Charlty number: 211840 SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND CONTENTS Page Referen¢9 and admlnlstrativo dgtails of tho Charityi its Tru8tee8 and advisers Trustees. report IndÈp¢ndontexamlner's report Statement of financial activities Balance Sheet Not•s to the flnan¢lal statements 9-14
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 2024 Trustee8 Ann Daw50n (Chairl Myra Penn Vanessa Billing Kay Imlkie Dorothy Lee-ogden (resigned 4 Novemter 2023} Susan Jane Biggs Iresigned 4 November 20231 Rita Beaumont Judith Lewis Iresigned 4 November 20231 Clare Comerford Ruth Hilary Clavering Jeanelle Lee (resigned 4 November 20231 Catherine Beal Susan Beech Is¢gned 4 November 20231 Ruth Healey (reSned 4 November 20231 Sandra Morris Norma Reynolds Rita L8aman Yvonne Freernan Julie Williams Janel Slopher-clark Gwynneth Hilary O'Rourke lappoinled 4 November 2023) Jane Davie5 lappoinled 4 November 20231 Carol Ann Bailey lapEx)inted 4 November 20231 Jillian Palehett lappoinled4 Novémber 20231 Dorcas Akeju lapp)inted 4 Novembef 20231 Charlty regl8tered number 211840 Prlnclpal office 2nd Floor Beckwith House 1 Wellin9lon Road North Stockport Chgshire SK4 1AF Ind•pendont Examlner Vivien Cros$ BA IHonsl FCA Vivien Cross Accountancy Servl¢e$ Limited Bracken Clough Start Lane VhaleY Bridge Derbyshire SK23 78R Page 1
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the finaneial statements of the Charity foi the year 1 April 2023 to 31 March 2024. Structure Governance and Management The Benevolent Fund of Soroptimisl Inlemalional of Great Britain and Ireland IS5GBII is an unincorporated association and was registered as a charity, no. 21184Q on 28 Mafch 1963. The governing document of the Fund was amended on 11 May 2020. The Trustees, one from each region, are elected by the Regional Councils within the United Kingdom, in¢luding the Channel Islands and the Isle of Man, and by the National Association of the Republic of Ireland, In addition, there is one fruslee from the Federation Management Board of SIGBI Ltd. The Chairman, Secretary and Treasurer are elected by the Trustees from among their number. Obl•ctlveB and activitios . Actlvltle• undortaken to ochleve objecllvos The object of the charity is the relief of women in nèed who have been, for at least three consecutivè years, members of a Soroplimisl Club within the United Klngdom lincludin9 the Channel Islands and the Isle of Manl and the Republic of Ireland and whose membership continues, or if they have left their club and have not been a member of a Soroptimisl club for 5 years, 01 al the dlscrelion of the Trustees. To meet it5 objectives Soroptimisls are invited to apply for assistance. To apply they can approach their Region trustee or they can apply direct lo the Sècretary or Chairman. In reviewing each application for assistance, the Trustees observe the striclesl confidence. Support for applicants may be a quart¢rly grant to help the beneflary with day lo day living costs or a one off grant to meet a particular need or omergancy. In the recent past one off grants have been given towards costs of specific, necessary buikling Wofk and lo a member wh¢ wa$ experiencing short term financial difficulties due lo being temporarily unable lo work. Applications are reiVed throughout the year with the Chairman. Treasurer, Federation Truste6 and Secretary making a recommendation with supporting Information lo the Trustees. b. Publle ne11t The trustees confirm that they have complied with the qUirementS of seclion 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ¢. Plan8 for future perlod$ The inv8slmenl company Paradigm Norton Financial Planning Ltd is to be retained lo continue lo maximise the investment return obtained by the Fund. The Trustees are grateful lo those members who have included the Benevolent Fund in their wills by leaving a legacy, The Trustees would also like lo express their thanks lo 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. Achlevements and pgrformance Revlew of a¢tlvl¢ies Dkjring the year the charity made grants lolalling £35,71412023". £50,417>. 11 present or past Soroptimists have been in receipt of assistance. being either quarterly support or one off payments. The Trustees will continue lo promote the Fund so that more women can benefrt. Page 2
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financial reviow a. Going concèm The Trustees are grateful for the ongoing $upport of the Members of SIGBI Limited, without which the Charity would be unable to provide grants to the members who are in need of assistance. The grants are wholly funded by investrnenl income, plus levies, donations and bequests from current and former Members of SIGBI Limited and ¢olleoted by SIGBI Limited on behalf of the Charily. As advised one investment was cashed in and the majority of its value re-invested. The balance was retained lo enable payment of beneficiaries without recourse to other inveslmenls. A summary of the results for the year is given in the Statement of Financial Acts'vities on page 7. During the year the total Incoming resources were £34,695 12023.. £52,291). Total outgoing resources were £43,60612023'. £56,896), and the net movement in funds was £20,35212023. £12,931 defieill. No Trustee received any remuneration or benefits of any kind from the Charity in the current or previous year. rhe market value of investments as al the 31 March 2024 was £424,14512023.' E404,2061. The value of the total nel a$sel$ a$ a131 March 2024 was £436,891 12D23 £41 $,5391. b. Reserves pollcy The Trustees have examined the requirement to maintain free reserves and concluded that a resèN8 of £20,000 should be maintained. The charity could then be able lo respond immedlately lo requests for help. All of the Charity's funds are unrestricted. Golng concern After rllaking appropriate enquiries, the Trustees have a reasonable expe¢tstion Ihgt the Charity has adequate resourGes to continue in operational existence for the foie5eeable lulure. For this reason, they continue lo adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going ¢on¢ern basis can be found in the accounting policies, Structurei governance and rnanagement a. Constttutlon SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND Is a registered harity, number 211840, and is constitutsd under a Trust deed. b. Mothods of appolntment or gloctlon of TNste•s The manag&m8nt of the Charity is the responsibility of the Trustees who are elected and Covopled under the terms of the TrLJ$t dèod. Page 3
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 statement of Trustees, responslbilities The Trustees are responsible for preparing the Trustees, report and the linancial statements in accordance wilh applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Pra¢licel. The law applicable to charitie$ In England & Wales requires the Trustees to prepare financial statements lor each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, Including its incoine and expenditure. lor that period In preparing these financial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislènlly., observe the methods and principle5 of the Charities SORP IFRS 1021. make judgments and a¢¢ounling estimates that are reasonable gnd prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departijres disc105ed and explained in the financial slalemenls., prepare the financial slalèmenls on the going concern basis unless Il Is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adeouale accounting records that are sufficient lo show and gKpl3in the Charity's transactions and disclose with reasonable 2¢cura¢y at any lime thè financial position of the Charity and enable then) lo ensure Ihal the financial slalements comply with the Charities Act 2011, the Charity IAccoLinls and Reports) Regulations 2008 and Ihe provision5 of Ihg Trust deed They are also responsible foi saleguardii)g th8 assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Approved by order of the members of the board of Trustees and 8igned on their behalf by.. Vanessa 81111ng Treasurer Dale Paae 4
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND (Yhg Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilitios and Bas18 of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirem8nts of the Charities Act 2011 1.the 2011 Acl'l. I report In r8SPeCt 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 Chaflly Commission under section 14515llbl of the 2011 Act. Independent Examlnor'8 Stat•mont Your attention is drawn lo the fact that the Charity has pr8par@d the accoun15 in accordance with Accounting and Reporting by Charities. Statement of Recommended Practic8 applicable to charlties preparing their acGounls in accorOan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference lo the A¢counling and Reporting by Charities.. Statement of Recommended Precllce issued on 1 April 2005 whi¢h is referred lo in the exlanl regulations bul has been WithdWn. l understand that this has been done in order for the accounts lo provide a Irlte and fair view in accordance with the Generally Accepl8d Accounting Practice effective for reporting periods beginning on or after 1 January 2015, I have complel•d my examination. I confirm th81 no matters have come to my attention in connection with the examination giving me cause lo believe that in any material re6pe¢t. accounting records were not kept in respect ofthe Charity a5 required by 5eGtion 130 of the 2011 A¢l', or the accounts do not accord wlth those records., or the 8¢counls do not comply with the applicable requiremen1$ ¢on¢erning the form and ¢onlent of accounts Set out in the Charltles (Accounts and Reports) Regulations 2008 other than any requirement that th8 accounts give a 'lrue and fair, vlèw which is not a maller considered a8 part of an indepenéenl 8xaminalion. I have no concerns and have come a¢ross no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understandin9 of the accounts lo be reached. Page 5
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND INDEPENDENT EXAMINER'S REPORTICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 This report is made solely lo the Charity's Trustees, as a body, In accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008 My work has been undertaken so that I might state lo the Charity's Trustees those matter$ l am required to stale lo them in an Independent examineff 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'8 Trustees as a body, for my work or for this report. Si9ned.' Dated.2 L. É. ao.1 Vivien Cross BA (Honsl FCA Vlvlen Cross Accountancy Serv1¢ Llmlted Bracken Clough Start Lan& VW)aley Bridge Derbyshire SK23 7BR Page 6
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds Total funds 2024 Toldl funds 2023 Note 2024 Income from.. Donations and legacies Investm8nts Total Sncome 21.065 13,630 21.065 13,630 39.470 12,821 52,291 Expendlture on: Support and governance costs Charitable activities 7,892 36,714 7,892 36,714 6,479 50,417 Totsl exp•ndlture 43,606 56,896 Net movèment In funds before other recognlsed gain81{los$e91 18,911) (8,9111 (4,605) Other recognlsed galng1{los$e8) 29,263 29,263 {8,326} Net movement In funds 20,362 20,352 f72,931J Reconclllatlon of funds Total funds brought forward Net movement in funds 416,539 416,539 20,352 20,362 416,539 (12,931) Total funds carrted fornard 436,891 436,891 476,539 The Statement of Finan¢lal Activities includes all gains 8nd lossès recognised in the year. The nol85 on pages 9 to 15 form part of these financial statements. Page 7
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 424,145 404,206 424,145 404,206 Current assets Debtors Cash al bank and in hand 10 2,446 12,210 12,633 14.658 12,633 Creditors.. amounts falling due withln one year 11 11,910> (300) Not curr•nt a88et& 12,748 12,333 Total a880ts1088 ¢urrènt Ilabllltloo 436.891 416,539 Total ngt as¥ots 436.891 476,539 Charlty funds R881ri¢ted funds Unrestricted funds 12 12 436.891 416,539 The tinancial slalemenls wore approved and aulhorised for Issue by the Trustees and signed on their behalf by.. Ann Dawson Chair of Trustees Dale Vone$sa BSlllng TreasLirer Date Isli The notes on pages Y lo I f form part of thes& tinanci81 slalements. Paae 8
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infonnatio The charity is a public beneth't entity and a registered charity in England and Wales and is unincorporated. The address of the principal office 15 2nd Floor Beckwilh HoL¢se, 1 Wellington Road North, Stockport, Cheshire, SK4 1AF. Accountin9 policie8 2.1 8a$ls of pr•paration of financial 8tatements The financial statements have been prepared in a¢Idance with the Charitie¥ SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chafilies preparing their accounts in accordanc& with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102116ffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Irelané IFRS 1021 and the Charitiès Act 2011, The financial statements have been preparéd to givè a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and fair. view. Thls departijre has Involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and R8POrtlng by Charities.. Statement of Re¢ommended Practice ette¢live from l Aprll 2005 which has since been withdrawn. SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND m8els the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless olhemise stated in the relevant accounting policy. 2.2 Golng concern The financial statements have be¥n prepared on a going concern basis which assumes an ability Ici continue operating for the foreseeable future. The Trustees are confident that the charity will continue a5 a going concern should income be adversely affected by other unforeseeable circumstances. 2.3 Incomo All income is recognised once the Charity has enlillemenl lo the income, il 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 enti15emenl, the probability of r&ceipl and the ability to eslirllale with sufficient accuracy the amount receivable. Evidence of entsllement lo a legacy exist$ when the Charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the exi$ten¢e of 8 valid will and the death of the benefactor) and the executor is satisfied that the property in quests.on will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when il is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed lo the Charity, can be reliably measur8d. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Page 9
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polScle8 l¢ontlnued) 2.4 Expondituro Expenditure is recognised once there is a legal or construGtive obligation to transfer economic benefit to a IhiTd paty, il is probable Ihal a Iran$fer of economic benefits will be required in settlement and the amount of the obligation can be measured ieliably. Expenditure is classified by aclivily. The costs of each activity ar8 made up of the total of direct cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated direclty to that activty. Expenditure on raislng fvnds includès all expenditure incurred by the Charity 10 rais8 fvnds for Its charrtable purposes and includes costs of all fundraising aclivilie8 events and non-charilable trading. Expendrture on Charitable activities is incurred on dire¢lly undertaking the activities which further the Charity's objectivés, as well as any associated 8UPPOrt costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Invèstments Fixed a$5el investments are a form of financlal instrument and are inillally recognised al their transaction cost and subsequentiy measured al f81r value al the 8alan¢e sheet dale. unless the value cannol bg measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Galn8llLosse81 on investments, in the Statement of financial acliviti8S. 2.6 Debtors Trade and other debtors are recognised at the settlement amount aft&r any trade discount offered. Prepayments a valued al the amount prepaid nel of any trade discounts due. 2.7 Cash at b•nk and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale ol acquisition or Openng of the deposit or similar account. 2.8 Llabilitios and provl8lon8 Liabilities are recognised when ther8 1$ an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economi¢ 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 il will pay to settle the debt or the amount il has r4ved as advanced payments for the goods or servitts it must provlde. Provisions are measured at the best estimate of the amounts required lo settle the Oblallon. Where the effect of the lime value of money Is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is reGognised in the Slalement of frnancial aclivilies as a fi'nance cost. Page 10
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢eounting pollcles l¢ontinu8dl 2.9 Flnanelal instruments The Charity only has financial a8sel$ and financial liabilities of a kind that qualify as basic Iinancial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exGeplion of bank loans which are subsequenlly measured at amortised cost using the effecb've interest method. 2.10 Fund accountlng General funds are unrestrlcted funds which are available for use at the discretion of the Trustees in furtherance of the general objecb'ves of the Charity and whi¢h have not been designated for other purposes. Investment income. galns and losses are allocated to the appropriate fund. In¢om• from donatlons and legaclol Unro8til¢tod fund8 2024 Total funds 2024 Totèl funds 2023 Levies Legacies Gift Aid Other donatn8 9,094 1,959 2,540 7,472 21,065 9,094 1,959 2,540 7,472 21,065 9,298 23,690 1,347 5,135 39,470 Investment In¢om• Unre8trlcted funds 2024 Total funds 2024 Total funds 2023 InvestTrnt income 13,630 13.630 12,821 Page 11
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Unrestrictod funds 2024 Total funds 2024 Total funds 2023 Investment expenses Travel Adminislralion expenses Accountsncy fee Bank charges Insuran 2,990 1,785 398 300 72 1,397 626 320 71 934 1,397 320 71 934 934 7,892 7.892 6,479 Anaty818 of oxp•ndSture on charltable a¢tlvttle8 Summary by lund type Unre$trlct•d funds 2024 Total funds 2024 Tolal lunds 2023 Benevolent grants 35,714 35,714 50,417 Independent examlner's remuneiallon The independent examinews remuneration amounts lo an indeperbdenl examiner fee of £32012023. £3001 Trustees rnmuneratlon and expens95 During the year, no trustees received any remuneration or other benefits12023.' £nill. During the year ended 31 March 2024, trustee expenses of £1,397 have been incurred12023.' £1,785). Pag8 12
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN ANO IRELAND BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset illV05tments Listed investments Cost or Valuatlon At 1 April 2023 RevaluatlQn5 404,206 29,263 Disposals {9,324) At 31 March 2024 424,145 Al 31 March 2023 404.206 10. Debtorn 2024 2023 Due wlthln one year Other doblors 2,446 11. Crgdltorn: Amounts falllng duewlthln on• year 2024 2023 Accruals and deferred income 1,910 300 12. Statemonl of funds Statemenl of funds- current yoar Balan¢e at 31 March 2024 Balance at 1 April 2023 GainBI {Lossosl Incom• Exponditurn General funds 416.539 34,695 143.6061 29.263 436,891 Summary of lund8 - pilor yèar Balance al 31 Mah 2023 Salance at I Apnl 2022 Gain (Loss&s) Income Expenditure General funds 429,470 52,291 (56,896) (8,326) 416,539 Page 13
SOROPTIMIST INTERNATIONAL OF GREAT BRITAIN AND IRELAND BENEVOLENT FUND NOTES TOTHE FINAMCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis of net assets between funds Analysi8 of net a$sots between funds- currant yèar Unrnstricted funds 2024 Total funds 2024 Fixed asset investments Current assets 424,145 424,145 14,656 1,910 436,891 14,656 1.910 436,891 CditOrS due within one year Total Unrostrlctsd lund$ 2023 Total fund8 2023 Fixed a$5et investments Current assets 404,2Ck3 404.206 12,633 300 12,633 300 Creditors due within one year Total 416.539 416 $39 14. Rglated party tran8a¢tlons The charity has a very close relationship with Soroplimisl International Great Britain and Ireland ISIGBII Llmlted which nominates all of the trustees and management committee. Soroplimist International Great Britain and Ireland ISIGBII Limlled collects levies, payable by the members, on behalf of the charity. During the year the amounts collected and re¢eived from Soroplimisl International Great Britain and Ireland ISIGBII Limited lotalled £9,09412023.' £9,298). The balanGe receivable at the balance sheet date was £1, t1312023.£nil}. No Iruslees received any remuneration or other benefits directly or indirectly from the Gharily Payments were made to Iruslees lolalling £1,397 for travel expenses12023.' £.1,785 travel expenses). Page 14