cost.
2. The Streatfield Bequest is available for the general purposes of the Society. At 31 December 1998 an estimated further amount of £25,000 was receivable by the Society which has not been included in the Financial Statements.
3. The Restricted Funds comprise the Restoration and Preservation Fund, which holds funds received for or allocated to P.S. Waverley and P.S. Kingswear Castle. The P.S. Ryde Fund was wound up during the year and the balance transferred to the Restoration and Preservation Fund by agreement with the donors.
4. Commitments:
   1. During the year the Society entered into a funding contract with Waverley Steam Navigation Co. Ltd. committing £345,000 towards the cost of the Heritage Rebuild. The funding will be advanced as the project progresses in 1999 and 2000 and is shown in the Financial Statements under Liabilities, as required by "Accounting by Charities."
   2. In 1997 the Council of Management authorised a grant of up to £2,500 to Loch Lomond Steamship Co. in respect of deck repairs to P.S. Maid of the Loch. At 31 December 1998 up to £1,304 of this grant remained to be claimed as the relevant work was yet to be carried out.

REPORT OF THE AUDITORS

TO THE PADDLE STEAMER PRESERVATION SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 1998

The Accounts and Notes set out on pages 3,4 and 5 have been prepared on the basis of the modifications available to small companies under Section 6 of the Companies Act 1985.

In our opinion the Society is entitled under Sections 246 and 247 (247 to 249) of the Companies Act 1985 to the exemption conferred by Part 1 of Schedule 8 to that Act in respect of the year ended 31 December 1998 and have been prepared properly from the full financial statements.

On 6 April 1999 we reported as auditors of Paddle Steamer Preservation Society on the full financial statements required by Section 226 (227) of the Companies Act 1985 for the year ended 31 December 1998 and our audit report was as follows:-

We have audited the accounts on pages 3 and 4 in accordance with auditing standards.

In our opinion, the financial statements give a true and fair view of the state of the charitable company's state of affairs at 31 December 1998 and of its incoming resources and application of resources, including its income and expenditure, in the year then ended, and have been properly prepared in accordance with the Companies Act 1985.

Adey Bradshaw & Walker

Accountants and Registered Auditors

Barry

6 April 1999

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