Galway GAA report €733,480 surplus despite record €2.7m spend in 2024

Galway's Sean Kelly lifts the Connacht Championship Cup. Pic: ©INPHO/Bryan Keane

Despite a record €2.7m spend on their county teams, Galway GAA achieved a surplus of €733,480 for 2024.

Galway, who bagged the title of biggest team spenders across all counties in 2023, saw expenditure on their flagship sides increase only marginally this year.

That pulling of the brakes on the runaway train that is inter-county team expenses is reflected in the fact that where last year’s €2.64m spend represented a 22% jump on the 2022 total, the 2024 expenditure figure of €2,705,430, which includes the full menu of All-Ireland football final costs and subsequent team holiday, marks a year-on-year increase of just 2%.

Along with the €2.7m team spend, jumping out from the set of accounts to be presented to convention next week is the county's success in doubling their 2023 surplus to return a bottom-line profit of €733k.

In light of a recently instigated risk review by the Revenue Commissioners, Galway GAA officers have not signed the end of year accounts.

That decision, supported by independent auditors DBS who have approved the Galway books for 2024, is due to an inability to accurately assess any potential liabilities arising from the on-going risk review.

Galway are one of a growing number of counties being audited for matters ranging from referees expenses to team holidays.

Galway income for 2024 topped the €6m mark for the first time in the county’s history. Included in that was a 42% increase in fundraising income to €1.52m. Commercial income, which also grew, came in just shy of €1m.

Club gate receipts, meanwhile, held strong at €982,482. An intake of €133,339 from the streaming of local games pushes total income from club fixtures well past the €1m post.

Overall expenditure fell by €168k to €5,334,365, meaning half of all spending by the Galway county board over the past 12 months was on their inter-county teams.

As of September 30, Galway GAA owed Central Council €1,026,363 for loans advanced in prior years.

The Galway tax review, which commenced only recently, relates to the years 2018 and 2019. The decision of the county board executive not to sign the accounts ahead of convention is supported by aforementioned independent auditors DBS. The latter also warned that the extended scope of this risk review could have significant impacts for the GAA nationally.

The Irish Examiner revealed last month that up to seven counties are currently being audited by Revenue, with possibly another four in line. Settlements are anticipated in some of those counties for a range of non-compliance matters such as payments to Cúl Camp coaches and other casual workers.

“We are in agreement with the approach of the primary officers of Galway GAA to not sign the financial statements for the year ended 30th September 2024 until the outcome of the ongoing Revenue Commissioners Level 2 Risk Review for 2018 and 2019 is completed and any additional liabilities arising from same are quantified, assessed and potentially accrued,” wrote DBS.

“This approach, supported by the Galway GAA Management Committee and the County's Audit & Risk Committee, is the most prudent course of action to ensure the financial statements of the Association present a true and fair view of the Association's financial position.

"The extended scope of this risk review, notified in the past week, has the potential for very significant impacts for the GAA nationally.

“Based on the books and records presented to us by Galway GAA and audit fieldwork completed to-date in respect of the financial statements for the year ended 30th September 2024, we do not anticipate any material changes to the operating surplus of €733,480 as presently presented in the draft financial statements.

“For the purpose of clarity, the accounts will remain unsigned due to the inability to accurately assess any potential liabilities arising from the on-going Risk Reviews.

"The only anticipated change to the draft financial statements presented is a potential accrual for liabilities arising from the findings of the current Risk Reviews.”

At Monday's Wexford convention, outgoing chairman Micheál Martin told delegates that Revenue audits could eventually extend to all counties, and to a number of clubs in each county too. Wexford team costs rose to just shy of €1.5m, up from €1.2m in 2023.