The Irish Creamery Milk Suppliers Association (ICMSA) recorded an operating surplus of just under €155,000 in 2019, according to accounts presented at the farm organisation’s AGM last week.
The accounts show income for the Limerick-based farmer organisation was steady last year at just over €1.5m.
The ICMSA draws the bulk of its annual income from membership fees paid by its 16,000 members as well as from levies on milk and beef, which amounted to just over €1.4m last year. The ICMSA’s total expenditure for 2019 was up 7% to just under €1.4m, with almost three quarters (73%) of spending going towards costs and expenses incurred by the organisation in its line of work.
Staff costs, including salaries and pension contributions for the ICMSA’s 12 staff, amounted to just under €600,000 in 2019, which was up 3% on the previous year. Expenses incurred by ICMSA members amounted to €400,000 for the year.
Overall, the ICMSA is in very strong financial health, with reserves of more than €4m on its balance sheet.