EPACE Ltd/TEEU 2007 Accounts

national | worker & community struggles and protests | news report

Saturday November 08, 2008 10:57

by Whistle Blower

Whats behind EPACE/TEEU 07 Accounts

Explaining what the Non-Profit company EPACE Ltd/TEEU really means

EPACE Limited/TEEU has just filed their 2007 accounts and as always they make for interesting if infuriating reading.

Once again this so called, well you have to laugh really, “Non-Profit” making self appointed, non statutory regulatory body filed a huge profit of €248,577.00 up 13% on 2006 “Non Profit “profits of €216,147.00

So let’s have a look at this Non-Profit limited company who I might remind readers don’t pay any tax on their Non-Profits profits.

Gross Profit €248,577.00 up 13% on 2006
Administrative Expenses€181,697.00 up 13.1% on their administrative expenses in 2006.

TEEU Pay Out
€58,400.00 which represents 32% of administrative expenses and just under 24% of their gross profit, down €2450.00 from their slice of the Non-Profits in 2006.

ECA
Their cut from the Non-Profit/Profit was €8,000.00 which represents 4.41% of the administration expenses, presumably the ECA shopped fewer of their members than the TEEU caught, but their slice is up €4,000.00 from 2006. Maybe they got the slice that was allocated to the old AECI which jumped ship from EPACE in Dec 07 because they were aggrieved that EPACE/TEEU was always getting the bigger slice of the pie, despite them hiring inspectors to shop AECI members and non members.

Overall payouts to the TEEU and the ECA represent 36.42% of the administration expenses so that leaves 63.58% for running their office and wages.

Gross profit of €248,577.00 with operating costs of €181,697 means they spent 73% of their profits in 2007 (or people’s pension contributions) on chasing contractors who they claim were not compliant with a Registered Employment Agreement signed up to by less than 10% of employers. The other 23% of profits, sorry its a non-profit company were put in the bank, to reside with the €722,192.00 they had in the bank in 2006.

In Dec 07 EPACE Ltd/TEEU had in their bank account, wait for it €802,370.00 of workers and employers pension contributions happily passed over to them by the Construction Workers Pension Scheme, and not required by the Registered Employment Agreement, which earned interest of €13,298.00 in one year alone.

Based on EPACE/TEEU growth in profits in past years, and bearing in mind this so called Non-Profit limited company have consistently filed profits since inception, it looks very much that they will be sitting on over 1 MILLION when they file their 08 accounts.

EPACE state on their web site that they brought 9 contractors to the Labour Court in 2007 based on their 07 administrative expenses of €181,697.00 that means that it cost the pension payers, i.e. electricians and their employers €20,188.56 for each of the 9 contractors to be brought to the Labour Court.!!!!!!!!!!!!!!!!!!

Just a thought but maybe the TEEU could fund the €1.05 hourly wage increase they are looking for from their highly profitable, but not for profit private limited company EPACE because it looks to me that they are doing far better than any Electrical Contractor in Ireland today.

HELL HATH NO FURY LIKE A VESTED INTEREST MASQUARADING AS A MORAL PRINCIPAL.

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Comments (1 of 1)

Actual EPACE Accounts 2007 Attached

by Electricman

Wed Nov 12, 2008 19:47

Attached are the actual EPACE (Pensions and conditions Electrical Ltd) Accounts as available to all from the Company’s Office. Please take note of Section 8 RELATED PARTY TRANSACTIONS

They confirm all as stated in the above.

Please read the DIRECTORS REPORT which states that

The principal activity of the company is to be a non-profit making regulatory body for pensions and conditions of employment for the electrical contracting industry.

Immediately after this they state

The profit for the year amounted to €80,178.00 (Yes Eighty Thousand)

As you will see from the accounts this profit added to previous profits leaves poor EPACE with over €800,000 (Yes Eight Hundred Thousand) in the bank.

The question has to be asked

Why is this money not re-invested into Electricians Pensions????????

epace_financial_statments_2007_1.pdf 0.22 Mb

epace_accounts_2007_1.pdf 0.08 Mb

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EPACE Ltd/TEEU 2007 Accounts

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