PADDLE STEAMER PRESERVATION SOCIETY
A company limited by guarantee and not having a Share Capital
Registered in England and Wales No 2167853: Registered Charity No 298328
REPORT OF THE COUNCIL OF MANAGEMENT 1995
The Council of Management presents its Report and the Financial Statements for the year ended 31 December 1995.
The Society's principal activity is to assist in the preservation in sailing condition of the Paddle Steamers Waverley and Kingswear Castle and the maintenance of a collection of historical material relating to paddle steamers with the aim of eventual public exhibition. 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.
April 1995 saw the culmination of the three previous year's fund raising with the successful return to service of P.S. Waverley incorporating the modifications required by the new safety legislation. Preparatory work began on the planning of Waverley's Millennium Rebuild and, pending the full development of this project, it was decided to keep fund raising low key. Nevertheless three Branches were able to raise respectable sums from on-board raffles.
P.S. Kingswear Castle sailed with a bow thruster and tilting funnel for the first time in 1995. Although there is no historical basis for these changes, our ships operate in a commercial environment and must remain competitive to survive in operation. In this case, the local authority wanted to sponsor an operator to serve Rochester Pier - not necessarily Kingswear Castle. Without these modifications she could not have served Rochester sufficiently regularly. Plans are being formulated for her longer term refurbishment and these will be aimed to retain her period atmosphere and appearance.
The Society continued to support the preservation of P.S. Maid of the Loch on Loch Lomond. Both practical and financial assistance was given, the former by members of the Scottish Branch. Over the last four years the Society has been able to make key contributions to keep this project on course. A grant of £10,000 was made in 1995 to the Loch Lomond Steamship Company and this, together with personal contributions from members, was a vital element in securing the transfer of the vessel's ownership from Dumbarton District Council. The new owner, which plans a return to service in steam, is a Scottish charity and close links are being maintained with the Society on both personal and formal levels to achieve this valuable aim.
The Society recorded a deficit of £13,597 in 1995. This arose as the final grant in respect of P.S. Waverley's safety modifications of £81,851 was paid in 1995 out of funds raised in previous years. The underlying position remains strong with the Accumulated (or General) Fund standing at £38,755 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £196,003.
The achievements of the Society reflect its members' voluntary efforts. These can range from selling raffle tickets through to applying engineering skills, from processing members' subscriptions to conducting arduous and detailed negotiations and from stuffing Paddle Wheels envelopes to editing the magazine. 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:
| Myra Allen | John Anderson |
| Phillip Cade | Graham Hand |
| Nick James | Martin Longhurst |
| Alan Peake | Terry Sylvester |
JOHN ANDERSON
Secretary
16April 1996
Registered Office:
17 Stockfield Close, Hazlemere, HIGH WYCOMBE, Buckinghamshire, HP15 7LA
PADDLE STEAMER PRESERVATION SOCIETY
Income and Expenditure Account for the year ended 31 December 1995
1994
£ £ £ £
INCOME
30,204 Subscriptions 37,072
92,051 Donations 23,891
48,937 Fund Raising Activities 46,528
7,972 Interest and Investment Income 13,010
179,164 120,501
LESS EXPENDITURE ON
17,490 Paddle Wheels Journals and Newsletters 18,882
847 Council and Committee Meetings 1,294
2,123 Public Meetings 2,179
3,799 General Expenses 2,836
9,170 Fund Raising expenses 10,175
1,493 Publicity 2,897
1,208 P.S. Maid of the Loch Project 11,970
Grants in respect of:
63,450 P.S. Waverley 81,851
- P.S. Kingswear Castle -
1,273 Annual Report and AGM 1,714
272 Audit Charges 300
101,125 134,098
78,039 SURPLUS/(DEFICIT) FOR THE YEAR (13,597)
(516) Change in unrealised gain in value of 767
investment
172,154 Fund Balances Brought Forward 249,677
249,677 Fund Balances Carried Forward 236,847
PADDLE STEAMER PRESERVATION SOCIETY
Balance Sheet as at 31 December 1995
1994
£ £ £ £
ASSETS
71 Cash in Hand 14
Cash in Banks:
709 Current Accounts 784
Investments:
50,045 Bank 60,229
101,015 Building Societies 69,841
90,727 COIF Deposit Account 100,969
5,423 COIF Income Shares (£4,500 at cost) 6,190
55 Shares - PSKCTL (See Note 4) 55
1,301 Sales Stocks 2,011
891 Sundry Debtors and Accruals 770
250,237 240,863
LESS CURRENT LIABILITIES
560 Sundry Creditors (payable within 1 4,016
year)
560 4,016
249,677 236,847
REPRESENTED BY
£ £ £ £
29,083 Accumulated Fund 38,755
Restoration & Preservation Fund
215,219 General 151,083
3,412 P.S. Waverley 32,460
732 P.S. Kingswear Castle 12,460
219,363 196,003
308 P.S. Ryde Fund 399
923 Unrealised Gain Reserve 1,690
249,677 236,847
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 24 February 1996.
NOTES TO THE ACCOUNTS
1. Accounting Policies:
The following accounting policies have been used consistently in dealing with items which are considered to be material in relation to the Society's accounts:-
a. Basis of Accounting: These accounts are prepared on the accruals basis except that subscriptions are credited to revenue in the year of receipt.
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. 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.
2. The Society operates both at national and local levels, through five area Branches. The Branch Committees are given delegated authority over 20% of the subscription income attributed to their areas.
3. The Society is a company limited by guarantee (having no share capital) and a registered charity (No. 298328).
4. 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.
5. The Restoration and Preservation Fund holds funds received for and allocated to P.S. Waverley and P.S. Kingswear Castle. The P.S.Ryde Fund holds donations received to finance the P.S. Ryde Project.
6. In 1995 an Unrealised Gain Reserve was created to represent the change in market value of the Society's COIF Charities Investment Fund Income Shares between the date of acquisition and the balance sheet date. The 1994 figures have been re-stated accordingly. The value of this Reserve could go up or down before the shares are sold.
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