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
May 28, 2014
Yesterday, 27th May, 2014, Triathlon Ireland announced Udo’s Choice as official sponsors of the organisations expanding coach education programme.
With membership of Triathlon Ireland having grown 15% in 2013 and this year seeing membership increases of over 1000 on the same time as last year, the need for a world class coach education programme is evident. At elite level Ireland now has more triathletes than ever before vying for qualification for the Olympic Games in Rio, along with, for the first time ever, medal opportunities in paratriathlon at the Paralympic Games. The talent amongst the younger ages is also burgeoning with 17 athletes on the Irish Youth and Junior Squad, up from 6 just a year ago.
With nutrition and recovery being such a key ingredient in triathlon success the partnership is good news for Irish triathletes at all levels as they can now tap into the knowledge and expertise of the rapidly growing Co. Wicklow based brand.
Commenting on the partnership, Triathlon Ireland CEO Chris Kitchen said:
“It is fantastic to partner up with a company such as Udo’s Choice. Their sponsorship of the Triathlon Ireland Coaching Programme will not only enable us to drive this hugely important area forward but also is a great fit for the organisation with products that can be of real benefit to training. Coaching is a foundation to the development of triathlon and we look forward to a close working relationship with Udo’s Choice to help us develop and strengthen Triathlon in Ireland.”
Udo’s Choice is part of a family of brands from Naturalife Health, which also includes Cleanmarine Krill Oil and One Nutrition, all of which will be utilised by Triathlon Ireland as part of the sponsorship.
Announcing the sponsorship Naturalife Health director Darragh Hammond said:
“Triathlon Ireland and Udo’s Choice is an ideal partnership as the interest in endurance sports has quickly grown over the last number of years, particularly with those now keen to take part in triathlons. This is the perfect example of our focus on fuelling athletes and improving performance as triathletes are very aware of the nutritional requirements needed to compete at this level. Being a cyclist myself I know first-hand how closely nutrition is tied to performance”.
Over the course of the year Udo’s Choice will be teaming up with Triathlon Ireland at coach education courses and triathlon events around the country as well as providing a wealth of nutritional advice and tips on the Triathlon Ireland website and monthly newsletter.
May 24, 2014
Partners and Exhibitors at the Event
We are delighted to announce this years partners for the event are:
Coca Cola Thank You Fund– will distribute €125,000 in five grants of €25,000 in 2014. These grants will provide major funding for sport and activity programmes taking an innovative approach to getting local communities moving. Apply here
Diageo– kindly providing the Storehouse venue for the conference
JLT Ireland– in partnership with the Federation of Irish Sport, have introduced an insurance facility specifically designed for National Governing Bodies and sports clubs.Click Here for more information
Exhibitors at the event are:
Federation of Irish Sport Preferred Partners exhibiting-
Tifco Hotel Group/Crowne Plaza Hotels- hotels in Dublin and around Ireland (special rates for FIS members attending the conference)
Future Fit– helping sport reduce their energy costs
OSK– Auditors and Accountants
Print Depot– experts in printed communication
Exhibitors-
Failte Ireland Major Events Unit– support for bringing sports events and tourists to Ireland
MyClubFinances– fundraising solutions for your sport
Performa Sports– performance analysis in sport
Promocraft– high quality Irish made Awards and Gifts
RISC Manager– Regulatory and Compliance Software
UCD Centre for Sports Studies– launching a new MSc in Coaching and Exercise Science in 2014
2into3– Ireland’s specialist advisors and capacity builders for the not-for-profit sector
Supporters of the Event are:
JKS Communications– providing research led policy insights and public affairs programmes
Teamwear.ie– providing you with direct access to Europe’s Award Winning Teamwear at the lowest prices
TRB Associates – one of Ireland’s longest established recruitment consultancies
Delegate Pack information:
SportsJobs.ie – the specialist sports jobs and information board
Business Card Draw- Great Prizes offered on the day include:
- iPad Air (JLT)
- iPad Mini and 12month performance analysis software (Performa)
- Weekend family stay (Crowne Plaza Hotel Blanchardstown)- Two Nights Bed & Breakfast with Dinner on One Night for up to Two Adults & Two Children (under 12) sharing a twin room. The prize also includes a family ticket to one of the following attractions – Aquazone at the National Aquatic Centre, Dublin Zoo or Tayto Park.
- Energy Advice Voucher worth €2k (FutureFit)
- Tablet device (OSK)
- €250 voucher (Teamwear.ie)
- Case of Wine (RISC Manager)
- 2 Tickets to major sports events (FAI, GAA, IRFU)
- Panel Presentation gifts by Promocraft
Don’t forget to put your card in the bowl, If you’re not in you can’t win!
May 23, 2014
MEMBERS EVENT- If you havent already booked, you can book your tickets here http://www.eventbrite.ie/e/federation-of-irish-sport-conference-2014-shaping-sports-future-tickets-6305819877
The 2nd Federation of Irish Sport Annual Conference #ShapingSportsFuture will be hosted at the Guinness Storehouse on Thursday 29th May 2014. Keynote speaker will be Dr Leo Varadkar, Minister for Transport Tourism and Sport. the schedule for the day is as follows-
15:30 Registration
16:00 Official Opening and Welcome Address- Sarah O’Connor, CEO, Federation of Irish Sport
16:05 Keynote Address- Dr. Leo Varadkar, Minister for Transport, Tourism and Sport
Overview of the industry, opportunities and challenges ahead
16:20 PANEL 1- The future funding of Sport in Ireland
How sport is funded in Ireland and how it best needs to be funded in future to ensure sustainability and success
Dr Leo Varadkar- Minister for Transport, Tourism and Sport (Keynote speaker)
Leo Varadkar is a TD for Dublin West and Minister for Transport, Tourism and Sport. He is the youngest member of the Irish Government and was appointed to office by the Taoiseach, Enda Kenny in March 2011.
First elected to Dáil Eireann (House of Representatives) in 2007, he is a former Spokesperson on Enterprise, Trade and Employment and Communications, Energy and Natural Resources. Prior to his election to the Dáil, he served as a member of Fingal County Council from October 2003. He received the highest vote in Ireland in the Local Elections of 2004, and was elected Leas-Cathaoirleach of the county.
He has taken a strong interest in political reform proposing and securing government support for a more transparent system of making public appointments and authored the first policy paper calling for a reduction in the number of State agencies.
Born and raised in the Blanchardstown/Castleknock area, Leo studied medicine in Trinity College, Dublin where he earned a BA, BAO, BCh and MB in 2003. He worked in several hospitals before opting for General Practice.
Bernard Allen- Board Member, Irish Sports Council, Chairman of the NGB Committee and former Minister for Sport
First elected to Dáil Éireann in 1981, Bernard Allen retained his seat at each subsequent general election until his retirement in 2011. A front bench spokesperson for Health, Social Welfare, Environment and Local Government, Foreign Affairs and Tourism, Sport and Recreation, he was appointed Minister of State at the Department of Education and the Environment with special responsibility for Youth and Sport. Bernard is a member of the Pitch and Putt Union of Ireland, Bol Chumann na hEireann, Golfing Union of Ireland, GAA and FAI.
Hugo MacNeill- MD, Goldman Sachs Ireland and Chairman, Ireland Funds
Hugo McNeil is Managing Director at Goldman Sachs (Ireland). A former international rugby player, Hugo played for Ireland for eight seasons between 1981 and 1988 and scored ten tries. In 1983 he toured New Zealand with the British and Irish Lions and he also played in the first Rugby World Cup in 1987. A graduate of Oxford, he is currently Chair of Ireland’s working bid for the 2023 Rugby World Cup. Hugo is also Chair of the Ireland Funds.
Garrett Kelleher– Executive Chairman, Shelbourne Development Group and St Patrick’s Athletic FC
Garret Kelleher is the founder and Executive Chairman of Shelbourne Development Group and owner of League of Ireland football club St Patrick’s Athletic FC, as well as a significant shareholder in Dolmen Securities, a Dublin based regulated stock brokerage, investment advisor and corporate finance house. Sponsorships of events have included the Irish Tennis Open in the past.
In 2013, Garrett Kelleher was named to the Advisory Board for the US-Ireland Alliance, a non-profit organization with a focus on educating Americans about Ireland and strengthening ties between the two countries through culture and business. Kelleher also sits on the Board of Regents at Ave Maria University in Florida.
17:10 Audience discussion and Q&A
17:20 PANEL 2- The role of sport in Irish Society
The broader role sport plays in Irish society in terms of health, social inclusion, tourism, and international reputation
Andy Reed, OBE- Chair, UK Sport and Recreation Alliance
Andy is the Chair of the Sport and Recreation Alliance. With a very strong background in the sector he served arguably the UK’s sportiest constituency – Loughborough – with distinction for 13 years. As an MP he served as Parliamentary Private Secretary to Kate Hoey while she was Sports Minister and also introduced the 10 Minute Rule Bill for Community Amateur Sports Club legislation as well as chairing various sports committees in parliament – including the CCPRs own Sports Caucus.
Now director of his own company, SajeImpact and Senior Partner at Green and Gold he leads his local county sports partnership, is chair of the voice of sports volunteers (SSPV) and of the BBL Foundation, as well as a board member of Special Olympics GB and Sports Chaplaincy UK.
He also sits on the board of International Aid agency World Vision UK. Andy continues to turn out for his beloved Birstall Rugby Club where he has played for the last 25 years. He is a co-founder of the Sports Think Tank – the UKs only independent think tank dedicated to sports issues. He was awarded the OBE in 2012 for services to sport and the community.
Brendan Kenny- Assistant Dublin City Manager
Brendan Kenny is Assistant Dublin City Manager. He has responsibility for Community and Social Development as well as Art, Culture, Recreation and Amenity Services in the City.
Part of this remit includes the strategic management of Dublin City Council’s Sport and Events brief including:
- Citywide Leisure & Fitness provision
- Sports Development and the Dublin City Sports Network
- Major Event Bidding, Promotion and Staging
- Tourism
- The provision of Sports centres, playing pitches, All weather facilities.
- The promotion of Social Enterprise and job Activation in Dublin City.
From 2007 to 2012 Brendan worked as Chief Executive of the Limerick Regeneration Agencies. Prior to 2007 he was Assistant Dublin City Manager with responsibility for Housing and Community Services.
Kate O’Flaherty – Director of Health and Wellbeing Programme, Department of Health
Kate O’Flaherty graduated from Trinity College Dublin with a BSc(Pharm) in 1993 and registered as a pharmacist the following year. After completing an MSc in the School of Pharmacy in Trinity in 1997, Kate worked in both community pharmacy practice and with the national drug addiction services. In 1999/2000 she undertook an MA in Journalism and subsequently worked for a number of years as a freelance journalist and communications consultant, specialising in health. She was the health feature writer for the (now defunct) Sunday Tribune newspaper from 2001-2003, and was shortlisted for a National Media Award in 2002.
Kate was recruited by the PSI in 2007 shortly after the introduction of the Pharmacy Act 2007 to manage the developing communications functions and requirements of the new regulatory body, This position also included the role as Irish lead for the 2013 International Pharmaceutical Federation (FIP) Dublin Congress following the successful Irish bid for this event. In March 2010 Kate was assigned the additional role of Head of Pharmacy Practice Development with the PSI.
From 2008-2013 Kate worked with colleagues, Council members and stakeholders on a range of projects and initiatives in relation to the expansion of pharmacy services and development of the pharmacy profession. In July 2013, Kate was seconded from the PSI to the Department of Health to the post of Director of the Health and Wellbeing Programme.
This recently established Programme is primarily charged with coordinating the cross-sectoral implementation of the new National Framework for Improved Health and Wellbeing 2013-2025 – Healthy Ireland., which is overseen by the Cabinet Committee on Social Policy chaired by An Taoiseach. A key initial and exemplar project under the Healthy Ireland Framework is the development of a National Physical Activity Plan.
Fiona Coughlan- Irish Rugby Captain and PE Teacher
Born in 1981 and raised in Clontarf, Dublin 3, Fiona played Basketball, Hockey and Gaelic Football in Holy Faith Clontarf growing up. She took up rugby when she went to study PE teaching in University of Limerick. With 80 caps for Ireland Fiona’s honours include; 1 Grand Slam Championship, 2 Interprovincial Championships with Leinster. 11 All Ireland League Titles with UL Bohemians RFC and last year was named the Irish Times/Irish Sport Council Sportswoman of the Year. Fiona is currently a PE and Maths teacher in Lucan Community College in Dublin.
Keith McCormack, Director of Visit Dublin and Head of Events Ireland, at Fáilte Ireland
Keith’s responsibilities include the marketing and promotion of Dublin as a destination (including the Dublin Convention Bureau), and responsibility for the following tourism sectors in Ireland – cultural, sporting and business tourism events. He is also a Director of St. Patrick Days Festival Ltd.
Keith joined Fáilte Ireland from Greenstar where he was Head of Marketing with responsibility for B2B and B2C marketing segments. In particular, Keith had commercial responsibility for product innovation and development, and led a successful Greenstar re-entry into the Irish Household waste market. Keith has experience in product as well as the service industry, in particular the FMCG sector where he spent time at Glanbia where he was Head of Consumer and Trade Marketing for Yoplait and Trade Marketing Manager of Jacobs (Irish Biscuits). Keith’s experiences are around commercial strategy and implementation, with a particular focus on developing new products and bringing them to market.
18:20 Audience Discussion and Q&A
18:30 Close
18:30 Reception drinks and open mic session with MC Adrian Barry from Off the Ball on Newstalk
Chatting to a host of guests from the world of Irish Sport
Panel 1- Liam Harbison, Paralympics Ireland and Ciaran Gallagher, Gymnastics Ireland
Panel 2- Hamish Adams, Rowing Ireland and Harry Hermon, Irish Sailing Association
Presentation- CARA National Inclusion Awards
19:45 Dinner
22.00 Carriages
MC for the Conference: Caroline Murphy- RTE Broadcaster
MC Caroline Murphy is a well-known broadcaster who can be heard presenting ‘It Says in the Papers’ on Morning Ireland.
She has had a successful and varied career in Sport, from her early days as a Presenter Reporter in RTE Radio Sport, to the 13 years she spent as an RTE TV Sports producer. During those years she was responsible for many of the station’s top sporting transmissions, including Sydney 2000 and The Sunday Game as well as the station’s hockey and tennis coverage.
Since leaving RTE in 2002, Caroline has qualified as an Organisational Psychologist and she now combines her work as a broadcaster and producer with a communications consultancy. Caroline is married to RTE’s Sean O’Rourke.
For more details on the conference please contact: Conn McCluskey, 083-1285169 or conn.mccluskey@irishsport.ie
May 22, 2014
Paralympics Ireland remit extended to lead talent ID and athlete development pathway
Paralympics Ireland today published its new four year strategic plan entitled Securing Success Together before an audience of its member sports at an event in Bewley’s Hotel Ballsbridge, Dublin 4. The plan outlines a new strategic direction for the organisation which will see it lead the development of a sector wide talent identification model, and athlete development pathway for Irish Paralympic Sport.
Following an extensive and inclusive consultation process across all the key agencies and individuals within Irish Paralympic sport the need for a coordinated and managed approach to athlete development was identified.
Whilst it was acknowledged by all stakeholders that elite Irish Paralympic sport has witnessed unprecedented growth on the back of the heights of London 2012, in order to secure sustained success the movement must move in a coordinated manner to prioritise the development and implementation of a research led talent ID model, and clear athlete pathway right from entry at participation level, through to podium.
The strategy outlines the key steps that Paralympics Ireland needs to take to see this key goal move from research, build, and pilot phase through to the implementation which will commence in 2017. If the sector can work as one entity towards this shared vision the lasting rewards will be evident from Tokyo 2020, the 2024 Games, and beyond.
In officially launching the strategy Paralympics Ireland CEO Liam Harbison stated: “Paralympic sport globally faces a new reality on the back of the huge success of London 2012. The level of athlete performance continues to break new ground, making it essential that Paralympics Ireland moves to develop a talent ID model and performance pathway to secure long term success.”
Recognising a lack of influence within the international movement the plan includes a strategy to increase Irish representation at International Paralympic Committee (IPC) level. Whilst awareness of Paralympic sport nationally has increased there is a recognised need to deepen understanding of it through a series of communications activities. Driving greater investment from state agencies, and commercial partners is also a stated goal.
Irish Sports Council CEO John Treacy gave his backing to the strategy; “I would like to commend Paralympics Ireland for their continuous drive to advance the Paralympic movement and for the publication of a clear, concise, and focused strategy. The Irish Sports Council has been a long term partner of Paralympics Ireland and is committed to supporting this strategic plan not only in relation to Rio, but beyond through the Talent ID and Development model.”
The audience heard how the plan can be delivered to best effect from three expert speakers; Liam Moggan of Coaching Ireland, Rob Hartnett of Sport for Business, and Mick O’Keeffe of Pembroke Communications.
Three of Ireland’s leading Paralympic athletes were also on hand to add their support to the plan; Double Paralympic gold medallist at 800m & 1500m Michael McKillop, double swimming world championship bronze medallist Ellen Keane and Irish Cerebral Palsy football team captain Luke Evans. All three have their individual European Championships on the horizon this summer, in Swansea, Eindhoven, and Portugal respectively.
To download a copy of the Securing Success Together please http://www.paralympics.ie/wp-content/uploads/2014/05/PI-Strategic-Plan-2014-Low-Res.pdf
