Chairman’s Message; Waverley – Financial Performance 2013/14
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.
Because there are two companies not everyone may find it easy to work out the ship’s financial position from the accounts. Once again therefore Graham Shankland, accountant to the companies, has prepared a summary statement which appears below along with the same information for the four previous years.
Whilst our ship will always need financial support, it’s important she is run as efficiently as possible so it’s good to note that the strategies now being implemented, together with the hard work of directors and staff, have ensured that last year’s improved performance has been sustained.
If people have any questions that can’t wait to the AGM do feel free to ask and I’ll get an answer.
[signature name=”Iain Dewar” role=”PSPS National Chairman”]
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WSN/WEL Accounts November 2013 – October 2014
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 four years; 2013/14, 2012/2013, 2011/12 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. There are minor prior year re-allocations to aid comparison.
Headlines – 2014
| Waverley sales | – Passenger numbers marginally down | (3.1)% |
| (But average daily passengers increased) | ||
| – Sailing days (down on last year’s 111) | 103 | |
| (11 days cancelled due to adverse weather) | ||
| – Catering and retail sales down | (3.8)% | |
| – Catering and retail profits up | 59.3% | |
| Balmoral costs included | (2013: £73,801) | £ 18,688 |
| Waverley refit costs | (2013: £347,002, down 11.5%) | £ 307,014 |
| Fuel Costs | (2013: £506,577 – down 31.1%) | £ 348,831 |
| Pilotage/Berthing dues | (Down 7.5% on last year) | £ 137,103 |
| Advertising costs | (Down 19.6% on last year) | £ 102,014 |
| Donations/Support (excluding PSPS) | (2013: down by £437,471) | £ 19,944 |
| Exceptional pension/Redundancy costs | (2013: £100,293) | £ 119,448 |
Key Financial Information
Actual Results |
| 2013/14 £ |
2012/13 £ |
2011/12 £ |
2010/11 £ |
||
| (No Gift Aid)# | (Includes Gift Aid) | ||||
| Sailing Revenue | – Waverley | 1,537,654 | 1,497,280 | 1,568,705 | 1,555,155 |
| Sailing Days | – Waverley | 103 | 111 | 111 | 111 |
| Passenger Numbers | – Waverley | 120,682 | 124,517 | 110,514 | 121,814 |
| Catering/Retail | – Sales | 545,012 | 565,610 | 507,668 | 565,186 |
| – Profit | 248,677 | 156,060 | 205,082 | 150,386 | |
| Operating Costs | – Waverley | 1,572,032 | 1,711,670 | 1,617,466 | 1,820,638 |
| – Balmoral | 18,688 | 73,801 | |||
| (Borne by Waverley) | |||||
| Donation/Support | 239,660 | 259,604 | 697,075 | 999,731 | |
| PSPS Grant | 150,000 | 0 | 250,000 | 160,261 | |
| Management and Admin Costs | 343,037 | 331,763 | 293,306 | 361,835 | |
| Fuel Costs | 348,831 | 506,577 | 465,545 | 435,264 | |
| Pilotage and Berthing Dues | 137,103 | 148,186 | 130,807 | 137,764 | |
| Advertising Costs | 102,014 | 126,907 | 111,587 | 126,106 | |
# 2012/13, adjusted for the loss of gift aid on ticketing income; received in prior years.
Summary
The result for the year before depreciation is a surplus of £232,200 against last year’s loss of £274,859 (after adjusting for the loss of gift aid previously taken in), an improvement of £507,059.
The significant improvement in operating performance is mainly due to :- the timing of the conversion of PSPS loans to grant £150,000; an increase in ticket/charter income of £40,374; an increase in catering and retail profit of £92,617; the reduction in Balmoral costs of £55,217 and, most significantly, fuel costs. While there has been efficiency savings in fuel consumption, the main benefit has been lower fuel prices. The cost of fuel has reduced by £158,540 (a 31.1% reduction). This was fortunate as it compensated for the loss of gift aid in the current year owing to a change in the interpretation of the legislation.
Despite these improvements it is worth noting that the Waverley will always need around £250k of support from various sources to continue in operation.
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.
[sig]DK/IGS
15/06/15[/sig]
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