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2021-12-31-accounts

Company number: 08364475 Charity number: 1155570

Social Innovation Exchange

Report and financial statements For the year ended 31 December 2021

Social Innovation Exchange

Contents

For the year ended 31 December 2021

Reference and administrative information 1
Executive Board members’ annual report 2
Independent examiner’s report 15
Statement of financial activities (incorporating an income and expenditure account) 17
Balance sheet 18
Statement of Cash Flows 19
Notes to the financial statements 20

Social Innovation Exchange

Reference and administrative information

For the year ended 31 December 2021

Company number 08364475
Charity number 1155570
Registered office 12a Peacock Yard
and operational Iliffe Street
address London
SE17 3LH
UK
Executive Board Executive Board members, who are also directors under company law, who
members served during the year and up to the date of this report were as follows:
Harvey Koh Chair
Marcello Palazzi
Ada Wong
Carolyn Curtis
Tim Draimin
Martin Cosarinsky
Kriss Deiglmeier
Markus Lux
Francois Bonnici
Kiri Bird
Principal staff Louise Pulford
So Jung Rim
Bankers Cooperative Bank
80 Cornhill
LONDON
EC3V 3NJ
Solicitors Bates Wells and Braithwaite
Scandinavian House
2-6 Cannon St
LONDON
EC4M 6YH
Independent Sayer Vincent LLP
examiners Chartered Accountants
Invicta House
108-114 Golden Lane
LONDON
EC1Y 0TL

1

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

The Executive Board present their report and the audited financial statements for the year ended 31 December 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Part 1: Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 17 January 2013 and registered as a charity on 30 January 2014.

The company was established under a memorandum of association, which established the objects and powers of the charitable company and is governed under its articles of association.

All Executive Board members give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.

Executive Board

The Executive Board has the power to make decisions that will govern SIX. The responsibilities of the Executive Board are as follows:

Appointment of Executive Board members

Between four and eight Trustees can be appointed by the Trustees. If a new member is required they will be recruited following a Board review and skills audit of the existing Board.

2

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Trustee induction and training

When a new member is appointed they are given an induction pack consisting of the memorandum and articles of association, the latest accounts, the business plan and the risk register. An induction programme is tailored to the skills and experience of the new member. Most new members are already familiar with the work of SIX.

Remuneration policy for key management personnel

The Director’s salary is reviewed and set by the Board.

Global Council and Advisors

SIX takes a networked approach to all of its work, and we work with a large network of partners and advisors, When SIX was established, we established a global council who acted as an advisory group for SIX and contributed financially. At the end of 2020, the Global Council had 15 global partner organisations.

We also have a network of close partners and friends who support SIIX is a non-financial way: 1) the SIX100, which is a tool to widen input and strategic direction to the work of SIX and 2) a group of informal Advisors, made up of retired Board members and other senior experts. They all act as representatives and a hub for SIX around the world.

Part 2: Objectives and activities

SIX Vision and Mission

SIX is a social innovation exchange built on mutual value, relationships and knowledge. SIX was founded to help identify and connect isolated people and organisations within social innovation, in order to build the emerging field and share ideas within it. This was fuelled by our belief that change is more effective when people work collectively. Ten years later, we have helped to establish a flourishing global social innovation movement, and to connect those working within it. In order for SIX to remain the leading organisation who sets the direction for social innovation globally, we needed to update our vision and mission.

We believe that the exchange of experiences and knowledge drives positive social change, and that everyone has something to contribute and gain from the exchange. We curate connections between thinkers and doers who share a common goal of wanting to improve society. We invite new people into these conversations in order to create a buzzing marketplace of ideas and experiences. As an exchange, we facilitate purposeful conversations that challenge and inspire people to advance the field of social innovation.

SIX exists to challenge and inspire people to use innovation to increase social impact.

3

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

SIX in 2021

An uncertain global situation

As we begun 2021, the world was still full of uncertainty - just when things seem more stable and opportunities to cross borders begin, a new variant emerges and everything is at risk once again. Many of the funders and partners we work with still in precarious positions and different parts of the world were coping in different ways. Despite this, the team are energised, full of creativity and ready for the new challenges ahead. We started to work on how we can position ourselves as an organisation with expertise in delivering hybrid programmes, documenting all the convening experimentation tools and practices that we prototyped through our programmes in 2020

2021 was a year with three different phases

Emerging themes: Whilst social innovation is still at the core of our work, there are several new emerging themes where we can add value and provide expertise/a different angle - Business for good, climate and the opportunity for philanthropy and regional social innovation (eg social labs/Asia etc)

4

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Key activities in 2021

Type of activities - We continue to deliver three types of activities. These are becoming increasingly interconnected, for example one project may use each of these different approaches.

  1. Events and convening - These have continued online.

  2. Capacity building programmes - These are also delivered online. This work has developed beyond designing and delivering training programmes and study visits online and now includes working with organisations on more holistic organisational capacity building.

  3. Developing and sharing insights and knowledge - Whilst we continue to document our learning and share it widely with our network, we have begun to be commissioned to do more thematic or geographical horizon scanning work for organisations with specific interests.

Working across six strategic areas - We continue to use 6 strategic areas as a guide. The strategic areas are:

  1. Funders/foundations - philanthropy becomes more effective and authentic

  2. Universities - universities rethink their purpose/innovate their models

  3. Business - explore and share what motivates businesses to do good

  4. Policy - social innovation is supported policy (focus on lobbying/influencing and working with cities/Mayors in Europe and Asia)

  5. Future SI leaders - grow the next generation of social innovation leaders

  6. Specialist SI institutions - grow the social innovation movement/mainstream social innovation

Geography/Global reach - Each year, we aim to expand our global reach but we are always limited by the number of events we can hold, and the high participation costs of flying around the world. Since travel was still restricted in 2021, we continued reaching out to include people and organisations from the global south who we don't usually connect with. the work with Aga Khan, who are based in and focussed on, is a good example of this. Another example is the work we won for Porticus, which focussed on South East Asia.

2021 Goals and priorities

The Covid-19 situation continued to be challenging over 2021. As the year started, the team were all still working at home. It was also an uncertain time for many of the funders and partners we work with still in precarious positions. Because of this uncertain situation, it was not appropriate to start the year with a strict strategy and goals. Rather, we set three broad areas to focus on:

1.Reviewing our value proposition in order to run activities of the highest value in the post pandemic world

We should use the opportunity of a relatively quiet year (where the team are unlikely to be travelling and running big events) to reflect, take stock, and to test some assumptions about pur positioning and value proposition.

5

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

The executive Board agreed we should work through the following questions in:

2. Work on updating our brand, design and a new website

Following the work on our value proposition, the Board agreed 2021 was the right time to review our brand, how we talk about our work, and to develop a new website to reflect our current work better.

3. Continue activities we started and continue to find new opportunities for bigger programmes of work

We should also use 2021 as an opportunity to bring in new types of work, from new partners. The focus remains finding bigger and longer term projects, rather than lots of small short term pieces of work. We should also continue to deliver the ongoing activities to the highest value.

Specific activities

1. Events and convening - Our events and convening activities continued to be online. Throughout 2021, we continued to experiment with new approaches for online and hybrid events.

6

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

listen to the final Wayfinder symphony. Entitled ‘Sounding together - A soundtrack to a new social contract’, this 25 minute piece of music was created by the Wayfinder Artist-

Composers, and reflected the insights we drew out from the activities across the four movements of the project.We also produced insights report

2. Capacity building programmes - Over 2021, we developed our capacity building offer to go beyond just skills and training. We started working to support organisations with their own internal challenges, and by introducing them to the organisations that can expand their thinking. These activities included:

7

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

3. Develop and share knowledge and insights

In 2021, we continued our commitment to producing products to increase accessibility for different audiences, designed specifically for different kinds of global audiences. Throughout the year, the team contributed articles, blogs and interviews related to the projects they work on as a way of spreading social innovation knowledge. We also produced an insights repoort, doocumenting the 2022 Wayfinder process and learning.

4. Building SIX organisation

8

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Beneficiaries of our services

Because SIX is a network focussed on exchange, its participants determine its impact. SIX participants are, in principle, co-creators of SIX. The main function of SIX is, therefore, to facilitate connections and curate learning between them.

The participants of SIX are leaders or emerging leaders in social innovation, and work in government, non-profits and charities, social enterprises, universities and private companies. Mixing different backgrounds contributes to our quality. Broadly speaking, SIX network is comprised of people who are already engaged in social innovation thinking and/or practice and lead in a specific sector, expertise or geography. They see the value of social innovation and wish to share experiences with their peers and all those interested.

SIX also provides experiences for, and opportunities to engage those who are new to the concept of social innovation, but who are in practice already doing it in the sector, field or geography. This audience is a growing part of SIX’s audience. SIX is also interested to learn from people in parallel fields with similar experiences.

For participants and people in our wider network, SIX provides access to other leading practitioners, thinkers as well as other networks of social innovators as well as dynamic experiences (SIX events series) where they can quickly access this. For governments and large regional and national institutions, SIX offers practical knowledge, skills, examples, and case studies of social innovations as well as open forums to discuss issues and practical problems. For foundations, SIX provides challenging forums for them to step out of their day to day work, and to reflect on and question their own practice.

Public benefit focus on ensuring that our activities achieve our charitable aims

The Executive Board review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Executive Board reports the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Executive Board ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Executive Board have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Executive Board considers how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance in the delivery of public benefit

The charity's main activities and who it tries to help are described below. All its charitable activities focus on advancing the knowledge, practice and field of social innovation and are undertaken to further Social Innovation Exchange's charitable purposes for the public benefit.

9

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

All of the activities below develop and produce resources which are posted on SIX website and communicated with members in the UK, and around the world, via social media for the benefit of the general public.

Part 3: Financial review

The financial results are set out from page 15 onwards. SIX generated £330,778 of income and spent £294,121 on running projects, events and on support and governance costs.

SIX is grateful to its Global Council members for the financial support they have given in 2021 and their continued support for SIX's ongoing activities.

Principal risks and uncertainties

The Executive Board discusses risks and uncertainties in each Board meeting. The short and long term challenges which we set out in 2020 remain in 2021. These challenges are:

Short term:

Long term challenge:

10

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Reserves policy and going concern

The Trustees have decided that the charity should hold three months running costs in reserves so that it could continue its activities in the event of a drop in funding. The target amount is £75,000 (3 months operating costs). We currently have free reserves ( excluding fixed assets) of £389,466.

Part 4: Plans for the future

Looking forward

As the new Covid variant has reminded us, it is unlikely we will be able to resume our core business of hosting global events in the same way anytime soon. This is why it was been important to spend the second half of the year on business development and redefining our mission and narratives. It opened up opportunities to win new kinds of business, working with individual organisations who are interested in social innovation, internal capacity building and global mapping. Whilst we will continue to design and facilitate global exchanges and do field building work where possible, the current team are also well suited to these new discreet consultancy type projects which have impact more quickly on the organisations we work with .

Growth and increasing our impact in 2022 - Time for SIX 2.0

The work of SIX is needed more than ever. All of the biggest societal challenges we face are global and need a globally connected response. All of them also require new approaches and ways to harness the power of citizens. But compared to the scale of the challenges we face, SIX’s voice is small and has an impact on the small number of organisations we work with. If we want to change the narrative of focussing nationally rather than globally and promote a more connected word, we also need a bigger voice. We have several new projects in the pipeline already for 2022. So, in the first half of 2022 , we need to build on this, and focus significantly more energy to find new ways of developing new partnerships, and of finding more stable long term funding. The upcoming launch of the new website will help in this work. In time of change, all organisations nee to innovate and reinvent themselves and this is something SIX is good at doing.

11

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Part 5: Statement of responsibilities of the Executive Board members

The Executive Board members (who are also directors of Social Innovation Exchange for the purposes of company law) are responsible for preparing the report of the Executive Board and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Executive Board members to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Executive Board members are required to:

The Executive Board members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Executive Board members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2016 was 10 (2015:8). The Executive Board members are members of the charity but this entitles them only to voting rights. The Executive Board members have no beneficial interest in the charity.

12

Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2021

Independent Examiner

Jonathan Orchard of Sayer Vincent LLP was re-appointed as the charitable company's independent examiner during the year and has expressed his willingness to continue in that capacity.

The report of the Executive Board has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The report of the Executive Board has been approved by the Executive Board members on 26 July 2022 and signed on their behalf by

Harvey Koh Chair

13

Independent Examiner’s report

To the Executive Board of

Social Innovation Exchange

I report on the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the

examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

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:

14

Independent Examiner’s report

To the Executive Board of

Social Innovation Exchange

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 accounts to be reached.

Name: Jonathan Orchard

The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional bodies (if any): Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 18 August 2022

15

Social Innovation Exchange

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

Note
Income from:
2
3
3
4
Reconciliation of funds:
Donations and legacies
Total expenditure
Total income
Expenditure on:
Raising funds
Charitable activities
Total funds brought forward
Net income / (expenditure) for the year
Total funds carried forward
Transfers between funds
Net movement in funds		 Unrestricted
£
220,662		 Restricted
£
110,116		 2021
Total
£
330,778		 Unrestricted
£
317,069		 Restricted
£
83,790		 2020
Total
£
400,859
220,662 110,116 330,778 317,069 83,790 400,859
27,336
156,669		 -
110,116		 27,336
266,785		 24,883
229,588		 -
83,790		 24,883
313,378
184,005 110,116 294,121 254,471 83,790 338,261
36,657
-		 -
-		 36,657
-		 62,598
-		 -
-		 62,598
-
36,657
353,983		 -
-		 36,657
353,983		 62,598
291,385		 -
-		 62,598
291,385
390,640 - 390,640 353,983 - 353,983

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

17

Social Innovation Exchange

Company no. 08364475

Balance sheet

As at 31 December 2021

Note
Fixed assets:
9
Current assets:
10
Liabilities:
11
15
Total unrestricted funds
General funds
Total charity funds
Total net assets
Cash at bank and in hand
Tangible assets
Unrestricted income funds:
The funds of the charity:
Debtors
Creditors: amounts falling due within one year
Net current assets		 £
43,467
365,125		 2021
£
1,174		 £
61,059
376,532		 2020
£
338
1,174
389,466		 338
353,645
408,592
(19,126)		 437,591
(83,946)
390,640 353,983
390,640 353,983
390,640 353,983
390,640 353,983

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime.

Approved by the trustees on 26 July 2022 and signed on their behalf by

Harvey Koh Chair

18

Social Innovation Exchange

Statement of cash flows

For the year ended 31 December 2021

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net cash provided by / (used in) operating activities
Cash at bank and in hand
Total cash and cash equivalents
Analysis of cash and cash equivalents
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Decrease) in debtors
(Decrease) in creditors
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash provided by / (used in) investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Purchase of fixed assets		 £
£
(9,648)
(1,759)
(1,759)
(11,407)
376,532
365,125
At January 1
2020
Cash flows
£
£
376,532
(11,407)
376,532
(11,407)
2021		 £
£
(9,648)
(1,759)
(1,759)
(11,407)
376,532
365,125
At January 1
2020
Cash flows
£
£
376,532
(11,407)
376,532
(11,407)
2021		 2021
£
36,657
923
17,592
(64,820)		 2020
£
62,598
1,060
188,918
(5,854)
(9,648) 246,722
At January 1
2020
£
376,532		 Other
changes
£
-
(11,407)
376,532		 246,722
129,810
365,125 376,532
Cash flows
£
(11,407)		 At 31
December
2021
£
-
376,532 (11,407) - 365,125

19

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Social Innovation Exchange is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is 3-5 Hardwidge Street, Top Floor, London SE1 3SY.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

20

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000, or if it is an item of computer equipment. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

3 years

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

21

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

o) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

p) Pensions

Income from donations and legacies
Global Council
Gifts and donations		 Unrestricted
£
148,162
72,500		 £
110,116
-
Restricted		 2021
Total
£
258,278
72,500		 Unrestricted
£
300,367
16,702		 £
83,790
-
Restricted		 2020
Total
£
384,157
16,702
220,662 110,116 330,778 317,069 83,790 400,859

22

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

3a Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 5)
Other HR costs
Professional fees
Event costs
Travel and subsistence
Office costs
IT
Depreciation
Accountancy, grant audit and IE fees
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Cost of
raising funds
£
10,902
-
-
16,400
34
-
-
-
-		 Events and
convening
£
65,414
-
-
-
207
-
-
-
-		 Knowledge
and insights
£
65,414
-
-
-
207
-
-
-
-		 Capacity
building
£
54,512
-
-
-
172
-
-
-
-		 Support
costs
£
15,264
-
885
-
48
-
-
-
3,540		 Governance
costs
£
6,541
33,007
-
-
21
19,468
1,162
923
-		 2021
Total
£
218,047
33,007
885
16,400
689
19,468
1,162
923
3,540		 2020
Total
£
231,170
51,342
1,284
13,246
1,583
33,220
1,996
1,060
3,360
27,336
-
-		 65,621
9,869
30,561		 65,621
4,934
15,281		 54,684
4,934
15,281		 19,737
(19,737)
-		 61,122
-
(61,122)		 294,121
-
-		 338,261
-
-
27,336 106,051 85,836 74,899 - - 294,121 -
24,883 150,870 87,073 75,435 - - - 338,261

23

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

3b Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 5)
Other HR costs
Professional fees
Event costs
Travel and subsistence
Office costs
IT
Depreciation
Accountancy, grant audit and IE fees
Support costs
Governance costs
Total expenditure 2020		 Cost of
raising funds
£
11,558
-
-
13,246
79
-
-
-
-		 Events and
convening
£
92,468
-
-
-
633
-
-
-
-		 Knowledge
and insights
£
57,793
-
-
-
396
-
-
-
-		 Capacity
building
£
46,234
-
-
-
317
-
-
-
-		 Support costs
£
16,182
-
1,284
-
111
-
-
-
3,360		 Governance
costs
2020
Total
£
£
6,935
231,170
51,342
51,342
-
1,284
-
13,246
47
1,583
33,220
33,220
1,996
1,996
1,060
1,060
-
3,360
94,600
338,261
-
-
(94,600)
-
-
338,261
24,883
-
-		 93,101
10,469
47,300		 58,189
5,234
23,650		 46,551
5,234
23,650		 20,937
(20,937)
-
24,883 150,870 87,073 75,435 -

24

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

4 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Depreciation 923 1,060
Operating lease rentals:
Property 9,721 28,800
Independent examiner's remuneration (excluding VAT):
Independent examination 2,950 2,800
Other services - -

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
£
189,244
16,110
12,693		 2020
£
202,280
16,843
12,047
218,047 231,170

One employee earned more than £60,000 during the year (2020: one).

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £133,007 (2020: £127,965).

The Executive Board were not paid or did not receive any other benefits from employment with the charity in the year (2020: £nil). No Executive Board member received payment for professional or other services supplied to the charity (2020: £nil).

The Executive Board's expenses represents the payment or reimbursement of travel and subsistence costs totalling £0 (2020: £nil) incurred by nil (2020: nil) member relating to attendance at meetings of the trustees.

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities
Raising funds
Support and governance		 2021
No.
0.5
4.0
0.5		 2020
No.
0.5
4.5
0.5
5.0 5.5

7 Related party transactions

There were no related party transactions in 2021 (2020: £nil).

25

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

Tangible fixed assets
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
Cost or valuation
Depreciation
Net book value
At the end of the year
At the start of the year		 Computer
equipment
£
9,371
1,759		 Total
£
9,371
1,759
11,130 11,130
9,033
923		 9,033
923
9,956 9,956
1,174 1,174
338 338

All of the above assets are used for charitable purposes.

10 Debtors

Debtors
Taxation and social security
Trade creditors
Trade debtors
Prepayments
Accrued income
Creditors: amounts falling due within one year
Accruals
Deferred income (note 12)		 2021
£
38,030
-
5,437		 2020
£
41,425
-
19,634
43,467 61,059
2021
£
6,524
-
12,602
-		 2020
£
33,035
7,840
3,360
39,711
19,126 83,946

26

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

12 Deferred income

Deferred income comprises of £39,711 received in 2020 for use towards SCALINGS, was spent 2021.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2021
£
39,711
(39,711)
-		 2020
£
59,008
(59,008)
39,711
- 39,711

13 Pension scheme

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £12,693 (2020: £12,047).

14a Analysis of net assets between funds (current year)

Net assets at the end of the year
Tangible fixed assets
Net current assets		 General
unrestricted
£
1,174
389,466		 Restricted
£
-
-		 Total funds
£
1,174
389,466
390,640 - 390,640

14b Analysis of net assets between funds (prior year)

Net current assets
Net assets at the end of the year
Tangible fixed assets		 General
unrestricted
£
338
353,645		 Restricted
£
-
-		 Total funds
£
338
353,645
353,983 - 353,983

27

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2021

15a Movements in funds (current year)

Restricted funds:
Total restricted funds
VISION
SCALINGS
ESIA
Total unrestricted funds
European Commission
Total funds		 At the start
of the year
£
-
-
-		 Incoming
resources &
gains
£
61,769
41,101
7,246		 Outgoing
resources &
losses
£
61,769
41,101
7,246		 Transfers
£
-
-
-		 At the end of
the year
£
-
-
-
- 110,116 110,116 - -
353,983 220,662 184,005 - 390,640
353,983 330,778 294,121 - 390,640

15b Movements in funds (prior year)

Restricted funds:
Total restricted funds
European Commission
SCALINGS
SIKE (Social Innovation for
Knowledge Exchange)
VISION
Total unrestricted funds
Total funds		 At the start
of the year
£
-
-
-		 Incoming
resources &
gains
£
35,047
32,235
16,508		 Outgoing
resources &
losses
£
35,047
32,235
16,508		 Transfers
£
-
-
-		 At the end of
the year
£
-
-
-
- 83,790 83,790 - -
291,385 317,069 254,471 - 353,983
291,385 400,859 338,261 - 353,983

Movement in funds

Purposes of restricted funds

European Commission

ESIA - is a transnational consortium project between Denmark, Estonia, Germany, Poland, funded under UK 20142020 European Social Fund and the EU programme for Employment and Social Innovation (EaSI), which aims to build Competence Centres for Social Innovation across Europe.

SCALINGS - an interdisciplinary European research project seeking to develop a systematic and in-depth understanding of the socio-cultural variation of co-creation across 10 European countries in 3 research areas.

VISION - is a project that aims to advance Europe’s capacity and effectiveness in teaching and training for creativity, innovation and entrepreneurship (CIE).

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

28