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

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PYJAMA GIRLS
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
2010 2009 2008 2007
a. Analysis of total pension costs charged to Expenditure I I I I
Current service cost 266,270 271,079 188,129 208,460
Interest on Pension Scheme Liabilities 85,191 75,415 62,121 57,859
Employee Contributions (42,047 ) (47,074 ) (44,591 ) (43,826)
Total 309,414 299,420 205,659 222,493
2010 2009 2008 2007
b. Movement in net Pension Liability during the financial year I I I I
Net Pension Liability at 1 January 2,002,199 1,908,907 1,330,100 1,181,523
Current Service Cost 266,270 271,079 188,129 208,460
Interest Cost 85,191 75,415 62,121 57,859
Actuarial Loss/(gains) (165,660 ) (253,202 ) 328,557 (117,742 )
net Pension Liability at 31 December 2,188,000 2,002,199 1,908,907 1,330,100
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 backing for the establishment of the
pension scheme, and the policy and practice 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:
2010 2009
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Funding Recoverable in Respect of Current Year Pension Costs 351,461 346,494
State Grant Applied to Pay Pensioners - -
Total 351,461 346,494
The deferred funding asset for pensions as at 31 December 2010 amounted to €2,188,000 (€2,002,199 in 2009)
2010 2009 2008 2007
d. History of defined benefit obligations I I I I
Defined Benefit Obligations 2,188,000 2,002,199 1,908,907 1,330,100
Experience (gains)/losses on Scheme Liabilities Amount (320,044 ) (90,900 ) 53,735 (18,546 )
Percentage of Scheme Liabilities -15% -5% 3% -1%
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 FRS 17 (Revised) Disclosures has been based on a full actuarial valuation at each date performed by an independent
qualified actuary to take account of the requirements of FRS 17 in order to assess the scheme liabilities at 31 December 2010.
HAPPY EvER AFTERS
The Principal Actuarial Assumptions were as follows:
31/12/2010 31/12/2009 31/12/2008 31/12/2007
Rate of increase in salaries 3.50% 3.50% 3.50% 4.00%
Rate of increase in pension payment 3.50% 3.50% 3.50% 4.00%
Discount Rate 4.00% 4.30% 4.00% 4.75%
Inflation 2.00% 2.00% 2.00% 2.50%
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 21.8 years
Life Expectancy for Female aged 65 23.4 years
Life Expectancy for Male aged 45 Now (from 65) 24.1 years
Life Expectancy for Female aged 45 Now (from 65) 25.5 years
11. Tangible Fixed Assets
Furniture Computers Total
Cost I I I
At 1 January 2010 429,610 356,943 786,553
Additions 2,409 26,408 28,817
Disposals (45,361 ) (159,212 ) (204,573 )
At 31 December 2010 386,658 224,139 610,797
Depreciation
As at 1 January 2010 302,271 340,923 643,194
Charge for year 69,038 17,810 86,848
Disposals (45,361 ) (159,212 ) (204,573 )
At 31 December 2010 325,948 199,521 525,469
net Book value
As at 31 December 2010 60,710 24,618 85,328
As at 31 December 2009 127,339 16,020 143,359
Movement (66,629 ) 8,598 (58,031 )
12. Creditors
2010 2009
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PAYE/PRSI 36,369 52,351
Other Accruals 462,602 136,839
Withholding Tax 17,651 23,052
Pension Contribution 7,958 -
Trade Creditors 742,772 115,629
Total 1,267,352 327,871
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