TIME IS RUNNING OUT TO APPLY FOR €25,000 IN FUNDING FROM THE COCA COLA THANK YOU FUND

Jun 12, 2014

REMINDER: APPLICATIONS FOR THE COCA-COLA THANK YOU FUND 2014 WILL BE ACCEPTED UNTIL JUNE 16th

Voluntary and non-profit organisations are being reminded to apply for five grants of €25,000 aimed at new programmes encouraging people to become more active before the fast approaching June 16^th, 2014 deadline. Those with ideas for projects that will get people moving are urged to submit an application at www.coca-cola.ie/thankyou.

Representatives of organisations which submit applications with the most engaging approaches to promoting activity will be included in a shortlist of twelve and will be invited to go before a judging panel.

Each of the shortlisted organisations will have to present a 10-minute pitch to the judges about their project and why they think they should receive the funding, followed by a further 10-minute Q&A session with the panel. The five winning ideas will be announced in October 2014.

The judging panel will consist of Lorraine Ho, Managing Director of Bootcamp Ireland, Tina Murphy, founder of Run with Tina, Denis Toomey, President, Cycling Ireland and ‎Deirdre Garvey, CEO at The Wheel. Representatives from both of the Fund’s partner organisations The Federation of Irish Sport, and the Northern Ireland Sports Forum are also included in the panel along with Erica Roseingrave of Coca-Cola Hellenic Ireland.

The Coca-Cola Thank You Fund was launched in 2011 and has so far distributed €375,000 in grants. This year’s funding total of €125,000 will bring the amount donated through the Fund to half a million Euro. More  information about the Fund is available at www.coca-cola.ie/thankyou. Entries will be accepted online until 16^th June.

Athletics Ireland Launches New website to Cater for Growing Membership and Changing User Needs

Jun 11, 2014

Athletics Ireland today launched a new fully responsive website (www.athleticsireland.ie) to meet the growing needs of the users of the site.  With Athletics Ireland membership set to hit a record of 55,000 this year (up 100% since 2009), the Association has delivered an upgraded website with a host of new features, chief among which is the adaptability of the new site to cater for mobile and tablet users.

Users accessing the site with mobile phones has increased by 64% while tablet users accessing the site are up 120% year on year. The new responsive design will allow an optimal viewing experience with easy reading and navigation with a minimum of resizing, panning, and scrolling – across a wide range of devices.

Results of an on-line survey carried out amongst website users were also taken into consideration in the redesign of the site to ensure it best meets their needs.

The new site, developed in collaboration with leading Irish website agency Kooba, provides a host of features:

• A Fanzone homepage celebrating heroes past and present bringing users all the latest news and statistics for Ireland’s top International athletes.
• A new easy to use Join a Club and a new Get Involved section facilitating the recruitment of new members and volunteers.
• The ever popular results and fixtures are now searchable
• Full integration of social media platforms, Twitter, Facebook and YouTube with social media plug-ins available across all pages so users can share through these channels too.
• A new RunZone section dedicated to the ever growing recreational running community. The microsite has a searchable road race calendar for Athletics Ireland permitted events. It also include key resources for participants including top nutrition tips and easy to follow training plans.
• Live streaming has become a key part of the Athletics website with on average 10,000 viewers now regularly availing of the facility and the new site will provide greater support for a streaming service for key events.

Sinéad Galvin Marketing, Communication Manager said “Our website is a key interface with members, fans and the general public. The new responsive site meets the changing needs of our users while the design reflects the vibrancy of our growing sport.”

Federation of Irish Sport 2nd Annual Conference, 'Shaping Sports Future' – Review

Jun 5, 2014

The Federation of Irish Sport hosted its second annual conference at the Guinness Storehouse on Thursday 29^th May with this year’s theme being ‘Shaping Sport’s Future’. Two panels comprised of experts in their respective field’s discussing- 1. The Future Financing of Sport and 2. The Role of Sport in Irish Society.

The day started with over 150 delegates and exhibitors arriving at  the Guinness Storehouse for a tea and coffee reception and a great opportunity to catch up and share experiences with other people from the world of sport. Guests gathered in the main conference room at 4pm where the official opening was delivered by the Federation’s CEO, Sarah O’Connor who said:

“I hope you leave today with some new ideas. But perhaps most importantly with some positive inspiration about the reasons you do what you do and why you work so hard at it” . She continued and was clear that “the challenges are worth overcoming” and that as a result “the opportunities both for sport and Ireland are real”. 

Keynote speaker, Dr Leo Varadkar, Minister for Transport, Tourism & Sport, gave a detailed look into the sector from his department and government’s standpoint. Commenting on where we should ‘allocate our limited resources’, Mr Varadkar stated that

“ previous decisions on capital funds have been ad hoc rather than plan led and I think we need to see what we can do about that”.

Looking at finances in sport, which of course is a major concern for many of the Federation’s members, the Minister confirmed that the government:

“have already committed to multi-annual funding so that the Sports Council fund NGB programmes on a three year rolling basis”. His approval of such a move was apparent, going on to say that “I think (it) is a much better way to spend money and much easier for NGBs to plan and that’s now (government) :policy”.

Continuing with the upbeat tone, the Minister was quick to pay homage to the work already being done by the NGBs:

“The number of people participating in sport is increasing – by about 1% every year and is now at 47/48%. Still lower than we’d like it to be, but definitely going in the right direction. We as a society are becoming less sedentary which is down to what the NGBs do while the government has a supporting role”

After Minister Varadkar’s address, attention turned to Panel 1- who were tasked with looking at ‘The Future Funding of Sport in Ireland’. An exciting blend, the panel consisted of; Minister Varadkar, Bernard Allen – Board Member, Irish Sports Council and a former Minister of Sport, Hugo McNeill – MD, Goldman Sachs Ireland and Chairman, Ireland Funds and Garrett Kelleher – Executive Chairman, Shelbourne Development Group and owner of St Patrick’s Athletic FC. Caroline Murphy, the RTE broadcaster and MC for the day, asked Hugo McNeill where he thought the funding for sport should come from?

“Firstly I think we need to tell the story of sport better. What sport needs is it needs to be brought together to articulate the impact it can make, think about the funding and learn lessons, and share that best practice because we all have a common interest”, said the former Ireland rugby international.

Asked about his views on the future funding of sport in Ireland, Bernard Allen interestingly reiterated what both the Minister and Hugo McNeill had said, when pointing out that the right structures must be in place to ensure investor confidence:

“One of our responsibilities is to ensure that there is good governance in the sporting organisations. As chairman of the NGB funding I’m satisfied that there is an ongoing improvement in the governance within the major sports bodies” he said.

 Allen called for joined up thinking to ensure a more sustainable future:

“I think other departments have to live up to their responsibilities. Until such a time the departments like Justice, Health and Social Welfare come on board with some of their budgets I think we will be struggling to meet the needs of sporting organisations” he said.

Delegates took part in a Q&A at the end of the first panel which was a fantastic opportunity to get a views from the floor which varied from concerns in smaller NGBs to the health sectors view on the contribution that sport make to physical and mental health.

Panel 2 aimed to look at ‘The Role of Sport in Irish Society’ and began with a talk from Andy Reed, OBE, Chair of our equivalent, the UK Sport and Recreation Alliance. What was particularly valuable was Andy’s UK experience on sport and it’s multifaceted benefits. Explaining the idea of an independent ‘sport think- tank’ and the benefits that one brought to the UK, Reed was quick to make parallels with Ireland:

“The think-tank is a place in which we exchange ideas bringing together the partnerships we see here actually. So it is health, tourism, business, local authorities and sports people as well as government in the same room to think some of the unthinkable things”.

Following the same format as before, the panellists were asked questions from MC, Caroline Murphy. The panel was made up of; Andy Reed, OBE, Brendan Kenny (Assistant Dublin City Manager), Fiona Coghlan (Irish Rugby Captain and PE Teacher), Kate O’Flaherty (Director of Health and Wellbeing Programme, Department of Health) and Keith McCormack (Director of Visit Dublin and Head of Events Ireland, Failte Ireland). Again delegates were given a varied viewpoint from the various strands of industry and government that sat on the panel.

Fiona Coghlan, a PE teacher in Lucan Community College recognised the issue with the current format in schools.

“Realistically most of kids days are spent in school so they start in primary school. As they move through school they become more sedentary and there is no specialised PE teacher in primary schools so it depends whether the teacher likes doing PE or sport that they get more time doing that”.

Asked if school is where kids must be active, she conceding the challenges that lay ahead:

“Definitely I think it should be compulsory, everyday it would be amazing, but that’s not going to happen because you’re pulling against numeracy and literacy, physical activity is put on the back burner”.

Kate O’Flaherty with her Health and Wellbeing remit in the Department of Health argued that sport from the Department’s  point of view was extremely important in achieving their public health goals:

“We need to show that were a country that values health and wellbeing. When you ask people what’s the most important thing to them in National surveys and what they want for their children it is health and happiness and the framework for delivering this is the ‘National Physical Activity Plan’ which is a key initiative under Healthy Ireland”

The conference session wrapped up at  6:30pm with delegates and guests mingling and chatting at the drinks reception. This was a fantastic opportunity for exhibitors and delegates to get together and share common interests and make new business connections. At the same time, there was an open mic session with Adrian Barry from Newstalk’s Off the Ball with panellists including: Hamish Adams, Liam Harbison, Ciaran Gallagher, Paddy Barnes, Bernard O’Byrne, Kate Feeney, Niamh Daffy & Peter Smyth.

Dinner was attended by the majority of delegates and the networking, talking and sharing of ideas continued into the night…

Watch the full video here- http://irishsport.ie/wpress/index.php/2014/06/federation-of-irish-sport-conference-2014-full-video/

FINAL CALL for entries for the Coca-Cola Thank-You Fund

Jun 4, 2014

THE RACE IS ON TO APPLY FOR €125,000 IN GRANTS PROMOTING PHYSICAL ACTIVITY

Wednesday, June 4^th 2014: Minister of State for Tourism and Sport, Michael Ring TD, today issued a final call for voluntary and not—for-profit organisations to apply for five grants totalling €125,000 up for grabs this year from the Coca-Cola Thank You Fund (the Fund) for innovative sport and activity based programmes aimed at getting people moving. The deadline for applications at www.coca-cola.ie/thankyou is June 16^th 2014 at 6pm.

“The race is on for voluntary and non-profit organisations to apply for the Coca-Cola Thank You Fund, which is distributing five €25,000 grants to innovative projects promoting active lifestyles this year. The focus is on getting people moving and introducing physical activity into all our lives. This is a fantastic initiative from Coca-Cola and I would urge organisations to apply now as the deadline for applications, June 16th, is fast approaching,” said Minister Ring.

Representatives of organisations which submit applications with the most engaging approaches to promoting activity will be included in a shortlist of twelve and will be invited to go before a judging panel consisting of Lorraine Ho, Managing Director of Bootcamp Ireland, Tina Murphy, founder of Run with Tina, Denis Toomey, President, Cycling Ireland and ‎Deirdre Garvey, CEO at The Wheel. Representatives from both of the Fund’s partner organisations The Federation of Irish Sport, and the Northern Ireland Sports Forum are also included in the panel along with Erica Roseingrave of Coca-Cola Hellenic Ireland. Each of the shortlisted organisations will have to present a 10-minute pitch to the judges about their project and why they think they should receive the funding, followed by a further 10-minute Q&A session with the panel. The five winning ideas will be announced in October 2014.

“The Fund presents a fantastic opportunity for voluntary and not-for–profit organisations in Ireland and Northern Ireland to bring plans to life that will have a measurable, positive impact on people’s lives. The focus is on creativity and ingenuity, on generating new and ever more engaging ways for people to get active. If you have an inspired idea for a project that your organisation could execute with our support, we would urge you to apply now at www.coca-cola.ie/thankyou and to join the conversation on Twitter at #MovementIsHappiness,” said Erica Roseingrave, Public Affairs and Communications Manager, Coca-Cola HBC Ireland.

“The impact of the Coca-Cola Thank You Fund is felt in local communities through sports and activity programmes that entice and enable members of the public to get active. In 2014, five organisations will each receive individual grants of €25,000, facilitating the rollout of truly ambitious projects. We are delighted to serve as a partner with the Fund and would urge voluntary and not—for-profit organisations with activity based projects in mind to apply now,” said Sarah O’Connor, ‎Chief Executive, The Federation of Irish Sport.

The Coca-Cola Thank You Fund was launched in 2011 and has so far distributed €375,000 in grants. This year’s funding total of €125,000 will bring the amount donated through the Fund to half a million Euro. More information about the Fund is available at www.coca-cola.ie/thankyou

FIS Accountancy & Auditing Partners OSK outline cashflow forecasting for NGBs & LSPs

Jun 4, 2014

As the preferred Audit and Accounting partner of the Federation of Irish Sport, OSK have this month compiled some useful information and some points to consider when thinking of your finances. Whether you are an NGB, LSP or a club, we recommend meeting with OSK to discuss all your financial needs. And remember, all Federation of Irish Sports members get a 20% discount when using OSK.

Cash flow forecasting for Sports Governing Bodies

Cash flow forecasts provide an organisation with a clear picture of cash inflows and outflows over a specific period, usually a year.

What are the benefits of preparing a cash flow forecast?

• Identifies cash deficits and cash surpluses in advance
• Shows what you need to borrow, how much, when, and how the loan/overdraft will be repaid
• Highlights the impact of getting and receiving credit from suppliers and customers
• Provides you with time to take action e.g. defer planned expenditure, bring forward a cash receipt

How to preparing a cash flow forecast?

• Link it to your financial budget
• Look at your budgeted income for the year
• Breakdown income down into month of receipt
• Allocate expenditure into the months it will be paid
• Add in your opening reconciled bank balance

A cash flow forecast can be broken down as follows:

• Cash inflows
• Cash outflows
• Net cash surplus/(deficit)
• Opening bank balance
• Closing bank balance

Your forecast should take this into account and provide a complete picture of where cash will come from and how it will be used for the period being forecast.

• While a cash flow forecast should be consistent with other financial reports, it must also reflect how cash actually flows
• The timing of cash receipts and payments and how they are forecast will depend on the business activity
• In some cases there may be a relatively even flow of cash in and out during the period being forecast.
• Or cash receipts and payment may be concentrated on certain dates within the year
• The nature of the business, your past experience and any expected future developments should be taken into account in forecasting
• A cash flow forecast is generally done by periods, e.g. by month
• This may be further broken down into weeks, to define cash flows more precisely during the month, allowing you to identify cash surpluses and deficits within the month, thus allowing more targeted cash management actions
• The more defined you can make you forecast, the more it will help to plan and control your finances, maximising the use of surplus funds available and minimizing the costs associated with borrowing to finance operations
• Only outflows can be totally controlled
• Inflows depend on outsiders behaving in an agreed fashion e.g. a sponsor paying you as agreed per their contract.

Forecasting cash outflows

• In forecasting the uses of cash in operating activities it should be kept in mind that cash expenditure will not necessarily be the same as operating expenses for profit and loss account purposes
• By its nature a cash flow forecast is prepared on a cash basis, so while many cash expenditures also represent operating expenses, there will be some timing differences such as prepaid expenses and payment of expenses accrued in prior periods

Factors to consider when forecasting cash outflows

Payroll

From a Profit & Loss perspective, payroll expense is gross wages and salaries, but from a cash flow standpoint you would pay the net salary at a different time to when you pay over the payroll taxes to revenue. There would be two line items of expenditure in the cash flow forecast.

Payments to suppliers

From a Profit & Loss view, the expenditure is recognised once the invoice is received. From a cash flow perspective the expenditure will be recognised and paid based on the terms and conditions of supply e.g. if you receive 60 days credit from your supplier, then in your cash flow forecast you if you plan to purchase materials in month one the cash outflow will be forecasted to happen in month 3 sixty days after the purchase.

Rent

Payments are generally made on the same date each month and this can be forecasted based on the lease agreement in place

Payments for service agreement/maintenance contracts

• These can be forecasted based on the agreements in place.
• Other repairs could be forecasted based on historical experience, and bearing in mind, the age, working condition, usage and the general maintenance requirements of the plant and machinery, equipment and motor vehicles etc

Advertising and promotion expenditure

• May be based on agreements or planned activities and can be forecasted accordingly
  • May be forecasted as a function of sales

Payment of utilities

These expenses would generally be paid the same date each month and can be forecast based on historical experience, changes in the level of activities, rate adjustments, season variations and growth of the business (these factors would have been taken account of in your budget for the year which you will be using to formulate you cash flow forecast)

Tax payments

There are set dates for the payment of payroll taxes and VAT which will assist you in preparing your cash forecast

Insurance payments

These expenses are generally made in advance and payment can be based on the renewal date of policies. It might be advisable to enter into an instalment arrangement and spread the outflow over a number of months if there are cash flow difficulties.

Balancing a cash flow forecast

• By entering the known and expected, or anticipated and estimated cash receipts and payments by month for a 12 month period you will be generating a cash flow forecast.
• When you can see how your cash balance rises and falls during the forecast period, you will know when to expect cash surpluses and deficits and you will be in a better position to make decisions regarding cash management
• The idea behind cash management will be to even out cash flows, make the best use of existing resources, minimise financing costs and obtain the best return on cash investments

If you need assistance with the preparation of monthly management accounts, forecasts and budgets please contact Deirdre McDermott, Director – OSK

Tel: 01 439 4360, Email: mcdermottd@osk.ie

For more information on the services that OSK provide, please click here