Almost a year after completion of accounts, Horse Sport Ireland this week finally released its annual report for 2015, and one that was full of surprises.
For a company employing 26 permanent staff and nine temporary administration staff, it finished the 2015 fiscal year with just €28,000 in cash reserves, despite receiving over €6m in income.
Income in 2015 was broken down as follows:
•Department of Agriculture grants €1.8 million
Expenditure in 2015 was as follows:
•IT, development, the HSI website and the CapallOIR database €168,000
•International marketing €104,000
•Marketing exhibitions €132,000
•Sport programmes, high performance, Sport NI and operations €2,644,000
Furthermore, HSI’s total staff costs rose by more than €100,000 between 2014 and 2015, up from €1,501,908 in 2014 to €1,605,916 last year.
Horse Sport Ireland’s finance committee chairman James Kennedy told the Irish Field last week that the organisation intends to build its cash reserve from the meagre €28,000 it achieved last year to in excess of €610,000 over the next five years.