My first Magazine Annual report 2015 | Page 66

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SCIENCE FOUNDATION IRELAND ANNUAL REPORT 2015

For the year ended 31 December 2015

14 Related Party Disclosures

Science Foundation Ireland adopts procedures in accordance with the guidelines issued by the Department of Public Expenditure and Reform covering the personal interests of Board members. In the normal course of business, Science Foundation Ireland may approve grants or enter into other contractual arrangements with entities in which Science Foundation Ireland Board members are employed or are otherwise interested.

In cases of potential conflict of interest, Board members do not receive Board documentation or otherwise participate in or attend discussions regarding these transactions. A register is maintained and available on request of all such instances.

15 Contingencies and Legal Actions There are no contingencies or legal actions which require specific provision in the Financial Statements.

16 Transition to FRS 102 a) Reconciliation of Capital and Reserves

Capital and reserves( as re-stated) 953 927

b) Reconciliation of Surplus /( Deficit) for the year As at

31 Dec 2014 €’ 000

Surplus /( Deficit) for the year( as re-stated) 125

( a) Holiday Pay Accrual

Science Foundation Ireland had previously not accrued for holiday pay earned by employees but not availed of at the reporting date. Under FRS 102, the financial statements must recognise such accruals.

The impact of this change is an increase of € 54,000 in creditors at the transition date and € 58,000 at 31 December 2014. The surplus is reduced by € 54,000 in the year-ended 31 December 2013 and by € 4,000 in the year-ended 31 December 2014.

17 Approval of Financial Statements The Financial Statements were approved by the Board of Science Foundation Ireland on 17 May 2016.