John Hussey has become the 124th president of the Irish Rugby Football Union.

The Dubliner created a piece of sporting history when he became the first member of St Mary’s College RFC to be enrolled as president at the union’s annual council meeting at the Aviva Stadium.

He assumes the highest office in Irish rugby following a lifelong association with St Mary’s College.

Hussey, who was president of the club for the 1988-89 season, was a member of the school’s junior and senior cup teams but had his playing career cut short by a series of injuries.

The chartered accountant was a director of New Stadium Ltd which has been responsible for the development of the Aviva Stadium.

President of the Leinster Branch from 1998-99, he was first elected to the IRFU in 1996.

Meanwhile, Honorary Treasurer Tom Grace presented the final accounts for the season.

Grace reported that the IRFU made a surplus of €6.8m for the year 2010-11 in line with its budgeted outcome.

This surplus arises from revenues of €69.3m and expenditure of €62.5m.

Despite the difficult operating circumstances the IRFU again invested over €10m in domestic and community rugby support and development.

However, while reporting a surplus, Grace sounded a cautionary note to this and said: “In arriving at this net surplus it is important to note that some €14m of revenues and €7m of costs are non-cash items.

“This effectively means that the IRFU generated no net cash from its operations during the year.”