PADDLE STEAMER PRESERVATION SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT 1997

The Council of Management presents its Report and the Financial Statements for the year ended 31 December 1997.

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. 1997 was again a year of planning and preparation for future projects. Much effort was expended taking forward the Waverley Heritage Rebuild Project. The Heritage Lottery Fund announced that it would make a grant of £2.7m towards the £3.6m cost in June to coincide with the fiftieth anniversary of the ship's maiden voyage. The Society's contribution will be at least £380,000 but legal technicalities delayed the commencement of work (and therefore grant payments) into 1998. A vital contribution came from the Society's Waverley Golden Jubilee Draw which raised £32,476. The Rebuild is still scheduled to take place between October 1998 and June 1999. Research continued into the possibility of reboilering P.S. Kingswear Castle should the need arise.

The Society continued to support the preservation of P.S. Maid of the Loch on Loch Lomond. In 1997 grants of £2,700 were approved to pay for materials to be used by volunteers mainly for renewing part of the main deck. This is essential preparatory work on the ship if she is to steam again.

The Society's quarterly journal 'Paddle Wheels' continued to flourish under the editorship of Myra Allen. Waverley's Golden Jubilee season was marked in the magazine and extensive coverage has been given to all paddlers both at home and abroad. On board Waverley a series of pictorial displays prepared by Museum Officer Andrew Gladwell told the story of the ship. He also mounted a commemorative exhibition at the Mitchell Library, Glasgow in November.

The Society Accounts show a net inflow of funds of £189,919 in 1997. The Society benefited from three bequests totalling £81,881 in the year and this factor, combined with the delay in making grants to the Heritage Rebuild, led to this unusual result. At 31 December 1997 the General Fund stood at £47,329 and the Restoration and Preservation Fund (devoted to Paddle Steamers Waverley and Kingswear Castle) at £436,469.

As the Society has no paid employees its achievements reflect members' voluntary efforts. These can range from processing subscription cheques through to organising the Jubilee Draw, and from arranging Branch meetings to maintaining computer databases. 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

4 April 1998

Registered Office:

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

Report of the Council of Management Statement of Financial Activities Balance Sheet Notes to the Accounts Auditor's Report

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