BW Annual Report

[Tiller Slave]

BW Annual Accounts have now been published:

http://www.britishwaterways.co.uk/media/do...nts_2007-08.pdf

 

This large document makes for worrying reading.

 

 

Page 44 Board Remuneration- apparently the executive did so well in running BW they justified large bonuses !

 

The Chairman of BW states - on page 4-:

"The balance of the income needed

to fund our total operating costs comes from a wide range

of growing commercial activities such as utilities, property

development and pubs. The capital invested in these commercial

activities is carefully managed to build up a progressive stream

of income to pay for the maintenance of the waterways in the

future. It is the Board’s second priority, endorsed by governments,

to continue to grow this commercial income for the future

benefit of the waterways."

 

Unfortunately the accounts show that on their commercial joint ventures- they actually lost money see page 11 and page 68 - loss of £2.4 million after tax on investment of net assets £76.9 Million- BUT it gets worse

 

pre tax they made £0.4 Million on Net assets valued at £76.9 million a return of 0.005% any one can get at least 6% in risk free Government Bonds i.e at least £4.6 million! so a differential of more than £7 million than if they had put it in the Post Office!

 

These "joint ventures" are in non operational assets i.e office buildings, pubs etc. Perhaps the results may account for the abrupt departure of the BW Commercial Director?

 

 

And on page 8;

"Maintaining inland waterways

Last year (and in our forward business plan) we had insufficient

funds to fully meet Steady State. We would like to do more

as would our customers like us to do more. However, by focusing

on key risks and priorities, we were able to ensure that our

waterways remained safe and met the minimum demands

of our customers.

Our total Steady State expenditure on maintaining the network

was £95m. We continued our upkeep through major planned

engineering works such as repairs to locks, tunnels, bridges

and embankments as well as the day-to-day routine work

such as grass cutting, clearing litter and painting lock gates."

 

In other word there is a major shortfall of money going in to BW repairs to actually stop the exiting canals deteriorating - therefore expect more major breaches but the "customers" are happy!

 

Puts into context, apparently, the need to get more money out of boaters via licences and mooring fees, as BW is not very good at commercially managing its £500 million of assets.

 

I am not an accountant perhaps someone who is might like to really analyse the accounts?

 

What other horrors lie within?

[grahoom]

What other horrors lie within?

 

 

Their big bonuses...

[carlt]

Their incompetence at being unable to perform a straightforward civil engineering task within a reasonable budget and then blaming everyone else and expecting the ordinary boater to pay for it.

[Jason Wilson and Family]

Perhaps a petition, highlighting the incompetence and protesting the bonuses (or even the fact that these people still have jobs) is in order? It seems like a lot of the petitions I've seen come through have protested the way something was done without citing enough to prevent it from being sidestepped. Perhaps protesting an award for good performance while citing multiple instances of horrid performance would get some attention.

 

Better yet, perhaps this needs to go to press.

 

As for the sections highlighted above, it seems to state pretty clearly they're sinking money into tourist traps while ignoring the main thing that draws their customers in. I can't help thinking someone with experience would plan to consistantly reach 'steady-state' first then, once some more money is available work on these projects to bring in more people.

Edited September 15, 2008 by Jason Wilson and Family

[Chris Pink]

Their incompetence at being unable to perform a straightforward civil engineering task within a reasonable budget and then blaming everyone else and expecting the ordinary boater to pay for it.

 

except that the 'ordinary boaters' have passed the bill to the other 20% (whoops nearly said hippie scum there)

[Denis R]

Would it be an outrageous assumption to expect the likes of IWA, etc, to carefully scrutinise these accounts and then give us the synopsis of a letter we should be writing to our MPs?

[carlt]

Would it be an outrageous assumption to expect the likes of IWA, etc, to carefully scrutinise these accounts and then give us the synopsis of a letter we should be writing to our MPs?

They'll more likely approve it and have another whist drive.

[Phoenix_V]

Would it be an outrageous assumption to expect the likes of IWA, etc, to carefully scrutinise these accounts and then give us the synopsis of a letter we should be writing to our MPs?

 

Judging by their failure to answer my queries on the divide and rule proposals - yes it would

[Denis R]

I guess it was more in hope than anticipation.... I'll mail them nevertheless and see what comes back.....

[Tiller Slave]

Perhaps a petition, highlighting the incompetence and protesting the bonuses (or even the fact that these people still have jobs) is in order? It seems like a lot of the petitions I've seen come through have protested the way something was done without citing enough to prevent it from being sidestepped. Perhaps protesting an award for good performance while citing multiple instances of horrid performance would get some attention.

 

Better yet, perhaps this needs to go to press.

 

 

It has !

 

As for the sections highlighted above, it seems to state pretty clearly they're sinking money into tourist traps while ignoring the main thing that draws their customers in. I can't help thinking someone with experience would plan to consistantly reach 'steady-state' first then, once some more money is available work on these projects to bring in more people.

 

There are some real issues in the accounts/ annual report; enough to get even the most mild mannered contributors to this forum frothing at the mouth