IBTS Annual Report 2007.pdf - Irish Blood Transfusion Service

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34 Finance Finance 2007 2006 €’000 €’000 Income Recurring income 110,634 101,790 Non-recurring income 557 390 Total Income 111,191 102,180 Expenditure Total expenditure 107,190 99,955 Surplus for year 4001 2,225 Actuarial gain / (loss) on pension scheme (144) 314 Transfer to Research Reserve 216 (752) Accumulated reserve at 1st January 3,953 2,166 Accumulated reserve at 31st December 8,026 3,953 Income The Board’s total income for 2007 of €111.1 million (2006 €102.1 million) is analysed into recurring income and nonrecurring income. Recurring income consists of revenue generated from products and services provided to hospitals of €110.6 million (2006 €101.8 million). The Board did not increase its prices for 2006 from 2005 levels; accordingly all increases are due to increased activity. No direct funding was received, during 2006, from the Department of Health and Children in relation to expenditure incurred on the Hepatitis C programme. Non-recurring income during 2006 includes interest earned on bank deposits and proceeds from the sale of fixed assets. Expenditure Expenditure for 2006 amounted to €107.1 million, which is an increase of €7.2 million on 2006. Increased expenditure in the year mainly related to implementing national pay agreements within the organisation and additional depreciation costs due to increased investment in assets over the last number of years. Financial reporting standard 17 ‘Retirement Benefits’ (FRS 17) was introduced in November 2000. However the Irish Blood transfusion service, elected to continue to account for its pension obligations under SSAP 24 Accounting for Annual Report 2007
35 Pension Costs and to disclose the impact of FRS 17 in the notes to the financial statements. FRS 17 was fully implemented for the financial year ended 31 December 2005, the Board now accounts for pensions in accordance with FRS 17. During 2006 the Board decided to set up a research reserve and transferred €752,000 to this fund. €216,000 was expended from this fund for the year ended 31st December 2007. The Board also has a Capital reserve fund for the development of new facilities in Cork. €5 million was transferred to this fund for the year ended 31st December 2005. Capital Expenditure The Board invested €2.8m in capital projects and equipment during 2007. The main investments during the year included the purchase of our first Bloodmobile, an extension to our property in Ardee, further investment in the IBTS electronic document management system and the commencement of a data extraction project from our blood management system Progesa. Further expenditure on IT infrastructure continued and investment in medical equipment replacement and new technology. Prompt Payment Legislation The Board complies with the requirements of Prompt Payment Legislation except where noted below. The Board’s standard credit taken, unless otherwise specified in specific contractual arrangements, are 30 days from the date of invoice or confirmation of acceptance of the goods or services which are subject to payment. It is the Board’s policy to ensure that all accounts are paid promptly. During the year ended 31 December 2007, under the terms of applicable legislation, a total of 347 invoices to the value of €1,792,161 were late, by an average of 63 days. These invoices constituted 2.22% by number and 1.19% by value of all payments to suppliers for goods and services during the year. Total interest paid in respect of all late payments amounted to €13,225. The Board continuously reviews its administrative procedures in order to assist in minimising the time taken for invoice query and resolution. Financial Systems During the year an electronic document management system, called Rondo, was implemented throughout the organisation, to assist in the processing of suppliers invoices. This was a significant development in the continued improvement in processes and controls within the finance department. Irish Blood Transfusion Service
Page 1 and 2: Annual Report 2007
Page 3 and 4: Contents Our Values Excellence in s
Page 5 and 6: 3 Chairperson’s Message The prima
Page 7 and 8: 5 Chief Executive’s Report I have
Page 9 and 10: 7 across all sections of the organi
Page 11 and 12: 9 National Medical Director’s Rep
Page 13 and 14: 11 throughout the year and will be
Page 15 and 16: 13 Optimising use of the donor’s
Page 17 and 18: 15 NATIONAL 2007 VS 2006 CUMULATIVE
Page 19 and 20: 17 Hospital Services Hospital Servi
Page 21 and 22: 19 Operating in an environment of c
Page 23 and 24: 21 In addition to the above referen
Page 25 and 26: 23 RNA, HCV RNA and HBV DNA in huma
Page 27 and 28: 25 In pursuit of excellence Quality
Page 29 and 30: 27 Supporting best practice in pati
Page 31 and 32: 29 The Eye bank also imports and is
Page 33 and 34: 31 Irish Unrelated Bone Marrow Regi
Page 35: 33 Implementing change and deliveri
Page 39 and 40: 37 Corporate Governance The Board i
Page 41 and 42: 39 Statement of Board Members’ Re
Page 44: National Blood Centre James’s Str

IBTS Annual Report 2007.pdf - Irish Blood Transfusion Service

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