Derry GAA now debt free annual financial report reveals

The financial report, which details the county’s expenditure for the year ending October 31st 2020 shows income for the year at £983,401, a total which is down from £1,330,359 for the previous 12 months, not unsurprisingly given the COVID-19 hit season experienced.

The total includes commercial income of £234,899, and income from associated bodies as well as an intake from the #WeAreDerry Derry GAA Championships streaming service, which amounted to more than £75k, made up of a combination of live TV subscriptions, season passes for on-demand 2020 Championship content and partners (platform sponsorship and TV ads).

Net expenditure was down to £946,818 in 2020 which includes a drop in overall team expenditure to £340,294, down from £561,515 in 2019.

The County Board also paid off the final instalment of the capital loan secured in 2013 which means as of October 31st, Derry GAA is now debt free with £6.2m in assets and a net surplus for the year (2020) of £201,440. Current at bank cash in hand sits at £116,874, up from £28,037 in 2019 .

The figures are hugely encouraging in what is a very challenging financial climate and they completely dispels suggestions put forward earlier in the year that the County Board were experiencing financial difficulties. Indeed, an additional facility of up to £300k, if required, has also been secured in line with the county’s strategic plan, something the reports states “made solid business sense with current interest rates” but no part of the facility has been drawn down.

The report puts Derry GAA in a very healthy position as the sporting world seeks to navigate the aftermath of the pandemic in 2021 and in his address to next week’s County Convention, Derry Secretary Sean Keane pays tribute to the hard of the finance committee and all those who have backed Derry GAA

“I wish to thank the Finance Committee for the sterling work they have carried out in this most difficult of years,” explained the Derry County Secretary, “Seeking sponsorship is never easy but to secure sponsorship in such a disjointed season is a credit to all members of that committee.

“Derry received sponsorship for pitchside banners, scoreboard sponsorship and for the first time digital sponsorship from Bloc Blinds and Dominoes Pizzas for the ‘We are Derry’ website. With the live screening of many of the Derry championship games a number of companies and retailers were approached for sponsorship slots during intervals in the games.

“H&A will remain as our main sponsor for 2021 and to them and all our sponsors in the past year I thank you for the tremendous contributions that Derry could simply not exist without. The list of companies sponsoring Derry is ever increasing which augurs well for the future and for this the hard working finance committee must take great credit.”