notes to the financial statements
for the year ended 31st March 2009
10 CAPITAL AND RESERVES
The Board is incorporated under the companies act 1948 as a company limited by guarantee and not having a share capital.
RESERVES
PensionSpecialSubfundingprojectsregionalAccumulatedreservereservereservedeficitTotal£££££
as at 1st april 2007
217,000
158,500
151,160
(
731,934 )
(
205,274 )
deficit for the year
-
-
-
(
44,878 )
(
44,878 )
Transfers between reserves
-
(
108,500 )
(
18,775)
127,275
-
actuarial gain recognised
in the pension scheme
-
-
-
1,079,000
1,079,000
as at 1st april 2008
217,000
50,000
132,385
429,463
828,848
Surplus for the year
-
-
-
119,334
119,334
Transfers between reserves
-
-
95,683
(
95,683 )
-
actuarial loss recognised
in the pension scheme
-
-
-
(
1,837,000 )
(
1,837,000 )
As at 31st March 2009217,00050,000228,068(1,383,886 )(888,818 )
The effect on the accumulated deficit of the pension scheme liability is as follows:-
2009
2008
£
£
accumulated surplus excluding pension liability
1,560,114
1,518,463
Pension liability
(2,944,000 )
(
1,089,000 )
accumulated deficit
(1,383,886 )
429,463
11 CASH FLOW
2009
2008
£
£
(a) reconciliation of operating surplus / (deficit) to net cash inflow from operating activities:
Operating surplus / (deficit)
110,167
(
148,057 )
depreciation charges
68,947
105,099
Surplus on disposal of plant, equipment and motor vehicles
(5,637 )
(
6,871 )
decrease / (increase) in stocks
24,630
(
22,181 )
decrease / (increase) in debtors
186,770
(
65,901 )
(decrease) / increase in creditors
(74,364 )
94,512
defined benefit pension contributions less cost
(61,000 )
59,000
net cash inflow from operating activities
249,513
15,601
(b) reconciliation of net cash inflow to movement in net funds:
2009
2008
£
£
Increase / (decrease) in cash
767,941
(
23,611 )
(decrease) / increase in short term deposits
(450,000 )
100,000
317,941
76,389
net funds at 1st april 2008
2,684,022
2,607,633
net funds at 31st March 2009
3,001,963
2,684,022
(c) analysis of net funds:
at 1st april
cash
At 31st March
2008
flow
2009
£
£
£
cash at bank and in hand
184,022
767,941
951,963
Short term deposits
2,500,000
(
450,000 )
2,050,000
net funds
2,684,022
317,941
3,001,963
12 CAPITAL AND LEASE COMMITMENTS
(a) There were no commitments for capital expenditure at 31st March 2009 (2008: £nil).
(b) The company has annual commitments under non-cancellable operating leases as set out below:
2009
2008
£
£
Land &
Land &
Operating leases which expire:
Buildings
Buildings
In two to five years
7,667
7,500
13 TRANSACTIONS WITH RELATED PARTIES AND DIRECTORS
In the normal course of its activities the Board enters into commercial transactions with various of its non-executive directors and entities in which non-
executive directors are interested. These transactions are carried out at arms length and at normal commercial rates and with the exception of those with the
South East England development agency are considered by the Board to be immaterial for the purposes of disclosure requirements of the companies act and
the relevant Financial reporting Standard. The directors consider that no one party has control over the company.
Transactions during the year with the South East England development agency were as follows:
2009
2008
£
£
Income receivable by the Board
2,606,065
2,566,778
Balances at 31st March 2009 were:
£
£
due to the Board
20,449
70,000
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