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2022-12-31-accounts

Company number: 08364475 Charity number: 1155570

Social Innovation Exchange

Report and financial statements For the year ended 31 December 2022

Social Innovation Exchange

Contents

Contents
For the year ended 31 December 2021
Reference and administrative information 1
Executive Board members’ annual report 2
Independent examiner’s report 13
Statement of financial activities (incorporating an income and expenditure account) 15
Balance sheet 16
Statement of Cash Flows 17
Notes to the financial statements 18

Social Innovation Exchange

Reference and administrative information

For the year ended 31 December 2022

Company number 08364475
Charity number 1155570
Registered office 12a Peacock Yard
and operational Iliffe Street
address London
SE17 3LH
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 (Resigned 5thApril 2022)
Tim Draimin (Resigned 5thApril 2022)
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

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

Report of the Executive Board 2022

The Executive Board present their report and the audited financial statements for the year ended 31 December 2022.

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:

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

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.

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.

Part 2: Objectives and activities

SIX Vision and Mission

SIX was established in 2008 to identify and connect isolated social innovation leaders, build their capacity, consolidate knowledge, develop frameworks, and create a group of supportive peers that would create pathways for others to follow.

Fuelled by a belief that change is more effective when people work collectively, we've created a space for lively and impactful exchange between socially innovative thinkers and doers from a broad range of sectors and regions. In the last ten years we have built a movement that continues to grow, learn, connect diverse groups of people and deliver outcomes that create positive change in the world.

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

10 years later, the world needs something different from SIX. So, whilst we stay true to our original mission to set the direction for social innovation globally and connect and inspire people, we have also spent the last few years reviewing our purpose and strategy to make sure we remain relevant and useful in changing times. SIX in 2022 exists to connect, empower and drive social innovation through the exchange of knowledge, expertise, innovation and inspiration. We focus on accelerating learning and exchange across borders and sectors, and we help people and organisations respond more quickly to, and prepare more effectively for, the issues the world is facing.

SIX in 2022

In the first half of 2022, we focussed on working with a few partners collaborating on deeper longer projects. The Covid-19 pandemic continued to affect how organisations like SIX could operate. This provided us with the opportunity to continue to work on developing our strategy, and a new brand identity. We kept the team small and agile. Once the world started to open-up more, and people began to travel in Summer 2022, we started to expand our work again, reconnecting with our global partners and learning how other organisations around the world were changing and what they were thinking about.

As part of our rebrand and review work, we organised our work into two major strands that feed into and mutually support each other:

Together, the strands of our business build and expand the collective intelligence of the global social innovation community. Everyone benefits when knowledge and practice are shared, and the impact of social innovation initiatives grows.

As part of this work, we launched a new website, and our new brand. This signalled to the world that SIX was beginning to work in a new way.

Key activities in 2022

We focussed on three strategic areas in 2022 - 1) growing the social innovation movement globally (field building); 2) working with funders and philanthropy organisations, and 3) supporting the

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

development of social innovation policy in Europe. However, we don’t believe these sectors should function in isolation - no one sector can address the complex challenges we face alone. So, in all of our programmes this year, we’ve focussed on cross sector connections, collaboration and learning, rather than supporting sectors, organisations and countries in isolation.

1. Supporting the social innovation field to grow globally - As part of our field building work, we continue a variety of activities to support the social innovation movement. Some of these activities focus on helping organisations position themselves globally and understand the global landscape. Other activities are organised by SIX and more people start to travel and want to reconnect to their global peers.

2. Working with funders and philanthropy organisations - Over 2022, we have supported

foundations and philanthropic organisations all over the world to be more innovative in several different ways - each according to their need and specific context.

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

3. European social innovation policy support - There is a new round of European Commission funding supporting social innovation, so we received several new opportunities for new project collaborations, despite Brexit. We also continued to deliver the ESF funded ESIA project.

European Social Innovation Alliance (ESIA) - ESF funded project: We are at the mid-way point of this two-year project. Currently, we are supporting regular transnational learning within our own consortium (Denmark, Estonia, Germany, Poland, UK) to help establish Competence Centres for Social Innovation in each country. Our work also includes:

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

New project - Change Hubs for Ecosystemic Social Solutions (CHESS) - SIX was invited to put together a consortium, design a project and lead proposal writing to respond to a new Horizon call. We built a consortium of partners from Slovenia (coordinators), Lithuania, Germany, Italy and Spain and applied and won the project, which will begin in 2023.

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.

Building the organisation - Board, team and strategic growth

Board members - During the year, two Board members left the Board. Tim Draimin (Canada) and Carolyn Curtis (Australia) have both served three terms on the Board. It was agreed that we do not need to bring on any new members in their place.

Team changes - We continued with our approach of keeping the core team small and London based. We bring in extra support and expertise as and when it is needed. A designer continues to work with the team remotely from Saudi Arabia and the coordinator of the European project is based in Europe. The team works partly in the office, partly remotely. In November, So Jung Rim (COO) went on maternity leave.

Growth plan - Growing SIX does not necessarily mean having a bigger team. However, the small and agile team we have currently means that we do not have enough capacity to work on business development and there is a danger of burn out in the team. So, in June, the Board approved hiring a new project manager level role, and some additional more senior support to work with the CEO on Business development, especially in light of the COO going on maternity leave.

In September, we made an offer and the new project manager, based in London, began in September. At the same time, a consultant begun working with

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

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 composed 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.

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

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.

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 £342,272 of income and spent £330,471 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 2022 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 longterm challenges which we set out in 2021 remain in 2022. These challenges are:

Short term:

Long term challenge:

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

However, as a small organisation, it is a challenge to do this when many of the income streams are short term. This means fundraising is constantly a high priority. How do we secure more multi-year funding streams to better plan for the future?

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 £83,000 (3 months operating costs). We currently have free reserves of £399,763.

Part 4: Plans for the future

Looking forward

The events this week are an exciting moment for SIX. It is the first time we have brought our global ‘friends and family’ together since before the pandemic. It is an opportunity to share our new brand, our updated direction, and to talk about our work in a new way. It is also an opportunity to start exploring new directions for SIX in the future.

We have framed the gathering this week as an important moment for the field - an opportunity to come together and explore opportunities for collective action. The challenges we face globally are big, and urgent. They require us all to work in a different, more collective way. We need a more integrated approach, which utilises the resources and talent of all sectors. We need new partners, and we need to take more risks. Rather than competing for small, short-term contracts, small organisations should work together more.

The discussions during this week will be important for SIX as we think about our future direction. We are still able to draw a diverse crowd and design a good meeting (the response to the events this week was extremely positive). We also continue to be approached for, and win, new types of work. However, these projects remain unreliable, piecemeal, and small scale, which means our impact/influence is limited. Our current organisational setup means it is difficult to move away from a hand-to-mouth existence. Whilst the investment of our unreserved income surplus has enabled me to hire a new programme manager, we are still a very small team with few opportunities for the team to grow.

It is clear SIX’s cross sector; global approach is still needed. But in order to really step up and make

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Social Innovation Exchange

Report of the Executive Board For the year ended 31 December 2022

a bigger/better contribution, and to keep the team (Louise) motivated, we need to think more creatively about the way the organisation works. With several Board members in the same room this week, it will be a good opportunity to brainstorm possible futures for SIX.

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 2022 was 10 (2021:8). 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.

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2022

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 19 September 2023 ____ and signed on their behalf by

Harvey Koh Chair

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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 2022.

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:

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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: 28 September 2023

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Social Innovation Exchange

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

For the year ended 31 December 2022

For theyear ended 31 December 2022
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
£
291,979		 Restricted
£
50,293		 2022
Total
£
342,272		 Unrestricted
£
220,662		 Restricted
£
110,116		 2021
Total
£
330,778
291,979 50,293 342,272 220,662 110,116 330,778
40,093
240,084		 -
50,293		 40,093
290,377		 27,336
156,669		 -
110,116		 27,336
266,785
280,178 50,293 330,471 184,005 110,116 294,121
11,801
-		 -
-		 11,801
-		 36,657
-		 -
-		 36,657
-
11,801
390,640		 -
-		 11,801
390,640		 36,657
353,983		 -
-		 36,657
353,983
402,441 - 402,441 390,640 - 390,640

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.

15

Social Innovation Exchange

Company no. 08364475

Balance sheet

As at 31 December 2022

As at 31 December 2022
Balance sheet		 Company no. 08364475
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		 £
175,413
272,519		 2022
£
2,678		 £
43,467
365,125		 2021
£
1,174
2,678
399,763		 1,174
389,466
447,932
(48,169)		 408,592
(19,126)
402,441 390,640
402,441 390,640
402,441 390,640
402,441 390,640

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

19 September 2023

and signed on their behalf by

Harvey Koh Chair

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Social Innovation Exchange

Statement of cash flows

For the year ended 31 December 2022

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
(Increase) in debtors
Increase 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		 £
£
(89,763)
(2,843)
(2,843)
(92,606)
365,125
272,519
At January 1
2021
Cash flows
£
£
365,125
(92,606)
365,125
(92,606)
2022		 £
£
(89,763)
(2,843)
(2,843)
(92,606)
365,125
272,519
At January 1
2021
Cash flows
£
£
365,125
(92,606)
365,125
(92,606)
2022		 2022
£
11,801
1,339
(131,946)
29,043		 2021
£
36,657
923
17,592
(64,820)
(89,763) (9,648)
At January 1
2021
£
365,125		 Other
changes
£
-
(92,606)
365,125		 (11,407)
376,532
272,519 365,125
Cash flows
£
(92,606)		 At 31
December
2022
£
272,519
365,125 (92,606) - 272,519

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

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.

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

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.

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

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

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

2 Income from donations and legacies

Income from donations and legacies
Gifts and donations
Global Council		 Unrestricted
£
251,979
40,000		 £
50,293
-
Restricted		 2022
Total
£
302,272
40,000		 Unrestricted
£
148,162
72,500		 £
110,116
-
Restricted		 2021
Total
£
258,278
72,500
291,979 50,293 342,272 220,662 110,116 330,778

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

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 2022
Total expenditure 2021		 Cost of
raising funds
£
23,733
-
-
16,360
-
-
-
-
-		 Events and
convening
£
71,200
-
-
-
18,106
-
-
-
-		 Knowledge
and insights
£
71,200
-
-
-
-
-
-
-
-		 Capacity
building
£
47,467
-
-
-
-
-
-
-
-		 Support
costs
£
16,613
-
904
-
-
-
-
1,338
3,540		 Governance
costs
£
7,120
33,508
-
-
-
16,815
2,567
-
-		 2022
Total
£
237,333
33,508
904
16,360
18,106
16,815
2,567
1,338
3,540		 2021
Total
£
218,047
33,007
885
16,400
689
19,468
1,162
923
3,540
40,093
-
-		 89,306
7,838
21,003		 71,200
7,838
21,003		 47,467
6,719
18,004		 22,395
(22,395)
-		 60,010
-
(60,010)		 330,471
-
-		 294,121
-
-
40,093 118,148 100,041 72,190 - - 330,471 -
27,336 106,051 85,836 74,899 - - - 294,121

21

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

3b Analysis of expenditure (prior 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		 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
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
-
-
27,336 106,051 85,836 74,899 - - 294,121

22

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2022 2021
£ £
Depreciation 1,339 923
Operating lease rentals:
Property 8,732 9,721
Independent examiner's remuneration (excluding VAT):
Independent examination and Accounts Preparation 3,100 2,950

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2022
2021
£
£
202,114
189,244
21,556
16,110
13,663
12,693
237,333
218,047

One employee earned more than £60,000 during the year (2021: one).

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £147,233 (2021: £133,007).

The Executive Board were not paid or did not receive any other benefits from employment with the charity in the year (2021: £nil). No Executive Board member received payment for professional or other services supplied to the charity (2021: £nil).

The Executive Board's expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,546 (2021: £nil) incurred by one (2021: 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:


follows:
Raising funds
Support and governance
Charitable activities		 2022
No.
0.5
3.0
0.5		 2021
No.
0.5
4.0
0.5
4.0 5.0

7 Related party transactions

There were no related party transactions in 2022 (2021: £nil).

23

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

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 start of 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 end of the year
At the start of the year
Charge for the year		 Computer
equipment
£
11,130
2,843		 Total
£
11,130
2,843
13,973 13,973
9,956
1,339		 9,956
1,339
11,295 11,295
2,678 2,678
1,174 1,174

All of the above assets are used for charitable purposes.

10 Debtors

Debtors
Accruals
Deferred income (note 12)
Trade debtors
Accrued income
Creditors: amounts falling due within one year
Trade creditors		 2022
£
162,817
12,596		 2021
£
38,030
5,437
175,413 43,467
2022
£
8,407
39,762
-		 2021
£
6,524
12,602
-
48,169 19,126

11 Creditors: amounts falling due within one year

24

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

12 Deferred income

Deferred income
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		 2022
£
-
-
-		 2021
£
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 £13,663 (2021: £12,693).

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

Analysis of net assets between funds (current year)
Tangible fixed assets
Net current assets
Net current assets
Net assets at the end of the year
Net assets at the end of the year
Tangible fixed assets
Analysis of net assets between funds (prior year)		 General
unrestricted
£
2,678
399,763		 Restricted
£
-
-		 Total funds
£
2,678
399,763
402,441 - 402,441
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)

25

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2022

15a Movements in funds (current year)

Movements in funds (current year)
Restricted funds:
Total restricted funds
Restricted funds:
Total restricted funds
Movements in funds (prior year)
Total funds
European Commission
SCALINGS
ESIA
VISION
Total unrestricted funds
Total funds
VISION
SCALINGS
ESIA
Total unrestricted funds
European Commission		 At the start
of the year
£
-
-
-		 Incoming
resources &
gains
£
-
50,293
-		 Outgoing
resources &
losses
£
-
(50,293)
-		 Transfers
£
-
-
-		 At the end of
the year
£
-
-
-
- 50,293 (50,293) - -
390,640 291,979 (280,178) - 402,441
390,640 342,272 (330,471) - 402,441
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

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.

26