Dear all

Defra grant to BW

There is an announcement on this subject in the last week or so from BW under a press release.

Buried down the page is:

3. Defra grant funding for 2010/11

BW grant funding from Defra for England and Wales has been confirmed for the year 2010/11. After allowing for advanced payments of grants there will be an effective reduction on the current financial year of £4.6m.

It is not very clear to me exactly what this means, but there is enough here for us to recognise bad news. I will delve into it and let you know.

BW annual report
The headline is a major deficit, due to losses on joint ventures and revaluation of property. The better news is that they maintained the expenditure on maintenance and customer services.
Please do have a look. The narrative part is easy to read and it represents what BW would have us all believe. Do you think is its fair and balanced?

Please write to me or NN and tell us all what you feel.

I hope the cruising goes well.

David