IBTS Annual Report 2007.pdf - Irish Blood Transfusion Service

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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