Recently I attended the ifac AGM. Apart from board members, key senior staff and professional service providers such as the auditors, I would reckon there was no more than six or eight farmers present.
The Irish Farm Co-operative Society, or ifac, was founded in 1975, it claims to have 26,000 “valued clients” and employs, according to last year’s annual report, 350 people as well as 150 book-keepers.
It is one of the top 10 practices in the country. It had an income of over €42m in 2024 and shareholder funds of €28m.
Over the years, it has grown its client base as well as taking over individual accountancy practices.
At the moment, we were told at the AGM, it has 9,000 A shareholders who are defined as those using the recorder service.
It’s a most unusual business model in that the operating profit, at approximately 4% is remarkably low by the standards of the big city firms, and it is unquestionably held in high regard for its professionalism and competence in servicing its client base.
In structure, it is a co-op owned by its shareholders whose only payment/dividend is by way of bonus shares.
These are issued to eligible shareholders each year and in looking at a letter I received from the organisation in 2001 which stated “Members /clients can accumulate a significant asset by qualifying for bonus share issue each year which may subject to board approval be realised or transferred on retirement.”
That’s 24 years ago and I am at this stage unclear as to how many bonus shares I have been allocated over the years and how much they are likely to be worth.
Maybe it doesn’t matter in that I may be receiving an accountancy and tax advisory service for below the cost available elsewhere in the market.
Nevertheless, as in the case of FBD, in both its guises and Tirlán, some clear structure and updated information flow around the shares and their possible value under various assumptions would be appropriate.
At a minimum long-standing shareholders and their families have a real interest in knowing how the Revenue is likely to value the shares for capital acquisitions tax purposes.
In its report ifac makes a strong case for farming to be sustainable and profitable as a driver of economic activity outside the main cities. It would be a pity to see this ethos disappear.
The last thing I suspect long-term members and clients of ifac would want to see is a surprise bid and possible takeover by some private equity group whose only aim would be to maximise short-term shareholder profitability.
Founded in 1975, ifac claims to have 26,000 valued clients and employs, according to last year's annual report, 350 people as well as 150 book-keepers.
Recently I attended the ifac AGM. Apart from board members, key senior staff and professional service providers such as the auditors, I would reckon there was no more than six or eight farmers present.
The Irish Farm Co-operative Society, or ifac, was founded in 1975, it claims to have 26,000 “valued clients” and employs, according to last year’s annual report, 350 people as well as 150 book-keepers.
It is one of the top 10 practices in the country. It had an income of over €42m in 2024 and shareholder funds of €28m.
Over the years, it has grown its client base as well as taking over individual accountancy practices.
At the moment, we were told at the AGM, it has 9,000 A shareholders who are defined as those using the recorder service.
It’s a most unusual business model in that the operating profit, at approximately 4% is remarkably low by the standards of the big city firms, and it is unquestionably held in high regard for its professionalism and competence in servicing its client base.
In structure, it is a co-op owned by its shareholders whose only payment/dividend is by way of bonus shares.
These are issued to eligible shareholders each year and in looking at a letter I received from the organisation in 2001 which stated “Members /clients can accumulate a significant asset by qualifying for bonus share issue each year which may subject to board approval be realised or transferred on retirement.”
That’s 24 years ago and I am at this stage unclear as to how many bonus shares I have been allocated over the years and how much they are likely to be worth.
Maybe it doesn’t matter in that I may be receiving an accountancy and tax advisory service for below the cost available elsewhere in the market.
Nevertheless, as in the case of FBD, in both its guises and Tirlán, some clear structure and updated information flow around the shares and their possible value under various assumptions would be appropriate.
At a minimum long-standing shareholders and their families have a real interest in knowing how the Revenue is likely to value the shares for capital acquisitions tax purposes.
In its report ifac makes a strong case for farming to be sustainable and profitable as a driver of economic activity outside the main cities. It would be a pity to see this ethos disappear.
The last thing I suspect long-term members and clients of ifac would want to see is a surprise bid and possible takeover by some private equity group whose only aim would be to maximise short-term shareholder profitability.
Founded in 1975, ifac claims to have 26,000 valued clients and employs, according to last year's annual report, 350 people as well as 150 book-keepers.
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