The annual report for the FBD Trust shows that assets at the charitable organisation had reached an astonishing €104.95m at the end of 2024, an increase of almost €30m on the total over the previous 12 months.
The Trust’s assets are split between holdings of the listed shares in FBD insurance and the unlisted shares of Farmer Business Developments plc. The Trust also owns a €12m bond payable by FBD insurance.
Shares in FBD insurance ended 2024 just over 11% higher than they started the year, so some of the uplift in asset value of the Trust can be explained by that. At the start of 2024, the Trust held 3.7m ordinary shares in FBD insurance, valued at over €42m. By the end of 2024, that holding had increased to a little more than 5m ordinary shares valued at just over €63m.
While there is no indication that the number of shares the Trust holds in Farmer Business Developments plc (the owner of the FBD hotels group, and a separate entity to the insurance company), during 2024 it increased the value of that stake from €20.4m to €26.7m.
Since the end of the year, the market value of shares in FBD insurance have increased further, putting the value of the Trust’s holding at over €72.5m, suggesting the current value of its assets is north of €110m.
FBD insurance paid both an annual and special dividend of €1 per share in 2024, helping to push investment income for the Trust to €11.8m in the year (see Figure 2).
On the cost side for the Trust, some of the numbers are also notable. Professional fees rose almost ten-fold to €786,826, and the Trust had an interest expense of €968,898, presumably connected to the €17m loan it agreed in 2024 to fund the purchase of its enlarged shareholding of FBD insurance. By the end of 2024 the outstanding balance on that loan had been reduced to €10m.
Fees for the six directors were €107,404, in line with 2023’s level.
The Trust had a provision of €7m in its accounts, with €4.5m of that for commitments to the UCD Lyons Farm ESG corporate advocacy initiative and €2.5m for the Teagasc ESG corporate advocacy initiative, both expected to be paid in 2026. The accounts also had a deferred tax liability of €8.1m which is says “relates to the investment in Farmer Business Developments plc”.
Grants and sponsorships made by the Trust during the year increased by €78,259 to €1,896,674. While the Trust gives no breakdown of where this money is spent, the annual report from FBD Insurance plc states that the Trust contributes to projects including the Teagasc/FBD student of the year awards, Nuffield scholarships and the annual ASA conference.
Background
The FBD Trust was founded in 1974 with the ambition to give back to rural communities in ways which would support and promote their sustainable growth. It held shares in Farmer Business Developments and later in FBD Insurance after that company was listed on the stock exchange.
There was a significant change in the rules governing the trust in August 2023 when it changed its status from a Company Limited by Guarantee (CLG) to a “not-for-profit” organisation.
It also added a clause to its memorandum of association to state that one of its objectives is to work “in partnership with FBD Insurance Plc, to complement its insurance business”.
Almost immediately after that change in its rules, the Trust started buying shares in the plc for the first time since at least 2014, increasing its holding of ordinary shares from 2,984,737 to 3,732,019 by the end of that year and to 5,000,435 by the close of 2024.
The Trust has no employees and is governed by a six-member board. Elaine Farrell, director of governance at the IFA took up her role in October 2023.
Of the five other directors, one as been in place for 11 years, two have been in place for 35 years and one in place for 41 years. The longest serving member of the Trust is chairman Michael Berkery, who has been on the board since May 1983.
Assets at the FBD Trust topped €100m. Investment income surged to €11.8m in 2024.Grants and sponsorship were little changed at €1.9m.Trust has €7m on spending commitments for 2026.Trust has no employees and very long-serving board members.
The annual report for the FBD Trust shows that assets at the charitable organisation had reached an astonishing €104.95m at the end of 2024, an increase of almost €30m on the total over the previous 12 months.
The Trust’s assets are split between holdings of the listed shares in FBD insurance and the unlisted shares of Farmer Business Developments plc. The Trust also owns a €12m bond payable by FBD insurance.
Shares in FBD insurance ended 2024 just over 11% higher than they started the year, so some of the uplift in asset value of the Trust can be explained by that. At the start of 2024, the Trust held 3.7m ordinary shares in FBD insurance, valued at over €42m. By the end of 2024, that holding had increased to a little more than 5m ordinary shares valued at just over €63m.
While there is no indication that the number of shares the Trust holds in Farmer Business Developments plc (the owner of the FBD hotels group, and a separate entity to the insurance company), during 2024 it increased the value of that stake from €20.4m to €26.7m.
Since the end of the year, the market value of shares in FBD insurance have increased further, putting the value of the Trust’s holding at over €72.5m, suggesting the current value of its assets is north of €110m.
FBD insurance paid both an annual and special dividend of €1 per share in 2024, helping to push investment income for the Trust to €11.8m in the year (see Figure 2).
On the cost side for the Trust, some of the numbers are also notable. Professional fees rose almost ten-fold to €786,826, and the Trust had an interest expense of €968,898, presumably connected to the €17m loan it agreed in 2024 to fund the purchase of its enlarged shareholding of FBD insurance. By the end of 2024 the outstanding balance on that loan had been reduced to €10m.
Fees for the six directors were €107,404, in line with 2023’s level.
The Trust had a provision of €7m in its accounts, with €4.5m of that for commitments to the UCD Lyons Farm ESG corporate advocacy initiative and €2.5m for the Teagasc ESG corporate advocacy initiative, both expected to be paid in 2026. The accounts also had a deferred tax liability of €8.1m which is says “relates to the investment in Farmer Business Developments plc”.
Grants and sponsorships made by the Trust during the year increased by €78,259 to €1,896,674. While the Trust gives no breakdown of where this money is spent, the annual report from FBD Insurance plc states that the Trust contributes to projects including the Teagasc/FBD student of the year awards, Nuffield scholarships and the annual ASA conference.
Background
The FBD Trust was founded in 1974 with the ambition to give back to rural communities in ways which would support and promote their sustainable growth. It held shares in Farmer Business Developments and later in FBD Insurance after that company was listed on the stock exchange.
There was a significant change in the rules governing the trust in August 2023 when it changed its status from a Company Limited by Guarantee (CLG) to a “not-for-profit” organisation.
It also added a clause to its memorandum of association to state that one of its objectives is to work “in partnership with FBD Insurance Plc, to complement its insurance business”.
Almost immediately after that change in its rules, the Trust started buying shares in the plc for the first time since at least 2014, increasing its holding of ordinary shares from 2,984,737 to 3,732,019 by the end of that year and to 5,000,435 by the close of 2024.
The Trust has no employees and is governed by a six-member board. Elaine Farrell, director of governance at the IFA took up her role in October 2023.
Of the five other directors, one as been in place for 11 years, two have been in place for 35 years and one in place for 41 years. The longest serving member of the Trust is chairman Michael Berkery, who has been on the board since May 1983.
Assets at the FBD Trust topped €100m. Investment income surged to €11.8m in 2024.Grants and sponsorship were little changed at €1.9m.Trust has €7m on spending commitments for 2026.Trust has no employees and very long-serving board members. 
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