b'financeContext Results 2021 was another healthyThe members of the Finance Committee year for SI finances resultingduring the year were Maureen Maguire, mainly from the reduced costSharon Fisher, Kathy King, Deborah Thomas of travelling due to COVID. Theand Carolien Demey (until October when she surpluses will provide reserveswas replaced by Hafdis Karlsdottir).for the future including fundsI would like to acknowledge the hours of work for capital expenditure and athat the members of the Finance Committee contingency for a decrease incontributed during the year and the support income.they have given me in my role as Chair.During the year, Soroptimist InternationalWendy Logan, Chair of Finance(SI) successfully completed two significant new initiatives. The Soroptimist International Foundation was set up under a Deed of Trust atThe Financial Statements of SI (Soroptimist 1 March 2021.We also hosted a successful virtualInternational) Limited were produced with celebration for the SI 100th Anniversary.the provisions applicable to companies The Foundation was a major focus during 2021,entitled to the Small Companies Exemption. An audit exemption was applied resulting in and separate financial records were set up andunaudited Financial Statements subjected to a new bank account opened. Additionally, a newan Independent Chartered Accounts Review agreement was established with bookkeepersReport (Assurance Review Engagement)and all Presidents Appeal transactions from 1 March 2021 from the SI (Soroptimist International)The SI (Soroptimist International) Limited Limited accounts were transferred to a new set ofFinancial Statements for the year ending 31st accounts for the Foundation. December 2021 show a surplus of 58,292. The success of the 100th Anniversary CelebrationThis result was mainly due to savings on accommodation and travel due to COVID and was a significant highlight in 2021. Thanks to higha surplus of 15,561 from the 100th Anniversary registrations internally managed by Treasurerevent. Kathy King, SI President Sharon Fisher and SI HQ staff, a surplus was realised.Total income from Dues 5.00 per member The Finance Committee met monthly to reviewwas 344,790 compared to 353,023 for the financial performance, investments and discussprevious year.matters of policy and process. During the yearOnly the Presidents Appeal income and all of the SI Finance Policies were reviewed andexpenditure up to 28 February 2021 is subsequently approved by the Board. included in these Financial Statements. All The SI Investments at the end of the financialtransactions subsequent to 1 March have been year showed a positive result. The investmentstransferred to the Soroptimist International were closely monitored with the InvestmentFoundation Financial Statements. Manager attending Finance CommitteeInvestment Portfoliomeetings quarterly to discuss the performanceThe net total value of the managed of our investment portfolio. The Board receivedinvestment portfolio as at 31 December was quarterly updates on investments and687,983, an increase of 26,471 from the total management accounts.value in 2020 of 661,513, a net increase of 4% for the year.Whilst this was a good result for 2021, higher inflation, rising interest rates, and political conflict are expected to create more volatility in markets in 2022. soroptimistinternational.org 17'