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

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80 ITB Financial Statements 1999–2000 ITB Financial Statements 2000–2001 81 STATEMENT OF INSTITUTE POLICIES Section 16 of the Regional Technical Colleges Act, 1992 requires the Institute to Prepare financial statements in such form as may be approved by the Minister for Education and Science with the concurrence of the Minister for Finance and to submit them for audit to the Comptroller and Auditor General. In preparing these financial statements the Institute is required to : • Select suitable accounting policies and apply them consistently, • Make judgements and estimates that are reasonable and prudent, • Prepare the financial statements on the going concern basis, unless that basis is inappropriate, • Disclose and explain any material departures from applicable Accounting Standards. The Institute is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Institute and which enable it to ensure that the financial statements comply with Section 16 of the Act. The institute is also responsible for safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed by: REPORT OF THE COMPTROLLER AND AUDITOR GENERAL INSTITUTE OF TECHNOLOGY BLANCHARDSTOWN REPORT OF THE COMPTROLLER AND AUDITOR GENERAL FOR PRESENTATION TO THE HOUSES OF THE OIREACHTAS I have audited the financial statements on pages 82 to 92 under Section 16 of the Regional Technical Colleges Act 1992. Respective Responsibilities of the Institute and the Comptroller and Auditor General The accounting responsibilities of the Institute are set out in the Statement of Institute Responsibilities on page 80. It is my responsibility, based on my audit, to form an independent opinion on the financial statements presented to me by the Institute and to report on them. Director ____________________________________ Basis of Audit Opinion Chairman ____________________________________ In the exercise of my function as Comptroller and Auditor General, I conducted my audit of the financial statements in accordance with auditing standards issued by the Auditing Practices Board and by reference to the special considerations in relation to management and operations which attach to bodies in receipt of substantial funding from the State. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Institute's circumstances, consistently applied and adequately disclosed. I planned and performed my audit so as to obtain all the information and explanations that I considered necessary to provide me with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement whether caused by fraud or other irregularity or error. In forming my opinion I also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In my opinion, proper books of account have been kept by the Institute and the financial statements, which are in agreement with them, give a true and fair view of the state of affairs of the Institute at 31 August 2001 and of its income and expenditure and cash flow for the year then ended. ____________________ Gerard Smyth for and on behalf of the Comptroller and Auditor General 21 March 2003
82 ITB Financial Statements 2000–2001 ITB Financial Statements 2000–2001 83 STATEMENT OF ACCOUNTING POLICIES The Institute of Technology, Blanchardstown was established under the Regional Technical Colleges (Amendment) Act 1999 on 10 December 1999. All assets and liabilities held by an interim holding company Institute of Technology Blanchardstown Ltd, which was established to manage and administer the Institute affairs pending its enactment, were transferred to the Institute on 10 December 1999 under Section 6 of the Act. ACCOUNTING PERIODS These financial statements cover the period 1 September 2000 to 31 August 2001 The corresponding figures are for the period 10 December 1999 to 31 August 2000. BASIS OF PREPARATION The financial statements are prepared in accordance with generally accepted accounting principles under the historical cost convention and with the requirements of the Minister for Education and Science. UNIT OF CURRENCY The unit of currency in which the accounts are denominated is the IR£ with Euro equivalents disclosed for memorandum purposes only. STATE GRANTS State Grants for recurrent expenditure are allocated by the Department of Education and Science on a calendar year basis. The grants reported in the Income and Expenditure Account are amounts determined by the Department to be appropriate to the relevant period. State grants for capital expenditure (including grants for recurrent purposes utilised for purchase of equipment and minor works) are capitalised and credited to income over the estimated useful lives of the related assets. DEPRECIATION 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 as follows: Years Buildings 50 Prefabricated Buildings 10 Furniture, Fixtures & Fittings 5 Computers & Electronic Equipment 4 Educational & 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 respectof entitlements. CAPITAL ACCOUNT The Capital Account represents the unamortised value of income allocated for capital funding. RESEARCH GRANTS & CONTRACTS Research Grants and Contract funds are included in the income of the period in which the related expenditure is incurred. Research grants and contract funds utilised to purchase tangible fixed assets are capitalised and credited to income over the estimated useful lives of the related assets. STOCKS Expenditure on books and consumable stocks is charged to the Income and Expenditure Account as incurred. TANGIBLE FIXED ASSETS Tangible fixed assets, with the exception of land, are stated at historical cost less accumulated depreciation. Land is stated at historical cost. COST OR VALUATION Tangible fixed assets in existence on 10 December, 1999 (date of establishment) are stated at cost less accumulated depreciation. Subsequent additions are stated at cost.
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