The body that represents 60 chambers of commerce groups across the State slipped into the red in 2005 with a pretax loss of €588,794, according to recently-filed accounts writes Arthur Beesley, Senior Business Correspondent.
The trading losses at the Chambers of Commerce of Ireland, a company limited by guarantee,which was rebranded last year as Chambers Ireland, followed the introduction of new official guidelines to a European Social Fund scheme in which it had an involvement.
The scheme was administered by Enterprise Ireland but run on its behalf by the chambers organisation through its own network of members. A spokesman for the organisation said the guideline changes in question related to the operation of the fund and expenditure linked to it.
These resulted in a once-off financial adjustment, which was the main factor in the €892,854 increase to €3.33 million in the organisation's administrative expenses in 2005.
The chambers turned a gross profit of €2.77 million that year. The pretax loss in 2005, which contrasted with a €26,310 profit in 2004, contributed to an accumulated deficit of €658,642 in the organisation's profit-and-loss account and a €558,698 deficit in members' funds.
"The directors believe that the continuing support of the company's banker along with an examination of future cashflows and projections provides sufficient justification for continuing to prepare the financial statements on the going concern basis," said a note with the accounts.
However, the spokesman said the chambers returned to the black last year with a "six-figure" profit - notwithstanding the €200,000 rebranding, he said.
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