The Benevolent Society of St Patrick
Report of the Trustees and Financial Statements for the year ended 31 March 2024 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 The Duke of Abercorn KG President 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
Registered Office
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 Dr. Peadar O'Mórdha Conor J Quinn Dr Martina Reichert (21 March 2024) Mrs Nicky Sansom c/o London Irish Centre 50-52 Camden Square London NW1 9XB
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The Benevolent Society of St Patrick
Report of the Grand Committee 2023 - 2024
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The Benevolent Society of St Patrick
Report of the Grand Committee 2023 - 2024
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The Benevolent Society of St Patrick
Report of the Grand Committee 2023 - 2024
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The Benevolent Society of St Patrick
Report of the Grand Committee 2023 - 2024
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The Benevolent Society of St Patrick
Independent Examiner's report to the Trustees
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The Benevolent Society of St. Patrick
Statement of Financial Activities for the year ended 31 March 2024
| 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 (deficit) / 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 |
2024 Total £ Unrestricted 25,302 5,500 3,207 17,429 51,438 59,000 250 3,076 62,326 (10,888) 3,080 (7,808) 396,175 388,367 £ - |
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 £ - |
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The notes on pages 9 to 12 form an integral part of these financial statements
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The Benevolent Society of St. Patrick
Balance Sheet as at 31 March 2024
| 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 |
2,015 38,742 (3,000) |
2024 Total £ Unrestricted 350,610 37,757 388,367 £ 222,443 165,924 388,367 £ - |
1,695 49,950 (3,000) |
2023 Total £ Unrestricted 347,530 48,645 396,175 £ 233,331 162,844 396,175 £ - |
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The notes on pages 9 to 12 form an integral part of these financial statements
The Financial Statements were approved by the Trustees on 10 July 2024
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The Benevolent Society of St. Patrick
Notes to the Financial Statements for the year ended 31 March 2024
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 |
2024 £ 23,696 1,285 321 25,302 £ |
2023 £ 30,519 1,285 321 32,125 £ 9 |
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The Benevolent Society of St. Patrick
Notes to the Financial Statements for the year ended 31 March 2024
| 3 Government Grants Government of Ireland: Emigrant Support Programme |
2024 £ 5,500 £ |
2023 £ 5,500 £ |
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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 2023 to the end of June 2024 . In accordance with Accounting Policies the Grant is recognized in full on receipt.
As at 31 March £3900 had been expended and in the remainding three months of the Grant period a further £1600 had been spent.
| 4 Income from Fund Raising Event Annual Lecture 5 Investment Income 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 6 Grants Payable Net Grants disbursed 7 Expense of Fund Raising Event Annual Lecture costs 8 Management and Administration Administration fees Other costs |
2024 £ 3,207 £ 2024 £ 15,418 894 152 965 17,429 £ 2024 £ 59,000 £ 2024 £ 250 £ 2024 £ 3,076 - 3,076 £ |
2023 £ 2,558 £ 2023 £ 14,970 592 238 963 16,763 £ 2023 £ 48,000 £ 2023 £ 250 £ 2023 £ 3,000 - 3,000 £ |
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The Benevolent Society of St. Patrick
Notes to the Financial Statements for the year ended 31 March 2024
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 |
2024 347,530 - 3,080 350,610 £ 108,927 27,635 10,000 50,000 196,562 £ 261,049 24,673 9,102 55,786 350,610 £ 2024 £ 2,015 - 2,015 £ |
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 £ |
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12 Bank Balance
In addition to the balance held in the Society's bank account at 31 March 2024 the London Irish Centre held £23,962 in funds awaiting distribution (2023 £7,064), and Southwark Irish Pensioners held £16,546 (2023 £22,072).
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The Benevolent Society of St. Patrick
Notes to the Financial Statements for the year ended 31 March 2024
| 13 Funds - Unrestricted Balance 31 March 2023 £ General Reserve 233,331 Revaluation Reserve 162,844 396,175 £ |
Incoming Resources £ 51,438 - 51,438 £ |
Resources Expended £ (62,326) - (62,326) £ |
Gains / (Losses) £ - 3,080 3,080 £ |
Balance 31 March 2024 £ 222,443 165,924 388,367 £ |
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