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

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COLONY
9. Lease of Premises
The Board has commitments until 2016 in respect of its office in Galway at Queensgate, 23 Dock Road. The annual cost of this lease is
€76,350 plus vAT. The Board also has commitments until 2017 in respect of its offices at 14-16 Lord Edward St, Dublin 2 at an annual cost
of €116,000 plus vAT.
10. Superannuation
2009 2008
a. Analysis of total pension costs charged to Expenditure I I
Current Service Cost 271,079 188,129
Interest on Pension Scheme Liabilities 75,415 62,121
Employee Contributions (47,074 ) (44,591 )
Total 299,420 205,659
2009 2008
b. Movement in net Pension Liability during the financial year I I
Net Pension Liability at 1 January 1,908,907 1,330,100
Current Service Cost 271,079 188,129
Interest Cost 75,415 62,121
Actuarial Loss/(gains) (253,202 ) 328,557
Pensions Paid in the Year - -
net Pension Liability at 31 December 2,002,199 1,908,907
c. Deferred Funding for Pensions
The Board recognises these amounts as an asset corresponding to the unfunded deferred liability for pensions on the basis of the set of
assumptions described above and a number of past events. These events include the statutory basis for the establishment of the pension
scheme, and the policy and practice currently in place in relation to funding public service pensions including contributions by employees
and the annual estimates process. The Board has no evidence that this funding policy will not continue to meet such sums in accordance
with current practice.
The Net Deferred Funding for Pensions recognised in Income and Expenditure Account was as follows:
2009 2008
I I
Funding Recoverable in Respect of Current Year Pension Costs 346,494 250,250
State Grant Applied to Pay Pensioners - -
Total 346,494 250,250
The deferred funding asset for pensions as at 31st December 2009 amounted to €2,002,199 (€1,908,907 in 2008)
2009 2008 2007 2006
d. History of defined benefit obligations I I I I
Defined Benefit Obligations 2,002,199 1,908,907 1,330,100 1,181,523
Experience (gains)/losses on Scheme Liabilities Amount (90,900 ) 53,735 (18,546 ) (109,770 )
Percentage of Scheme Liabilities -5% 3% -1% -9%
e. General Description of the Scheme
The pension scheme is a defined benefit final salary pension arrangement with benefits and contributions defined by reference to current
‘model’ public sector scheme regulations. The scheme provides a pension (eightieths per year of service), a gratuity or lump sum (three
eightieths per year of service) and spouse’s and children’s pensions. Normal retirement age is a member’s 65th birthday, and pre 2004
members have an entitlement to retire without actuarial reduction from age 60. Pensions in payment (and deferment) normally increases
in line with general public sector salary inflation.
The valuation used for FRS17 (Revised) disclosures has been based on a full actuarial valuation completed in May 2010 by a qualified
independent actuary taking account of the requirement of the FRS in order to assess the scheme liabilities at 31st December 2009.
FADó FADó
The Principal Actuarial Assumptions were as follows:
2009 2008
Rate of Increase in Salaries 3.5% 3.5%
Rate of Increase in Pensions in Payment 3.5% 3.5%
Discount Rate 4.3% 4 %
Inflation Rate 2% 2%
The mortality basis adopted allows for improvements in life expectancy over time, so that life expectancy at retirement will depend on the
year in which a member attains retirement age (age 65).
The mortality rates adopted are as follows:
Life Expectancy for Male aged 65 21.6 years
Life Expectancy for Female aged 65 23.3 years
Life Expectancy for Male aged 45 Now (from 65) 23.9 years
Life Expectancy for Female aged 45 Now (from 65) 25.1 years
11. Tangible Fixed Assets
Furniture Computers Total
Cost I I I
At 1 January 2009 428,893 336,131 765,024
Additions 717 20,812 21,529
Disposals - - -
At 31 December 2009 429,610 356,943 786,553
Depreciation
As at 1 January 2009 221,837 325,177 547,014
Charge for year 80,434 15,746 96,180
Disposals - - -
At 31 December 2009 302,271 340,923 643,194
net Book value
As at 31 December 2009 127,339 16,020 143,359
As at 31 December 2008 207,056 10,954 218,010
Movement (79,717 ) 5,066 (74,651 )
12. Creditors
2009 2008
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PAYE/PRSI 52,351 50,057
Other Accruals 136,839 166,533
Withholding Tax 23,052 5,500
Pension Contribution - 257,933
Trade Creditors 115,629 116,767
Total 327,871 596,790
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