BRITISH TOURIST AUTHORITY TRADING AS VISITBRITAIN ...

VisitBritain and VisitEngland
Statement of cash flows for the year ended 31 st March 2010
Note 2010 2009 2010 2009
£’000 £’000 £’000 £’000
Cash flows from operating activities
Net Deficit after cost of capital and interest
Adjustments for:
(47,410) (50,208) (47,422) (50,222)
Depreciation 710 849 710 849
(Profit) / loss on disposal of fixed assets 10 (9) 10 (9)
Notional cost of capital 15 88 128 87 127
Defined benefit pension cost 28 1,169 76 1,169 76
Finance costs/( income) – UK&US pension scheme 82 (78) 82 (78)
Defined benefit employer pension contribution 28 (952) 0 (952) 0
Fair value adjustment on financial assets 25 (185) (37) (185) (37)
Fair value adjustment on financial liabilities 25 (132) 132 (132) 132
Cash flows from operating activities before
changes in working capital and provisions
(46,620) (49,147) (46,633)
(49,162)
Decrease/(increase) in trade and other receivables 1,401 (591) 1,453 (679)
(Increase) in inventories (135) (420) (148) (408)
Increase/(decrease) in trade and other payables 210 (69) 193 (67)
Increase in provisions 446 954 446 954
Net cash flows from operating activities (44,698) (49,273) (44,689) (49,362)
Investing activities
Purchases of property, plant and equipment (304) (576) (304) (576)
Sale of property, plant and equipment 10 9 10 9
Net cash (outflows) investing activities (294) (567) (294) (567)
Financing activities
Grant-in-aid received from DCMS 45,800 49,900 45,800 49,900
Net cash flows financing activities 45,800 49,900 45,800 49,900
Net increase/(decrease) in cash and cash
Equivalents
Cash and cash equivalents at beginning
of year
Cash and cash equivalents at end of year 32 1,897 1,089 1,751 934
The notes on pages 40 to 80 form part of these financial statements
38
Group VisitBritain
808 60 817 (29)
32 1,089 1,029 934
963