IRFU Honorary Treasurer Tom Grace presented the final accounts for the end of the 2011/12 season. Grace reported that the IRFU made a surplus of 7.8m euro for the year 2011/12 ahead of its budgeted outcome.
This surplus arises from revenues of €67.2m and expenditure of €59.4m.
However, while reporting a surplus, Tom Grace sounded a cautionary note to this and said: “While it is pleasing to be able to report a net surplus it is important to note that some €12.4m of revenues and €7m of costs are non-cash items.
“This effectively means that the IRFU generated net cash of just €2.4m from its operations during the year which, whilst very welcome, is considerably less than the €7.8m surplus.”
Overall Grace said that it was a relatively good year financially but did not think that the IRFU could afford to become complacent.
Given the current state of the Irish economy, he believed over the next few years the IRFU would face many challenges, some old and some new, which will require careful management as their outcomes will determine what amounts the IRFU will have available to invest in its international, provincial, and domestic structures.