b'financeContext Results The financial statements of SI (SoroptimistThe financial statements for the year International) Ltd were produced in lineending 31st December 2020 show with the relevant UK accounting principles. a healthy result mainly due to the following;The Finance Committee meets monthly to review financial performance and discuss matters of policy and process. It also meets quarterly with our Investment Manager to2020 saw a large reduction in discuss the performance of our investmentoperating costs due to savings made portfolio. The Board continues to receiveon meetings, and travel costs, due to quarterly management accounts and up- the restrictions imposed by COVID-19. dates on our investments. This and other cost savings resulted Thanks to the Finance Committee membersin a reduction in overheads and Kathy King (SI Treasurer), Deborah Thomasadministration expenditure from (GED), Carolien Demey, Sharon Fisher, Ann336,429 in 2019 to 241,600 in 2020. Hodgson who finished as Chair in DecemberThe full effect of an increase in 2019, and Maureen Maguire, who joined atmember dues from 3.00 to 5.00 the beginning of 2021.per annum, resulted in an increase I would like to acknowledge Ann Hodgsonin income from 287,966 in 2019 to for the numerous hours she gave to the353,137 in 2020.Finance Committee. A special thank you Ann for work that resulted in vitally neededThe SI Presidents Appeal account increased income from member dues inshowed a balance of funds of 70,394 2020, and in the future. compared to a deficit of 57,628 in Wendy Logan, Chair of Finance the previous year.The net total value of the managed investment portfolio as at 31 December 2020 was down 13,306 at the end of year valuation; a low point due to the impact of the pandemic. This has subsequently improved.soroptimistinternational.org 17'