PADDLE STEAMER PRESERVATION SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT 2000

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 2000.

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. (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 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.   2000 saw the return to service on 18 August of P.S. Waverley following her Heritage Rebuild.   The scope of the Rebuild had to be restricted owing to lack of funds to meet cost increases.   Nevertheless, the results were stunning in the after part of the ship, re-creating her original 1940's atmosphere in parallel with the upgrading of her safety precautions.  The Society has contributed £925,685 to the cost of the work completed so far.

The for'ard part of the ship remains largely unchanged at present, but plans are being laid for a fresh application to the Heritage Lottery Fund to fund the Completion Phase of the Rebuild.  Some of the Society's contributions to date will count as the partnership funding required for this submission.  Subject to funding, it is planned to carry out the final phase during the winter of 2002-03.

The project to re-boiler P.S. Kingswear Castle got under way in the Autumn with an order placed with Wellman Robey.   The Society is contributing £10,000 to the project, which is due to be completed in time for the start of the 2001 season.

The Society Accounts show a  net outflow of funds of £421,413 in 2000, mainly to fund the Waverley Heritage Rebuild. At 31 December 2000 the General Fund stood at £90,220, the Streatfield Bequest at £122,538 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £94,266.    In addition, the Society was committed to contributing a further £100,315 towards the cost of the Waverley Heritage Rebuild and £9,065 to the new boiler for P.S. Kingswear Castle.

As the Society has no paid employees 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 members of the Council of Management during the year, who received no remuneration for their services, were:

                                JOHN ANDERSON

Secretary

10 April 2001

Registered Office: 17 Stockfield Close, Hazlemere, HIGH WYCOMBE, Buckinghamshire, HP15 7LA

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 2001 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" (1995), 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.

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 their nominal value, as shareholders in the Trust cannot benefit from their holdings, as it is constituted as a charity.

3.     The holding of shares in Waverley Steam Navigation Company Limited, the owner of P.S. Waverley, represents 30% of shares issued.   The shares are shown in the Accounts at their nominal value, as shareholders in the Company cannot benefit from their holdings, as it is constituted as a charity.

4.     The Streatfield Bequest is available for the general purposes of the Society.   At 31 December 2000 an estimated further amount of £20,000 was receivable by the Society, which has not been included in the Financial Statements.

5.     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.

6.     Commitments:

a.         During 2000 the Society entered into two further funding contracts with Waverley Steam Navigation Co. Ltd. committing £681,000 towards the cost of the Heritage Rebuild.   The funding is being advanced as the project progresses and the balance remaining at 31 December 2000 was £100,315.   The total funding committed by the Society for the Rebuild amounts to £1,026,000.

b.        During 2000 the Society committed the sum of £10,000 to Paddle Steamer Kingswear Castle Trust Limited towards the cost of building and fitting the ship's new boiler.   The funding is being advanced as the project progresses and the balance remaining at 31 December 2000 was £9,065.

REPORT OF THE AUDITORS

TO THE PADDLE STEAMER PRESERVATION SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2000

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 2000 and have been prepared properly from the full financial statements.

On 18 April 2001 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 2000 and our audit report was as follows:-

We have audited the accounts 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 2000 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

18 April 2001

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