FAI Reports Surplus of €6.7m for 2021
The accounts confirm that the Association further strengthened its financial position in 2021, while continuing to manage legacy debt issues.
Key financial highlights were:
- A surplus of €6.7m was recorded for the financial year 2021, based on turnover of €54.3m, up from a surplus of €1.6m on turnover of €41.6m in 2020.
- This surplus of €6.7m has further improved the Association’s balance sheet position with the Association now having net assets of €2.7m compared with a net liability position of €4m in 2020.
- Match related income was €7.1m compared with only €0.3m in 2020 as crowds returned to games, while return to play also boosted Technical Department income to €5.4m, up €1.4m from 2020.
- Thanks to support from Government and Sport Ireland, the FAI along with leagues and clubs nationwide were able to avail of total COVID-19 Relief Funding of €19m. having made a strong case to Government for such assistance. €9.1m has been included in turnover for 2021 to offset the loss of income due to the pandemic.
- The FAI also received €5.8m in grant funding of football programmes from Sport Ireland in 2021, the same as in 2020.
- The Association’s cash balance at the end of 2021 was €27.1m, an improvement of €11m.
- Bank and other borrowings increased slightly to €63.5m from €62.4m in 2020. While the Association’s finances have been stabilised with income improving and costs being well controlled, reducing this legacy debt continues to be a key long-term focus for the Association.
- The Financial Statements were approved on a going concern basis, including the removal of the ‘material uncertainty’ disclosure included in the 2020 financial statements.
Announcing the results FAI Chairperson Roy Barrett said: "The publication of our accounts for 2021 represents a further important step in stabilising the business and financial affairs of the FAI after a few turbulent years.
"In 2021 we increased our turnover, achieved an increased surplus, improved our cash flow and stabilised our debt. This was achieved by improving our commercial income significantly, controlling our costs well and availing of Government support in the form of grant funding for football programmes and COVID-19 relief for which we are very grateful.
"In addition, we embedded a range of governance reforms including the adoption of a new Constitution and new governance structures in the Association, with greater accountability to members, the election of a new Board and, as we moved into 2022, we have continued to strengthen the management team.
"We’re continuing to make steady progress and we believe that we now have a stable foundation on which we can build the future of the Association as we enter our second century. However, growing the game in line with our ambition will require the support of everyone in the football community.”
Jonathan Hill, FAI CEO said. “2021 was a year of very significant progress for the Association during which we continued our journey of transformation as to become a modern, progressive, fit-for-purpose organisation.
"We undertook an extensive consultation process which culminated in the publication of our Strategy 2022-25 in February 2022. We believe that this strategy provides a blueprint for the development of the game at all levels – local, national and international – in the next four years. We look forward to engaging with central and local Government, Sport Ireland, FIFA, UEFA and our commercial and media partners to make the necessary investments to grow the game and achieve our ambitious vision to use football to inspire and connect communities.
"Irish football at all levels has emerged stronger from the COVID-19 pandemic with renewed interest in our international teams, increased attendances at League of Ireland and Women’s National League games and tremendous vibrancy among grassroots’ leagues and clubs.
"I want to acknowledge the contribution of all of our FAI staff, our players, coaches, referees, administrators and other volunteers at all levels to the development of our game and especially to recognise their resilience during the COVID-19 pandemic. We in the FAI look forward to working with all football stakeholders to implement our collective strategy in the coming years.”
The Association benefitted from €19m in COVID-19 Funding in 2021. We have included €9.1m in our 2021 accounts with the balance of €9.9m to be recognised in the 2022 accounts when prepared next year.
Of this €19m, please note that €12m was allocated to address the loss of income and incremental expenditure incurred by the Association as a result of the Coronavirus pandemic and the balance of €7m has been allocated to the League of Ireland and Women's National League (€5m); and the clubs, leagues and affiliates in the Association's Grassroots sector (€2m).