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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

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!