Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
28. COMMITMENTS AND CONTINGENCIES Capital and other commitments The value of capital work not completed at 31 December 2024 under contracts entered into by the Group is estimated at €8,311,367 (2023: €3,287,000) . There was grant aid of €1,782,564 secured from the Department of Transport under the Regional State Airports Sustainability Programme to partially fund these capital commitments (2023: Nil) . The ability of the Group to obtain future instalments of the committed grant aid is subject to Shannon Airport satisfying the applicable terms and conditions at each future payment date.
27. RELATED PARTY DISCLOSURES
(a) Related party transactions Group
The beneficial holder and ultimate controlling party of the Group is the Government. In common with many other entities, the Group deals in the normal course of business with Government and state bodies and other entities that are under ownership, control or significant influence from the Government. Such dealings are with a wide range of entities that include central government, local authorities, commercial and non-commercial state companies and financial institutions. Certain assets held by the Group’s subsidiary company, Shannon Airport Authority DAC, are leased to University of Galway on an arm’s length basis. Shannon Group plc and University of Galway are both under the common control of the State. Transactions between subsidiaries of the Group, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
29. SUBSEQUENT EVENTS There have been no significant events subsequent to the year-end affecting the Group.
30. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board on 20 March 2025.
No other related party transactions occurred during 2023 or 2024.
(b) Key management compensation Key management includes members of the Group Executive Team. The compensation paid or payable to key management for employee services is shown below: 2024 €’000 2023 €’000 Group Salaries and other short-term employee benefits (including social welfare) 902 887 Post-employment benefits 111 110 1,013 997 Company A number of members of the Group Executive team are employed by the Company. A portion of this compensation of these employees and of the remuneration of the directors of the Company is recharged to subsidiary companies. Company Transactions between the Company and its subsidiaries during the financial period relate primarily to the recharge of operating costs.
114
115
Powered by FlippingBook