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23rd March 2022

Irish Sailing Association Accounts Reveal Assets Worth €3.5m

The ISA’s just-published financial statements reveal it spent €1,642,500 in operational grants in 2021, made up of €589,000 on core activities and €1,053,500 on High Performance. At the end of the year, just over €205,00 of core grants remained to be spent.

Capital Grants received on core activities amounted to €104,150 while €293,000 was received by the High Performance.

Core activities generated a surplus of €140,685 (2020 - €123,095) helped by Special Project Grant of €138k, of which only €38k has been specifically identified as an outlay in the accounts.

Increased sailing activity contributed to increases in;

Membership income €12K
Training Income €31K
Handicap Income €14k
Competence Certs €20k

Office income fell by €11k, reflecting the fact that the office has been closed for nearly two years due to the pandemic.

In that context, it seems surprising that payroll costs have increased by €76k or 16%, particularly when the accounts acknowledge that €39k in Government Payroll subsidy was received and credited against payroll costs.

The other big increase in costs is in legal and professional fees, which recorded a massive jump from €17k to €45k or 164%.

Communication costs have also grown, from €32k to €44k or 38%.

The High-Performance area experienced a surplus of €36,061 compared with a surplus of €179,044 in 2020 when activities were severely curtailed by Covid restrictions. Apart from special grants towards the cost of the Olympics, Government funding remained at the same level of €800,000. Staff salary costs at €284k for 2 full-time and one part-time staff is a significant proportion of overheads.

There are no details of the Irish Sailing Foundation in the accounts, apart from a note that €14,000 was received as a donation during the year.

The balance sheet shows a trade debtor of €387,658 compared to €743 in 2020. Surprisingly, there is no explanation offered about how this arose or from whom it is due.

The depreciation policy of the ISA means that Fixed Assets are valued at €720k and include the premises in Park Road, at a value of €122k with an open market value probably closer to €2.5m.

The net liquidity of the Association is very good.

Assuming the Trade Debtor is readily convertible into cash, the ISA has liquid resources of €668k plus €388k making a total of €1,056k
From this must be deducted designated but unspent deferred Government Grant expenditure of €205k and tangible real creditors and accruals amounting to €221k making a total of €426k.

The true net liquidity is therefore about €630k.

The aggregate real-world value of the Association’s assets is, therefore, closer to €3.5m, made up of €2.5m in fixed assets, plus book value €.5k and net liquid resources €.6k.

Download the 2021 ISA Accounts below as a PDF file

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.