Merseyside Integrated Transport Authority Statement Of Responsibilities For The Statement Of Accounts


Merseyside Integrated Transport Authority

:)


Download 2 Mb.
Page10/19
Date conversion04.09.2017
Size2 Mb.
1   ...   6   7   8   9   10   11   12   13   ...   19

Merseyside Integrated Transport Authority


Notes To The Financial Statements (Cont'd)

21. Creditors







31 March




MITA

Group




2008

2009

2008

2009




£000

£000

£000

£000

Analysis




























Year-End

1,675

1,107

31,214


23,321

Tunnels AVI Tags (Receipts in advance)

2,810

2,839

2,810

2,810

Tax and National Insurance

195

46

567

55

Performance Bonds

-

-

5

3




4,680

3,992

34,596

26,189

Creditors Payable after 12 months




























Claims not met by Insurance, etc

-

-

569


1,024




4,680

3,992

35,165

27,213

22. Pensions


The Merseyside Pension Fund administers, on the Authority's behalf, a Local Government Superannuation Scheme that provides for the cost of meeting the future pension liabilities of the Authority's workforce.
The Authority paid an employer's contribution of £1,244k to the Pension Fund, representing 14.7% of pensionable pay. These figures compare to £1,170k (13.7% of pensionable pay) paid in the previous year. The contribution rate is determined by the Fund's actuary based on triennial actuarial valuations, the next review being effective from 1 April 2011. Under Pension Fund regulations contribution rates are set to meet the overall liabilities of the Fund.
In addition the Authority is responsible for all pension payments relating to added years benefits it has awarded, together with the related increases. In 2008/09 these amounted to £18k representing 0.22% of pensionable pay compared to £29k (0.36% of pensionable pay) in 2007/08.

23. Pensions Liabilities


(i) Participation in pension schemes

As part of the terms and conditions of employment of its officers and other employees, the Authority offers retirement benefits. Although these benefits will not actually be payable until employees retire, the Authority has a commitment to make the payments that needs to be disclosed at the time that employees earn their future entitlement.

The Authority participates in the following scheme:-


  • The Local Government Pension Scheme for civilian employees, administered locally by the Merseyside Pension Fund – this is a funded defined benefit final salary scheme, meaning that the Authority and employees pay contributions into a fund, calculated at a level intended to balance the pensions liabilities with investment assets.

Merseyside Integrated Transport Authority



Notes To The Financial Statements (Cont'd)

(ii) Change of accounting policy


Under the 2008 SORP the Authority has adopted the amendment to FRS7, Retirement benefits. As a result, quoted securities held as assets in the defined benefit pension scheme are now valued at bid price rather than mid-market value. The effect of this change is that the value of scheme assets at 31 March 2008 has been restated from £49.0m to £49.6m, an increase of £0.6m, resulting in a decrease of the pension deficit of £0.6m. Current and prior year surplus have been unaffected by this change.
(iii) Transactions relating to retirement benefits
The cost of retirement benefits in the Net Cost of Services are recognised when they are earned by employees, rather than when the benefits are eventually paid as pensions. However, the charge made against the levy is based on the cash payable in the year, so the real cost of retirement benefits is reversed out in the Statement of Movement in the General Fund Balance. The following transactions have been made in the Income and Expenditure Account and Statement of Movement in the General Fund Balance during the year:-
(a) Income and Expenditure Account




MITA




Group




Original

Re-stated







Original

Re-stated







2007/08

2007/08

2008/09




2007/08

2007/08

2008/09




























£000

£000

£000




£000

£000

£000
























Net Cost of Services:






















Current Service Cost

(1,319)

(1,319)

(1,413)




(3,298)

(3,298)

(3,579)

Past Service Cost

(469)

(469)

-




(1,169)

(1,169)

-























Net Operating Expenditure:






















Interest Cost

(3,012)

(3,012)

(3,725)




(12,824)

(12,824)

(15,119)

Expected Return on Assets

3,309

3,302

3,238




13,001

12,974

12,549

Adjustment in 2008/09 from 2007/08 Restatement

-

-

(7)




-

-

(27)

























Net Charge to I&E Account

(1,491)

(1,498)

(1,907)




(4,290)

(4,317)

(6,176)

(b) Statement of Movement on General Fund Balance







MITA




Group




Original

Re-stated







Original

Re-stated







2007/08

2007/08

2008/09





2007/08

2007/08

2008/09




























£000

£000

£000




£000

£000

£000

























Reversal of net charges made for retirement benefits in accordance with FRS17

1,491

1,498

1,907




4,290

4,317


6,176

























Actual amount charged against the General Fund Balance for pensions in the year:






















Employer’s contributions

(1,115)

(1,115)

(1,244)




(5,670)

(5,670)

(6,350)























In addition to the recognised gains and losses in the Income and Expenditure Account, actuarial gains and (losses) of £1,102k (Group (£1,913k)) were included in the Statement of Total Recognised Gains and Losses ((£7,305k) and (£23,554k) for 2007/08 for MITA and the Group respectively).





1   ...   6   7   8   9   10   11   12   13   ...   19
:)


The database is protected by copyright ©hestories.info 2017
send message

    Main page

:)