The Irish Farmers’ Association recorded an operational surplus of €194,571 (before tax) to the year end March 31st, 2023.
The Annual Accounts were approved at a meeting of the National Council yesterday.
For the year to March 31st, 2023 there was an increase in the value of IFA’s investments by €1,220,482, bringing the total consolidated assets of the Association on the balance sheet to €17.7m.
IFA President Tim Cullinan said overall investment values in 2023 have fallen back due to market conditions and we need to be conscious of the volatility in investment markets.
The accounts can be viewed here.
Tim Cullinan said expenditure across the 12-month period increased by 12%, but this was offset in part by higher commodity prices returning greater levy contributions.
“Like every other organisation, inflation is pushing up our costs significantly. This is bringing challenges in continuing to deliver services. In light of this, the National Council approved a membership increase of €25 and an increase in the family membership of €10. The most recent membership increase was in 2019. Prior to this, the last membership increase was 2013,” he said.
“IFA is one of the few voluntary organisations in the country that operate without Government funding for our activities. However, we cannot seek funding from the State. We need to be able to stand on our own two feet,” he said.
“We are fortunate to have reasonable reserves in the Association, which have been built up over the years. The reality is that we are facing a significant deficit to year end March 31st, 2024. We need to ensure that we keep strong reserves in place so that we can go toe-to-toe with Government Departments, State agencies, processors and retailers,” he said.
In conclusion, Tim Cullinan said that IFA’s membership had held up strongly. Over 72,000 ballot papers were issued in the recent Presidential elections. “The IFA is an organisation for farmers, run by farmers. We need to ensure it remains strong and that we can operate without fear or favour,” he said.