IFA reports almost €1 million deficit in latest accounts

The Irish Farmers’ Association (IFA) has reported a deficit of almost €1 million in its latest accounts, after the association released its consolidated income and expenditure account for the year beginning April 1, 2018, and ending March 31, 2019.

The figures were released today, Monday, January 27, at the IFA’s annual general meeting (AGM), and show a total expenditure in that period of €16,231,899, compared to an income of €15,990,214.

When all relevant factors are taken into account in the account calculations, it gives a deficit for the year of exactly €933,307. This figure is almost double the deficit for the previous year, which stood at €471,577.

The bulk of the association’s expenses can be attributed to two things: IFA Telecoms (€5,761,769); and total staff costs (€5,349,625). The €16,231,899 expenditure figure is down slightly on the €17,527,079 expenditure 12 months’ previously.

In terms of the salaries for key personnel, the president’s agreed salary for the 12-month period was €57,896, down from a paid salary of €61,482 the year before.

The deputy president’s agreed salary came to €17,387, an increase on the previous year’s paid salary of €13,000.

For both president and deputy president, no figure for fees from outside bodies was reported.

The director general’s agreed salary was €185,000, to which was added an employer pension contribution of €27,802, giving a total remuneration of €213,152. This is unchanged from the previous 12 months.

For the executive management positions, the total agreed salary for these individuals in 2019 was €412,639, to which was added employer pension contributions of €105,919, for a total key management compensation of €518,558, down on the previous year’s figure of €563,826.

For national council personnel, the net total remuneration stood at €184,182, an increase of €116,302.

Outside of the executive management of the association, the next top 15 staff received an average remuneration of €122,374 (salaries plus employer pension contributions), a decrease on the €131,539 figure from the previous period.

Income

The IFA’s income for the year ending March 31, 2019, of €15,990,214 was comprised of the following: broadband and phone service sales (€6,152,983); affiliation fees (€5,715,919); European involvement fund levies (€3,116,707); trust fund contributions (€430,000); investment dividend income (€178,788); and other income (€395,817).

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