IE Domain Registry Annual Report 2019

IE Domain Registry  Annual Report & Review  2019 54 Financial Statements 5(b). Transactions with directors and officers Loans to directors There were no loans made to directors during the financial year. 5(c). Material interests of directors in contracts with the company In 2019, related party transactions included company secretarial services supplied by a Director of IE Domain Registry CLG to the company to the value of €39,000 (2018 – €39,000). The maximum amount outstanding at any time during the financial year was €7,995 (creditor balance) (2018: €7,995 creditor balance). Nothing was outstanding at the financial year end date or the previous financial year end date. All transactions were made at arms-length and on this company’s normal commercial terms, which include a requirement to settle debts within 30 days. 5(d). Total remuneration costs (including directors and key management) 2019 2018 € € Total remuneration costs Wages and salaries 1,440,764 1,257,754 Social security costs 140,570 144,709 Other pension costs 50,411 46,783 1,631,745 1,449,246 5(e). Employees Number of employees (excluding directors) The average monthly numbers of employees during the year were: 2019 2018 Number Number Administration 23 22 6. Pension costs The company operates a defined contribution pension scheme for the benefit of all eligible employees. The assets of the scheme are vested in independent trustees for the sole benefit of those eligible employees. The other pension costs charge represents contributions payable by the company to the fund and amounted to €50,411 (2018 – €46,783). Notes to the Financial Statements (continued)