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

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52 ITB Financial Statements 1998–1999 ITB Financial Statements 1998–1999 53 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets, with the exception of land, are stated at historical cost less accumulated depreciation. Land is stated at historical cost. Depreciation is provided on tangible fixed assets, excluding land, on a straight line basis so as to write off their historical costs over their useful lives. The estimated useful lives assigned to tangible fixed assets are as follows: Years Buildings 50 Prefabricated Buildings 10 Furniture, Fixtures and Fittings 5 Computers and Electronic Equipment 4 Educational and Administrative equipment 4 Equipment unique to research projects Project Life PENSIONS All pension entitlements of staff are conferred under a defined benefit scheme established under the Local Government (Superannuation) Act, 1980, and pension obligations are met by the Exchequer as they arise. Superannuation deductions made from employees are retained by the Institute. The Institute does not make contributions towards the scheme and has no obligations in respect of entitlements. CAPITAL ACCOUNT The Capital Account represents the unamortised value of income allocated for capital funding. Income and Expenditure Account for the Period 11 December 1998 to 9 December 1999 INCOME NOTE IR£’000s State Grant 1 1565 Release from Capital Account 14 560 Tuition Fees 2 72 Research, Consultancy and Development 3 11 Other Income 4 44 ________ EXPENDITURE 2252 ________ Academic Departments 5 317 Academic Support Services 6 314 Premises and Facilities 7 325 Central Administration and Services 8 692 Research, Consultancy and Development 3 11 Depreciation 9 560 ________ 2219 ________ ________ OPERATING SURPLUS AT THE END OF THE PERIOD 33 ________ All gains and losses are recognised in the Income and Expenditure Account The Statement of Accounting Policies, Cash Flow Statement and notes 1 to 19 form part of the financial statements. Signed on behalf of the Board Director ____________________________________ Chairman ____________________________________
54 ITB Financial Statements 1998–1999 ITB Financial Statements 1998–1999 55 Balance Sheet as at 9 December 1999. Cash Flow Statement for the Period 11 December 1998 to 9 December 1999 FIXED ASSETS NOTE 1999 IR£’000s Tangible Assets 11 7246 ________ 7246 ________ CURRENT ASSETS Debtors and Prepayments 12 291 Cash at Bank and in Hand 103 ________ 394 ________ CURRENT LIABILITIES Creditors - Amounts falling due within one year 13 361 ________ NET CURRENT ASSETS 33 ________ ________ NET ASSETS 7279 ________ Represented by: RESERVES Capital Account 14 7246 Income and Expenditure Account 33 ________ 7279 ________ The Statement of Accounting Policies, Cash Flow Statement and notes 1 to 19 form part of the financial statements. Signed on behalf of the Board Director ____________________________________ 1999 NOTE IR£’000s CASH RECEIVED FROM State Grants for Recurrent Expenditure 947 Superannuation Contributions 31 Tuition Fees 71 Research and Consultancy Contracts 16 Interest Income Other Income 85 ________ 1150 CASH PAYMENTS Cash Payments to and on behalf of Employees 414 Cash Payments to Suppliers 561 Other Cash Payments 310 ________ NET CASH (OUTFLOW) FROM OPERATIONS (135) ________ CAPITAL EXPENDITURE Grants Received - State Capital Grants 4586 Allocation from State Recurrent Grant 228 Proceeds from sale of Capital items 0 Payments to Acquire Tangible Fixed Assets 4580 ________ NET CASH INFLOW FROM CAPITAL EXPENDITURE 234 ________ Net Cash Inflow before student grants 99 Net Cash Inflow from Student Grants 17(c) 4 ________ INCREASE IN CASH AND CASH EQUIVALENTS 17(b) 103 ________ The Statement of Accounting Policies, and notes 1 to 19 form part of the financial statements. Signed on behalf of the Board Director ____________________________________ Chairman ____________________________________ Chairman ____________________________________
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