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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
