Deficit caused by Ferns contribution

Published 15/12/2015 | 00:00

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Coiste na nOg showed a working deficit of €61,735 for the year, brought about through a donation of some €80,000 to the Ferns Centre of Excellence.

On the income side, gate receipts provided the main financial support for the running of the under-age set-up, showing a slight increase to €44,921 this year compared to €40,726 in 2014. This figure does not include a number of finals played after the October 31 deadline.

Affiliation fees amounted to €14,525 with an administration levy of €7,525, which totals broadly the same as 2014 when the total figure amounted to €22,670. Income on scholarships came to €6,495.

Given the remarkable improvement in discipline, fines for 2015 showed a small figure of €565 compared to €4,935 the previous year.

The main expenditure was the €80,000 contribution to the Ferns Centre of Excellence.

Cups and medals increased to €12,252 from €8,814 last year, while there was also a rise in administration expenses from €8,591 in 2014 to €16,293 this year.

However, the cup and medals figure included some of the previous year's finals, while additional shields were also added in the Minor and Juvenile grades.

Printing, stationary and postage showed a drop to €5,270 from €6,130.

Expenditure on scholarships rose to €9,800 from €9,120.

On the balance sheet side, assets for 2015 were: bank, €64,546; cash, €653; debtors €3,000, totalling €68,199. Under liabilities, creditors stood at €13,665, leaving nett assets of €54,534.

The accumulated fund as of November 1, 2014, was €116,269. The deficit for the year amounted to €61,735, leaving an accumulated fund of €54,534.

The financial report also shows the Jim Byrne Cup balance stood at €16,020, with the Caulfield League Cup balance now at €1,984.

Wexford People

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