According to its last annual financial statements, the IFA was able to record an increase in the value of its investments of over 1.5 million euros last year.
The association also reported an operating surplus of €313,080 for the year-end on March 31, 2022.
The annual accounts were approved today at a meeting of the National Council.
The surplus is split between €122,472 (after tax) from normal IFA activities and €190,608 (after tax) from IFA Telecom.
The IFA membership fees amounted to more than €9.4 million in the reporting period, compared to €9.1 million in the previous year.
IFA National Treasurer Martin Stapleton said the return of many activities that have been restricted during COVID-19 is reflected in spending, which has increased by about €1m compared to last year.
“Due to the impact of COVID-19 on our operations, it is difficult to make year-to-year comparisons. The next fiscal year ending March 2023 will reflect a full return to normal activities. We also have significant inflationary pressures in the system, as does everyone in the economy. This will pose challenges in managing our resources for the next few years and years to come,” he said.
The increase in value of the investments as of March 31, 2022 was €1,559,534. This resulted in an overall balance sheet surplus of €1,872,614 with total consolidated assets of the club of €16.4m as at 31 March 2022.
The IFA accounts also showed that the organization now has around €10.9 million in its special reserve fund, up from €8.9 million last year. The fund was set up by the National Council in December 1985 to hold a financial reserve for the association, which could only be drawn into the general fund in exceptional cases.
“We are fortunate to have adequate reserves at the club, which have been built up over the years. But even since the end of the year, stock prices around the world have fallen, so we cannot be complacent. The reality is that we need to maintain a strong balance sheet to keep pace with major political institutions like the EU, our own state and well-resourced global corporations,” Stapleton said.
The IFA’s Compensation Committee agreed earlier this year that its President Tim Cullinan’s salary should be increased to €139,836, while Deputy President Brian Rushe was set at €40,785. These amounts are reduced by any directors’ fees payable by external bodies incurred as a result of the IFA office.
https://www.independent.ie/business/farming/news/ifa-news/ifa-sees-value-of-investments-increase-by-over-15m-42233413.html IFA sees an increase in the value of investments of over €1.5 million