ANNUAL REPORT
AND FINANCIAL
STATEMENTS 2012
Retirement Planning
Council of Ireland
Chairman’s Statement
I’m pleased to introduce the annual report for the Retirement Planning
Council for the year ended December 2012.
The year has been an eventful one for the Retirement Planning Council
during which we held an official opening of our new Dublin premises,
launched a new statement of best practice and carefully examined the
courses we deliver throughout the country.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Despite a drop in turnover and the resulting deficit in 2012, the organisation
remains financially robust and demonstrates a positive closing balance for
the year. The drop in turnover can be partially explained by the downward
pressure on the prices of the core products we offer. Thankfully the
numbers of those attending courses remained relatively unchanged with
around 5000 people being welcomed onto our courses throughout the
year.
Our membership base remained level and we are pleased to continue
working with so many leading organisations across every sector in almost
every county in Ireland. This is testament to the quality of our products
and service we strive to deliver to all with whom the council work. We will
endeavour to continue this excellent work into the future.
The work of the organisation is supported by many whose time, energy
and commitment are the reason behind its success. On behalf of the board
I wish to thank CEO John Higgins, the team of office staff, course leaders,
contributors and consultants who have all worked hard very in delivering
results this year. I also pay tribute to Colm Molloy who worked with the
council for twelve years as a course leader and retired March 2012. I wish
Colm a very happy retirement.
I would like to pay tribute also to my fellow Board of Directors all of whom
serve on a voluntary basis and dedicate extensive time and expertise to
the betterment of the organisation. In particular, I commend the ongoing
good work carried out by the Chairman’s Committee, the Audit & Risk
Committee and Operations Committee throughout the year.
I regret we faced some sad news in August when our much-respected
fellow board member, William (Bill) Barry passed away very suddenly. Bill
served on the board for many years and was a former Chairman. He made
a very significant contribution to the organisation during his time here and
is sadly missed.
Paul King
i
ii
About Us
The Retirement Planning Council provides support to help
people in Ireland make a smooth transition from employment to
a meaningful and fulfilling retirement. Established in 1974, we
have almost 40 years expertise and are the longest-standing
business providing such retirement planning support in Ireland.
Delivering carefully designed course programmes, our team
of professional coaches provide information and guidance
on retirement issues to organisations and their soon-to-retire
employees.
Our service is available nationwide and we pride ourselves on
having worked with people from almost every county of Ireland.
We provide a range of courses and seminars at our head office in
Dublin and in locations nationwide. In total, the Retirement Planning
Council provided courses and talks to over 5000 would-be-retirees
in 2012.
PASSION
We are passionate about what we do. Our attention to detail is meticulous
and we are known for our professionalism. We make a difference to the
lives of people we come in contact with and will continue to do so.
About Us / Our Values
COMMITMENT
We are committed to education, personal development and growth.
We constantly seek to improve the content of our material to ensure it
remains relevant and up-to-date. We employ best practice in the personal
development of our clients and staff.
VALUE OF CONNECTIVITY
We stand for ecological value of social and family connectivity. We
encourage our clients to embrace their social community. We seek to
support family in their understanding of this transitioning period in the
life of their family member. Through our literature, courses and regular
communications we seek opportunities to bring this value alive.
LIFETIME SUPPORT
We promise lifetime support and remain a resource for life available to
all who take part in our programmes. We will be there to do what we can
whenever we can to ensure ongoing support for all organisations with
whom we work.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Programme of Courses & Talks
To ensure we continue delivering valuable information and quality
service to our clients, we regularly review our course content and
materials, so they remain relevant and up-to-date. We monitor the
success of our courses through formal assessments, evaluations
and feedback from all course attendees.
We pride ourselves on our courses that address the key lifestyle
changes one can expect when they retire as well as the financial
implications of retirement. The main courses we offer are outlined
below.
Retirement Planning Open Course
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
This 2-day group course is held weekly in Dublin and monthly in locations
nationwide (Cork, Limerick, Galway, Waterford, Dundalk and Sligo). The course
is open to staff from various organisations across all sectors. It is also very suited
to people who would like to attend on an individual basis.
Retirement Planning Executive One-to-One Course
Our 1-day Executive Course is tailored to suit the individual’s needs and any
specific aspects they might like to cover relating to their retirement. Scheduled
to suit the person’s availability, these courses are particularly suited to senior
management or those seeking a customised service.
Mid-Career Financial Course
This 1-day course is available for up to 30 employees. Usually delivered to people
in their mid-career, the focus of this course is on financial planning for the future
and helps to ensure staff are aware of how they can begin preparing for their
retirement.
In-house Course
We offer a bespoke course designed for companies with a large number of
staff retiring at the same time. The structure of these courses depends on the
requirements of each organisation and the number of staff concerned.
Company Talks
For some clients we deliver staff talks on specific issues relating to retirement
and work with our corporate members to offer a bespoke support service in this
regard.
We are pleased to be able to deliver pro-bono support to some groups and
organisations who have difficulty meeting the expense of sending people on our
course.
iii
iv
Membership
The Retirement Planning Council invites organisations to become
corporate members. By paying a small annual subscription, corporate
members are entitled to avail of our members’ benefits.
There were a total of 171 corporate members at 31st December
2012.
ACC Bank
Agricultural Trust
Allianz
Allied Irish Banks plc
An Bord Altranais
Adelaide & Meath Hospital
An Post
Analog Devices B.V.
Aon Consulting
Aon MacDonagh Boland
Applus
Arch Chemicals BV
Arnotts Ltd
Athlone Institute of Technology
Automobile Association
Aviva Direct Ireland plc
AXA Insurance Ltd.
Bank of Ireland
Baxter Healthcare SA
Beaumont Hospital
Cork County Council
Cork Institute of Technology
Co. Dublin VEC
CRH plc
Daughters of Charity
Deloitte & Touche
Department of Defence
Department of Finance (CMOD)
Department of Social Protection
Diageo Ireland
Dublin City University
Dublin Dental Hospital
Dublin Port Company
Dulux Paint
Dun Laoghaire Rathdown Co. Co.
Economic & Social Reasearch Institute
Electricity Supply Board
Electrolux Group Ireland Ltd
Element Six Ltd
Eli Lilly S.A.
List of Corporate Members
Becton Dickinson & Company Ltd
BNP Paribas (Dublin)
BOC Gases Ireland Ltd
Bord Gais
Bord Iascaigh Mhara
Bord na gCon
Bord na Mona
Brothers of Charity
Cadbury Ireland plc
Calor Gas Ireland
Canada Life Assurance Co
Carlow County Council
Central Bank of Ireland
City of Dublin VEC
City of Limerick VEC
Coca-Cola Bottlers Ireland
Commissioners of Irish Lights
Construction Industry Federation
Coombe Women’s Hospital
Cork City Council
Esso Ireland Ltd
Fáilte Ireland
F.B.D. Life & Pensions Ltd
Fingal County Council
Flogas Ireland Ltd
Friends First Life Assurance
Galway County Council
Glaxo Smith Kline
Glanbia
Grafton Merchanting ROI
Gypsum Industries plc
Hasbro Ireland Ltd
H A O’Neill/Jones Engineering
Heineken Ireland
Hewitt Associates Ltd
Hospitaller Order of St John of God
Houses of the Oireachtas
IBEC
I.B.M. (Irl) Ltd
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
List of Corporate Members
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
v
IMPACT
Incorporated Orthopaedic Hospital
of Ireland
Institute of Public Administration
Institute of Technology (Carlow)
Irish Aviation Authority
Irish Blood Transfusion Service
Irish Cement Ltd
Irish Congress of Trade Unions
Irish Dairy Board Co-op
Irish Distillers Ltd
Irish Life Holdings
Irish Pensions Trust Ltd
Irish Times Ltd
JTI Ireland
Kildare County Council
KPMG
Leo Pharma Ltd
Leopardstown Park Hospital
Limerick Institute of Technology
Local Government Computer
Services Board
Lufthansa Airmotive Ireland
Marsh Ireland
Mary Immaculate College
Mater Misericordiae Hospital
Mater Private Hospital
Maxol Ltd
Mercer Ltd
MSD Ireland
Motor Distributors Ltd
Musgrave Ltd
NUI Galway
National College of Art & Design
National Irish Bank Ltd
National Maternity Hospital
National Museum of Ireland
National Rehabilitation Hospital
National Standards Authority of
Ireland
National Union of Journalists
NUI Maynooth
Offaly Co Co
Our Lady’s Hospital for Sick Children
PDFORRA
Peamount Hospital
Pfizer Pharmaceuticals Ireland
Port of Cork Company
Property Registration Authority
PSE Kinsale Energy
QQI
Radio Telefís Eireann
Roche Ireland Ltd
Roscommon County Council
Rotunda Hospital
R.N.L.I.
Royal & Sun Alliance Ireland
Royal College of Surgeons in Ireland
Royal Victoria Eye & Ear Hospital
Sea Fisheries Protection Authority
Shannon Aerospace Ltd
Shannon Development
Siemens Ltd
Siemens Healthcare Diagnostics Ltd
SIPTU
Smurfit Ireland Ltd
South Dublin County Council
St Michael’s Hospital
St Michael’s House
St Patrick’s Training College
St Vincent’s Private Hospital
St Vincent’s University Hospital
Standard Life Assurance Ltd
Stewart’s Hospital Care Ltd
Stryker Orthopaedics
Swords Laboratories Ltd
Tara Mines Ltd
Teachers’ Union of Ireland
TEAGASC
Tegral Group
The Children’s Hospital
The National Gallery of Ireland
Trinity College
Udaras na Gaeltachta
Unilever Ireland
University of Limerick
Voluntary Health Insurance Board
Waterford City Council
Waterford Institute of Technology
Watson Wyatt Partners
Wavin Ireland Ltd
Wexford Creamery Ltd
Willis Ireland
Zurich Insurance plc
vi
Organisation Structure, Governance and
Management
The Retirement Planning Council of Ireland is a not-for-profit
organisation, limited by guarantee with registered charity status
(Charity Number CHY5895). Its governing document is the Retirement
Planning Council Memorandum and Articles of Association.
Board of Directors
The governing body for the Retirement Planning Council of Ireland is the Board
of Directors. The board meets on a quarterly basis. Each meeting incorporates a
detailed debriefing on elements of our core activities to ensure board members
gain proper insights into Retirement Planning Council’s day-to-day work.
All directors serve on a voluntary basis. Board members are recruited from
diverse professional backgrounds and bring a range of experience and skills to
the organisation.
The Board is responsible for the management of the affairs of the Retirement
Planning Council. This includes approving and monitoring the organisation’s
long-term strategy and annual corporate objectives; budget and expenditure;
constitutional changes; nominating new directors to the board and appointing
staff to the organisation.
The Board is committed to ensuring the Retirement Planning Council of Ireland
employs best practice standards of corporate governance.
Board Sub-Committees & Staff
During the year 2011/2012, the Board had three formal sub-committees:
Chairman’s Committee
Responsible for representatives on the
board of directors, staffing of the board
and human resources of the overall
organisation.
Audit and Risk Committee
Responsible for assessing the
effectiveness of operational and financial
risk management and internal control.
Operations Committee
Responsible for the oversight of day-today affairs of the Retirement Planning
Council, the Operations Committee
guides, advises and evaluates the
running of the organisation.
Management & Staffing
The Board delegates day-to-day
management of the Retirement
Planning Council of Ireland to the senior
management team. This team has
operational and strategic oversight of
the Retirement Planning Council’s work
including finance, human resources,
risk management and organisational
development.
Working with CEO John Higgins the
Retirement Planning Council has a team
of dedicated staff, coaching consultants
and part-time lecturers. Ann Coburn,
Office Manager, was ably assisted by
Cepta Brady, Ursula Gannon and Nora
Waldron.
Our core team of coaching consultants
throughout 2012 were Joe McDermott,
Brian McIvor, Colm Molloy, Don
Morrissey and Pauline Murray. The other
aspects of our course were provided by
trained and qualified personnel from the
financial services, taxation and healthy
lifestyle sectors.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Achievements & Highlights
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
New premises
The office move from Pembroke
Street in Dublin to our new premises
on Harcourt Street ran very
smoothly with no disruption to our
core services. Minister for Social
Protection, Joan Burton presided
at our official opening in May 2012
which was attended by the Board of
Directors, corporate members and
former members.
Marketing & New Business
Throughout 2012 we carried out
regular direct marketing in the form
of 4 postal mailshots to an audience
of 1700 recipients each as well
as regular email shots to smaller
groups. All direct marketing activity
highlighted our courses, dates and
locations. Each mailshot resulted in
increased number of visitors to the
Retirement Planning Council website
as well as an increased level of
enquiries and bookings.
vii
Statement of Best Practice in
Planning for Retirement
We were pleased to formally launch
a new guide for employers outlining
the best practice in planning for
retirement. This guide serves to
address questions being raised
by many of the organisations
with whom we work. It provides a
resource for businesses as they
seek to design their internal policies
relating to retirement.
In the Media
The Retirement Planning Council
enjoyed significant media exposure
in 2012. News articles were carried
by the Irish Independent, Business
& Leadership and the business
section of the RTE News website.
In additions, CEO John Higgins also
appeared as a guest on The John
Murray Show, Morning Ireland and
on TV3 talking to issues surrounding
retirement and pension planning.
Organisational Development
As part of the ongoing development
of the organisation an independent
strategic review of the organisation
was commissioned by the
board of directors. Findings and
recommendations were presented to
the board in a report in September
2012. The main recommendation
made to the board was that the
organisation give greater focus
to marketing and business
development.
viii
Future Plans
The Retirement Planning Council will give due consideration to the findings and
recommendations outlined in the 2012 Strategic Review. These findings will
shape the future development of the organisation. In particular, the organisation
will consider ways in which to develop its marketing and business development.
In order to address the financial impact of our reduced pricing, concerted
efforts will be made by the organisation to develop the business and generate
new revenue. Careful consideration will also be given to the expenditure of the
organisation to examine ways in which the organisation might run more efficiently
and positively impact the financial figures for the year ahead.
Plans are being made to address the decline in membership. As part of this,
the organisation will seek to improve the benefits currently being offered to our
corporate members to ensure they continue to receive a quality service from us.
We will strive to carry on adding value to member organisations and support
to their staff in relation to retirement preparation. Regular review of our course
programme will continue into 2013. Content and the manner in which courses
are delivered will be assessed and updated as required to ensure the products
we offer our clients remain professional, relevant and of benefit to all who attend.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
ix
x
Financial Statements
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Directors’ report and financial statements
Year ended 31 December, 2012
Registered number: 121623
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Financial Statements
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Directors’ report and financial statements
Contents Directors and other information Directors’ report Statement of directors’ responsibilities Independent auditors’ report 1
2-3
4
5-6
Statement of accounting policies 7
Income and expenditure account 8
Balance sheet 9
Cash flow statement Notes on and forming part of the financial statements Detailed income and expenditure account xi
Page
10
11-15
16
1
Financial Statements
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Directors and other information
Directors Tony Gargan (*)(***)
James Kavanagh (*)(***)
(retired December 2012)
Paul King (*)(**)(***)
William Barry (deceased August 2012)
Derek Neilson (***)
Anne Marie Maher (***)
Pauline Killeen (*)
John O’Callaghan (**)
Members of Marie Fingleton
Michael O’Halloran (retired May 2012)
Fiona Thornton
Alan Broxson
John Flannery
Vincent Brett
Cyril Maybury (**)
Patricia Murphy
Secretary John Higgins
Bankers Allied Irish Banks, plc
Bankcentre
Ballsbridge
Dublin 4
Solicitors Gallagher Shatter Solicitors
4 Upper Ely Place
Dublin 2
Auditors BDO
Registered Auditors
Beaux Lane House
Mercer Street Lower
Dublin 2
Registered Office 72 – 74 Harcourt Street
Dublin 2
Registered Number 121623
Charitable Status Reference No.
CHY 5895
(*) Chairman’s Committee
(**) Audit Committee
(***) Operational Committee
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Financial Statements
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Directors’ report
The directors present their annual report and audited financial statements for the
year ended 31 December, 2012.
Deficit for the year and state of affairs at 31 December, 2012
€
Deficit for the financial year
(38,331)
Surplus carried forward at beginning of year 1,148,368
Surplus at end of year 1,110,037
Directors
At the company’s annual general meeting, the directors co-opted
to the board during the year and one third of those remaining retire from the
board in accordance with the articles of association and, if eligible, offer
themselves for re-election on an annual basis. The current composition of the
board is as noted on page 1.
Health and safety of employees
The health and safety of the company’s employees are safeguarded through a
strict adherence to health and safety standards. Standards in relation to health
and safety are based on the requirements of employment legislation including
the Safety Health and Welfare at Work Act, 2005.
The Retirement Planning Council of Ireland has a comprehensive Health and
Safety Statement, which is reviewed on a regular basis. The Council also has a
Risk Register to identify and control risks to which the company is exposed.
Books and records
The measures taken by the directors to ensure compliance with the
requirements of Section 202, Companies Act, 1990, regarding proper books
of account are the implementation of necessary policies and procedures for
recording transactions, the employment of competent accounting personnel
with appropriate expertise and the provision of adequate resources to the
financial function. The books of account are maintained at the registered office.
2
3
Financial Statements
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Directors’ report (continued)
Post balance sheet events
There have been no important events since the year end which materially
impact on the position of the company as stated on the balance sheet at page 9.
Auditors
In accordance with Section 160 (2) of the Companies Act, l963, the auditors,
BDO, will continue in office.
On behalf of the board
Paul King
Cyril Maybury
__________________
Director
__________________
Director
Date
__________________
12 July 2013
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Independant Auditors’ Report
to the members of the Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Statement of directors’ responsibilities
Company law requires the directors to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the
company and of the surplus or deficit for that period. In preparing those financial
statements, the directors are required to:
- select suitable accounting policies and then apply them consistently
- make judgements and estimates that are reasonable and prudent
- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
- state whether applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements.
The directors are responsible for keeping proper books of account which
disclose with reasonable accuracy at any time the financial position of the
company and to enable them to ensure that the financial statements comply
with the Companies Acts, 1963 to 2012 and all Regulations to be construed
as one with those Acts. They have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the company and to
prevent and detect fraud and other irregularities.
On behalf of the board
Paul King
Cyril Maybury
__________________
Director
__________________
Director
Date
__________________
12 July 2013
4
5
Independant Auditors’ Report
to the members of the Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Independent Auditors’ Report to the members of the
Retirement Planning Council of Ireland
We have audited the financial statements of the Retirement Planning Council
of Ireland for the year ended 31 December 2012 on pages 7 to 15 which
comprises of the income and expenditure account, the balance sheet, cash flow
and related notes. These accounts have been prepared in accordance with the
accounting policies set out on page 7.
This report is made solely to the company’s members, as a body, in
accordance with Section 193 of the Companies Act, 1990. Our audit work
has been undertaken so that we might state to the company’s members those
matters we are required to state to them in an auditors’ report and for no other
purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the company’s members as a body, for our audit work, for
this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors in relation to the
financial statements
The directors’ responsibilities for preparing the financial statements in
accordance with applicable law and the Accounting Standards issued by the
Financial Reporting Council and promulgated by the Institute of Chartered
Accountants in Ireland (Generally Accepted Accounting Practice in Ireland),
are set out in the Statement of Directors’ Responsibilities on page 4. Our
responsibility is to audit the financial statements in accordance with relevant
legal and regulatory requirements and International Standards of Auditing (UK
and Ireland).
We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Companies Acts,
1963 to 2012. We also report to you whether in our opinion, proper books of
account have been kept by the company and whether the information given in
the directors’ report is consistent with the financial statements. In addition, we
state whether we have obtained all the information and explanations necessary
for the purposes of our audit and whether the balance sheet is in agreement
with the books of account.
We report to you if, in our opinion, any information specified by law regarding
directors’ remuneration and directors’ transactions is not given and, where
practicable, include such information in our report.
We read the other information contained in the annual report and consider
whether it is consistent with the audited financial statements. We consider the
implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Independent Auditors’ report to the members of the
Retirement Planning Council of Ireland (continued)
Basis of opinion
We conducted our audit in accordance with International Standards of
Auditing (UK and Ireland) issued by the Financial Reporting Council. An audit
includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the
significant estimates and judgements made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate
to the company’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
Opinion
In our opinion, the financial statements give a true and fair view, in accordance
with Generally Accepted Accounting Practice in Ireland, of the state of affairs of
the company at 31 December, 2012 and of the deficit for the year then ended
and have been properly prepared in accordance with the requirements of
the Companies Acts, 1963 to 2012.
We have obtained all the information and explanations we considered necesary
for the purposes of our audit. In our opinion, proper books of account have been
kept by the company. The financial statements are in agreement with the books
of account.
In our opinion, the information given in the directors’ report on pages 2 and 3 is
consistent with the financial statements.
Teresa Morahan
For and on behalf of BDO
Dublin
Registered Auditors
AI223876
12 July 2013
6
7
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Statement of accounting policies
for the year ended 31 December, 2012
The following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the company’s financial
statements.
Basis of preparation
The financial statements have been prepared on the going concern basis and in
accordance with accounting standards generally accepted in Ireland and Irish
statute comprising the Companies Acts, 1963 to 2012. Accounting Standards
generally accepted in Ireland in preparing the financial statements giving a true
and fair view are those published by the Institute of Chartered Accountants in
Ireland and issued by the Financial Reporting Council,
Taxation
The company has charitable status (Charity Status Reference Number – CHY
5895) and as such is not subject to corporation tax.
Depreciation
Tangible fixed assets are depreciated to write off their original cost over their
expected useful lives on a straight line basis. The annual rates used are as
follows:
Computer and office equipment 33.3% & 20%
Leasehold improvements 10%
Fixtures and fittings 12.5%
Pension costs
The employee pension scheme is a defined contribution scheme. The assets of
the scheme are held separately from those of the company in an independently
administered fund. The charge in the income and expenditure account is the
amount of the contributions payable for the year.
Income recognition
The company derives income from the following main activities, membership
subscriptions, open and incompany courses and talks. The company
recognises income when the service has been provided.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Income and expenditure account
for the year ended 31 December, 2012
Notes
Turnover – continuing operations 2012
€
545,374 2011
€
777,696
Operating expenses (617,593) (752,434)
Net operating (deficit)
surplus–continuing operations 2 (72,219) 25,262
Interest receivable and similar income
3
33,888 53,283
(38,331)
78,545
Opening balance on income
and expenditure account 1,148,368 1,069,823
Closing balance on income
and expenditure account 1,110,037 1,148,368
(Deficit) surplus for the financial year
The company had no recognised gains or losses other than the (deficit) surplus
for the above two financial years.
There is no difference between the (deficit) surplus on ordinary activities and
the retained surplus reported in the income and expenditure account and the
equivalent figures calculated on the historical cost basis.
The accompanying notes form an integral part of this income and expenditure
account.
On behalf of the board
8
Paul King
Cyril Maybury
__________________
Director
__________________
Director
9
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Balance sheet
at 31 December, 2012
Notes
Fixed assets
Tangible assets
5
2012 €
2011
€
61,131
78,622
Current assets
Debtors 6 67,634 Cash at bank and in hand 1,036,020
80,738
1,090,694
1,103,654
1,171,432
Creditors: amounts falling due within one year 7 (54,748)
(101,686)
Net current assets 1,048,906 1,069,746
Total assets less current liabilities 1,110,037 1,148,368
Financed by:
Income and expenditure account
8 1,110,037 1,148,368
The accompanying notes form an integral part of this balance sheet.
On behalf of the board
Paul King
Cyril Maybury
__________________
Director
__________________
Director
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Cash Flow Statement
for the year ended 31 December, 2012
2012 €
Reconciliation of operating (deficit) surplus to net
cash (outflow) inflow from operating activities
2011
€
Operating (deficit) surplus (38,331)
78,545
Decrease in debtors 13,104
21,136
(Decrease) increase in creditors (46,938)
76,789
Depreciation of fixed assets 23,945
30,766
Premises fund amortised (13,513)
Purchase of fixed assets (6,454)
(81,371)
Net cash (outflow) inflow from operating activities (54,674) 112,352
Reconciliation of net cash (outflow) inflow to
movement in net funds
10
(Decrease) increase in cash during year (54,674) 112,352
Net funds at beginning of year 1,090,694 978,342
Net funds at end of year 1,036,020 1,090,694
11
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Notes on and forming part of the financial statements
for the year ended 31 December, 2012
1. The Company
The company was incorporated in the Republic of Ireland, on 29 April 1987, as
a company limited by guarantee and not having a share capital.
Paragraph 7 of the memorandum of association states:
“Every member undertakes to contribute to the assets of the company in the
event of the same being wound up, while he is a member or within one year
after he ceases to be a member for payments of the debts and liabilities of
the company contracted before he ceases to be a member and of the costs,
charges and expenses of winding up, and for the adjustment of the rights of
the contributors among themselves, such amounts as may be required not
exceeding one pound”.
2 Statutory and other information
Auditors’ remuneration, including expenses Directors’ remuneration 2012 €
8,550 Nil 2011
€
8,550
Nil
Depreciation and other amounts written off:
Owned tangible fixed assets 23,945 30,766
3 Interest receivable and similar income
2012
€
Bank interest received 33,888 Refund of DIRT 33,888 2011
€
34,216
19,067
53,283
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Notes on and forming part of the financial statements
for the year ended 31 December, 2012
4 Staff numbers and costs
The average number of persons employed by the company during the year,
analysed by category, was as follows:
Number of employees
Administration Operations 2012 5
6
11 The aggregate payroll costs of these persons were as follows:
2012 €
Wages and salaries 280,661 Social welfare costs 24,952 Pension costs 11,279 PHI insurance 20,028 Other staff costs 1,519 338,439 12
2011
5
6
11
2011
€
305,079
26,676
10,089
20,696
4,200
366,740
13
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Notes on and forming part of the financial statements
for the year ended 31 December, 2012
5 Tangible assets
Office &
Computer
Equipment
Leasehold
improvements
€
Fixtures &
fittings
€
€
€
57,097 3,180 16,926
1,661 128,572
1,613 202,595
6,454
At 31 December, 2012 60,277 18,587 130,185
209,049
Accumulated depreciation:
At 1 January, 2012 3,378 Charge for the year 16,331 564 3,717 120,031
3,897 123,973
23,945
At 31 December, 2012 19,709 4,281 123,928
147,918
Net book value:
At 31 December, 2012 40,568 14,306 6,257 61,131
At 31 December, 2011
16,362 8,541 78,622
Cost:
At 1 January, 2012 Additions during year 53,719 6 Debtors
Trade debtors
Prepayments and sundry debtors Bad debt provision 2012 €
29,052 43,428 (4,846) 67,634 Total
2011
€
48,934
37,138
(5,334)
80,738
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Notes on and forming part of the financial statements
for the year ended 31 December, 2012
7 Creditors: amounts falling due within one year
2012 €
Trade creditors 1,434 Accruals and deferred income 41,945 Other creditors including tax and social welfare 11,369 54,748
2011
€
5,774
79,156
16,756
101,686
The figure for the 2011 accruals and deferred income above includes an
amount of €60,277 in respect of removal costs and improvements to the new
premises.
2012
€
Taxation Creditors
Taxation and social welfare included in other creditors
PAYE / PRSI 11,369 14
2011
€
16,756
8 Reserves
At beginning of year
(Deficit) surplus for the year
Profit and loss
account
€
1,148,368
(38,331)
At end of year 1,110,037
15
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Notes on and forming part of the financial statements
for the year ended 31 December, 2012
9 Pension commitments
The company operates an externally administered scheme on behalf of some
employees. The scheme is a defined contribution scheme with the benefits
emerging dependent upon the contributions paid and the investment returns
achieved.
10 Commitments
Operating lease commitments
Annual commitments exist under noncancellable operating leases as follows:
2012 €
Land & buildings
Expiring
Between two and five years 28,500 2011
€
Land &
buildings
28,500
11 Approval of financial statements
The audited financial statements for the year ended 31 December, 2012 were
approved and signed by the directors on 12 July 2013.
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Retirement Planning Council of Ireland
(A company limited by guarantee and not having a share capital)
Detailed income and expenditure account
for the year ended 31 December, 2012
2012 €
Income
Seminar income 513,280 Subscriptions 31,094
Premises fund amortised Other income 1,000
545,374 Expenditure
Seminar expenses (130,722) Seminar expenses salaries
and social welfare costs (82,092) Salaries and personnel costs (223,521) Staff pension costs (11,279) PHI insurance (20,028) Postage and stationery (14,673) Office and secretarial expenses (12,063) Rent, rates and service charge (27,269) Removal expenses
Telephone (4,657) Professional fees (37,718) Sundry expenses (8,741) Depreciation (23,945) Repairs and maintenance (7,919) Staff training and recruitment (1,519) Marketing Expenses (11,338)
Annual conference expenses (109) (617,593) 727,883
36,300
13,513
777,696
(164,599)
(109,721)
(222,034)
(10,089)
(20,696)
(11,919)
(10,950)
(81,408)
(45,707)
(4,663)
(13,885)
(7,385)
(30,766)
(5,445)
(4,200)
(6,473)
(2,494)
(752,434)
Operating (deficit) surplus (72,219)
25,262
Interest receivable and similar income 33,888 53,283
(38,331) 78,545
Net (deficit) surplus for the year 16
2011
€
Notes
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
Notes
Notes
Retirement
Planning Council
of Ireland
ANNUAL REPORT AND
FINANCIAL STATEMENTS 2012
The Retirement Planning Council of Ireland
Pinebrook House, 72-74 Harcourt Street, Dublin 2.
Tel: + 353 (0)1 4789471
Email: [email protected]