IE Domain Registry Annual Report 2019

IE Domain Registry  Annual Report & Review  2019 53 Financial Statements 4. Operating profit 2019 2018 € € The operating profit is arrived at after charging: Depreciation 125,897 111,736 Auditors’ remuneration – Audit 11,500 11,500 – Tax advisory services 2,750 2,750 Directors’ remuneration 77,500 50,771 Pension costs 50,411 46,783 Operating lease charges 140,202 147,211 Secretarial fees 39,000 39,000 In 2015 a Strategic Development Fund was established to finance a set of promotion, marketing and customer service initiatives to meet the strategic priorities of expansion and protection of the .ie namespace. In 2019, the Fund financed the successful OPTIMISE program, publications backed by robust independent research, new services for customers and the Digital Town 2019 event in recognition of Ireland’s Internet Day. The operating profit reflects expenditure of €216,500 on these initiatives during the year ended 31 December 2019. Directors’ remuneration in 2018 compared to 2019 reflects the time gaps between retirements of outgoing directors and appointments of incoming directors. 5. Remuneration 5(a). Directors’ and key management remuneration Included in employment costs are the following in respect of directors and key management personnel of the company: 2019 2018 € € Emoluments in respect of qualifying services 548,432 502,646 Company contributions in respect of qualifying services to Pension Scheme Fund, a defined contribution benefit retirement scheme 32,656 32,386 581,088 535,032 The number of management to whom retirement benefits are accruing under Pension Scheme Fund in respect of qualifying services is 3 (2018 – 3). Other than as shown above any further required disclosures in sections 305 and 306 of the Companies Act 2014 are €Nil for both financial years.