Dairy: Food for Life Annual Report 2009 - The National Dairy Council

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18 1. ACCOUNTING POLICIES National Dairy Council Annual Report 2009 The National Dairy Council Notes to the financial statements For the year ended 31 December, 2009 Basis of preparation The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Companies Acts, 1963 to 2009. Basis of accounting The financial statements have been prepared under the historical cost convention. Income Income is comprised of voluntary levies, donations and interest receivable. Income received in the form of voluntary levy contributions is based on a price per litre of milk produced and is recognised on a receipts basis. Expenditure Expenditure is accounted for on an accruals basis. Depreciation Depreciation of fixed assets is provided on a straight line basis as follows: Motor vehicles 20% per annum Office equipment 25% per annum Computer equipment 25% per annum Pension The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. Taxation The company is exempt from Corporation Taxation in respect of its trading activities. Passive income, if any (such as deposit interest), remains taxable. Leases Lease rentals in respect of assets held under operating leases are expensed in the period to which they relate. 2. DEFICIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2009 2008 € € The deficit before taxation is stated after charging: Directors’ remuneration 25,000 24,999 Directors’ expenses 23,904 23,483 Auditors’ remuneration 11,000 11,000 Depreciation 33,002 36,309 Operating leases 3,780 4,275
3. EMPLOYEES 2009 2008 € € Wages and salaries 372,547 382,854 Redundancy costs - 109,866 Social Welfare costs 37,791 37,390 Pension 29,434 16,898 439,772 547,008 The number of employees at the year ended 31 December 2009, including two directors, was 7 (2008:7). 4. TAXATION The National Dairy Council Notes to the financial statements (continued) For the year ended 31 December, 2009 The company is not liable to corporation taxation on the excess of its income over its expenditure. Corporation tax was paid on interest earned as follows: 2009 2008 € € Corporation tax @ 25% 16,744 40,297 5. TANGIBLE ASSETS Computer Office Motor equipment equipment vehicles Total € € € € Cost: At 1 January, 2009 40,317 35,518 68,381 144,216 Additions 765 695 - 1,460 At 31 December, 2009 41,082 36,213 68,381 145,676 Depreciation: At 1 January, 2009 17,703 9,929 34,703 62,335 Charge for the year 10,271 9,053 13,678 33,002 At 31 December, 2009 27,974 18,982 48,381 95,337 Net book value: At 31 December, 2009 13,108 17,231 20,000 50,339 At 1 January, 2009 22,614 25,589 33,678 81,881 National Dairy Council Annual Report 2009 19
Page 1: Dairy: Food for Life Annual Report
Page 4 and 5: 4 Chairman’s Statement INTRoDuCIN
Page 6 and 7: 6 consumer audience. As of early 20
Page 8 and 9: 8 ahead. The concept of the ‘Fres
Page 10 and 11: 10 REPORTS AND FINANCIAL STATEMENTS
Page 12 and 13: 12 The National Dairy Council State
Page 14 and 15: 14 National Dairy Council Annual Re
Page 16 and 17: 16 FIXED ASSETS National Dairy Coun
Page 20 and 21: 20 6. DEBTORS: (Amounts falling due
Page 22 and 23: 22 Eamonn Bray (National Milk Agenc
Page 24 and 25: 24 Dr. Pat Dillon (Head of Centre,
Page 26: 26 PA/Admin Issues Management & Nut

Dairy: Food for Life Annual Report 2009 - The National Dairy Council

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