Leo Donovan CEO

Eddie Seery Finance Manager

Highlights 2010

• WEEE Ireland received a clean audit report.
• The scheme maintained sufficient deferred income to contribute to the cost of historic WEEE.
• All overheads were maintained within the agreed budget approved by the Finance Committee and Board of Directors.

During 2010 the Producer Recycling Fund (PRF) or visible fees were reduced dramatically which means WEEE Ireland is now drawing on the deferred income managed by the scheme on behalf of its members to fund the current recycling of WEEE. The current balance on deferred income is €19.3m down €2.3m from last year. This deferred income includes income raised from visible fees for the recycling of historic WEEE. The cost of recycling has reduced this year as WEEE Ireland continues to drive value for our members through negotiations with contractors and treatment plants. The scheme has benefited from the strong prices of recovered resources in these negotiations. The management team and Finance Committee actively manage the administration costs of running the scheme and these costs were less in 2010 than 2009.

The Finance Committee and Board of Directors actively manage the level of reserves held by WEEE Ireland across the categories of EEE to ensure that the funds are secure and offer the best return for the scheme. The Finance Committee meet on a monthly basis to review management accounts and approve key financial decisions. The minutes of the Finance committee are approved by the Board of Directors.