BRITISH TOURIST AUTHORITY TRADING AS VISITBRITAIN ...

VisitBritain and VisitEngland
Annual report and financial statements for the year ended 31 st March 2010
Treasury Management (continued)
To manage the risk of currency fluctuation, the policy sets out that foreign currency requirements sufficient to meet the fixed costs of
overseas operations, but not more than 75% of total foreign currency required, are purchased at the start of the financial year. The
balance is purchased during the financial year to allow for changes required between currencies and depending on activity and
foreign currency income generated during the year.
The decrease in interest received (see note 14) is due to the global reduction in interest rates.
Creditor Payments Policy
VisitBritain is a signatory to the Confederation of British Industry code of practice on supplier payment and is committed to the
payment of its suppliers to agreed terms or within 30 days. From 1 st November 1998 the organisation has incorporated into this
policy the regulations contained in the Late Payment of Commercial Debts (Interest) Act 1998. There were no claims for interest
payment under the terms of this Act in this financial year. During 2009/10 - 83% (2008/09 - 81%) of suppliers’ invoices not in dispute
were paid within 30 days of receipt.
9. PERSONAL DATA MANAGEMENT
In April 2008, the Cabinet Office issued guidance on the reporting of personal data related incidents in the Management Commentary to
Departments’ Resource Accounts for 2007/08. DCMS has indicated that it wishes such reporting to be included in the Annual Reports of
its sponsored bodies and from 2008/09 onwards an explicit mention of the management of information risk will be made in the Statement
of Internal Control.
The disclosure of incidents which could create an unacceptable risk of harm may be excluded in accordance with the exceptions
contained in the Freedom of Information Act 2000 or may be subject to the limitations of other UK information legislation.
The disclosure required is in three areas:
Summary of protected personal data related incidents formally reported to the Information Commissioner’s Office
Summary of other protected personal data related incidents
Number of incidents under the above categories since 2004.
In 2009/10, VisitBritain has had no incidents covered by the first two paragraphs above and is not aware of any incidents in previous years
which would result in security breaches. During the course of 2009/10 VisitBritain, in conjunction with its internal auditors, reviewed its
existing Data Protection policies, procedures and recording to ensure they reflect the latest Cabinet Office guidance.
10. AUDITORS
The audit of VisitBritain’s Statement of Accounts by the National Audit Office (NAO) enables the Comptroller and Auditor General to
fulfil his statutory duty under the Development of Tourism Act 1969, to lay before Parliament certified copies of the annual accounts
and his report. Deloitte Touche Tohmatsu in Stockholm audited the Swedish subsidiary, British Travel Centre AB in Stockholm (see
note 18).
The fees paid to the NAO and Deloitte for the audit services amount to £57.2k and £6k respectively. The NAO fee of £57.2k
comprises £51k for the annual audit, £5k for International Financial Reporting Standards audit and £1.2k for the London
Development Agency Grant audit work. There are no other services provided by the NAO or Deloitte.
As Accounting Officer I confirm that:
There is no relevant audit information of which the auditors are unaware
I have taken all the steps I ought to ensure that I am aware of relevant audit information
I have taken all the steps I ought to establish that VisitBritain auditors are aware of the information.
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