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SCIENCE FOUNDATION IRELAND ANNUAL REPORT 2015
Board Members’ Report
For the year ended 31 December 2015
Board Members’ Responsibilities
Financial Statements
Section 24 (2) of the Industrial Development (Science Foundation Ireland) Act, 2003, requires Science
Foundation Ireland to keep, in such form as may be approved by the Minister for Jobs, Enterprise and
Innovation with the consent of the Minister for Public Expenditure and Reform, all proper and usual accounts
of money received and expended by it and in particular, to keep in such form as aforesaid all special
accounts as the Minister may from time to time direct.
In preparing those financial statements, Science Foundation Ireland is required to
select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
Science Foundation Ireland will continue in operation;
State whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements
The Board is responsible for keeping adequate accounting records which disclose, with reasonable accuracy
at any time, its financial position which enables it to ensure that the financial statements comply with the
overall requirements of Section 24 of the Industrial Development (Science Foundation Ireland) Act, 2003.
The Board is also responsible for safeguarding its assets and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
On behalf of the Board of Science Foundation Ireland:
Ms Ann Riordan
Chairman Prof Mark Ferguson
Director General
Date: 17 May 2016 Date: 17 May 2016