PORT OF TYNE ANNUAL REPORT AND ACCOUNTS 2011

44/ANNUAL REPORT AND ACCOUNTS 2011
24. ANALYSIS OF NET DEBT
At beginning of
year (£000’s)
Cash flow
(£000’s)
At end of year
(£000’s)
Cash at bank and in hand 44 4,196 4,240
Overdrafts (1,001) 1,001 —
(957) 5,197 4,240
Current asset investments 25 (25) —
Secured loans (19,425) 920 (18,505)
Finance leases (1,094) 246 (848)
(21,451) 6,338 (15,113)
25. Contingent
liabilities
Defined Benefit Pension Schemes
The Port of Tyne currently makes, or in
due course may be required to make,
contributions to two industry wide defined
benefit pension schemes which have
various funding levels. The Port’s ability
to control these schemes is limited and
therefore any impact on the Port’s future
cash flows and cost base from these
schemes is uncertain. Further details
on these schemes are set out in note 21b.
Grants
Grants and Capital Contributions are
received by the Group from time to time
in respect of various projects. There is
a risk that if the Group fails to meet all of
the qualifying criteria for retention of these
Grants and Capital Contributions then an
element of the amounts received may be
subject to clawback at a future date.
26. Related party
disclosures
Under FRS 8 the Authority is exempt from
the requirement to disclose related party
transactions with its subsidiary companies,
as they are eliminated on consolidation.
Hilary Florek PR, of which H Florek is
a director, received £15,179 (2010 –
£25,626) for work undertaken at normal
commercial rates. Of this amount £nil
(2010 – £179) was incurred on behalf of the
Port of Tyne Authority and recovered on a
cost pass through basis, with the remainder
being charged at normal commercial rates.
Of this amount £nil (2010 – £2,220) is
included within trade creditors at the
year end.
27. Subsequent
Events
On the 30 March 2012, the Port sold
the Spillers site, consisting of land and
quay at Ouseburn, Newcastle upon Tyne
realising a profit on sale of £1,691k.
This profit will be recognised within the
2012 financial statements.
28. Controlling
party
Control of the Port of Tyne Authority
is vested in the Board of Directors.