Merseyside Passenger Transport Executive


Notes To The Financial Statements

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Notes To The Financial Statements

1. Directors' Emoluments

Remuneration was paid to the Directors through the accounts of the Merseyside Integrated Transport Authority for both 2007/08 and 2008/09. Consequently no emoluments feature in the accounts of the Executive.
2. Concessionary Travel
Merseyside continues to benefit from one of the most generous concessionary travel schemes in the country outside London. Approximately 300,000 elderly and disabled persons enjoy free travel on bus, train and ferry services throughout Merseyside at all times, except during the weekday morning peak period as far as the elderly are concerned.
Estimates of the amount of travel made by concessionary travellers are determined by continuous surveys of all bus, train and ferry services undertaken by Merseytravel’s team of Traffic Investigators, which are then used as a basis for reimbursing public transport operators.
3. Interest Payable/Receivable






2007/08

2008/09




Executive

Consolidated

Executive

Consolidated




£000

£000

£000

£000

















On bank and short-term loans etc

4

4

-

-

Interest receivable against car loans etc

(6)

(6)

(1)

(1)

On inter-company loan (TBS)

-

-

(236)

-

On MITA loan (TBS)

-

-

236

-




______

______

______

______



















(2)

(2)

(1)

(1)




______

______

______

______















4. Taxation


Corporation tax chargeable against interest received and rental income in the year at a rate of 30% for both 2007/08 and 2008/09. The Executive’s 2008/09 accounts show a tax neutral position with trading losses negating taxable income. Figures shown against taxation (£7k) represent taxation paid by the employer for certain employee benefits deemed by the Inland Revenue and Customs to be taxable. For the Group accounts, a further £73k provision has been made for Group Corporation Tax.

5. Auditor's Remuneration


Audit fees for the audit of the Executive's accounts by the District Auditor are estimated to be

£90k, which includes external audit fees (compared to £91k for 2007/08).


6. Remuneration of Senior Staff
The Executive is required to disclose details of the remuneration of senior staff earning in excess of £50k as follows:-


Nos of Employees in 2007/08

Total Annual Remunerations

Nos of Employees in 2008/09

6


£50,000 to £59,999

4

6

£60,000 to £69,999

7

-

Thereafter

-


Merseyside Passenger Transport Executive

Notes To The Financial Statements (Cont’d)

7. Staff Numbers and Costs








2007/08

2008/09




Executive

Consolidated

Executive

Consolidated




Number

Number

Number

Number















The number of persons employed by the Executive


484

574

492

582

(expressed as whole time equivalents) as at 31 March was:-

_____

_____

_____

_____
















Analysis:- Operations

168

235

173

242

Catering/Retail

45

56

46

55

Management and Administration

271

283

273

285




£000

£000

£000


£000

The aggregate payroll cost for current employees was as follows:-




























Salaries and Wages

11,758

13,999

12138

14495

National Insurance

849

1,008

857

1024

Superannuation *

2,060

2,431

1794

2117




_____

_____

_____

_____


14,667


17,438

14789

17636

* The Merseyside Pension Fund administers, on the Executive’s behalf, a Superannuation scheme that provides for the cost of meeting the future pension liabilities of the Executive’s workforce. The contribution rate is determined by the Fund’s actuary based on triennial valuations.
8. Operating Surplus


This is stated after charging:-

2007/08

2008/09




Executive

Consolidated

Executive

Consolidated




£000

£000

£000

£000
















Depreciation of tangible fixed assets:-












Owned Assets

4038

4038

4301

4301

Directors Emoluments (Note 1)

-

-

-

-

Auditor's Remuneration (Note 5)

91

97

90

105

Pension Increases

1274

1274

1277

1277

Pension Costs : FRS17

2799

2799

4269

4269




______

______

______


______



















8,202

8201

9937

9952




______

______

______

______

















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