2021 Business and Financial Summary
During 2021 St. Vincent’s Foundation (SVF) received €928,716 in total income. These funds come from donations, fundraising events, donations in lieu of funeral flowers and other minor sources. In addition in 2021 for the first time we received funds from an initiative known as Gain Share where hospitals are encouraged to use generic drugs with equal efficacy but more cost-effective. Overall income reduced by €707,418 (43%) on 2020. That year, 2020, however was extraordinary given the public response to the Covid-19 pandemic.
Typically, over the thirteen years that SVF has existed we received approx. €500,000 each year so the relative performance for 2021 was very satisfactory.
The chart below demonstrates the full breakdown of funds received in 2021.
The first half of the year generated €369,080 of the total income, with €559,636 received in the second half.
Fundraising by a wide range of supporters and events continued to be very important as well as the very generous decision by many bereaved families to request donations to St. Vincent’s in lieu of funeral flowers.
Reclaims of taxation on donations are included in the overall donation figure.
€827,021 of funds received were “restricted” to specific causes with just €101,684 “unrestricted”.
The term “Restricted” is used when the funds are specified by the donor/fundraiser to be used for a particular medical discipline e.g. Cancer. In “Unrestricted” donations, the donor leaves it to the discretion of St. Vincent’s Foundation to determine where the greater need is within our hospitals.
Individual details of all receipts are shown on the website
During the year we made grant disbursements of €440,172.
€294,457 of total grants was provided to purchase equipment for patient treatment and support.
€119,549 was contributed to Medical Education and Research projects.
Total grants in 2021 reduced by €511,239 (55%) on 2020.
The outlay in 2020 included c.€600,000 for immediate Covid-19 related equipment.
All Grants are shown separately on our website
St. Vincent’s Foundation continues to operate on a voluntary basis with no salaries or wages. Costs therefore amounted to €26,116 (2020 €10,839). The increase of 140% seems very large but is in large measure accounted for by professional fees which were delayed from 2020, thereby depressing the costs for that year and increasing equivalently for 2021. The impact of Covid-19 in 2020 further reduced costs by curtailing activity during that year.
In 2021 we were also required to invest in our website in 2021 to comply with emerging legislation in relation to website cookies. Some of these requirements will continue to carry increased annual costs.
We saw increases in our annual insurances and we don’t envisage any significant reductions in the near future.
Principal expenses are fees for accounting, legal and insurance, website hosting and maintenance and production of our donor’s magazine Friends of St. Vincent’s. Travel costs, telephone costs, commission payments to iDonate for online donations, and financial charges made up the balance.
Full details of the 2021 accounts will be available shortly.
2019 SVF accounts file