**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 2022** ## **JEFFREYS HENRY LLP Chartered Accountants** **Finsgate 5-7 Cranwood Street London EC1V 9EE** ## **SOFII FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Ken Burnett|(Resigned 28 April 2022)| |---|---|---| ||Craig Linton|| ||Heather Little|| ||Rachael Moore|| ||Angélique Masse Nguyen|| ||Meredith Niles|| ||Charmaine Shah|| ||Richard Turner|| ||Andrew Watt|| |**Secretary**|David Carrington|| |**Charity number**|1124743|| |**Companynumber**|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|1-6| |Independent examiner's report|7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10-13| ## **SOFII FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ The trustees present their report and financial statements for the year ended 31 March 2022. 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 as 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 (Resigned 28 April 2022) Craig Linton Heather Little Rachael Moore Angélique Masse Nguyen Meredith Niles Charmaine Shah Richard Turner Andrew Watt 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. At the meeting of the trustees held on 28 April 2022, Ken Burnett, the founder of SOFII stood down as a trustee and as Chair of the charity, a long planned move for him. The other trustees recorded their profound thanks for all Ken has done to build and to lead the charity and look forward to many continuing links between him and SOFII. As the trustees commented on the SOFII website at the time: “Ken and his late wife Marie created something that is much greater than just the sum of its parts. SOFII is more than a website. It is our fundraising history, our encyclopedia, our place to go on days when fundraising feels harder than it should. It is rich in inspiration and thanks to the hard work of all involved over many years, and especially of Ken and Marie, it is now a community too.” At the same meeting, Meredith Niles was appointed as Chair of the SOFII Foundation by her fellow trustees. 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 2021-22 the latter included Joe Burnett, Joanna Culling and Carolina Herrera – for whose assistance during the year the trustees are very grateful. Additionally, SOFII uses 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. 1 ## **SOFII FOUNDATION** ## **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 ever-increasing 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: - Preserving fundraising’s colourful and instructive history. - Spreading ideas that change the world. - The celebration of inspiration and creativity. - Creating an indispensable fundraiser’s toolbox. - Encouraging voluntary sector workers to value and celebrate their role in helping others to make a difference, as this will lead to better equipped and more motivated staff who will stay longer. 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 September 2021 alone, the SOFII website was visited 11,479 times. There are now over 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 715 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, wellwritten material in an easily digested format, not readily found elsewhere. 2 ## **SOFII FOUNDATION** ## **Progress made in 2021-22:** ## _**SOFII Website – general**_ SOFII continually updates the website with new, high-quality content and has added case histories and articles to the site each month during 2021-22. In particular, the Crisis Fundraising showcase has thrived, as it continues to highlight how organisations around the world have responded to not just the Covid-19 pandemic, but other worldwide crises too. SOFII has also added a new Supporter Experience showcase, which features useful information and insights on how fundraisers can perfect and prioritise their donor experience. An array of other case studies, articles and opinion pieces have become part of our permanent collection and we have welcomed contributions from all over the world. In addition, our users can learn from the various video presentations at I Wish I’d Thought of That – which are added to the SOFII YouTube channel. These are also used as the basis to create a corresponding case study. ## _**SOFII Website – community growth**_ SOFII is pleased to report that positive trends regarding the growth of our community during the pandemic have continued, even as the world returns to some level of normalcy. It’s clear that fundraisers still are seeking information and events online, both of which SOFII continues to offer. Over the past year we have again seen our following 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 10,400 eager fundraisers, ranging from veterans to new faces in the sector. On social media, we have over 8,100 followers on Twitter, a LinkedIn group of over 4,600 fundraising professionals and engage with over 1,900 Facebook users. And we are proud to say that from March 2021 to March 2022 the email list grew by over 660 subscribers, while our Twitter and LinkedIn following grew by around 300 and 500 followers respectively. ## _**SOFII Website– new translations**_ Beginning in April 2021, under the guidance of skilled fundraiser Simona Biancu, a working group was set up within ASSIF (Italian Association of Fundraisers). This working group reached out to collaborate with the SOFII team to bring inspirational Italian fundraising to the wider fundraising community via features on the SOFII site. Crucially, the group also provides new translations of existing SOFII content, making our ideas and information more accessible to fundraisers for whom Italian is their first language. This has led to seven new translations from English to Italian and three new unique Italian case studies being added in English. The quality of translations has been very good as each one is translated by one fundraiser then edited by another. SOFII looks forward to more from this collaboration in the coming years. In early March 2022, SOFII began work with a new, skilled volunteer translator – Pierre Lintzer. Pierre is a native French speaker and fundraiser. He has already completed three translations of timely pieces and more will be forthcoming. This is a great addition to our content in French. ## _**I Wish I’d Thought of That (IWITOT) – general**_ IWITOT is SOFII’s 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, handpicked speakers chosen from a spectrum of fundraising specialists 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. Over the years IWITOT events have now been held in Australia, New Zealand, Canada, USA, France, Holland, Sweden, Mexico and, of course, the UK. ## _**IWITOT UK & Europe 2021 – virtual event**_ On July 15th 2021 IWITOT UK & Europe 2021 took place virtually, once again, with the help of our partner Open and Open’s consultant Nikki Bell. Over £8,000 was raised in ticket sales and donations. The event took place on Zoom and was hosted by Joe Burnett and Megan Townshend (the IWITOT virtual 2020 winner). Over 430 tickets were issued, and the wonderful event featured 12 speakers from around the UK and Europe. Ranging from veterans to newer fundraisers, the speakers engaged our audience and shared some of their favourite fundraising campaigns. It was another successful event that raised vital funds for SOFII, generated excellent content for the site and helped raise awareness of the free information and innovation SOFII offers. ## _**IWITOT Spanish language – virtual event**_ Ojalá se me hubiera ocurrido a mí took place on September 30[th] 2021, run by our fundraising contacts at GivingTuesday in Mexico – Anita Gallagher and Gerardo Gaya. Featuring eight speakers from Latin America and beyond, 75 fundraisers attended and enjoyed the informative event. All the speakers chose GivingTuesday ideas that they wish they’d thought of themselves, and the content will be added to SOFII’s Spanish language page in due course. We hope to run another Spanish language event in 2022/23. 3 ## **SOFII FOUNDATION** ## _**Fundraising – general**_ As evidenced by the narrative below, SOFII continues to place a high priority on developing and testing projects which will help the organisation build up a diversity of sustainable income streams. From new projects to new partnerships and growing a stable base of individual donors, we have worked hard on our offering and stewardship. ## _**Fundraising – regular giving strategy and the SOFII One Hundred**_ This year SOFII continued using our new online giving function Mobilise and have now added a number of new currencies beyond GBP and USD. We have seen four new regular givers sign up via the function, since our last annual report. This function has also now been replicated on a dedicated regular giving page, as part of our new project which will launch to the wider public in 2022/23. The SOFII One Hundred, aims to garner support from regular givers, with a target of having 100 regular donors giving monthly to support SOFII’s efforts in spreading fundraising information and inspiration worldwide. It is our aim that this will generate around £10,000 per annum in income for the charity. SOFII has created a dedicated landing page via Mailchimp, a recognition page on the SOFII site and a giving page (again, using the Mobilise platform). This has been a big job for the team but as the total number of our regular givers continue to grow, we are committed to offering them a better experience and joining them together in a community where they can see the collective impact they are making. Feedback from existing donors, who make up the base of the SOFII One Hundred, has been extremely positive and we’re excited to make our public launch in 2022/23. ## _**Fundraising – Ken Burnett’s Camino challenge**_ In September and October 2021 SOFII co-founder Ken Burnett took on a huge challenge in aid of The SOFII Foundation – he spent five weeks walking 500 miles along The Camino de Santiago. Despite tough terrain and weather conditions, Ken’s walk was a huge success, not least as Ken completed the entire challenge. The response from Ken’s supporters was overwhelming, and Ken ultimately raised over £20,000 for The SOFII Foundation. This is a remarkable, transformative sum for SOFII that will enable the team to add new content while continue working hard on other sustainable income streams that will secure SOFII for years to come. Ken’s updates from the Camino were very well received and the SOFII team did an excellent job stewarding donors through the entire process. ## _**Fundraising – SOFII’s Big Fundraising Quiz**_ The charity is always looking for new, engaging ways to raise funds, so the team embarked on the first-ever SOFII online quiz on June 4th 2021. The platform was provided, free, by WarpPoint and Joe Burnett joined as our host. The event raised a total of £244.93 and 29 players signed up for the quiz. The players hailed mainly from the UK, but some came from further afield, with a few players even joining from Vietnam. ## **Financial review** SOFII could not provide any of its 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 2021-22 included Blackbaud, Bluefrog Fundraising, The Chartered Institute of Fundraising (CIoF), THINK Consulting Solutions, Ask Direct, Open and Agents of Good. New partners, Fundraising Institute of New Zealand (FINZ), Remarkable Partnerships and IdeaRaising, also joined our band of generous corporate supporters during this period. The charity also received support from other generous donors and organisations around the world including The Management Centre, CFRE International, Daryl Upsall Consulting International, Reinier Fundraising, Stephen Thomas (who specifically supports SOFII’s George Smith series), Roger Lawson (who each year runs a Christmas Quiz donating the proceeds to SOFII), Flat Earth Direct, Meredith Niles, David Carrington, Ken Burnett, and more. In 2021-22 SOFII also benefited from kind monthly gifts given by the following global fundraisers: Michelle Berriman, Tom Ahern, Francesco Ambrogetti, Tanya Jackson, John Grain, Craig Linton, Sarah Masters, Dominique Leeming, Valerie Pletcher, Rebecca Wilson, Claire Routley, Lisa Blackwell, and Rachael Moore. The trustees thank all SOFII’s supporters – this continued, long-term support is essential to SOFII’s continued successful operation. 4 ## **SOFII FOUNDATION** In 2021-22 SOFII’s expenditure totalled £54,006 (2020-21: £64,998). Income in the year totalled £64,692 (2020-21: £61,959), a surplus of £10,686 (2020-21: deficit of £3,039). Free reserves carried forward to 2022-23 totalled £37,204 (2020-21: £26,518). SOFII is actively working on a fundraising plan to strengthen the charity’s finances and increase reserves. ## **Future plans** SOFII is now ready to launch our aforementioned new regular giving initiative – the SOFII One Hundred, which we hope will attract new donors and provide our existing regular givers with an enhanced supporter experience. SOFII will continue prioritising initiatives that generate much-needed income and improve the SOFII experience for users so the best, most useful content is always easy to find on the site. Looking at the way the site is organised and packaged for fundraisers will be a focus in the coming year. A large part of this project will be undertaking a user survey to gain feedback from the fundraisers who use our resources. This engagement survey will be vital to informing our strategy and focus for SOFII in the coming years. SOFII is aware that the website’s systems and structure will need to be revisited soon to ensure that they represent the best in current technology, commensurate with SOFII’s commitment to offer comprehensive content in a user-friendly format. In the meantime, we will continue working with Alison Weir- Smith, who helps us make ad-hoc but useful changes to the site. SOFII hopes to continue our global expansion of our IWITOT events and engage with fundraisers in regions where we are less known. We have already begun planning our 10th Anniversary IWITOT celebrations, which aims to be one of our best ever events – as well as our first hybrid in-person/virtual IWITOT ever. All being well, we will look to offer hybrid events whenever possible, as it offers fundraisers the accessibility of online with the enthusiasm of in-person. 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 2022-23. ## **Reserves policy** The trustees have examined the requirement to hold a level of unrestricted reserves to safeguard the day-to-day 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. SOFII will be reviewing these systems in 2022-23 to ensure they are up to date and effective. 5 SOFII FOUNDATION Indepèndent examlner Sudhir Rawal FCA of Jeffreys Henry LLP was appointed as Ihe charity's independent ¢xaminèr during the year and expr8S5ed his wlllingness lo contsnue Sn that cap8dty. St•tem•nt of trust¢e$' r•gponsibllities The tAJstees. who afe alsts the directors of SOFII Foundation lor the pwse Of company law, are reSp￿SIble10r preparing theTrustee5' Reportand the financtal stsltments in accordance with gpplitable law aThJ United King(Jom AccouTrting Slandard5 Iuniled Klngdom Genèrally A¢cepted AC￿untIn￿ Pr3ciicel. Company Law requires Ihe tsttstees tts prepare fin8nc?al 5taternents for each financial year glve a true and fair view of the 518te of affair5 of Ihe charlly 8nd of the inGomlng resources and oppllcation ol resources, includiThJ lh8 I￿￿1e and expenditUTe, of the charitable ￿MPanY for thal year. In preparing these financlal statemg¥rts. thè trus*es aT¢ requir•d to.. - s•lect suitable accounting poliues arKI then apply Ihem tertslstethtw.. - observe Ihe rneth￿S and prindples in the Charitios SORP; - make judgements 8nd estlmates that are reasonab18 and prudgnt., aTrJ prepare the finan081 stalements on Ihe going concern basls unles$ 11 Is ir￿PpI0pri8te to PrnSLThe that the charitywill rxjntinue in operation. The Irusws are respon￿ble for ke8ping 8d•quats acLountlng records tsl dlsdose wilh feasonable aeeur8Cy at any lime Ihe financiol pos1￿0￿ oftho charity and enabl¢ them to ensure thatthe finar￿[al statements comply with th¢ Companies Act 2006. Tlw are also wponwble ltsr safeguarding the assets ol the charity and hence fof taklThg reasonable steps lor the PTev•ntlon and dgi•cUcffi of fraud and other irregularities. The tnJste¢s' reporl was approvod by Iho BoBid ol Trustse$ and their behall ty. Mgr•dlth Niles Ch•lr Dat¢d'. 2 Augvsl 2022 SOFII FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOFII FOUNDATION I report to the trustee$ on my exarnination of the financial siatemenls of SOFII Foundation (the charity) for the year ended 31 March 2022. Responsibllltles and basls of r*port As the trustees ol the charity land also its dire¢tors for the purposes of wmpany lawl you are ￿sponSible for the preparation of the financial stat$m$nts in accordance with the requirements of the Companles A¢t 2006 (the 2006 Act). Having satisfied myself that the financial statements ol the ¢h8rily are not required lo be audited under Part 16 ol the 2006 Act and are e5igible for independent examination, I report in respect of rny exarninalion of the charity's financial statem6ntS Carried out under section 145 01 the Charities Act 2011 Ithe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sèction 14515llbl of Ihe 2011 Act. Independent examinerfs staiement I have complete(I my examination. I confirm thal no matters have come lo my atlention in connection with the 8X8minalion givin9 me cause lo believe that in any material respect". accounting records were not kepl in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records". or the financial slalernents do not comply wilh the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts give a true and lair view which is not a matler considered as part of an independent examination", or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mattèrs in Connection with the examination to which attention should bè drawn in this report in order to enable a proper undorstanding of thé financial stataménts to be reached. Sudhir Rawal FCA For and on behalf of Jeffreys Henry LLP Chartered Accountants Finsgate &7 Cranwood Street London EC1V 9EE Dated.. 2 Augsjst 2022 SOFII FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note5 Incoming resources from gèn•rat•d fund$ Donations and sponsorships Investment in¢c>mo Currency translation differences 64,688 62,253 18 13121 Total Incomlng rnsourc•s 64.692 61,959 Resourcas •xpènd¢d Costs of generating income Charitable activities 13.917 40.089 19,263 45,735 Total resourc•s •xpgnded 54,006 64,998 Net Incomellexpandltur•l for ihe yearl Net movement in funds 10,686 13,0391 Fund balances at 1 April 2021 26,518 29,557 Fund balances a131 March 2022 37.204 26,518 The statement ol tin8nCI81 aclivilie5 also complies with the requ1￿mentS for an in¢ome and expenditu￿ account under the Companies Act 2006. SOFII FOUNDATION BALANCE SHEET ASAT 31 MARCH 2022 2022 2021 Notes Currènt assets Cash at bank and in hand 38,297 27,598 Credltors-. amourtls falling due withln onè yèar 11,0931 11,0801 Total assets less Current liabllSties 37,204 26,518 Ineome funds Unrestricted funds 37,204 26,518 The ¢ompany is entitled to the exemption from the audit requirement contained in section 477 of the CompaniesAct 2006, for the year ended 31 March 2022. No mernber of the company has deposited a notice, pursuant to section 476, requiring an audit ol these financial slalements. The Iruslees acknowledge their responsibilities for ensuring that the eharity keeps aeeounting records which comply with section 386 of the Act and for preparing financial stalements which give a true and fair view of the state of affairs ol the company 85 at the end ol the financial year and ol its incoming resoureès and application of resources. Including its income and expenditure, for the financial year in ac¢ordan¢e with the r8quir6m9nts of seclic>n$ 394 and 395 and which otherwise comply wilh the requirernonts of the Conpanie8 Act 2006 relating to financial statements, so far as applicable to the company. These financ4al statements have been prepared in accordance wilh the provisions applicable to companies subject to the small companies regimo. The financial statements were apploved by the Trustees on 2 August 2022 Meredith Niles Trusteg Comparty Re9i$¢ration No. 06532074 SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng polieiè$ Charity information SOFII Foundation is a company limiled by guarantee incorporatéd in England and Wale5. The registered office is 19 Chelsea Park Gardens, London, SW3 6AF. 1.1 Accountlng eonvantion The financial statements have been prepa￿d in accordance with the charity's governing document, the Companies Act 2006 8nd 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 J8nu8ry 20161. The charity is 8 Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the plovisions in the SORP for charit$6s applying FRS 102 Updatè Bulletin 1 not to prepare a Statement ol Cash Flows. The finanoal Statements are prepa￿ in sterfing, which is the functional currency of the charity. Monètary amounts in these financial statements arg rounded to Ihe nearest £. The financial statements have been prepared under the historical ujst convention. The princtP81 accounting policies adopted are sat out below. 1.2 Going eoneèrn At Ihe time of approving the financial statements, the trustees have a reasonable expectation that the ¢harity has adequate r8sources to continue in operational ex15tence lor the foresee8bl8 fulure. Thus the trustees continue to adopt the going concern basis ol accounting in preparing the financial statements. 1.3 Charitablè funds Unreslricled funds are available for us8 al the discretion of the trustees in furtherance ol their charitable objectives unless the funds have been designated for other purposes. 1.4 Incoming resoureès Incorne is reeognised on a receivable basis, in accordance with the provisions of Statement of Recognised Practicè- Acwunling and Reporting by Charities. 1.5 Resources •xp•nd8d Resources expended are includèd in Ihe Statements of Financial on an accruals basis, inclusive of any VAT which cannot be recovered. Charitable donations ¢omprise payments made to other charities in fvrtheran￿ of the objects of this charity. Expenditure which is direcuy attributable to specific activities has been included in support cosis. 1.6 Cash and cash èquivalents Cash and cash equivalents includ8 cash in hand, déposits held 81 Call with banks, other short-term liquid investments with Original maturities of th￿e months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. Basic financial asset$ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenuy carriad at amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction. where the transadion is measured at the present value ol the future receipts discounted 81 a market rate of Interest. Financi81 assets dassified as receivable within ona yaar arè r￿t amort188d. 10 SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2022 A¢¢ounting pollcles (Continued) Basic financlal Ilabilitiès Basie financial liabilities, including creditors and bank loans are initially re¢ogrTrised at transaction Pri￿ unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the futu￿ payments discounted al a market rate of interest. Financial liabilities dassilied as payable within one year are not amortised. Debt instruments ar& subsèquentty carried at amortised cost, using the effective interest rate method. Trade crtrdilors are obligations to pay for goods or sèrvicès that hav8 been acquired in the ordinary wvrse of operalions frorn suppliers. Amounts payable are cla551fi8d as current liabilities if payment is dLJe within one ya8r or less. If not. they are presented 8s ntsn-curr8nt 118bilities. Tr8de creditors are recognised initially al transaction price and subsequently maasur8d at amortised cost Using the effective interest method. Dereeognition of financial liabilitios Financial liabilitiés are dere¢ognised when the charity's contractual obligations expire or are discharged or cancèlléd. Employegs The avefage monihly number of employees during the year w8s: 2022 Number 2021 Number Tota SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Oonations and sponsorships 2022 2021 Donations Sponsorships 60.752 3,936 57,902 4.351 64,688 62.253 Investmènt in¢ome 2022 2021 Inte￿st ￿ee1vable 18 Costs of g•n•ratin9 in¢ome 2022 2021 Staging fundraising events Support costs (see note 71 8,937 4,980 16,571 2,692 13.917 19,263 Charitabl• aetivitio$ 2022 2021 Maintaining and developing SOFII website Govemance costs (see note 71 39,009 1,080 44,535 1,200 40,089 45,735 12- SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Support cost9 Support Governance costs costs 2022 2021 Mis￿lIaneOUS and office expenses Independent examiner remuneration 4.980 4,980 1,080 2,692 1,200 1,080 4,980 1,080 6,060 3,892 Analysed between.. Costs of gerieraling income Charit8blg activities 4,980 4,980 1,080 2,692 1,200 1,080 4,980 1,080 6,060 3.892 Taxatlon 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 il falls within th8 various èxgmptions availablè to registaTed charities. Creditors.. amounts falling du• within ono year 2022 2021 Trade creditors Accruals and deferred income 13 1,080 1,080 1.093 1,080 10 Trustèès Non$ of the trustees received any rernunerab'on or benefits from the charity during the year. 11 Related party transactlons One of the self-employed people who was paid for carrying out tasks for SOFII during 2021122 was Joe Bumetl, 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 faès hè was paid were 8gr88d by tho othèr trust88S. 13-