Annual Report for the year ending 31st December 2010

Investing in your Future Supporting the Creation & Development of Local Enterprise

Limerick County Enterprise Board is one of 35 Boards assisted by the E.U. and the Irish Government under ’s EU Structural Funds Programmes 2007-2013 1 Enda Kenny at opening of Broadford Enterprise Centre NSEA Gael Coláiste Uí Chonba, 1st Place Intermediate Category

NSEA Coláiste Mhuire, NSEA Coláiste Na Trócaire, 1st Place Senior Category 1st Place Junior Category

2 Contents Page Chairman’s Foreword 4 Report of Chief Executive Officer 5 5 Background 7 The Structure of the Board 9 Measure 1 – Selective Financial Assistance 10 Approvals 11 Payments 15 Measure 2 – Entrepreneurial and Capability Development 17 European Globalisation Fund 24 Customer Care Charter 25 Overview of Energy Usage in 2010 29 Accounts & Financial Statements 30

Limerick County Enterprise Board, Lissanalta House, , Co. Limerick Tel: 061 496520 Fax: 061 583954 Email: [email protected] www.lcoeb.ie

3 Chairman’s Foreword

2010 was a very challenging up this committee, it ensured a common approach was taken year for Limerick County to all evaluations regardless of which county they came from. Enterprise Board for many The Board also played its role in administering the EGF fund different reasons. The banking and held a number of additional meetings to ensure that crisis continued to deepen projects were approved without delay. and unemployment soared nationally to in excess of In addition to the Dell EGF Fund, the Board with its staff of 450,000. Budgets for Enterprise four continued to roll out its own range of enterprise supports Boards were also reduced to the SME sector in the county. During the year, 671 people substantially and this restricted attended over 28 training programmes organized by the our ability to offer our normal Board and 20 businesses were approved for direct financial suite of assistance to the assistance. SME sector. The European Globalisation Fund to support I wish to acknowledge the efforts of the C.E.O. Ned Toomey ex Dell employees was launched in February 2010. The total and his staff in offering a professional and dedicated fund was €22 million of which €1.455 million was allocated enterprise support service in these challenging times. I would to Enterprise Boards in the Mid-West. also like to acknowledge and thank my fellow Board members and the Evaluation Committee for their help and support The roll out of the European Globalisation Fund (EGF) was one during 2010. of the most demanding projects the Enterprise Board has ever undertaken. At the initial launch Limerick County Enterprise Board received in excess of 250 applications requesting financial support to set-up their own enterprises. The affect of administering the fund resulted in the Board’s activity being increased four-fold. To manage the overall EGF Programme a steering group was set-up and the CEO of Limerick County Enterprise Board represented the Mid-West Enterprise Boards on this committee. The Enterprise Board also set-up a separate Evaluation Committee to deal with business proposals from ex Dell workers. The committee consisted of representatives Jimmy Feane of the Evaluation Committees from Clare, Limerick City and Chairman County and North Tipperary. By setting

4 Report of Chief Executive Officer

Following on from the of Enterprise Innovation and Jobs identified additional funds downturn and difficult of €3.3 million for the Enterprise Boards. Limerick County trading position in previous Enterprise Board received €120,000 of this additional funding. years, 2010 was yet another These funds were invested in five companies which will result challenging year for the in twelve jobs being created in the short-term and twenty in Board. I am confident that the long-term. we utilized the resources available to us The Board continues to support communities in the county to for maximum benefit to our develop Enterprise Centres. These centres are proving very clients and for this I would successful in supporting start up business and creating like to thank the Board, the employment in towns throughout the County. Two more were Evaluation Committee and completed in 2010 at and Broadford. These two the staff for their support, units are now fully occupied and will create much needed jobs commitment and effort in their respective towns. during the year. We are currently in the process of constructing another The Chairman outlined the Boards response to the Dell Enterprise Centre at Kantoher which will be completed situation and our efforts and commitment to this task. One in 2011. Two more centres, one at Croom and one at of the main challenges was the increased activity due to the are at planning stage and should be completed by additional funds which we received to invest in the various 2013. enterprises promoted by the ex Dell employees. The staff were required to put procedures in place to ensure that all ex The main challenge in 2011 will be to ensure that the Dell employees were given an opportunity to access support maximum amount of funds can be drawn down from the from the fund. To date Limerick County Enterprise Board has EGF fund prior to June 29th 2011 which is the final date for approved 99 projects for funding, the total amount approved payments from this fund. I am confident the staff and the for these projects is €1.643 million. Board can rise to this challenge and will result in the Board out performing our targets set by at least 200%. During 2010 the Boards introduced new financial instruments which give greater flexibility to our suite of financial supports to new and existing businesses. The Priming and Business Expansion grants allow the Board to support businesses that need to purchase capital equipment, employment grants, marketing, training and consultancy. These packages of direct financial supports are tailored to meet the demands of the Ned Toomey current day entrepreneur. In October 2010 the Department CEO

5 Background

6 Background

Limerick County Enterprise Board is one of 35 Boards The County Enterprise Boards are funded under The established throughout the State under the Operational Innovation & Knowledge Economy of Ireland’s EU Structural Programme for Local Urban and Rural Development Funds Programmes 2007-2013. 1994/1999 and given legislative status by the Government under the Industrial Development Act 1995. The Board This measure is designed to support the development and consists of 15 members appointed by the Minister for competitiveness of local enterprise and promote the move Enterprise and Employment and these members represent the of such enterprise up the value chain. The funding for this different interests in as follows: measure includes support from the European Regional Development Funds. • Members of 4 Under the micro enterprise measure, two different areas of • Social Partners (IBEC, SIPTU, Farming Organisations) 3 action are prescribed under which County Enterprise Boards • Nominees of Agencies (Teagasc, FÁS, Fáilte Ireland, are permitted to issue funding. The two measures are as County Manager, Enterprise Ireland) 5 follows: • Ministerial Nominees 1 MEASURE 1 • Other Nominees (Ballyhoura Development Ltd., Selective Financial Intervention: financial assistance to projects. West Limerick Resources Ltd.) 2 MEASURE 2 The Board held its inaugural meeting on the 5th October Entrepreneurial and Capability Development: training, 1993. It was incorporated in the Companies Office as a promoting an enterprise culture and mentoring. Company limited by guarantee on the 26th September 1994.

The raison d’être of County Enterprise Boards was described by the then Minister for Enterprise and Employment, Mr. Ruairi Quinn T.D., at the launch of County Enterprise Initiative in Autumn 1993 as follows :

“The objective of the County Enterprise Boards will be strategic and the funding available to them should provide a new source of much-needed support for local enterprise initiatives. The County Enterprise Boards have been given clear enterprise and job creation objectives and are responsible for business areas not already covered by the State Industrial Development Agencies.”

7 The Structure of the Board

8 The Structure of the Board

The Board has a total membership of 15 and constitutes a The Board is supported by an Evaluation Committee of 5 local partnership of elected representatives, the social partners, members, which makes recommendations to the Board in community representatives, the employers sector and relation to applications for grant assistance. The members of representatives of State Agencies. The Board members are the Evaluation Committee are: as follows:

James Feane Assistant County Manager Judy Tighe Allied Irish Bank, Croom & Mary Fitzgerald Fáilte Ireland Director Catherine Hogan Enterprise Ireland Shay Riordan West Limerick Resources Limited Sean Murphy Business Consultant Peter Clifford FÁS Oliver Killeen Limerick Co. Council Jerome Scanlon Limerick County Council Colin Ryan Bank of Ireland, Limerick Michael Collins Limerick County Council Executive and administrative back-up to the Board and the Carmel Fox Ballyhoura Development Evaluation Committee is provided by a staff of 4 persons. Fachtna O’Driscoll Teagasc

Phyllis O’Halloran Ministerial Nominee Ned Toomey Chief Executive Officer David Naughton Limerick County Council Michael Cantwell Assistant Chief Executive Officer John Mc Inerney IBEC/CIF Agnes Relihan Business Advisor Frank Prendergast S.I.P.T.U. Heather Supple Office Manager Mary Harty Limerick County Council Liam Woulfe I.C.O.S. I.C.O.S. Mary Wixted Enterprise Ireland

L-R: Mary Rogan, Sean Murphy, Catherine Hogan, Judy Tighe, Oliver Killeen.

9 Measure One Selective Financial Assistance

10 Measure One

The following are the statistics in relation to applications Applications Paid received and processed by the Board during the period 1st Capital/Investment 3 January, 2010 to the 31st December, 2010. While most of the projects approved subsequently went ahead, in some cases Employment: 5 the promoter decided not to proceed. Feasibility: Nil Refundable Aid: 2 Applications Received 1/1/10- 31/12/10 Business Expansion Grants: 10 Capital/Investment Total 22 Employment: Feasibility: 4 Refundable Grant Aid: 2 Jobs Created The mandate given to County Enterprise Boards includes the Business Expansion Grant: 4 creation of jobs, full-time, part-time or seasonal and the Priming Grants: 16 maintenance of employment in existing small enterprises. Total 26 The additional jobs created by the Board since October 1993 Applications Approved amounts to 948 full-time and 107 part-time jobs (1011 full- time equivalents). Details of all approvals and payments are set Capital/Investment: out later in the report. Employment: Feasibility: 2 Ordinary Shares: Nil Refundable Grant Aid: 2 Business Expansion Grants 3 Priming Grants 12 Total 19

11 Approvals By Category From 1/1/10 TO 31/12/10

Priming Name Address Description Amount € Approval Date uMobilize National Technology Park Plassey Mobile Marketing Solutions 16,000 25/01/2010 Promotions Ltd. Lynn MacRory Main Street, Askeaton, Co. Limerick Bakery 6,500 25/01/2010 Mark McGrath Castletroy, Co. Limerick School Of Mathematics 7,500 25/01/2010 Rani Dabrai Newcastlewest, Co. Limerick Miss Moneypenny 6,000 25/01/2010 Aisling Maher 10 The Hermitage, , Unique Fashion Accessories 6,000 22/03/2010 Co. Limerick David Connolly & No 1 The Birches, Briarfield, Single Electricity Market 2,574 22/03/2010 Paddy Finn Castletroy, Co. Limerick Paddy Murphy Castletroy Park Commercial Open Emotion Studio 17,700 24/05/2010 Campus, Castletroy, Co. Limerick Richard Fox Eastlink Business Park, Ballysimon Impact Labelling 26,550 24/05/2010 Road, Limerick

12 Priming Name Address Description Amount € Approval Date Rob Kiely Tykellen House, Mount Shannon Health Care Wear Ltd. 8,000 24/05/2010 Road, Lisnagry, Co. Limerick Junior Franklin MBT Service Centre, MBT Shoe Repair 36,000 12/07/2010 , Co. Limerick Springfield 343 Dromcollogher, Co. Limerick Plastic Recycling 80,000 01/11/2010 Jason O Sullivan Kilmallock, Co Limerick Treatment Plants 8,000 01/11/2010 Action Point Plassey Technology Park Mobile Application and 49,000 01/11/2010 Innovation Innovation Services Kantoher Kantoher, Newcastle Enterprise Units 100,000 22/03/2010 Enterprise Centre West, Co. Limerick Total €369,824 Business Expansion Name Address Description Amount € Approval Date Derek & Kay Walsh , Co. Limerick Motor Home Repair 25,000 25/01/2010 DesignPro Newcastle West, Co. Limerick Automated Machines 32,280 01/11/2010 F4 Energy East Link Business Park, Heat & Power Units 30,400 01/11/2010 Ballysimon Rd. Kilmallock Kilmallock Industrial Enterprise Units 100,000 25/01/2010 Enterprise Centre Estate Total €187,680 Feasibility Name Address Description Amount € Approval Date HL Commodity Hospital, Co. Limerick Speciality Cheese 20,000 25/01/2010 Foods John Corry Croom, Co. Limerick Leak Detection Device 19,000 24/05/2010 Total €39,000 GRAND Total €596,504

13 Payments By Category From 01/01/10 – 31/12/10

Employment Name Project € Amount paid in 2010 Ultimate Electronic Solutions Software Development 15,000 Sarah Woulfe Speciality Foods 3,000 Timothy Sillery Furniture Design 3,250 Joanne Carrig Pottery 3,750 Tricycle Interactive Interactive Design 3,750 TOTAL: 28,750

14 Capital/Investment Name Project € Amount paid in 2010 Rivervalley Foods Processed wet salads 3,900 Eureka Manufacturing Manufacture of wood products 39,500 Glen Aine Foods Manufacture of cooked meats 21,600 Total 65,000 Priming Grants Name Project € Amount paid in 2010 Action Point Innovation Software Development 20,500 Aishling Maher Milliner 6,000 Impact Packaging Label Manufacture 26,550 Jason O’ Sullivan Waste Management 4,000 Lynn Mac Rory Bakery 4,982 Mark Mc Grath School of Mathematics 7,500 Open Emotion Computer Games 9,431 Rani Dabrai Business Solutions 6,000 Springfield 343 Plastic Recycling 72,500 U Mobilise Promotions Ltd. Mobile Marketing Solutions 16,000 TOTAL: 173,463 Refundable Account Capital Name Project € Amount paid in 2010 Broadford Community Enterprise Centre Enterprise Units 100,000 Kilmallock Economic Enterprise Enterprise Units 100,000 Development Centre Total 200,000 Businsess Expansion Grants Name Project € Amount paid in 2010 Design Pro Automated Machines 32,280 Global Fine Foods Manufacture of cooked meats 25,000 Total 57,280

Grand total 524,493

15 Measure Two Entrepreneurial and Capability Development

16 Measure Two Limerick County Enterprise Board provides a wide range of Start Up Business Entrepreneurial and Capability Development supports, also For the new start up business, programmes were available referred to as Measure 2 supports. The Measure 2 supports such as Start Your Own Business, Accounts for Non are designed to meet specific business requirements and assist Accountants and Sales & Marketing for beginners. Throughout new and existing entrepreneurs at each stage of business 2010, Limerick County Enterprise Board ran 4 Start Your Own development. The supports vary from training programmes, business courses in a variety of locations throughout Limerick workshops, seminars, mentoring services, trades show County to ensure accessibility – Kilmurry, Newcastle West, assistance, specialist training and web grants. All training Kilmallock, and Castletroy. The programmes were run over 5 & mentoring programmes are small business-specific and evenings and cover business topics such as business planning, flexibility of approach is the key consideration involved. market research, marketing, legal and financial issues.

Twenty Eight different training courses and workshops were offered in 2010. Of these, 15 were courses, 9 workshops, and Business Development 4 one to one, year long assistance programmes. This includes the EGF Measure 2 supports rolled out for ex-Dell workers. For the more established business, a variety of programmes The numbers participating in LCOEB Measure 2 support in were also available. A Management Development course was 2010 was 671. The numbers participating in the EGF Measure attended by 17 high profile small business owners and was 2 support in 2010 was 218. run over 16 weeks. The course was certified by Waterford Institute of Technology on completion of coursework and all The Board’s training programme has also become an attendees received certification. important source of revenue for the Board, generating income of €13,848 in the year under review. The income was lower Accurate accounting is vital to the success of any small-scale than 2009 as the Board agreed to allow unemployed persons business and to assist the small business owner in this area to attend training for free to avoid a barrier to course uptake. training was run on Taxation for Self Employed, Computerised The following is a brief description and summary of some of Accounts for Beginners (QuickBooks)and Bookeeping. the Measure 2 initiatives. Similarly, successful sales and marketing is integral to the success of any business and to support the small business owner in this area courses were available on a variety of sales & marketing approaches.

For food specific businesses the Advanced Food Programme was run by North Cork Enterprise Board and Limerick County Enterprise Board. It was based in Charleville and supported food business to develop their branding and business profile over a 6 month period.

17 Collaborative Networking within a business that needs to be addressed and these issues Networking events also proved to be in very high demand are tackled through one to one assistance/mentoring. The one throughout 2010. To ensure that all participants achieved to one assistance is offered through mentoring and technical maximum networking potential to develop new business assistance to ensure its availability to as many small businesses opportunities, a number of collaborative networking events as possible. The mentor programme provides expert business were ran with neighbouring Enterprise Boards. advice and management assistance through a panel of experienced mentors to cater for the business development Women in Business Network needs of small local businesses. The programme assists owner/ managers who are in need of management and business In 2010, Limerick County Enterprise Board joined with Limerick advice from experienced business advisors over a number of City Enterprise Board to run a joint Women in Business one to one mentoring sessions in areas such as finance, sales Network. Five events were run in both City and County and & marketing, distribution, quality, business strategy, business over 143 participants actively networked for 30 to 40 minutes planning and eMarketing. Technical Assistance allows business before listening to a business presentation from a high profile support through attendance at trade shows, website grants speaker such as Terry Prone and Veronica Canning. and assistance with strategic business planning. Over 30 businesses benefitted from mentoring and technical assistance Regional Mid West Business Week: with very positive feedback on the direct In 2010, Limerick County Enterprise Board joined with the impact made to business development. Mid West Enterprise Boards of Limerick City, Clare, Kerry and Tipperary North to develop the Mid West Regional Business Enterprise Education week. A wide variety of highly successful events were run The promotion of an entrepreneurial culture in second and by Enterprise Boards and in conjunction with other agencies third level education is a very important role for Limerick through out the Mid West, such as the Mid West Exbo. County Enterprise Board. LCOEB continued its work of promoting the idea of entrepreneurship as a career path The PLATO Mid West Network to second and third level students in a variety of interactive Plato is an important network and training programme for methods throughout the year. Our involvement in the second business people that have been in business for three years or level schools and third level colleges such as the Limerick more. The Plato Mid West Network is supported by Limerick College of Art and Design and Limerick Institute of Technology County Enterprise Board, Limerick City Enterprise Board and saw the Board interact with over 700 students during 2010. Clare Enterprise Board. 38 companies participated in the Plato programme which is run over a 3 year period with groups of Second Level businesses being facilitated by executives from major The Student Enterprise Awards is a start your own business companies. competition which operates annually at second level throughout the county. The Board engages a Schools One To One Assistance Enterprise Co-ordinator who assists teachers in delivering While training courses allow business people to learn and enterprise education and helps students to prepare their prepare for the future, there can often be immediate issues business projects for this competition.

18 Teacher manuals and Enterprise Workbooks are provided to • Limerick Institute of Technology : Market Link programme participating schools and each school holds its own internal • Limerick College of Art & Design –Professional Practice competition to choose representatives who will participate in Programme the County final which takes place in March each year. Prizes • University College Cork – Food Development Programme are awarded for Best Business, Most Innovative Product and • Tus Nua – A mid west collaborative project with UL, LIT, Best Display in Junior, Intermediate and Senior Categories. Enterprise, Ireland and FAS Winners at the County final proceed to the National Finals, which are held in Dublin each year. Traveller Initative A number of Start your Own Business session were run at the The number of schools participating in 2010 year Fas Traveller Initiative in and Rathkeale. This was has increased from 2009 with the following schools following on from sessions provided in 2008 and 2009 to participating: similar groups. Feedback from the organiser was excellent. • Coláiste Na Trócaire, Rathkeale • Castletroy College Advertising & Promotion of Measure 2 • Gaelcholáiste Uí Chonbá, Newcastle West, Co. Limerick Supports • St. Fintans CBS, Doon All activities and programmes organised by the Board were • Crescent Comprehensive, Dooradoyle widely advertised and promoted. The Limerick County • Scoil Pól, Kilfinnane Enterprise Board website was the main reference point for • Coláiste Chiaráin, Croom detailed information on training, with a monthly e-zine • Hazelwood College, Dromcollogher, Co. Limerick available on registration to inform clients of upcoming events. • Coláiste Mhuire, Askeaton, Co. Limerick In addition, events were advertised throughout the 4 papers • Scoil Mhuire agus íde, Newcastle West servicing the county and on local radio stations. The local • Coláiste Iosaef, Kilmallock media gave generous coverage and support in 2010 to the many promotional activities implemented and their support is Coláiste Mhuire, Askeaton represented Limerick County greatly appreciated. Enterprise Board at the Senior Level at the National Enterprise Awards in Croke Park 2010. Coláiste Na Trócaire, Rathkeale Conclusion represented the Board at the Junior Level and Gaelcholáiste Uí Chonba, Newcastle West represented the Board at Measure 2 training and entrepreneurial development is central Intermediate Level. Limerick County has an outstanding record to the role and functions of Limerick County Enterprise Board. of success at national level with the junior entry from Coláiste The benefits of grants are greatly enhanced by the provision of Na Trócaire, Rathkeale receiving second place in the National a range of practical and relevant training programmes that are Junior category in 2010. targeted at areas that will improve management development and aid better decision making. The Board remains committed Third level to these goals and the overall improvement in entrepreneurial activity in County Limerick. Limerick County Enterprise Board was directly involved in the rollout of business led programmes at third level:

19 European Globalisation Fund

20 European Globalisation Fund

The European Globalisation Fund (EGF) provided financial one to one mentoring and business planning and the board support to assist qualifying candidates, who worked in Dell exceeded this request. Mentoring was non-compulsory; the or predetermined auxillary business during a specified time client did not have to participate if he/she chose not to. frame, and wanted to start a business. A range of training and mentoring supports were also provided to candidates through Information on events and training for EGF clients were the EGF fund. The support levels sought and delivered were advertised on the local media through papers and radio. very high as most clients had no prior business experience and many had been in paid employment for the duration of their The Limerick County Enterprise Board website also displayed working careers. all EGF information and all applicants who filled out an application form received regular updates through post and Limerick County Enterprise Board participated in the Tus Nua email. EGF expenditure on training, mentoring and business EGF launch day at Raheen, Co. Limerick at which in excess development in 2010 was €142,270. of 250 applications for EGF business start up support were received. Business mentors were allocated to each applicant DELL EGF Limerick County Enterprise and each person was also allocated time to sit down and Board Priming Grants discuss the EGF fund and business start up with their mentor. Business plans were prepared for grant applicants who wished In 2010 the board approved a total of 99 projects for to make an application for funding and again one to one funding from the EGF fund. The total amount approved was assistance was provided every step of the way. €1,642,584. Payments up to 31/12/2010 are set out below and the total paid out on priming grants was €523,526 In addition, to one to one mentoring services, Limerick County Enterprise Board ran a number of training courses specifically for EGF clients. In 2009, Limerick County Enterprise Board ran 12 Start your Own Business courses in the Dell facility in Raheen in cooperation with Dell. In excess of 250 Dell staff participated on the courses. In 2010, an Information Morning was held for EGF clients to explain about the EGF business fund and grants available.

A number of courses were run for EGF clients during the year. A business development course was run over a five week period and 15 EGF attended. Other short-term courses were run on various topics such as sales, bookkeeping, taxation and legal issues. There was no charge for attending any of these courses, however the demand from the EGF clients was for

21 EGF APPROVALS AND EXPENDITURE Project Description Grant Type € Eligible Approved Paid Out € Expenditure Amount € Adrian Buckley Communications Business Priming 8,000 8,000 8,000 Adrian Buckley Communications Business Additional 5,958 2,979 Priming grant Aengus Jones Organic Horticulture Priming 19,51 13,755 5,482 Ali Mc Mahon Organic Poultry Priming 38,661 17,300 Ann Windle Health Food Shop Priming 35,752 21,876 4,725 Anna Kosi Dakudzi Second Hand Car Part Exporter Priming 11,840 9,740 4,000 Antanus Daugirdas Cleaning, Decorating and Priming 21,400 14,700 4,000 Maintenance Services Anthony Reddan Window and door repairs Priming 13,845 10,922 4,000 Artur Sevcov Car Custom Audio Solutions Priming 15,690 11,845 Ashley Emwanta Exporting car parts Priming 14,470 11,235 Bernard Davidson Car Valeting Business Priming 37,717 22,859 10,120 Breda Lenihan Food Production Priming 8,000 8,000 5,000 Breda Murphy Cookery School Priming 69,500 42,750 Brendan Doyle Energy Auditing Business Priming 34,663 21,828 5,210 Brendan O Neill Brendan O Neill Electrical Additional Capital 30,000 15,000 Brendan O Neill Renewal Energy Priming 22,000 13,000 12,134.97 Brendan Sheehan Askeaton Driving School Priming 15,769 11,884 4,000 Ceire McKenna Growing and retailing plants Priming 17,931 12,966 and shrubs for wholesale Christine Begley Beauty Salon Priming 50,836 29,419 5,028.86 Claire Coffey Child care Priming 18,700 13,350 4,000 Clive Harris Steel Engineering Priming 25,650 20,325 10,737.07 Coleman Duggan Garden & General Maintenance Priming 21,474 14,737 4,000 Damien Shanahan Men’s Clothing Shop in Priming 35,800 25,900 4,000 Charleville

22 Project Description Grant Type € Eligible Approved Paid Out € Expenditure Amount € David Coyle Property Maintenance Service Priming 13,729 14,863 8,000 David Hennessy DH Recovery Priming 54,816 31,408 David McGrath Taxidermy Priming 3,522 1,761 1,761 Declan Hurley Sports Photography Priming 36,198 22,099 8,963.46 Denis Blasting Services Priming 28,800 22,400 4,000 Connaughton Denis Moloney School of Motoring Priming 17,500 12,750 5,000 Denis Ryan Landscape and maintenance Priming 36,972 22,486 23,060.35 services Derek Ryan Growing vegetables and selling Priming 36,788 20,742 to retail and consumers Elaine O Dea Sign making Priming 54,892 31,420 4,000 Fidelma Maune Discount Store in Askeaton Priming 26,234 17,117 7,909.16 Frank Williams Photography Business Priming 26,043 17,021 5,462.81 Gareth Conway Electrician Priming 23,289 15,644.50 4942.50 Ger Finan Computer Software for Priming 53,702 32,851 25,601 businesses Godwin Moneke Information website for non Priming 17,525 12,766 12,138.77 nationals Greg Jordan Food processing Priming 30,820 20,443.77 20,443.77 Helen Food processing Priming 8,000 8,000 8,000 O’Shaughnessy Indresh Yadav Data Centre Priming 50,877 33,439 4,000 Iwona Rozuk Online Shop Priming 12,000 10,084.50 10,084.50

James Fulham Maynard Consulting Priming 22,948 25,948 13,749 Jamie Hedigan Agricultural Contractor Priming 37,710 22,855 Jean McElligott/ Giggles Entertainment for Priming 17,178 12,588 4,000 Buckley children Joe Nolan Taxi Driver Priming 8,000 8,000 4,000 John Barry IT Training Priming 14,350 11,175 4,000 John Coughlan Vegetable garden maintenance Priming 17,888 12,944 John Moloney Septic Tank Cleaning Services Priming 31,300 19,650

23 Project Description Grant Type € Eligible Approved Paid Out € Expenditure Amount € John Penny Health & Fitness Classes Priming 22,550 15,275 5,849.09

John Scanlon Angling tour guide Priming 24,748 16,373 7291.3

John Sheehan Service & Repair of vintage cars Priming 35,935 21,967 and tractors Joseph Aherne Hackney Business Priming 8,000 8,000

Karen Humphries Sports Injury Therapy Priming 10,000 9,000 4,000

Karen Humphries Sports Injury Therapy Additional 3,424 1,712 Priming grant Kate McSweeney Moulded Underwear Priming 16,240 12,120 5,482.95 Kevin McCarthy Dog Grooming Priming 33,210 24,605

Kieran McCoy Taxi Business Priming 8,000 8,000 4,000 Konstantine PC Repair Priming 20,000 14,000 4,000 Cepurovskij Kwabena Aklassou Mobile valeting services Priming 34,045 21,023 Liam McCarthy Oil Boiler Maintenance Priming 16,830 1,2415 4,000 Liam O Gorman Property Maintenance Priming 27,554 23,277 12,293 Lina Gajauskaite Wholesale and retail wood and Priming 46,880 21,295 wood products Magdalena Polish cosmetics and skincare Priming 11,718 9,859 4,000 Oklewicz Mark Englishby Barbers Shop Priming 25,818 18,909 Martin Cremin Gym equipment maintenance Priming 27,500 17,750 4,000 Martin O’Connor Pub Lease Priming 36,880 21,000 7,350

Martin O’Grady Mobile Welding Service Priming 25,026 20,513 Mary Laffan Pedigree Heifers Business Priming 10,000 10,000 5,000 Mary O’Doherty RentandHire.ie Priming 39,585 27,797 27,793 Mary Power Snack Distribution Business Priming 3,960 9,980 4,000 Matthew Daly Horse Training Priming 44,400 26,200 5,765.39 Michael Chawke Taxi Business Priming 8,000 8,000 Michael Logan Complimentary Alternative Priming 18,780 13,390 Medicines

24 Project Description Grant Type € Eligible Approved Paid Out € Expenditure Amount € Michael Sheehan Maintenance Services Priming 24,800 12,400 Mid West Recycling Waste Tyre Recycling Feasability Cooperative Pat Fitzgerald Electrical and Oil Services Priming 23242 15621 Pat Heffernan Chauffer Service Priming 13,816.19 10,909 4,000 Pat McMahon Magic Entertainment Business Priming 20,350 14,675 4,000 Patrick Adindu Water Ionizers Franchise Priming 17392 12696 4000 Patrick McCarthy Garden Maintenance Priming 16,000 16,000 4,000 Paul Gavin Artisan Product Distribution Priming 12,613 10,110 4,000 Service Peter Oranu Web Business for African Priming 24,795 17,680 13,535.50 community in Irl. Radosclaw Osiecki Online Cosmetic Website Priming 8,000 8,000 4,000 Rob Sexton Landscaping Business Priming 39,703 23,852 4,000 Romanus Turay Exporting car parts to Sierra Priming 14,840 11,480 Leon Ron & Patricia Potts Car restoration business Priming 38,742 27,361 21,125.87 Sarah O’Brien Massage and Sports Injury Priming 28,355 18,178 4,000 Moloney Business Seamus Golf Simulator Priming 43,900 25,950 9,000 Cunningham Sean King Light Engineering Priming 18,860 14,869 14,869 Sean Mc Gowan B-Located Tracker Bracelets Feasability 40,000 20,000 Sean Shanahan Seasoned Firelogs Priming 26,932 17,467

Sheila and Nose Lady Sheila Musical Band Priming 23,134 19,567 8,000 Ojii Terence Whelan Synergy Stocktaking Service Priming 44,256 20,715 15,715 Thomas O Shea Kilmallock Stores Priming 17,175 14,877 Tom Bromell Distribution Business Priming 26,800 17,400 14,502 Vera McNamara Mobile Hairdresser Priming 18,000 14,000 7,789.34 William Stanners Tile Cleaning Business Priming 35,450 21,728 8,610.78 Yvonne Phillips Web Based Gift Store Priming 21,091 14,545 4000 TOTALS 2,434,012.19 1,642,583.77 5,23526.44 25 Customer Care Charter Limerick County Enterprise Board

26 Customer Care Charter Objective Efficiency The objective of the County Enterprise Board is to discharge To expect that all queries are dealt with in a speedy and the duties and functions entrusted to it by the Minister for efficient manner, while recognising the need to keep to the Enterprise Trade and Employment and in accordance with the minimum any cost which you might necessarily have to incur. Operating Agreement signed between the County Enterprise Board and the Minister for Enterprise Trade and Employment Privacy and Confidentiality in an efficient and professional manner at the lowest possible To have all information, both personal and business, provided cost to the public while also recognising their right to a by you dealt with in total confidence and in a manner which prompt and courteous service. respects your dignity.

When you are dealing with the Board staff they will seek to Redress ensure that you are fully informed of all services and facilitated To expect that any legitimate complaint regarding; in gaining proper access to these services.. (a) The improper administration of the functions entrusted to this Board; Courtesy and Helpfulness Or To expect that in all your contacts with the County Enterprise Board, be they in person, by telephone or by correspondence, (b) The manner in which an enquiry was processed; Which will you are at all times dealt with by the staff of the Board in a be dealt with speedily and sympathetically and in accordance courteous and helpful manner; with the Board’s Customer Care and Complaints Procedures (see attached). These procedures are without prejudice to an To be given the name of the official with whom you are individual’s normal rights in law or to any independent review dealing; systems that might be put in place.

To be directed to the appropriate official dealing with your enquiry.

Information To be given full and accurate information in simple language in relation to any query you may raise.

27 Customer Care and Complaints Procedure 1.0 Introduction 6.0 Complaints This procedure ensures that clients (promoters) are dealt Complaints may be received in person, by telephone or in with in accordance with the LCOEB Mission Statement writing. and its policy for Quality and its Customer Charter. 6.1 In Person or by Telephone The complaint will be referred to the person most 2.0 Scope able to resolve the compliant; where the person All LCOEB activities. is not available the OA will record details of the complaint on a report and pass it to the person at 3.0 Definition the earliest opportunity. Client -Any promoter, course delegate, visitor or other 6.2 Written Complaints person who avails themselves of LCOEB’s services Written complaints will be passed to the CE for his CE - Chief Executive attention and will be acknowledged by return. ACE - Assistant Chief Executive 6.3 The CE will record details of the complaint on a OM - Office Manager report. OA - Office Administrator 6.4 Resolution of Complaints Should the CE and his staff be unable to resolve a 4.0 Responsibilities complaint it will be passed to the Board for their The Board is ultimately responsible for the resolution of a attention. complaint. Other individual responsibilities are 6.5 The complainant will be written to and informed of documented in the following paragraphs. the fact. 6.6 The OM will monitor complaints and the resolution 5.0 Client Charter of them and ensure the Corrective and Preventive The LCOEB Customer Charter defines the level of care Action Procedures are implemented. taken by LCOEB to ensure that the customer is properly dealt with.

28 Overview of Energy Usage

Limerick County Enterprise Board energy usage is totally controlled by Limerick County Council.

The board is therefore not in a position to instigate any actions which may result in energy savings.

29 Limerick County Enterprise Board Limited Financial Statement for the Year Ended 21 December 2010

Board Membership And General Information 31 Report Of The Directors 31 Statement Of Directors’ 33 Report Of The Comptroller And Auditor General 34 Statement Of Accounting Policies 36 Income And Expenditure Account 37 Balance Sheet 37 Notes To The Financial Statements 38

30 Board Membership & Directors’ Report General Information Year Ended 31 December 2010 Directors The directors submit herewith their report together with the The Names Of Persons Who Were Directors At Any Time financial statements for the year ended 31 December 2010. During The Year Ended 31 December 2010 Were As Follows: 1. Principal Activities James Feane (Chairman) The Principal Activity Of Limerick County Enterprise Board Is To Mary Fitzgerald Liam Woulfe Support Job Creation, Help Create Enterprise Awareness And Shay Riordan Peter Clifford To Cultivate An Enterprise Culture In Limerick County. Carmel Fox Mary Kelly Fachtna O’driscoll Phyllis O’halloran 2. Highlights Of The Year Frank Prendergast Michael Collins The Board Provided Grant Assistance, Which Helped Towards Mary Harty Mary Wixted The Creation Of 39 Additional Jobs In 2010. In Addition Other John Mc Inerney Jerome Scanlon Measures In The Areas Of Entrepreneurial And Capability David Naughton Development Were Undertaken Which Helped To Improve The Climate For Enterprise In County Limerick. The Board Secretary Ned Toomey Worked With A Number Of Communities In Particular In The Development Of Enterprise Centres. Two Enterprise Centres Chief Executive Officer Ned Toomey Were Completed One In Kilmallock And One In Broadford Co. Limerick. The Kilmallock Enterprise Centre Is Fully Occupied Registered Office And Broadford Is 80% Occupied. During 2010 The European Lissanalta House, Dooradoyle, Co. Limerick Globalisation Fund Was Approved For Ex Dell Employees And Associated Companies. The Total Fund Was €22 Million Of Auditors Which €1.445 Million Was Allocated To The Enterprise Boards. Comptroller And Auditor General, The Target Was That 50 Businesses Be Supported By The Way Treasury Building, Dublin Castle, Dublin 2. Of Financial Intervention. To Date Limerick County Enterprise Board Have Approved A Total Of €1,488,937 For 89 Projects Bankers And Are Currently Processing An Additional 30 Applications. Bank Of Ireland, 94 O’connell Street, Limerick. 3. Results Solicitors Details Of The Accounting Results For The Year Are Set Out In Leahy & Partners, Park Manor, Upper Mallow Street, Limerick. The Financial Statements.

Company Number 222536

31 4. Health And Safety 7. Books Of Account The Well-Being Of The Company’s Employees Is Safeguarded The directors are responsible for ensuring that proper books By Adherence To The Requirements Of The Safety, Health And and accounting records, as outlined in Section 202 of the Welfare At Work Act 2005. Companies Act 1990, are kept by the company. To achieve this, the directors have engaged the services of a firm of 5. Auditors qualified accountants to carry out an internal audit to ensure The Comptroller And Auditor General Is Responsible For The the appropriate accounting systems are maintained. The Audit Of The Board In Accordance With Section 5 Of The books and accounting records are located at the company’s Comptroller And Auditor General (Amendment) Act 1993. registered office.

6. 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 Income And Expenditure For That Period. In Preparing Those Financial Statements, The Directors Are Required To: • Select Suitable Accounting Policies And Apply Them Chairperson Date 27/06/11 Consistently; • Make Judgements And Estimates That Are Reasonable And Prudent; • Prepare the statements on a going concern basis unless Director Date 27/06/11 that basis is inappropriate; • State whether applicable accounting standards have been followed, subject to any material departure 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 2009 to 2010. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the detection of fraud and other irregularities.

32 • Regular reviews by the Board of Directors of periodic Statement On Internal and annual financial reports which indicate financial performance against forecasts; • Setting targets to measure financial and other Financial Control performance; • Clearly defined capital investment control guidelines; On behalf of the Board of Directors of Limerick County • Formal project management disciplines. Enterprise Board I acknowledge our responsibility for ensuring that an effective system of internal control is maintained and Limerick County Enterprise Board has an internal audit operated. The system can only provide reasonable and not function, which operated in 2010 in accordance with the absolute assurance that assets are safeguarded, transactions Framework Code of Best Practice set out in the Code of authorised and proper, and that material errors or irregularities Practice on the Governance of State Bodies. The work of are either prevented or would be detected in a timely period. internal audit is informed by analysis of the risk to which the body is exposed and annual internal audit plans are based on Key control procedures: this analysis. The analysis of risk and the internal audit plans The Board has taken steps to ensure an appropriate control are endorsed by the Audit Committee and approved by the environment by: Board of Directors. • Clearly defining management responsibilities; • Establishing formal procedures for reporting significant The Board’s monitoring and review of the effectiveness of the control failures and ensuring appropriate corrective system of internal financial control is informed by the work of action. the internal auditor, the Audit Committee which oversees the The Board established processes to identify and evaluate work of the internal auditor, the executive managers within business risks by: Limerick County Enterprise Board who have responsibility • Identifying the nature, extent and financial implications for the development and maintenance of financial control of risks facing the body including the extent and framework, and comments made by the Comptroller and categories which it regards as acceptable; Auditor General in his management letter or other reports. • Assessing the likelihood of identified risks occurring; • Assessing the body’s ability to manage and mitigate the Annual review of controls: risks that do occur; I confirm that in the year ended 31st December 2010 a review • Assessing the costs of operating particular controls of the effectiveness of internal controls was carried out by the relative to the benefit obtained. Board in December 2010. The system of internal financial control is based on a framework of regular management information,administrative Signed on behalf of Limerick County Enterprise Board procedures including segregation of duties, and a system of delegation and accountability. In particular it includes: • A comprehensive budgeting system with an annual budget which is reviewed and agreed by the Board of Directors; Chairperson Date 27/06/11

33 Report Of The Office Of The with the Auditing Practices Board’s Ethical Standards for Auditors. Comptroller And Auditor General For Presentation To The Houses Scope of Audit of the Financial Statements An audit involves obtaining evidence about the accounts Of The Oireachtasl and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free Limerick County Enterprise Board Limited from material misstatement, whether caused by fraud or error.

I have audited the financial statements of Limerick County This includes the assessment of: Enterprise Board Limited for the year ended 31 December • whether the accounting policies are appropriate to the 2010 under the Comptroller and Auditor General company’s circumstances, and have been consistently (Amendment) Act 1993. The financial statements, which applied and adequately disclosed have been prepared under the accounting policies set out • the reasonableness of significant accounting therin, comprise the Statement of Accounting Policies, the • the overall presentation of the financial statements Income and Expenditure Account, the Balance Sheet and the related notes. The financial reporting framework that has been I also seek to obtain evidence about the regularity of the applied in their preparation is applicable law and Generally financial transactions in the course of the audit. Accepted Accounting Practice in Ireland. In addition, I read all the financial and non-financial Responsibilities of the Directors information in the annual report to identify material The Directors are responsible for the preparation of the inconsistencies with the audited financial statements. If I financial statements, for ensuring that they give a true and become aware of any apparent material misstatements or fair view of the state of the company’s affairs and of its inconsistencies I consider the implications of my report. income and expenditure, and for ensuring the regularity of transactions. Without qualifying my opinion, I draw attention to the accounting policy on pensions which explains why the Responsibilities of the Comptroller and provisions of Financial Reporting Standard 17 have not been Auditor General implemented. My responsibility is to audit the financial statement and report on them in accordance with applicable law. Opinion on the Financial Statements In my opinion, the financial statements: My audit is conducted by reference to the special • give a true and fair view, in accordance with Generally considerations which attach to State bodies in relation to their Accepted Accounting Practice in Ireland, of the state of management and operation. the company’s affairs at 31 December 2010 and of its income and expenditure for the year then ended; and My audit is carried out in accordance with the International • have been properly prepared in accordance with the Standards on Auditing (UK and Ireland) and in compliance Companies Acts 1963-2009.

34 I have obtained all the information and explanations that I consider necessary for the purpose of my audit. In my opinion proper books of account have been kept by the company. The financial statements are in agreement with the books of account.

In my opinion, the information given in the Directors’ Report is consistent with the financial statements.

Matters on which I Report by Exception I report by exception if: • my audit noted any material instance where moneys have not been applied for the purposes intended or where the transactions id not conform to the authorities governing them, or • the information given in the Annual Report for the year which the financial statements are prepared is not consistent with the financial statements, or • estimates made in the preparation of the financial statements, and • the Statement on Internal Financial Control does not reflect the company’s compliance with the Code of Practice for the Governance of State Bodies, or • I find 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 is reporting is by exception.

Andrew Harkness For and on behalf of the Comptroller and Auditor General 30th June 2011

35 6. Deferred Income Statement Of Repayments of refundable aid are recognised as income when applied as financial assistance to other enterprises. Deferred Accounting Policies income represents refundable aid received from assisted enterprises but not yet applied. 1. Basis of Accounting The financial statements have been prepared under the 7. Pensions Section 10 (4)(g) of the Industrial Development Act 1995 accruals method of accounting, except as indicated below, provides that County Enterprise Boards may employ such and in accordance with generally accepted accounting personnel (including a Chief Executive Officer) in such principles under the historical cost convention. Financial manner and on such terms as have been approved by the reporting standards recommended by the recognised minister (with the consent of the Minister for Finance) as the accountancy bodies are adopted as they become operative. Board may think desirable or necessary for the furtherance 2. Fixed Assets and Depreciation of its objectives. The Minister for Enterprise, Trade and Fixed assets are stated at their historical cost or valuation less Innovation, with the consent of the Minister for Finance, accumulated depreciation. Depreciation is charged to the approved the introduction of superannuation and associated income and expenditure account, on a straight-line basis, at spouses and children’s superannuation schemes for the the rates set out below, so as to write off the assets, adjusted board. Superannuation schemes for staff of the board were for estimated residual value, over their introduced in 2008 and pending formal approval, the Minister Expected useful lives. for Enterprise Trade and Innovation, with the consent of the minister for finance, has authorised the board to operate the Furniture - 12.5% schemes, based on the model superannuation scheme for civil Office equipment - 20% servants, on an administrative basis. The schemes operate on a “pay-as-you-go” basis which means that benefits are not 3. Oireachtas Grants pre-funded through the making of contributions to a separate Oireachtas grants are accounted for on an accruals basis. fund controlled by trustees. The arrangements involve the Oireachtas grants are provided by enterprise ireland on payment of employee contributions to enterprise ireland and behalf of the minister for enterprise, trade and innovation. the department of enterprise trade and innovation with the Expenditure under european globalisation fund supports and Department of Enterprise, Trade and Innovation making funds the related funding are accounted for on an accruals basis. available to the Board, through Enterprise Ireland, to meet the 4. Grants Payable cost of benefits as they fall due. The Department is currently considering the possibility of restructuring the schemes to Grants are accrued in the financial statements when the ones which incorporate all of the county enterprise boards. grantees have complied with stipulated conditions. Pending resolution of these uncertainties about the schemes, 5. Capital Account the Board has not implemented the defined benefit scheme The capital account represents the unamortised value of disclosure provisions of frs17. income used for capital purposes.

36 Income And Expenditure Account Balance Sheet Year Ended 31 December 2010 At 31 December 2010 Income € 2010 € 2009 € 2010 € 2009 Oireachtas Grants 1,524,137 958,833 Other income 1b 17,321 30,524 Fixed Assets Transfer from Deferred Income 3c 200,000 24,000 Tangible Assets 6 7,737 12,770 Transfer from/(to) Capital Current Assets Account 7 5033 5,275 Debtors And Prepayments 11,136 8,346 Bank And Cash 89,654 164,071 Total Income 1,746,491 1,018,632 Total 100,790 172,417 Expenditure Selective Financial Assistance 2 524,493 293,529 Current Liabilities Entrepreneurial and Capability Creditors And Accruals (6,806) (7,146) Development 4 233,637 378,824 Oireachtas Grants (39,507) (54,477) Administration 5 322,565 346,279 Deferred Income 3C (3,231) (162,040) European Globalisation Fund 665,796 0 (100,790) (172,417) Total Expenditure 1,746,491 1,018,632 Surplus / (Deficit) for the year 0 0 Net Current Assets / (Liabilities) 0 0

The board had no gains or losses in the financial year or the Net Assets 7,737 12,770 preceding financial year other than those dealt with in the Financed By Income and Expenditure Account. The results for the year Capital Account 7 7,737 12,770 relate to continuing operations. Income And Expenditure Account 0 0 The statement of accounting policies together with notes 1 to 15 form part of these financial statements. 7,737 12,770

Chairperson Director CEO Chairperson Director CEO

27/06/11 27/06/11 27/06/11 27/06/11 27/06/11 27/06/11 Date Date Date Date Date Date

37 Notes to the Financial Statements Funding provided by the department for payment of selective financial assistance in 2010 was €334,449. The outstanding For The Year Ended commitments of the board as at 31 december, 2010 arose as 31 December 2010 follows: Repayable 1 (A) funding and expenditure of the €Grants Grant Aid Total board Commitments at “Section 10(2) of the industrial development act, 1995 1 January, 2010 193,628 87,977 281,605 provides for payment of grants by the minister for enterprise Approvals in year 409,232 187,272 596,504 trade and innovation to the board. Under statutory instrument 602,860 275,249 878,109 no. 655 Of 2006, enterprise ireland pays grants on behalf of the minister. Expenditure by the board is applied on measures De-commitments under the locaenterprise sub-programme, innovation and 2010 approvals 44,000 25,000 69,000 the knowledge economy priority, of the southern & eastern De-commitments regional operational programme 2007-2013.” 2009 approvals 36,750 22,000 58,750 80,750 47,000 127,750 Funding form the european globalisation fund has been secured by ireland to provide supports to those who lose their Expenditure 359,608 164,885 524,493 jobs as a result of changing global trade patterns. The funding Commitments at is co financed by exchequer funds. The job losses relate to a 31 December 2010 162,502 63,364 225,866 number of specific companies and their suppliers. Supports provided are broadly in line with those under measure 1 and Expenditure Of €524,493 Comprises Of Capital Grants - measure 2 above. Funds are provided by enterprise ireland in €179,000 Employment Grants - €54,900, Refundable Grant advance and approved projects are funded. Aid - €164,885, Business Expansion Grant – €50,943 And When scheme terms have been verified. (See note 3(d)). Priming Grants - €74,765

The measures are as follows: Outstanding commitments at 31 December were entered as Measure 1: selective financial assistance follows: Measure 2: entrepreneurial and capability development. € After 1 January, 2010 221,761 1 (B) Other Income Prior to 1 January, 2010 4,105 2010€ 2009€ 225,866 Course fees 17,321 30,524 3. Refundable Aid 2. Selective Financial Assistance (a) Investments The board makes an offer of grant assistance which, if The current amount invested by way of preference / ordinary accepted, remain valid as commitment of The board for a shares was €392,040 at 31 December 2010. As it is not specific period or in the circumstances specified on approval. possible to accurately assess the value of these shares, which

38 are dependent on the performance of the enterprises, the (B) Repayable Grant Aid shares are not capitalised on the balance sheet. Dividends, Repayments of Refundable Aid may only be used to fund interest and repayments received, are taken to account on a further grants under Measure 1€449,161advanced by way of cash basis. Such receipts may be used by the Enterprise Board repayable grants was potentially refundable at 31st December to fund further grants. 2010. € 2010 €2009 Movement in Investments (at cost) € 2010 €2009 Balance 1 January, 2010 392,040 392,040 Balance 1 January, 2010 382,555 407,864 Repaid in the year - - Issued in 2010 164,885 96,936 Issued in the year - - Repaid in 2010 (89,367) (106,376) Balance 31 December, 2010 392,040 392,04 Written off in 2010 (8,912) (15,869) Balance 31 December, 2010 449,161 382,555 The following investments were held by the Board at 31 December, 2010 € 2010 €2009 Company Type of share €Amount Due within 12 months 124,374 117,423 Due after 12 months 324,787 265,132 Hospital Food Units Co. Ltd Preference shares 253,948 449,161 382,555 Hospital Food Units Co. Ltd Ordinary shares 38,092 Food Units Preference shares 100,000 The Board reviews balances due and when it considers that 392,040 repayment is unlikely the Board will decide to write off that amount. In 2010 €8,912 was written off by the Board. The Board reviews investments, and when it considers that repayment of the investment is unlikely, the Board will decide (c) Reallocation of Refundable Aid to write off that amount. No investments were written off in Receipts 2010. € 2010 €2009 Balance of Refundable Aid “Contingent Liability’’ receipts on hand at 1 January, 2010 162,040 76,777 The Board has, on occasion, provided financial assistance by Measure 1 payments advanced means of investments in Cumulative Redeemable Convertible from Deferred Income (200,000) (24,000) Preference Shares and has received proceeds of €10,000 Refundable Aid receipts: through the redemption of some of these shares. The Board’s Repayable Grant Aid contingent liabilities relating to these investments arise from Interest/Dividends 89,367 106,376 the possibility that companies may have redeemed shares in 3,070 2,887 situations where there were inadequate distributable profits. Balance of Refundable Aid In such instances the Board may be obliged to repay moneys Receipts at 31 December, 2010 54,477 162,040 received on foot of redemptions”

39 d) European Globalisation Fund 5. Administrative Costs Receipts and expenditure under the European Globalisation € 2010 €2009 Fund arose as follows: Salaries (Note 11) 241,986 263,140 € € Travel 14,057 16,559 Receipts Office Expenses 4,728 4,940 Enterprise Ireland 700,000 Office Accommodation 34,531 32,000 Audit Fees 6,392 6,392 Expenditure Insurance 4,585 4,314 Priming Grants 468,622 Staff Training 550 1,675 Mentoring 58,684 Depreciation 5,033 5,275 Training 14,991 Internal Audit 3,025 3,037 Business Planning 98,034 Board Expenses 1,417 2,018 Websites 25,465 Publications 2,249 2,285 665,796 Miscellaneous 4,012 4,644 Balance as at 31 December 34,204 Total 322,565 346,279

Grant applications under the European Globalisation Fund Limerick County Council provides payroll and management totalled €1,488,937 in 2010, €468,622 of which information services to the Board on an agency basis. Limerick were paid. The outstanding commitments at 31 December County Council charges no fees to the Board for these 2010 was €1,020,315. services.

4. Entrepreneurial & Capability 6. Fixed Assets Development Furniture€ Equipment€ Total € – Measure 2 € 2010 €2009 Cost / Valuation Management Development Programmes 83,258 56,209 Balance at 1 January, Training 56,906 200,016 2010 2,065 38,006 40,071 Mentoring 25,320 33,439 Additions during the year 0 0 0 Enterprise Education 14,460 21,935 Disposals in 2010 0 0 0 Enterprise Promotion 24,495 27,715 Balance at 31 December, Other 29,198 39,510 2010 2,065 38,006 40,071 233,637 378,824 Accumulated Depreciation Balance at 1 January, 2010 2,065 25,236 27,301 Charge for year 0 5,033 5,033 Disposals in 2010 0 0 0 Balance at 31 December, 2010 2,065 30,269 32,334

40 Net book value 31 December, public sector scheme and his pension entitlements do not 2010 0 7,737 7,737 extend beyond standard entitlements in the public sector defined benefit superannuation scheme. Net book value 31 December, 2009 0 12,770 12,770 11. Superannuation A Superannuation scheme is operated by the Board. The Board also has the use of assets provided to it by Limerick County Council. 12. Board Members Disclosure Of Transactions 7. Capital Account The Board adopted procedures in accordance with € 2010 €2009 guidelines issued by the Department of Finance in relation Balance at 1 January 2010 12,770 18,045 to the disclosure of interests by Board Members and these Transfer (to)/from Income and procedures have been adhered to in the year. There were no Expenditure Account 0 0 transactions in the year in relation to the Board’s activities in Funds allocated to acquire fixed assets 0 0 which the Board Members had any beneficial interest. Amount amortised in line with Asset Depreciation (5,033) (5,275) 13. Going Concern (5,033) (5,275) The Minister for Enterprise, Trade and Innovation announced in June 2010 that he is to bring proposals to Government on Balance at 31 December 2010 7,737 12,770 the structure of County Enterprise Boards. The Board is not aware of any intention to amend the functions of the Board 8. Taxation and it assumes that its existing activities will continue to be No provision has been made for taxation in the financial carried out by any successor body and its assets, liabilities and statements. staff will be transferred to that body. In these circumstances, it does not believe that any adjustment is needed to the financial 9. Employees And Remuneration statements to reflect any possible restructuring and it has The average number of staff during the period was 4. All prepared these accounts on a going concern. members of staff are employed on a permanent basis. €27,460 was deducted from staff by way of a pension levy 14. Board Premises and was paid over to Enterprise Ireland. The Board occupies premises at Lissanalta House, Dooradoyle, Co. Limerick under a rental agreement with the local authority. 10. Director’s Fees & CEO Salary This agreement commenced in 1993 and is renewed on an Members of the Board act entirely in a voluntary capacity and annual basis. The annual rental charge for 2010 was €32,000, no fees or expenses were paid to members of the Board in including parking and rates. 2010. The CEO received salary payments of €91,580 in 2010. No bonus payments were made to the CEO. The CEO received 15. Approval Of Financial Statements recoupment of travel and subsistence expenses of €4,707 in The financial statements were approved by the Board on the 2010. The CEO is a member of an unfunded defined benefit 28th March 2010.

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