AnnuAL REPORT OF BORD SCAnnÁn nA ... - Irish Film Board

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RASAí NA GAILLIMHE
ACCOunTInG POLICIES
A. Basis of Accounting
The financial statements consist of two Income and Expenditure
Accounts and a Balance Sheet.
• The Capital Income and Expenditure Account records
the disbursement of the Board’s development and
production loans and its contribution to Screen
Training Ireland, the national training agency for the
film industry in Ireland.
• The Administration Income and Expenditure Account
records the administrative transactions in respect
of the Board.
The financial statements are prepared under the historical
cost convention and in accordance with Generally Accepted
Accounting Practice (GAAP) on an accruals basis except as
stated below. Financial Reporting Standards recommended
by the recognised accounting bodies are adopted as they
become applicable.
B. Income
Income shown in the financial statements under Oireachtas
Grants represents the actual cash received. Other income is also
taken to account on a cash receipts basis.
C. Loans
Production loans are made by the Board to assist in the
production of films. Repayments and returns are dependent
upon the commercial success of the related films.
Development loans are made to filmmakers for the purpose
of developing film projects. Repayments become payable in
accordance with the terms of the loan agreements.
These loans are not normally subject to interest charges, but
include measures for recoupment and profit participation.
Loans are reviewed by the Board on a periodic basis and
appropriate provision is made against loans outstanding, based
upon the historical performance of the Board’s loanbook. The
provision is accounted for through the Capital Reserve.
D. Capital Reserve
The Capital Reserve represents the funding invested in
films and Fixed Assets after provisions and amortisation.
E. Tangible Fixed Assets
Tangible Fixed Assets are shown at original historical cost.
Assets over €250 are capitalised.
Depreciation is provided at rates calculated to write off the
original cost less the estimated residual value of each asset on
a straight-line basis over its expected useful life. The rates of
depreciation are as follows:
• Office Furniture and Equipment 20% per annum
• Computer Equipment 33% per annum
F. Pension Costs
The Board operates a defined benefit pension scheme which is
funded annually on a pay as you go basis from monies available
to it, including monies provided by the Department of Tourism,
Culture and Sport. The Scheme is operated on an administrative
basis pending approval of the Minister of Finance.
Pension Scheme liabilities are measured on an actuarial basis
using the projected unit method.
Pension costs reflect pension benefits earned by employees
in the period and are shown net of staff pension contributions
which are treated as refundable to the Department in
accordance with agency financing arrangements. An amount
corresponding to the pension charge is recognised as income to
the extent that it is recoverable and offset by grants received in
the year to discharge pension payments.
Actuarial gains or losses arising from changes in Actuarial
assumptions and from experience surpluses and deficits are
recognised in the Statement of Total Recognised Gains and
Losses for the year in which they occur and a corresponding
adjustment is recognised in the amount recoverable from the
Department of Tourism, Culture and Sport.
Pension Liabilities represent the present value of future pension
payments earned by staff to date. Deferred pension funding
represents the corresponding asset to be recovered in future
periods from the Department of Tourism, Culture and Sport.
ABBI’S CIRCLE
FInAnCIAL STATEMEnTS OF BORD SCAnnÁn nA hÉIREAnn/THE IRISH FILM BOARD
yEAR EnDED 31 DECEMBER 2009
Capital Income and Expenditure Account
Year ended 31 December 2009
notes 2009 2008
Income I I
Oireachtas Grants 1 18,817,000 20,000,000
Contributions from Other Parties 152,350 440,850
Other Income 72,428 224,224
Repayment of Loans Transferred from Capital Reserve 3 1,380,377 2,538,358
Total 20,422,155 23,203,432
Expenditure
Screen Training Ireland (532,000 ) (1,331,818 )
Production Loans 14 (15,101,659 ) (18,547,084 )
Development Loans 14 (2,201,585 ) (3,251,496 )
Other Capital Payments 4 (1,271,028 ) (1,596,508 )
Total (19,106,272 ) (24,726,906 )
Surplus/ (Deficit) 1,315,883 (1,523,474 )
Balance at Beginning of Year 3,048,716 4,572,190
Balance at end of year 4,364,599 3,048,716
The Accounting Policies and Notes 1-17 form part of these Financial Statements
James Morris Lesley McKimm
Chair Board Member
24 November 2010
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