Despite having ifac (Irish Farm Accounts Co-operative Society Limited) do my farm accounts for a long number of years, I knew very little about the organisation apart from realising vaguely that it was a co-op.

When the advertisement appeared in the Irish Farmers Journal for its annual general meeting (AGM) a few weeks ago, I put the date firmly in the diary.

The AGM itself was an education – very badly attended because presumably most people were like me – they were satisfied with the performance and had no urgent issue to raise.

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My main interest in going was selfish I’m afraid, in that over the years I was aware I had been awarded bonus shares as a result of being a customer, but what the shares were worth and how they could be transferred, I had no idea.

Neither had I any idea regarding the size of the organisation, its number of clients and its profitability. All my questions were satisfactorily answered. With 22,000 clients, ifac is, as far as I know, quite easily one of the largest accountancy practices in the country. It is also profitable – last year it showed an operating profit of €1.7 million and it has a really healthy balance sheet showing total assets of €22m.

In an era where significant numbers of professional firms are being bought by private equity interests, where the main motivating force is return to shareholders, the ifac model could hardly be more different. There, the return to shareholders is represented by the bonus shares issued during the course of their years of business with ifac. At the end of the day, the shares are redeemed at par and if they are to be transferred, the person receiving them is subject to the board agreeing to have them as a new shareholder.

Essential focus

The essential focus of the co-op is to provide a professional accountancy and financial service to its members. In a climate where financial services are rightly subject to rigorous regulation, ifac’s raison d’être of professional customer service rather than maximising short-term shareholder value is a welcome deviation from the norm.

The co-op itself will be fifty years old in 2026. It has served its members well and has shown a capacity to grow and adapt that many assume simply belongs to a plc. From a personal point of view, I hope the current model continues into the future.