The Irish Cattle and Sheep Farmers’ Association (ICSA) has reported a loss of €47,255 for the 12 month period to the end of October 2023, according to its latest set of financial results.
This compared to a profit reported by the farm organisation for the 12 months to October 2022 of €8,417.
The latest accounts show that the ICSA’s turnover fell by more than €34,000 from €324,048 in 2022 to €289,357 in the 12 months to the end of October 2023.
Meanwhile operating expenses for the organisation which represents suckler, sheep and beef farmers rose from €312,065 to €336,101 in the 12 month period ending October 2023.
The average number of people employed by the ICSA in 2023 totalled three.
The latest accounts also detailed that “the members of the management committee are considered the key management personnel”.
“The total renumeration and expenses paid to the management committee during the year was €94,239 (2022: €95,836)”.
The ICSA’s retained earnings for 2023 were €16,835 by the end of October last year – 12 months earlier it had been reported as €64,090.
ICSA
The latest accounts show that the organisation’s fixed assets were valued at €2,790 for the 12 months ending October 2023 compared to €3,515 in 2022.
Its current assets were valued at €42,496 – including more than €40,000 cash at bank and in hand – by the end of October 2023.
This represented a sharp drop from reported current assets for the 12 months ending October 2022 which were €121,551 – including more than €100,000 cash at bank and in hand in 2022.
The ICSA’s net assets for the year ending October 2023 were €16,835 according to the latest accounts – this compared to €64,090 for the 12 months to October 2022.
The accounts also detail that a letter of guarantee for €6,349 has been provided to Bank of Ireland.
While the ICSA had a bank overdraft of €17,056 for the year ending October 2022 its latest financial statement shows that there was no overdraft facility employed by the organisation by the close of October 2023.