PADDLE STEAMER PRESERVATION SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT 1996

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 1996.

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. 1996 was a year of planning and preparation for future projects. Many man-hours were spent producing the application to the Heritage Lottery Fund in respect of P.S. Waverley's Heritage Rebuild which was submitted in August. This project, likely to start in late 1997, envisages the vessel's thorough refurbishment, including a new boiler, with the objectives of enhancing standards of presentation and reducing annual refit costs to an economic level. At the time of writing a decision was awaited. Research continued with the object of re-boilering P.S. Kingswear Castle. In the absence of immediate objectives, fund raising continued on a low key basis.

The Society continued to support the preservation of P.S. Maid of the Loch on Loch Lomond. The 1996 Annual General Meeting decided to allow the Loch Lomond Steamship Company (the vessel's charitable owners) to appoint a representative as a member of the Society's Council of Management.

1996 was the first full year that the Society benefited from the appointment of Andrew Gladwell as its Museum Officer. Andrew is a professional curator who works for the Society in a voluntary capacity. He has started the enormous task of cataloguing the Society's collection to recognised standards but nevertheless found time to mount several much admired displays, including at the Festival of the Sea at Bristol and on board the two paddlers.

The Society Accounts are presented in the new format recommended by the Charity Commission. A net inflow of funds of £52,295 was achieved in 1996. Grants totalling £15,034 were made in respect of P.S. Kingswear Castle towards the final cost of works to comply with new safety regulations and for the provision of additional buoyant apparatus. At 31 December 1996 the General Fund stood at £45,632 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £248,276.

As the Society has no paid employees its achievements reflect members' voluntary efforts. These can range from selling steamer tickets through to wielding a paint brush, and from writing articles and publications to ensuring compliance with legislation. 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

24 April 1997

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 1996

PADDLE STEAMER PRESERVATION SOCIETY

Balance Sheet at 31 December 1996

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 15 March 1997 and signed on its behalf by Martin Longhurst.

PADDLE STEAMER PRESERVATION SOCIETY

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 credited to revenue 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.

2. 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.

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 and the P.S.Ryde Fund holds donations received to finance the P.S. Ryde Project, at present in abeyance.

4. Fixed Asset Investments: At 31 December 1996 there were no unrealised gains or losses (1995: unrealised gain of £1,690).

REPORT OF THE AUDITORS

TO THE PADDLE STEAMER PRESERVATION SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 1996

The Accounts and Notes 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 1996 and have been prepared properly from the full financial statements.

On 24 April 1997 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 1996 and our audit report was as follows:-

We have audited the accounts in accordance with auditing standards.

The Society has a system of accounting and control which is reasonable having regard to its size and type of operation, and is sufficient to enable the Council of Management to give us the necessary assurances of completeness.

Subject to the foregoing, 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 1996 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

24 April 1997

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