The Southern and South East England Tourist Board
report and financial statements
for the year ended 31st March 2009
Company Number: 01345038
directors’ report
The directors submit their statutory report and the Board’s financial statements
RESERVES
for the year ended 31st March 2009.
The Board has the following reserves as at 31st March 2009:
• The Pension funding reserve of £217,000 (2008: £217,000), which has been
REVIEW OF THE BOARD’S ACTIVITIES AND FUTURE DEVELOPMENTS
created by decision of the Board in response to the defined benefit pension
The principal activity of the Board is the promotion and development of tourism
scheme deficits identified in note 14. no formal restrictions have been placed
in the region of South East England.
on the use of this reserve.
• The Special projects reserve of £50,000 (2008: £50,000), which has been
RESULTS
created by decision of the Board for use at the Board’s discretion.
The underlying trading position of the Southern and South East England Tourist
• The Sub-regional reserve of £228,068 (2008: £132,385), which has been
Board is stable.
created by decision of the Board and represents unallocated sub-regional
funds held for future expenditure. Transfers of £95,683 were made to the
The surplus for the year after taxation amounted to £119,334 (2008: £44,878
reserve in respect of an under spend of funding made available to the sub-
deficit). The surplus for the year includes £95,683 which has been transferred to
regions in the year.
the sub-regional reserve. during the financial year the income attributable to the
• The Accumulated deficit of £1,383,886 (2008: £429,463 surplus), comprising:
sub-regional committees was greater than the expenditure. The surplus funds
the accumulated surplus (excluding Pension Liability FrS17) of
are available to the committees to spend on local projects in the future.
£1,560,114 (2008: £1,518,463 surplus).
the Pension Liability FrS 17 of £2,944,000 (2008: £1,089,000 liability)
Further information about the Board’s reserves is provided at note 10.
Turnover for the year amounted to £5,450,576 (2008: £5,542,739), comprising
income arising directly from the Board’s activities of £2,947,887 (2008:
FIXED ASSETS
£3,141,152), core funding from SEEda of £2,100,000 (2008: £2,000,000) and
The changes in fixed assets during the year are summarised in note 6 to the
membership subscription income of £402,689 (2008: £401,587). Income arising
financial statements.
from the Board’s activities has decreased by £193,265.
DIRECTORS
cost of Sales has reduced to £4,389,617 (2008: £4,755,783) as a result of a
Full details of the directors of the Board are set out on page 16. at the end of the
reduction in overall salary costs: £2,012,434 (2008: £2,185,535) and various
financial year the chairman completed his term of service and the Managing
projects being delivered from a lower cost base.
director resigned in order to take up a post with a new employer.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board maintains liability insurance for its directors and officers.
reduced government funding for both regional development agencies and
Local authorities is a continuing risk which might result in reductions in the
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
activities and services provided by the Board. The Board manages this risk
company law requires the directors to prepare financial statements for each
by continually reviewing operational efficiencies and by ensuring that its
financial year which give a true and fair view of the state of affairs of the Board
commercial activities are as effective as possible.
and of the surplus or deficit of the Board for that period. In preparing the
financial statements, the directors are required to:
FUTURE DEVELOPMENTS AND OTHER ACTIVITIES
The Board is performing well with constrained funding. The stability and
- select suitable accounting policies and then apply them consistently;
effectiveness of the Board’s operations are underpinned by SEEda funding, which
- make judgments and estimates that are reasonable and prudent;
is set at a minimum of £2,100,000 per annum for the year 2008/2009, £2,100,000
- prepare the financial statements on the going concern basis unless it is
for 2009/2010 and £2,200,000 for 2010/2011. This funding enables the Board to
inappropriate to presume that the Board will continue in business.
meet the new opportunities and challenges posed by the changing economic
landscape. The Board is confident that its business plan for the current three-year
The directors are responsible for keeping proper accounting records which
cycle (2008/11) provides a clear strategy for the management of these changes.
disclose with reasonable accuracy, at any time, the financial position of the
however, the Board recognises the need to remain flexible as situations evolve.
Board and to enable them to ensure that the financial statements comply with
reserves will be released for planned investment in new products and services,
the companies act 1985. They are also responsible for safeguarding the assets
designed to improve support for members.
of the Board and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
FRS 17 “RETIREMENT BENEFITS”
Under the provisions of Financial reporting Standard 17 the Board’s share of
The directors have taken all necessary steps to make themselves aware of any
the assets, liabilities and performance of its defined benefit pension schemes
information required by the Board’s auditors for the purposes of their audit and
is included in its results. These schemes are now closed to new entrants. The
to establish that the auditors are aware of that information. The directors are not
standard requires that service costs met by the pension fund are recognised in
aware of any such information of which the auditors are not aware.
the profit and loss account, while actuarial gains and losses are recognised in
AUDITORS
the statement of total recognised gains and losses. neither the schemes nor
a resolution to re-appoint BdO Stoy hayward LLP as auditors will be proposed at
their actuarial valuations are under the Board’s direct control. Scheme liabilities
the annual General Meeting.
are highly unlikely to crystallise in the short or medium term, but nevertheless
the Board is paying contributions at increased rates to help to meet the deficit
BY OrdEr OF ThE BOard
and has earmarked a pension funding reserve as an additional precaution. Since
the introduction of the FrS 17 deficit into the balance sheet (2005) the deficit
M J Lane
has increased by £586,000. The report includes the full tri-annual actuarial
company Secretary
assessments of both the hampshire and Kent local authority funds which were
carried out by qualified independent actuaries at 31st March 2007. The expected
40 chamberlayne road, Eastleigh, hampshire
increase in the deficit is principally the updated changes in assumptions
underlying the present value of pension liabilities (note 14).
registered number: 01345038
date: 7th July 2009
www.visitsoutheastengland.com
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