Special Olympics Ireland recorded a loss of €272,658 for the year ended 31 December 2014, down from a loss of more than €1 million the previous year.

The directors said the operating deficit reflected “the continued reduction in public grant funding in the Republic of Ireland and challenging conditions for voluntary fundraising”.

Total income for 2014 was €6.03 million up from €4.4 million the previous year.

Total grant income amounted to €3.1 million, up from €2.3 million in 2013. The organisation received a grant of €1.4 million from the Irish Sports Council, along with €744,404 from Sports Northern Ireland. This was up from €1.2 million and €700,405 from both respective bodies the previous year.

The figures show in one day last year –Special Olympics Ireland’s Collection Day – the company raised €448,289. This was a drop of 7.6 per cent on the amount raised the previous year.

Special Olympics Ireland said 7 per cent of revenue (€426,822) was invested in ensuring compliance with all the various legislation and regulation governing the community, voluntary and charitable sector last year.

Total payroll and related costs, excluding redundancy costs of €3.3 million amounted to 53 per cent of total costs in 2014.

The figures show that the numbers employed by the company decreased from 84 to 77, with staff costs decreasing from €3.7 million to €3.3 million.

The filings confirm that the organisation is cash rich, holding €5.4 million in cash at the end of 2014.