Charity Reglstratlon No. 1124743 Company Registration No. 06532074 (England and Wales) SOFII FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Gravita Business Services Limited Chartered Accountants 2 Leman Street London United Kingdom E1W 9US
SOFII FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Craig Linton Meredith Niles Richard Turner Heather Little Rachael Moore Angelique Masse Nguyen Charmaine Shah Andrew Watt Secretary David Carrington charity number 1124743 Company number 06532074 Registered office 19 Chelsea Park Gardens London SW3 6AF Independent examiner Gravita Business Services Limited 2 Leman Street London United Kingdom E1W9US Bankers The Co-operative Bank PIC Business Direct PO Box 250 Skelmersdale WN8 6WT
SOFII FOUNDATION CONTENTS Page Trustees, report Independ8nt exarniner's report Statement of financial activities Balance sheet 10 Notes to the financial slatemenls
SOFII FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees presenl their annual report and financial sialemenls for the year ended 31 March 2024. 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 CompanSes Act 2006, and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo 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 Iruslees, who are also the directors for the purpose of company law, and who served during Ihe year and up to the date of signature of the financial slalemenls were.. Craig Linton Meredith Niles Richard Turner Heather Little Rachael Moore Angelique Masse Nguy8n Charmaine Shah Andrew Watt None of the Iruslees 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. SOFII has no employees and relies on the efforts of volunteers and self-employed individuals working on specific tasks for the delivery of all ils services and activlties. In 2023-24 Ihe laller included long-standing SOFII associates Joanna Culling and Carolina Herrera, as well as Lynda Hanmood-complon, who began working with SOFII in 2023-24 and who was confirmed by trustees as SOFII'S Director in July 2024. Additionally, SOFII has continued to use the services of Dima Ogenrich and has recently begun working with Deepika Singh, both of whom have been engaged by SOFII via Upwork. Their expertise helps SOFII make much needed adjuslmenls and improvements to the website. David Carrington, a former trustee, serves as SOFII'S Company Secretary on a volunteer basis. SOFII has also benefitted from the service of fundraisers who have donated their lime lo serve as mentors for IWITOT speakers, as well as fundraisers who have contributed articles to SOFII. The trustees would like lo express their gratitude lo everyone who has contributed lo SOFII'S success. Objects The objects of the SOFII Foundation are "lo promote the efficiency and efficacy of charities worldwide, in particular {wilhout limitation) through advising people about successful charitable fundraising activities. The trustees have paid due regard lo guidance issued by the Charity Commission in declding what activities the charity should undertake. Review of activitles, achievements and performance SOFII exists lo make charities more effective and help charity professionals, particularly fundraisers, to access the best Ihinking, crealivily 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 FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 SOFII is dediGaled to.. Preserving fundraising's colourful and inslruclive 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 helplng others to make a difference, as this will lead lo better equipped and more motivated staff who will stay longer. SOFII'S values, which have been formally adopted by the trustees, are: Inclusivity, Respect, Transparency, Integrity, Innovation, Inspiration, and Courage. SOFII'S long-lerm goal is lo 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 parlicularly appreciated and valued by fundraisers in small lo medium-sized charities. SOFII'S analytics show that in the month of January 2024 alone, over 13,000 sessions were recorded by the SOFII website {a session is a lime when a visitor aclively engages with a website). There are now well over 1,100 articles covering all aspects of fundraising on the sile The SOFII archive is part of the digilal UK Web Archive, 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).
SOFII FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Features on the website include: Case histories of fundraising best practice A unique collection of exhibits - case studies of innovative, tried and lesled 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 lexl guldes the reader in how to use these for their benefit. The exhibits are divided into logical fundraising categories. Trusts fundraiser. for instance, will know that if they visits the Trusts and Foundations showcase they will find samples of trled and tested ideas they can learn from. So far, there 8re 721 detailed indlvidual case studies, with more being added each month. A fundraising archive SOFII gives access to some of the best fundraising campaigns in hlslory, the oldest going back more than 3,500 years. The site is building and preseNing 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 Iheir history and ignoranl 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 Chines8. 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, nol readily found elsewhere. Our flagship event- I Wish I'd Thought of That {IWITOT).' IWITOT is SOFII'S successful flagship fundraising event, usually run each year in London and ¢opi8d in many other countries. IWITOT was initially developed by SOFII, with support from Open Fundraising, one of SOFII'S buslness partners. In a single afternoon, hand-picked speakers chosen from a spectrum of fundraising specialists each present an inspiring fundraising idea that they wish they'd thought of -an innovative idea that we can all learn from. The caveat is th8 idea cannot be their own, it must be someone else's.11 must be presented in seven minutes or less. IWITOT has become part of the fundraiser's lexicon and now thousands offundraisers the world over have experienced IWITOT'S unique atmosphere voting for their favourile 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. We continue lo field requesls from fundraisers and organisations who would like lo add IWITOT sessions lo their conferences, meetings and webinars. The love for IWITOT in the sector endures. Progress made in 2023-24: 2023-24 was a productive year for SOFII. Key achievements for SOFII this year include.. Successfully hosting our second fully hybrid IWITOT event, achieving record attendance and lickel sales Continuing lo deliver relevant content lo our community throughout the year. enabling us to grow our audience Growing the SOFII One Hundred regular giving community Deepening our relationship with key partners in the sector Conducting our first-ever formal governance review, reflecting our increasing maturity as an organisation
SOFII FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 IWITOT 2023- hybrid event On November 9th 2023, SOFII proudly hosted, alongside our partner Open, our eleventh flagship IWITOT event. Building on the success of our 2022 event, we once again brought our in-person event to Holborn studios with a virtual audience joining us from fifteen countries plus all four nations of the UK via a livestream produced in collaboratioii with our partner Everywhere+ Our 2023 edition of IWITOT saw us welcome our largesl-ever online audience, as well as a sell-out crowd in the room. We were also pleased lo have secured our first-ever charity sponsor, The Alzheimer's Society Innovation Team, in addillon lo the support of our returning sponsor, Aslarila Aldrich and Ward IAAWI, and founding partner Open Fundraising. Despite getting a later than ideal start to our marketing due to Circumstances beyond our control, we were pleased to have achieved record income from the event. SOFII Website- general SOFII continually updates the website with new, high-qualily conlenl and has added case histories and articles to the site each month during 2023-24, apart from a 'summer' break in August. This year we were pleased lo have added a number of additional articles about fundraising history and supporter experien, always popular topics for our audience. In addilion, our users can learn from the various video presentations from I Wish I'd Thoughl of That- which are added to the SOFII YouTube channel. These are also used as the basis lo create corresponding case studies. Al the beginning of 2023-24, we invested in an upgrade to our webslte lo enhance its securlty and functionality. SOFII Website- community SOFII'S community remaSns vital and thriving. We have continued to grow the number of subscribers lo our email newsletter, and as of the end of the financial year, we had just under 11,000 subscribers. To help us reach even more fundraisers, SOFII continues lo use email and social media lo share and signpost the website's great content. Our community is made up of eager fundraisers, ranging from veterans to new faces in the sector. On social media, our following continues to grow. We now have around 8,200 followers on X (formerly Twitter), a Linkedln group of over 5,000 fundraising professionals, and we engage with over 2,000 Facebook users. Fundraising- (he SOFII One Hundred The SOFII One Hundred is a special community of fundraisers supporting other fundraisers worldwide through their regular gifts to SOFII. Having successfully launched the community in 2022-23, we were pleased to see the community grow throughout 2023-24, both through the exceptional loyally of our existing supporters and the addition of new supporters throughout the year. We are grateful for each and every individual who chooses to support SOFII.
SOFII FOUNDATION TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Sector collaborations In May 2023, SOFII hosted a free fundraising history webinar in partnership with Rogare and Fundraising Everywhere. 345 fundraisers registered lo atlend this webinar, which explored looked back through centuries of fundraising history to identify key themes that continue to be of relevance to fundraisers today. The webinar gave SOFII an opportunity lo introduce our fundraising archive to new audiences, and we were pleased with the response from participants. Following on from this success, we planned a second webinar in collaboration with Rogare for May 2024. During 2023-24, we also work8d with students from Edinburgh University's 180 Degrees Consulting to review some of our digital markeling assets and strategy. This was a mutually beneficial exercise for both parties, as Ihe students, who are interested in pursuing careers in management consultancy, had an opportunily to carry out a project with a client, and SOFII benefitled from some pro bono expertise. SOFII'S collaboration with Legacy Fulures on 'The Legacy Showcase,, a collection of short videos where fundraisers share their favourile legacy campaigns and explain why they consider them worthy of admiration by others, too, is ongoing, with a dedicated page on SOFII'S website promoting the legacy videos. Some longer, more detailed case histories have been added lo SOFII featuring the videos and campaigns in the showcase, and more videos and case histories will be added in due course. Finally, as part of our ongoing efforts to grow our audience, SOFII reached out lo a number of larger networks of fundraisers lo identify mutually beneficial opportunities for collaboration. One of these approaches, to NHS Charities Together - the national federation for charities supporting the NHS - has led lo a formal ¢ollabor8lion agreement, resulting in SOFII supporting NHS Charities Together to deliver a bespoke IWITOT event at their national conference in May 2024. Governance review During 2023-24, the SOFII trustees undertook our first ever formal governance review, based on the principles of Ihe Charity Governance Code. We were encouraged that the review turned up no areas of subslanlial non-compliance with the Code, with many areas of strength and some areas where our good practice could benefit from some further documentation so il can be formalised. Following the review, the trustees made a decision lo create some additional commillees to help us better fulfil our duties and progress our strategic aims. As a result, we have now formed a Finance and Resources Committee, as well as an Audience Development Committee with a remil to help SOFII reach more fundraisers around the world.
SOFII FOUNDATION TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review As always SOFII continues to place a high priority on building sustainable income streams. From new projects lo new partnerships and growing a stable base of regular donors, we have worked hard on our offering and stewardship. Our stewardship has been praised by donors and partners alike. SOFI I could not provide any of its widely appreciated resources and services to the voluntary sector worldwide without the generous financial support from many organisalions and individual friends. SOFII'S partners in 2023-24 included Blackbaud, The Chartered Inslilule of Fundraising (CIOFI, Open. Agents of Good, Fundraising Everywhere, and The SalbNays. The charity also received support from other generous donors and organisalions around the world including the Directory of Social Change IDSC), Aslarila, Aldrich and Ward (AAWI, The Alzheimer's Society Innovalion Team, The Management Centre, Daryl Upsall Consulting International, Reinier Fundraising, Roger Lawson {who each year runs a Christmas quiz donating the proceeds lo SOFIII, John Lepp. Meredilh Niles, David Carrington, Jim Hillborn, Ken Burnett, and more. In 2023-24 SOFII also benefited from kind monthly gifts given by a growing number of Individual supporters from around the world. Many of these regular supporters joined The SOFII One Hundred this year, and you can see all our current regular givers, plus a selection of Comments about why they support the charity here: hll s'.Ilsofii.or larticlelthe-sofii-one-hundred-wall-of-reco nition The Iruslees thank all SOFII'S supporters continued successful operation. this continued, long-lerm support is essential lo SOFII'S In 2023-24 SOFII'S expenditure lolalled £51,043 (2022-23.. £65,538). Income in the year tolalled £44,544 (2022-23.. £87,745), a defiGII of £6,499 (2022-23.. surplus of £22,207). Free reseNes carried forward lo 2024- 25 lotalled £52,912 12023-24 £59,411). 2022-23 was an exceptional year for SOFII, and Iruslees had planned to use some of the surplus banked during the period for investment in 2023-24. Although our income during the year was lower than our original budget, trustees were able to carefully manage costs such that our deficit was in line with our planned investment. Future lans SOFII'S users are at the heart of our mission, and we will remain commilted lo continually adding a wide variety of new content- both case studies and articles. We will do our best lo ensure these have results and are evidenced based wherever possible, as we know this matters to our readers. We are also committed to continuing to make the sile easier lo navigate. In order lo ensure that we are able lo continue to develop the sile, SOFII will priorilise building sustainable income streams. We will do this by building relationships with new corporate supporters, by continuing to grow our SOFII One Hundred regular giving community, and by building on the success of recent years by growing income from IWITOT, with a particular focus on increasing sponsorship and online ticket sales. We also want to ensure that we are resilient from a people perspective, and as SUGh, we plan lo refresh our board through the recruilmenl of some new trustees lo replace those whose tems of office are coming lo an end. In addition, we are planning to add a number ofvolunteers to our newly created Audience Development Committee. We launched recruitment for these roles in the summer of 2024, and we look foNard to welcoming new Iruslees and volunteers in the coming financial year. Reserves policy The trustees have examined the r8quiremenl lo hold a level of unreslricled reserves to safeguard the day-to-day running of the SOFII Foundation and lo provide underlying financial stability to protect ils long-term programme of activities. The charity aims lo build ils reseNes to cover a year's worth of expenses. Risk statement The trustees has assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place lo miligale exposure to the major risks. SOFII will be reviewing these systems in 2024-25 to ensure they are up lo dale and effective.
SOFII FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent examlner Sudhlr Rawal FCA of Gravlta Business Servlces Limited was appointed as the charity's independent examiner during the year and expressed his willingness to continue in that capacity. Statement of trustees, responslbllitles The trustees, who are also the directors of SOFII Foundation for the purpose of company law, are responslble for preparing the Trustees, Report and the financial slatements in accordance wilh applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally ACpted Ac¢ounting Practice). Company Law requlres Ihe trustees to prepare financlal statements for each financial year whlch 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 ¢harilable company for that year. In preparlng these financlal statements, Ihe trustees are required to.. select suitable accounllng policies and then apply them consistently., observe the methods and prlDciples in the Chariti8s SORP., makèjudgements and estimates that are reasonable and prudent., and prepare the financial statemenls on the golng concern basls unless il Is inappropriate to presume that the charlty will continue In operation. The trustees are responsible for keeping adequate accounting records Ihat disclose wilh reasonable accuracy at any time thè financial position of the charity and enable them to ensure thal 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 Irregularlties. The trustees, report was approved by Ihe Board of Truslees and signed on their behalf by: Meredith Nlles Chalr Dated..
SOFII FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOFII FOUNDATION I report to the Iruslees on my examination of the financial slalements of SOFII Foundation (the charilyl for the year ended 31 March 2024. Responslbilities and basls 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 slalements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial slalements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charily'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 allenlion in connection with the examination giving me cause to believe Ihal in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act- or the financial slatemenls do not accord with those records., or the financial slalements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter 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 Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no olher 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 Gravita Business Services LimSted Chartered Accountants 2 Leman Streel London United Kingdom E1W9US Dated:
SOFII FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Incoming resources and endowments from generated funds Donations and sponsorships Investment income Currency IranslatSon differences 44.274 271 (1) 87,608 19 118 Total incoming resources 44,544 87,745 Resources expended Costs of generating income Charitable activities 25,264 25,839 34,077 31,461 Total resources expended 51,103 65,538 Net lexpenditure)lincome for the yearl Net movement in funds (6,559) 22,207 Fund balances at 1 Aprll 2023 59,411 37,204 Fund balances at 31 March 2024 52,852 59,411 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 AT31 MARCH 2024 2024 2023 Notes Current assots Cash at bank and in hand 53,992 60,491 Credltors: amounts falllng due wlthln ono year 11 (1,1401 (1,080) Total assets less current liabilitles 52,852 59,411 Income funds Unrestricted funds 52,852 59,411 The company is entitled to the exemption from the audll requirement Contalned in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The direclors acknowledge their responsibilities for complying wlth the requiTemenls ol the Companles Act 2006 with respect to a¢counling records and the preparation of financial statements. These financlal statements have been prepared in accordance with the provisions applicable to companies subject lo the small ¢ompanies regime. The financial slalements were approved by the Trustees on . Meredith Nile5 Trustee Company Reglstratlon No. 06532074 10-
SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information SOFII Foundation is a company limited by guaranlee incorporated in England and Wales. The registered office is 19 Chelsea Park Gardens, London, England, SW3 6AF. 1.1 Accounting convention The financial slalements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounling 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 IFRS 102)" (as amended for accounting periods commencing from 1 January 20161. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Slatement of Cash Flows. The financlal slalements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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 sel out below. 1.2 Going concern At the lime of approving the financial slatemenls, the Iruslees have a reasonable expectation that the charity has ad@quale reSoUrS lo 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. 1.4 Incomlng resources Income is recognised on a receivable basis, in accordance with the provisions of Slalement of Recognised Practice- Accounting and Reporting by Charities. 1.5 Resources expended Resources expended are included in Ihe Slalemenls 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 lo specific activities has been Included in support costs. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-lerm liquid inv8Stmenls with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. 11
SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policTes {Continued} Basic financial liabilities Basic financial liabilities, including Creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rate of inleresl. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices 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-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective interest method. Derecognition of financial liabilitles Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or cancelled. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total Donations and sponsorships 2024 2023 Donations Sponsorships 41,523 2,751 80,987 6,621 44,274 87,608 Investment income 2024 2023 Interest receivable 271 19 12-
SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Costs of generating income 2024 2023 Staging fundraising events Support costs (see note 81 18,203 7,061 25,839 8,238 25,264 34,077 Charitable activities 2024 2023 Maintaining and developing SOFII website Governance costs {see note 81 24,639 1,200 30,381 1,080 25,839 31,461 Net movement In funds 2024 2023 The nel movement in funds is staled after chargingllcrediting).. Fees payable for the independent examination of the charity's financial statements 1,080 1,080 Support costs Support Governance costs costs 2024 2023 Miscellaneous and office expenses Independent examiner remuneration 7,061 7,061 1,080 8,238 1,080 1,080 7,061 1,080 8,141 9,318 Analysed between.. Costs of generating income Charitable activities 7,061 7,061 1,200 8,238 1,080 1,200 7,061 1,200 8,261 9,318 Trustees None of the trustees received any remuneralian or benefits from the charity during the year. 13-
SOFII FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation SOFII Foundalion is a registered charity and therefore is not liable lo income lax or corporation lax on income derived from its charitable a¢livilies, as il falls wilhin the various exemptions available lo registered ¢harilies. 11 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,140 1,080 14