The deficit for the year ending 31 March 2018 represents a significant increase based on financial statements for the end of March 2017, which showed a deficit of €33,000.
The accounts, which were published on the Companies Registration Office website in late 2018, were discussed at an extraordinary general meeting (EGM) of the NAGP shortly before Christmas, with about 25 members in attendance.
At the meeting, NAGP Chairperson Dr Andy Jordan signed-off on the accounts and no concerns were raised by members, according to NAGP President Dr Maitiú Ó Tuathail.
Speaking to the Medical Independent, Dr Ó Tuathail confirmed that the Association made a loss last year but said he was confident the financial situation would improve in the future.
He added that management accounts would be published by the NAGP at the end of January or early February.
Abridged financial statements for the year ended 31 March 2018 show that the NAGP owed more than €345,000 to creditors, up from €238,000 in 2017.
A sum of €169,000 in “service charges due” is included in the statements. The amount of money received in membership fees is not reflected in the statements, nor is the amount spent on employee wages.
The statements outline that “the financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence and will be able to meet its obligations as they fall due for the foreseeable future”.
“The company will be dependent on the continued financial support of its lenders and creditors to meet its obligations for at least 12 months from the date of approval of these financial statements. The directors have no reason to believe that this will not be the case.
“The directors have concluded that the above factors represent material uncertainties. Failure of continued financial support from its lenders and creditors may cast significant doubt on the ability of the company to continue as a going concern.”
However, the directors have a reasonable expectation that the company will be able to meet its obligations as they fall due for the foreseeable future, it added.