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The ISA’s just-published financial statements reveal it spent €1,642,500 in operational grants in 2021, made up of €589,000 on core activities and €1,053,500 on High Performance. At the end of the year, just over €205,00 of core grants remained to be spent.

Capital Grants received on core activities amounted to €104,150 while €293,000 was received by the High Performance.

Core activities generated a surplus of €140,685 (2020 - €123,095) helped by Special Project Grant of €138k, of which only €38k has been specifically identified as an outlay in the accounts.

Increased sailing activity contributed to increases in;

  • Membership income €12K
  • Training Income €31K
  • Handicap Income €14k
  • Competence Certs €20k

Office income fell by €11k, reflecting the fact that the office has been closed for nearly two years due to the pandemic.

In that context, it seems surprising that payroll costs have increased by €76k or 16%, particularly when the accounts acknowledge that €39k in Government Payroll subsidy was received and credited against payroll costs.

The other big increase in costs is in legal and professional fees, which recorded a massive jump from €17k to €45k or 164%.

Communication costs have also grown, from €32k to €44k or 38%.

The High-Performance area experienced a surplus of €36,061 compared with a surplus of €179,044 in 2020 when activities were severely curtailed by Covid restrictions. Apart from special grants towards the cost of the Olympics, Government funding remained at the same level of €800,000. Staff salary costs at €284k for 2 full-time and one part-time staff is a significant proportion of overheads.

There are no details of the Irish Sailing Foundation in the accounts, apart from a note that €14,000 was received as a donation during the year.

The balance sheet shows a trade debtor of €387,658 compared to €743 in 2020. Surprisingly, there is no explanation offered about how this arose or from whom it is due.

The depreciation policy of the ISA means that Fixed Assets are valued at €720k and include the premises in Park Road, at a value of €122k with an open market value probably closer to €2.5m.

The net liquidity of the Association is very good.

  • Assuming the Trade Debtor is readily convertible into cash, the ISA has liquid resources of €668k plus €388k making a total of €1,056k
  • From this must be deducted designated but unspent deferred Government Grant expenditure of €205k and tangible real creditors and accruals amounting to €221k making a total of €426k.

The true net liquidity is therefore about €630k.

The aggregate real-world value of the Association’s assets is, therefore, closer to €3.5m, made up of €2.5m in fixed assets, plus book value €.5k and net liquid resources €.6k.

Download the 2021 ISA Accounts below as a PDF file

Published in ISA

Sharks in Irish waters

Irish waters are home to 71 species of shark, skates and rays, 58 of which have been studied in detail and listed on the Ireland Red List of Cartilaginous fish. Irish sharks range from small Sleeper sharks, Dogfish and Catsharks, to larger species like Frilled, Mackerel and Cow sharks, all the way to the second largest shark in the world, the Basking shark. 

Irish waters provide a refuge for an array of shark species. Tralee Bay, Co. Kerry provides a habitat for several rare and endangered sharks and their relatives, including the migratory tope shark, angel shark and undulate ray. This area is also the last European refuge for the extremely rare white skate. Through a European Maritime and Fisheries Fund (EMFF) project, Marine Institute scientists have been working with fishermen to assess the distribution, diversity, and monthly relative abundance of skates and rays in Tralee, Brandon and Dingle Bays.

“These areas off the southwest coast of Ireland are important internationally as they hold some of the last remaining refuges for angel shark and white skate,” said Dr Maurice Clarke of the Marine Institute. “This EMFF project has provided data confirming the critically endangered status of some species and provides up-to-date information for the development of fishery measures to eliminate by-catch.” 

Irish waters are also home to the Black Mouthed Catshark, Galeus melastomus, one of Ireland’s smallest shark species which can be found in the deep sea along the continental shelf. In 2018, Irish scientists discovered a very rare shark-nursery 200 nautical miles off the west coast by the Marine Institute’s ROV Holland 1 on a shelf sloping to 750 metres deep. 

There are two ways that sharks are born, either as live young or from egg casings. In the ‘case’ of Black Mouthed Catsharks, the nursery discovered in 2018, was notable by the abundance of egg casings or ‘mermaid’s purses’. Many sharks, rays and skate lay eggs, the cases of which often wash ashore. If you find an egg casing along the seashore, take a photo for Purse Search Ireland, a citizen science project focusing on monitoring the shark, ray and skate species around Ireland.

Another species also found by Irish scientists using the ROV Holland 1 in 2018 was a very rare type of dogfish, the Sail Fin Rough Shark, Oxynotus paradoxus. These sharks are named after their long fins which resemble the trailing sails of a boat, and live in the deep sea in waters up to 750m deep. Like all sharks, skates and rays, they have no bones. Their skeleton is composed of cartilage, much like what our noses and ears are made from! This material is much more flexible and lighter than bone which is perfect for these animals living without the weight of gravity.

Throughout history sharks have been portrayed as the monsters of the sea, a concept that science is continuously debunking. Basking sharks were named in 1765 as Cetorhinus maximus, roughly translated to the ‘big-nosed sea monster’. Basking sharks are filter feeders, often swimming with their mouths agape, they filter plankton from the water.

They are very slow moving and like to bask in the sun in shallow water and are often seen in Irish waters around Spring and early Summer. To help understand the migration of these animals to be better able to understand and conserve these species, the Irish Basking Shark Group have tagged and mapped their travels.

Remarkably, many sharks like the Angel Shark, Squatina squatina have the ability to sense electricity. They do this via small pores in their skin called the ‘Ampullae of Lorenzini’ which are able to detect the tiny electrical impulses of a fish breathing, moving or even its heartbeat from distances of over a kilometre! Angel sharks, often referred to as Monkfish have a distinctively angelic shape, with flattened, large fins appearing like the wings of an angel. They live on the seafloor in the coastal waters of Ireland and much like a cat are nocturnal, primarily active at night.

The intricate complexity of shark adaptations is particularly noticeable in the texture of their skin. Composed of miniscule, perfectly shaped overlapping scales, the skin of shark provides them with protection. Often shark scales have been compared to teeth due to their hard enamel structure. They are strong, but also due to their intricate shape, these scales reduce drag and allow water to glide past them so that the shark can swim more effortlessly and silently. This natural flawless design has been used as inspiration for new neoprene fabric designs to help swimmers glide through the water. Although all sharks have this feature, the Leafscale Gulper Shark, Centrophorus squamosus, found in Ireland are specifically named due to the ornate leaf-shape of their scales.