FOI - Financial information
The financial statements are prepared under the historical cost convention and in the form approved by the Minister for Business, Enterprise and Innovation with the concurrence of the Minister for Finance under the Industrial Development (Enterprise Ireland) Act, 1998.
The financial statements are prepared on an accruals basis, (with the exception of: Oireachtas Grants, Dividends, Sale and Redemption of Investments and Grant Refunds which are recognised on a cash receipts basis), and in accordance with Generally Accepted Accounting Practice. Financial Reporting Standards recommended by the recognised accountancy bodies are adopted as they become applicable.
Details of spending on Capital Projects
Major plans for capital expenditure
Enterprise Ireland undertakes venture capital initiatives in partnership with the private sector. All the various initiatives are independently managed by the private sector who makes all decisions regarding investments.
- The EU Seed and Venture Capital Measure 1994-1999, under the Operational Programme
- Seed and Venture Capital Programme 2000-2006, under the National Development Plan
- Seed and Venture Capital Programme 2007-2012.
- Seed and Venture Capital Programme 2013 – 2018
- Development Capital Fund
- Innovation Fund Ireland
The EU Seed and Venture Capital Measure under the Operational Programme for Industrial Development 1994–1999 was set up with the objective of establishing Venture Capital Funds to provide early stage small and medium-sized enterprises in Ireland with equity capital. Fifteen separate venture capital initiatives were established with c68 million committed under this Programme, the first of which was launched in May 1996.
Under the 2000–2006 Programme, Enterprise Ireland committed c98 million to continue to develop the venture capital market for SMEs in Ireland. This Programme committed to fifteen Funds.
The 2007–2012 Seed and Venture Capital Scheme was launched to improve access to finance for small and medium sized enterprises and to further develop the Seed and Venture Capital Industry in Ireland. Enterprise Ireland has committed to investing c175 million under this programme.
In May 2013, a new €175 million Seed and Venture Capital Programme (2013-2018) was launched aimed at providing additional funding for high-growth Irish companies with the potential to generate large amounts of additional export sales and grow jobs.
The Development Capital Scheme was established in 2012. The Scheme is aimed at providing funding for the mid-sized, export-oriented businesses that are so crucial to our growth – particularly manufacturing and technology companies in traditional sectors including engineering, food, life sciences, services and electronics. The Funds will typically invest between €2-10million in equity, quasi equity and debt. The main objectives of the Scheme are to:
- Increase the availability of risk capital to established Irish companies.
- To close the equity gap experienced by Irish SMEs.
- To encourage and leverage private sector investment in the Irish economy
Enterprise Ireland has made commitments of €75m available to three funds.
Innovation Fund Ireland provides a unique opportunity for leading international venture capital fund managers to establish their European headquarters in Ireland and access entrepreneurs and innovative companies. Ireland already has a very active venture capital industry and Innovation Fund Ireland is an initiative to further increase the availability of risk capital for innovative companies.
Accelerator Development Scheme 2015-2017
Community Enterprise Initiative Scheme (2015 – 2017)
Regional Enterprise Development Fund 2017-2020
Governance and Board Members Remuneration
Two members of the Board resigned during 2017 at the end of their appointments, Ms Clare Dunne and Mr David Walsh. In accordance with the Industrial Development (Enterprise Ireland) Act,1998 the Minister appointed one new member Mr Declan Hughes and One Vacancy remains. The Executive Director Mr Walter Hobbs resigned from his position with effect from 30 April 2017.
There were three Board members, Ms Julie Sinnamon (CEO), Ms Clare Dunne, Assistant Secretary, Department of Business, Enterprise and Innovation (resigned and replaced by) and Mr Declan Hughes Assistant Secretary Department of Business, Enterprise and Innovation who did not receive a Board fee in line with the One Person One Salary (OPOS) principle.
Enterprise Ireland Sponsorship of Events and Awards
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