Displaying items by tag: IS

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

Published in ISA

Tagged under

Offshore wind

ESB know the importance of offshore wind in tackling climate change and delivering net zero. Ireland has a unique capability given its prime location to take advantage of the potential of offshore wind. ESB are working hard to develop offshore wind projects for the benefit of everyone across society in Ireland and the UK. This includes ongoing engagement with marine users and local communities so ESB can deliver these significant projects.

Offshore wind will play a major role globally in our fight against climate change. It will help to replace energy generated by burning fossil fuels with that from a clean, safe and secure renewable energy source. Ireland’s geographic location on the exposed edge of the Atlantic presents us with a significant opportunity to generate electricity from wind – both offshore and onshore.

Power from onshore wind farms currently provide over one-third of Ireland’s electricity needs. But, whilst its marine area is many times the size of its landmass, Ireland’s offshore wind potential is only starting to be realised. ESB have a coastline stretching over 3,000km but only one operational offshore wind farm – Arklow Bank, with a capacity of 25 MW. In contrast, Belgium’s coastline is only 63km long, but it has already developed more than 2,000 MW of offshore wind. In Great Britain, with a coastline four times the length of ours, offshore wind generation now equates to over 440 Arklow Banks, with an installed capacity of 11,0000 MW as of late 2021.

The Irish Government's target to install 5,000 MW of offshore wind capacity in our maritime area by 2030 is set out in the Climate Action Plan 2021. It also has the objective to source 80% of Ireland’s electricity needs from renewables by the same year. In line with this, ESB is applying its professional and proven engineering expertise to the challenges set within the Climate Action Plan.

ESB are committed to playing a strong role in developing Ireland’s offshore wind potential for the benefit of the people of Ireland. This will be done in consultation with marine users and local communities, and with due care for the marine environment.