Annual Report - ESB Retired Staff Homepage

More documents

Recommendations

Info

MPF 2009 Annual Report:MPF 2004 Annual Report 20/08/2010 10:00 Page 10 MPF Annual Report Year Ending 31.12.2009 ESB STAFF MEDICAL PROVIDENT FUND BALANCE SHEET AS AT 31 DECEMBER 2009 FINANCIAL ASSETS Notes 2008 2009 € € Investments 6 24,471,195 29,410,904 CURRENT ASSETS Debtors 7 1,918,769 810,117 Cash at bank and in hand 8 ___________ 3,585,772 ___________ 4,333,359 ___________ 5,504,541 ___________ 5,143,476 Creditors: amounts falling due within one year 9 (6,755,347) (8,593,186) Net Current Liabilities (1,250,806) (3,449,710) Total Assets less Current Liabilities 23,220,389 25,961,194 Net Assets 23,220,389 25,961,194 Financed by: Reserves Revenue Reserve 10 23,106,916 20,908,012 Revaluation Reserve 10 113,473 5,053,182 Members' Fund 23,220,389 25,961,194 The financial statements were approved and authorised for issue by the Trustees on 22 June 2010 10
MPF 2009 Annual Report:MPF 2004 Annual Report 20/08/2010 10:00 Page 11 MPF Annual Report Year Ending 31.12.2009 1. STATEMENT OF ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the fund's financial statements: 1.1 Basis of Preparation The audited financial statements are prepared in accordance with generally accepted accounting principles under the historical cost convention, with the exception of financial investments which are stated at market value. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board. 1.2 Financial Investments Financial Investments are stated at market value. Unrealised gains/losses on investments are calculated as the difference between the market valuation of those investments at the balance sheet date and their valuation at the previous balance sheet date or their purchase price if purchased during the year. Realised gains/losses are determined on an average cost basis. Both unrealised and realised gains/losses are recorded in the Income and Expenditure Account. 1.3 Deferred Taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax relief, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. 1.4 Contributions Contributions received represent the total value of premiums received from the members of the fund during the year. 11
Page 1 and 2: MPF 2009 Annual Report:MPF 2004 Ann
Page 11: MPF 2009 Annual Report:MPF 2004 Ann

Annual Report - ESB Retired Staff Homepage

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?