National Transport Authority, Financial Statements 2011

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Údarás Náisiúnta lompair Annual Report & Financial Statements 2011TMG equipment - 25% Straight lineIntegrated TicketingScheme - 10% Straight lineon software and25% straight lineon hardwareThe Traffic model is depreciated at its initial costtogether with any additions, over its expecteduseful life. Additions in the year reflect thesalary cost of personnel dedicated to the modeldevelopment. The Traffic model as developed bythe Dublin Transport Initiative, was taken over bythe Dublin Transportation Office on 9 November1995 at a replacement valuation of €1,777,633and was included as an asset in the financialstatements.The Integrated Ticketing Scheme becameoperational in December 2011 and a full year’sdepreciation was charged to the Income andExpenditure Account.Pensions - Defined Contribution SchemeThe pension costs charged in the financialstatements include the contribution payableby the National Transport Authority during theyear under its defined contribution pensionscheme. No other liability accrues to theNational Transport Authority under the definedcontribution scheme.Pensions - Defined Benefit SchemeThe National Transport Authority operates anunfunded defined benefit scheme which isfunded annually on a pay as you go basis frommonies provided by the Department of Transport,Tourism and Sport. The scheme is operatingon an administrative basis, as sanctioned bythe Minister for Transport, Tourism and Sportand the Minister for Public Expenditure andReform, pending approval of the scheme by bothMinisters. Pension scheme liabilities are measuredon an actuarial basis using the Projected UnitCredit Method. Pension costs reflect pensionbenefits earned by employees in the year.Employee pension contributions are remitted tothe Department of Transport, Tourism and Sport.An amount corresponding to the pension chargeis recognised as income to the extent that itrecoverable and offset by grants received in theyear to discharge pension payments.Actuarial gains or losses arising from changesin Actuarial assumptions and from experiencesurpluses and deficits are recognised in theStatement of Total Recognised Gains andLosses for the year in which they occur and acorresponding adjustment is recognised in theamount recoverable from the Department ofTransport, Tourism and Sport. Pension liabilitiesrepresent the present value of future pensionpayments earned by staff to date. Deferredpension funding represents the correspondingasset to be recovered in the future from theDepartment of Transport, Tourism and Sport.Capital AccountThe capital account represents the unamortisedportion of income applied for capital purposes.Fixed assets are funded from grant incomewhich is transferred to the capital account andamortised in line with depreciation.CurrencyThe unit of currency in which the financialstatements are denominated is the Euro.33
Údarás Náisiúnta lompair Annual Report & Financial Statements 2011Income and Expenditure Accountfor the year ended 31 December 201112 months to 13 months to31/12/11 31/12/10Income Notes € €Oireachtas grants- Capital investment funding 1 210,892,617 356,296,117- Public Service Obligation (PSO) funding 1.1 265,641,000 283,402,980- Administered by the NTA on behalf of theDepartment of Transport, Tourism and Sport 1.2 22,364,826 2,684,881- Administration 1.3 3,712,000 3,852,893Licencing income 2 5,938,712 -Integrated Ticketing Scheme participant fees 3 1,496,039 -Contributions by other bodies - 118,995Net deferred funding for pensions 12.2 655,000 316,000Other income 4 832,905 383,768__________________511,533,099 647,055,634Transfer to Capital Reserve 17 (1,333,893) (4,956,434)__________________Total Income 510,199,206 642,099,200__________________ExpenditureCapital investment expenditure 5 (204,334,428) (351,453,233)Public Service Obligation (PSO) expenditure 6 (265,641,000) (283,402,980)Other grant related expenditure 7 (22,345,173) (2,691,247)Licencing expenditure 8 (3,923,617) -Integrated Ticketing System expenditure 3 (6,793,762) -Staff costs 9 (4,761,742) (2,821,507)Pension costs 12 (663,990) (323,829)Office accommodation costs 10 (1,115,831) (466,150)Other administrative costs 11 (2,533,059) (971,959)__________________Total Expenditure (512,112,602) (642,130,905)__________________(Deficit) for the year (1,913,396) (31,705)========== =========The Statement of Accounting Policies and Notes 1 to 26 form part of these financial statements.John FitzgeraldGerry MurphyChairpersonChief Executive2 October 2012 28 September 201234
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