Derry GAA have released their financial statement for 2020 ahead of next Monday's AGM.
Following from a social media post, published in the week before the county's championship clash with Armagh, Derry have confirmed they are now debt free, after paying off a loan taken out in 2013 for the development of Owenbeg.
A statement of the accounts, sent to the County Derry Post, said the county have £6.2m in assets and a 'net surplus' of £200k. The 'cash in hand' went from £28k in 2019 to almost £117k, the statement also outlines.
"Planning ahead, Derry GAA also secured an additional facility of up to £300k, if required, in line with our strategic plan," it continued.
"At this time, and with current interest rates due to Covid-19, this made solid business sense. However, no part of this has been drawn down."
Derry's total income for the year dropped from £1.3m to £983k. Of the £234k of commercial income (down £20k from last year), the championship streaming service amounted to over £75k.
Gate receipts dropped from £220k in 2019 to £188k and National league shares dropped from £55k to £18k.
There was an increase in 'fundraising and donations' from £132k to £140k, while there was a decrease from £490k to £286k from income from 'associated bodies'.
In terms of expenditure, it dropped from £1.2m to £947k, including a drop in overall team expenditure to £340,294 which is down from £561,515 in 2019.
Players’ travelling and overnight expenses dropped to £49k from 2019's figure of £101k. Teams' administration expenses was £135k, down from £209k in 2019.
Derry's AGM will take place on Monday night (7.30) at Owenbeg, with clubs - two delegates each - logging in remotely via a video-conferencing option.
- Derry secretary Sean Keane's report. CLICK HERE...
- H&A remain as main sponsor. CLICK HERE...
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