Dear Members,

EPACE REPORTS LOSS IN 2010 ACCOUNTS

The Private Limited Company EPACE (Pensions and Conditions Electrical Limited Number 303017) has reported a €25,194 loss in its 2010 accounts which have recently been lodged with the CRO (Companies Registration Office). The accounts also show that EPACE received €163,343 from the CWPS (Construction Workers Pension Scheme), down from €210,699 in 2009. This payment is generated from the weekly 38 cent deductions from both employee and employer who contribute to the Construction Workers Pension Scheme.

Despite the loss of €25,194 the company paid out a total of €21,345 (Comprised of €17,345 for Labour Court Hearings and €4,000 for secretarial services) to the TEEU. The ECA (Electrical Contractors Association) also received €4,000. Wages, Social Welfare and pension costs for the two employees of EPACE amounted to a massive €98,066. The performance of the company in 2010 has eroded the amount of cash in hand in the bank from €918,814 in 2009 to €880,681 last year.

The accounts were signed off on 9th September 2011 by EPACE Director Eamonn Devoy of the TEEU and EPACE Director Joseph Conway of ECA. Joe Conway represents Jer Ryan Electrical Contractors (T/A JRE Engineering Group) A Receiver was appointed to the JRE Engineering Group in October 2011.