FAI Board approves 2019 Accounts
The accounts, which have been audited by new auditors Grant Thornton, were approved by the Board at a virtual meeting yesterday when the Directors voted unanimously that the accounts accurately reflect the closing position for 2019. The accounts have been approved on a going concern basis.
Key points include:
- A loss of €5.1M was recorded for the financial year 2019, down from a restated loss of €7.7M for 2018
- As part of the 2019 audit process, the 2018 net asset position has been restated to a net liability position of €532k. This relates primarily to a change in accounting policy and overstatement of income in the financial year 2014
- As at December 31st 2019, the Association had net liabilities of €5.7M
- Grant Thornton has issued an unqualified opinion for 2019
- The Association continues to work with its key funders in the ongoing management of its overall financial commitments, including the €28.5M debt on the Aviva Stadium
FAI Chairperson Roy Barrett said: “In producing our accounts for 2019 our new auditors, Grant Thornton, spent considerable time gaining assurance over the accuracy of our financial position coming into 2019. This review has resulted in a number of adjustments to the 2018 comparative figures in the 2019 accounts which the Board and Executive are happy accurately reflect the historic position of the Association.
“Consequently, the Board of the FAI has formally approved the 2019 Annual Accounts which will now be presented to the members at an AGM on December 29th. We thank our members for their patience in waiting for these accounts to be audited by our new auditors and we look forward to the AGM as we continue the reform of the FAI.
“Over the last year, we have significantly augmented our expertise in the key area of financial management including the appointment of a newly constituted Audit Risk and Compliance Committee. The Board is confident that this investment in expertise and resources allows the new Senior Leadership Team of the Association to have the platform to move positively into 2021 whilst still recognising the hard work ahead to make the FAI financially sustainable, particularly in relation to the ongoing COVID-19 situation.”