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← Social Innovation Exchange

2024-12-31-accounts

Company number: 08364475 Charity number: 1155570

Social Innovation Exchange

Report and financial statements For the year ended 31 December 2024

Social Innovation Exchange

Contents

For the year ended 31 December 2024

Reference and administrative information 3
Executive Board members’ annual report 4
Independent examiner’s report 16
Statement of financial activities (incorporating an income and expenditure account) 18
Balance sheet 19
Statement of Cash Flows 20
Notes to the financial statements 21

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Social Innovation Exchange

Reference and administrative information For the year ended 31 December 2024

Company number 08364475 Charity number 1155570 Registered office 12a Peacock Yard and operational Iliffe Street address London SE17 3LH Executive Board members

Executive Board members, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Markus Lux Chair Harvey Koh Marcello Palazzi Ada Wong Kriss Deiglmeier Francois Bonnici Kiri Bird Principal staff Louise Pulford So Jung Rim Bankers Cooperative Bank 80 Cornhill LONDON EC3V 3NJ Solicitors Bates Wells Scandinavian House 2-6 Cannon St LONDON EC4M 6YH Independent Sayer Vincent LLP examiners Chartered Accountants 110 Golden Lane LONDON EC1Y 0TG

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

Report of the Executive Board 2024

The Executive Board present their report and the audited financial statements for the year ended 31 December 2024.

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

For the year ended 31 December 2024

Report of the Executive Board

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.

There were no changes to the Executive Board in 2024.

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.

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, nonprofits 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.

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

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) where they can quickly access this. For private companies, 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 remain 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.

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 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

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

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.

The focus for SIX in 2024 - Connecting edges and Bridging bridges

SIX was born into a very different world than today. In 2008, social innovation as a concept was gaining traction in governments, cities, universities and funders all over the world. Civil society movements were strengthening. Businesses were starting to engage in these ideas. But 16 years later, these trends have been drowned by multiple global crises - financial crisis, pandemics, increasing recognition of climate catastrophe, wars, and geopolitical fragmentation.

The world needs something different from SIX to when we were first established - this was clear at the beginning of 2024, and even clearer by the end. More than 60 countries around the world had elections in 2024 - it was a year of political upheaval and increasingly divided societies with a breakdown of trust between institutions and citizens, and between citizens And whilst a lot of support for social innovation has been replaced by crisis funding and national focussed projects, the irony is that we need more innovation, more ideas, more learning, and more cross border collaboration than ever before if we are to tackle societal challenges that are increasingly global and more complex.

In 2024, we decided to embrace the ‘edges’- this is where we will find innovation and inspiration. Our aim was to reach beyond the ‘usual suspects’ and engage social innovators who are less well connected to mainstream social innovation discussions. We wanted to reach beyond the hubs of London, Barcelona, New York. We committed to engaging with new thinking and ideas that come from new groups (not just different places) – children, young and older people, employees, marginalised and others who have been excluded from/ outside of mainstream social innovation discussions.

We also focussed on our role as bridgers - being able to work at the intersection/nexus between people, projects, organisations, and communities. This work starts with creating human connections which start from our own value systems, beliefs and behaviours. And as all as our activities in 2024 demonstrate, being an effective bridger means having the expertise and experience to navigate different systems and knowing who to connect, when and how.

Key activities in 2024

Field building and supporting organisations to be more innovative simultaneously

All of our work is organised around two interconnected approaches - fluid building and supporting organisations to grow their own innovation capabilities.

Firstly, our field building work. Over the last decade, we’ve helped build the field of social innovation globally and building and expanding our global community, bringing fresh ideas and

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

thinking is a core part of everything we do. The second strand of our work puts our decade of experience into practice. We use our expertise of pan-global innovative thinking and practice to help organisations tackle challenges they face successfully and at speed. We build capacity, knowledge and skills in the organisations we work with.

Below are 4 programmes of work in 2024, each of which integrate these two approaches:

1. A global social innovation Indaba in South Africa

From 30 September - 2 October 2024, SIX collaborated with the University of the Free State to host the first ever Social Innovation Indaba in South Africa. We brought together 100 leading innovation practitioners from across sectors and from around the world to discuss how people-powered change can drive innovation and improve our societies for the better.

At a time when our narratives are dominated by polarisation, division and dystopias, inspiration is more crucial than ever, and we need to look to places less well known to find it. It is important to go beyond our comfort zones. That's why we invited this particular group to meet in Bloemfontein, South Africa to discuss what it takes to support and accelerate people-powered change. The report following the event, which documents our insights and impact is available here. In the run up to the event, we hosted an online dialogue with the (then) VC of University of the Free State and SIX Board member Francois Bonnici - the recording of the conversation is available here.

2. Reconnecting the UK to the EU through Social Innovation - our European work

SIX has a long history of collaborating with organisations from across the EU on European funded social innovation projects. For some time, the UK was seen as a social innovation leader and SIX was the main connector. When the UK decided to leave Europe in 2016, this kind of collaboration became harder, but they also became more important. We continued to connect with and exchange learning with other leading social innovation leaders in Europe. Our project CHESS ( described below), transcended the years when the EU and UK re- negotiated their funding relationship and was temporarily supported by UKRI. We are now able to fully apply for Horizon Europe funding, as the two new projects below exemplify.

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

We were also invited into two other consortiums and worked with them to apply for two more Horizon Europe funded projects (both applications were successful).

3. Programme of work on Business for Good

Over the last few years, we’ve done several projects looking at how businesses around the world are starting to engage in ‘for good’ work. As part of our quest to understand who is involved in this type of work, what the different approaches are and how they connect to each other, we did several activities in 2024:

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

4. Supporting philanthropy

Making philanthropy more innovative is one of our most developed programmes. Our work in 2024 centred around working closely with two philanthropic organisations:

Part 3 - Plans for the future

Whilst we delivered several impactful programmes and events in 2024, it was a challenging year financially. Long term fundraising was becoming harder and even new short term projects, like our Indaba in South Africa despite being very well attended and received, were harder to support financially. The nature of the work meant that the CEO was heavily engaged in delivery, and had no capacity to work on future plans and fundraising. At the Board meeting in October, the CEO and Executive Board discussed a new future for the organisation.

SIX is an evolving organisation - a (re)new(ed) direction

As the global challenges ahead of us become increasingly urgent and complex, all organisations need to find radically different ways of thinking and acting. SIX is no exception.

There is an increasing need for social innovation all over the world, especially for countries in transition. SIX has an increasingly important role to play in the world in 2025. In order to continue to increase the impact of our work in the future, we need a new model for the organisation. We need to innovate ourselves.

The CEO and Board decided that the best way to amplify our efforts and increase our impact was to seek a partner who can host or adopt SIX.

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Social Innovation Exchange

For the year ended 31 December 2024

Report of the Executive Board

A new future - Finding a partner to host or adopt SIX

After a concentrated outreach exercise to find a partner to host or adopt SIX, we ended 2024 with two strong options for SIX future - a think tank based in the UK (The Young Foundation) and a philanthropic funder based in India EdelGive Foundation). The initial connection with EdelGive Foundation came through a participant at our Social Innovation Indaba event in South Africa.

At the Board meeting in January 2025, the Executive Board carefully considered the two options and decided to pursue a collaboration with EdelGive Foundation.

There were strong reasons for this choice - For the last two years, SIX’s strategy has been to look to the ‘edges’, to go beyond where we usually look for innovation. We’ve been exploring how to better connect with organisations in the global South, to shift and power, to recognise the West and Global North do not hold all the answers. For SIX to achieve its mission of being truly global, it should be actively leveraging the networks, credibility of a global South based partner. This collaboration with EdelGive Foundation in India enables us to realise this strategy.

SIX ‘with’ EdelGive - Better together

SIX and EdelGive Foundation share values - we both recognise that the world is changing quickly and to tackle the biggest challenges we face we need more social innovation, and we need to work and collaborate beyond silos - both sectors and geographies.

Both organisations believe we need to embrace a collaborative approach that transcends the Global North/South divide. Both regions have unique strengths and valuable insights to offer. The Global North has established a long history of impact research, infrastructure and organization capacity building and funding mechanisms. The Global South, with its rapidly growing population and diverse context, is home to dynamic innovation and firsthand experience with many of the world's most pressing challenges and solutions. By combining these strengths, we can create a more balanced and effective approach to global problem-solving.

Whatsmore, by linking our two organisations in a new partnership, SIX can share back office functions with EdelGive Foundation, thereby saving money and being more efficient.

What this collaboration looks like in practice

During the first quarter of 2025, SIX and EdelGive Foundation worked closely together on what a collaboration between the two organisations could look like. In July 2023, we signed a two year contract with EdelGive, which included funding for SIX’s core operations. Both organisations view the first two years as a pilot period which if successful can develop into a long-term partnership.

The collaboration with EdelGive Foundation is based on several core principles:

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

In Spring 2025, we engaged SIX’s lawyer Bates Wells to ensure the agreement meets all Charity Commission expectations and regulations under UK law.

A new future for SIX

The world is getting more complex and more volatile. Social challenges are become more globally intertwined (climate change, pandemics, migration). This is all in the context of more challenging geopolitics than we’ve experienced for decades and traditional spheres of Western power are being questions.

We need faster learning between countries; we need more organisations that can challenge power, ask difficult questions, and take bold actions. We need new types of institutions to address these challenges. That is why is it the perfect moment for SIX to innovate itself and build a new partnership with EdelGive Foundation (with a specific focus on building Global North/South partnerships) and for us to build a set of strong, long-term collaborative projects with partners across Europe (our first two being the four year Social Innovation Mission facility project and our two year CORE 12.01 project focussed on deep-tech, society and climate change).

These bold, innovative global partnerships will become the core of SIX for future years. This is how we will not only stay relevant but also increase our impact in a challenging global context.

Executive Board engagement

During this process, the SIX Board increased their engagement to ensure a smooth partnership is agreed. A small working group was established, and Board members agreed to join meetings with the CEO and EdelGive Foundation to negotiate the partnerships. The CEO also ensured all Board members were informed of progress through bi-weekly updates to communicate progress.

Reviewing how we resource SIX - 2024 Team changes

We started the year with a team of 6 FTEs in London, working half time from the office, half time remotely. We also have a designer, who lives in Saudi Arabia and a consultant who works on our

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

European programmes, based in Spain. We connect regularly on zoom with team members based in other countries.

Whilst the team members were enthusiastic, they did not have the skills or experience to manage projects and fundraise simultaneously. This came at a time when we needed to start securing work for 2025. Three team members decided to leave between July and September. During a restructure in the Autumn, the 4 day a week Finance Manager role was made redundant. Costs are shown in Note 3.

Now we have more work and finances confirmed for 2025/26 and beyond, we expect to start rebuilding the team with people who have skills that match our new project requirements, and experience to help building on our strong foundation.

Part 4: Financial review

The financial results are set out from page 18 onwards. SIX generated £86,280 of income and spent £348,460 on running projects, events and on support and governance costs.

Whilst 2024 has been one of the hardest financial years for SIX, we will end the year with a more secure future for the organisation going forward than ever before. In addition to the financial support fromEdelGive Foundation, we also have two new EU projects which will start in 2025, one of which runs for four years and other for two.

Principal risks and uncertainties

The Executive Board discusses risks and uncertainties in each Board meeting. There are several new short and long term challenges:

Short term (2025):

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

Long term challenges:

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 3 months operating costs. Whilst we will not finish 2024 with any reserves, we will be able to build a stronger organisation with EdelGive Foundation support and two multi-year EU projects and we will achieve this target again in 2025.

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:

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Social Innovation Exchange

Report of the Executive Board

For the year ended 31 December 2024

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.

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 8 September 2025 and signed on their behalf by

Markus Lux 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 2024.

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 Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Date: 9 September 2025

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Social Innovation Exchange

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

For the year ended 31 December 2024

For theyear ended 31 December 2024
Note
Income from:
2
3
3
3
4
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net income / (expenditure) for the year
Total expenditure
Total income
Expenditure on:
Raising funds
Charitable activities
Donations and legacies
Other income		 Unrestricted
£
68,217
320		 Restricted
£
17,743
-		 2024
Total
£
85,960
320		 Unrestricted
£
191,998
-		 Restricted
£
57,049
-		 2023
Total
£
249,047
-
68,537 17,743 86,280 191,998 57,049 249,047
61,184
261,566		 -
25,710		 61,184
287,276		 44,496
278,776		 -
57,049		 44,496
335,825
322,750 25,710 348,460 323,272 57,049 380,321
(254,213)
(7,967)		 (7,967)
7,967		 (262,180)
-		 (131,274)
-		 -
-		 (131,274)
-
(262,180)
271,167		 -
-		 (262,180)
271,167		 (131,274)
402,441		 -
-		 (131,274)
402,441
8,987 - 8,987 271,167 - 271,167

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.

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Social Innovation Exchange

Company no. 08364475

Balance sheet

As at 31 December 2024

As at 31 December 2024
Balance sheet		 Company no. 08364475
Note
Fixed assets:
9
Current assets:
10
Liabilities:
11
14
Total unrestricted funds
Debtors
Creditors: amounts falling due within one year
Net current assets
Unrestricted income funds:
The funds of the charity:
Total net assets
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 £
724
21,253		 2024
£
-		 £
111,857
190,329		 2023
£
1,607
-
8,987		 1,607
269,560
21,977
(12,990)		 302,186
(32,626)
8,987 271,167
8,987 271,167
8,987 271,167
8,987 271,167

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 8 September 2025 and signed on their behalf by

Markus Lux

Chair

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Social Innovation Exchange

Statement of cash flows

For the year ended 31 December 2024

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
Remove profit from sale of fixed asset
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:
Proceeds from sale of fixed assets
Analysis of cash and cash equivalents
Change in cash and cash equivalents due to exchange rate
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Decrease in debtors
(Decrease) in creditors		 £
£
(169,628)
550
550
(169,076)
190,329
-
21,253
At January 1
2024
Cash flows
£
£
190,329
(169,076)
190,329
(169,076)
2024		 £
£
(169,628)
550
550
(169,076)
190,329
-
21,253
At January 1
2024
Cash flows
£
£
190,329
(169,076)
190,329
(169,076)
2024		 2024
£
(262,180)
1,375
(320)
111,133
(19,636)		 2023
£
(131,274)
1,765
63,557
(15,543)
(169,628) (81,495)
At January 1
2024
£
190,329		 Other
changes
£
-
(169,076)
190,329
-		 (82,190)
272,519
-
21,253 190,329
Cash flows
£
(169,076)		 At 31
December
2024
£
21,253
190,329 (169,076) - 21,253

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

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

Given the additional funding secured in early 2025, the trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

As outlined in more detail in the trustees' report, the charity faced some serious financial challenges during 2024. In response to this, the charity has identified a new collaborative partner who has committed to fund the core costs of the charity for the next two years, with a view to making this a longer term partnership. The charity was also successful in winning two additional multi year European Commission funded projects. As a consequence the trustees continue to consider that the charity is 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.

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 2024

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 2024

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.

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.

Income from donations and legacies
Global Council
Gifts and donations		 Unrestricted
£
58,217
10,000		 £
17,743
-
Restricted		 2024
Total
£
75,960
10,000		 Unrestricted
£
176,998
15,000		 £
57,049
-
Restricted		 2023
Total
£
234,047
15,000
68,217 17,743 85,960 191,998 57,049 249,047
Other income
Profit on Disposals
Interest income		 Unrestricted
£
2
318		 £
-
-
Restricted		 2024
Total
£
2
318		 Unrestricted
£
-		 £
-
Restricted		 2023
Total
£
-
320 - 320 - - -

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

4a 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 2024
Total expenditure 2023		 Cost of
raising funds
£
54,417
-
-
6,767
-
-
-
-
-		 Events and
convening
£
81,624
-
-
-
17,569
-
-
-
-		 Knowledge
and insights
£
73,463
-
-
-
-
-
-
-
-		 Capacity
building
£
27,209
-
-
-
-
-
-
-
-		 Support costs
£
8,163
-
2,336
-
-
15,824
5,007
1,375
-		 Governance
costs
£
27,209
22,458
-
-
-
-
-
-
5,040		 2024
Total
£
272,085
22,458
2,336
6,767
17,569
15,824
5,007
1,375
5,040		 2023
Total
£
237,333
33,508
904
16,360
18,106
16,815
2,567
1,338
3,540
61,184
-
-		 99,193
11,447
19,147		 73,463
11,447
19,147		 27,209
9,811
16,411		 32,705
(32,705)
-		 54,707
-
(54,707)		 348,460
-
()		 330,471
-
-
61,184 -
129,787		 -
104,057		 -
53,431		 -
-		 -
-		 348,460 -
44,496 131,547 118,580 85,698 - - - 380,321

24

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

4b 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 2024		 Cost of
raising funds
£
27,900
-
-
16,596
-
-
-
-
-		 Events and
convening
£
83,701
-
-
-
12,967
-
-
-
-		 Knowledge
and insights
£
83,701
-
-
-
-
-
-
-
-		 Capacity
building
£
55,800
-
-
-
-
-
-
-
-		 Support costs
£
19,530
-
1,020
-
-
23,811
2,104
1,765
-		 Governance
costs
£
8,370
38,796
-
-
-
-
-
-
4,260		 2024
Total
£
279,002
38,796
1,020
16,596
12,967
23,811
2,104
1,765
4,260
44,496
-
-		 96,668
16,881
17,999		 83,701
9,301
-
25,578		 55,800
7,973
-
21,925		 48,230
(26,575)
-
-		 51,426
-
-
(73,081)		 380,321
-
-
44,496 131,547 118,580 85,698 - - 380,321

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

5 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 1,375 1,765
Operating lease rentals:
Property 12,637 20,677
Independent examiner's remuneration (excluding VAT):
Independent examination and Accounts Preparation 4,200 3,550

6 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
Redundancy costs		 2024
£
233,527
18,594
15,664
4,300		 2023
£
242,201
21,128
15,673
-
272,085 279,002

One employee earned more than £60,000 during the year, they earned between £70,000-79,999 (2023: one, £70,000-79,999).

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £150,727 (2023: £122,744).

The Executive Board were not paid or did not receive any other benefits from employment with the charity in the year (2023: £nil). No Executive Board member received payment for professional or other services supplied to the charity (2023: £nil).

The Executive Board's expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2032: £nil) incurred by nil (2023: nil) members relating to attendance at meetings of the trustees.

7 Staff numbers

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

Raising funds
Support and governance
Charitable activities		 2024
No.
0.8
3.2
1.0		 2023
No.
0.5
5.0
0.5
5.0 6.0

8 Related party transactions

There were no related party transactions in 2024 (2023: £nil).

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

9 Taxation

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

10 Tangible fixed assets

10
Tangible fixed assets
11
12
Charge for the year
Accruals
At the end of the year
At the start of the year
Debtors
At the start of the year
Disposals in year
Cost or valuation
Depreciation
Net book value
Trade debtors
Accrued income
Creditors: amounts falling due within one year
All of the above assets are used for charitable purposes.
Trade creditors
At the end of the year
At the end of the year
At the start of the year
Disposals for the year		 Computer
equipment
£
14,667
(2,689)		 Total
£
14,667
(2,689)
11,978 11,978
13,060
1,375
(2,457)		 13,060
1,375
(2,457)
11,978 11,978
- -
1,607 1,607
2024
£
724
-		 2023
£
162,817
12,596
724 175,413
2024
£
9,353
3,637		 2023
£
8,407
39,762
12,990 48,169

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Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

13 Pension scheme

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £19,775 (2023: £15,673).

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
£
-
8,987		 Restricted
£
-
-		 Total funds
£
-
8,987
8,987 - 8,987
General
unrestricted
£
1,607
269,560		 Restricted
£
-
-		 Total funds
£
1,607
269,560
271,167 - 271,167

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

28

Social Innovation Exchange

Notes to the financial statements

For the year ended 31 December 2024

Movements in funds (current year)
Restricted funds:
Total restricted funds
Total funds
CHESS
Horizon Europe Pump Priming
Total unrestricted funds
European Commission		 At the start
of the year
£
-
-		 Incoming
resources &
gains
£
5,000
12,743		 Outgoing
resources &
losses
£
(5,000)
(20,710)		 Transfers
£
-
7,967		 At the end of
the year
£
-
-
- 17,743 (25,710) 7,967 -
271,167 68,539 (322,750) (7,967) 8,987
271,167 86,282 (348,460) - 8,987

15b Movements in funds (prior year)

Movements in funds (prior year)
Restricted funds:
Total restricted funds
Total funds
European Commission
ESIA
CHESS
Total unrestricted funds		 At the start
of the year
£
-
-		 Incoming
resources &
gains
£
22,750
34,299		 Outgoing
resources &
losses
£
(22,750)
(34,299)		 Transfers
£
-
-		 At the end of
the year
£
-
-
- 57,049 (57,049) - -
402,441 191,998 (323,272) - 271,167
402,441 249,047 (380,321) - 271,167

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.

CHESS - is a consortium project designing, implementing and testing a "Social Innovation Action manual" on specific societal challenges in Slovenia, Italy, Lithuania and Greece.

Horizon Europe Pump Priming Programme - is designed to foster collaborative approaches to calls under Pillar 2 or Pillar 3 of the Horizon Europe programme. We were awarded the grant to help us identify partners and prepare a proposal in response to the funding call: Expanding Academia-Enterprise Collaborations. We won the proposal and work will begin on the project in 2025.

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.

29