Soroptimist International Great Britain and Ireland Annual Report 2023 - Page
| Foreword by the Chairman of the Board | 3 |
|---|---|
| Trustees of SIGBI Ltd | 3 |
| Programme Acton Overview | 4 |
| Partnerships | 5 |
| Peace | 5 |
| Planet | 6 |
| Prosperity | 6 |
| People | 6 |
| SIGBI Charitable Funds | 7 |
| Company Details | 8 |
Front cover picture:
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 2
Soroptimist international Great Britain and Britain (SIGBI) Ltd is a volunteer women’s organization focused on service in all its forms, which we call Programme Action. Our 252 Clubs, which are throughout the UK, Republic of Ireland, Malta, Asia, and the Caribbean, have 5,300 members who are all working to educate, empower and enable women and girls in order to advance their status, position, and role in society.
The Charity’s purposes are the advancement of education; health and saving lives; good citizenship and community development; equality and diversity, the relief and/or prevention of poverty; the advancement of human rights throughout the world for the benefit of the public and in particular for women and girls.
SIGBI has enabled and encouraged the Clubs to use their programme work to progress the Sustainable Development Goals (SDGs) with their particular focus on SDGs 1 and 2 - No Poverty and Zero Hunger; SDG 3 – Good Health and Wellbeing; SDG 4 – Education; SDG 5 – Gender Equality; SDG 6 – Clean Water and Sanitation and SDG 13 – Climate Change. To bring about the necessary change, it has required establishing strong Partnerships (SDG 17).
Over the last year, the war in Ukraine has shocked the western world, the impact of which has been felt globally, with the resultant refugee crisis, financial hardship, and increased violence against women.
The need for the contribution to society that Soroptimists deliver is as great as ever, and I would like to thank you all for your continuing commitment to improving your communities and standing up for women and girls.
Our Key Achievements 2022-2023 :
• Continued focus on the 4 goals of the 2021 – 2025 Strategic Plan - Ensuring SIGBI’s work supports SIGBI Ltd’s charitable purposes; Increase Membership and reduce the age profile; Increase its public profile; Ensure systems, governance, structures, and finances are fit for purpose.
In January 2023, the launch of the Hub, a new operating system which will provide greater efficiency and improved communications.
•
The chartering of two new clubs in India, SI Delhi and SI Leh and SIGBI’s first online club, SI Libertas.
•
The five Soroptimist Federations working closely together, including holding joint webinars on specific UN Days, to showcase members’ projects.
•
- The completion of the three-year project to investigate proceedings at England’s Specialist Domestic Violence Courts.
•
My thanks for all the support from the entire programme team, the dedicated staff at head office and for our Board, who continue to work to ensure the future success of our Federation.
Cathy Cottridge, President (April 2022- March 2023) Ruth Healey, President Elect (April 2022 – March
Reena Bhanotha, Finance Director (April 2022 – Nov 2022) Ruth Healey, Finance Director (Dec 2022 – April 2023)
Nisha Ghosh, PR & Marketing Director (April 2022 – Oct 2022) Anne Rogers, PR & Marketing Director (Nov 2022 – April 2023)
Sylvia Watson, Governance Director (April 2022 – Oct 2022) Giselle Davies, Governance Director (Nov 2022 – April 2023)
Chevonne Agana, Membership Director (April 2022 – Oct 2022) Dishi Attwood, Membership Director (Nov 2022 – April 2023)
Kay Richmond, Programme Director (April 2022 – Oct 2022) Lindsay Green, Programme Director (Nov 2022 – April 2023)
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 3
Programme Action Overview 2022-2023
Lindsay Green Director of Programme
From February 2023 we saw the introduction of the Hub, and reporting has continued to increase as members became more aware of the power of its visual presentation and the ease of reporting on their activity - in the first month reporting was up by 28%. Current numbers are about the same as last year with 1690 reports showing for the same time scales. These break down as shown in figure 1.
It is interesting to see how the spread of the work equates across the 5 P’s. People and Planet work being the most reported, as shown in figure 2.
Toilet Twinning
Many clubs in the UK have worked in partnership with Toilet Twinning, 1036 Toilets have been twinned in over 24 Countries. Some clubs having twinned 1 toilet at a time, whilst others have been more ambitious, in supplying blocks of toilets to schools. At least 14 clubs gained Twinned Town, Twinned District or Twinned City status in the process, thus raising the Soroptimist profile.
Working for women and Girls
Members reported that they had directly helped 367,57 women and girls across the federation. The staggering total of £549,343.59 was raised and contributed to our programme work, charitable giving and the gifting of student grants. Many clubs have started to give loans via Kiva and Lend with Care, helping women all over the world. It is heartening to see that these loans are usually fully paid back by the borrowers, ready to be reinvested to another recipient.
Where projects are working with communities and schools it is very difficult to quantify the actual numbers helped, so our overall totals are likely to be higher.
Tagline Change
We changed our tagline to “standing up for women and girls” which is a stronger message and is more “Action” oriented.
This shows in the Advocacy work we have done over the last year. This has taken the forms of petitions, letters and lobbying both in the UK and abroad. As an organisation we have co-signed letters re:- UK overseas aid cuts, to the home secretary on policing. At the UN we signed statements on Mothers and decent work, the UK women’s alliance statement on the priority theme at the Commission on the status of women (CSW), and for the expulsion of Iran from CSW. In March 2023 five members went to New York for CSW in person, connecting with the delegation of Soroptimists from all five federations, uniting in the common theme of making the voices of women and girls heard, and many more members joined virtually.
The programme activities we have accomplished and continue to achieve is something every Soroptimist in the Federation can be proud of.
Figure 1 Reporting as per each Sustainable Development goal
Figure 2 Percentages of programme in terms of the 5 P’s
Figure 3 Word-cloud taken from our reporting
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 4
Our achievements towards the 5Ps
Partnerships and SDG 1: End Poverty
The purpose of partnerships is to enable effective cooperation between different entities including the government, private sectors, and civil societies, to achieve the implementation of the goals and sustainable development. In this regard, clubs across the federation have carried out meaningful partnership projects to achieve the missions of our organisation.
-
To help communities that are continuing to suffer the setbacks of the Covid-19 pandemic and trying to cope with the cost -of-living crisis, primarily due to poverty, clubs have partnered with food banks, local restaurants, and retailers to provide nutritious, staple food supply to people suffering from food insecurity.
-
To partner with local supermarkets to supply periods and sanitary products to young girls in schools, involved in sports and other activities, so that they do not miss out on these activities or do not suffer from the stigma of having periods due to lack of awareness. Education regarding menstrual health and hygiene have also been undertaken by clubs.
-
To try to ensure healthy lives for persons from low income/poverty-stricken backgrounds by partnering with hospitals and nursing homes to provide health check-ups, including eye check-ups and women’s health related check-ups.
-
To provide disaster relief to victims of wars, natural disasters, and other forms of displacement, by ensuring food security, providing clothes, sanitary products and other items of necessity.
Peace and SDGs Gender Equality
In 2022-23, the mood was uplifting due to return of normalcy in our lives after the covid pandemic. However, the war and conflict in Ukraine continued to horrify the world with death and devastation leading to a heartrending refugee crisis.
-
Members raised funds for Ukraine which were sent through SI clubs in Europe and other organisations engaged in relief work. Supplies sent included medical equipment, clothing, children’s toys, food and sanitary items. There was also assistance from clubs for refugees who are starting a new life in UK in the form of clothing, toiletries, and starter kits .
-
Awareness on the need to change this conflict laden world into peaceful, just, and inclusive communities was carried out by several clubs through peace marches, webinars, discussions, and programmes held on the International Day of Peace.
-
16 days of Activism in November/December 2022 was marked by clubs across the Federation to fight gender-based violence, domestic abuse and modern day slavery. The campaign included lighting up public buildings in orange, social media and posters, and workshops to educate girls/young women on the need to fight any kind of exploitation or abuse.
-
Clubs assisted domestic abuse victims in refuges through need-based gifts and sponsoring activities to improve their quality of life.
-
UKPAC conducted a project where club members attended Special Domestic Violence Courts to understand the process, make observations and give suggestions for improving the system.
-
Several clubs took up petitions with local MPs and other authorities to advocate for a variety of humanitarian issues such as human rights, better lives for refugees, women’s safety, sexual harassment, online abuse and other relevant causes.
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 5
Planet and SDG 2: Food Poverty
Climate change is the defining issue of our time & without drastic action today, the future is going to be devastating.
Understanding the importance of this, clubs across SIGBI have been doing a lot of awareness projects on this subject.
-
Beach litter picking, collecting blister packets for recycling, toilet twinning are still popular among the clubs in the UK.
-
A lot of clubs have created awareness among their own members and family to switch over from using non bio degradable to eco-friendly bio degradable products.
-
Many clubs across SIGBI and Soroptimist International continue to support the Mangrove tree planting in Calcutta.
-
Soroptimists in all clubs are engaging in meaningful activities to alleviate plastic pollution.
-
Our lives are fulfilling when we give and share. To support the cause of ending hunger & poverty, on October 16[th] , World food day, clubs took to fundraising, partnering with other Organisations. Food for homeless children & festive hampers were provided for families at Christmas and at Easter. Many Clubs in the UK support their local foodbanks.
Prosperity and SDG 4: Education
Prosperity aims to improve the quality of life for people, especially for women and girls across the Federation. Quality Education helps in improving the prosperity quotient of communities.
-
SI South Kolkata took up Crab Cultivation to augment the livelihoods of marginalized coastal women. Mangrove Regeneration continued along the coastline bringing about prosperity for women and their families.
-
Lobbying and generating local awareness of issues, participating in consultations, particularly when changes negatively impacting lives were being discussed by civic authorities, were initiated by SI Clubs.
-
Providing support and empowerment to girls and women in various parts of Africa, including the provision of sanitary kits, dresses, jumpers, blankets, and washable sanitary wear. Schools supported by the Baraka charity in Zambia and the Kids Club Kampala charity in Uganda saw unhindered continuation of education.
-
Upcycling and recycling plastic products into attractive jewellery by the Port of Spain Club in Trinidad and Tobago helped counter the devastating downward economic trends during the Covid Pandemic and create sustainable prosperity.
-
Clubs across the Federation donated books and an even more precious resource, their time, to teach. Education is the single most impactful element towards creating prosperity.
People and SDG 4: Health
Clubs around the Federation have continued to work to improve the health and wellbeing of women and girls.
-
Making items for premature babies, care homes, fistula clinics, dementia suffers and those recovering from breast cancer.
-
Organising events such as well-being conferences, first aid training and health camps.
-
Volunteering within communities including talking newspapers, support for victims of burns, coffee and chat clubs for those who are lonely, and those struggling with mental health.
-
Fundraising for a range of causes including those relating to cancer, mental health, hospices Alzheimer’s, midwifery training and endometriosis.
-
Advocacy on topics such as reform of the care sector, air quality, dementia research and worldwide access to vaccines.
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 6
Benevolent Fund - Charity No: 211840
Throughout the year end March 2023, the Benevolent Fund has continued to operate via the Trustees of each Region in the United Kingdom, to assist current and past members who find themselves in financial difficulty
Inevitably the after math of the Covid pandemic, coupled with the more recent cost of living increases - particularly food, fuel, and interest rate fluctuations, have impacted on those people with fixed, limited incomes. Trustees have been diligent in maintaining contact with beneficiaries and highlighting areas of concern.
The Benevolent Fund is dependant on income from investment, (which has been exceedingly low during the majority of the reported financial period), contributions from members via capitation, donations from clubs, Regions and individuals, and legacies. We are immensely grateful to those who remember the Fund in their bequests.
During the year the charity made grants totaling £50,417. Twenty one (21) present or past Soroptimists have been in receipt of assistance, being either quarterly support or one off payments.
Diamond Education Grant - Charity No: 1139668
Income for the year was £12,352 , which included donations, levies and legacies of £7,816 and investment income of £4,536.
Expenditure for the year was £44,974, which included grants of £43,475, investment management charges of £1,163, and Independendent Examiner's fees of £300.
There were 43 grants awarded, from 217 applications received. Some of the original grants are not taken up, so we then offer those grants to applicants on the reserve list. The total amount allocated in grants was £43,475, and the average amount of each grant was £1,011.
One paramedic student told us “Thanks to the grant I didn’t have to take extra shifts at my part-time job to pay for my C1 licence, so could concentrate on my studies.”
Emergency Relief Fund Charity No: 211231
The Emergency Relief Fund is used to help those people in immediate need of primary relief due to disasters throughout the world. Individual members may recommend that funds are provided for certain situations.
The Trustees then consider the recommendations and where applicable, the size of the grant.
The operating protocol for the Fund details the approved charities to which funds will be forwarded; in exceptional circumstances, where there are no charities working in the affected area, funds may be channelled to a Soroptimist club.
Donations made in 2022-2023 were £1,056.13 for Ukraine, £1,000.00 each to Trussell Trust Food Crisis and World Food Programme, £2,000.00 for Floods in Pakistan and £2,000.00 to the British Red Cross for their Turkey-Syria Earthquake Appeal.
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 7
Company Details
Soroptimist International Great Britain and Ireland (SIGBI) Limited Company Number: 07058666
Headquarters
2nd Floor Beckwith House 1 Wellington Road North Stockport SK4 1AF Tel: 0161 480 7686 Email: hq@sigbi.org Website: www.sigbi.org Twitter: @sigbi1 Facebook: facebook.com/soroptimistsigbi
About Us
Soroptimists educate, empower and enable women and girls to improve their lives.
Soroptimist International of Great Britain and Ireland (SIGBI) has 6,000 Members in 260 Clubs operating across 18 countries in Asia, the Caribbean and Europe.
The word “Soroptimist” is a combination of the Latin words “soror” meaning Sister and “optima” meaning best - so we want the best for women.
Soroptimists implement projects across the world, advocate at local, national and international levels and enable women and girls to reach their full potential.
Vision
Women and girls will achieve their individual and collective potential, realise aspirations and have an equal voice in creating strong, peaceful communities worldwide.
Mission
Soroptimists transform the lives and status of women and girls through education, empowerment and enabling opportunities.
Founded in 1921, Soroptimist International is a worldwide service organisation for women. We are committed to a world where women and girls together achieve their individual and collective potential, realise aspirations and have an equal voice in creating strong, peaceful communities worldwide.
Soroptimist International Great Britain and Ireland Annual Report 2023 - Page 8
Registered number: 07058666 Charity number: 1179433
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 25 |
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Catherine May Cottridge |
|---|---|
| Ruth Healey | |
| Kay Richmond (resigned 29 October 2022) | |
| Chevonne Agana (resigned 29 October 2022) | |
| Nisha Ghosh (resigned 29 October 2022) | |
| Sylvia Watson (resigned 29 October 2022) | |
| Reena Bhanotha (appointed 1 April 2022, resigned 17 November 2022) | |
| Dishi Atwood (appointed 29 October 2022) | |
| Giselle Davies (appointed 29 October 2022) | |
| Lindsay Green (appointed 29 October 2022) | |
| Anne Rogers (appointed 29 October 2022) | |
| Company registered number 07058666 Charity registered number 1179433 Registered office 2nd Floor Beckwith House 1 Wellington Road North Stockport Cheshire SK4 1AF Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers Natwest Stockport Underbank Hall 10 Great Underbank Stockport Cheshire SK1 1LL |
Page 1
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and independent examiners report of the charitable company for the year ended 31 March 2023.
Structure, Governance and Management
Soroptimist International Great Britain and Ireland (SIGBI) Limited is a company limited by guarantee and not having a share capital (company number 07058666) and was registered as a charity in England and Wales (charity number 1179433) on 2 August 2018. The governing document of the charity (Articles of Association) was last amended on 25 October 2019.
The Trustees are elected by the Clubs within SIGBI Limited who are the company members.
Objectives and Activities
The Objects of the charitable company are to promote either directly or by the encouragement and support of others including Clubs:
-
the advancement of education;
-
the advancement of health and saving lives;
-
the relief and/or prevention of poverty;
-
the advancement of good citizenship and community development;
-
the advancement of human rights (as set out in the Universal Declaration of Human Rights and subsequently United Nations and Declarations) throughout the world by all or any of the following means:
-
relieving need among victims of human rights abuse;
-
research into human rights redress, e.g. modern day slavery;
-
educating the public about human rights abuse, raising awareness of human rights issues and promoting support for human rights;
-
to promote volunteering in furtherance of the objects amongst individual Soroptimist Members of Clubs,
for the benefit of the public across the world and in particularly for the benefit of women and girls to advance their status, position and role in society where currently unequal or disadvantaged.
Public Benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and Performance
The work of SIGBI Limited in indirectly furthering its objects and directly promoting volunteering is evidenced by the records of member Club activities on the database and for the year. Work is group round the 5 Ps and 17 SDGs as explained in the Annual Report accompanying these accounts.
Page 2
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
During the year the highlights of the member Club's work which SIGBI Ltd has enabled:
Partnerships and SDG 1: End Poverty
The purpose of partnerships is to enable effective cooperation between different entities including the government, private sectors, and civil societies, to achieve the implementation of the goals and sustainable development. In this regard, clubs across the federation have carried out meaningful partnership projects to achieve the missions of our organisation.
• To help communities that are continuing to suffer the setbacks of the Covid-19 pandemic and trying to cope with the cost-of-living crisis, primarily due to poverty, clubs have partnered with food banks, local restaurants, and retailers to provide nutritious, staple food supply to people suffering from food insecurity.
• To partner with local supermarkets to supply periods and sanitary products to young girls in schools, involved in sports and other activities, so that they do not miss out on these activities or do not suffer from the stigma of having periods due to lack of awareness. Education regarding menstrual health and hygiene have also been undertaken by clubs.
• To try to ensure healthy lives for persons from low income/poverty-stricken backgrounds by partnering with hospitals and nursing homes to provide health check-ups, including eye check-ups and women’s health related check-ups.
• To provide disaster relief to victims of wars, natural disasters, and other forms of displacement, by ensuring food security, providing clothes, sanitary products and other items of necessity.
Peace and SDG 2: Gender Equality
In 2022-23, the mood was uplifting due to return of normalcy in our lives after the covid pandemic. However, the war and conflict in Ukraine continued to horrify the world with death and devastation leading to a heartrending refugee crisis.
• Members raised funds for Ukraine which were sent through SI clubs in Europe and other organisations engaged in relief work. Supplies sent included medical equipment, clothing, children’s toys, food and sanitary items. There was also assistance from clubs for refugees who are starting a new life in UK in the form of clothing, toiletries, and starter kits .
• Awareness on the need to change this conflict laden world into peaceful, just, and inclusive communities was carried out by several clubs through peace marches, webinars, discussions, and programmes held on the International Day of Peace.
• 16 days of Activism in November/December 2022 was marked by clubs across the Federation to fight genderbased violence, domestic abuse and modern day slavery. The campaign included lighting up public buildings in orange, social media and posters, and workshops to educate girls/young women on the need to fight any kind of exploitation or abuse.
-
Clubs assisted domestic abuse victims in refuges through need-based gifts and sponsoring activities to improve their quality of life.
-
UKPAC conducted a project where club members attended Special Domestic Violence Courts to understand the process, make observations and give suggestions for improving the system.
• Several clubs took up petitions with local MPs and other authorities to advocate for a variety of humanitarian issues such as human rights, better lives for refugees, women’s safety, sexual harassment, online abuse and other relevant causes.
Planet and SDG 3: Food Poverty
Climate change is the defining issue of our time & without drastic action today, the future is going to be devastating. Understanding the importance of this, clubs across SIGBI have been doing a lot of awareness projects on this subject.
-
Beach litter picking, collecting blister packets for recycling, toilet twinning are still popular among the clubs in the UK.
-
A lot of clubs have created awareness among their own members and family to switch over from using non bio degradable to eco-friendly bio degradable products.
-
Many clubs across SIGBI and Soroptimist International continue to support the Mangrove tree planting in Calcutta.
-
Soroptimists in all clubs are engaging in meaningful activities to alleviate plastic pollution.
-
Our lives are fulfilling when we give and share. To support the cause of ending hunger & poverty, on October
Page 3
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16th, World food day, clubs took to fundraising, partnering with other Organisations. Food for homeless children & festive hampers were provided for families at Christmas and at Easter. Many Clubs in the UK support their local foodbanks.
People and SDG 4: Health
Clubs around the Federation have continued to work to improve the health and wellbeing of women and girls.
• Making items for premature babies, care homes, fistula clinics, dementia suffers and those recovering from breast cancer.
• Organising events such as well-being conferences, first aid training and health camps.
• Volunteering within communities including talking newspapers, support for victims of burns, coffee and chat clubs for those who are lonely, and those struggling with mental health.
• Fundraising for a range of causes including those relating to cancer, mental health, hospices Alzheimer’s, midwifery training and endometriosis.
• Advocacy on topics such as reform of the care sector, air quality, dementia research and worldwide access to vaccines.
Prosperity and SDG 5: Education
Prosperity aims to improve the quality of life for people, especially for women and girls across the Federation. Quality Education helps in improving the prosperity quotient of communities.
• SI South Kolkata took up Crab Cultivation to augment the livelihoods of marginalized coastal women. Mangrove Regeneration continued along the coastline bringing about prosperity for women and their families.
• Lobbying and generating local awareness of issues, participating in consultations, particularly when changes negatively impacting lives were being discussed by civic authorities, were initiated by SI Clubs.
• Providing support and empowerment to girls and women in various parts of Africa, including the provision of sanitary kits, dresses, jumpers, blankets, and washable sanitary wear. Schools supported by the Baraka charity in Zambia and the Kids Club Kampala charity in Uganda saw unhindered continuation of education.
• Upcycling and recycling plastic products into attractive jewellery by the Port of Spain Club in Trinidad and Tobago helped counter the devastating downward economic trends during the Covid Pandemic and create sustainable prosperity.
• Clubs across the Federation donated books and an even more precious resource, their time, to teach. Education is the single most impactful element towards creating prosperity.
In addition, SIGBI uses some of its reserves in microfinancing initiatives through Lend With Care and Kiva. To date SIGBI has supported 224 women, investing over £10,000 to help the women with their businesses and care responsibilities. Many clubs are also using some of their reserves to microfinance in the same way.
Financial Review
A summary of the results for the year is given in the Statement of Financial Activities on page 9. At the year end the surplus was £2,707 (2022: £35,589). Membership decline in 2022-23 continued to be at approximately 5% though once again income for the charity did not fall as far as figures were mitigated by an increase in membership fees. It is encouraging to note that the decline in membership has slowed significantly being approximately 2.6% for 2023-24. The balance in the fund at the end of March 2023 was £562,478 (2022: £559,771).
The charity has a trading subsidiary, SIGBI Trading Limited. During the year to 31 March 2023, SIGBI Trading Limited made a loss of £36,989 after tax.
Reserves Policy
The Trustees have examined the requirement to maintain free reserves and concluded that a reserve of approximately £300,000 should be maintained, which equates to a year's worth of operating costs.
In addition, over £125,000 is currently reserved in designated reserves used to further the charity’s objectives as outlined in the accounts. The Trustees will from time to time review the designated reserves to ensure the charity continues to invest in its future.
Page 4
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
As at 31 March 2023 the total funds of the Charity were £562,478 (2022: £559,771) which are all unrestricted. After deducting fixed assets and intangible assets £43,345 (2022: £23,169), the free reserves of the charity totalled £519,133 (2022: £536,602).
Investment Policy
The Trustees have considered the most appropriate investment policy for the Charity and only hold investments in a trading subsidiary, an investment in Number 63 (Soroptimist) Limited and an investment portfolio with Flagstone.
Plans for Future Period
SIGBI Limited aims to encourage member Clubs to impact positively on the lives of women and girls through our programme and partnership work. Our vision is to educate, empower and enable women and children, through awareness, advocacy and action.
The Board will continue to work to improve communications, both internal and external and to capitalise on the success of the launch of The Hub, its newest platform designed to inform and engage members.
Page 5
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELA14D (SIGBII UMifED IA ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Impllcatlons of Cov1&19 The trustees have considered the implications of the Covi&19 pareMiC the operation of the charity and ils finances. The p8ndemit did noi impact aFvreuaW on tharity op8r8b.ons or finances during the year to 31 March 2023 as preandniC level of face lo face meetsng$ and travel wwe atle lo recommence. The charit¥5 main s¢>ur¢e ol income is membership fees and, sincA the pre%ious regular dedine In membership fees has slowed this ye8r. tr* trustees belleve Ihere is no fwthtsr CoNid iiiyaLI anlicjpated. Small Compan1 provl•lon •l•tement This report h88 been Fwared in acc(Ydance wth tho smal eompani88' regimo under the Companies Act 21XE. Stat•m•nt of Tru•lM•' Rupon•lbllttl•• The trustees Iwho are also the directors of Soroptimisl 1ntemab.onal Great Britain & Ireland ISIGBII Limited for the purposes of panY lawl we respon48 for weparing the tNstees' rep¢Jt antJ the finanual slalemenls in accordance with the United lfjngdom ACcntIng Slandwds (United Kingdom Generally Acc8Pted Accountsng Pracb'cel apF4ic8blg1ow and regul8b"ons. Company I4 reqre8 the tfUStee8 to prepare finonol ¥¢atemenl¥ fcy each rlan8[ year. Under eompany18w the trustees musl Th)18PPTove the fine1 statements unless they are satisfied that they give a tnje and fair view of the slate ol aff8irs ol the chantat46 company and of its incoming resources and apF4ie81ion of resource5, Including its income and expenditurn, for Ihat p0d. In wepanng these financial stalem1$, the trustees are required lo.. lect 8Uitatle accWlrrfJ po4aés and apply thom C($1$11jy,. observe the method$ and prinaples in the Charities SORP., make judgements and esbmates that arc reasonable and prudènt". stste whelhw apF4ieat4e UK ActntIng Sknndards have be fdlthved. sutr4'8Ct to any matsrial departures disdosed and explained in Ihe finanaal statements.. and prepare Ihe finanry81 ststements on the gasng concern basis unless it is inapprowale to presume Ih8t the charitable CMPanY will ethb.nue in busne. The trustees are r8sponsitrAe for ke8p.ng 8dequai& attQWlling rec(Kds that aT8 sLrffienI to show and exFlain the charilat4e companys tr8nsactions and disdose with reasonat4e accuracy 818ny b.me the financ¢al position of the tharilatle company and at4e Ihem lo ensure that the finanei81 $tstèmenls comply with the Companies Act 2Cth. They are 81so responsitlè lor safeguarding the assets ol the charilat4e company and hence for taking reanatIe steps for the wevenb'on and detecticn of traud and other irwLAantie8. Approved by order of the members of the l)owd ol Tnbslees and gned theirbeham by.. Ruth Healey Trustee Dale.. £ 02 Page 6
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent Examiner's Report to the Trustees of Soroptimist International Great Britain and Ireland (SIGBI) Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 7
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 28/07/2023 Fiona Hawkins BSc (Hons) MSc FCA
James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB
Page 8
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 15,422 246,443 9,557 19,665 291,087 288,380 288,380 2,707 2,707 559,771 2,707 562,478 |
Total funds 2023 £ 15,422 246,443 9,557 19,665 291,087 288,380 288,380 2,707 2,707 559,771 2,707 562,478 |
Total funds 2022 £ 15,694 251,622 199 29,008 |
|---|---|---|---|
| 296,523 | |||
| 260,934 | |||
| 260,934 | |||
| 35,589 | |||
| 35,589 | |||
| 524,182 35,589 |
|||
| 559,771 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 25 form part of these financial statements.
Page 9
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) UMITED IA Company lirnlted by guarantee) REGISTERED NUMBER: 0705B666 BALANCE SHEET AS AT 31 IAARCH 2023 223 2022 Note Flxed •uets Intsngible assets Tangl$ assets Investments 12 41,082 1.663 510,1 20,440 2,729 503,190 13 553,445 526,359 Cuvrent Debtors.. amounts falling due wlhin one year Cash at bank in hand 14 46.696 121.717 39,1C6 154.302 188,413 193,408 Credrtors., amounts l85k.ng due wilhin 15 (159.380) I159,} N•t ¢urnnt is¥•ts 9.033 33.412 Tol•l n•t aM•t• 2,478 559,771 Charfty lund• Unmstn"ct8d lunds 16 &S2,478 559.771 Total Trds 562,478 559,771 The Company was entrfed lo exemw'on from under seth.on 477 01 Ihe Cornwies Act 2006. The members Iwe not required the c(ryny to (th'n audlt Ihe yew in westion in accordance wlth section 476 of Companies Acl 2(MA. The Trustees acknchvledge thwr responsthlrty.es fty c4xnplying ¥rith requir¢monts of the Act re¥)ect to accounbng records and preparabon ol finanebal statements. The finanual statements have tn prepared in accon18 the woMsii)ns aP1¢at48 lo entilies subject to Ihe small companies regime. Th flnandat Stat¢nts were 8PWOV8d and authcyised for is5 by trje TnJ5tres signed on their behaff ty. (.11.Ic Ruth Heal•y Trustee Dale." 20 /I/zo23 The notes on pages 11 to 25 fm pwt of these finana81 statements. Page 10
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The charitable company is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the member clubs is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation. The address of its registered office is 2nd Floor Beckwith House, 1 Wellington Road North, Stockport, Cheshire, SK4 1AF.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Soroptimist International Great Britain and Ireland (SIGBI) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Page 11
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Intangible assets and amortisation
Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Computer software - website
- 20 % straight line
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
| Fixtures & equipment | - | 25% straight line |
|---|---|---|
| Computer equipment | - | 20% straight line |
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 12
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. It also includes other amounts that are held in fixed deposit bank accounts with a maturity date being longer than three months.
2.10 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Income from donations and legacies
| Legacies Donations and Gift Aid Income from charitable activities Membership Club website |
Unrestricted funds 2023 £ 500 14,922 15,422 Unrestricted funds 2023 £ 238,603 7,840 246,443 |
Total funds 2023 £ 500 14,922 15,422 Total funds 2023 £ 238,603 7,840 246,443 |
Total funds 2022 £ - 15,694 |
|---|---|---|---|
| 15,694 | |||
| Total funds 2022 £ 243,606 8,016 |
|||
| 251,622 |
4. Income from charitable activities
5. Investment income
| Interest received Dividend received |
Unrestricted funds 2023 £ 9,557 - 9,557 |
Total funds 2023 £ 9,557 - 9,557 |
Total funds 2022 £ 13 186 |
|---|---|---|---|
| 199 |
Page 14
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Other incoming resources
| Recharges to SIGBI Trading Ltd Rates relief |
Unrestricted funds 2023 £ 19,665 - 19,665 |
Total funds 2023 £ 19,665 - 19,665 |
Total funds 2022 £ 26,550 2,458 |
|---|---|---|---|
| 29,008 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Membership 80,887 Head office costs 45,235 Depreciation and amortisation 11,204 Finance costs 2,564 Other expenses 15,092 Governance costs 8,863 Staff costs 123,535 Donations 1,000 288,380 8. Independent examiner's remuneration Fees payable to the Company's independent examiner/auditor for the independent examination/audit of the Company's annual accounts |
Total 2023 £ 80,887 45,235 11,204 2,564 15,092 8,863 123,535 1,000 288,380 2023 £ 3,000 |
Total 2022 £ 60,773 41,377 9,686 2,468 17,338 10,282 119,010 - |
|---|---|---|
| 260,934 | ||
| 2022 £ 3,000 |
Page 15
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
9. Staff costs
| 2023 £ Wages and salaries 115,651 Social security costs 5,517 Pension costs 2,367 123,535 The average number of persons employed by the Company during the year was as follows: 2023 No. Staff 4 |
2022 £ 110,774 5,764 2,472 |
|---|---|
| 119,010 | |
| 2022 No. 4 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 16
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
|
|---|---|
| 11. Tangible fixed assets Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March As restated |
Fixtures and fittings £ 58,869 |
| 58,869 | |
| 56,140 1,066 |
|
| 57,206 | |
| 1,663 | |
| 2,729 |
Page 17
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 12. Intangible assets Cost At 1 April 2022 Additions At 31 March 2023 Amortisation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March As restated |
Computer software £ 39,000 31,380 |
|---|---|
| 70,380 | |
| 18,560 10,138 |
|
| 28,698 | |
| 41,682 | |
| 20,440 |
13. Fixed asset investments
| Cost or valuation At 1 April 2022 Additions Disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Investments in subsidiary companies £ 1 - - 1 1 1 |
Other investments £ 503,189 708,825 (701,915) 510,099 510,099 503,189 |
Total £ 503,190 708,825 (701,915) |
|---|---|---|---|
| 510,100 | |||
| 510,100 | |||
| 503,190 |
Page 18
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Fixed asset investments (continued)
Principal subsidiaries
The following was a subsidiary undertaking of the Company:
Name SIGBI Trading Ltd
Company Registered office or principal Principal activity number place of business 11019781 Beckwith House Second Floor, 1 Activities of Wellington Road North, conference organisers Stockport, Cheshire, SK4 1AF
The financial results of the subsidiary for the year were:
SIGBI Trading Ltd
Income Expenditure Profit/(Loss)/ Net assets £ £ Surplus/ £ (Deficit) for the year £ 90,414 (127,403) (36,989) 260,585
Page 19
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £ 1,077 8,978 36,641 46,696 |
2022 £ 1,050 4,804 33,252 |
|---|---|---|
| 39,106 |
15. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 20,552 116,685 4,219 4,075 13,849 159,380 |
2022 £ 5,977 130,473 6,483 5,168 11,895 |
|---|---|---|
| 159,996 |
Page 20
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Development fund Centenial fund Reorganisation fund Sculpture fund Membership fund PR Fund Programme fund IT upgrade fund General funds General funds Total Unrestricted funds |
Balance at 1 April 2022 £ 18,838 1,745 30,000 5,399 10,000 10,000 10,000 40,500 126,482 433,289 559,771 |
Income £ - - - - - - - - - 291,087 291,087 |
Expenditure £ - - - (808) - - - - (808) (287,572) (288,380) |
Transfers in/out £ - (1,745) - - - - - - (1,745) 1,745 - |
Balance at 31 March 2023 £ 18,838 - 30,000 4,591 10,000 10,000 10,000 40,500 |
|---|---|---|---|---|---|
| 123,929 | |||||
| 438,549 | |||||
| 562,478 |
Page 21
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds (continued)
Development fund
The fund is to support the charitable objectives of SIGBI with grants and donations.
Centennial fund
The fund is to support the promotion of Soroptimist International’s centenary year.
Reorganisation fund
The fund is to support any review and reorganisations of SIGBI to ensure viability of the Federation moving forward.
Sculpture fund
The fund is to support the ongoing maintenance of the SIGBI plot at the National Memorial Arboretum.
Membership fund
The fund is to support the opening of new clubs and recruitment of members.
PR fund
The fund is to support the development of SIGBI Ltd's profile.
Programme fund
The fund is to support project works across the Federation.
I T Upgrade fund
The fund is for the upgrade of systems in the office including accounts, database and network connectivity. The sums will be spent in 2023.
Page 22
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Development fund Centenial fund Reorganisation fund Sculpture fund Membership fund PR Fund Programme fund IT upgrade fund General funds General funds Total Unrestricted funds |
Balance at 1 April 2021 £ 22,787 4,600 30,000 11,187 10,000 10,000 10,000 - 98,574 425,608 524,182 |
Income £ 855 - - 50 - - - - 905 295,618 296,523 |
Expenditure £ (4,804) (2,855) - (5,838) - - - - (13,497) (247,437) (260,934) |
Transfers in/out £ - - - - - - - 40,500 40,500 (40,500) - |
Balance at 31 March As restated £ 18,838 1,745 30,000 5,399 10,000 10,000 10,000 40,500 |
|---|---|---|---|---|---|
| 126,482 | |||||
| 433,289 | |||||
| 559,771 |
17. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 April 2022 £ 126,482 433,289 559,771 |
Income £ - 291,087 291,087 |
Expenditure £ (808) (287,572) (288,380) |
Transfers in/out £ (1,745) 1,745 - |
Balance at 31 March 2023 £ 123,929 438,549 |
|---|---|---|---|---|---|
| 562,478 |
Page 23
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
17. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 April 2021 £ 98,574 425,608 524,182 |
Income £ 905 295,618 296,523 |
Expenditure £ (13,497) (247,437) (260,934) |
Transfers in/out £ 40,500 (40,500) - |
Balance at 31 March As restated £ 126,482 433,289 |
|---|---|---|---|---|---|
| 559,771 |
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,663 41,682 510,100 168,413 (159,380) 562,478 |
Total funds 2023 £ 1,663 41,682 510,100 168,413 (159,380) |
|---|---|---|
| 562,478 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 2,729 20,440 503,190 193,408 (159,996) 559,771 |
Total funds 2022 £ 2,729 20,440 503,190 193,408 (159,996) |
|---|---|---|
| 559,771 |
Page 24
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
19. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and in the year amounted to £2,367 (2022: £2,472). £394 (2022: £337) was payable to the fund at the balance sheet date.
20. Related party transactions
The charitable company owns 100% of SIGBI trading limited. During the year salary and management charges were made of £18,465 (2022: £25,350) and £1,200 (2022: £1,200) respectively.
At the year end the balance owed to SIGBI Trading Limited is £116,685 (2022: £130,473) and is included in creditors at the year end.
Each member of Soroptimist International Great Britain and Ireland (SIGBI) Limited pays a membership fee which includes a levy on behalf of three charities detailed below.
The charitable company collects levies, payable by the members, on behalf of Soroptimist International of Great Britain and Ireland Benevolent fund (Charity No: 211840) and these amounts are paid directly to that charity. During the year the amounts received totalled £11,672 (2022: £14,185). At the year end £1,730 (2022: £1,592) was still to be paid over.
The charitable company collects levies, payable by the members, on behalf of Diamond Education Grant (Charity No: 1139668) and these amounts are paid directly to that charity. During the year the amounts received totalled £5,310 (2022: £13,084). At the year end £844 (2022: £2,108) was still to be paid over.
The charitable company collects levies, payable by the members, on behalf of Soroptimist International of Great Britain and Ireland Emergency Relief Fund (Charity No: 211231) and these amounts are paid directly to that charity. During the year the amounts received totalled £6,554 (2022: £8,687). At the year end £1,164 (2022: £1,074) was still to be paid over.
Page 25
Registered number: 07058666 Charity number: 1179433
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 25 |
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Catherine May Cottridge |
|---|---|
| Ruth Healey | |
| Kay Richmond (resigned 29 October 2022) | |
| Chevonne Agana (resigned 29 October 2022) | |
| Nisha Ghosh (resigned 29 October 2022) | |
| Sylvia Watson (resigned 29 October 2022) | |
| Reena Bhanotha (appointed 1 April 2022, resigned 17 November 2022) | |
| Dishi Atwood (appointed 29 October 2022) | |
| Giselle Davies (appointed 29 October 2022) | |
| Lindsay Green (appointed 29 October 2022) | |
| Anne Rogers (appointed 29 October 2022) | |
| Company registered number 07058666 Charity registered number 1179433 Registered office 2nd Floor Beckwith House 1 Wellington Road North Stockport Cheshire SK4 1AF Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers Natwest Stockport Underbank Hall 10 Great Underbank Stockport Cheshire SK1 1LL |
Page 1
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and independent examiners report of the charitable company for the year ended 31 March 2023.
Structure, Governance and Management
Soroptimist International Great Britain and Ireland (SIGBI) Limited is a company limited by guarantee and not having a share capital (company number 07058666) and was registered as a charity in England and Wales (charity number 1179433) on 2 August 2018. The governing document of the charity (Articles of Association) was last amended on 25 October 2019.
The Trustees are elected by the Clubs within SIGBI Limited who are the company members.
Objectives and Activities
The Objects of the charitable company are to promote either directly or by the encouragement and support of others including Clubs:
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the advancement of education;
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the advancement of health and saving lives;
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the relief and/or prevention of poverty;
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the advancement of good citizenship and community development;
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the advancement of human rights (as set out in the Universal Declaration of Human Rights and subsequently United Nations and Declarations) throughout the world by all or any of the following means:
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relieving need among victims of human rights abuse;
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research into human rights redress, e.g. modern day slavery;
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educating the public about human rights abuse, raising awareness of human rights issues and promoting support for human rights;
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to promote volunteering in furtherance of the objects amongst individual Soroptimist Members of Clubs,
for the benefit of the public across the world and in particularly for the benefit of women and girls to advance their status, position and role in society where currently unequal or disadvantaged.
Public Benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and Performance
The work of SIGBI Limited in indirectly furthering its objects and directly promoting volunteering is evidenced by the records of member Club activities on the database and for the year. Work is group round the 5 Ps and 17 SDGs as explained in the Annual Report accompanying these accounts.
Page 2
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
During the year the highlights of the member Club's work which SIGBI Ltd has enabled:
Partnerships and SDG 1: End Poverty
The purpose of partnerships is to enable effective cooperation between different entities including the government, private sectors, and civil societies, to achieve the implementation of the goals and sustainable development. In this regard, clubs across the federation have carried out meaningful partnership projects to achieve the missions of our organisation.
• To help communities that are continuing to suffer the setbacks of the Covid-19 pandemic and trying to cope with the cost-of-living crisis, primarily due to poverty, clubs have partnered with food banks, local restaurants, and retailers to provide nutritious, staple food supply to people suffering from food insecurity.
• To partner with local supermarkets to supply periods and sanitary products to young girls in schools, involved in sports and other activities, so that they do not miss out on these activities or do not suffer from the stigma of having periods due to lack of awareness. Education regarding menstrual health and hygiene have also been undertaken by clubs.
• To try to ensure healthy lives for persons from low income/poverty-stricken backgrounds by partnering with hospitals and nursing homes to provide health check-ups, including eye check-ups and women’s health related check-ups.
• To provide disaster relief to victims of wars, natural disasters, and other forms of displacement, by ensuring food security, providing clothes, sanitary products and other items of necessity.
Peace and SDG 2: Gender Equality
In 2022-23, the mood was uplifting due to return of normalcy in our lives after the covid pandemic. However, the war and conflict in Ukraine continued to horrify the world with death and devastation leading to a heartrending refugee crisis.
• Members raised funds for Ukraine which were sent through SI clubs in Europe and other organisations engaged in relief work. Supplies sent included medical equipment, clothing, children’s toys, food and sanitary items. There was also assistance from clubs for refugees who are starting a new life in UK in the form of clothing, toiletries, and starter kits .
• Awareness on the need to change this conflict laden world into peaceful, just, and inclusive communities was carried out by several clubs through peace marches, webinars, discussions, and programmes held on the International Day of Peace.
• 16 days of Activism in November/December 2022 was marked by clubs across the Federation to fight genderbased violence, domestic abuse and modern day slavery. The campaign included lighting up public buildings in orange, social media and posters, and workshops to educate girls/young women on the need to fight any kind of exploitation or abuse.
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Clubs assisted domestic abuse victims in refuges through need-based gifts and sponsoring activities to improve their quality of life.
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UKPAC conducted a project where club members attended Special Domestic Violence Courts to understand the process, make observations and give suggestions for improving the system.
• Several clubs took up petitions with local MPs and other authorities to advocate for a variety of humanitarian issues such as human rights, better lives for refugees, women’s safety, sexual harassment, online abuse and other relevant causes.
Planet and SDG 3: Food Poverty
Climate change is the defining issue of our time & without drastic action today, the future is going to be devastating. Understanding the importance of this, clubs across SIGBI have been doing a lot of awareness projects on this subject.
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Beach litter picking, collecting blister packets for recycling, toilet twinning are still popular among the clubs in the UK.
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A lot of clubs have created awareness among their own members and family to switch over from using non bio degradable to eco-friendly bio degradable products.
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Many clubs across SIGBI and Soroptimist International continue to support the Mangrove tree planting in Calcutta.
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Soroptimists in all clubs are engaging in meaningful activities to alleviate plastic pollution.
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Our lives are fulfilling when we give and share. To support the cause of ending hunger & poverty, on October
Page 3
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16th, World food day, clubs took to fundraising, partnering with other Organisations. Food for homeless children & festive hampers were provided for families at Christmas and at Easter. Many Clubs in the UK support their local foodbanks.
People and SDG 4: Health
Clubs around the Federation have continued to work to improve the health and wellbeing of women and girls.
• Making items for premature babies, care homes, fistula clinics, dementia suffers and those recovering from breast cancer.
• Organising events such as well-being conferences, first aid training and health camps.
• Volunteering within communities including talking newspapers, support for victims of burns, coffee and chat clubs for those who are lonely, and those struggling with mental health.
• Fundraising for a range of causes including those relating to cancer, mental health, hospices Alzheimer’s, midwifery training and endometriosis.
• Advocacy on topics such as reform of the care sector, air quality, dementia research and worldwide access to vaccines.
Prosperity and SDG 5: Education
Prosperity aims to improve the quality of life for people, especially for women and girls across the Federation. Quality Education helps in improving the prosperity quotient of communities.
• SI South Kolkata took up Crab Cultivation to augment the livelihoods of marginalized coastal women. Mangrove Regeneration continued along the coastline bringing about prosperity for women and their families.
• Lobbying and generating local awareness of issues, participating in consultations, particularly when changes negatively impacting lives were being discussed by civic authorities, were initiated by SI Clubs.
• Providing support and empowerment to girls and women in various parts of Africa, including the provision of sanitary kits, dresses, jumpers, blankets, and washable sanitary wear. Schools supported by the Baraka charity in Zambia and the Kids Club Kampala charity in Uganda saw unhindered continuation of education.
• Upcycling and recycling plastic products into attractive jewellery by the Port of Spain Club in Trinidad and Tobago helped counter the devastating downward economic trends during the Covid Pandemic and create sustainable prosperity.
• Clubs across the Federation donated books and an even more precious resource, their time, to teach. Education is the single most impactful element towards creating prosperity.
In addition, SIGBI uses some of its reserves in microfinancing initiatives through Lend With Care and Kiva. To date SIGBI has supported 224 women, investing over £10,000 to help the women with their businesses and care responsibilities. Many clubs are also using some of their reserves to microfinance in the same way.
Financial Review
A summary of the results for the year is given in the Statement of Financial Activities on page 9. At the year end the surplus was £2,707 (2022: £35,589). Membership decline in 2022-23 continued to be at approximately 5% though once again income for the charity did not fall as far as figures were mitigated by an increase in membership fees. It is encouraging to note that the decline in membership has slowed significantly being approximately 2.6% for 2023-24. The balance in the fund at the end of March 2023 was £562,478 (2022: £559,771).
The charity has a trading subsidiary, SIGBI Trading Limited. During the year to 31 March 2023, SIGBI Trading Limited made a loss of £36,989 after tax.
Reserves Policy
The Trustees have examined the requirement to maintain free reserves and concluded that a reserve of approximately £300,000 should be maintained, which equates to a year's worth of operating costs.
In addition, over £125,000 is currently reserved in designated reserves used to further the charity’s objectives as outlined in the accounts. The Trustees will from time to time review the designated reserves to ensure the charity continues to invest in its future.
Page 4
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
As at 31 March 2023 the total funds of the Charity were £562,478 (2022: £559,771) which are all unrestricted. After deducting fixed assets and intangible assets £43,345 (2022: £23,169), the free reserves of the charity totalled £519,133 (2022: £536,602).
Investment Policy
The Trustees have considered the most appropriate investment policy for the Charity and only hold investments in a trading subsidiary, an investment in Number 63 (Soroptimist) Limited and an investment portfolio with Flagstone.
Plans for Future Period
SIGBI Limited aims to encourage member Clubs to impact positively on the lives of women and girls through our programme and partnership work. Our vision is to educate, empower and enable women and children, through awareness, advocacy and action.
The Board will continue to work to improve communications, both internal and external and to capitalise on the success of the launch of The Hub, its newest platform designed to inform and engage members.
Page 5
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELA14D (SIGBII UMifED IA ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Impllcatlons of Cov1&19 The trustees have considered the implications of the Covi&19 pareMiC the operation of the charity and ils finances. The p8ndemit did noi impact aFvreuaW on tharity op8r8b.ons or finances during the year to 31 March 2023 as preandniC level of face lo face meetsng$ and travel wwe atle lo recommence. The charit¥5 main s¢>ur¢e ol income is membership fees and, sincA the pre%ious regular dedine In membership fees has slowed this ye8r. tr* trustees belleve Ihere is no fwthtsr CoNid iiiyaLI anlicjpated. Small Compan1 provl•lon •l•tement This report h88 been Fwared in acc(Ydance wth tho smal eompani88' regimo under the Companies Act 21XE. Stat•m•nt of Tru•lM•' Rupon•lbllttl•• The trustees Iwho are also the directors of Soroptimisl 1ntemab.onal Great Britain & Ireland ISIGBII Limited for the purposes of panY lawl we respon48 for weparing the tNstees' rep¢Jt antJ the finanual slalemenls in accordance with the United lfjngdom ACcntIng Slandwds (United Kingdom Generally Acc8Pted Accountsng Pracb'cel apF4ic8blg1ow and regul8b"ons. Company I4 reqre8 the tfUStee8 to prepare finonol ¥¢atemenl¥ fcy each rlan8[ year. Under eompany18w the trustees musl Th)18PPTove the fine1 statements unless they are satisfied that they give a tnje and fair view of the slate ol aff8irs ol the chantat46 company and of its incoming resources and apF4ie81ion of resource5, Including its income and expenditurn, for Ihat p0d. In wepanng these financial stalem1$, the trustees are required lo.. lect 8Uitatle accWlrrfJ po4aés and apply thom C($1$11jy,. observe the method$ and prinaples in the Charities SORP., make judgements and esbmates that arc reasonable and prudènt". stste whelhw apF4ieat4e UK ActntIng Sknndards have be fdlthved. sutr4'8Ct to any matsrial departures disdosed and explained in Ihe finanaal statements.. and prepare Ihe finanry81 ststements on the gasng concern basis unless it is inapprowale to presume Ih8t the charitable CMPanY will ethb.nue in busne. The trustees are r8sponsitrAe for ke8p.ng 8dequai& attQWlling rec(Kds that aT8 sLrffienI to show and exFlain the charilat4e companys tr8nsactions and disdose with reasonat4e accuracy 818ny b.me the financ¢al position of the tharilatle company and at4e Ihem lo ensure that the finanei81 $tstèmenls comply with the Companies Act 2Cth. They are 81so responsitlè lor safeguarding the assets ol the charilat4e company and hence for taking reanatIe steps for the wevenb'on and detecticn of traud and other irwLAantie8. Approved by order of the members of the l)owd ol Tnbslees and gned theirbeham by.. Ruth Healey Trustee Dale.. £ 02 Page 6
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent Examiner's Report to the Trustees of Soroptimist International Great Britain and Ireland (SIGBI) Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 7
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 28/07/2023 Fiona Hawkins BSc (Hons) MSc FCA
James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB
Page 8
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 15,422 246,443 9,557 19,665 291,087 288,380 288,380 2,707 2,707 559,771 2,707 562,478 |
Total funds 2023 £ 15,422 246,443 9,557 19,665 291,087 288,380 288,380 2,707 2,707 559,771 2,707 562,478 |
Total funds 2022 £ 15,694 251,622 199 29,008 |
|---|---|---|---|
| 296,523 | |||
| 260,934 | |||
| 260,934 | |||
| 35,589 | |||
| 35,589 | |||
| 524,182 35,589 |
|||
| 559,771 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 25 form part of these financial statements.
Page 9
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) UMITED IA Company lirnlted by guarantee) REGISTERED NUMBER: 0705B666 BALANCE SHEET AS AT 31 IAARCH 2023 223 2022 Note Flxed •uets Intsngible assets Tangl$ assets Investments 12 41,082 1.663 510,1 20,440 2,729 503,190 13 553,445 526,359 Cuvrent Debtors.. amounts falling due wlhin one year Cash at bank in hand 14 46.696 121.717 39,1C6 154.302 188,413 193,408 Credrtors., amounts l85k.ng due wilhin 15 (159.380) I159,} N•t ¢urnnt is¥•ts 9.033 33.412 Tol•l n•t aM•t• 2,478 559,771 Charfty lund• Unmstn"ct8d lunds 16 &S2,478 559.771 Total Trds 562,478 559,771 The Company was entrfed lo exemw'on from under seth.on 477 01 Ihe Cornwies Act 2006. The members Iwe not required the c(ryny to (th'n audlt Ihe yew in westion in accordance wlth section 476 of Companies Acl 2(MA. The Trustees acknchvledge thwr responsthlrty.es fty c4xnplying ¥rith requir¢monts of the Act re¥)ect to accounbng records and preparabon ol finanebal statements. The finanual statements have tn prepared in accon18 the woMsii)ns aP1¢at48 lo entilies subject to Ihe small companies regime. Th flnandat Stat¢nts were 8PWOV8d and authcyised for is5 by trje TnJ5tres signed on their behaff ty. (.11.Ic Ruth Heal•y Trustee Dale." 20 /I/zo23 The notes on pages 11 to 25 fm pwt of these finana81 statements. Page 10
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The charitable company is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the member clubs is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation. The address of its registered office is 2nd Floor Beckwith House, 1 Wellington Road North, Stockport, Cheshire, SK4 1AF.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Soroptimist International Great Britain and Ireland (SIGBI) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Page 11
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Intangible assets and amortisation
Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Computer software - website
- 20 % straight line
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
| Fixtures & equipment | - | 25% straight line |
|---|---|---|
| Computer equipment | - | 20% straight line |
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 12
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. It also includes other amounts that are held in fixed deposit bank accounts with a maturity date being longer than three months.
2.10 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Income from donations and legacies
| Legacies Donations and Gift Aid Income from charitable activities Membership Club website |
Unrestricted funds 2023 £ 500 14,922 15,422 Unrestricted funds 2023 £ 238,603 7,840 246,443 |
Total funds 2023 £ 500 14,922 15,422 Total funds 2023 £ 238,603 7,840 246,443 |
Total funds 2022 £ - 15,694 |
|---|---|---|---|
| 15,694 | |||
| Total funds 2022 £ 243,606 8,016 |
|||
| 251,622 |
4. Income from charitable activities
5. Investment income
| Interest received Dividend received |
Unrestricted funds 2023 £ 9,557 - 9,557 |
Total funds 2023 £ 9,557 - 9,557 |
Total funds 2022 £ 13 186 |
|---|---|---|---|
| 199 |
Page 14
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Other incoming resources
| Recharges to SIGBI Trading Ltd Rates relief |
Unrestricted funds 2023 £ 19,665 - 19,665 |
Total funds 2023 £ 19,665 - 19,665 |
Total funds 2022 £ 26,550 2,458 |
|---|---|---|---|
| 29,008 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Membership 80,887 Head office costs 45,235 Depreciation and amortisation 11,204 Finance costs 2,564 Other expenses 15,092 Governance costs 8,863 Staff costs 123,535 Donations 1,000 288,380 8. Independent examiner's remuneration Fees payable to the Company's independent examiner/auditor for the independent examination/audit of the Company's annual accounts |
Total 2023 £ 80,887 45,235 11,204 2,564 15,092 8,863 123,535 1,000 288,380 2023 £ 3,000 |
Total 2022 £ 60,773 41,377 9,686 2,468 17,338 10,282 119,010 - |
|---|---|---|
| 260,934 | ||
| 2022 £ 3,000 |
Page 15
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
9. Staff costs
| 2023 £ Wages and salaries 115,651 Social security costs 5,517 Pension costs 2,367 123,535 The average number of persons employed by the Company during the year was as follows: 2023 No. Staff 4 |
2022 £ 110,774 5,764 2,472 |
|---|---|
| 119,010 | |
| 2022 No. 4 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
|
|---|---|
| 11. Tangible fixed assets Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March As restated |
Fixtures and fittings £ 58,869 |
| 58,869 | |
| 56,140 1,066 |
|
| 57,206 | |
| 1,663 | |
| 2,729 |
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 12. Intangible assets Cost At 1 April 2022 Additions At 31 March 2023 Amortisation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March As restated |
Computer software £ 39,000 31,380 |
|---|---|
| 70,380 | |
| 18,560 10,138 |
|
| 28,698 | |
| 41,682 | |
| 20,440 |
13. Fixed asset investments
| Cost or valuation At 1 April 2022 Additions Disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Investments in subsidiary companies £ 1 - - 1 1 1 |
Other investments £ 503,189 708,825 (701,915) 510,099 510,099 503,189 |
Total £ 503,190 708,825 (701,915) |
|---|---|---|---|
| 510,100 | |||
| 510,100 | |||
| 503,190 |
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Fixed asset investments (continued)
Principal subsidiaries
The following was a subsidiary undertaking of the Company:
Name SIGBI Trading Ltd
Company Registered office or principal Principal activity number place of business 11019781 Beckwith House Second Floor, 1 Activities of Wellington Road North, conference organisers Stockport, Cheshire, SK4 1AF
The financial results of the subsidiary for the year were:
SIGBI Trading Ltd
Income Expenditure Profit/(Loss)/ Net assets £ £ Surplus/ £ (Deficit) for the year £ 90,414 (127,403) (36,989) 260,585
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £ 1,077 8,978 36,641 46,696 |
2022 £ 1,050 4,804 33,252 |
|---|---|---|
| 39,106 |
15. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 20,552 116,685 4,219 4,075 13,849 159,380 |
2022 £ 5,977 130,473 6,483 5,168 11,895 |
|---|---|---|
| 159,996 |
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Development fund Centenial fund Reorganisation fund Sculpture fund Membership fund PR Fund Programme fund IT upgrade fund General funds General funds Total Unrestricted funds |
Balance at 1 April 2022 £ 18,838 1,745 30,000 5,399 10,000 10,000 10,000 40,500 126,482 433,289 559,771 |
Income £ - - - - - - - - - 291,087 291,087 |
Expenditure £ - - - (808) - - - - (808) (287,572) (288,380) |
Transfers in/out £ - (1,745) - - - - - - (1,745) 1,745 - |
Balance at 31 March 2023 £ 18,838 - 30,000 4,591 10,000 10,000 10,000 40,500 |
|---|---|---|---|---|---|
| 123,929 | |||||
| 438,549 | |||||
| 562,478 |
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SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds (continued)
Development fund
The fund is to support the charitable objectives of SIGBI with grants and donations.
Centennial fund
The fund is to support the promotion of Soroptimist International’s centenary year.
Reorganisation fund
The fund is to support any review and reorganisations of SIGBI to ensure viability of the Federation moving forward.
Sculpture fund
The fund is to support the ongoing maintenance of the SIGBI plot at the National Memorial Arboretum.
Membership fund
The fund is to support the opening of new clubs and recruitment of members.
PR fund
The fund is to support the development of SIGBI Ltd's profile.
Programme fund
The fund is to support project works across the Federation.
I T Upgrade fund
The fund is for the upgrade of systems in the office including accounts, database and network connectivity. The sums will be spent in 2023.
Page 22
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Development fund Centenial fund Reorganisation fund Sculpture fund Membership fund PR Fund Programme fund IT upgrade fund General funds General funds Total Unrestricted funds |
Balance at 1 April 2021 £ 22,787 4,600 30,000 11,187 10,000 10,000 10,000 - 98,574 425,608 524,182 |
Income £ 855 - - 50 - - - - 905 295,618 296,523 |
Expenditure £ (4,804) (2,855) - (5,838) - - - - (13,497) (247,437) (260,934) |
Transfers in/out £ - - - - - - - 40,500 40,500 (40,500) - |
Balance at 31 March As restated £ 18,838 1,745 30,000 5,399 10,000 10,000 10,000 40,500 |
|---|---|---|---|---|---|
| 126,482 | |||||
| 433,289 | |||||
| 559,771 |
17. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 April 2022 £ 126,482 433,289 559,771 |
Income £ - 291,087 291,087 |
Expenditure £ (808) (287,572) (288,380) |
Transfers in/out £ (1,745) 1,745 - |
Balance at 31 March 2023 £ 123,929 438,549 |
|---|---|---|---|---|---|
| 562,478 |
Page 23
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
17. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 April 2021 £ 98,574 425,608 524,182 |
Income £ 905 295,618 296,523 |
Expenditure £ (13,497) (247,437) (260,934) |
Transfers in/out £ 40,500 (40,500) - |
Balance at 31 March As restated £ 126,482 433,289 |
|---|---|---|---|---|---|
| 559,771 |
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,663 41,682 510,100 168,413 (159,380) 562,478 |
Total funds 2023 £ 1,663 41,682 510,100 168,413 (159,380) |
|---|---|---|
| 562,478 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 2,729 20,440 503,190 193,408 (159,996) 559,771 |
Total funds 2022 £ 2,729 20,440 503,190 193,408 (159,996) |
|---|---|---|
| 559,771 |
Page 24
SOROPTIMIST INTERNATIONAL GREAT BRITAIN AND IRELAND (SIGBI) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
19. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and in the year amounted to £2,367 (2022: £2,472). £394 (2022: £337) was payable to the fund at the balance sheet date.
20. Related party transactions
The charitable company owns 100% of SIGBI trading limited. During the year salary and management charges were made of £18,465 (2022: £25,350) and £1,200 (2022: £1,200) respectively.
At the year end the balance owed to SIGBI Trading Limited is £116,685 (2022: £130,473) and is included in creditors at the year end.
Each member of Soroptimist International Great Britain and Ireland (SIGBI) Limited pays a membership fee which includes a levy on behalf of three charities detailed below.
The charitable company collects levies, payable by the members, on behalf of Soroptimist International of Great Britain and Ireland Benevolent fund (Charity No: 211840) and these amounts are paid directly to that charity. During the year the amounts received totalled £11,672 (2022: £14,185). At the year end £1,730 (2022: £1,592) was still to be paid over.
The charitable company collects levies, payable by the members, on behalf of Diamond Education Grant (Charity No: 1139668) and these amounts are paid directly to that charity. During the year the amounts received totalled £5,310 (2022: £13,084). At the year end £844 (2022: £2,108) was still to be paid over.
The charitable company collects levies, payable by the members, on behalf of Soroptimist International of Great Britain and Ireland Emergency Relief Fund (Charity No: 211231) and these amounts are paid directly to that charity. During the year the amounts received totalled £6,554 (2022: £8,687). At the year end £1,164 (2022: £1,074) was still to be paid over.
Page 25