The IFA broke even for the year ended 31 March 2018 after exceptional charges related to the legal action with the former general secretary, Pat Smith, are stripped out. The legal action was settled in February.

Accounts seen by the Irish Farmers Journal reveal that the once-off exceptional charge of €1.4m in the financial year was part of the final settlement to Smith, which amounted to €1.9m, along with the legal costs for both sides totalling €800,000.

The association made an operating loss of €1.5m as a result of these once-off charges. Overall income increased marginally to €16.3m, while total expenses fell slightly to €17.5m. Membership for the year increased by 247 to 71,712.

IFA national treasurer Tim Cullinan said the year was challenging, but progress has been made in the three-year plan to eliminate the operating deficit. He added the legal matter is now concluded and the costs associated with it are fully through the system.