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2021-03-31-accounts

Charity Registration No. 1124743

Company Registration No. 06532074 (England and Wales)

SOFII FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

JEFFREYS HENRY LLP Chartered Accountants

Finsgate 5-7 Cranwood Street London EC1V 9EE

SOFII FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Ken Burnett Craig Linton Meredith Niles Richard Turner Heather Little (Appointed 24 March 2021) Rachael Moore (Appointed 24 March 2021) Angelique Masse Nguyen (Appointed 24 March 2021) Charmaine Shah (Appointed 24 March 2021) Andrew Watt (Appointed 24 March 2021)

Secretary David Carrington Charity number 1124743 Company number 06532074 Registered office 19 Chelsea Park Gardens London SW3 6AF Independent examiner Jeffreys Henry LLP Finsgate 5-7 Cranwood Street London EC1V 9EE Bankers The Co-operative Bank Plc Business Direct PO Box 250 Skelmersdale WN8 6WT

SOFII FOUNDATION

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 14

SOFII FOUNDATION

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

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 , the Companies Act 2006 , and “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)” (as amended for accounting periods commencing from 1 January 2016)

Structure, governance and management

The charity was incorporated on 12 March 2008 a s a company limited by guarantee . The memorandum and articles of association are the governing document.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ken Burnett Fiona Duncan (Resigned 4 February 2021) Craig Linton Meredith Niles Richard Turner Heather Little (Appointed 24 March 2021) Rachael Moore (Appointed 24 March 2021) Angelique Masse Nguyen (Appointed 24 March 2021) Charmaine Shah (Appointed 24 March 2021) Andrew Watt (Appointed 24 March 2021)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. As anticipated in 2019, at their meeting on 24 March 2020, the SOFII trustees resolved to amend the charity’s articles of association to restore the requirement that trustees should retire by rotation.

SOFII relies for the delivery of all its services and activities on the efforts of volunteers and self-employed people working on specific tasks. In 2020-21 the latter included Joe Burnett and Carolina Herrera and Joanna Culling – for whose assistance during the year the trustees are very grateful. Additionally, in 2020 SOFII began utilising the services of Alison Weir-Smith, from New Zealand – via Upwork to help make much-needed adjustments and improvements to the website. David Carrington, a former trustee, is Company Secretary of SOFII on a volunteer basis.

Objects

The objects of the SOFII Foundation are “to promote the efficiency and efficacy of charities worldwide, in particular (without limitation) through advising people about successful charitable fundraising activities.”

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

SOFII FOUNDATION

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

Review of activities, achievements and performance

SOFII exists to make charities more effective and help charity professionals, particularly fundraisers, to access the best thinking, creativity and case studies to help them improve their impact and professional competence. SOFII’s aim is to develop a thriving, constantly evolving SOFII website with an everincreasing user base and the world’s largest archive of fundraising case histories drawn from every continent. SOFII differs from all other fundraising portals in that it is a unique, permanent, easily accessible archive of effective fundraising best practice from around the world.

SOFII is dedicated to:

SOFII’s long-term goal is to become the number one resource for fundraisers around the world. The material and learning available from SOFII is generated by the same people who benefit from it: fundraisers and their managers. What’s more, there’s no charge for accessing the website and learning from it, which means that fundraisers can spend as long as they like learning from SOFII regardless of their training budget. This makes SOFII’s resources particularly appreciated and valued by fundraisers in small to medium-sized charities.

Statistics show that in the month of May 2020 alone, the SOFII website was visited 13,794 times. There are now 1000 articles covering all aspects of fundraising on the site and this includes all the full project reports from the UK’s Commission on the Donor Experience.

The SOFII archive has now been added to the digital UK Web Archive which is a collaboration between the UK Legal Deposit Libraries (British Library, Bodleian Libraries, Oxford, Cambridge University Libraries, National Library of Scotland, National Library of Wales and Trinity College, Dublin) – it can be seen at: https://www.webarchive.org.uk/wayback/archive/*/https://sofii.org/

Features on the website include:

Case histories of fundraising best practice

A unique collection of exhibits – case studies of innovative, tried and tested fundraising ideas and examples from around the world – are featured, permanently available to copy or download. Fundraising campaigns are analysed, with results where possible, usually prepared and submitted by the people responsible for them i.e. fundraisers themselves. Accompanying text guides the reader in how to use these for their benefit. The exhibits are divided into logical fundraising categories. A trusts fundraiser, for instance, will know that if he/she visits the Trusts and Foundations showcase they will find samples of tried and tested ideas they can learn from. So far, there are 656 detailed individual case studies, with more being added each month.

A fundraising archive

SOFII gives access to some of the best fundraising campaigns in history, the oldest going back more than 3,500 years. The site is building and preserving a unique record of the history of fundraising and social change campaigning. Without SOFII, fundraisers would remain unaware of the lessons that can be learned from their history and ignorant of guidance and inspiration that could help improve their future communications.

SOFII translated

Thanks to the efforts of some dedicated volunteers, many of the case studies and articles have been translated into Portuguese, Italian, French, Spanish, German, and even a few in Chinese.

Top tips, opinion pieces, analysis

SOFII offers a wide array of resources including feature articles and information on issues relevant to fundraisers everywhere. Though many other websites produce articles for fundraisers, SOFII focuses on appropriate, well-written material in an easily digested format, not readily found elsewhere.

SOFII FOUNDATION

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

A growing online presence

The coronavirus crisis has shown just how important it is that SOFII engages fundraisers globally via online networks. Over the past year we have seen our following continue to grow steadily. To capitalise on this SOFII continues to use email and social media to share and signpost the website’s great content. We now have a weekly email list of over 9,700 eager fundraisers, ranging from veterans to new faces in the sector. On social media, we have over 7,700 followers on Twitter, a LinkedIn group of over 4,000 fundraising professionals and engage with over 1,700 Facebook users. And we are proud to say that from March 2020 to March 2021 our email list grew by over 1,000 subscribers and our Twitter and LinkedIn following has grown by around 800 and 700 followers respectively.

In the coming year we hope to explore adding more video and voice content to SOFII, while also engaging in new platforms such as Clubhouse, etc.

New in 2020-21:

SOFII homepage redesign

In September 2020 SOFII launched a brand-new homepage, with an improved layout that points users to more of our excellent content. The biggest feature of this is our Crisis Fundraising section, where we highlight smart fundraising that has been happening throughout the coronavirus pandemic. Our new design allows us to signpost users to items that are new, trending, popular or timely. It gives greater attention to IWITOT, our language sections, and more. The feedback on our new page has been positive.

SOFII giving function

This year SOFII finalised the addition of a new online giving function by adding Mobilise to the site. Mobilise (developed by Open) allows donors to easily choose to give either a one-off or regular gift, in dollars or pounds. We have seen seven new regular givers sign up via the function, and some of our existing givers also made the switch from PayPal too. One-off gifts are processing smoothly, and the team are now fully up to speed using the FTP site and Stripe also.

SOFII website content

We continually update our website with new, high-quality content and have added new articles to the site almost every week in the past year. Specific series that have been expanded over the past year include: Mark Phillips’ podcasts ‘Why do people give?’ (ongoing); the George Smith series (ongoing); IWITOT content from our various events (ongoing); and the Denny Hatch archive (ongoing). We also added a user guide video to the site which helps new visitors find their way around SOFII.

Further developments will be made to the new section, Fundraising in a time of crisis, as well as the Worldchangers at Work campaign (WoW!) which showcases how ordinary people can make a real, positive difference to the world through their work. The major donor showcase is currently being worked on, with new content on its way from agency IG Advisors – as is My first weeks as a fundraiser.

I Wish I’d Thought of That (known affectionately as IWITOT)

I Wish I’d Thought of That (IWITOT) is SOFII’s hugely successful flagship fundraising event, usually run each year in London and copied in many other countries, with support from Open Fundraising, one of SOFII’s business partners. In a single afternoon, between 10 and 18 hand-picked speakers chosen from a spectrum of fundraising specialists would each present an inspiring fundraising idea that they wish they’d thought of – an innovative, replicable idea that we can all learn from. The caveat is the idea cannot be their own, it must be someone else’s. And it must be presented in seven minutes or less. IWITOT has become part of the fundraiser’s lexicon and now thousands of fundraisers the world over have experienced IWITOT’s unique atmosphere – voting for their favourite idea at the end of each event.

IWITOT events have now been held in Australia, New Zealand, Canada, USA, France, Holland, Sweden and, of course, the UK. During 2020-21 SOFII helped other organisations deliver a variety of IWITOT events, including IWITOT@IOF 2020, DigiRaise 2020, FINZ Conference 2020 and IWITOT@IFC 2020.

SOFII FOUNDATION

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

IWITOT virtual 2020

SOFII’s IWITOT 2020 was planned to take place in London in April 2020 so preparations were well advanced when the coronavirus crisis reached the UK. SOFII, together with its event partner Open and fundraising consultant Nikki Bell, had to take swift action and moved the scheduled IWITOT London to be a completely virtual event.

The cancellation of the IWITOT day event could have had a profound financial impact on SOFII, but the virtual event was very successful. It generated over £16,000 gross income from ticket sales, recording sales and donations. A wonderful 779 fundraisers from around the world bought tickets or recordings, 86 per cent of whom had never attended an IWITOT event before.

Attendees joined from every corner of the globe, including but not limited to USA, Canada, Finland, Germany, UK, New Zealand, Australia, Hungary, Israel, Italy, Spain, Slovenia, France, Sweden, Ireland, Holland, Belgium, and Brazil. The 17 speakers consisted of new fundraisers, legends, consultants and charity champions from the UK, New Zealand, Germany, Switzerland, Ireland, and Belgium. SOFII’s audience was engaged for over four and a half hours. There were 2,028 views on the live stream across the afternoon (someone leaving and coming back would class as two views) with many flooding to social media to share their love for IWITOT with the wider fundraising community.

It was the beginning of SOFII’s virtual IWITOT success.

IWITOT: The supporter experience edition

With the help of Craig Linton (SOFII trustee) and the Chartered Institute of Fundraising (CIoF)’s supporter experience special interest group, SOFII built on their virtual experience from April and ran a successful supporter experience themed IWITOT on December 9 th , 2020. The event was run virtually via CIoF’s Zoom account and the tech was provided by their events team. This event was very well received by our viewers and raised £4,174, with the CIoF kindly covering all direct costs.

About 440 fundraisers bought tickets or a recording of the event. The all-female panel of 12 speakers chose great supporter experiences from both the charity and the for-profit sector. SOFII was represented by Joe Burnett (co-host), who was joined by Lesley Pinder (co-host) from British Red Cross.

IWITOT: The Americas

But there was still time to give our SOFII community across the pond their very own IWITOT too. IWITOT: The Americas was SOFII’s first-ever standalone IWITOT event. This entirely virtual IWITOT took place on January 26th, 2021 and raised £10,727 in gross ticket sales, corporate sponsorship, recording sales and donations (after various processing fees).

Unlike the previous virtual IWITOT where Open covered costs for the tech, this time SOFII paid for the Fundraising Everywhere platform and worked directly with their team to deliver this event.

270 fundraisers from around the world registered to receive tickets or recordings, and a huge 71 per cent of buyers stated they had never attended an IWITOT event before. Our attendees joined from many countries around the world, including but not limited to: The US, Canada, The UK, Australia, Italy, Mexico, France, and Brazil. The 11 fantastic speakers consisted of a diverse mix of fundraisers from the US, Canada, Brazil, and Mexico.

This proved there is real appetite for IWITOT globally and gave the SOFII team hands-on experience with delivering an event without support from Open.

SOFII FOUNDATION

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

Financial review

SOFII could not provide any of its so widely appreciated resources and services to the voluntary sector worldwide without the generous financial support from many organisations and individual friends.

SOFII’s business partners in 2020-21 included Blackbaud, Bluefrog Fundraising, The Chartered Institute of Fundraising (CIoF), THINK Consulting Solutions, ASK Direct, Open and Agents of Good.

The charity also received support from other generous donors and organisations around the world including Bloomerang, Blakely, The Dragonfly Agency, The Management Centre, Daryl Upsall Consulting International, Roger Craver/The Agitator, Reinier Spruit, Stephen Thomas (who specifically supports SOFII’s George Smith series), Roger Lawson (who each year runs a Christmas Quiz donating the proceeds to SOFII), Bombora Publishing, Lisa Sargent, Julie Berthoud-Jury, Meredith Niles, David Carrington, Lyndall Stein, Ken Burnett, and more.

SOFII also benefits from kind monthly gifts given by the following global fundraisers: Michelle Berriman, Tom Ahern, Francesco Ambrogetti, Tanya Jackson, Simone Joyaux, John Grain, Craig Linton, Sarah Masters, Dominique Leeming, Valerie Pletcher, and Anna-Kirstin Whaley.

The trustees thank all SOFII’s supporters – this continued, long-term support is essential to SOFII’s continued successful operation.

In 2020-21 SOFII’s expenditure totalled £64,998 (2019-20: £52,887). Income in the year totalled £61,959 (2019-20: £60,415), a deficit of £3,039 (2019-20: surplus of £7,528). Free reserves carried forward to 2021-22 totalled £26,518 (2019-20: £29,557).

SOFII is actively working on a fundraising plan to strengthen the charity’s finances and increase reserves.

Reserves policy

The trustees have examined the requirement to hold a level of unrestricted reserves to safeguard the day-today running of the SOFII Foundation and to provide underlying financial stability to protect its long-term programme of activities. The charity aims to build its reserves to cover a year’s worth of expenses.

Risk statement

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Independent examiner

Sudhir Rawal FCA of Jeffreys Henry LLP was appointed as the charity’s independent examiner during the year and expressed his willingness to continue in that capacity.

SOFII FOUNDATION

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

Future plans

Now that the new giving platform, Mobilise is working well, SOFII intends to ramp up its fundraising efforts to individual donors, primarily through a regular giving ask. Our working target is to bring our total number of regular givers from 11 (currently) to 100 – aiming to provide SOFII with ongoing, sustainable income of around £10,000 per annum. The trustees fully understand that the success of this initiative could still be affected by coronavirus and the impact it has had on fundraisers’ personal and professional circumstances.

SOFII will also be prioritising initiatives that generate much-needed income. A SOFII fundraising quiz will be launched in 2021-22, with a view to rolling out these events if successful. A benefit of this model is that now SOFII is registered with online quiz provider, Warp Point, our own supporters will also be able to host quizzes and donate the proceeds to The SOFII Foundation too.

SOFII hopes to continue our global expansion of our IWITOT events and engage with fundraisers in regions where we are less known. The skills, experience and networks of our new global board will be invaluable in helping SOFII achieve this goal.

Of course, SOFII’s content will continue to grow in the coming year as we maintain our commitment to continually adding new resources and keeping the site fresh. SOFII’s efforts to support fundraisers as they work harder than ever to raise more money for the causes close to their hearts will be further intensified.

It is now more than five years since the SOFII website was last revised and upgraded and during that time SOFII has doubled in size and become ever more complex. Though at the moment the current site infrastructure continues to work well it won’t be long before the site’s systems and structure will need to be revisited to ensure that the they represent the best in current technology, commensurate with SOFII’s commitment to offer the best, most comprehensive content. In the meantime, with the help of Alison WeirSmith, ad-hoc but useful changes will continue to be made to the site.

Specifically, when funds allow, improvements to the search function will progress. This will make the SOFII site more user friendly to fundraisers around the globe.

SOFII will continue working on improving our donor care and being true to the great fundraising principles which are so prevalent in the content on the site. The trustees hope that this will ensure the charity maintains existing donor relationships and grows new ones.

And finally, SOFII is in talks with more professional fundraising associations, organisations, and agencies around the world, in the hope that new partnerships can be secured in 2021-22.

SOFII FOUNDATION

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

Statement of trustees' responsibilities

The trustees, who are also the directors of SOFII Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' r eport was approved by the Board of Trustees and signed on their behalf by:

Ken Burnett Chair

Dated: 11 August 2021

SOFII FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOFII FOUNDATION

I report to the trustees on my examination of the financial statements of SOFII Foundation (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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:

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 financial statements to be reached.

Sudhir Rawal FCA

For and on behalf of Jeffreys Henry LLP

Chartered Accountants

Finsgate 5-7 Cranwood Street London EC1V 9EE

Dated: 11 August 2021

SOFII FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Notes
Incoming resources from generated funds
Donations and sponsorships
3
Investment income
4
Currency translation differences
Total incoming resources
Resources expended
Costs of generating income
5
Charitable activities
6
Total resources expended
Net (expenditure)/income for the year/
Net movement in funds
Fund balances at 1 April 2020
Fund balances at 31 March 2021		 2021
£
62,253
18
(312)
61,959
19,263
45,735
64,998
(3,039)
29,557
26,518		 2020
£
60,780
20
(385)
60,415
15,698
37,189
52,887
7,528
22,029
29,557

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SOFII FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
27,598
(1,080)		 £
26,518
26,518		 2020
£
30,517
(960)		 £
29,557
29,557

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 11 August 2021

Ken Burnett Trustee

Company Registration No. 06532074

SOFII FOUNDATION

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

1 Accounting policies

Charity information

SOFII Foundation is a company limited by guarantee incorporated in England and Wales. The registered office is 19 Chelsea Park Gardens, London, SW3 6AF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Incoming resources

Income is recognised on a receivable basis, in accordance with the provisions of Statement of Recognised Practice – Accounting and Reporting by Charities.

1.5 Resources expended

Resources expended are included in the Statements of Financial on an accruals basis, inclusive of any VAT which cannot be recovered.

Charitable donations comprise payments made to other charities in furtherance of the objects of this charity.

Expenditure which is directly attributable to specific activities has been included in support costs.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SOFII FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2021 2020
Number Number
Total - -

SOFII FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3
Donations and sponsorships
Donations
Sponsorships
4
Investment income
Interest receivable
5
Costs of generating income
Staging fundraising events
Support costs (see note 7)
6
Charitable activities
Maintaining and developing SOFII website

Governance costs (see note 7)
 2021
£
57,902
4,351
62,253
2021
£
18
2021
£
16,571
2,692
19,263
2021
£
44,535
1,200
45,735		 2020
£
55,710
5,070
60,780
2020
£
20
2020
£
12,594
3,104
15,698
2020
£
36,229
960
37,189

SOFII FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Support costs

Support
costs
Governance
costs
£
£
Miscellaneous and office expenses
2,692
-
Independent examiner remuneration
-
1,200
2,692
1,200
Analysed between:
Costs of generating income
2,692
-
Charitable activities
-
1,200
2,692
1,200		 2021
£
2,692
1,200
3,892
2,692
1,200
3,892		 2020
£
3,104
960
4,064
3,104
960
4,064

8 Taxation

SOFII Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 1,080 960

10 Trustees

None of the trustees received any remuneration or benefits from the charity during the year.

11 Related party transactions

One of the self - employed people who was paid for carrying out tasks for SOFII during 20 20 /2 1 was Joe Burnett, son of Ken Burnett who served as a trustee of SOFII during the year. All decisions relating to the tasks Joe Burnett carried out and the fees he was paid were agreed by the other trustees .