Prior, Alo
Prior, Alo Subject: Attachments:
FW: Schedule FOI/14/064 Conor Ryan FOI Queries on BN G 2011 unaudited accounts.docx
From: McGeough, Emer Sent: 26 April 2012 16:18 To: 'Majella O'Connor' Cc: Michael Murnane; Statebodiescavan; Greally, Gerry; Ryan, DermotA Subject: RE: IGB 2011 Draft Financial Statements Majella Thank you for the clarification w.r.t. operational grants to private tracks. It was very useful. I attach, on the appended docum ent, a few more queries arising on the draft unaudited 2011 accounts subm itted and I look forward to receiving your clarifications in respect o f these. Thank you, Regards, Emer From: Majella O'Connor [~nr)ailto:Maiella.OConnor(g)iqb.iel Sent: 02 April 2012 15:00 To: McGeough, Emer Cc: Michael Murnane Subject: FW: IGB 2011 Draft Financial Statements Emer, I have been able to locate 2 mails w ith queries from you. The responses are as follows:The closing balance on the profit and loss on page 16 was mis-stated and a corrected draft is attached w ith this value corrected. The other rem uneration value for the CEO on page 23 refers to the cost to the com pany fo r the CEO's use of a com pany car. Grants to private tracks are paid on an agreem ent by agreem ent basis. During 2011 €1.5m o f the €2.5m due to Dundalk was paid, plus €20k in grants to other private stadia. Fixed Asset M ovem ents at Subsidiaries: •
Abargrove Ltd (the design & build com pany for Limerick Stadium) disposed o f com pleted Limerick Stadium to Limerick Greyhound Racing Track Ltd
•
Limerick Greyhound Track Ltd acquired the com pleted stadium from Abargrove and capitalised this figure in its accounts.
•
LGRT sold the m arkets field fo r a value o f 1.5M. The net book value o f the asset sold was 2.4M giving a net loss o f 0.9M . The rem aining capital grant was w ritten back as a credit to the P&L to the value of 0.77M .These transactions are clear on the Limerick P&L. l
During 2010, there w ere significant costs paid in relation to the Limerick developm ent which w ere financed by draw dow n from the loan o f €12.5m. This was drawn down in 2010. There were no corresponding costs in 2011. Note 23, is incorrect in your draft. The capital com m itm ents for the year end were €2.15m and the note has been adjusted accordingly. The final € lm due to be paid to Dundalk in 2012 form s part of this value. Should you have any further queries, can you respond to this email address so that I can respond in a tim ely manner. Regards, M ajella.
From: Jam es Barry Sent: 02 April 2012 10:12 To: Majella O'Connor Subject: FW: IGB 2011 Draft Financial Statements
Jam es Barry Financial Accountant Irish Greyhound Board 061 448013
From: McGeough, Emer [Emer.McGeough@ agriculture.gov.ie] Sent: 01 March 2012 16:50 To: Majella O'Connor Cc: Jam es Barry; Statebodiescavan Subject: FW: IGB 2011 Draft Financial Statements Hello M ajella, It's been a long tim e since w e've been in contact, I hope you are well. Jam es advised me to revert to you w ith any queries on the unaudited 2011 annual accounts, so here g o e s , in no particular order: •
W hy the large variation in the grants to private tracks (2011 vs 2010)?
•
Changes in Fixed Assets o I see the M arkets Field was sold fo r€ 0 .9 m in 2011.Can you provide inform ation please, on asset additions and disposals, a lot seems to have happened under this heading in 2011, if one looks at the im pact on the P&L, the B.S. & the Cash Flow Statem ent (very large m ovem ents o f funds) in the statem ents o f the Group. Some detail o f the transactions giving rise to these outcom es w ould help a better understanding o f the accounts.
•
Drawdown o f loans in the cash flow statem ent, there is a m ajor change 2011 vs 2010, can you elaborate please?
•
Note 23 states there w ere no capital com m itm ents in 2011 - I thought € lm was paid to Dundalk in 2011?
These are a few questions w hich occurred to me on a quick read through o f the accounts, there may be more when I get tim e to consider the accounts in m ore detail. Regards
2
Emer From: Jam es Barry fmailto:[email protected] Sent: 29 February 2012 16:15 To: McGeough, Emer Subject: IGB 2011 Draft Financial Statements Emer, Here are the draft 2011 financial statements. Going forw ard M ajella O 'Connor w ill be looking after this role so please contact her if you have any queries.
Regards
James
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D isclaim er The inform ation in this em ail is intended only fo r the addressee(s) nam ed above. A ccess to this em ail by anyone else is unauthorised. If you are not the intended recipient o f this m essage any disclosure, copying, distribution or any action taken in reliance on it is prohibited and may be unlawful. Please note that the Irish G reyhound Board utilises anti-virus scanning software but does not w arrant that any e-m ail or attachm ents are free from viruses or other defects and accepts no liability for any losses resulting from infected email transm issions. A ny views expressed in this em ail may be those o f the originator and do not necessarily reflect those of the Irish Greyhound Board. Please note that the Irish G reyhound Board utilises anti-virus scanning software
3
Queries on BNG 2011 unaudited accounts Paragraph titled - Welcome
Official title of Dept is, since 2011, the Departm ent o f Agriculture, Food and the M arine, a.k.a. An Roinn Talam haiochta, Bia agus M ara, as Gaeilge.
Opening para.
Page 16
475,261
P&L
Page 33
521,261
Note 18
550,489
P&L
Page 2
Surplus before tax
W hy the difference?
Interest paid
Page 16,20,23
•
Different description fo r this item in different places - could one term be used everywhere?
•
Increased by 103%
•
Is it likely to remain at this level into the future?
Closing balance P&L @ 31 Dec 2011
Page 16
368,006
P&L
Page 18
369,006 - w hy the difference betw een P&L and BS?
BS
Page 18
Calculations o f reserves don't add up using 369,009
It is noted the P&L reserve stands at €0.4m w hat is the future outlook o f the reserve? W ill charges continue to be made to the Capital Reserve into the future? W hat im plications does this have fo r the BNG Group?
Intangible Assets
Page 24
Negative G oodw ill - w hat does this refer to?
Note 5
Tangible Fixed Assets
Page 25
Assets at cost at 31 Dec do not add to 100,843,392
Note 6
Page 25
Disposals 15,278,736 - is this entirely attributable to the new Limerick stadium ?
Note 6
Page 25
Disposals 16,235,688 - w hat was disposed of?
Note 6
W hy the large increase in VAT
Note 9
Debtors
Page 27
recoverable?
Reconciliation of operating profit to net cash outflow
Page 33
Page 33
(1,378,645) Decrease in creditors, is this correct? Please show workings.
Note 18
(102,000) Net pension, is this
Note 18
correct? Is the 2011 figure com parable w ith 2010?
Board M embers Interests
W hat services w ere provided & by w hom to the value of 19,914?
Note 22
Page 35
Sum of operating and adm inistration costs = 39,960,979 not 39,959,979 reported on detailed P&L and carried in to P&L (P 16). Please clarify.
P&L and detailed P&L
Page 35
Description - "Profit/Loss on disposal of tangible assets"
P&L
Page 34
Detailed P&L
•
Should there be brackets around "loss"
•
Should the same description be used in the P&L, detailed P&L and in narrative p l3
©
Prior, Alo Subject:
G
FW: Schedule FOI 14/064 FW: BN G accounts 2011
From: McGeough, Emer Sent: 02 May 2012 11:04 To: 'Majella O'Connor' Cc: 'Michael Murnane'; Greally, Gerry; Ryan, DermotA; Statebodiescavan Subject: BNG accounts 2011
M ajella
___ _________
A couple o f general questions on the 2011 accounts: •
W ill BNG have to include a note to the accounts to com ply w ith FRS 8 - related party transactions?
•
Does the fall in property values (countrywide) have any im plications fo r the BNG accounts? W ould there be any question o f im pairm ent charges ?
Snten Emer M cGeough Assistant Principal State Bodies Section Departm ent o f Agriculture, Food and the M arine, Farnham St., Cavan 049-4368294 / 086-8116853
1
Prior, Alo From: Sent:
To: Subject:
Greally, Gerry 09 November 2012 15:36 McGeough, Emer RE: Suggested changes to Chairm an's Foreword to D R A F T A N N U A L A C C O U N T S 2011 submitted by BnG
O K with me. Gerry
From: McGeough, Emer Sent: 09 November 2012 15:33 To: Greally, Gerry Subject: RE: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG GERRY, One further item , spotted by Anne M arie, the BnG Chairman in his Foreword (page 3) states they have "put ink to paper on two very notable deals with SIS A N D THE us Greyhound Channel which will see our product a n d content beam ed all over the world". W e need to query this w ith BnG given the clarification provided by them at Tuesdays m eeting that they had not signed a broadcast deal w ith US interests. Ok w ith you? Emer From: Greally, Gerry Sent: 09 November 2012 14:16 To: McGeough, Emer Subject: FW: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG My comments included in your text below. Gerry
From: McGeough, Emer Sent: 08 November 2012 17:22 To: Greally, Gerry Subject: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG Gerry I looked through the CEO Forew ord and noticed the following; •
Para 1. BnG CEO agreed (@ meeting, 6th Nov 2012) to expand on the reference to a "positive operational perform ance" to clarify this is surplus before grants, loss on tangible assets and interest payable & to include m ention o f the surplus before tax. Agreed
•
Para 2 . "in 2011 w e com m issioned.... Jim Power...." I think the Jim Pow er report was com m issioned in 2010. OK
•
Para 4. Refers to "€17.lm in capital surpluses" , these are the accum ulation o f w hat is referred to as "operational surpluses before grants" referred to in the accounts - referred to above. The description "capital surplus" was used in the CEO Forew ord to the 2010 accounts in a sim ilar fashion, notw ithstanding this I w onder is it acceptable for BnG to use the term "capital surpluses", should we ask BnG to clarify this is surplus before grants, gain / ( loss) on tangible assets and interest payable. Ask BNG to clarify
•
Para 6. Specific m ention is made in the CEO Foreword o f a surplus o f €3.06m from the Tote, the annual accounts don 't provide detail to back up this assertion. Do we need to ask fo r this reference to be rem oved? l
BnG was advised to remove sim ilar com m ent from an early draft o f the CEO Foreword provided for the 2010 accounts.
If not in Accounts cant be verified so we should ask for reference to be removed.
•
Para 8 , 1w ould draw your attention to the assertion "that at European level they have determ in ed that there needs to be a mechanism to ensure the integrity o f sport is protected via the use o f proceedings from the betting industry on that sport. In short this supports a mechanism like the Horse and G reyhound fund as a sources o f industry funding." I don 't understand w hat Adrian is referring to here - should I check? Perhaps you understand? Am I missing som ething? You need to ask him to clarify.
•
Para 9. The reference to the W elfare Bill should be to the W elfare o f Greyhounds Act, 2011. This reference needs to be am ended OK.
Other points o f note in the accounts: •
Page 8 - Bord na gCon have told us they own Clonm el, its not on the list in the "preface & sum m ary" Ask to be am ended
•
Page 13- "loss attributable to m inority interests"; this should be "surplus attributable to m in ority interests" Agreed it is a positive figure - Ask to be amended
•
Page 14- item 7 - auditor - 1believe, notw ithstanding w hat has appeared in earlier annual reports, the C&AG is the BnG auditor under S 14 o f the Horse and Greyhound Racing Act 2001. Ask to be included
•
Page 20 & Note 6, page 25 - payments to acquire tangible assets €17.1m; receipts from disposal of tangible assets €16.4m - an explanation o f the underlying transactions w ould help. OK
•
Page 23 - redundancy costs are included for 2011 (& 2010).
Need to clarify.
Subm itted for your observations and direction as to appropriate course o f action.
Sm en, Emer M cGeough Assistant Principal State Bodies Section Departm ent o f Agriculture, Food and the M arine, Farnham St., Cavan 049-4368294 / 086-8116853
2
Prior, Alo From: Sent: To: Cc: Subject:
Greally, Gerry 30 May 2013 09:55 McGeough, Em er Ryan, DermotA RE: 2011 BnG annual report and accounts
Emer, Regarding Chairman's Report on Corporate Governance I think the following are omissions: Code 13.1(i) Maybe the level o f indebtedness should be referred to under this Paragraph. Code 13.1(iii) and appendix 5 (para 4) Chairman needs to confirm that there has been a review of effectiveness of system of internal financial control. Code 18.8 Chairman needs to confirm disposal procedures. Gerry ----- Original message----From: McGeough, Emer Sent: 29/05/2013, 5:44 pm To: Ryan, DermotA Cc: Greally, Gerry Subject: RE: 2011 BnG annual report and accounts Derm ot Ignore the Foreword contained in the SKMBT pdf docum ent, instead read the revised text o f the Chairm an's Foreword contained in a separate pdf doc, copy attached to this e-mail. Both you and Gerry also need to be sure you are happy w ith the Chairm an's report on Corp Gov.. This has to comply w ith the Code (S 13 .1,13.4,18.8 & APP V). Emer
From: Ryan, DermotA Sent: 29 May 2013 17:30 To: McGeough, Emer Cc: Greally, Gerry Subject: RE: 2011 BnG annual report and accounts
Emer, I see the same 2 typos on the Chairm an's forew ord? Derm ot
1
From: McGeough, Emer Sent: 29 May 2013 17:08 To: Greally, Gerry Cc: Ryan, DermotA Subject: 2011 BnG annual report and accounts
Gerry, Dermot, Attached please find: 1.
SKM BT doc containing the most recent annual report and accounts received from M M urnane - please ignore the pages viz the Chairmans Foreword & the Chairm an's Report on corporate governance. I have explained to M M urnane that we need a pdf o f the annual report and accounts, incorporating the Chairman & CEO Forewords and also the C&AG Report as we only upload this material on to e-cabinet. The Chairm an's report to the M inister on Corporate Governance is not published. I am awaiting receipt o f a copy of the m aterial for publication from M M urnane.
2.
revised draft m em o & note for the info o f the M inister.
3.
revised text o f BnG Chairm ans report on Corp governance
4.
revised text o f Chairm ans Foreword
I forw arded a draft m em o & note for the M inister's inform ation to you previously on the BnG 2011 accounts. I have incorporated the feedback received into the revised version o f these docs now attached. W ould you please review the revised draft memo & note for info o f the M inister, I w ould appreciate advice on the text that should be inserted on the BnG strategic plan, as soon as I get the text o f these 2 docs finalised I can subm it a file & we need to do this asap.
Emer
From: Michael Murnane |~mailto:Michael.Murnane(a)iqb.ie1 Sent: 22 April 2013 19:43 To: McGeough, Emer Cc: Gormley, Claire; Shane Gaule Subject: FW: Message from KMBT_C452
Emer McGeough Assistant Principal State Bodies Section Department o f A griculture, Food and the Marine, Farnham St., Cavan By email and post April 22nd 2013
2
Dear Emer, 2011 Annual Report and Associated Documents:
Attached please find the follow ing in respect of the above: 1.
Corporate Governance Report from our Chairman in respect o f the 2011 Annual Report
2.
Amended Chairm an’ s foreword
3.
A copy o f the fu ll annual report w ith Page 35 attached
We trust you w ill find a ll in order. Yours sincerely
M ichael M urnane Chief Financial O fficer Irish Greyhound Board, Greenpark, Dock Road, Lim erick Direct Line: 061 448011 Mobile: 0872158585 IGB Sales C entre: 1890 269 969 | w w w .igb.ie | Follow us on Facebook
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3
Queries on BNG 2011 unaudited accounts Paragraph titled - Welcome
Page 2
Official title of Dept is, since 2011, the Departm ent o f Agriculture, Food and the M arine, a.k.a. An Roinn
Opening para. Done
Talam haiochta, Bia agus Mara, as Gaeilge. Surplus before tax
Page 16
475,261
P&L - correct value
Page 33
521,261
Note 18 - incorrect, has been adjusted in later versions
550,489
P&L Cash flow has to refer to interest paid. Other descriptions have been changed to Group Interest payable Interest paid on €25m for full year for first time. Yes, if not m ore due to overdraft interest now being due for re-exam ination.
W hy the difference? Interest paid
Page 16,20,23
•
Different description for this item in different places - could one term be used everywhere?
•
Increased by 103%
•
Is it likely to remain at this level into the future?
Closing balance P&L @ 31 Dec 2011
Page 16
368,006
P&L - correct value
Page 18
369,006 - w hy the difference betw een P&L and BS?
BS - typing error
Page 18
Calculations o f reserves don't add up using 369,009
Error in value included in balance sheet.
It is noted the P&L reserve stands at €0.4m w hat is the future outlook o f the reserve? W ill charges continue to be made to the Capital Reserve into the future? W hat im plications does this have fo r the BNG Group? M ik e to discuss w ith Emer.
Intangible Assets
Page 24
Negative G oodw ill - w hat does this refer to?
Note 5 - relates to the purchase cost of the 51% share o f M ullingar Stadium - has been am ortised over 10 years.
Tangible Fixed Assets
Page 25
Assets at cost at 31 Dec do not add to 100,843,392
Note 6 - Wfd. Consol, adj. - has been adjusted in later version
Page 25
Disposals 15,278,736 - is this entirely attributable to the new Limerick stadium ?
Note 6 - 14.6M relates to Lmk, balance is equipm ent etc. for other tracks
Page 25
Disposals 16,235,688 - w hat was disposed of?
Note 6 - WIP moved from Abargrove € 1 3 .lm to Lmk, & Lmk disposal o f old Stadium €3.1m
W hy the large increase in VAT
Note 9 - recovery o f developm ent costs in Lmk (once off)
Debtors
Page 27
recoverable?
Reconciliation of operating profit to net cash outflow
Page 33
(1,378,645) Decrease in creditors, is this correct? Please show workings.
Note 18 - Yes. BNG - 3 0 0 k m ovem ent in accruals, m ore tim ely receipt of invoices. SPk - 466k settlem ent o f caterer pre y/e in 2011 w hereas it was post y/e in 2010. Abargrove - developm ent creditors in 2010 which did not exist in 2011.
Page 33
(102,000) Net pension, is this correct? Is the 2011 figure com parable w ith 2010?
Note 18 - based on FRS17 report from M erce r (pension providers), no change in assum ptions to date.
Board Mem bers Interests
Page 34
W hat services w ere provided & by w hom to the value o f 19,914?
Note 22 - Board M em ber, Billy O 'D w y e r auctioneers fees o f € lk to Limerick. Cork local director, Pat Hennerty - covers for racing program m es C llk . Galway local director, Jim m y Flaherty electrical goods fitting €8k
Detailed P&L
Page 35
Sum o f operating and adm inistration costs = 39,960,979 not 39,959,979 reported on detailed P&L and carried in to P&L (P 16). Please clarify.
P&L and detailed P&L - miss-typing on the value for repairs and renewals, should read €494,574. The detailed P&L correctly down tots in later version.
Page 35
Description - "Profit/Loss on disposal o f tangible assets"
P & L -a m e n d e d to read "(Loss)/Gain on
•
Should there be brackets around "loss"
•
Should the same description be used in the P&L, detailed P&L and in narrative p l3
disposal o f tangible fixed assets" in all places.
FW: Schedule FOI/14/064 Conor Ryan FOI Queries on BN G 2011 unaudited accounts.docx
From: McGeough, Emer Sent: 26 April 2012 16:18 To: 'Majella O'Connor' Cc: Michael Murnane; Statebodiescavan; Greally, Gerry; Ryan, DermotA Subject: RE: IGB 2011 Draft Financial Statements Majella Thank you for the clarification w.r.t. operational grants to private tracks. It was very useful. I attach, on the appended docum ent, a few more queries arising on the draft unaudited 2011 accounts subm itted and I look forward to receiving your clarifications in respect o f these. Thank you, Regards, Emer From: Majella O'Connor [~nr)ailto:Maiella.OConnor(g)iqb.iel Sent: 02 April 2012 15:00 To: McGeough, Emer Cc: Michael Murnane Subject: FW: IGB 2011 Draft Financial Statements Emer, I have been able to locate 2 mails w ith queries from you. The responses are as follows:The closing balance on the profit and loss on page 16 was mis-stated and a corrected draft is attached w ith this value corrected. The other rem uneration value for the CEO on page 23 refers to the cost to the com pany fo r the CEO's use of a com pany car. Grants to private tracks are paid on an agreem ent by agreem ent basis. During 2011 €1.5m o f the €2.5m due to Dundalk was paid, plus €20k in grants to other private stadia. Fixed Asset M ovem ents at Subsidiaries: •
Abargrove Ltd (the design & build com pany for Limerick Stadium) disposed o f com pleted Limerick Stadium to Limerick Greyhound Racing Track Ltd
•
Limerick Greyhound Track Ltd acquired the com pleted stadium from Abargrove and capitalised this figure in its accounts.
•
LGRT sold the m arkets field fo r a value o f 1.5M. The net book value o f the asset sold was 2.4M giving a net loss o f 0.9M . The rem aining capital grant was w ritten back as a credit to the P&L to the value of 0.77M .These transactions are clear on the Limerick P&L. l
During 2010, there w ere significant costs paid in relation to the Limerick developm ent which w ere financed by draw dow n from the loan o f €12.5m. This was drawn down in 2010. There were no corresponding costs in 2011. Note 23, is incorrect in your draft. The capital com m itm ents for the year end were €2.15m and the note has been adjusted accordingly. The final € lm due to be paid to Dundalk in 2012 form s part of this value. Should you have any further queries, can you respond to this email address so that I can respond in a tim ely manner. Regards, M ajella.
From: Jam es Barry Sent: 02 April 2012 10:12 To: Majella O'Connor Subject: FW: IGB 2011 Draft Financial Statements
Jam es Barry Financial Accountant Irish Greyhound Board 061 448013
From: McGeough, Emer [Emer.McGeough@ agriculture.gov.ie] Sent: 01 March 2012 16:50 To: Majella O'Connor Cc: Jam es Barry; Statebodiescavan Subject: FW: IGB 2011 Draft Financial Statements Hello M ajella, It's been a long tim e since w e've been in contact, I hope you are well. Jam es advised me to revert to you w ith any queries on the unaudited 2011 annual accounts, so here g o e s , in no particular order: •
W hy the large variation in the grants to private tracks (2011 vs 2010)?
•
Changes in Fixed Assets o I see the M arkets Field was sold fo r€ 0 .9 m in 2011.Can you provide inform ation please, on asset additions and disposals, a lot seems to have happened under this heading in 2011, if one looks at the im pact on the P&L, the B.S. & the Cash Flow Statem ent (very large m ovem ents o f funds) in the statem ents o f the Group. Some detail o f the transactions giving rise to these outcom es w ould help a better understanding o f the accounts.
•
Drawdown o f loans in the cash flow statem ent, there is a m ajor change 2011 vs 2010, can you elaborate please?
•
Note 23 states there w ere no capital com m itm ents in 2011 - I thought € lm was paid to Dundalk in 2011?
These are a few questions w hich occurred to me on a quick read through o f the accounts, there may be more when I get tim e to consider the accounts in m ore detail. Regards
2
Emer From: Jam es Barry fmailto:[email protected] Sent: 29 February 2012 16:15 To: McGeough, Emer Subject: IGB 2011 Draft Financial Statements Emer, Here are the draft 2011 financial statements. Going forw ard M ajella O 'Connor w ill be looking after this role so please contact her if you have any queries.
Regards
James
D isclaim er The inform ation in this em ail is intended only for the addressee(s) named above. A ccess to this em ail by anyone else is unauthorised. If you are not the intended recipient o f this m essage any disclosure, copying, distribution or any action taken in reliance on it is prohibited and m ay be unlaw ful. Please note that the Irish G reyhound Board utilises anti-virus scanning software but does not w arrant that any e-m ail or attachm ents are fre e from viruses or other defects and accepts no liability for any losses resulting from infected email transm issions. A ny view s expressed in this em ail may be those o f the originator and do not necessarily reflect those of the Irish Greyhound Board. Please note that the Irish G reyhound Board utilises anti-virus scanning software
D epartm ent o f Agriculture, Food and the Marine The inform ation contained in this em ail and in any attachm ents is confidential and is designated solely for the attention and use o f the intended recipient(s). This inform ation m ay be subject to legal and professional privilege. If you are not an intended recipient o f this em ail, you m ust not use, disclose, copy, distribute or retain this m essage or any part o f it. If you have received this em ail in error, please notify the sender im m ediately and delete all copies o f this em ail from your com puter system (s). An Roinn Talm haiochta, Bia agus Mara Ta an t-eolais san rio m h p h o stse o , agus in aon ceanglain leis, faoi phribhleid agus faoi run agus le h-aghaigh an seoiai am hain. D 'fheadfadh abhar an seoladh seo bheith faoi phribhleid profisiunta no dlithiuil. Mura tusa an seoiai a bhi beartaithe leis an riom hphost seo a fhail, ta cosc air, no aon chuid de, a usaid, a choipeal, no a scaoileadh. Ma thainig se chugat de bharr dearm ad, teigh i dteagm hail leis an seoltoir agus scrios an t-abhar o do riom haire le do thoil.
D isclaim er The inform ation in this em ail is intended only fo r the addressee(s) nam ed above. A ccess to this em ail by anyone else is unauthorised. If you are not the intended recipient o f this m essage any disclosure, copying, distribution or any action taken in reliance on it is prohibited and may be unlawful. Please note that the Irish G reyhound Board utilises anti-virus scanning software but does not w arrant that any e-m ail or attachm ents are free from viruses or other defects and accepts no liability for any losses resulting from infected email transm issions. A ny views expressed in this em ail may be those o f the originator and do not necessarily reflect those of the Irish Greyhound Board. Please note that the Irish G reyhound Board utilises anti-virus scanning software
3
Queries on BNG 2011 unaudited accounts Paragraph titled - Welcome
Official title of Dept is, since 2011, the Departm ent o f Agriculture, Food and the M arine, a.k.a. An Roinn Talam haiochta, Bia agus M ara, as Gaeilge.
Opening para.
Page 16
475,261
P&L
Page 33
521,261
Note 18
550,489
P&L
Page 2
Surplus before tax
W hy the difference?
Interest paid
Page 16,20,23
•
Different description fo r this item in different places - could one term be used everywhere?
•
Increased by 103%
•
Is it likely to remain at this level into the future?
Closing balance P&L @ 31 Dec 2011
Page 16
368,006
P&L
Page 18
369,006 - w hy the difference betw een P&L and BS?
BS
Page 18
Calculations o f reserves don't add up using 369,009
It is noted the P&L reserve stands at €0.4m w hat is the future outlook o f the reserve? W ill charges continue to be made to the Capital Reserve into the future? W hat im plications does this have fo r the BNG Group?
Intangible Assets
Page 24
Negative G oodw ill - w hat does this refer to?
Note 5
Tangible Fixed Assets
Page 25
Assets at cost at 31 Dec do not add to 100,843,392
Note 6
Page 25
Disposals 15,278,736 - is this entirely attributable to the new Limerick stadium ?
Note 6
Page 25
Disposals 16,235,688 - w hat was disposed of?
Note 6
W hy the large increase in VAT
Note 9
Debtors
Page 27
recoverable?
Reconciliation of operating profit to net cash outflow
Page 33
Page 33
(1,378,645) Decrease in creditors, is this correct? Please show workings.
Note 18
(102,000) Net pension, is this
Note 18
correct? Is the 2011 figure com parable w ith 2010?
Board M embers Interests
W hat services w ere provided & by w hom to the value of 19,914?
Note 22
Page 35
Sum of operating and adm inistration costs = 39,960,979 not 39,959,979 reported on detailed P&L and carried in to P&L (P 16). Please clarify.
P&L and detailed P&L
Page 35
Description - "Profit/Loss on disposal of tangible assets"
P&L
Page 34
Detailed P&L
•
Should there be brackets around "loss"
•
Should the same description be used in the P&L, detailed P&L and in narrative p l3
©
Prior, Alo Subject:
G
FW: Schedule FOI 14/064 FW: BN G accounts 2011
From: McGeough, Emer Sent: 02 May 2012 11:04 To: 'Majella O'Connor' Cc: 'Michael Murnane'; Greally, Gerry; Ryan, DermotA; Statebodiescavan Subject: BNG accounts 2011
M ajella
___ _________
A couple o f general questions on the 2011 accounts: •
W ill BNG have to include a note to the accounts to com ply w ith FRS 8 - related party transactions?
•
Does the fall in property values (countrywide) have any im plications fo r the BNG accounts? W ould there be any question o f im pairm ent charges ?
Snten Emer M cGeough Assistant Principal State Bodies Section Departm ent o f Agriculture, Food and the M arine, Farnham St., Cavan 049-4368294 / 086-8116853
1
Prior, Alo From: Sent:
To: Subject:
Greally, Gerry 09 November 2012 15:36 McGeough, Emer RE: Suggested changes to Chairm an's Foreword to D R A F T A N N U A L A C C O U N T S 2011 submitted by BnG
O K with me. Gerry
From: McGeough, Emer Sent: 09 November 2012 15:33 To: Greally, Gerry Subject: RE: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG GERRY, One further item , spotted by Anne M arie, the BnG Chairman in his Foreword (page 3) states they have "put ink to paper on two very notable deals with SIS A N D THE us Greyhound Channel which will see our product a n d content beam ed all over the world". W e need to query this w ith BnG given the clarification provided by them at Tuesdays m eeting that they had not signed a broadcast deal w ith US interests. Ok w ith you? Emer From: Greally, Gerry Sent: 09 November 2012 14:16 To: McGeough, Emer Subject: FW: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG My comments included in your text below. Gerry
From: McGeough, Emer Sent: 08 November 2012 17:22 To: Greally, Gerry Subject: Suggested changes to Chairman's Foreword to DRAFT ANNUAL ACCOUNTS 2011 submitted by BnG Gerry I looked through the CEO Forew ord and noticed the following; •
Para 1. BnG CEO agreed (@ meeting, 6th Nov 2012) to expand on the reference to a "positive operational perform ance" to clarify this is surplus before grants, loss on tangible assets and interest payable & to include m ention o f the surplus before tax. Agreed
•
Para 2 . "in 2011 w e com m issioned.... Jim Power...." I think the Jim Pow er report was com m issioned in 2010. OK
•
Para 4. Refers to "€17.lm in capital surpluses" , these are the accum ulation o f w hat is referred to as "operational surpluses before grants" referred to in the accounts - referred to above. The description "capital surplus" was used in the CEO Forew ord to the 2010 accounts in a sim ilar fashion, notw ithstanding this I w onder is it acceptable for BnG to use the term "capital surpluses", should we ask BnG to clarify this is surplus before grants, gain / ( loss) on tangible assets and interest payable. Ask BNG to clarify
•
Para 6. Specific m ention is made in the CEO Foreword o f a surplus o f €3.06m from the Tote, the annual accounts don 't provide detail to back up this assertion. Do we need to ask fo r this reference to be rem oved? l
BnG was advised to remove sim ilar com m ent from an early draft o f the CEO Foreword provided for the 2010 accounts.
If not in Accounts cant be verified so we should ask for reference to be removed.
•
Para 8 , 1w ould draw your attention to the assertion "that at European level they have determ in ed that there needs to be a mechanism to ensure the integrity o f sport is protected via the use o f proceedings from the betting industry on that sport. In short this supports a mechanism like the Horse and G reyhound fund as a sources o f industry funding." I don 't understand w hat Adrian is referring to here - should I check? Perhaps you understand? Am I missing som ething? You need to ask him to clarify.
•
Para 9. The reference to the W elfare Bill should be to the W elfare o f Greyhounds Act, 2011. This reference needs to be am ended OK.
Other points o f note in the accounts: •
Page 8 - Bord na gCon have told us they own Clonm el, its not on the list in the "preface & sum m ary" Ask to be am ended
•
Page 13- "loss attributable to m inority interests"; this should be "surplus attributable to m in ority interests" Agreed it is a positive figure - Ask to be amended
•
Page 14- item 7 - auditor - 1believe, notw ithstanding w hat has appeared in earlier annual reports, the C&AG is the BnG auditor under S 14 o f the Horse and Greyhound Racing Act 2001. Ask to be included
•
Page 20 & Note 6, page 25 - payments to acquire tangible assets €17.1m; receipts from disposal of tangible assets €16.4m - an explanation o f the underlying transactions w ould help. OK
•
Page 23 - redundancy costs are included for 2011 (& 2010).
Need to clarify.
Subm itted for your observations and direction as to appropriate course o f action.
Sm en, Emer M cGeough Assistant Principal State Bodies Section Departm ent o f Agriculture, Food and the M arine, Farnham St., Cavan 049-4368294 / 086-8116853
2
Prior, Alo From: Sent: To: Cc: Subject:
Greally, Gerry 30 May 2013 09:55 McGeough, Em er Ryan, DermotA RE: 2011 BnG annual report and accounts
Emer, Regarding Chairman's Report on Corporate Governance I think the following are omissions: Code 13.1(i) Maybe the level o f indebtedness should be referred to under this Paragraph. Code 13.1(iii) and appendix 5 (para 4) Chairman needs to confirm that there has been a review of effectiveness of system of internal financial control. Code 18.8 Chairman needs to confirm disposal procedures. Gerry ----- Original message----From: McGeough, Emer Sent: 29/05/2013, 5:44 pm To: Ryan, DermotA Cc: Greally, Gerry Subject: RE: 2011 BnG annual report and accounts Derm ot Ignore the Foreword contained in the SKMBT pdf docum ent, instead read the revised text o f the Chairm an's Foreword contained in a separate pdf doc, copy attached to this e-mail. Both you and Gerry also need to be sure you are happy w ith the Chairm an's report on Corp Gov.. This has to comply w ith the Code (S 13 .1,13.4,18.8 & APP V). Emer
From: Ryan, DermotA Sent: 29 May 2013 17:30 To: McGeough, Emer Cc: Greally, Gerry Subject: RE: 2011 BnG annual report and accounts
Emer, I see the same 2 typos on the Chairm an's forew ord? Derm ot
1
From: McGeough, Emer Sent: 29 May 2013 17:08 To: Greally, Gerry Cc: Ryan, DermotA Subject: 2011 BnG annual report and accounts
Gerry, Dermot, Attached please find: 1.
SKM BT doc containing the most recent annual report and accounts received from M M urnane - please ignore the pages viz the Chairmans Foreword & the Chairm an's Report on corporate governance. I have explained to M M urnane that we need a pdf o f the annual report and accounts, incorporating the Chairman & CEO Forewords and also the C&AG Report as we only upload this material on to e-cabinet. The Chairm an's report to the M inister on Corporate Governance is not published. I am awaiting receipt o f a copy of the m aterial for publication from M M urnane.
2.
revised draft m em o & note for the info o f the M inister.
3.
revised text o f BnG Chairm ans report on Corp governance
4.
revised text o f Chairm ans Foreword
I forw arded a draft m em o & note for the M inister's inform ation to you previously on the BnG 2011 accounts. I have incorporated the feedback received into the revised version o f these docs now attached. W ould you please review the revised draft memo & note for info o f the M inister, I w ould appreciate advice on the text that should be inserted on the BnG strategic plan, as soon as I get the text o f these 2 docs finalised I can subm it a file & we need to do this asap.
Emer
From: Michael Murnane |~mailto:Michael.Murnane(a)iqb.ie1 Sent: 22 April 2013 19:43 To: McGeough, Emer Cc: Gormley, Claire; Shane Gaule Subject: FW: Message from KMBT_C452
Emer McGeough Assistant Principal State Bodies Section Department o f A griculture, Food and the Marine, Farnham St., Cavan By email and post April 22nd 2013
2
Dear Emer, 2011 Annual Report and Associated Documents:
Attached please find the follow ing in respect of the above: 1.
Corporate Governance Report from our Chairman in respect o f the 2011 Annual Report
2.
Amended Chairm an’ s foreword
3.
A copy o f the fu ll annual report w ith Page 35 attached
We trust you w ill find a ll in order. Yours sincerely
M ichael M urnane Chief Financial O fficer Irish Greyhound Board, Greenpark, Dock Road, Lim erick Direct Line: 061 448011 Mobile: 0872158585 IGB Sales C entre: 1890 269 969 | w w w .igb.ie | Follow us on Facebook
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D isclaim er The inform ation in this em ail is intended only for the addressee(s) named above. A ccess to this em ail by anyone else is unauthorised. If you are not the intended recipient o f this m essage any disclosure, copying, distribution or any action taken in reliance on it is prohibited and m ay be unlawful. Please note that the Irish G reyhound Board utilises anti-virus scanning software but does not w arrant that any e-m ail or attachm ents are free from viruses or o ther defects and accepts no liability for any losses resulting from infected em ail transm issions. A n y views expressed in this em ail m ay be those o f the originator and do not necessarily reflect those o f the Irish G reyhound Board. P lease note that the Irish G reyhound Board utilises anti-virus scanning software
3
Queries on BNG 2011 unaudited accounts Paragraph titled - Welcome
Page 2
Official title of Dept is, since 2011, the Departm ent o f Agriculture, Food and the M arine, a.k.a. An Roinn
Opening para. Done
Talam haiochta, Bia agus Mara, as Gaeilge. Surplus before tax
Page 16
475,261
P&L - correct value
Page 33
521,261
Note 18 - incorrect, has been adjusted in later versions
550,489
P&L Cash flow has to refer to interest paid. Other descriptions have been changed to Group Interest payable Interest paid on €25m for full year for first time. Yes, if not m ore due to overdraft interest now being due for re-exam ination.
W hy the difference? Interest paid
Page 16,20,23
•
Different description for this item in different places - could one term be used everywhere?
•
Increased by 103%
•
Is it likely to remain at this level into the future?
Closing balance P&L @ 31 Dec 2011
Page 16
368,006
P&L - correct value
Page 18
369,006 - w hy the difference betw een P&L and BS?
BS - typing error
Page 18
Calculations o f reserves don't add up using 369,009
Error in value included in balance sheet.
It is noted the P&L reserve stands at €0.4m w hat is the future outlook o f the reserve? W ill charges continue to be made to the Capital Reserve into the future? W hat im plications does this have fo r the BNG Group? M ik e to discuss w ith Emer.
Intangible Assets
Page 24
Negative G oodw ill - w hat does this refer to?
Note 5 - relates to the purchase cost of the 51% share o f M ullingar Stadium - has been am ortised over 10 years.
Tangible Fixed Assets
Page 25
Assets at cost at 31 Dec do not add to 100,843,392
Note 6 - Wfd. Consol, adj. - has been adjusted in later version
Page 25
Disposals 15,278,736 - is this entirely attributable to the new Limerick stadium ?
Note 6 - 14.6M relates to Lmk, balance is equipm ent etc. for other tracks
Page 25
Disposals 16,235,688 - w hat was disposed of?
Note 6 - WIP moved from Abargrove € 1 3 .lm to Lmk, & Lmk disposal o f old Stadium €3.1m
W hy the large increase in VAT
Note 9 - recovery o f developm ent costs in Lmk (once off)
Debtors
Page 27
recoverable?
Reconciliation of operating profit to net cash outflow
Page 33
(1,378,645) Decrease in creditors, is this correct? Please show workings.
Note 18 - Yes. BNG - 3 0 0 k m ovem ent in accruals, m ore tim ely receipt of invoices. SPk - 466k settlem ent o f caterer pre y/e in 2011 w hereas it was post y/e in 2010. Abargrove - developm ent creditors in 2010 which did not exist in 2011.
Page 33
(102,000) Net pension, is this correct? Is the 2011 figure com parable w ith 2010?
Note 18 - based on FRS17 report from M erce r (pension providers), no change in assum ptions to date.
Board Mem bers Interests
Page 34
W hat services w ere provided & by w hom to the value o f 19,914?
Note 22 - Board M em ber, Billy O 'D w y e r auctioneers fees o f € lk to Limerick. Cork local director, Pat Hennerty - covers for racing program m es C llk . Galway local director, Jim m y Flaherty electrical goods fitting €8k
Detailed P&L
Page 35
Sum o f operating and adm inistration costs = 39,960,979 not 39,959,979 reported on detailed P&L and carried in to P&L (P 16). Please clarify.
P&L and detailed P&L - miss-typing on the value for repairs and renewals, should read €494,574. The detailed P&L correctly down tots in later version.
Page 35
Description - "Profit/Loss on disposal o f tangible assets"
P & L -a m e n d e d to read "(Loss)/Gain on
•
Should there be brackets around "loss"
•
Should the same description be used in the P&L, detailed P&L and in narrative p l3
disposal o f tangible fixed assets" in all places.
