Chairman’s Message; Waverley – Financial Performance 2014/15
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 some may find it difficult to extract key information from the accounts. Once again therefore Graham Shankland, Finance Director and accountant to the companies, has prepared a summary statement which appears below along with the same information for the previous year.
Once again it’s good to note that the efforts being put in by directors and staff have borne fruit in the financial results.
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 2014 – October 2015
As in previous years, the Board felt it would be helpful to give a summary statement on the above accounts, in order to give a better understanding to key readers. In the interests of clarity we have combined the two accounts into one statement. The accounts have been lodged with Companies House.
We have shown comparison with the previous year 2013/14.
There are complexities 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 – 2015
| Waverley sales | – | Passenger numbers down by 7.9%, mainly due to cancelled sailings arising from poor weather |
| – | Sailing days 103 (same as previous year) | |
| (14 days cancelled due to adverse weather, 2014 11 days) | ||
| – | Catering sales down by 1.4%, retail sales down by 8.7% | |
| – | Catering profits down by 5.2%, retail profits down by 16.7% | |
| Waverley refit costs | – | Increased by 45% (2015:£448,275 , 2014 £307,014), covered by WSN appeal £84,767 and donations |
| Fuel Costs | – | Reduced by 37.5%, mainly due to price, also from hull blasting and efficiencies |
| Pilotage/Berthing dues | – | Reduced by 3% on last year |
| Advertising costs | – | Reduced by 10.8% on last year |
| Donations/Support (excluding PSPS) | – | Increased by £ 87,729, 26.8% on previous year |
| Exceptional pension costs | – | Down from £119,448 in 2014 to £29,444 in 2015 |
Key Financial Information
| 2014/15 £ |
2013/14 £ |
||
| Sailing Revenue | – Waverley | 1,453,692 | 1,537,654 |
| Sailing Days | – Waverley | 103 | 103 |
| Passenger Numbers | – Waverley | 111,044 | 120,682 |
| Catering/Retail | – Sales | 530,807 | 545,102 |
| – Profit | 232,217 | 248,677 | |
| Operating Costs | – Waverley | 1,467,950 | 1,549,350 |
| – Balmoral | 0 | 18,688 | |
| Donation/Support | 327,389 | 239,660 | |
| PSPS – Loan to grant | 75,000 | 150,000 | PSPS – Grant | 40,000 | 0 |
| Management and Admin Costs | 367,209 | 343,037 | |
| Fuel Costs | 217,976 | 348,831 | |
| Pilotage and Berthing Dues | 132,948 | 137,103 | |
| Advertising Costs | 90,927 | 102,014 | |
Summary
The consolidated result for the year before depreciation is a surplus of £256,990 against a surplus of £229,188, an improvement of 12.1%
The improvement was mainly due to savings in fuel costs and increases in donations and bequests, which more than compensated for the reduced sailing revenue arising from lower passenger numbers.
PSPS loans are normally converted to a grant in the following year due to timing. This year it has occurred in the same financial year, which is the preferred way and is the plan going forward. The PSPS appeal in 2015 (£35,638) will be reflected in the 2015/16 year and set against the costs of the projects carried out in that year.
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