Annual_Report2014

59 2014 Financial and Related Statements
Irish Auditing & Accounting Supervisory Authority
Notes to Financial Statements
5 Cash and cash equivalents
2014 2013
€ €
Bank - notice deposit (Reserve) 473,024 444,455
Bank - notice deposit (Non-Reserve) 392,096 388,132
Bank - current 53,833 138,413
Cash on Hand 60 98
Total cash & cash equivalents 919,013 971,098
€417,361 [2013: €444,455] of the funds held in the Authority’s bank accounts at 31 December, 2014 relate to
the Reserve Fund and can only be used for the purposes as set out in Note 3.5.3.
6 Payables
2014 2013
€ €
Pay and Pay-Related 11,210 13,069
Office of the Revenue Commissioners 12,171 7,642
Legal and Professional Services 114,029 44,493
Other 49,167 42,802
186,577 108,006
7 Lease of Accommodation, Deferred Rent Incentive
Rents due under the lease are paid to the lessor by the Office of Public Works (‘OPW’) and are recouped
by the OPW from IAASA on a quarterly basis by agreement. Rents are charged to the Statement of
Comprehensive Income in the year to which they relate.
Under the lease agreement, IAASA benefited from a rent free period at the commencement of the lease on
its offices at Willow House, Millennium Park, Naas. The value of the incentive has been spread across the
life of the lease. This treatment has resulted in a charge of €27,652 in the financial statements at the date
of incorporation and a corresponding deferred rent incentive, which will be released to the Statement of
Comprehensive Income over the period of the lease.
The value of the incentive at 31 December 2014, to be released to the Statement of
€
Comprehensive Income:
- within one year 1,452
- in two to five years 5,808
- in more than five years 8,776
16,036