Annual Report 2005 - The National Disability Authority

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Annual Report 2005 Notes to Financial Statements for the year ended 31st December, 2005 10. CASH FLOW RECONCILIATION 10 (a) RECONCILIATION OF (DEFICIT)/SURPLUS FOR THE YEAR TO CASH FROM OPERATING ACTIVITIES 2005 2004 E E (Deficit)/Surplus for the period (3,483) (65) Adjustment for non operating items Interest Receivable (91) (123) Movement on Capital Account (69,838) (165,613) Adjustment for non cash items Depreciation 182,901 234,186 Change in Debtors (110,348) (40,844) Change in Creditors 81,260 (156,554) Cash From Operating Activities 80,401 (129,014) 10(b) ANALYSIS OF BALANCES OF CASH AND MOVEMENTS DURING THE YEAR 2005 2004 E E Balance at 31 December 2004 545,798 743,261 Decrease in Cash (32,571) (197,463) Balance at 31 December 2005 513,227 545,798 85
National Disability Authority Notes to Financial Statements for the year ended 31st December, 2005 11. SUPERANNUATION Under the National Disability Authority Act 1999, the Authority with the approval of the Minister for Justice, Equality & Law Reform and the consent of the Minister for Finance, shall make a scheme or schemes for the granting of superannuation benefits to or in respect of the members of staff, including the Director of the Authority. A Model Scheme has been drafted and is awaiting approval from the Department of Justice, Equality and Law Reform and the Department of Finance. The National Disability Authority operates an unfunded defined benefit superannuation schemes for staff. At present staff who were formerly staff of the National Rehabilitation Board (NRB) who retire receive Superannuation benefits under the terms of the Local Government Superannuation Scheme. Staff who have been employed by NDA subsequent to its establishment and who retire receive benefits in line with the terms of the Nominated Health Agencies Superannuation Scheme. (a) Pension Scheme The results set out below are based on an actuarial valuation of the liabilities in respect of the serving, retired and deceased staff of the NDA as at 31 December 2005. This valuation was carried out by a qualified independent actuary for the purpose of the accounting standard, Financial Reporting Standard No. 17- Retirement Benefits (FRS 17) This valuation was carried out using the projected unit method. The financial assumptions used to calculate scheme liabilities were as follows. 2005 2004 2003 Discount Rate 5.5% 5.5% 6% Salary increase assumption 4% 4% 4% Pension increase assumption 4% 4% 4% Price inflation 2% 2% 2% As the NDA schemes are unfunded, there are no assets held in respect of accrued pension liabilities of the NDA staff. 86
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Annual Report 2005 - The National Disability Authority

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