The Benevolent Society of St Patrick
Report of the Trustees and Financial Statements for the year ended 31 March 2023 Charity number: 214824 www.bsosp.org
The Medal worn by Lord MacNaghten as President of The Society
The Benevolent Society of St Patrick
Legal and Administrative Information
Patron
President
The Duke of Abercorn KG Judge Patrick Clyne
Honorary Treasurer Edward Cholmondeley-Clarke FCA Independent Examiner Harry Draycott MA FCCA Bankers Bank of Ireland PO Box 2124, Belfast BT1 9RS
Secretary Registered address 50-52 Camden Square London NW1 9XB
Trustees and Members of the Grand Committee
The Lord Aylmer The Hon Christopher Bellew The Earl of Clanwilliam Edward Cholmondeley-Clarke Judge Patrick Clyne Major-General Arthur Denaro (12 July 2023) Lord Gillford The Viscount Gough (died 14 April 2023) Dr. Peadar O'Mórdha Conor J Quinn (since 23 November 2022) Mrs Nicky Sansom
Registered Office
c/o London Irish Centre 50-52 Camden Square London NW1 9XB
1
The Benevolent Society of St Patrick
Report of the Grand Committee 2022 - 2023
2
The Benevolent Society of St Patrick
Report of the Grand Committee 2022 - 2023
3
The Benevolent Society of St Patrick
Report of the Grand Committee 2022 -2023
4
The Benevolent Society of St Patrick
Report of the Grand Committee 2022 - 2023
5
The Benevolent Society of St Patrick
Independent Examiner's report to the Trustees
6
The Benevolent Society of St Patrick
Statement of Financial Activities for the year ended 31 March 2023
| Notes Income and Expenditure Incoming Resources Donations 2 Government Grants 3 Income from Fund Raising Event 4 Income from Investments 5 Total Incoming Resources Resources Expended Grants Payable 6 Expense of Fund Raising Event 7 Management and Administration 8 Total Resources Expended Net surplus for the year Other recognised gains (losses) Unrealised gains (losses) on investments 10 Net Movement in Funds Total Funds brought forward Total Funds carried forward |
2023 Total £ Unrestricted 32,125 5,500 2,558 16,763 56,946 48,000 250 3,000 51,250 5,696 (21,292) (15,596) 411,771 396,175 £ - |
2022 Total £ Unrestricted 77,935 5,000 - 14,237 97,172 45,000 - 3,000 48,000 49,172 17,303 66,475 345,296 411,771 £ - |
|---|---|---|
The notes on pages 9 to 12 form an integral part of these financial statements
7
The Benevolent Society of St Patrick
Balance Sheet as at 31 March 2023
| Notes Fixed Assets Investments 10 Current Assets Debtors 11 Bank Balance 12 Creditors: amounts falling due within one year Net Current Assets Net Assets Funds General Reserve 13 Revaluation Reserve 13 Total Funds |
1,695 49,950 (3,000) |
2023 Total £ Unrestricted 347,530 48,645 396,175 £ 233,331 162,844 396,175 £ - |
6,375 39,574 (3,000) |
2022 Total £ Unrestricted 368,822 42,949 411,771 £ 227,635 184,136 411,771 £ - |
|---|---|---|---|---|
The notes on pages 9 to 12 form an integral part of these financial statements
The Financial Statements were approved by the Trustees on 28th January 2024
8
The Benevolent Society of St Patrick
Notes to the Financial Statements for the year ended 31 March 2023
1 Accounting Policies
1 . 1 Accounting Convention
- The Financial Statements are prepared under the historical cost convention, with the exception of investments which are included at market value.
The Financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity.
1 . 2 Incoming Resources
Grant income, being expendable upon receipt, is included in full in the Statement of Financial Activities when received.
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.
Income from investments is included in the year in which it is receivable.
1 . 3 Resources Expended
Expenditure is included on an accruals basis.
1 . 4 Investments
Fixed asset investments are stated at market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the statement of Financial Activities.
| 2 Donations General Donations Covenanted - Gift Aid Tax credit on Gift Aid |
2023 £ 30,519 1,285 321 32,125 £ |
2022 £ 76,329 1,285 321 77,935 £ |
|---|---|---|
9
The Benevolent Society of St.Patrick
Notes to the Financial Statements for the year ended 31 March 2023
| 3 | Government Grants | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Government of Ireland: Emigrant Support Programme | 5,500 £ |
5,000 £ |
|
| The Government of Ireland: Emigrant Support Programme is being administered in aid of | |||
| the Irish and those of Irish descent by our partners | in Southwark Irish Pensioners. | ||
| The Government of Ireland: Emigrant Support Programme Grant is for the period July 2022 | |||
| to the end of June 2023 . In accordance with Accounting Policies the Grant is recognized in | |||
| full on receipt. | |||
| As at 31 March £3500 had been expended and in the remainding three months of the Grant | |||
| period a further £2000 had been spent. | |||
| 4 | Income from Fund Raising Event | 2023 £ |
2022 £ |
| Annual Lecture | 2,558 £ |
- £ |
|
| 5 | Investment Income | 2023 £ |
2022 £ |
| 17,928 M&G Charifund Income Units | 14,970 | 13,446 | |
| 22,340 M&G Charibond Income Units | 592 | 525 | |
| 7,402 COIF Charities Fixed Interest Fund Units | 238 | 266 | |
| 18,848.01 COIF Charities Global Equity Income | 963 | - | |
| 16,763 £ |
14,237 £ |
||
| 6 | Grants Payable | 2023 £ |
2022 £ |
| Net Grants disbursed | 48,000 £ |
45,000 £ |
|
| 7 | Expense of Fund Raising Event | 2023 £ |
2022 £ |
| Annual Lecture costs | 250 £ |
- £ |
|
| 8 | Management and Administration | 2023 £ |
2022 £ |
| Administration fees | 3,000 | 3,000 | |
| Other costs | - | - | |
| 3,000 £ |
3,000 £ |
10
The Benevolent Society of St Patrick
Notes to the Financial Statements for the year ended 31 March 2023
9 Trustee's emoluments
There were no emoluments paid during the year, nor any in the previous year.
| 10 Fixed Asset Investments Investments Opening Market Value Additions / Sales Unrealised gains / (losses) Closing Market Value Cost 17,928 M&G Charifund Income Units 22,340 M&G Charibond Income Units 7,402 COIF Charities Fixed Interest Fund Units 18,848.01 COIF Charities Global Equity Income Market Values 17,928 M&G Charifund Income Units 22,340 M&G Charibond Income Units 7,402 COIF Charities Fixed Interest Fund Units 18,848.01 COIF Charities Global Equity Income 11 Debtors Tax credit on Gift Aid Deferred grant receipt |
2023 368,822 - (21,292) 347,530 £ 108,927 27,635 10,000 50,000 196,562 £ 265,906 24,574 8,660 48,390 347,530 £ 2023 £ 1,695 - 1,695 £ |
2022 301,519 50,000 17,303 368,822 £ 108,927 27,635 10,000 50,000 196,562 £ 283,214 26,362 9,246 50,000 368,822 £ 2022 £ 1,375 5,000 6,375 £ |
|---|---|---|
12 Bank Balance
In addition to the balance held in the Society's bank account at 31 March 2023 the London Irish Centre held £7,064 in funds awaiting distribution (2022 £13,995), and Southwark Irish Pensioners held £22,072 (2022 £14,828).
11
The Benevolent Society of St Patrick
Notes to the Financial Statements for the year ended 31 March 2023
| 13 Funds - Unrestricted Balance 31 March 2022 £ General Reserve 227,635 Revaluation Reserve 184,136 411,771 £ |
Incoming Resources £ 56,946 - 56,946 £ |
Resources Expended £ (51,250) - (51,250) £ |
Gains / (Losses) £ - (21,292) (21,292) £ |
Balance 31 March 2023 £ 233,331 162,844 396,175 £ |
|---|---|---|---|---|
12