Jun 19, 2024
The Federation of Irish Sport is delighted to announce the renewal of its partnership with OSK for a third successive term until January 2027. OSK offer audit, accounting and financial management services to the Federation’s extensive and diverse membership consisting of 110 National Governing Bodies and Local Sports Partnerships. The Federation is proud of this long – standing partnership which has gone from strength from strength since it was commenced in 2010.
Speaking about the renewal, Federation of Irish Sport CEO Mary O’Connor commented; “We are delighted to be renewing our partnership with OSK for a further three years. Since joining forces with the Federation in 2010, OSK have been an important and valuable part of our partnership suite. They are tried and trusted by many of our members for their audit and accountancy needs and we are delighted to be able to continue to endorse their work. We look forward to working closely with the team in OSK to continue to develop our partnership and add value to all FIS members over the next three years”.
Deirdre McDermott, Audit Partner at OSK said; “OSK is delighted to announce the renewal of our partnership with the Federation of Irish Sport, to continue to provide audit, accounting and financial management services to sporting bodies throughout Ireland. This reaffirms our commitment to sport in Ireland. The team in OSK comprehends the intricacies involved in managing sport’s Governing Bodies. Our extensive experience and passion for sport equips us to offer pragmatic solutions while ensuring full compliance with all regulatory requirements and obligations. We look forward to continuing to provide our financial expertise to the members of the Federation, fostering their continued success.”
OSK is the official Audit and Accounting partner of the Federation of Irish Sport (FIS) and the preferred supplier of these services to the Federation’s members:
More information is available here:
https://www.osk.ie/sectors/sport/
Federation of Irish Sport partners provide invaluable support which enables the Federation to excel in its mission to effectively represent the Irish sports sector and be ‘The Voice of Irish Sport’. The Federation is excited to further build its relationship with OSK over the period of this agreement.
Jun 14, 2024
Emma Meehan is the founder of Galway based start – up Precision Sports Technology, which was the Best New Sports Business of the Year Award winner at the 2024 Irish Sport Industry Awards. Meehan describes herself as being obsessed with movement and dedicated to maximizing enjoyment of exercise. Emma’s entrepreneurial journey is totally inspiring. In 2018 she graduated from Galway University with a first class honors in computer science and information technology and subsequently spent three years as a software engineer at Cisco before founding Precision Sports Technology at the ATU Innovation Hub.
Meehan was named in Sport for Business’ 30 Under 30 Future Leaders in Tech 2022, Irish Times 50 People to Watch Ireland 2023, Sunday Independent 30 under 30 2023 and the Sunday Business Post 30 under 30 2024. Speaking to the Federation of Irish Sport, Meehan expressed her delight.
“I am absolutely thrilled to bits. I really didn’t expect to be here and it’s a massive honor to be recognised as Best New Sports Business at the Irish Sport Industry Awards. We’re thrilled to get this recognition from such a fantastic group of people.”
Precision Sports Technology has driven innovation in sports tracking.
“We have a software platform for real-time exercise feedback and analysis. With our app, you can know exactly how well you’re supposed to be doing your exercise. But your therapist or your strength coach can also get instant accurate measurements on how well you’re moving. So they know whether they actually need to intervene with your not, or whether you’re safe just to continue doing your rehab or exercise programme.”
In 2023, Output Sports was the winner of the Best New Sports Business of the Year Award, and recently its co-founder Dr. Martin O’Reilly outlined to the Federation that Output Sports technology is used by over 700 sport organisations and that they are on track to capture of 20 million measurements with the system this year.
Meehan is familiar with Output Sports work and said that Output Sports have demonstrated that there is a pathway for new Irish sports businesses’ to establish themselves as global players.
“We’ve just launched in the last couple of months, so we have our first paying customers. But really our goal is to break out of Europe and hit the US. We’re starting in sports now, but we hope to go into the global physiotherapy and gym fitness markets.”
Just a week after the 2024 Irish Sport Industry Awards, Meehan joined John Morley for a live in-studio interview on his ‘Galway Talks’ programme on Galway Bay FM. Despite only having officially launched the business in January, Precision Sports Technology client list is impressive and growing.
“We can’t name names, but we have a team that won the Champions League.” In terms of expansion plans in Ireland, Meehan is open minded.
“I think GAA is probably one of our bigger opportunities in Ireland. Especially since Precision Sports Technology is a software platform. We can tailor and scope our features as needed. Obviously the Champions League teams have any amount of budget for investing in technology, so we will give them all the bells and whistles. But we can also build a custom platform.
“If you’re a GAA strength and conditioning coach and you want to track 30 athletes and get these kinds of metrics and these kinds of exercises, perfect. And we’ll do the high end customisation for affluent teams internationally.”
Meehan summed up the journey she has been on with Precision Sports Technology so far.
“This time last year it was myself and two student interns from the university. Now we have ten of us on the team and international hires… It’s uphill from here”.
Jun 13, 2024
Minister for Education Norma Foley TD, and Minister of State for Sport, Physical Education and the Gaeltacht, Thomas Byrne TD, today announced updated Procedures on the use of School Buildings and School Sports Facilities outside of School Hours.
The updated procedures highlight the value and importance of school buildings and school sports facilities being used outside of school hours.
The objective of these procedures is to build on the strong track record of schools opening facilities to local communities so that opportunities for facilitating access are maximised to the greatest extent possible. To encourage the greater use of such facilities, the Department of Education will provide schools with a guarantee that any income from after-school use of their facilities will not affect their State grants, capitation fees or any other form of departmental funding.
To broaden awareness and improve access to the facilities, the department is putting arrangements in place for information on schools willing to make their facilities available outside of school hours (or already doing so) to be available for local communities.
As part of the department’s centennial commemorations in October 2024, a showcase event is planned for schools who are making their facilities available to communities. This showcase event will highlight the impact of schools in local communities.
“Many schools are already making their wonderful facilities available outside of school hours for the benefit of local communities. We want to encourage the use of our school buildings right throughout the week and the calendar year.”
“I strongly welcome the publication of these updated procedures and encourage their use within schools and local communities. As a Government, we are working to promote lifelong participation in sport and physical activity and maximising the use of school sports facilities, outside of school hours, is one such way of achieving this aim. School sports facilities are a very important resource and maximising their use outside of school life adds greatly to the sustainability of local communities.
The benefits of school buildings and school sports facilities being used outside of school hours include:
• Supporting the social fabric of community life through facilitating access to local facilities,
• Helping serve the need for new community facilities in areas where there has been a strong rollout of residential developments,
• Facilitating the provision of after-school childcare to support working families,
• Reducing potential transport emissions in line with the Government’s Climate Action Plan by giving local people access to local facilities rather than those located further away and
• Supporting an active and healthy lifestyle for communities in line with the Healthy Ireland policy.
The updated procedures have been developed following engagement with stakeholders in the education sector and relevant government departments. The procedures replace the ‘Guidelines on the use of School Buildings outside of School Hours’, which were issued in October 2017.
The updated procedures also clarify the steps necessary to establish a crèche or pre-school within an existing building or on the grounds of a school. While the primary purpose of schools is the provision of primary and post-primary education the department is supportive of the use of available school property by childcare providers if there is space available and it does not interfere with the day-to-day running of the school. Supporting the provision of after-school childcare is very important and is strongly encouraged.
The new procedures have built upon the previous guidelines and emphasise certain requirements including the need for legal arrangements to be put in place, insurance, and that the proposed out-of-school hours activities should not affect the future development of the school. Much of the information in the procedures is now in bullet point format and there are a set of checklists in the appendices to facilitate ease of use.
Schools are reminded to seek the permission of their patron before making school facilities available.
Jun 10, 2024
There are few men or women who have dedicated their lives to Irish sport, who command the respect, admiration and authority of Sarah Keane. Before being appointed as the first CEO of Swim Ireland in 2004, Keane qualified as a solicitor and worked with leading Irish law firm Matheson. Now, alongside her primary role leading one of Ireland’s largest sport National Governing Bodies, she is a board member of European Aquatics and World Aquatics, a Commission Member of the Central Bank of Ireland and, in her second term as the first female President of the Olympic Federation of Ireland. Remarkably, Keane never envisaged having a career in sports. Speaking to the Federation of Irish Sport, Keane’s profound modesty remains a feature of who she is.
“I feel very privileged and grateful, I love working in the sports industry and I love being part of something that I feel makes a real difference in people’s lives. We have a great sector and I work with great people.”
At last year’s Irish Sport Industry Awards, she accepted the award for National Governing Body of the Year on behalf of Swim Ireland, who embraced innovation and opened Ireland’s first ever Pop – Up Pool providing a unique swimming opportunity for 14,000 people who would not otherwise have had access to a pool.
In August 2022, the Irish Independent published an interview with Keane. It highlighted that during Keane’s tenure as Swim Ireland CEO the organisation has gone from just two employees to a staff of 39 with revenue of around €4.5m.”
“I think for a long time sport was run out of peoples kitchens and very dependent on the volunteer effort. Whilst we are still very dependent on the volunteer effort, a lot of our volunteers are really unpaid professionals and sport has had to modernise to become more fit for purpose as society has changed.
“I think therefore it’s important to recognise that governing bodies are companies. We have to operate with good governance and with business sense… Sport is a business as well as something we enjoy”.
In 2017, Keane was elected as the first female President of the Olympic Federation of Ireland. In March, it was announced that Sarah Keane would stand down after the 2024 Olympic Games in Paris. She is incredibly optimistic about the prospects for the team that Ireland will send to Paris and the last Olympic Games on European soil for two decades.
“The athletes are really what this is all about and the people who surround them, their family, their coaches, their governing bodies and everybody who supports them. One of the things I love is their communities really get behind them and celebrate them. That means we have so many different people from so many different backgrounds supporting what these athletes do.
“And they strive for excellence. This is an Irish team that will go to compete, not just participate at these Olympic Games. We’ve had substantial government investment and great work by Sport Ireland, the Olympic Federation, our partners and sponsors and everyone behind us to put forward a united, well prepared, best in class Irish team. I think there is going to be a lot for the nation to get behind and a lot of these people have their own stories as well, they are people first and athletes second. I’m super excited.”
When asked whether she could define a moment over the last two decades, where she has experienced the magic of sport, Sarah reflected on her journey.
“I suppose for me, a lot of my magic moments are in a boardroom, or a room. I know if we do this, it’s ultimately going to change the face of something and make that culture change.
“I love all the performances, every single one of them and I love the people involved. I think that they’ve all got their individual stories and that’s one of the best things that has happened over the last number of years, is that our Olympians are more than happy to talk and that is what inspires kids and young people and older people to get involved in sport. I don’t know if I would call it battles, but it’s that work that goes on behind the scenes, by so many people across the country that inspires me.”
Jun 6, 2024
Navigating the intricate landscape of accounting for grants can be challenging for many organisations. Proper accounting for grants is crucial not only for compliance with financial regulations but also for maintaining the integrity and transparency of financial statements.
If you are in receipt of grant income, you need to identify whether it is a revenue grant or a capital grant. The accounting treatment is different for these two grant types.
Revenue Grants
Under FRS102, revenue grants are accounted for under the accruals model. This means that these grants are recognised in the Income and Expenditure Account in the same period as the related expenditure. Therefore, if grants are not expended in the year, the grant income needs to be deferred into the following year. This unspent portion of the grant income is deferred and shown in the balance sheet as a liability in creditors amounts falling due within one year.
Capital Grants
These are grants relating to capital expenditure. Under FRS102 these grants are accounted for under the accruals model. Expenditure on tangible fixed assets is credited to the income and expenditure account at the same rate as the depreciation of the asset that was acquired with the grant. For example, you acquired a fixed asset for €10,000 and its estimated economic useful life is 5 years, then €2,000 of the grant will be released in to the Income and expenditure account to match the €2,000 depreciation charge. The balance of the grant of €8,000 will be split between creditors amounts falling due within one year, €2,000 and creditors amounts falling due after more that one year €6,000. The fixed asset in the balance sheet with be carried at a net book value of €8,000 being cost of €10,000 less accumulated depreciation of €2,000.
Other items to consider when accounting for grants:
1. Nominal structure – it is important to review your nominal structure to ensure:
- You are able to track the grant expenditure. This is also vital as when your auditor is carrying out their year-end audit testing they will need to be able to identify the expenditure relating to each grant.
- It is also vital for management to track the expenditure and know at any given time what expenditure has been expended and what if any of the grant remains to be spent.
2. Terms and conditions of the grant – It is imperative to read and and gain an understanding of the rules attaching to the grant and to know:
- If the funding is being is ringfenced for a particular type of expenditure
- The disclosure requirements in the financial statements
- In the case of a capital grant, if permission is required from the awarding body where the organisation wishes to dispose of the fixed asset acquired with a capital grant.
- If auditor’s confirmations are required in relation to grant expenditure
- If permission required in relation to the deferral of grant income
In summary in relation to grants it is vital to:
- Know the type of grant received
- Account for it correctly
- Track expenditure
- Adhere to the terms and conditions attached to the grant and avoid being sin binned or red carded.
If you need advice on the accounting treatment of grants or in relation OSK’s audit and accountancy services please contact, Deirdre McDermott mcdermottd@osk.ie.
OSK is the official Audit and Accounting partner of the Federation of Irish Sport (FIS) and the preferred supplier of these services to the Federation’s members.
May 30, 2024
⦁ Sport Minister Thomas Byrne TD & Sport Ireland reveal record-high participation rates in sport
⦁ Nearly two million adults in Ireland participate in sport every week – more than ever before
⦁ Significant recovery from pandemic levels of participation
⦁ Ireland making progress towards achieving UN Sustainable Development Goals
Minister Thomas Byrne joined Sport Ireland to publish the Irish Sport Monitor 2023 report, which shows nearly two million adults in Ireland participate in sport every week – more than ever before.
Regular participation rates have grown from a low of 40% at the peak of the pandemic in 2021 to 47%, while the difference in sports participation rates between men and women in 2023 is the narrowest on record at just under 3%. This is largely due to women’s sports participation increasing by 6% between 2022 and 2023 – it now stands at 46% compared to 49% for men.
Minister of State for Sport, Physical Education and the Gaeltacht, Thomas Byrne TD, said: “It is terrific to see record levels in sports participation recorded in Ireland which are underpinned by record levels in state funding for sport.
“I welcome the confirmation that nearly two million adults are participating in sport every week in Ireland, and I am determined to see these numbers continue to grow over the coming years.
“As Sport Minister, I am particularly heartened to note the progress being made in female sports participation and I know that the additional funding provided under the Women in Sport funding initiative has been crucial in this regard.
“As a Government, we are making real progress in delivering on our key policy targets for sport and we will continue working to ensure that every person, of every ability, can enjoy the right to participate in sport.”
The difference in sports participation between socio-economic groups also reached its narrowest level since the pandemic. Although this difference is still significant at 19% it is much lower than the 34% difference measured in 2017.
Sports participation levels increased in 2023 among both younger and older age groups, with 64% (up from 60% in 2022) of those aged under 35 and 40% (from 35% in 2022) of those aged 35 and over playing sport regularly.
Sport Ireland CEO, Dr Úna May, said: “Sport Ireland’s commitment to research underpins our decisions at every step. The 2023 ISM report provides invaluable insights to Ireland’s sports participation and physical activity levels.
“I would like to acknowledge the Government, our National Governing Bodies, and Local Sports Partnerships, local clubs, coaches, officials, volunteers and participants for their commitment to promoting sport in all its forms.”
Social participation figures in club membership, volunteering and event attendance also increased in 2023 and although event attendance figures are the highest ever recorded, club membership and volunteering figures are still slightly behind pre-pandemic highs measured in 2019.
Sport Ireland has also released a report mapping the contribution of the Irish National Sports Policy (NSP) to the United Nations Sustainable Development Goals (SDGs) and in total the NSP aligns closely with 10 of the SDGs.
There are 17 UN Sustainable Development Goals, along with 169 targets, and 237 unique indicators forming the framework for global development through to 2030. Ireland is one of 193 member states of the UN which has pledged its commitment to this universal agenda to address all three dimensions of sustainable development; economic, social, and environmental.
Benny Cullen, Director of Research and Innovation at Sport Ireland, said: “I want to extend my thanks to all those who contributed to producing these two important research reports including our research colleagues in IPSOS and In Focus.
“The 2023 ISM is a critical report which generates debate, discussion and helps to inform how we can promote sport participation and physical activity throughout Irish society. There remains a large body of work to sustainably achieve the ambitious NSP targets for sports participation rates to reach 60% by 2027.”
John Foley, Sport Ireland Chairperson, said: “The 2023 Sports Monitor presents positive numbers on participation and volunteering. Continuing to grow participation across all sectors of society is a major priority and we look forward to working with all our stakeholders in the achievement of our goals.”
