The Irish Farmers’ Association (IFA) has recorded an operational deficit of €895,213, before tax, to the year end on March 31, 2024, the association announced today (Tuesday, December 17).
The final element that determined the overall result was the increase in the value of the IFA’s investments during the year, which was €450,273, after deferred tax.
The overall loss for the year end was €429,601. The IFA’s annual accounts were approved at a meeting of its National Council today.
The consolidated assets of the association as of March 31, 2024, were €17.3 million, which is down from €17.7 million on March 31, 2023, according to the IFA.
The IFA said 2024 saw the cost of doing business continue to rise, which, combined with lower commodity prices that impacted its levy income, has meant it was a “challenging” financial year for the association.
IFA
An increase in membership subscriptions was agreed in December 2023 and implemented from March 1, 2024. The IFA said this increase should ensure that it will have an operating surplus to the year end in March 2025.
The annual accounts approved today show that the association’s membership contributions in the year to March 31, 2024, were €6,349,129, which is down from €6,351,521 in the previous year.
The association said it does not rely on government funding for its activities. “To represent farmers effectively, we have to be well-resourced by our own means. We also need strong reserves.
“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,” the association said.