Irish Sailing has published its Financial Statements for 2019 ahead of next month's AGM in Dun Laoghaire.
Overall a surplus of €16,630 is reported for 2019 compared with a deficit in 2018 of €120,843. This is after total 2019 income improved by €236,236 to €2,359,236 from €2,123,400 in 2019.
The Association, the national governing body for sailing, experienced a significant improvement in its 2019 financial performance and enhanced its cash resources compared to 2018.
The key factors in contributing to this turnaround appear to include:
- €100,000 received from Sailfleet Company Ltd which use to own and manage the J80 Fleet and was sold off during 2019.
- €159, 126 from the Irish Sailing Foundation Ltd, an organisation set up to separately fund elite sailing activities.
Highlights from the Core activities;
- Membership Income increased by 8% to €309,097 but the number of members is not disclosed.
- The Sport Ireland Government Grant increased by 19% to €62,000.
- Income generated from the issue of competency certificates increased by 31% to €64,316 in contrast to other income sources which largely remained flat.
- Handicap Certificates remains static at €70,559 which is probably indicative of zero growth in cruiser racing
- An increase in payroll costs of 7% to €532,911 and a doubling of legal and professional fees to €41,475 contributed to Core costs escalating by nearly €100k to €1,108,358.
Download the AGM notice below (with a link to the financial statements).
The Irish Sailing Association AGM will be held at the Royal Marine Hotel, Dun Laoghaire at 1630hrs on 21st March 2020