The IFA reported a surplus of €333,400 for the year ending 31 March 2013 down from €2.4m in 2012.

Although significantly lower, the 2012 amount reflected the exceptional additional income from FBD Trust. Membership of the association is up again to an all-time high of just over 88,000.

Income fell to €12.5m in the period as a result of the drop in FBD income, lower milk prices and lower meat volumes. IFA gets the majority of its income from membership fees, European involvement fund and the FBD trust.

Expenditure was up 9% to €12.6m due mainly to CAP campaign costs, revaluation of buildings and the pension release in 2012.

Outgoing national treasurer, JJ Kavanagh, commenting on the results, said he was “pleased to leave the organisation in a healthier position with membership at an all-time high”.

He continued that, in his four years as national treasurer, “the association has gone a long way to address concerns relating to cost base and dealing with the long-time pension liability replacing it with a defined contribution scheme”.

Although income from member services was down 18%, reflecting the more competitive environment in which it operates, it remains key to IFA success. It delivers significant savings to the 70,000 members availing of its services.

Net assets

Overall net assets grew €2.4m, to €14.1m due to increased performance of investments and removal of the pension’s liability from the balance sheet.

IFA investments are doing well with its significant holding in FBD seeing the combined market value rise by €2.08m.