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


Merseyside Integrated Transport Authority



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Merseyside Integrated Transport Authority


Notes To The Financial Statements (Cont'd)

28. Provisions and Contingent Liabilities


Accounting Policy No 22 (Future Liabilities) indicated that certain liabilities could fall upon the Executive & consequently the Authority's levy in future years.
As at 31 March 2009, major contracts include the following schemes:-





£m

Seacombe Strengthening

0.5

Underground Rail Stations

0.1

SET Project

0.8

Lime Street Centre

0.1

Station Improvements

0.8

Various Corridors and Centres





Bus Schemes

8.7

Rail Schemes

2.4


Kirkby Bus/Rail Interchange

0.2

Bus Shelters

2.0

HQ Building Project

0.8

Pier Head Ferry Terminal: Visitor Attraction Development

3.5

Pier Head Ferry Terminal: Visitor Attraction

0.3

LTPSU

2.2

Property Acquisition

0.2

Terminal Improvements

0.4




£23.0m

Single status harmonisation will be effective from 1 April 2007, with the possibility of claims relating to years prior to 2007/08. A provision has been made in these accounts including provision for prior year claims. Also included in this provision are resources to cover both a relocation of office and a restructure.

There also exists an MPTE arrangement for certain uninsured employer liabilities and currently there are two claims against the Executive relating to asbestos exposure. To date, there are no quantifiable values for the claims.

29. Capital Receipts

As at 1 April 2008 there were no usable capital receipts or reserved capital receipts available to the Authority. During 2008/09 capital receipts of £4k were generated by the Authority ( £317k for the Group) and were applied towards funding the Capital Programme. As a consequence no balances remained at 31 March 2009, for reserved and usable proportions.

30. Capital Contributions/Grants Unapplied


An opening balance of £4.5m existed at 1 April 2008 (£6.9m for the Group), however the majority of these resources were applied during 2008/09 leaving just £31k unapplied (£1.3m for the Group) as at 31 March 2009.
31. Trust Funds
The Authority does not act as trustee for third parties and consequently does not hold any trust funds.


Merseyside Integrated Transport Authority
Notes To The Financial Statements (Cont’d)

32. Post Balance Street Events


The Authority Group’s holding in Global Smart Media (GSM Ltd) increased during 2008/09 to 87.9% and a holding of 51% was taken of Livesmart Ltd, GSM Ltd’s subsidiary. The Executive entered into a Subscription Agreement with Livesmart Ltd to subscribe for preference shares in that company. A subscription of £103k was entered into on 27 April 2009.

An agreement was signed in June 2009 for a 30-year tenancy at offices in Mann Island, Liverpool. The offices are currently under construction and will be Merseytravel’s new headquarters wef 2011. Annual rents are expected in the region of £2.9m pa.

33. Revaluation Reserve

The current capital accounting regime requires the establishment of the fixed asset revaluation reserve and the transactions relating to the reserve are detailed in Accounting Policy No. 13. The SORP 2007 requires the 2006/07 balances to be transferred to the Capital Adjustment account so that the revised accounting practices can be implemented wef 1 April 2007.


2007/08




2008/09



MITA

Group




MITA

Group

£000

£000




£000

£000
















-

-

Opening balance

-

-















-

-


Revaluation and Restatement of Fixed Assets during the year

492,190

512,158

_____

_____





_____

_____
















-

-

Closing Balance

492,190

512,158

_____

_____




_____

_____



















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