Directors' Report and Financial Statements Structures and Statistics ...

48 ITB Financial Statements 1998–1999
ITB Financial Statements 1998–1999
49
DIRECTORS’ REPORT
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of
the state of affairs of the company and of the operating surplus or deficit of the company for that period. In preparing those
financial statements, the Directors are required to
• Select suitable accounting policies and apply them consistently,
• Make judgements and estimates that are reasonable and prudent,
• Prepare the account on a going concern basis, notwithstanding the dissolution of the Company on 9 December 1999. As the
company’s operations continue to be carried on by the Institute of Technology, Blanchardstown its assets and liabilities
were transferred in their entirety to that Body at the date of dissolution of the company.
• Disclose and explain any material departures from applicable Accounting Standards.
BOARD OF DIRECTORS
The following were the members of the Board, prior to dissolution of the Company, at 9 December 1999.
All Directors were subscribers to the Memorandum of Association.
Daniel Brennan
Donal Connell
David Lowe
Micheál ó Neíll
Alexander Silke
Jacinta Stewart
Jennifer Condon
Kathleen Monks
Eamonn Ryan
The Directors are responsible for keeping proper accounting records, which discloses with reasonable accuracy at any time the
financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act
1963 to 1999 and the European Communities regulations 1992. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REVIEW OF THE BUSINESS
The company was set up to establish, manage, administer and develop an education institute to be called the Institute of
Technology, Blanchardstown. The Institute of Technology, Blanchardstown was formally established on 10 December, 1999 and the
company was dissolved with immediate effect. All the assets and liabilities of the company were transferred to the Institute.
Signed on behalf of the Board
Director
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RESULTS FOR THE PERIOD AND STATE OF AFFAIRS AS AT 9 December 1999
The income and expenditure account and balance sheet for the period ended 9 December 1999 are set out on pages 53 to 54.
Operating surplus on ordinary activities before taxation amounted to IR£33,000
Chairman
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REVIEW OF INSTITUTE ACTIVITIES
Since incorporation the Institute has been developing its educational, research and development programmes and the physical
infrastructure which the institute will require to deliver these programmes. The Institute has developed six programmes, three
at National Certificate level and three at National Diploma level. Delivery of these full-time programmes commenced in
September 1999.
RESEARCH AND DEVELOPMENT
During the period covered by the financial statements, the Institute’s expenditure on research and development amounted to
IR£11,000 reflecting its principal activities in education and development.
IMPORTANT EVENTS SINCE THE PERIOD END
In December 1999, the Institute of Technology, Blanchardstown was established under the Regional Technical Colleges
(Amendment) Act 1999. This Act made provision for the dissolution of Institute of Technology Blanchardstown Limited and the
transfer of all of its assets and liabilities to the Institute of Technology, Blanchardstown.