Treasurer's Report to Convention 2018
Coiste Chontae ChiarraíFinancial Treasurers Report 2018
We are pleased to report that 2018 was a good solid financial year for Kerry GAA. While our Senior Footballers exited unexpectedly at the new “Super 8’s” stage of the championship, which has its own financial implications across the board in terms of fundraising ability and sales in our GAA Store in Killarney, other areas performed well contributing to the solid financial returns and continued progress of the board. On review of the financial statements the results show a retained profit of €539k comprising of an operating profit from day to day activities of €111k, domestic fundraising of €266k and the 5 Year Ticket Scheme of €161k.To keep Kerry Teams successful, huge effort is required from players and managementalike which in turn demand more resources resulting in costs to the board reflected in ourteam expenses especially in the area of player welfare and medical expenses. The resultsachieved for 2018 would not be possible without the support of our players andmanagement teams who are well aware of the tight financial constraints that we have tooperate within. We would sincerely like to thank our supporters, sponsors andfundraising committees for all their help and support in our fundraising activities duringthe year.Gate Receipts:With gate receipts a very important revenue stream for the board, figures this year showan increase of 25% from the previous year with an increase of €90k. The Senior FootballChampionship increased by €96k as a result of a replay at the Semi Final Stage and anincrease in attendances across the championship along with the national increase to €20for admission to the county final.The Club championship month of April this year also contributed increases of €35k withthe Intermediate final a stand out, while in the Hurling Championship we had a decreaseof €38k compared to last year’s figures which included a Co final Replay and earlierround draws as well. Clashes with National Fixtures on TV also added to reducedattendances.Commercial Income:Commercial Income proved very solid again this year with an increase of €20k mainlyarising from additional royalties from the sale of the new Kerry GAA “Back to Gold“Jersey. We would like to thank Kerry Group as our major sponsor, and all ourcompetition and associate sponsors for their continued support throughout the year.Sponsorship is crucial in meeting the financial demands and commitments each year.The Kerry GAA Store in the Killarney Outlet Centre again deserves special mentionmaking a profit of €64k. Sincere thanks to Niall O’Callaghan and Noreen Cooper and thestaff along with John Joe O’Carroll and John O’Leary who represent us on the Board ofthe Kerry GAA Store for their outstanding work and making this venture a veryimportant revenue stream for Kerry GAA. Also we would like to wish Sean O’Sullivanevery success in his new role as Store Manager. Fundraising Activities:The “Kerry GAA Night of Champions “at the Dog Track once again proved to be a hugesuccess. We would like to thank Declan Dowling for his continued support of KerryGAA in making this event a major fundraiser each year. The event raised €62k and hasnow generated more than €520k for Kerry GAA since 2010. We would also like torecognise the efforts and contributions of our Golf Classic Committees in both Kerry &Dublin which generated €39k for the board. To all the clubs for taking up the annualchurch gate collection on behalf of the board, bringing in €15k in 2018. Developmentfundraising brought in €126k with a Corporate Dinner in Dublin and a Golf Classic inNew York. Unfortunately the Fitzgerald Stadium fundraising is down €38k this year andhopefully this can be restored to previous year’s figures in 2019.Cairde Chiarraí under the chairmanship of Mike McCarthy again made a welcomecontribution of €50k to the board along with €45k from the business people of Traleethrough the Austin Stack Park fundraising committee under the chairmanship of TonyO’Keeffe.Coaching & Games Development:Coaching & Games Development continues to provide high quality coaching to ourclubs, schools, coaches and IT College Tralee. With eight full-time coaches employed,Donal Daly and his team provide the necessary coaching structures and support systemsto ensure all our clubs and schools are provided with the highest coaching standards. TheSummer Camps again this year went from strength to strength with over 7,000participants and provided a welcome boost to the board’s finances. With TerenceHoulihan as Coaching officer, this is a very active brief within the board which includesall our development squads both in Hurling & Football along with the Summer Camps.Transfer Income:Central Council team expenses, Provincial Council expenses and other grants along with“Other Match Tickets “reflects Kerry’s participation in competitions to All-Ireland finalstage. With All Ireland Successes for our Minor & Junior Footballers along with our U21Hurlers, we also received extra funding for our Senior Footballers involvement in the“Super 8’s” reflected in the increase in special Grants. There is a reduction in the fieldrent in Austin Stack Park with sell out crowds in 2017 in the Allianz League gamesagainst Dublin & Mayo. This figure should increase again in 2019 with a return of thesame teams under lights in next year’s Allianz League.Team Expenses:Team expenses overall return the same as 2017 and will always be a challenge to theboard to maintain. However while there were some notable cost reductions in someareas, there were significant increases in the Senior Footballers & Senior Hurlers whichcannot be ignored. This is as a direct result of increased Management Teams and panelsizes. Central Council Team Expenses grants of €155,210 and Provincial Council TeamExpenses of €57,860 need to be offset against the overall figure leaving a net cost to KerryGAA of €819K for all our Inter Co Teams. Physiotherapy and Medical expenses of€168k are down €16k from 2017 and reflect the hard work of all trying to contain it. Thisis a major expense item to the board and provides a huge challenge in trying to providebest medical cover to our teams at the lowest possible cost. Player welfare will always betop priority in Kerry GAA but close attention will always have to be given to this areadue to the amount of activity and costs involved.Ground Maintenance:Expenditure on the upkeep and maintenance of grounds is up on last year by €16k withCurrans Centre of Excellence now up and running. This figure includes all our groundsbeing Caherslee, Fitzgerald Stadium, Austin Stack Park and the Centre of Excellence.Also included are expenses relating to the pitch at the Tralee Sports Complex.Financial Expenses:Interest payable of €95k is detailed in Note 2 with €82k representing Loan Interest on ourcapital borrowings.Administration Expenses:Administration expenses of €316k show an increase of €25k from our 2017 accounts. Themain increase here is in Wages & Salaries with increased staff costs and also an increasein the Depreciation charge along with Miscellaneous expenses.Capital Expenditure:Capital expenditure of €1.292m consists of further works carried out during 2018 on theCentre of Excellence in Currans along with the purchases of a Tractor, Mower, New KitVan etc.Financial Challenges Ahead:As stated earlier, 2018 has again been a very solid financial year for Kerry GAA and hasus in a very healthy position. However while all observers and commentators will reporton the present, it’s important to point out the challenges and commitments that lie ahead.The continued up keep and running of Currans Centre of Excellence will always presentits demands along with the development in I.T. Tralee which is nearing completion.New planning permission has been received during the year for the Score Board end ofthe Fitzgerald Stadium and works will also need to be complete on the wall at the StFinians side of the ground.All of these projects will require money away from the day to day running of the board.As a result we have set up a Capital Sinking Fund this year and have put away €100k tostart off with out of this year’s finances. Hopefully this policy can be repeated in the yearsahead and when capital investment will be required by the board in the future, the fundswill be there to meet it and will not require additional borrowing.With the loss of a Kerry / Cork Munster Senior Football Championship to Killarneyover the next few years, we were hopeful that the introduction of the “Super 8’s” homegame would fill this revenue void, but unfortunately results dictated otherwise. Hopefullychanges to this format being proposed where the provincial winners would have their firstgame at home will help financially should we win the Munster Final.Team Management and panel sizes will also provide a challenge to the board along withevery other Co Board in the Country. While it’s every Co Boards ambition to preparetheir teams to the very best and have some silverware at the end of the year, if trendscontinue the costs will just become prohibitive or will come at a cost to some other areasof the board.International fundraising will continue well into 2019 and beyond with the moniesgenerated used to meet the capital repayments of Currans and I.T. Tralee. Kerry’ssuccess at International fundraising is widely acclaimed both at home and abroad and isa credit to all involved. Now we see other counties following Kerry’s model going abroaddoing the same thing, it is expected there will be some impact, so we will need to beproactive, innovative and stay ahead of the game.Finance Committee:This year we saw the introduction of Aileen Stack to the committee replacing MaureenO’Shea as Secretary. Aileen’s professionalism and contribution has been greatlyappreciated. The Committee under the Chairmanship of Michael John Kearney metregularly during the year to assess and review the financial performance of the board andprovide advice and direction on an ongoing basis. I wish to thank Michael John and theCommittee for all their help and support during the year.This year also saw Maurice O’Meara employed as our new Commercial Manager. Basedin the Centre of Excellence, this new role was created to bring in new commercialrevenues to the board to meet the ongoing capital commitments and revenue costs. Wewish Maurice every success in the future.Other:A special word of thanks to all my fellow officers, for all their help and support duringthe year. To Breda and Kate in the Office, Thanks for all your help and assistance.Also to Eileen Hartnett in the Accounts Dept, Tim Murphy (Chairman) and Peter Twiss(Secretary) whose help and support throughout the year is greatly appreciated.A special thanks also to Christopher Murray, Frank Stephenson, Mike Griffin and RoisinMulvihill our Auditors from Casey Stephenson Ltd Chartered Accountants.I would like to thank my colleague and Assistant Treasurer Joe Crowley for all his helpduring the year.
Diarmuid Ó Loinsigh & Seosamh Ó Crualaoich