Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697804326491.pdf (Ireland)
Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Irish Water Safety I have audited the financial statements of Irish Water Safety for the year ended 31 December 2016 under the Comptroller and Auditor General (Amendment) Act 1993.

The financial statements comprise the statement of income and expenditure and retained revenue reserves, the statement of comprehensive income, the statement of financial position, the statement of cash flows and the related notes.
The financial statements have been prepared in the form prescribed under Section 8 of the Irish Water Safety (Establishment) Order 2006 (SI 389/2006), and in accordance with generally accepted accounting practice.

Responsibilities of the Council The Council is responsible for the preparation of the financial statements, for ensuring that they give a true and fair view and for ensuring the regularity of transactions.
Responsibilities of the Comptroller and Auditor General My responsibility is to audit the financial statements and to report on them in accordance with applicable law.

My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

My audit is carried out in accordance with the International Standards on Auditing (UK and Ireland) and in compliance with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of • whether the accounting policies are appropriate to the Council's circumstances, and have been consistently applied and adequately disclosed • the reasonableness of significant accounting estimates made in the preparation of the financial statements, and • the overall presentation of the financial statements.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.
Opinion on the financial statements In my opinion, the financial statements: • • give a true and fair view of the assets, liabilities and financial position of Irish Water Safety as at 31 December 2016 and of its income and expenditure for 2016; and have been properly prepared in accordance with generally accepted accounting practice.

In my opinion, the accounting records of the Council were sufficient to permit the financial statements to be readily and properly audited.
The financial statements are in agreement with the accounting records.
Matters on which I report by exception I report by exception if I have not received all the information and explanations I required for my audit, or if I find • • • any material instance where money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them, or the statement on internal financial control does not reflect the Council's compliance with the Code of Practice for the Governance of State Bodies, or there are other material matters relating to the manner in which public business has been conducted.
I have nothing to report in regard to those matters upon which reporting is by exception.
Patricia Sheehan For and on behalf of the Comptroller and Auditor General December 2017 IRISH WATER SAFETY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 IRISH WATER SAFETY Contents ‘ , Information Statement of Responsibilities Statement on Internal Financial Control Statement of Income & Expenditure & Retained Revenue Reserves Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements Page 1 2 3-4 5 6 7 8 9-20 IRISH WATER SAFETY Information Martin O'Sullivan (Chairman) Seamus O' Neill (Vice - Charirman) Michael Cuddihy Brendan McGrath Anne Ryan John Considine Paul Murphy Tom Doyle Lola O' Sullivan Christy McDonagh Odran Reid The Long Walk Galway The Comptroller and Auditor General, 3 a Mayor Street Upper, Dublin 1.
CAG Chartered Accountants, Steamship House, Dock Street, Galway.

Bank of Ireland, Mainguard Street, Galway.

Sheehan & Co. Augustine Court, St. Augustine Street, Galway.

Council Business Address Auditor Accountants Bankers Solicitors IRISH WATER SAFETY Statement of Responsibilities of the Council of Irish Water Safety Irish Water Safety was established on 24 July 2006 by the Minister for the Environment, Community and Local Government under the Irish Water Safety Establishment Order 2006 (S.I.
389 of 2006).

The order re-established the former Irish Water Safety Association as a corporate body under its new title "Irish Water Safety" and expanded the services to be provided by the body.

Section 8 of the Irish Water Safety Establishment Order 2006 (S.I.
389 of 2006) requires Irish Water Safety to keep, in such form as may be approved by the Minister for the Environment, Community and Local Government with consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of money received and expended by it.

In preparing these financial statements, Irish Water Safety is required to: 1.

2.

3.

4.
2.

3.

4.

Select suitable accounting policies and apply them consistently Make judgements and estimates that are reasonable and prudent State whether any applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it it inappropriate to presume that Irish Water Safety will continue in operation.
The Council is responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of Irish Water Safety and which enable it to ensure that the financial statements comply with the Irish Water Safety Establishment Order 2006.

The Council is also responsible for safeguarding the assets of Irish Water Safety, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chairman Date: 6th December 2017 2 IRISH WATER SAFETY Statement on Internal Financial Control Responsibility for the system of Internal Financial Control On behalf of the council of Irish Water Safety, I acknowledge our responsibility for ensuring that an effective system of internal Financial control is maintained and operated.
The system can only provide reasonable but not absolute assurance that the assets are safeguarded, transactions authorised and properly recorded, and that material errors or Irregularities are either prevented or would be detected in a timely period.
* Key Control Procedures The Council has taken steps to ensure an appropriate control environment by; - Clearly defining management responsibilities; - Establishing formal procedures for reporting significant control failures and ensuring appropriate corrective action.

The Council established an Audit Commission consisting of three non-executive and two executive members and that Commission reviews internal control matters and issues raised by the Auditors.
At present Irish Water Safety does not have an internal audit function.
The Council has a formal process to identify and evaluate business risk by; - Identifying the nature, extent and financial implication of risks facing the body including the extent and categories which it regards as acceptable; - Assessing the likelihood of identified risks occuring; - Assessing the body's ability to manage and mitigate the risks that do occur; - Assessing the costs of operating particular controls relative to the benefit obtained.
The system of internal financial control is based on a framework of regular management information, administrative procedures including segregation of duties, and a system of delegation and accountability.

In particular it Includes: - A budgeting system with an annual budget which Is reviewed and agreed by the Council; - Regular reviews by the Council of perodic and annual financial reports which indicate financial performance against forecast; - Setting targets to measure financial and other performance.
The council's monitoring and review of the effectiveness of the system of internal financial control is based on the work of the Financial Officer and CEO who have responsibility for the development and maintenance of an appropriate financial control framework.

The Council also takes into account reports and comments made by the Audit Commission and the Comptroller and Auditor General in his management letter or other reports.
3 IRISH WATER SAFETY Statement on Internal Financial Control (Continued) Annual Review of Controls The Irish Water Safety provides grants to 32 Water Safety Area Committee (see note 17).

Each committee must submit an annual return to IWS consisting of a statement of income and expenditure in the period, a bank reconciliation and a certificate of a bank balance, a programme of activities for the coming year and an equipment listing.
In addition all Water Safety Area Committee's are audited by an Internal Auditor appointed by the Audit Commission and the findings of those audits are reviewed by the Audit Commission.

The Council and Audit Commission headed by me as Chairman, with the full cooperation of the Chief Executive Officer and the Financial Officer, both of whom have been designated by the Council to ensure that the necessary controls are in place, review these controls on a continual basis in line with any directions received.
One of the non-executive members of the Audit Commission has been appointed as an independent revlewer/examiner of Internal Financial Controls.

His function is to report back to the Audit Commission and the Council on the appropriateness and correctness of the standards of internal financial control to date in place.

I confirm that the council reviewed the effectiveness of the system of Internal financial control that operated during the year 31 December 2016.
Signed on behalf of the Council of Irish Water Safety.
Chairman Date: 6th December 2017 4 IRISH WATER SAFETY Statement of income and expenditure and retained revenue reserves for the year ended 31 December 2016 Income Oireacthas Grants Net Deferred Funding for Pensions Contributions from Local Authorities Other Income Total Income Transfer from Capital Account Expenditure Administration Expense Travel and Subsistence Expenses Promotions, Publicity and Training Grants to Water Safety Committees Special Projects Total Expenditure Surplus for the Year Brought forward 1 January Balance carried forward at 31 December Note 2016 2015 € € 2 13c 3 12 4 5 6 17 7 657,000 100,000 175,105 464,759 657,000 105,000 136,948 469,256 1,396,864 1,368,204 (5,506) 9,809 1,391,358 1,378,013 655,729 99,156 401,853 100,450 80,150 642,337 119,432 345,162 104,700 101,770 1,337,338 1,313,401 54,020 64,612 503,320 557,340 438,708 503,320 The statement of cash flows and notes 1 to 18 form part of these financial statements.
On behalf of the B^rd of Irish Water Safety Marrlg O'Sullivan Chairman Date: 6th December 2017 5 IRISH WATER SAFETY Statement of Comprehensive Income for the year ended 31st December 2016 Note * Surplus for the Financial Year Experience (Loss)/Gains on Retirement Benefit Obligations Changes in Assumption Underlying the Present Value of Retirement Benefit Obligations 2016 € 54,020 (120,000) 2015 € 64,612 35,000 (50,000) (220,000) Actuarial (Loss) in the Year (170,000) (185,000) Adjustment to Retirement Benefit Funding 170,000 185,000 Total Comprehensive Income for the Year.
54,020 64,612 The Statement of Cash Flows and notes 1 to 18 form part of these Financial Statements.

Chairman Date: 6th December 2017 6 IRISH WATER SAFETY Statement of Financial Position as at 31st December 2016 Fixed Assets Property, plant •&.
equipment Current Assets Inventory Receivables Cash and Cash Equivalents Current Liabilities - (amounts falling due within one year) Payables Net Current Assets Note 2016 € 2015 € 8 9 10 11 163,593 158,087 6,352 136,276 481,522 624,150 (66,810) 557,340 9,708 127,768 421,519 558,995 (55,675) 503,320 Total Assets Less Current Liabilities 720,933 661,407 Long Term Liabilities - amounts falling due after one year Deferred Retirement Benefit Funding Asset Retirement Benefit Obligations 13c 13b 1,300,000 (1,300,000) 1,030,000 (1,030,000) Total Net Assets Representing Capital Account Retained Revenue Reserves 720,933 661,407 12 163,593 557,340 158,087 503,320 720,933 661,407 The statement of cash flows and notes 1 to 18 form part of these financial statements.
On behalf of the Board of Irish Water Safety Marflo O’Sullivan Chairman V Date: 6th December 2017 7 IRISH WATER SAFETY Statement of Cash Flows for the year ended 31st December 2016 ■' Net Cash Flows from Operating Activities Excess Income over expenditure Depreciation Decrease in inventory (Increase) in receivables Increase in payables Net Cash Inflow from Operating Activities Cash Flows from Investing Activities Payments to acquire property, plant & equipment Net Cash Flows from Investing Activities 2016 € 54,020 36,609 3,356 (8,508) 11,135 96,612 (36,609) (36,609) 2015 € 64,612 24,143 (387) (1,893) (2,341) 84,134 (24,143) (24,143) Net Increase in Cash and Cash Equivalents 60,003 59,991 Cash and cash equivalents at 1st January Cash and Cash Equivalents at 31st December 421,519 481,522 361,528 421,519 8 IRISH WATER SAFETY Notes to the Financial Statements for the year ended 31st December 2016 1.
Accounting Policies The basis of accounting and significant accounting policies adopted by Irish Water Safety are set out below.

They have all been applied consistently throughout the year and for the preceding year.

a) General Information Irish Water Safety was set up under the Irish Water Safety Establishment Order 2006 (S.l.

No.

389 of 2006), with a head office at The Long Walk, Galway.
Irish Water Safety's primary objectives are set out in section 4(1) & (2) of the The Irish Water Safety (Establishment) Order, 2006.

(S.l.
No 389 of 2006) are as follows: - the promotion of public awareness of water safety, - the promotion of measures, including the advancement of education, related to the prevention of accidents in water, - the provision of instruction in water safety, rescue, swimming, resucitatlon and recovery drills, - the promotion of efficiency and standardisation of the lifeguard service, - the establishment of national standards for lifeguards, lifesaving and water safety, and - such other services relating to water safety as the Minister may from time to time require, direct or determine.
b) Statement of Compliance The financial statements of Irish Water Safety for the year ended 31st December 2016 have been prepared in accordance with FRS 102, the financial reporting standard applicable in the UK and Ireland Issued by the Financial Reporting Council (FRC), as promulgated by Chartered Accountants Ireland.
c) Period of Accounts The financial statements cover the 12 month period to 31 December 2016. d) Basis of Preparation The financial statements have been prepared under the historical cost convention, except for certain assets and liabilities that are measured at fair values as explained in the accounting policies below.
The financial statements are in the form approved by the Minister for the Environment, Community and Local Government, with the concurrence of the Minister for Finance under the Irish Water Safety Establishment Order 2006 (S.L 389 of 2006).

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to Irish Water Safety's financial statements.

e) Revenue (1) Oireachtas Grants are recognised on a cash receipt basis.
(2) Contributions are received from local authorities in relation to services provided and are recognised on a cash receipts basis.

(3) Other income comprising sales of water safety manuals, provision of courses and membership are recognised on an accruals basis.

9 IRISH WATER SAFETY f) Functional and Presentation Currency Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ("the functional currency").
The financial statements are presented in euro, which is the company's functional and presentation currency and is denoted by the symbol g) Property, Plant & Equipment Fixed Assets are shown at cost.
Depreciation is provided on a straight-line basis as follows: Leasehold Improvements Office Equipment Computer Equipment Motor Vehicles Promotional Equipment Outlays on Computer Software & Hardware Nil 21 years 5 years 3 years 5 years 10 years (Uncommissioned) Artworks donated to Irish Water Safety over a number of years were valued by an independent valuer during 2006 and are included in the financial statements at this valuation.
Artworks are not depreciated, as the Council believes that they are unlikely to suffer a loss in value.

h) Inventory Inventory consists of goods for resale, and is recognised in the financial statements at the lower of Cost and Net Realisable Value (NRV).

Cost is calculated on a first-in-first-out (FIFO) basis and includes all purchase costs.

NRV is the selling price (actual or estimated) less all necessary completion costs.
i) Receivables Receivables are recognised at fair value, less a provision for doubtful debts.

The provision for doubtful debts is a specific provision, and is established when there is objective evidence that Irish Water Safety will not be able to collect all amounts owed to it.

All movements in the provision for doubtful debts are recognised in the Statement of Income and Expenditure and Retained Revenue Reserves.
J) Operating Leases Rental expenditure under operating leases is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves over the life of the lease.

Expenditure is recognised on a straight-line basis over the lease period, except where there are rental increases linked to the expected rate of inflation, in which case these increases are recognised when incurred.

Any lease incentives received are recognised over the life of the lease.
k) Capital Account The capital account represents the unamortised value of Income used for capital purposes.

l) Employee Benefits Short-term Benefits Short term benefits such as holiday pay are recognised as an expense in the year, and benefits that are accrued at year-end are included in the Payables figure in the Statement of Financial Position.
m) Retirement Benefits Under the Irish Water Safety Establishing Order 2006, schemes and regulations made under the Local Government (Superannuation) Act 1980 (No.

8 of 1980) apply to Irish Water Safety as if it were a Local Authority.
Irish Water Safety operates a defined benefits scheme which is funded annually on a pay as you go basis from monies available to it, including monies provided by the Department of the Environment, Community and Local Government and from contributions deducted from staff salaries.

10 IRISH WATER SAFETY Pension Scheme liabilities are measured on an actuarial basis using the projected unit method.
Pension costs reflect pension benefits earned by employees in the period and are shown net of staff pension contributions which are retained by Irish Water Safety.

An amount corresponding to the pension charge is recognised as income to the extent that it is recoverable and offset by grants received in the year to discharge pension payments.
Actuarial gains or losses arising on scheme liabilities are reflected in the Statement of Comprehensive Income and a corresponding adjustment is recognised in the amount recoverable from the Department of Environment, Community and Local Government.
The financial statements reflect, at fair value, the assets and liabilities arising from Irish Water Safety's pension obligations and any related funding, and recognises the costs of providing pension benefits in the accounting periods in which they are earned by employees.

Retirement benefit scheme liabilities are measured on an actuarial basis using the projected unit credit method.
n) Water Safety Committees The Council also makes funding available to the Water Safety Committees for small local projects.

Unspent, grant funding is retained by the WSAC's for use on local projects the following year.

Committees, which are responsible for the organisation of water safety activities at local level, undertake local fundraising activities.

Fundraising Income is retained by the Water Safety Committees to finance local activities.
Financial transactions of these Committees are not incorporated into these accounts.

A summary is included at Note 17. o) Critical Accounting Judgements and Estimates The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.
However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements have had the most significant effect on amounts recognised in the financial statements.
Retirement Benefit Obligation The assumptions underlying the actuarial valuations for which the amounts recognised in the financial statements are determined (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trend rates) are updated annually based on current economic conditions, and for any relevant changes to the terms and conditions of the pension and post-retirement plans.
The assumptions can be affected by: (i) the discount rate, changes in the rate of return on high-quality corporate bonds (li) future compensation levels, future labour market conditions 11 IRISH WATER SAFETY Notes to the Financial Statements for the year ended 31st December 2016 Note 2.
Oireachtas Grants 2016 € 2015 € Department of Environment Community and Local Government Vote 25 Subhead E.13 657,000 657,000 * Operating Grant Additional Grant Note 6a 507,000 150,000 507,000 150,000 During the year Irish Water Safety received €150,000 from the Department of Environment, Community & Local Government.
The fiinds are ring fenced for the specific purpose of promoting Irish Water Safety and in particular projects that target population segments at risk of drowning with tailored national and provincial awareness campaigns.

The related expenditure is disclosed in Note 6.

Note 3.

Other Income Sales Membership Ring Buoy Contribution Sponsorship In-service Teachers Irish Sports Council Grant Other Income Competition Income Seminar Income Note 4.
Administration Expenses Remuneration and other pay costs Note 4(a) Retirement Benefit Costs Note 13(a) Staff Training Rent, Rates, Light and Heat Insurance Stationery Postage and Telephone Maintenance and Cleaning Audit Fee Accountancy Legal & Other Professional Fees Bank Charges Miscellaneous Administration Expenses Depreciation 2016 € 317,240 42,380 33,000 4,684 - 19,000 10,315 38,140 - 464,759 2016 € 362,753 86,457 2,650 34,495 43,232 6,287 29,992 32,008 10,000 3,629 8,433 741 3,949 31,103 2015 € 326,918 38,864 33,000 1,655 2,320 19,000 2,812 39,400 5,287 469,256 2015 € 348,021 91,442 1,900 22,015 33,313 7,964 35,153 34,837 7,800 3,629 15,034 893 6,384 33,952 655,729 642,337 12 IRISH WATER SAFETY Notes to the Financial Statements for the year ended 31st December 2016 Note 4a.
Remuneration & Other Pay Costs The salaries and temporary staff costs for 2016 include the following amounts: Council Members Emoluments The Chairman of the Council received a stipend of €9,314 in 2016 (2015 - €8,947).

No other Council Member received any fees in 2016 or 2015.

Chief Executive Remuneration The Chief Executive's remuneration for 2016 was made up of an annual basic salary of €86,423 (2015 - €82,530).
His pension entitlements do not extend beyond the standard entitlements in the public sector defined benefit superannuation scheme.

Pension Levy Deductions Pension related deductions of €14,850 (2015 - €17,650) were made from staff salaries and paid over to the Department of the Environment, Community and Local Government.
Salary Range The number of employees whose total employee benefits for the reporting period fell within the bands below were: Employment Benefit Range Number of Employees €60,001 -€70,000 €70,001 -€80,000 €80,001 -€90,000 Note S. Travel and Subsistence Expenses Council Committees and Commissions Office Ring Buoy Inspectors International Travel Other Travel 2 1 3 2016 2015 € € 21,087 20,333 19,319 20,908 5,232 12,277 30,448 19,699 20,117 21,169 12,796 15,203 99,156 119,432 The travel and subsistence expenses in 2016 include €11,326 received by the Chairman (2015 - €7,990) and €7,540 received by the Chief Executive (2015 - €6,611).
Amounts are calculated in accordance with relevant Department of Public Expenditure and Reform Travel & Subsistence Circulars.

13 IRISH WATER SAFETY Notes to the Financial Statements for the year ended 31 December 2016 Note 6.

Promotion, Publicity and Printing Expenses Advertising and Press Cuttings Promoting Irish Water Safety Education Development Officer - Expenses Seminars and Training Courses Non Saleable Books and Manuals Purchase of Saleable Items Memberships Note 6a.

Note 6a.
Note 6a.

Promoting Irish Water Safety Primary School Education Programme Communications - Newsletters and Online Press Campaign Costs Radio Campaign Costs Television Campaign Costs Note 7.
Special Projects Senior & Junior Surf and Pool Competition Life Saving Competitions Abroad Lifesaving Equipment 2016 € 51,884 156,208 4,786 111,580 11,790 60,833 4,772 2015 € 43,719 156,972 5,395 71,693 10,112 52,556 4,715 401,853 345,162 € 12,395 17,007 18,202 68,121 40,483 € 39,617 18,135 3,862 63,040 32,318 156,208 156,972 € 37,995 13,203 28,952 80,150 € 33,485 10,593 57,692 101,770 14 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 8.
Property, Plant & Equipment Work in Progress Leasehold IT Software Computer ' Interest € Project Equipment E € € Other Office quipment € Promotional Equipment € Motor Vehicles € Art & Paintings € Total € Cost or Valuation Opening Balance 01/01/16 Additions 260,458 32,622 74,344 3,987 62,611 36,827 55,265 63,151 552,656 36,609 Closing Balance 31/12/16 260,458 32,622 78,331 62,611 36,827 55,265 63,151 589,265 Depreciation Opening Balance 01/01/16 Charge For Year 198,365 12,398 Closing Balance 31/12/16 210,763 • - 68,756 5,786 58,748 1,977 33,147 3,680 35,553 7,262 394,569 31,103 - 74,542 60,725 36,827 42,815 • 425,672 Net Book Values At 31 December 2016 49,695 32,622 3,789 1,886 - 12,450 63,151 163,593 At 31 December 2015 62,093 - 5,588 3,863 3,680 19,712 63,151 158,087 Leasehold improvements pertain to fit out costs in the premises occupied by Irish Water Safety.
Artworks donated to Irish Water Safety over a number of years are included above at valuation following an independent valuation carried out in May 2006 and is now viewed as the deemed cost.

15 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 9.

Inventory Stock of books and manuals » Note 10.

Receivables Trade Debtors Other Debtors & Prepayments Notell.
Payables Other Creditors & Accruals 2016 € 6,352 2016 € 50,052 86,224 2015 e 9,708 2015 € 90,716 37,052 136,276 127,768 2016 € 66,810 66,810 2015 € 55,675 55,675 16 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 12.
Capital Account 2016 € € € Balance as at 1 January 158,087 Income Allocated for Capital Purposes Amortisation in Line with Depreciation* 36,609 (31,103) 24,143 (33,952) Transfer to Income & Expenditure Account Balance as at 31 December 5,506 163,593 2015 € 167,896 (9,809) 158,087 Note 13.

Retirement Benefit Costs a.

Analysis of Total Retirement Benefit Costs charged to the Statement of Expenditure and Retained Revenue Reserves.
2016 2015 € € Current Service Cost Interest on Retirement Benefit Obligation Scheme Liabilities Employee Contributions 75,000 25,000 (13,543) 86,457 b.
Movement in Net Retirement Benefit Obligations Liability During the Financial Year Net Retirement Benefit Obligation at 1st January Current Service Cost Interest Cost Actuarial (Galn)/Loss Retirement Benefit Obligations Paid in Year 2016 € 1,030,000 75,000 25,000 170,000 60,000 45,000 (13,558) 91,442 2015 € 740,000 60,000 45,000 185,000 Net Retirement Benefit Obligation at 31 December 1,300,000 1,030,000 17 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 13.
Retirement Benefit Costs (Continued) c. Deferred Funding for Retirement Benefit Obligations Irish Water Safety recognises these amounts a^ an asset corresponding to the unfunded deferred liability for retirement benefit obligations on the basis of the set of assumptions described above and a number of past events.
These events include the statutory basis for the establishment of the superannuation scheme, and the policy and practice currently in place in relation to funding public service retirement benefit obligations including contributions by employees and the annual estimates process.

Irish Water Safety has no evidence that this funding policy will not continue to meet such sums in accordance with current practice.
The Net Defened Funding for Retirement Benefit Obligations recognised in Income and Expenditure Account was as follows: 2016 2015 € € Funding Recoverable in Respect of Current Year Retirement Benefit Obligation Costs 100,000 State Grant Applied to Pay Pensioners 105,000 100,000 105,000 The deferred funding asset for retirement benefit obligations as at 31 December 2016 amounted to €1,300,000 (2015: €1,030,000).
d. History of defined benefit obligations 2016 € 2015 € 2014 € 2013 € Defined benefit obligations 1,300,000 1,030,000 740,000 720,000 Experience losses/(gains) on scheme liabilities amount Percentage of the present value of the scheme liabilities 120,000 9% (35,000) 3% (80,000) 11% 36,000 5% e. General description of the scheme The pension scheme is a defined benefit final salary pension arrangement with benefits and contributions defined by reference to current "model'' public sector scheme regulations.
The scheme provides a retirement benefit obligation (eightieths per year of service), a gratuity or lump sum (three eightieths per year of service) and spouse's and children's retirement benefit obligations.

Normal Retirement Age is a member's 65th birthday, and pre 2004 members have an entitlement to retire without actuarial reduction from age 60.

Retirement Benefit Obligations in payment (and deferment) normally increase in line with general public sector salary inflation.
18 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 13.

Retirement Benefit Costs (Continued) The Valuation used for FRS102 - Retirement Benefits disclosures has been based on a full actuarial valuation by a qualified independent actuary taking account of the requirements of the FRS in order to assess the scheme liabilities at 31 December 2016.
The principal actuarial assumptions were as follows Rate of increase in salaries Rate of increase in pensions in payment Discount rate Inflation 2016 2.5% 2.5% 2.00% 1.75% 2015 2.5% 2.5% 2.35% 1.75% f. Average life expectancy used to determine liabilities The average future life expectancy according to the mortality tables used to determine the pension liabilities were as follows: Male - Aged 65 Female - aged 65 Note 14.
Lease Commitments 2016 21 24 2015 22 25 Irish Water Safety occupies premises at Long Walk, Galway, under a lease for 21 years, which commenced in July 2000.

The current rental is €26,000 per annum (2015 - €26,000).

The Lease had break options after ten and fifteen years.
At 31 December 2016 Irish Water Safety had the following future minimum lease payments under non-cancellable operating leases for each of the following periods: Payable within one year Payable within two to five years Payable after five years 2016 € 26,000 78,000 - 104,000 2015 € 26,000 104,000 15,167 145,167 Operating lease payments recognised as an expense were €30,500 (2015: €19,683) Note 15.
Council Members Interests The Council adopted procedures in accordance with guidelines issued by the Department of Finance in relation to the disclosure of Interests by Board Members and those procedures have been adhered to in the year.

There are no transactions in the year in relation to Irish Water Safety's activities in which Council members had any beneficial interest.

19 IRISH WATER SAFETY Notes to the Financial statements for the year ended 31 December 2016 Note 15.
Council Members Interests (Continued) Related Party Disclosures Key management personnel in Irish Water Safety consist of the CEO and members of the Board of Directors.

Total compensation paid to key management personnel, including Board members' fees and expenses and total CEO remuneration, amounted to €116,824 (2015: €121,925).

For a breakdown of the remuneration and benefits paid to key management personnel, please refer to Note 4a.
Irish Water Safety 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, Irish Water Safety may approve grants or enter into other contractual arrangements with entities in which Irish Water Safety Board members are employed or are otherwise interested.

Note 16.

Late Payment in Commercial Transactions Legislation (Statutory Instrument No.
580 of 2012) The statutory instrument imposes a legal requirement on bodies to make interest payments in respect of invoices that are paid in excess of 30 days after receipt.

Irish Water Safety has a system in place to identify overdue invoices and to calculate and pay the interest due as part of the invoice payments.

No Interest payments were made under the terms of the regulations in 2016 or 2015.

Note 17.
Note 17.

Water Safety Area Committee's The 32 national Water Safety Area Comrmttee's (WSAC) bank accounts do not form part of the accounts of Irish Water Safety.

The Board does not consolidate the transactions of the WSACs as it does not exercise control over the entities.

The following is a summary of the year on year movement.
Opening Bank Balances ^Adjustment Grants from IWS Additional funding for PAWS Programme Income from fundraising Other Income Total Expenditure on local projects Closing Balance 2016 734,436 85,896 100,450 - 612,027 424,775 1,957,584 1,113,554 844,030 2,015 822,852 - 104,700 3,528 465,038 621,059 2,017,177 1,282,741 734,436 *The above adjustment relates to bank balances owned by a WASC omitted from this disclosure note in error.

Note 18.
Note 18.

Approval of Financial Statements The financial statements were approved by the Council on the 6th December 2017, H:***>k**4:****>H***>|(*******H(*H( ********** 20