The Irish Farmers’ Association recorded an operational surplus of €313,080 to the year end March 31st, 2022.
The Annual Accounts were approved at a meeting of the National Council today.
The surplus is broken down as €122,472 (after tax) from normal IFA activities, and €190,608 (after tax) from IFA Telecom.
The accounts can be viewed here.
IFA National Treasurer Martin Stapleton said the return of many activities that were restricted during COVID-19 is reflected in expenditure, which increased by circa €1m compared to the previous year.
“It is difficult to draw comparisons from one year to the next due to the impact of COVID-19 on our activities. The next financial year to March 2023 will reflect a full return to normal activities. We have also considerable inflationary pressure in the system, like everybody in the economy. This will pose challenges in terms of managing our resources for next year, and the years ahead,” he said.
The increase in the value of investments at March 31st, 2022 was €1,559,534. This resulted in an overall accounting surplus of €1,872,614 with the total consolidated assets of the association at €16.4m at March 31st, 2022.
“We are fortunate to have reasonable reserves in the Association which have been built up over the years. However, even since year end, share values have declined globally so we cannot be complacent. The reality is that in order to go toe to toe with major political institutions such as the EU, our own State, and well-resourced global businesses, we need to maintain a strong balance sheet,” he said.