Ireland’s largest social welfare charity, St Vincent de Paul (SVP), has reported a drop in fundraising income in its latest annual report.
Fundraising income fell from €46.6 million in 2009 to €44.3 million in 2010. Overall income, which includes trading and fees, also fell from €74 million to €73.3 million.
SVP’s largest source of voluntary income, donations, was €20 million in 2009 and €17 million in 2010 while church gate collections held up better, only dropping to €10.9 million from €11 million. Income from fundraising events also fell from over €5 million to just over €4 million.
SVP has traditionally been the biggest recipient of charitable legacies in Ireland and from 2009 to 2010 the annual accounts show that income increased from €6.5 million to €8 million.
Shop sales for SVP also increased from €12 million to €13.3 million.
SVP has a strong balance sheet with current assets including cash of €75.5 million. Despite the recent drop in income SVP has a significantly largest income now than it had in 2006 at the height of the ‘Celtic Tiger’ when its income was under €50 million.
Meanwhile, SVP has announced that they have been selected by Aldi Stores as its charity of the year for the next 12 month period.