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23rd March 2022

Irish Sailing Association Accounts Reveal Assets Worth €3.5m

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

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National Yacht Club Facilities

Facilities include a slipway directly accessing Dun Laoghaire Harbour, over eighty club moorings, platform parking, pontoons, fuelling, watering and crane-lifting ensure that the NYC is excellently equipped to cater for all the needs of the contemporary sailor. Berths with diesel, water, power and overnight facilities are available to cruising yachtsmen with shopping facilities being a short walk away. The club is active throughout the year with full dining and bar facilities and winter activities include bridge, snooker, quiz nights, wine tasting and special events.

National Yacht Club History

Although there are references to an active “club” prior to 1870, history records that the present clubhouse was erected in 1870 at a cost of £4,000 to a design by William Sterling and the Kingstown Royal Harbour Boat Club was registered with Lloyds in the same year. By 1872 the name had been changed to the Kingston Harbour Boat Club and this change was registered at Lloyds.

In 1881. the premises were purchased by a Captain Peacocke and others who formed a proprietary club called the Kingstown Harbour Yacht Club again registered at Lloyds. Some six years later in 1877 the building again changed hands being bought by a Mr Charles Barrington. and between 1877 and 1901 the club was very active and operated for a while as the “Absolute Club” although this change of name was never registered.

In 1901, the lease was purchased by three trustees who registered it as the Edward Yacht Club. In 1930 at a time when the Edward Yacht Club was relatively inactive, a committee including The Earl of Granard approached the trustees with a proposition to form the National Yacht Club. The Earl of Granard had been Commodore of the North Shannon Y.C. and was a senator in the W.T.Cosgrave government. An agreement was reached, the National Yacht Club was registered at Lloyds. The club burgee was created, red cross of Saint George with blue and white quarters being sky cloud, sea and surf. The Earl of Granard became the first Commodore.

In July of 1950, a warrant was issued to the National Yacht Club by the Government under the Merchant Shipping Act authorising members to hoist a club ensign in lieu of the National Flag. The new ensign to include a representation of the harp. This privilege is unique and specific to members of the National Yacht Club. Sterling’s design for the exterior of the club was a hybrid French Chateau and eighteenth century Garden Pavilion and today as a Class A restricted building it continues to provide elegant dining and bar facilities.

An early drawing of the building shows viewing balconies on the roof and the waterfront façade. Subsequent additions of platforms and a new slip to the seaward side and most recently the construction of new changing rooms, offices and boathouse provide state of the art facilities, capable of coping with major international and world championship events. The club provides a wide range of sailing facilities, from Junior training to family cruising, dinghy sailing to offshore racing and caters for most major classes of dinghies, one design keelboats, sports boats and cruiser racers. It provides training facilities within the ISA Youth Sailing Scheme and National Power Boat Schemes.

Past Commodores

1931 – 42 Earl of Granard 1942 – 45 T.J. Hamilton 1945 – 47 P.M. Purcell 1947 – 50 J.J. O’Leary 1950 – 55 A.A. Murphy 1955 – 60 J.J. O’Leary 1960 – 64 F. Lemass 1964 – 69 J.C. McConnell 1969 – 72 P.J. Johnston 1972 – 74 L. Boyd 1974 – 76 F.C. Winkelmann 1976 – 79 P.A. Browne 1979 – 83 W.A. Maguire 1983 – 87 F.J. Cooney 1987 – 88 J.J. Byrne 1988 – 91 M.F. Muldoon 1991 – 94 B.D. Barry 1994 – 97 M.P.B. Horgan 1997 – 00 B. MacNeaney 2000 – 02 I.E. Kiernan 2002 – 05 C.N.I. Moore 2005 – 08 C.J. Murphy 2008 – 11 P.D. Ryan 2011 – P. Barrington 2011-2014 Larry Power 2014-2017 Ronan Beirne 2017 – 2019

At A Glance - National Yacht Club 2024 Events