BRITISH TOURIST AUTHORITY TRADING AS VISITBRITAIN ...

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VisitBritain and VisitEngland Annual report and financial statements for the year ended 31 st March 2010 Opinion on other matters In my opinion: the part of the Remuneration Report to be audited has been properly prepared in accordance with directions issued under the Development of Tourism Act 1969 by the Secretary of State for Culture, Olympics, Media and Sport; and the information given in the Organisational Structure, Staff, Results for the year and other financial information, Developments during the year, 2010-11 Priorities, and Outcomes against DCMS Funding Agreement Targets for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which I report by exception I have nothing to report in respect of the following matters which I report to you if, in my opinion: adequate accounting records have not been kept; or the financial statements are not in agreement with the accounting records or returns; or I have not received all of the information and explanations I require for my audit; or the Statement on Internal Control does not reflect compliance with HM Treasury’s guidance. I have no observations to make on these financial statements. Amyas C E Morse National Audit Office Comptroller and Auditor General 157-197 Buckingham Palace Road Victoria 8th July 2010 London SW1W 9SP 34
VisitBritain and VisitEngland Statement of comprehensive income and expenditure for the year ended 31 st March 2010 Note 2010 2009 2010 2009 £’000 £’000 £’000 £’000 Revenue Income from activities 6 21,936 22,090 21,071 21,423 Other income 7 1,486 1,799 1,568 1,903 23,422 23,889 22,639 23,326 Employee benefits costs 8 (15,784) (16,106) (15,784) (16,106) Depreciation 17 (710) (849) (710) (849) Other operating charges 9 (52,877) (53,525) (52,107) (52,977) Grants paid to Regional Tourist Boards 10 (166) (146) (166) (146) Re-organisation costs 11 (1,197) (3,710) (1,197) (3,710) (70,734) (74,336) (69,964) (73,788) Operating deficit 12 (47,312) (50,447) (47,325) (50,462) Finance (cost) / income 14 (10) 367 (10) 367 Notional costs 15 (88) (128) (87) (127) Deficit after finance income and notional costs (47,410) (50,208) (47,422) (50,222) Reversal of notional costs 15 88 128 87 127 Deficit for the year (47,322) (50,080) (47,335) (50,095) Other comprehensive income and expenditure Decrease/(increase) in UK pension liability on unfunded schemes 28 (30) 10 (30) 10 Actuarial loss on UK & US pension schemes 28 (21,474) (811) (21,474) (811) Effect of paragraph 58(b) limit (including requirements for IFRIC 14) - US 28 (81) 654 (81) 654 Exchange rate (loss)/gain on US pension scheme 28 (22) 117 (22) 117 Revaluation gain/(loss) on leasehold improvements 24 (3) 135 (3) 135 Other comprehensive income and expenditurefor the year (21,610) 105 (21,610) 105 Total comprehensive income and expenditure for the year (68,932) (49,975) (68,945) (49,990) Sandie Dawe MBE Chief Executive VisitBritain 7 th July 2010 The notes on pages 40 to 80 form part of these financial statements 35 Group VisitBritain
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BRITISH TOURIST AUTHORITY TRADING AS VISITBRITAIN ...

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