Latest financial accounts show that contributions to the Irish Farmers’ Association (IFA) by its members soared to more than €10.3 million over the 12 months to March 2023.
The jump in the membership contributions comes as the IFA today (Wednesday, December 20) confirmed that it plans to increase its membership fee by €25 and also increase its family membership by €10.
According to IFA president, Tim Cullinan, inflation “is pushing up” the farm organisation’s costs significantly.
The organisation’s latest set of accounts show its total income grew from €15,717,873 in 2022 to €17,165,600 over the 12 months ending March 2023.
At the same time its total annual expenditure increased from €15,189,562 in 2022 to €16,973,460 in 2023 over the same time frame.
One of the farm organisation’s biggest expenditures during its latest accounting period was total staff costs of more than €5.7 million – up nearly €700,000 on the previous year, when total staff costs amounted to just over €5 million.
Other key items of expenditure included a bill of €657,055 for public relations (PR) in the 12 months ending March 2023 compared to a bill of €340,194 for 2022.
Meanwhile the IFA also paid out €483,048 for premises in its latest accounting period compared to €435,009 in 2022.
It also paid a total €506,154 for “membership recruitment” according to the latest set of accounts for the year ending March 2023 compared to €390,433 in the previous 12 months period.
IFA annual accounts
The latest set of accounts show that IFA’s total net assets rose to more than €17.6 million while cash at bank and in hand also increased to more than €3.9 million in the 12 months ending March 2023.
The farm organisation’s Special Reserve Fund, which was established in 1985, to maintain a “financial reserve for the organisation that could only be drawn down into the general fund under exceptional circumstances” also increased in the latest accounting period to €12,780,121.
Salaries
According to the IFA’s accounts for the year ended March 2023 its renumeration committee agreed that the salary of the president – currently Tim Cullinan- should be €139,836, however this amount is reduced by any directors’ fees payable by outside bodies as a result of the president’s role.
The latest set of accounts detail that the gross salary for the president was €67,866 in the 12 months to March 2023 – up from €54,591 a year earlier.
The committee also agreed that the salary of the deputy president – currently Brian Rushe – should be €40,785 with deductions also made for any directors’ fees payable by outside bodies.
The latest set of accounts show the gross salary for the deputy president was €30,777 over the year to March 2023 – up from €16,280 a year earlier.
Meanwhile the director general of the IFA – currently Damian McDonald – received a total salary – including employer pension contribution – in the 12 months to March 2023 of €248,398 – a year earlier it was €221,964.
Deficit
According to Cullinan the IFA “is one of the few voluntary organisations in the country that operate without government funding”.
“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 31, 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,” Cullinan said.