compressed_Annual Report 2016-ilovepdf-compressed

The undertaking and outstanding claims liabilities are determined by the Fund’s actuaries as at 31 March 2016 and their
report on these is included on page 5 of the financial statements. These liabilities have decreased from the previous year’s
valuation due to the following reasons:
There has been an increase in the number of claims settled during the year.
There has been an increase in the rate at which incurred claims develop to their ultimate amount, therefore improving
the accuracy of the valuation balances.
The number of reported claims has decreased during the year under review.
There has been a reduction of case estimates for older accident years.
The movements in the actuarially determined balances are shown under note 14.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
for the year ended 31 March 2016
4 OPERATING SURPLUS
2016 2015
E
E
The following items have been charged in arriving at the operating
surplus:-
Auditors’ remuneration
- external auditors Audit fees 412 847 380 631
Consultancy fees 1 112 144 1 708 481
Depreciation of property, plant and equipment (note 7) 1 421 188 1 164 616
Directors fees 263 410 248 510
Reinsurance premium expenses - 272 405
Rates expense 110 123 96 439
Rent expense 784 448 711 800
Repairs and maintenance 527 866 321 857
Licences fees 290 271 146 395
Legal expenses 532 192 148 378
Employee benefit expenses (note 5) 21 115 112 14 922 220
Donations 897 621 268 881
Traveling expenses 735 583 309 764
Training 346 812 134 356
46
ANNUAL REPORT 2017