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
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.
* 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