Concern's losses €3.9m as donations fall 18pc
Public donations to the Concern charity dropped by 18pc here last year to €30.7m as the organisation's losses increased dramatically.
According to Concern's 2012 annual report, the charity's losses last year increased 55-fold from €70,000 to €3.89m.
The charity sustained the increased losses in spite of cutting back its spend by 8pc from €160.3m to €147.3m.
According to the directors' report, the fall in public donations "was broadly in line with expectations and reflected the more general reduction in emergency-related appeals".
A spokesman said yesterday that "the 2012 deficit was planned and in line with expectations" and was not a loss in the usual sense of the word.
The spokesman pointed to accountancy conventions in how funds received and spent are recognised for the loss.
The overall financial health of the charity remains very strong with net assets last year totalling €40.3m, which included €4.5m in cash and €22.7m in investments.
The charity said the amount it received in public donations last year in Ireland was down by 18pc from €37.3m to €30.7m.
The annual report confirms that one member of staff received a salary between €120,000 and €130,000 in 2012 with a second receiving between €90,000 and €100,000.
Concern confirmed that the highest paid member of staff last year was former chief executive, Tom Arnold, who retired in February of this year to be replaced by Dominic McSorley.
The spokesman said: "Tom was seconded to us from the Department of Agriculture and was paid according to public service rates. Most people's pay – including Tom Arnold's – in Concern has been frozen since 2008 and there were pay cuts (10pc in Tom Arnold's case) in 2009."
The report said remuneration paid to the key management team was to €700,742 compared to €697,692 in 2011.
Globally, the number Concern employed last year reduced by 241 from 3,445 to 3,204, with staff costs decreasing from €12.3m to €12m last year.