Here - RTÃ

More documents

Recommendations

Info

RADIO TELEFÍS ÉIREANN Notes (continued) forming part of the Group financial statements 18 Provisions Total €’000 Balance at 1 January 2008 6,155 Released during the year (435) Utilised during the year (1,188) Balance at 31 December 2008 4,532 Analysed as follows: Non-Current Liabilities - Current Liabilities 4,532 Provisions represent a prudent estimate of liabilities that may or may not arise, to third parties, in respect of claims notified or provided for at year-end. Due to the nature of its operations, RTÉ is involved in various legal actions, principally in relation to alleged defamation and other similar disputes. The Authority is satisfied that it has made the best estimate of the appropriate provision in the financial statements for the likely outcomes of these actions. 4,532 19 Employee Benefits (a) Total Employee Benefits Group RTÉ 2008 2007 2008 2007 €’000 €’000 €’000 €’000 Restructuring provision (see (b) below) 16,343 17,439 16,343 17,439 Other payroll related accruals 21,739 20,756 21,282 19,829 Total employee benefits 38,082 38,195 37,625 37,268 Analysed as follows: Non-Current Liabilities 8,806 13,468 8,806 13,468 Current Liabilities 29,276 24,727 28,819 23,800 38,082 38,195 37,625 37,268 (b) Restructuring Provision 2008 2007 Group and RTÉ €’000 €’000 Balance at beginning of year 17,439 20,510 Provided during the year 1,852 1,519 Utilised during the year (3,711) (5,318) Interest charge (note 3) 763 728 Balance at end of year 16,343 17,439 Analysed as follows: Non-Current 7,039 13,468 Current 9,304 3,971 The provision for restructuring costs at 31 December 2008 represents the Authority’s best estimate of the level of provisions required in respect of the Group’s remaining obligations under the various restructuring schemes. (c) Other Employee Related Accruals Other employee related accruals consist of short-term employee benefits such as employee remuneration, bonuses and holiday leave provided for in accordance with IAS 19 Employee Benefits. 64
ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2008 20 Pension arrangements The Group is the principal sponsoring employer of the RTÉ Superannuation Scheme (a funded contributory defined benefit pension scheme to which no new employees have been admitted since 1989) and the RTÉ Defined Contribution Pension Scheme and also makes contributions to a number of other smaller defined contribution pension schemes on behalf of employees. As is required by the Pensions Act 1990, independent actuarial valuation reports based on actuarially determined long-term funding assumptions are regularly carried out in respect of the RTÉ Superannuation Scheme. The most recent actuarial funding valuation report is dated 1 January 2009 and was completed subsequent to the year end by the actuaries, Mercer, who are neither officers nor employees of the Group. This actuarial funding valuation, which uses the “attained age” method of valuation to derive the future service cost, discloses the scheme to have a deficit of €102.3 million (1 January 2008: surplus €41.2 million), with allowance being made in the liabilities for post retirement increases on a full parity basis. The actuarial funding valuation report is not available for public inspection; however, the results of valuations are advised to members. The employer pension contributions charged in respect of each year for the various schemes were: 2008 2007 €’000 €’000 RTÉ Superannuation Scheme - current service cost 8,670 10,107 - past service cost - 688 8,670 10,795 RTÉ Defined Contribution Pension Scheme 6,513 5,955 Other schemes 634 638 As required by the accounting standard IAS 19, the actuaries, Mercer, also prepare a report setting out the position of the RTÉ Superannuation Scheme using the accounting valuation methodology specified in IAS 19. The IAS 19 approach to defined benefit fund accounting valuation and reporting uses the projected unit credit method to derive annual future pension charges, values assets at current fair market value and discounts future liabilities (using high grade corporate bond rates of approximate duration to the estimated life of the liabilities of the scheme) to arrive at a net present value of the liabilities of the scheme. The major assumptions used for the purposes of the IAS 19 based accounting valuation of the RTÉ Superannuation Scheme were: 2008 2007 2006 Valuation method Projected unit Projected unit Projected unit Projected rate of increase in salaries 2.75% 4.00% 3.60% Projected rate of increase in pensions in payment 2.75% 4.00% 3.60% Discount rate 5.90% 5.50% 4.50% Inflation assumption 1.80% 2.25% 2.00% Mortality Years Years Years Life Expectancy Future Retirees Male of age 65 21.4 20.5 20.2 Female of age 65 24.4 23.5 23.2 Life Expectancy Existing Pensioners Male of age 65 20.2 19.5 19.0 Female of age 65 23.1 22.4 22.0 The weighted average plan asset allocation at the year end were as follows: 2008 2007 Asset category Equities 42.9% 55.4% Bonds 40.6% 25.4% Property 8.0% 9.3% Other 8.5% 9.9% 100% 100% 65
Page 1 and 2:
ANNUAL REPORT & GROUP FINANCIAL STA
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16: ANNUAL REPORT & GROUP FINANCIAL STA
Page 65: ANNUAL REPORT & GROUP FINANCIAL STA
Page 95 and 96: www.sourcedesign.ie
show all

Here - RTÃ

Create successful ePaper yourself

Delete template?

Save as template?

Here - RTÃ