Chairman’s Message; Waverley – Financial Performance 2015/16
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.
As in previous years it is good to note that the efforts being put in by directors and staff have borne fruit in the financial results.
[signature name=”Iain Dewar” role=”PSPS National Chairman”]
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WSN/WEL Accounts November 2015 – October 2016
As in previous years, WSN/WEL Boards 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 2014/15.
Headlines – 2016
| Waverley sales | – | Passenger numbers were level with the previous year |
| – | Sailing days 107 (4 more than the previous year) | |
| (8 days cancelled, 2015 14 days) | ||
| – | Catering sales up 7.2%, retail sales 20.2% | |
| – | Catering gross profits up 5.5%, retail profits up 20.1% | |
| Waverley refit costs | – | Reduced by 11.2% (2016: £398,098, 2015: £448,275), due to benefit from previous years’ spend |
| Fuel Costs | – | Increased by 12.3%, due to price increases and more sailings, though still benefitting from hull blasting and efficiencies |
| Pilotage/Berthing dues | – | Reduced by 1.9% on last year |
| Advertising costs | – | Increased by 2.6% on last year |
| Donations/Support (excluding PSPS) | – | Decreased by £183,280, down 26.8% on previous year |
Key Financial Information
| 2015/16 £ |
2014/15 £ |
||
| Sailing Revenue | – Waverley | 1,575,636 | 1,453,692 |
| Sailing Days | – Waverley | 107 | 103 |
| Passenger Numbers | – Waverley | 110,987 | 111,044 |
| Catering/Retail | – Sales | 580,240 | 530,807 |
| – Profit | 240,701 | 232,217 | |
| Operating Costs | – Waverley | 1,487,274 | 1,459,592 |
| Donation/Support | 144,109 | 327,389 | |
| PSPS – Loan to grant | 0 | 75,000 | PSPS – Grant/appeal | 53,638 | 40,000 |
| Management and Admin Costs | 327,207 | 367,209 | |
| Fuel Costs | 248,660 | 217,976 | |
| Pilotage and Berthing Dues | 130,369 | 132,948 | |
| Advertising Costs | 93,365 | 90,927 | |
Summary
The consolidated result for the year before depreciation is a surplus of £213,820 against a surplus of £256,990, a reduction of 16.8%. This is an encouraging result given the fall in Donations/Support/Grants of £244,642
The reduction in the surplus was mainly due to increases in fuel costs, pay rates and the significant reduction in donations and bequests (there was no major appeal this year), despite mitigation by savings made in refit costs and increased sailing, catering and retail revenues.
PSPS will be giving a grant of around £68,000 towards the 2016/17 refit costs.
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