Chairman’s Message; Waverley – Financial Performance 2012/13
The full accounts for the last financial year for Waverley Steam Navigation (WSN) which owns Waverley and Waverley Excursions Ltd (WEL) which operates her are now publicly available from Companies House.
Not everyone wants to plough through complete accounts or to try to work out the overall picture from two separate sets. To help members understand performance for the year and in the spirit of openness we are all encouraging, Graham Shankland, accountant to the companies, has therefore prepared a summary statement which appears below along with the same information for the two previous years. It make interesting and encouraging reading, particularly if the levels of external support necessary in 2010/11 and 2012/13 are compared. Many will remember just how bad things looked in that earlier year and recognise the hard work by staff and volunteer directors which has secured the improvement shown in the more recent figures. It’s a trend we hope will continue.
I’m grateful to Graham for doing the work and to David Kells, WEL Chairman, for enthusiastically promoting the idea. If people have any questions that can’t wait to the AGM do feel free to ask and I’ll get an answer – although if there are a lot of them the responses may have to be consolidated!
[signature name=”Iain Dewar” role=”PSPS National Chairman”]
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WSN/WEL Accounts November 2012 – October 2013
The Board felt that it would be helpful to give a summary statement on the above accounts, in order to improve the understanding of key readers . In the interests of clarity, we have combined the two accounts into one statement. The accounts used have been lodged with Companies House.
We have shown comparison with the previous two years – 2011-2012 and 2010-2011.
There is a complexity to the accounts due to the Company structure, but all figures tie back to those lodged with Companies House.
Headlines – 2013
| Waverley Sales | – passenger numbers up | 12.7% |
| – Sailing days, same as last year | 111 | |
| – Catering and retail up | 11.4% | |
| Balmoral costs included | £ 73,801 | |
| Waverley refit costs (2012:£326,001, up 6.4%) | £ 347,002 | |
| Fuel Costs | – Cost | £ 506,577 |
| – Fuel cost per sailing hour | £ 485 | |
| Pilotage/Berthing dues | £ 140,890 | |
| Advertising costs | £ 126,907 | |
| Donations/ support/Grants – adjusted for PSPS – down by | £ 537,471 | |
| Exceptional pension/redundancy costs | £ 100,293 |
Key Financial Information
Actual Results |
| 2012/13 £ |
2011/12 £ |
2010/11 £ |
||
| Sailing Revenue | – Waverley | 1,672,468 | 1,568,705 | 1,555,155 |
| – Balmoral | 0 | 397,732 | 534,128 | |
| Passenger Numbers | – Waverley | 124,517 | 110,514 | 121,814 |
| – Balmoral | 0 | 21,587 | 35,010 | |
| Catering/retail | – Waverley | 565,610 | 507,668 | 565,186 |
| – Balmoral | 0 | 79,269 | 114,494 | |
| Operating costs | – Waverley | 1,711,670 | 1,617,466 | 1,820,638 |
| – Balmoral | 73,801 | 735,480 | 730,278 | |
| Donation/Support/Grants | 259,604 | 947,075 | 1,059,992 | |
| Management and Admin costs | 331,763 | 293,306 | 361,835 | |
Result for the year – per accounts |
||||
| WSN | (502,197) | (257,876) | (135,745) | |
| WEL | 68,245 | 96,173 | 49,705 | |
| Combine accounts | (433,952) | (161,703) | (86,040) | |
| PSPS loan, converted to grant after y/e | 150,000 | |||
| Comparable accounts | (283,952) | (161,703) | (86,040) | |
| Addback: Depreciation | 334,541 | 384,844 | 394,155 | |
| Management accounts basis | 50,589 | 223,141 | 308,115 |
Summary
The result for the year before depreciation (adjusted for the timing of the PSPS grant conversion) is a surplus of £50,589, which is £172,552 lower than last year. However this masks the significant improvement in operating performance. This reduction is after a drop in financial support year on year of £537,471 and exceptional industry wide MNOPF Deficit assessment pension costs and redundancy of £100,293.
We hope these figures give a better understanding of the progress being made, as we endeavour to create a model that will give the Waverley a sustainable future as a professional business. Improving the surplus by taking out loss making sailings will allow us to invest in the business and not face the continual uncertainty.
[sig]DK/IGS
25/07/14[/sig]
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