Finn Harps post €100k deficit in latest accounts as losses deepened in 2024

Finn Harps Co-operative Society has reported a deficit of €100,552 for 2024, as rising operating costs and increased expenditure across the club pushed the club into a deeper financial hole.

Harps had expenses of just over €1 million in 2024 while the club’s income stood at €929,456

The figures, outlined in the society’s audited accounts for the year ending 31 December 2024, show the club’s accumulated losses have now reached €705,411, up from €604,859 the previous year.

Harps’ overall liabilities outweigh their assets by more than half a million euro, leaving the society with net liabilities of €511,325 at year-end.

In the last two accounting years, Harps have shown a combined financial deficit of €245,905

Harps have also had a challenging 2025 on the abacus, including a FIFA-ordered payment of €90,000 and a significant shortfall from a new membership scheme, which got only 1,700 sign-ups from a targeted 5,000 - leaving a hole of €83,000.

The latest accounts highlight another challenging year off the pitch, with total wage, salary, and expenses rising to €436,971, up from €400,646 in 2023.

By year-end, Harps’ cash reserves had fallen sharply from €128,280 to €31,645, a drop largely attributed to operating losses and ongoing stadium-related expenditure.

Debtors rose significantly to €192,287, while short-term creditors increased to €413,631.

The club continues to carry long-term liabilities of €871,153, which include government grants, revenue liabilities and bank loans.Player-related outgoings remain Harps’ single biggest cost.

In 2024, Harps had 18 players on the payroll as well as seven management and coaching staff and two ad ministrative staff.

The player wages and salaries figure for 2024 was €207,553 with first management and coaching staff receiving a combined €104,973.

Administrative staff is listed as costing €93,945 for wages and salaries - an increase from €55,491 in 2023.

Player accommodation and expenses dropped from €40,950 to €24,674 while academy and schools expenses also dropped significantly, going from €115,440 in 2023 to €84,437 in 2024.

However, the meals, travel and accommodation expenses dropped sharply, to €32,056 from €87,390 the previous year.

Additional increases were recorded in areas such as fundraising costs (€44,440), and player transfer and loan fees (€52,293) while season ticket income dropped to €43,919 from €64,906.

The report also shows €84,437 spent on academy and schools programmes and €35,115 on ground maintenance.

The club drew down €46,031 in 2024 from a long-standing Sports Capital Programme grant allocated for design and professional fees linked to the club’s stalled stadium project. A balance of €76,337 remains available to be claimed.

Read next: Dungloe's Alesha Mullis Boyle to box for European medal on Sunday

Despite the deepening deficit, auditors SMC Chartered Accountants issued a clean opinion, stating they found no material uncertainties that would cast doubt on the club’s ability to continue trading over the next 12 months.

Harps issued a small number of additional shares during the year, raising €634, bringing total share capital to €194,086.