PORT OF TYNE ANNUAL REPORT AND ACCOUNTS 2011

16/ANNUAL REPORT AND ACCOUNTS 2011
STATEMENT OF BOARD OF DIRECTORS’ RESPONSIBILITIES/17
REPORT OF THE BOARD
CONTINUED...
Directors of the
Port of Tyne
The directors of the Port of Tyne are listed
on page 01.
Directors’ interests
in contracts
Except as already disclosed on page 15,
there are no contracts subsisting with
the Authority in which any member of
the Authority is materially interested.
Incentive Schemes
A performance related incentive scheme
is in place for a limited number of senior
managers linked to both business and
personal objectives.
A profit share scheme is in place for all
employees, enabling them to share in the
performance of the business.
Policy and Practice on
Payment of Creditors
The business is responsible for agreeing
the terms and conditions under which
business transactions with its suppliers
are conducted. Payments to suppliers are
made in accordance with these terms,
provided that suppliers also comply with
all other relevant conditions. At the end
of the financial year, the weighted average
payment terms of the Port’s suppliers was
37 days (2010 – 34 days).
Political and Charitable
Contributions
The group made no political contributions
during the current or prior year. Donations
to charities amounted to £91,913
(2010 – £35,209). In 2011, the Port has
continued to invest in a variety of local
Community projects and give support to
Regional Business partners as detailed
on page 08.
Disclosure of
Information to the
Auditors
The directors who held office at the date
of approval of this Directors’ Report confirm
that, so far as they are each aware, there
is no relevant audit information of which
the business’s auditors are unaware; and,
having made enquiries of fellow directors
and the business’s auditor, each member
has taken all the steps that he/she ought
to have taken as a member to make
himself/herself aware of any relevant audit
information and to establish that the Port
of Tyne Authority’s auditors are aware
of that information.
Auditor
A proposal to re-appoint Ernst & Young LLP
as auditor was approved by the Audit
Committee in March 2012.
By order of the Board of Directors
Andrew Davison LL.B
Secretary
2012
STATEMENT OF BOARD
OF DIRECTORS’
RESPONSIBILITIES
The Board of Directors are responsible
for preparing the annual report and
the financial statements in accordance
with applicable law and regulations.
The Board of Directors of the Port of Tyne
are required to prepare financial statements
for each financial year which give a true and
fair view of the state of affairs of the group
and Authority and of the profit or loss of the
group for that period. In preparing these
financial statements, the directors are
required to:
– Select suitable accounting policies
and then apply them consistently
– Make judgements and estimates that
are reasonable and prudent
– State whether applicable UK Accounting
Standards have been followed, subject
to any material departures disclosed and
explained in the financial statements
– Prepare the financial statements on
the going concern basis unless it is
inappropriate to presume that the group
and Authority will continue in business
The Board of Directors are responsible
for keeping proper accounting records that
disclose with reasonable accuracy at any
time the financial position of the group
and Authority and enable them to ensure
that the financial statements comply with
Section 42 of the Harbours Act 1964, as
amended by the Transport Act 1981. They
are also responsible for safeguarding the
assets of the group and Authority and
hence for taking reasonable steps for the
prevention and detection of fraud and
other irregularities.
The Board of Directors are responsible
for the maintenance and integrity of the
corporate and financial information included
on the Port of Tyne’s website. Legislation
in the United Kingdom governing the
preparation and dissemination of financial
statements may differ from legislation in
other jurisdictions.