Society of St Vincent de Paul (Ireland) Notes to the Consolidated Financial Statements For the year ended 31 December 2020
1.
ACCOUNTING POLICIES Basis of preparation The accounts have been prepared under the historical cost convention modified to include certain items at fair value and in accordance with the Statement of Recommended Practice (SORP) 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) and FRS 102. Going concern The consolidated financial statements have been prepared on a going concern basis. The National Management Council (NMC) has reviewed the Society’s financial position and consequently believes there are sufficient resources to manage any operational or financial risks. The NMC, therefore, considers there is a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. In the going concern review, we have considered the current conditions, current financial position, the outlook for twelve months, obligations and liquidity over twelve months in assessing the ability to continue as a going concern. A global pandemic was declared by the World Health Organisation in relation to the outbreak of Coronavirus (COVID-19) in March 2020. The NMC has considered the effects of this pandemic on the continued operations of the Society and believes the Society has sufficient cash reserves to deal with any reduction in income that may result from the crisis. The NMC has also considered the impact of the pandemic on the services provided by the Society and is satisfied that these can continue, albeit that these services have been somewhat adapted to the current circumstances. The NMC believes that there is no material uncertainty about the ability to continue as a going concern. The Society of St Vincent de Paul (Ireland) is a public benefit entity as defined by FRS 102.
Basis of consolidation The Consolidated Financial Statements include the results of all the Society’s Councils and Conferences situated in the Republic of Ireland and Northern Ireland. The financial year for all reporting entities is coterminous with the exception of one Conference. Income Income included in the financial statements represents income from the public (i.e. donations and legacies), grants, services funding, fundraising and deposit and investment income received during the year. Income is accounted for when the Society becomes entitled to the funds, the income can be measured reliably, and it is probable the funds will be received. Where income has been received in advance, it is deferred until the donor’s conditions are met. Where income has not yet been received, but all criteria for recognition have been satisfied, the income is accrued as a debtor in the balance sheet.
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