Merseyside Passenger Transport Executive

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9. Operations

FRS 3 requires income and expenditure to be split between Continuing, Acquired and Discontinued operations. For this purpose all operations during the year ended 31 March 2009 are "Continuing" in nature.
10. Refinancing
FRS4 requires the recognition of gains and losses arising from the re-purchase or early settlement of borrowing in the Summary Revenue Operating Account. For the purpose of satisfying the requirements of FRS4, the Executive has no outstanding external loans and consequently is not in a position to re-purchase or arrange early settlement of debt. There is however an internal loan, set up to facilitate the financing of the acquisition of The Beatles Story by Mersey Ferries Ltd. The Beatles Story, as part of the Executive’s Group Accounts, has an external loan, but there are no plans for early settlement of the debt.

Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)

11. Related Party Transactions


FRS8 requires disclosures to draw attention to the possibility that the reported financial positions and results may have been affected by the existence of related parties and by material transactions with them. These transactions are summarised as follows:-
(a) Integrated Transport Authority (ITA)

A statutory relationship exists between the Executive and the Authority in which the Executive is required to implement and administer transport policies determined by the Authority. Revenue (including Special Rail and Concessionary Travel Grants) and Capital Support Grants are provided by the Authority (£172.6m and £29.1m respectively in 2008/09).

(b) Directors and ITA members
All directors’ emoluments and member allowances are met in full by the ITA. Within Merseytravel, directors have a dual role as chief officers of both the Executive and Authority. In addition, the Chief Executive/Director General chairs the ITSO Board (which promotes a national standard for interoperable and secure Smartcards) and PTEG (a national PTE group that co-ordinates the activities of the Metropolitan PTEs).
(c) Directors to the Executive’s Subsidiary Companies
Note 3 to the Statement of Accounting Policies and Notes 16 and 17 to the Notes to the Financial Statements list the Executive’s subsidiary companies and their current operational status. The Executives’ directors are also directors to the companies, with remuneration payable by the Authority and not the subsidiaries. The Objectives of the subsidiary companies are compatible with the objectives of the Executive. In the case of the active subsidiaries, two members of the Authority are co-directors, who receive an amount of £4k each per annum as remuneration from the company.
(d) Subsidiary Companies
Note 17 (see below) provides details of two ventures involving investment in Smartcard technology along with trading results to 31 March 2009. Directors of the Executive are board members of both companies but do not receive emoluments/fees. Executive loans outstanding in the accounts of the two companies as at 31/03/09 were as follows: GSM £0.1m and ATL £0.4k.
(e) European Union

Participation in fuel and energy saving projects generate various grants for the Executive. There are minor controlling influences upon the Executive in that certain procedural requirements have to be met to ensure benefits can be claimed and received.

(f) Merseyside Pension Fund
For 2008/09 the Executive paid an employers contribution equivalent to 16.3% of pensionable pay along with a fixed contribution of £1.3m into the Merseyside Pension Fund. These payments are determined by the Fund’s Actuary based upon triennial valuations. There are minor controlling influences upon the Executive in that certain procedural requirements have to be met to ensure benefits can be claimed and received.
Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)

(g) Bus & Rail Companies


Procured Services under the Transport Act 1985 and the Railways Act 1993, along with payments for Merseytravel’s concessionary and prepaid travel schemes resulted in payments of £88.2m and £76.8m to rail and bus companies respectively in 2008/09. Other than statutory requirements upon the Executive, there are no controlling influences by Bus and Rail Companies upon the organisation.

Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)

12. Tangible Assets


(a) Fixed Assets (Executive)

Executive



Land &

Buildings

Freehold


Land &

Buildings

Leasehold*


Plant

&

Machinery


Vessels

Vehicles


Assets Under Construction

Non-Operational Assets

Total





£000

£000

£000

£000

£000

£000

£000

£000



























Cost



















































Value as at 1 April 2008

26258

59331

22025

10964

936

6028

617

126159

Adjustments in respect of FRS11 **

(7447)

(5049)

(12159)

(13)

(536)

-

(21)

(25225)

Assets brought into operation

1623

4405

-

-

-

(6028)

-

-

Re-classification

575


(575)

-

-

-

-

-

-




























Additions

1057

6070

6591

-

-

1639

44

15401




























Revaluation during year

2959

10204

4533

2259

8

-


3

19966

Disposals

-

-

-

-

-

-

(313)

(313)

Write back of accum’l depreciation at 31.3.09

(5883)

(6011)

(14503)

(4095)

(398)

-

-

(30890)




























Value as at 31 March 2009

19142

68375

6487

9115

10


1639

330

105098























































Depreciation




















































Value as at 1 April 2008

5043

5331


12322

3590

302

-

-

26588




























Adjustments in respect of FRS11 **

-

-

-

-

-

-

-



-




























Depreciation for Year

840

680

2181

505


96

-

-

4302




























Disposals

-

-

-

-

-

-

-

-

Write back of accum’l depreciation at 31.03.09

(5883)

(6011)

(14503)

(4095)

(398)

-

-

(30890)


























Value as at 31 March 2009

-

-

-

-

-

-

-

-























































Net Book Value as at 31 March 2009

19142

68375

6487

9115

10

1639

330

105,098





























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