notes to the financial statements
for the year ended 31st March 2009
the extent that they are regarded as recoverable. any deferred tax asset
2 TURNOVER
attributable to the Board’s pension scheme liability is considered immaterial
Turnover represents the total amount recognised by the Board in respect of
given the quantum of likely future operating surpluses. no deferred tax asset
services supplied, goods sold, members’ subscriptions and contributions from
is recognised therefore in respect of this item.
the South East England development agency (SEEda) and other public bodies.
Liquid resources
Income from government grants totalled £2,568,499 for the year (2008:
For the purposes of the cash flow statement, liquid resources are defined as
£2,414,013) from SEEda, dcMS, VisitBritain and other government sources.
short term deposits
although under the terms of the funding agreement with SEEda, repayment
in part of the grant may be required in certain circumstances, the directors
consider that, to the best of their knowledge and belief, the likelihood of any
such requirement is remote.
3 OPERATING SURPLUS / (DEFICIT)
2009
2008
Operating surplus / (deficit) is stated after charging:
£
£
directors’ remuneration
296,992
316,725
auditors’ remuneration
15,500
15,000
depreciation
68,947
105,099
Surplus on disposal of plant, equipment and motor vehicles
(5,637 )
(
6,871 )
Operating lease rentals – land and buildings
7,500
7,500
4 STAFF COSTS
2009
2008
£
£
(a) Wages and salaries
2,012,434
2,185,535
Social security costs
174,377
184,522
Other pension costs
203,000
213,000
2,389,811
2,583,057
In addition to other pension costs is £1,837,000 (2008: £1,079,000 gain) relating to actuarial losses which have been debited to the statement of total recognised
gains and losses.
The average number of persons employed under contracts of service during the year including executive directors was as follows :
2009
2008
No
no
direct
90
106
administration
12
13
102
119
2009
2008
(b) directors’ remuneration
£
£
Salaries
283,331
299,692
company pension contributions to money purchase scheme
13,661
17,033
aggregate emoluments
296,992
316,725
retirement benefits are accruing to two directors under a defined benefit scheme and to two directors under money purchase schemes.
2009
2008
highest paid director:
£
£
aggregate emoluments
112,802
115,894
company pension contributions to money purchase scheme
13,661
13,120
126,463
129,014
5
TAX ON SURPLUS / (DEFICIT) ON ORDINARY ACTIVITIES
corporation tax is chargeable in full on the interest receivable and also on any operating surplus / (deficit) to the extent that it arises from the commercial membership.
2009
2008
£
£
corporation tax at 21% (2008: 20%) on the result for the year
27,000
27,000
Taxation over provided in prior years
(1,297 )
(
2,219)
25,703
24,781
www.visitsoutheastengland.com
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