2021-03-31-accounts

Charity number: 211840

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5 - 6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 15

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Ann Dawson Myra Penn Annette Porter Christina Crosby Vanessa Billing Elizabeth-Ann Mackie Jane Davies Kay Wilkie (appointed 13 November 2020) Cathy Cottridge (appointed 13 November 2020) - Dorothy Lee Ogden Susan Jane Biggs Jennifer Vince, Chair of Trustees Rita Beaumonth (appointed 13 November 2020) Judith Lewis Clare Comerford (appointed 13 November 2020) Ruth Hilary Clavering Carys Brown Patricia Dowding Hilary Putman (appointed 13 November 2020) Iris Batman (appointed 13 November 2020) Susan Hogg Jeanette Lee

Charity registered number 211840 Principal office 2nd Floor Beckwith House 1 Wellington Road North Stockport Cheshire SK4 1AF

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 2021.

Structure Governance and Management

The Benevolent Fund of Soroptimist International of Great Britain and Ireland (SIGBI) is an unincorporated association and was registered as a charity, no. 211840 on 28 March 1963. The governing document of the Fund was amended on 23 July 2018.

The Trustees, one from each region, are elected by the Regional Councils within the United Kingdom, including the Channel Islands and the Isle of Man, and by the National Association of the Republic of Ireland. In addition, there is one Trustee from the Federation Management Board of SIGBI Ltd. The Chairman, Secretary and treasurer are elected by the Trustees from among their number.

Objectives and activities

a. Activities undertaken to achieve objectives

The object of the charity is the relief of women in need who have been, for at least three consecutive years, members of a Soroptimist Club within the United Kingdom (including the Channel Islands and the Isle of Man) and the Republic of Ireland and whose membership continues, or if they have left their club and have not been a member of a Soroptimist club for 5 years, or at the discretion of the Trustees.

To meet its objectives Soroptimists are invited to apply for assistance. To apply they can approach their Region trustee or they can apply direct to the Secretary or Chairman. In reviewing each application for assistance, the Trustees observe the strictest confidence. Support for applicants may be a quarterly grant to help the beneficiary with day to day living costs or a one off grant to meet a particular need or emergency. In the recent past one off grants have been given towards the cost of a stair lift and to a member whose family were experiencing short term financial difficulties following whose husband had been taken seriously ill. This past year assistance has been given to applicants financially suffering from the effects of Covid. Applications are received throughout the year with the Chairman, treasurer, Federation Trustee and Secretary making a recommendation with supporting information to the Trustees.

b. 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.

c. Plans for future periods

The investment company Paradigm Norton Financial Planning Ltd is to be retained to continue to maximise the investment return obtained by the Fund. The Trustees are grateful to those members who have included the Benevolent Fund in their wills by leaving a legacy.

The Trustees would also like to express their thanks to the clubs and regions and individual members who support the work of the Benevolent Fund by sending in donations, which are gift aided where appropriate.

Achievements and performance

a. Review of activities

During the year the charity made grants totalling £84,206 (2019: £62,894). 22 present or past Soroptimists have been in receipt of assistance, being either quarterly support or one off payments.

The Trustees will continue to promote the Fund so that more women can benefit.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

a. Going concern

The Trustee are grateful for the ongoing support of the Members of SIGBI Limited, without which the Charity would be unable to provide grants to the members who are in need of assistance. The grants are wholly funded by investment income, plus levies, donations and bequests from current and former Members of SIGBI Limited and collected by SIGBI Limited on behalf of the Charity. The current year has necessitated cashing in investments in order to respond to members needs as a result of the Covid pandemic.

A summary of the results for the year is given in the Statement of Financial Activities on page 7 and on Notes to the Financial Statements on page 9. During the year the total incoming resources were £42,826 (2020: £44,565). Total outgoing resources were £90,214 (2020: £71,581), and the net movement in funds was £35,030 surplus (2020: £57,056 deficit).

No Trustee received any remuneration or benefits of any kind from the Charity in the current or previous year. The market value of investments as at the 31 March 2021 was £453,090 (2020: £425,672). The value of the total net assets as at 31 March 2021 was £463,559 (2020: £428,529).

b. Reserves policy

The Trustees have examined the requirement to maintain free reserves and concluded that a reserve of £20,000 should be maintained. The charity could then be able to respond immediately to requests for help. All of the Charity’s funds are unrestricted.

c. Going conern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Constitution

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND is a registered charity, number 211840, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United lQ"ngdom Generally Accepted Accounting Practice}. The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Stale of affairs of the Charity and of ils incoming resources and application of resources. including ils income and expenditure, for that peri¢￿. In preparing these financial statements, the Trustees are required to-. select suitable accounting policies and then appty them consistenuy. observe the methods and principles of the Charities SORP {FRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accountsng Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial slalemenls on the going concem basis unless it is inappropriate lo presume that the ChaTity will continue in business. The Tiustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's Iransaclion5 and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial stalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hen￿ for taking ￿asOnable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees arsd signed on their behalf by-. IL Judlth Lewis Treasurer Date.. Ol I Page 4

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees of SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

This report is made solely to the Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 14/09/2021 Fiona Hawkins BSc (Hons) MSc FCA

James Cowper Kreston

Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 28,278 14,548 42,826 5,508 84,206 89,714 (46,888) 82,418 35,530 428,529 35,530 464,059	Total funds 2021 £ 28,278 14,548 42,826 5,508 84,206 89,714 (46,888) 82,418 35,530 428,529 35,530 464,059	Total funds 2020 £ 26,168 18,397 44,565 8,687 62,894 71,581 (27,016) (30,040) (57,056) 485,585 (57,056) 428,529

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 15 form part of these financial statements.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Flxed assets Investments 453.090 425, 672 453.090 425, 672 Current assets Debtors Cash at bank and in harkd 10 1,280 1,577 11,469 11,469 2,857 Creditors.. amounts falling due wthin one year 11 {51101 Net current assets 10.969 2.857 Totsl a$sets less current Ilabilities 464,059 428,529 Total net assets 464.059 428,529 Charity funds Re$lricled funds Unrestricted funds 12 12 464.059 428,529 Total funds 464.059 428,529 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. CLV 5 Judith Lewis Treasurer Date. c>*.tsg.11 Jennifer Vince Chair of Trustees Dale.. The notes on pages 9 to 15 fom part of these financial slatements. Page 8

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal 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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND 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 Going concern

The financial statements have been prepared on a going concern basis which assumes an ability to continue operating for the foreseeable future. The Trustees have concluded that, while the COVID19 pandemic increases the uncertainties related to future events or conditions, they are confident that the charity will continue as a going concern should income be adversely affected by COVID-19, or indeed by other unforeseeable circumstances.

2.3 Income

All income is recognised once the Charity 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 Charity 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 Charity, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 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 raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 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.

2.6 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.

2.7 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.

2.8 Liabilities and provisions

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 Charity 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.9 Financial instruments

The Charity 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.

2.10 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 Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Levies Legacies Other donations and legacies Total 2020	Unrestricted funds 2021 £ 10,954 4,770 12,554 28,278 26,168	Total funds 2021 £ 10,954 4,770 12,554 28,278 26,168	Total funds 2020 £ 12,299 500 13,369
			26,168

4. Investment income

Unrestricted funds 2021 £ Investment income 14,548 Total 2020 18,397	Total funds 2021 £ 14,548 18,397	Total funds 2020 £ 18,397

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Expenditure on raising funds

Unrestricted funds 2021 £ Investment expenses 3,249 Travel - Administration expenses 417 Accountancy fee 500 Insurance 1,342 5,508 Total 2020 8,687	Total funds 2021 £ 3,249 - 417 500 1,342 5,508 8,687	Total funds 2020 £ 3,598 2,177 1,682 - 1,230
		8,687

6. Analysis of expenditure on charitable activities

Summary by fund type

Benevolent grants Total 2020	Unrestricted funds 2021 £ 84,206 62,894	Total funds 2021 £ 84,206 62,894	Total funds 2020 £ 62,894

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £500 ( 2020 - £ - ).

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Fixed asset investments

Cost or valuation At 1 April 2020 Disposals Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10. Debtors Due within one year Other debtors 11. Creditors: Amounts falling due within one year Accruals and deferred income	2021 £ -	Listed investments £ 425,672 (55,000) 82,418 453,090 453,090 425,672 2020 £ 1,280 1,280 2020 £ -	Listed investments £ 425,672 (55,000) 82,418 453,090 453,090 425,672 2020 £ 1,280 1,280 2020 £ -
	-		1,280
	2021 £ 500		2020 £ -

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Gains/	31 March
	April 2020	Income	Expenditure	(Losses)	2021
	£	£	£	£	£
Unrestricted funds
General Funds	428,529	42,826	(89,714)	82,418	464,059
Statement of funds - prior year
					Balance at
	Balance at			Gains/	31 March
	1 April 2019	Income	Expenditure	(Losses)	2020
	£	£	£	£	£
Unrestricted funds
General Funds	485,585	44,565	(71,581)	(30,040)	428,529

13. Summary of funds

Summary of funds - current year

					Balance at
	Balance at 1			Gains/	31 March
	April 2020	Income	Expenditure	(Losses)	2021
	£	£	£	£	£
General funds	428,529	42,826	(89,714)	82,418	464,059
Summary of funds - prior year
					Balance at
	Balance at			Gains/	31 March
	1 April 2019	Income	Expenditure	(Losses)	2020
	£	£	£	£	£
General funds	485,585	44,565	(71,581)	(30,040)	428,529

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SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Fixed asset investments 453,090 Current assets 11,469 Creditors due within one year (500) Total 464,059	Total funds 2021 £ 453,090 11,469 (500)
	464,059

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Total	Unrestricted funds 2020 £ 425,672 2,857 428,529	Total funds 2020 £ 425,672 2,857
		428,529

15. Related party transactions

The charity has a very close relationship with Soroptimist International Great Britain and Ireland (SIGBI) Limited which nominates all of the trustees and management committee.

Soroptimist International Great Britain and Ireland (SIGBI) Limited collects levies, payable by the members, on behalf of the charity. During the year the amounts collected and received from Soroptimist International Great Britain and Ireland (SIGBI) Limited totalled £12,554 (2020: £10,737). There were no balances payable at the balance sheet date (2020:£nil).

No trustees received any remuneration or other benefits directly or indirectly from the charity. No other payments have been made to the trustees in the year. Payments were made to 20 trustees totalling £nil (2020: £2,177 for travel expenses).

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