Chlty reglstratton number 12070n (England and Wates) Company r•glstratk*n nunkn IH396B08 SOCITM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SOCITM LEGAL AND ADMINISTRATIVE INFORMATION KC Frary M Lumley Y Popat CA Willi4ms K Taylor DR Rotrts {4Dpointed 12 June 20241 (Appointed 12 June 2024) DA Bryrt Charlty number{England and Wales) 1207072 Company nurnber 04396808 Register offic• 2 Shenley Gn)ve ST17 9PT Auditor ott(S Agxuntants LLP 1 Billitvj Road Northampt¢n Unitod Kiwom NN15AL
SOCITM CONTENTS Pag• TTUS18es' repcKt Independent aLxlitoVs ret 10-13 st2t8ment of financAal adivibes 14 Balan(* sheet 15 Notes to the financial ststèments 17-30
SOCITM TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustées present their annual rgpcfft and finanaaj statemerrts ftlh8 year eThJed 31 Oecember 2024. The finaNxal Strtents havè been prepared in a1xtdan WTth the artounti polic4es set OLrt in te I to the ffnancial statements and (x)mply wth the govemtng douJnenL the Companies Act 2006 FRS 102 'The Finanual Rewrting Standard appjicable in the UK and Republ of IrelarNJ' and the Charities SORP "Accounting and Reporbng by Chartties: Statement of Rett}mMeted Pract aWl¢ale to (aritses preparing their accwnts in xx)rdance with the Financaal RÈrtlrwj StsTrJard awAi<3b in Ihg UK and Republic of Irèland {FRS 1021", A yèar of transfornmtion and puTpose. preSIdr$ Introduclion Welwme to this yeaT's annu81 report from Scrfxbn. I réflect on tre last 12 mnths as sorreone 1rking at the hèart of dlgital transformatw in local government, so know first-hand how challerIng r( has beon for cwnals and publK teams. Flnanual pwures are incFeasing, éxpectatrons are rising, and we'ro being asked to do mrE wth less - all Ythile tyng to modernise seryices and trAJild digilal capability. That's why being part of this communtiy malter5 rrre Ihan ever. (er the past year. w8've seen how pverfL11 it can be Wtr members cx)mè together- to Sha insights, yA>lve problems. buikl sknifs, and speak wth a strongèr Ire1ve voice. Fnjm Al benthmating arvj professional develrnent programrlles, to natronal fowms and nètW¢X, thrs organisat¥)n has prowded 8 Vital spa(E for support, leaming aNI influEnce. L(x)ng ah&. wo all face decisiorks. Some 1x)unci are being tCd to reorganise, wnany arè reassessing théir prio111. and all of us are under [U trj make smarter use of data. techn(Aogy antl partnerships. In times kè these, the tèmptathjn can be lo tum inward- but the real strength I$ in stswng nn68. Next year marks the 40 anniversary of thts organwt)n. arj that Mitane is a timely reminder. we'va 18Sted thi8 long not by Standing still. tt by evoknng the sector. for $8Ctor. If We' going Eo keep making a drflerence, we need YOUT Votiy, your involvemenL and yi)ur c4xnmitm•nL Thts is and it's most powerful whan iys acti, visiblg and sutvorted by all of us. Thank you to everyone who &)ntribtrted this year. Your time. experb"$9 and continue to shape a b&ttèr Jture for dityal public serwces. Carol llIamS- SoGttm president
SOCITM TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th& evolution ol Soclbn- a word from our CEO As wé rafiéct the last 12 months, irs dgar 1hal our cxmnmunty o)ntinues to delNer meaningful impact in thg face of complexity and change. This year, our strategic fc5 remained firmty on SUprtIrj sector m&thers ts) hamess innovation and digital techTh)logies to improve outconEs for ple and places. concentrated eAJr efforts where Ihey Te rrk)sl needed: helpsNJ members usg dats and Al re5w>nsibty: developing leadership and professional sknlls throlbgh ryjutses such as Plac&based Leadetship and EmpoweriThJ Women", amplfying ffl8wuber voice in nxtional conversatiorts.. and rnaknng tt easigr to a(xess shgred insi9hL esources 8r communilies of practice. Our achievements refiect that o)mmitrnènt We laUrd a ground-breaking Al benchmamng pilot to understand reakworfd 8doption in local gtwemmenL We supwrted (x)uncils like Argyll and Bute to use bènchmath'rtg data for ICT improvement, and we shared stratsgic foSht through our ital Trends cdlection- hèlping lead&B naVate a fasl•moving digital landse2pe. Most imFXKtantty. we'vg deepened rnefftber engagement thicwh regional 8nd national events, arKI ensured your voices iMuenea the dIreCi ol dvJital public setvices. Looking ahead. we are under ro illusiorts atK)ul scale of Ihs challeThJes fa(irvJ local govemnnt. Finanryal pressures, demand for refomi, and thè ongoing [d to recwpnise how we work and de(iver seryi¢es wll conlinue to test us. In this environwuent, the valuè of our CLNnmunty has revgr been greater. Woting together. rather than in isolation. wll essential- to share leaming, avoid duFAicAtion. and ensure wslainthe [xCNJr. Nexl year m8rks rNJr 40th anniveTS8ry - a moment to celebrate Ivjw far we've (x)me. but also to ren our ommibment fio the future. We wll jnI19 to evofve. to support you in navigating unr8rt8inty, and IL> thampion the innovation, collaboration and leadership ne io Spe a resilienL p*fouJsed public sedor. Thank you to our mernbers. partners. and aff. Your passion aTMI putFW)se ryjntinug to drive eV8rythirj w• do. Nadira Hussain - Chief 8Xve officer {CEO}. So(xts
SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Vhat has the Socitm Insttiute done for you? Now in our COnd yaar we have expanded our offer based on the feEdback our members have prowd9d to us. This includes Èrfirdy new areas of Cyber. Pr(urement and Srf)cial Value and. of cwrse, services to support councils through Local Govemmenl Reorganisation & Devolub(wt. We have also brDught the existing benchmaIng service into the Institute as part of our Data workstream arKI added new pp1& to the team to U>V8r the volum8 and dw8rse natt1 of work. Cyber- Follown9 the success of ourAI hub IAI@SocFtm) we have Created Cyb&r@Socitm is a live coflectii)n of curated sour1 that provtde practiGal help. skills and a der understarKling of cyber setY in public AI@&Krfm tse has revamped with a fLXWS on case studi. trdining & group atvj netsvorks and new content uwlaled on a ragular basis Procurement 8 Soual Value - In o)llaboratic with the Crown Commèreial Sery1 ICCS) we hosted a series of roundtables in earty 2025 to explo Fh)w Ihe Pro(xJrement Acl 2023 impacts the integT3tion of social value into public sector proujremènt and the wtite up of thatalrls to our supF¥)rt of this area. LGR & Devolution - Our approach to supporting members thr(xJgh LGR & Dèvolution started las aays) with ning and through a seriès of regional ¥kShopS we have identified several key themes." induding the need for all coun(ils affected io '9gt their houses n or<lerf (somèthing Ihal can start now). as well as an 8d(nowledgemenl that the risks around Cyber. Djgilal & Techkn9Y n99d to te mor8 pmmingnl in prepan.ng 14Jsiness c85ps an(f planning new 8uthorrties. The Instllule's reseth programme remains a oNnerstonB of our oller. Our publ Sector DI981 TndS analysis 18 esigned to support your digital iouny. leaming frotn oth3 and app"n9 insuhts lo your i)wn organisation 8nd urcumstances. For our 2025 itera laurKhed in January. we have tocJJsed on three trends prioritised by Socitm's Nation & Regions Fffljm Ilormerjy Lix31 CIO Coun(il) and re[esentatP5 from our international path$. These top three trends &e.' Reimagining services, Cyber swrity & HarrSng data. Suppothg the learning of our members clinueS to be a wiority and as well as continuing to prowde our Leadership AcAdemy courses supporting IhÈ hugety wjpular CharrfJe Agent r5e$ we havè Trdentifjed other courses ¥un by third parties that cx)uld be benefiial io rnerntws and have rieg)tiated disc¢unts on these for you. More inlormation caNnin9 Stn Benchmarking- January 2025 Manageftnt of cJr JoThJsl8rKltng Benchm8rking services 11 fall vnder tho Soatm Institrjte. Th&e servTh2s alk)w partiaparts to SUPFth fhÈir business deasions wth data relating to the cost and rf0mnc of their IT seN¢* or how li is pewed by thatr users. To buikl on OUT Q)nsidÉr8ble historical dats nd provide a greater benefil lor our merntKrship. thK% year each organr5ation can take advantagE of one rA)mplimentary module. Sam Smith . Diiector of Instrte
SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Public benofit and Impacl The tnjstees have paid due regard to guidan(% is1 by the Chaiity Commlsslon in dèciding wh activitsÈs the tharsty should undertake. As a rcgistered charity. Swtm's actMIE5 are desiqned to SUPFM)rt ind1vidu$ arKI cgani6ations in technolcyJy and data tts improve public Ser. Everything we do aln$ with our tharitsble (4ecti've.' to support our members in delivering better ouiwmes for the pe(Wè and comrnuntties they serve. Wè provide ptactical tools. dats insights, leamiro (wrtunitFes. and a collabordtive that professionals reimagine how serwces are deliverad. By Supwbng d¥)ital load8h$p, innovatN)n. and transformation. we enable members to meet the needs (rf loc31 ¢ommunitss in a way that 15 more resw)nsNe. indusivg, and 9ffient. Ben¢[arfe$ and engagement Our benèficiaries are the indmduals, teams, 8nd organisatiws w0ing aryDSS the publiG seck- and we engage them to ensure their need5 shape cT w(Kk and rKtorities. How we engage We maintain a continuous conveT5ation wrth our EmbrS arKI akehddèrs through a wth rangg of formal and infomial thannels.. Digltal communItiOns.. Weekly newsiettars and a(ve social rlIa dne1$ k88p members up to date with key r950urces, evénts and interesting fvrther rewling. Social edIa. particularfy Linkwlln also fftatès (aY dialogue. Events.. Regional and national ts)nknr. nelvMMkiro days, onl1r bina cx)nrct rneMrs to new ideas, peers, and innovation. . Mernr Volce Group." A dedieated work group of members that provides earfy feèdback 8nd guidar on our programmes and proposals. . Annual m•mber survey A fml methanism lo evaluate rneM sattstsdion 8nd identify emergir prioriti"9s for suppui. . Workshops I focus yroups l rnonthty drop-in session. TtrMialic seswns that allow deep dwes into current issues such as A, acces5itMlity, cyter. arKI leadership. . Adyocacy and r•presentstlon.' Wo represent rrmbers' views in Tt)nal pdicy conveTs8bons. indudlng wtth central govemmenL relatOrS, arKI profesSN)n bodies. Sotitm National and Regions Policy Forum {SNRF)". This conrets representatives auoss d8volved nations and English regior6 to shape place-baJ atKI aCtice. . Regional committèè m••tings.' These m88tiThJs FV)V4de grassrrx)ts feedbad( and eftsure regonal Ferspectives infiuentB our pknnirvJ arKJ F1$. Why h matters This continuous engagement ensure5 that Sc*atm remains respSt¥e. rebv8nL and indusiva. It shapes our research, infoms our training and d8valopmenl ¢)ffeYs. guides our advocacy primties. and sbpngtti8ns our 0Munity. Ujtimately. it enables our membe[3 to ddiver better servKes and tYe3.
SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Volcè5 of the s•ctor Our members and privat8 sector partners are at the heart of everything we do. Their voices reflect the real-world impact of our work ITOM professional development and leadership support lo using data insights lo drive improvements in public service delivery. 'Socitm's data helps us spot gap5. take action. and check we've made progress. It's a valuab18 cycle of insight and improvement. John Mcvey, ICT Production Manager, Argyll and Bule Council his IEmpowering Women eoursel wa5 going to challenge m8 - in how I thought about myself as a leader. to think 3bout diversity. and lo enhance the skills l already had. It's made a difference not just lo my tearr, but lo the widei IGT environment loo." Alison Lin¢oln, ICT Manager ol Projects and CLJStomers, Blackpool Council 'This Isocitm's Digilal Trends 2025 researchl is a really timely publicstion... Digital leadership musl now encon)pass systems change beyond organisalional boundaries il we're lo harness Al lo tackle inequalities and create new value for residents.. Alison MeKenzle.Folan. Chief Executive. Wigan Council 'Taking part in the IAI benehmarkingl pilot helped u5 understand how to develop our interrlal approach to Al in a strudured and tlleasurable way. Traey Ledwldgè, ICT Operational Delivery Manager, Coventry City Council .1 recently had the pleasure of allending the Midlands Socitm Meeting in person this November. and I was immediat81y struck by the energy in the rooTn. It was packed with repr85enlatives frorr local authorities and other public sector organisath'ons, all eager lo engage." Eman Al-Hillawi, CEO. Entec Si "I've been appointed co-chair of the Microsoft Local Government Collaboration Group for Digital Accessibility_.. It's a great opportunity for me and for Kirklees Council. My appc)intment came diieolly from being a Socitm alumnus. I chose lo be mentored Jodi becarng my mentor. and 18 months on. she's now my co-chair. A big thank you to Socitm., Gra&me Murrèll, IT Princip81 Officer.. Digit81 Service5. Kirklees CounThl Here are some mor8 in-depth case studies demonstrating Socitrn's impact.. Al benchmarking in loeal government To understand how Al is transforming ICT delivery, Socitm launched an Al benchmarking pilot ahead of the 2024 President's Conference. The project focused on measuring real-worfd Al capabilities across ItsEal government ctsvering areas such as staffing, costs, governance, automation. and $8vings- rather than just future aspiralitsns. Coventry City Council were arllong the early particip8nts. Tracy Ledwidge, ICT Operational Delivery Manager, shared their hands-on experience dunng the confer8nce. including.. Athree-month Microsoft 365 Copilot trial The development of Al govemance, policies, and stratégies A six-week pilot using Al in adult social care -T8king part in th8 pilol h&lp8d us unrjerstand how to develop our intemal appr08Gh to Al in 8 Structu(1 8nd measurable way. Tracy Ledwidge, Coventry City CouncAI This is a link to the case stud Improvlng D•¢lsion Maklng with Dats.Driven Inslght5 Argyll and Bule Council have been using So¢itrn's data and tools ftsi more than 20 y&ars lo identify gaps in service delivery and traek improvements over time. This long-term approach to evidence-ba5ed decisitsn rnaking has helped the wuncil continuously refine ils ICT services. -SoGitm s data helps us spot 98ps. tak8 action, and check we ve made pro9$$. Its a valuable cycle of insight and improvement.. John Mcvey, ICT Production M8n8ger, Argyll and Bute Council This is a link lo the case stud
SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Socitm's Leadership Academy Our Empowering Wom8n programm9 continu85 to support women working in digital and ICT roles to grow as confident, inclusive leaders. For Alison Lincoln. IGT Manager of Projects and Custoners at 81ackpool Council, the experi8nce was transformational. "Working in a predominantly male ICT team, ancl as 8 n8w memb&r of senior m8nagement. l jumped at th8 chance to join the Empowering Women programme. I'd done mèrtagement training b8fore but th15 was diff8fent. 11 ch8118nged the way I thought aboul myself as a leader. hslped me Consider diversity more deeply, and enh&nced the skills l already hèd. Its made a differ8rtce not just to my t8am, bul to th8 wider ICT 8nvironmenl too. Alison Llncoln. Blackpool Council This is a link tr) the case stLJd Thought Lèadership Our Dwital Trends research continues to inform strategic thinking across local govemment. The 2025 collection gxplored how technologies like Al, data, and automation can support transformation beyond organisational boundaries helping leaders reimagine public services to ieduce inequalities and improve lives. Alison MeKenzie-Folan, Chief Executive tsf Wigan Council, reflected on how the publication supports their local mission: 'This is a really timely publicat. 11 speaks very much to our d8t&4Iriven, Al4nabled pillar supporting our mission of Progress with Unity. Digit21 leadsrship must now enconjpass syst6ms chang8 beyond org8nisation81 boundaries if we r8 to hamess Al to tackle inequalities and cr8ète new v8lL4e for residents. We n8ed central govemmenl to wo with us especially on unlocking barrA8rs amund procurem8fflt, data s6CUrity, ethics and tnsprency." Alison McKenzie-Folan. Chief Executive, Wigan Council This is a link to the Di Itial Trends collection Finanelal overview Summary of incoma and expandlture {£'OOO'sl The following is a summary of the financial accounts lor the year ended 31 Decernb8r 2024 as rawewed by our auditors, Cottons Accountants. Financial year 2024 202J Ineome 1,103 1,342 Expènditure 1.482 1,427 nvestment gains Ilossesl ,793 Net inwme lexpenditurel 12951 3,550 FLJnd balance at 31 December 3,933 ,228 Funding sources and grant allocations Socitm is primarily funded through the mernberghip income generated from organisations delivering local public servIs. This is augmented by Income provided by Socitm Comrnercial Ltd which is a 1000/ts owned trading company that generates income from corporate sponsorships and partnerships. The strategy of the charty is t() build on the existing funding sources and seek additional funding from appropriatè grant bodies, working in partnership with local authorities and higher education bodies.
socrrm TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial PrMance and rwrves polity During 2(Y24, the chaiity has tEen utFIlng reserves weviwsty bj1 up to invest in the Sootrn Institute which provides thè edu<2tional services to improve the effecttve use of infom18fion technokw and data in the delivery af public ViCes. The finanual rèserves indude some £600,000 which is curithty invested tn accessible unil trusts. There is a formal financial reserves pcdicy in pla and the reserves aro SLtbstantially higher than the minimum requirement of rrK)ntrts biKkJeted eyndrture. StatÈment frDm the FD and )Inaneial oversiglrt Socitm (x)ntinues to invest in building altemative income streams 2nd Ts anti(xpating that by 2026 it should be generating an (yernl'ng surplus that can te r&invested in the delivw of the seThices as (lefined in its charitable objects. Davld Bryant. Finan and commeTcf81 dir. So(xlm Futurg plans and strategy ahead. &KXtm's prionlies are f(wsed on sustsinable grrmth. deeper impact. and greatw sUprt for public service innovat1(. We aim to increase mombership, induding eypanding our reath beyond local govcmment, vthile continuing lo support councils in the DDaT (Digrtal, Data and Tcthnoloyyl sPa- partw>Jlarfy within the ccnlexl of locsl govemrnent refom and devolutKJn. A key fooA% i% helping oryanisations build intemal 12pacity and self- SLffiuency. reduc4ng rèliance on expensiv& external corwtrtrancy. To ad)iève this, we plan to grow the cwut of the S(Kttm Institthe. rrKTrasing the vo]ume of 1mMiSsiOned and paid- for work that suptK)rts digital transft)rmation arNJ genefates ino)rre for retnvestmenL We wll also pursue strategic partn9rships and apply for grant fiJrKling, wothng aLademic and secaor4elev8nl cryani58tions to dèveknp impa¢ttul, fundèd rnitsatsves. Our long-term vision ts to beco a self-SUStaining oryani8atw)n that (3n reinvest any surplus back into leMber Sorvices. regwr. and communty supporL By increasing our membership bas&- aiming to engaga rTTore than 80°A of UK Ix)urKils- in the publ sector. w ho to strer¥Jthon our as tha 8Uthoritabve. incusivs v(M(x for di9itaJ leadership Structure. governance and rnanag9nt The trustees. YA)0 ar8 also the direciors for the puw of u)mpany taw, sèrvgd during the year and up lo the date of sJnalure (rftr fin8n¢xd stalements w8re.' KC Frary M Lumley MA Nichol8s Y Popat CAWilliams K White H Mck98 M LGWIS K Taylor DR Roberts (Rwned 7A] 2025) IResiJned 1 Apn'l 2025) IRe5igned 13 June 20241 {ResJrd 13 Junè 2024} (Ap[in 12 June 2024) IAwcMnted 12 June 2024) &)citm is governed a¢xcding to its Ad&S ofAss(MxatKJn whK* define5 thg objects 8nd powers of tha charrty. The majority of the TnJst¢es are pts¢titicers workirwJ in Ihe wblic sand volunlary s8cto voted lo the Board by the rnembeFS. These form the presidencs tearn whith cortSi5ts of a Ident, thr¢9 or four presidènvs and an immèdiate past presidenL These trtsSt generally serve for fve six year5 dopeThJing on the numter of {% presidènts at the ts.me of the¢r electron. The ptEsidential t8fm i8 for cv)è year, durtng thè presidenys also th8 chair of th8 Boatd, before becorning Ihe immediate past prrident. Thefv is also the optron for the Board lo elect LJP to five ¢(0pted trustees wth specrfK expertise to supFrf the Board. DuriThJ 2024. there were thr6e suth trustses. Each (wpted trustee Lzn Serye for an inthl three year term. ren8wthe by ts 8oard up to Iwo times after whi th&y resign.
SOCITM TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 All thÉ bustees have parb.cipatj in thè NCVO thaity trustee training indu(knn. There is a rèmuneration comTnittee that has been delègated by the 8oaTiI to revEw and man8ge all HR 8nd payroll issues and rCommendab"s. This consists of the president, immediate past Fwesident and one of the (tsopted fvstees. The trustees also oversee three commrttees that foojs on key areas of th8 charity KIentIfi as being the highest risk. These arè financ and risk Ihe Socitm In5tstute and merter5hip aT7d Ictal pvammenl. Eath of is chaired by a trustee. SUPPDrted by Iwo other trustees and attende(I by Ihree members of the Exe(Jthv8 ManagomentTeam. Statement of trugtoes. responslbllltlg The trustees, who are also the dreCtOrS of Socilrn for the purpose of company law. a restsle for preparing the Trustees. Report and the finan(xal ststements in S)rdan wrth app(b law and United lfjngdom Ac(x)untiThJ Standards (United Kingdom Genèrally A91ed A(zgJunbrwJ Prath"c81. Company law wuSres Ihe trUStee5 to prepare financia] stalements for eath finaneial year whith gNe a trua and fair view ol th8 state of affairs of the charity arml of in0)m5 $oUT¢S and application of resourrts5. indudSng the irmme and experKliture. of the Charitab cu)wany fL thal yèar. In waparing se ffinancial slalernents, the tnjstees are raquired to.. - théct suitable accounb.ng poliaes and then apply them (rnsistenty. - observe the methods and wnciples in the Charities SORP" - make judgements and estimates that are aSonab and pnjdert - stats whether appli(3e UK Accwnting Standards have been fdlow, subject to any materi81 departures disGlosed and axplained in the finanual siatcmenis", aNJ - prepa the finanoal statwnents on the 9)iTrJ (x)ncem basis unless It Is inappropriate to wesume that the charity will continue in op¢tation. Th6 trustw are responsible for keep¥ng adequate a[nting records Ih8t d0$? with reasCab1È acraCY at any time the financial position of the tharity and enable ttM to ensu thal thè financial statements c4)mply vrith the Compani88 Act 2006. They are also responwbie for saféguafding the assets of Ihe charity and hen¢x for iaknng reasonabla steps for the prevention det1( offraud and other iwegulaities. Auditar In accordance wtth the companls arbcl8s, a resolubon protK)sing blat Cottons Aco)untsnts LLP be rèappointed a5 auditor ofthe cx)mpany will be put at a Gèneral Meeb"ng.
SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Acknowledgments and conclusion As we reffect on another year of progress and transformation, we extend our sineere gratitude to all those who have contributed lo our journey. To our members, partners. supporters. funders, and collaborators thank you. Your commitment, ideas, and passion Continue to fuel Socitm's work and help us drive meaningful impact across the public sector. Closlng r•marks from Nadlra Hus$aln, our Chief ExècLrtive Offlcèr When l assumed the role of chief executive three years ago. I was det&miined to reposition our society as 8 force for public good a values-driven org8nisation grounded in openness and accessibility. To meet these revised aims and 85piralions, we've worked hans during thi5 reporting year to deliver real, demonstrable change. From building slrong8r engagement through our communities of interest, to extending our reach across devolved nations. health, and academia, we are more inclusive and responsive than ever. We've also slrenglhened our sector voice by working clos8ly wth stakeholders like the Local Govemment Association, Solace, London Office of Technology and Innovation and the Ministry ol Housing, Comrnunities and Local Gov8rnment Our focu5 on people, places and Communities remains central, with practical tools such as our 'ethical. digital plac rnaking, model h81ping members explore technology with human-centred design. This year's rapid rise of Al has shown how agile we can be. We've acted quickly to support our members with guidance. insight, and benchmarking ensuring they're equipped to respond to llew opportuniti@s. The coolinuing challenging landscape is difficult lor us all. But il's also inspired growth and creativity. Our comTnunity continues to thrive, and the d8man(J for Socitm's support has never been gr8ater. Ar)d finslly, achieving charity status is a major mi18Stone the chery on the cake. It rernforces our mission to do public good and strengthens our ambitiorj to secure fijnding that 8nabl6s collaboration, stsndardisation, and lasting change scross the sector. If you n8ed any furth8r infomiation, please email us at hello socitm.n81. Dis¢losLrre ot informatlon to auditor Each ol the trustees has confirmed that there is no information ol which they are aware which is levant to the audit, but of which the auditor is unaware. They have further oonfirmed that they have taken appropriate steps to identify such relevant infom)ation and to èstablish that the auditor is aware ol such information. The truste8s' report was approved by the Board of Trustees. CA Williams Trustee Date..
SOCITM INDEPENDENT AUDOR's REPORT TO THE MEMBERS OF SOCITM Oplnlon We havg audited the finan(xal statements ol Socikn (the 'thantyl for the year ènded 31 December 2024 which comprise the ststèmenl of finanryal aLliMbes, the balance shL sts[ent of cash Iltpws and notes to the financial ststements. includi1 signifiiznt acrA)untirvJ CleS. The finaMal reptIg trarrTreworf¢ that has been applied in their preparation is apeble law ar unit Kingd1 Accounting StsrKI8Tds, irKJuding Financ4al Reporting Standard 102 The Financial Rèpoitiiig Standanl applKablb in the UK and RèpubliG of Ireland {United ngdom Generalty Accepted Arrtting Practice). In our opinion. tha financ4al ststements- give a trJe and lair Méw of the state of tFfe tharttable affairs as at 31 Deeèmber 2024 and of hs in¢11j resour and appli(xtion of resrCeS. indudirvj its incxjme and expenditu. for the y&aT then have be prop8rfy prepared in aCdaD Unibd lQ"tykn) G)erallY Accepted Arnting Ptactice. and have prepaied in accordan ¥thh the tequiremanls ofthe ComparklesAct 2006. Basls for opinion We wnducted Our audit in accJrdance wth Intemational Slandards AL•Jthng (UK) IISA8 IUKI) and apIcable law. Our resrx)nsibiliti8s undw those Standards are fvrther described in the Audit(irfs tssponsibilities for rhe au(Jit of thg fjn&ncial statements $8ction of our rerx>rt. We are indepentlent of th• charity in acAxJan¢e vrith thè ethical requiremènts that are relèvant to our art of the finanoal statemenls in the UK, includin9 the FRC'S Ethi(xl Standard. and we have fulfilled our oth8r ethical tKInsilIe$ in nce wth requirements. We believ9 that ihe audit evidènee we have obtained is suffici&nt ar appropriat8 to PrOde a basis for our opinion. Emphasls of matter We draw attentKin to note 31 of the finarKaal statewnentt whK descttm Ihe effed5 of a restsucturing of certaln loan and equity h¢JhJings 15f the charity in May 2025. (r Opin is not ndifid in respect of this matter. Conclu51ons relating to going corKgm In au"ng the financi 51atements. we have condLhknl that the trusiees. us8 of the going corrnn basis of awunb.ng in the paration of the financial statgmewts is appropriate. 8858d the work we have perform8d. we have t¥)t Idlifd any rnatsrial uncertairrti8s re18ting to ev8nts or conditions that, individually or colltivelY, tnay cast significant dbt thè chariws ability to conb.nue as a goifty concem for a peiiod of at least twefve rrKJnlhs from vthen the fin8ntsal tements are authortsed ts i&we. OUT responsibilities and the re5w)n5ibilities of the INes th rets to going are describe(l in the r6levant wbons of thi5 rapoit Other lrfomiatlon The other inforThation oynprises the infWrT0U¢ Ided in the aT7nual reFrt other than th8 firwickat statsments 8rKI our audrtorfs report ther80n. The trustees are respgn51kn]e for thè other information contsined within the annual report. Our opini) on the ffinan0 ststemants does not cover thè Olher inforyn8b.on and, excgPt tD Ihe extent oth9rwse ex1(1 stated in our repKIrt, wè do not exwess any form of assuranea condusion thereon. Our responsibility is to rsad the Ottr infomiatK>ll arwj. in d(Mng so, o)ns¥der whether the other infomiation is materialty inconsistent with the finanaal slatements or our krKI¥edge obtsird in the (xNJrse of the audiL or Othe8 appears to be materially misstated. If we idenb.fy such matend sIstencieS or app8rent material misstatements, wo are iequired to d*miine whethér this givgs rise to a rnat6rial misststement in the financial statements themsefves. If. b8sèd on the Work we have p8rfomied. we cOThJJe that Ihere is a [natla1 mi5Statsm¢nt of this othw infomiation, we ar8 required lo report that frdcL We hav? nothiThJ to rèport in Ihi8 regard. 10-
SOCITM INDEPENDENT AUDrroR'S REpoirr (CONTINUED) TO THE MEMBERS OF SOCITM Oprnions on othor mattors prnscrib by th Companie5 Act 2006 In our ormnion. based on the work underlaken in the (x)urse of our audit the iwrfomation gNen in the tDJstees' repct fDr the finanThal year for which the financial Stsleents arè Ptepared, whith indudes the directors. repcrt prepar941 (Dr the purKM)ses of company law, is consistsnt wth the fjn8n stateTnents'. and the directors, retth indtKled wiU)in the trustée5' re has been prepared in ardar with applicablè legal Mattern on whlch we are r•quired lo report by 8xceMton the light of the knowIge understarMlsrvJ of thè charity and its onvironment obtained in the ca)ursè of the audiL we have not identtfied materid misstat8ffl8nts in the directots. repxt indLkded W[ill the trustees. reporL We have nothing to reFOrt in resped of the ffAtrywing mattets in relation ILI which Ihe COmnieS Act 2006 requires us io rpFX)rt to ycyj rf, in our opinion: adequate acownting cordS have not been kepL reknns a(Wuats for Iwr audrt have rK)I iEen recei¥gJ from bran(es not visitEd by us,. lx fhe finanaal ststements are not in a9reemertt with the aOunting re{xth and retyms; or certain disdosures of trustees. ramuneration by law are nol male,. or we have not re all th6 information and eWanat•)ns wo require for our audit. or the trustees were not entrued to prepare )Inanaal statèments in adan wth tha small companie8 regime ar tak6 &lvantage ot the small c4)mpanies' exemplM)ns in preparing the bst9&s, rwrt anil from the requiremènt lo prepare a Stratèg report. Responslbllltles of trust••$ As explalned morp fully in the statsment of t. re¥SIbl[ ttb88. thè twste¢s. who are also directors of the charity for the purpose of company18w, are resFK)rtsible for the preparakn ofthg finanal statements and for beiThJ satisfied that Ihey gwe a and fair wew, arNJ fi such intem81 ¢tro[ as the trustèes deterni1 is necossary to enable tha preparation of financid statements that are free from materia rrisstatement, Ythether due lo fraud or error. In preparing the financ4al stslements. the tnJstee5 are reswnsible for assessing thg chty's abilty to CX)fTtinue as a going rn. disrJ05ing, as appjicable. fflatters related to going cOnM and 1[19 thg going conrn basis of acwunb.ng unsS the tnjStS either Inter to rulate the charrtabJ6 (x¥nparry or lo cease OPoratiorH or have no reIstsC ajlemafive but to th FL). Auditorfs responsibljides for the audh of the financlal stat4n Chjr obiectwes are to Cl31n reasonèble assurartce ab(Krt whether the financ4al statern¢nts as a whole are tree from material misslalernnt. wtrEth6r due lo fraud or error. and to issue an auditorfs report that incjudes our opinion. Reasonable assuran a high level ol assur4nc4 txrt is rbot a guarantee that an audit (x)nduded in accordance th ISAS IUK) ak¥8ys de a matsrial misslatemenl when it Sts. Misstatements can arise from fraud or error and are considered material if, individualty ot in aggregate. they could Jeasonably bo expeded to influence the en1C derysions of users taken on the basis of Ihese firkgncial sialernenb. The &xtentto whir* tyjr procgdurfjs are Pale of detecbng irregulatilies, inc4uding fraud. is detailed below.
SOCITM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SOCITM Our 8wroath to ¥Jentifying and assessing the risks of material mtsstatwnènt in reSt of trregularibes, iÉwJudiDg fraud and tK)n-UMMFdiance with laws and regulabon& was as folb)ws: - the engagement parther ensured that the engagement te8m lective had the appropriats Cx)mpete. capabileS and skills to Klentify or recognise non-(Knlan( wth applicabl8 saws and regulatio. - we idéntified the laws and regulation5 applk2ble to the company throlyh discLE5sions with directh and other managèmenL and from our ccmnmercial knadge arKI experlence of the u)TnputeT component manufaciurro and supply secior., - w8 focus8d on specrfic laws and regulations whic we consered Tnay have a (firettt material effeet on the finanaal ststements or tho cyrations of the c#)mpany. indudiftg Companies Act 2006 and health and safety legi$lalion'. . we assèssed the extent of CCnlarK9 vmh tha laws arwj regutionS vjanbfigd ab)ve throthjh mak(ng &nquiries of management and inspecting legal (xYresw)ndenc¢", and - identified laws and regUlatiS were comTNJnicated vthin the audit team rEgularty and the tèam remwned alèrt 10 instances of nondcompliance thrOug)Ut the audiL We assessed the susr£ptibility of Ihe compan5 finanual ststements to rnateriai misstatemènL Iruding obtaining n urer$tsndINg of how fraud Mht ocajr, by. - maknng enquiries of management as to they consKler6d there was sus(£ptttiility to fraL. ]r kled9$ of actual, suspected and alleged fraud; - considering thè intemal controls In place trj mitige risks offtaud arvj r•)n-cc4nrlianc& with laws and ts9ulatior', To address thè risk offraud thrryjgh m8rwement bias and override of c4yrfriAs. ". . P8rfomed anawcal procedures to idenbfy any unusual or unexpeded relati)n5hips" - testsd joum81 antiies lo identify unusual transaca¥)ns', - assessed whather judg8ments and assumptKins made in dètemiining Ihe ac4x)unting estirnales wwe indicadva of potential bias., - investigated the rationale behiThJ signifi(anl or unusual tsrwc1yxts" In rasponse to the risk of irregularities arKI nONomlar wilh laws and wulalions. we d85igned procwlures which Induded, but werg nat limited to.. - agreeing financial statement disdosures to underfying supwtng ¢J)wmenlaix)n" - read1j the minut8s of meetings ofth058 tharged W[ go¥ema. - enquiring of man8gernenl as to actual and poterÈtial lltbJalic and da16.. . reviewiru correSpdence with HMRC. releTrtsnt regukglots and thè companYs legal advisots.. A further d&sCrip)n of tyjr re$rSIli$J.es is availaNe on Ihe FinanThal Rep)rting cOurlI.S websrie at: htsps.'Il wwW.frc.cg.uklauditors¥Eswnsibiles. This d6pti fi)m)s Part 0fr auditots rewrt. 12-
SOCITM INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF SOCITM Us• of our Teport This rep(¥t is made solely to the charitabltr etynpanS rnembers. as a trA)dy, in acTr)rdance with Chapter 3 of Part 16 of thé CompaniesAct 2006. Our audit WC has undertaken so that we Mjh{ stata to the charitable companys members those matters we are required to state to them in Zn auditor's re[rt and for no other purpose. To the fvnest extent permitted by law, we do not apt (K assume rosponsibility to aryone other than the charttable Cotnpany and charitable crmpany's mernbers as a ty. forouraudit work. forthis rewr( orfor the opinions we have fornied. David Ingram FCCA (Senior StalutoryAudltor) For and on behaff of COtsA¢xoUn1ats LLP. SlatuwdIt0r Chartered Aco)untsnts 18s11ing Road Ncthamplon NN1 SAL United KInOrn Dale.. o..lÉx.[2otf -13-
SOCITM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnreBtrictad Unrestrietad fvnds fvnds 2024 2023 Income from.. Charitable activities Other tralftg acaivtbes Investments 920.825 731,206 460.507 150.069 182.120 Total Incom 1,102,915 1.341,782 Expendlture on: Raising funds Charitable activrti8S 158,200 1.426.859 1.481.699 Totsl expendSture 1.481.699 1.585.059 Nat gainsllk>ssesl on investrnents 13 3,793,251 Nèt incomg1{expenditurnl and movemert In lunds 1295,0861 3,549.974 Reconcillation of funds: Fund balances at l January 2024 4,228.461 678,487 Fund balances at 31 O•cemb•r 2024 3,933.375 4,228,461 The statsment of ffinancial aQfve$ indLKles all gains and losses recniSed in the year. Al Incor and exp8rKliture derive from continuing activfoes. 14-
SOCITM BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flx•d assets Intangible assets Tangible assets Investments 15 77.810 6,814 3.634,940 104,902 7,577 3.731,234 17 3,719,564 Current assets Debtors Investments Cash at bank and in hand 3,843.713 19 20 1,055.689 746,275 176,896 219.214 231,853 1,287,542 Credltor5= amounts falllng due wlthin one y•ar 1.142,385 21 1620,1031 1237,1461 Net currènt assets 667.439 905,239 Totsl assets less curr•nt liablllties 4,387,003 4,748,952 Deferred Income 1453,6281 1520,4911 The funds of the eharity Unrestricted funds 24 3,933.375 4.228,4fj1 3,933,375 4,228,461 09107125 The financial statements were approved by the trustees on ......................... CA Williams Trustee Company registration number 04396808 (England and Wales) 15-
SOCITM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2023 Cash flows fTom opwating aftlvitiss Cash absorfoed by OF*ratkifis {524.1181 (874.9291 Invostlng activltie$ Purchase of intangible 8ssets Purehasg of tangible fixed as Proceeds from distx)sal of subshYi8ries PTocewJs frn disposal of asso(xates Repayment of loans Purchase of other investments Proceeds from disposal of other investrnents Investrnent income received (45.143} 17.4n) 11001 11601 (132,247} (3.502,3881 3,750,452 150,069 (2,220} {152.672) 509.529 182,120 N•t cash generated from InvestSng aetivltiès 536,757 213,011 Net ¢ash gen8rated from financing actlvrlles Net In¢roaselldgcr•ase} In cash and Cash •quival8nts 12,639 {661.9181 Cash and (ssh equivalents at beginning of year 219,214 881.132 Cash and cash equival•nts at end of yoar 231.853 219,214 16-
SOCITM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aceounttng polkies Charity Infrtrmialion Sticitsn is a pnvate company mited by guarantee in England and Wales. Thè registered Offi is 2 Shenley Grove, Stafford. ST17 9PT. 1.1 ACunting conventlon The financial ststements have béen prepared in aCCdance wilh the charivs gowming document, th& Companies Act 2006, FRS 102 Yhe Finanoal ReFth"ng Standard applible in the UK and Republic of Ireland- and the Charities SORP 'Aro)unlffj and RetKKbng by Charitses: Staternent of Recommended Practir appliGable to charilEs rKeparing thr 8rLcwJnts in accordan th the Financial Reporting Standard ap[Al(e the UK and Rgpubjic of Ireland IFRS 102}-. The ch8rity is a Public Benefit Entity as defin¢(I by FRS 102. Th& financial Staterllts 8re prepared in sterftng, which is the lunclKfflal of the charfty. Monetary amounts in th&se finanaal stslements are ftxjnded to the ne8rest The financisl statements have been prepared Ur Ihe historical ci)st CxsnVent. The prinripal a(thunting adopted are set Ixrt below. The Charttable Company has trdken advantagg of thé exemption under section 399 of the Companies Act 2006 and Appendix 3 of the Ch8rities SORP to w6pare consolidatéd accounts, on thg basis that the group of which tru"s is thg parant qualtfies as a small group. The fm8ncial $18tements pres1 informatKsn about th (MpanY as 8n indmdual entity and not about rts grrxjp. 1.2 Golry eorKern At the time of approwng Ihe finanud statements, the trusEees have a reasonat48 e¥Feclation that the djarity has adequate resour$ lo C('n& in owabc4)al exist8r for the foreseeable futu. Thus the truste&g continue to adopt tre g(¥ng u)ncem basis of accounting in nancIal statements. In makirvJ their assessm of the abrfity orthe dwity to ntinUe in oTational existence tr the foe¢able fiJtutE. the trustees have cofisrdered a Feriod of at tht tsvejve months b&yond the date of approval of the nanual stAtsments. They have glven due regard to Ihe histtry of operating deficits of the charity and the Trrpact of the mattÈr5 disdosed in note 31. Thè trustees have devised a Cost reduction strategy to reduce the level of th6 defKats and hav6 th)ndered valtre ofthe investment pthlio and have inditted a willingrws to realise these investments to SUPPLYt the cash-fk)w rEquir8ffents of the chatty. 1.3 Charitablo funds Unrestricted fvn¢Js are available for u al the dts(x6bon of the Inth in fiJrtherarKe of their rtharltablè objectives. Restrthd fvnds are sutr4.ect to SifiC cor1diti( by or grantors as to how they may be used. Th8 purwses ar¥J usas of the r&stricted funts are setout in thè Tr)tes to the finan(aal statemgnts. EndownI fund8 are subj.ect to speofic u)ndrbJns by (k)ncfs that the tal must be maintained by the arity. 1.4 Income Inme is rethgnised when thè charity is legalfy elrtitted to il after any pèrfoTrnan (x)ndititsns have mel, the amunts can rnÈasured relktybly, and it r& probable that irKrn 11 be recefft. Cash donatsns are re¢xJgni8&1 on lpL Otrw donatp)ns are ejnISed cwJ( the c*arity has been rKltifigd of the donation, unless performance th1ts wuire defeTh of the amount. Inme tax recoverable in relation to dat)n5 received undèr Giftd or deeds ol covenant is remgnised at Ihe tirne of the donation. 17-
SOCITM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poliel•s {Contlnugdl LÉgac4es a re¢J)gnised receipt or otherwi if the charity has been notifi of on I9[ling distrbution, thè anU{ is known, arKI rèceipt is e$d. It the arrn1 ts thB 1gJacy is treateil as 0)ntient8$Set 1.5 Exp•nditurn Expenditure is reujgnised orjce Ihere is a legal or CstrUctiVe oblwJation ts transfèr erornIe benefft to a third paty. it is probsble that a transfer of econ(xnic beneffls wll reqre in settlemenL and th8 amourrt of Ihe obligation Isn be measured roliaw. Expenditure is da&8ified by actvity. The costs 01 each acvity are made w of the total of direct c4)sts and shared Sts, induding support costs invofved in underlthng eath activity. Direcx costs attributable to a single activity are 8lkncated dIreY tr) that athvity. Shared ryTrsts vthiL contributé to more than one activity atKI supwrt rx)sts which are not attribuiable to a ngle activtty are apptxtioned ttsen thos8 actiwties on a basis consistent with the usè of resources. Central staff c£6ts are alk)cated Ihe basis of time sp( and depreaation tharges aro allocated on Ihe 1xxt of asseys use. 1.6 Research and dovelopm•nt exp8ndlture Research expendiiure is wriiten off against proffts in the year in vthich it is BK¥rred. Identifiable development experKliture is (pitalised to the exient that the lechnKd. CLXMMeal and finarmial febilty be 1.7 Intangible rÈd assets other than goodwill Intangible assets ac4uired separalely from a business are re(x)gnised 81 ()st and 8re SUbSeqnY mewred at o)st less accumulated amortisation and a¢{mUlat impairment k)sses. IntangitAe assets acouiTed on busine&% oJrnlxnatKJns arp rwrtised separaiely from goothmll * the acquisiban date where li is probable that the expected future economic benefrts that 8T8 attributable to the asset wll flow to the entity and the fair value of the asset can bg mèasured rdiably,. the intsThJible asset arises from rnntractual or other legal rights: and intangiNe asset is sèpatsble from the entity. Amrtisation is reryyJnised so &8 to wrtte off Ihe cost ¢y valuatim of assets less Iheir residual wdues over their usefvl lives on the falltiwThJ bases". Development tx)sts straKJht line 1.8 Tangiblè fixed assets Tangible fixed assÈts are inthalty meawrl at cost and SubSeqdY nwured al cx)st or valuation. net of depwab.on and xny iryairmerrt losses. Dgpr¢0aon is r8cognised so as to write off cost orv8lualb)n ol as$4s less their resKlual wabjes over their useful livès on tho follor bases". Compuiers 25% Str"gl line The gain or k)5s arising on th¢ disposal of an asset ks detemined as dfftrence b9lwa the sale proceeds arKI the caThy]r v&lue of Ihe and is r8(JyJnised in the Slatemof finan activtties. 1.9 Fixed ass•t Investmènts Frxed asset inve$lments are IlY Mured at trarE58d*)n price exduding transaction costs. and sra subséquently measUrj at faiT vslué at eath reFK)rting date. Changes in fair value are rgryyJni8ed in nèl in)ma1(8xpenditUreI for the year. Transarlion cxjsts are expgrBed as incLtTred. 18-
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounling p1¢1¢8 (Continued) A subsidiary i% an entity ToI1ed by the charity. Controt ss the Wer to gov•m Ihe finanLial and operatir¥J [K)¢[eS of th9 entity so 8S to obtain beneffts fft)ffl tts acts'vrii8S. An 888(xaate is an entity. being neithar a subsidkry rK)r a joint venlure, in V+t]h the charity hottjs a ksng.te intsrest and where the chartty has significant infiUon. Tr rtharity considers that it has significant influence whsre Tt has th¢ power to partscapato in the fin8nrial and cw8b.ng deaswjns ofthe assthiats. 1.10 ImpalMnI of fixgd ass•t5 At èath reFK)rting end date. the charity rev the WTng amounts of its tangible and Intsngible assets to determine whether thère is any indication that tFw)se a55ets have suffered an impainnent knss. If any such indi¢aty)n aSts, the reo)verable amourrt of the asset is estimaw in cthr lo detem11 the ext6nt Df the Impaimient loss {rf any). 1.11 Cash and cash ¢qulvalents Cash and cash 6quivalents indLth cash rn hand. d&7$1 held at call wtth banks. other short4gm Itquid vestmènts wyth original maturitFes of MthS or less, and Lnk overdrats. Bank overdvafts are shown within borromrkgs in nnI lial[e. 1.12 Financial Instruments The chartty has elected to apply the provisicns of Ss(•)n 11 'Basic Finanoaj In5trymentS' and Sectl(>n 12 'Other Financaal Instrumenb Issues. of FRS 102 to all of its finanual instruments. Finanrial instrnments are recognised in the charls balance sheet when thé charity becornes party to the contractual provisions of the insthJmenL Financaal assets an¢J liabilFbes are offse( wtlh the nel arTk)unts presented the financial sts18ments. vthen there ts a legally enft)rceablè rtght to sel off the recwnised amounts and there is an intention to setde on a net basis or to rgali8e lh8 asset and setlje the liabrlty srmultsnetyjsty. Basic financlalassets Basic financial assets. vthMJ indude dèblors and cash aJNJ bank baLances, ara initialty measured al transaction Pr[ including transactK)n costs and a subwuwty carried al arnortised rJ)st using the effective interèst method unless the arrangement c(StirteS a financing transacfion, Whe the transacti is measured at the pre8ent value of the future receipts dv6(x)unted at a Ma81 rale of rnternsL Financial assats dffied as rable within one year are not arTh)rfised. 8asi¢ fin1KabulfrQS Basic finanaal liabilitiès, including creditors 8nd bank loans are initialty recognrsed at Irdnsactlon price unless the arrangemgnl nst[tuteS a financing tranwbon. where Ihe ¢bt instrumnl i8 measured at thè psent value of the future payments discounted at a market rate of interesL Finanual liabilthes classtfied as payable Wtthin one year ate amrtiwj. Debt in51nJments are gjbsequentty carried at arTh)rti ryxst. using the effectNè interest rate method. Trade ereditors are obligath)ns to pay for gcKKls or sarvi that havè treen acquiwl in the ordinary wurse tsf eratiorts from suppliers. Amunts paya& are dassifie¢J as oJrT&nl fHbilitT8S rf Yrnet is dua wtthin one year or less. If not. they are presented as noTrcurrent liabilit5. Trade ercditors are rean1s0d initially at transacth)n price and subsequenty meawred at amr1 o)st Using the èffeth¢ interest rnethrxl. Derecognilion of financialliabilits•s Financial liabilities are der8gnISed whw) the chariVs &traCla1 oblvJalions &ir6 are discharged or cancelled. -19-
SOCITM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies l¢ontInu} 1.13 Employee bwefits The cost of any unused hidaY entilleml is racc•JniJ tn Ihe wicxi in wthich the Yee'S are received. Temiination benefsts a recognised immediatdy as an expense when The charity is donYJnstsably commrtted to lemiinxte th8 employment of an employee to provYe temination benefils. 1.14 Rètirement benerts Paymonts to defined oMtrbutJn retiremerrt ben8ffl schwnes arè charg9tJ as an fjxpensè as they fdl dEJ8. Change In accountlng pollcy On I9 February 2024 the Company be(me a Charrlable Company. The Finanual Stments ts Ihe period endgd 31st De(efflber 2024 have been pieparÈd uThJei FRS102 a1 the CharEties SORP and Ihe comparatives have b&en restated. Critlcal arcounting estimatos and ludgowTts In the #pICatiOn of the charity's aCCting rdicies, thè trustees are T8quired to make judgeThrts, estimates nd 85sumptiorhs 8boLrt the t?ng arnunt of assets 8ThJ 1kgknll that are not readily apparent from other sourc88. The ests"mates and assoGiated a&MptiS are based on histori(zl experièn arKI other fa¢lors that ar¢ nSidered to be leVant. Actts3] results may difler fvom Ihese èstimates. The eslim*es and Under10 assumptions are weVd M an orwhng bas. Revisions to accounting estimaies are recognised in the peTK)d in whth the estimate is reviscd thre the rwsion affects onty that period. or in the periiyj of the rowSD future peri(Mls vther8 revision affeGts both ¢urrent aThJ fithre periods. Cr5tlcal judgefflents Ents afierthe repng date In dètemining the conditions that existwj at the baLan sheet date and wther, therefore, the amounts rec¥)gnized in tha ac4X)UTrt5 Ied to be &fiusted. tho trusiees have exerosed Signifint judgement. The Irust8es have (x)nsidered whether the events dtsclosed in note 31 were H)dirative of nditionS that sxisted at the balan sheet dale or offditM5 that ar• afterthe bala sheet date. The tNst8es have conduded that thè material deteriorahtin in trading arose during spring of 2025, according. they hava Co[ded that this i8 a nw4djusting 9venL -20-
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incomè from charltabk activh UnrBstrict•d Unrestri¢ted nds funds 2024 2023 MembersN Improvo Corporate rnembarship Brand loe Resourcè ra)sts 29,566 459,586 120.000 101.270 73.830 477,676 stitute In5tittrte 210.403 179,700 920.825 731,206 Income from oth¢rtradlrvJ actlvilies Unrestrieted Unre$trlcted fi4nd$ furd$ 2024 2023 Other 4eo,507 Unrestrided Unrnstriettd funds funds 2024 2023 Inter&st 182.120 150,069 Expondilure on ralsing funds Unrgsttleted Unrestrlcted funds funds 2024 2023 Tradlng costs Other tr8rfThJ tiMties 158,200 21
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expgndrture on charitable activitifrS Membership Institu 2024 2024 Total MembÈrship Instituts 2024 2023 21)rd Total 2023 Dirert costs stsff costs Depreciation and impairnienl Institute costs Subscriptions StafFtrJining Miscèllaneou5 IT. website and 50ftware Irtsuran¢e Post and ststionery Marketir Telephone Employee benefits Equipment Bank charges Travel Extsmal events In Our View costs 659,924 423.7• 1.083.714 1.032,054 1,032.054 29.492 169.981 1.670 169,981 9,783 157,174 157.174 12,904 2.264 39,088 58,079 11,264 2.221 1,676 1,471 8.139 8.113 2,4ff2 9,689 68,418 12,183 2S) 6.729 1,152 17.763 278 12.904 2,264 39,088 58.079 11.264 2.221 1,676 1.471 8,139 134 9.823 68,418 12.183 250 6.729 1.152 17,7&3 278 1.492 1.492 25,848 26,072 3,812 14.705 26.072 3.812 14.705 862.048 1.570 1.463,618 1,218.980 157,174 1,376.154 Share of supwi and govemance ¢osts (sèè n*)te 9) Govemance 18,081 18.081 50,705 50.705 880.129 )1.570 1.481,699 1.269.685 157.174 1.426.859 Anatysls by fiind Unr6stric4ed funds 880.129 601.570 1.481.699 1269.685 157.174 1.426.859 2024 2023 Govoman¢é cosls 18,081 50,705 Analysed bètween: Membership 18,081 50,705
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Net movement In funds 2024 2023 The net movement in fvs Is 8tabJ altercharg1<(red1bng)." Fees payatAe to the CrI8 auditor. - the audtt of the charWs financial statgments . for otherfinan(xal ser¥S Depreaation of ownèd tsngiljle fixed assets Amorbs8tion of intangible a&%ets 8.750 5.410 2,983 27,093 6.275 1,499 20,981 Ncffie of the Injstees lor any pe[sc$ conneixed with Ihem) r1Ved any remuneration or beneffts from the charity durirwJ Ihe year. Lring tho perfod exppths of£1.050 were MbUr5ed to 5 ofthe tws1. 12 Employees Tho 8ver8ge mOnY number of emFtyes during the yearvrds: 2024 Numbor 2D23 Number 20 21 EmployM•nt costs 2024 2023 Wages salaries Social s6thrrty ia)sts other pension costs 921,096 86,297 148,116 815,944 88,19 128.051 1,155,509 1.032,054 The numb olemployeas wtrK)se annual remuneratMM Wa5 mre than £60,000 is as f[OW$. 2024 14umber 2023 Number £60,000- £70.OLNI £70.001 - £80,000 £80.001- ,000 £90.001 _ £100.000 Over£100.000
SOCITM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Gains and10ssès on investmènts Unrostrlcted Unr•stricted funds fund$ 2024 2023 Gainslllossesl arising on- Rèvaluation of investsllenis Sale of investmenis &3.668 42.799 3.750,452 83.668 3,793.251 14 Taxation The is ex¢mpt from taxation on its &1ivtb&s because 811 its in(xyne is #pp4ied for chartlable purposes. 15 Intangible red assèls Gotytsll D8veloTWMDt Total Cost At 1 January 2024 and 31 December 2024 247,284 125.883 373.167 Amorusation and irnpairmnt Al 1 January 2024 Amrknsation charged forthe year 247284 20.980 27.093 268.264 27.093 At 31 Detsmber 2024 247,284 48.073 295,357 Carrying amount At 31 OeGember 2024 77,810 ri,810 At 31 December 2023 104,902 104.902
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Tangiblé fixed as5wts ¢05t At 1 JanLWy 2024 Additior 23,676 2,220 At 31 D6¢emt£r 2024 25.896 Depraclation and Impaimwrrt At 1 January 2024 DepreoatKin tharged in the year 16,099 2,983 At 3108c%mtror 2024 19.082 Carrylng amount Al 31 December 2024 6.814 At 31 rnber 2023 7,577 17 Flxod ass•t investments Unlisted Oth¢r invostments Investments Total Cost or valuaffon At 1 January 2024 Valuation ¢han9&8 Dispos$ 1.073.145 76,034 {325.0001 2,658.089 152,672 3.731.234 228,706 {325,0001 Al 31 DmtEr 2024 824.179 2.810.761 3,634.940 Carrying amount At 31 Decembèr 2024 824,179 2.810.761 3.634,940 At 31 Drner2023 1.073,145 2,658.089 3.731.234 Other investments cownprise: 2024 2023 Investments in suttsjdiaries Investments in assooates 100 250 2.657.739 250 2.810.411 2.810.761 2.658,089
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Flnancial Instrum•nts 2024 2023 Calrying amount of financlal assets Instruments rnèasured at fairvalue thIh profft or loss 176.896 19 Dgbtors 2023 Amounts falllng due wlthln on• ygar. Trade debtws Amounts owed by fellow group urLdertthThJs Prepayments and aCcd inc(Mne 513,507 516,609 25,5n 200.687 516.609 28,979 1.055.689 746.275 20 Currènt as58t Inve6tsn•nts 2024 2023 Unlisted inveslments 176,896 21 Creditors.. amounts falllng duè within one year 2024 2023 Other taxation and so(#al security Trade credttOT5 other (xaditors Accruals 154.495 393.421 57.584 14.603 121,854 58,385 29,308 27.619 620.103 237,146 D•ferred sncome 2024 2023 Other defarred inc(Nne 453,628 520.491 Déferred income is induded in finala1 statennls as fdlows: 2024 2023 DefeThed income is induded wlhin: Shown as deferred Ir on tr face ofthe balan sheet 453,628 520,491 Movem8nts in th8 year.
SOCITM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Deferred Ine¢me IContlnu•dl Deferred income at 1 January 2024 Released from previws périods Resourrns deferr¥d in the r 520,491 {520.4911 453,628 593,575 (593,5751 520.491 Deffjd income al 31 Derenknr 2024 453.628 520,491 R•tlrÈment bonefftschemes Defln8d ntrIbUtIon $¢hemes 2024 2023 Chargè to profft or loss in resFrt of defined contribubon sthemes 148.116 128,051 Ttrr tharfty operates a defined contn"Lth pttjn scheme for all quaIrfThj employe8s. The assets of the scheme aEe held separatsly from tfrKtse ofthe tharity in an lThkdenty administered fvrKI. Unre5trict•d fvnds The unrestri¢t&J funds of the charity comprise ts une4rTrYed ha[arth of don8ttons and grants which are not subject to spectfic o)ndrtk?ns by donor5 aThY grantors as lo hiw4 fhey may be used. These include desvJnd funds whlth have been set aside out of unresfrscted tunds by the trjstees for speufie purwses. At 1 January Incomlthg R¢sourtss 2024 rgsourees expanded GaIns and At31 losses Decèmb•r 2024 General ftJThAs 4.228.461 1.101945 (1,481.699) 3,933,375 Previou$ yaar: At l January Ineomlng R•sour¢es 2023 r•sources expended Gains and At31 losses Dècember 2023 General tjnds 678,487 1,341.782 (1,585.0591 3.793.251 4.228.461 25 Membgrs. Ilablllty The company Is lThited by guarantee. rnt having a share r2pTtal and oinsequently Ihe liabli ity of members 18 mited, sutr¥ect to an ndtsr) by each mernber to contribLrte to lh& assets or liabilities of the company wtnding up such amounts as may be required not exce&Jing £1. 26 Rolatgd p¥ty transaetions -27-
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Relatad party tr¥nsactlons (Continuod) Trdnsactions with related partles During the year the charTty entered into Ihe fdiwng transadI5 vAlh relaled part. S•Nkes T•celv8d 2024 Services provld•d 2023 2023 Entttie5 over which thè entrty has ointrol. joint ntrol or signtfiGant influence 436.024 25,(1 418.567 98,111 436,024 25,12 418,567 98.111 The ft>lk>wing amounts were outstsnding at the [tling end data: AThourJts owèd to rel*ed parties 2024 2023 Entities over which thè entity has o)rthil. joint control or snificant ITffluence 356.939 31.534 356.939 31,534 The following amunts wero outstsndiNJ at lh8 rep)rting end date." parties 2024 Ba]anee partles 2023 Balance Net Entities over whith the 8ntity has mntrol. joint Int4 or signlficant influen 1,045,142 1.045.142 642,691 642,650 642,650 642.S50 642,650 642.650
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Subsldlarl•s Thesa faTha1 statements are separate charityfinanaal slments kn &xxtm. Thè Chwitsble Company has taken advantage of fhe exemption under section 399 of th6 Companies A¢t 2006 and ApperKlix 3 of the Chaiiti&s SORP tM)t to preffE a)rwSYated a(xxwnts. on thè basis that the group of whith Ihis is the parent qualffies as a srnall group. The finanaal statements prgsenl infomiafion about the company as an ir¥JIvidu entity and not a1 its group. Details of the charitys subsidiaries at 31 Dvmter 2024 are as fc4k)w8: Name of undertakjng RegISt•r Nature of buslnÈss Class of % H•ld shares Ik1 Direct In(firect SorAtm Commerual Ltd England Profession membershlp tK¥tyOtdinary 100.00 InveStnnts in sudialle8 are stated al ¢xist 28 A¥sKiat•$ These finanua ststements are separate charity finanaal SlateMe for Soth. Detai15 of the ch8riWs aSlaS at 31 Decamber 2024 as follow&" Name of und¢rtaklng Registered ofbuslrnss Class of shares held % Held Dir8et Indlrect Civiteq Litmit8d England Protou>l Pdicy Systems Ltd Efigland Holding IT consultsncy Ordinary Ordinary 25.77 InVestrts 8ssouales aT8 stated al o)st Cash absorbed by operatt¢)ns 2024 2023 (Déficitysurplus for the year {295.0861 3,549,974 Adjuslmonts for: Inv&8trnent irtcome r&x)gnised In statement (rfffin8ncral aL*vitses Gain on dispos of investments Fair value gains and losses on investrnents Depreciati and impairment of tanghtle fix1 assels 1182,120) 1150.0691 13,750,452) 142.799} 22,480 183,668) 30.076 Movwnents In workin9 capital: Ilncreasel in debtots IrKreasel{detreasel in treditot5 {Decrease) in deferred inwrne {309,414) 382.957 166,863) {473,050} (31,0131 Cash absorbed by qJeratlon8 {524,1181 1874,9291
SOCITM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEhl8ER 2024 30 AYHfysis of changes in n•t funds The charity had rv) mateiial debt during the yvdr. 31 EveTts after the reporting dats On 28 May 2025. Civileq MIted undertorA( a restrucbjring of its debt and equty. AS a result of thè rgstruthring 99% of the k)an balances ed by Cmteq Limited to SOCITM were converted to 94uity. As result, the par value of the loans outstarIng was reduced from £3.837.400 10 £38.374 and the e4uty hareholding increa1 from 2[ Ordinary shares lo 3.837 Ordinary shares. As 8 result of options trEld by other shareholdèrs an(1 a pTctyd martagetnent pL4rh. the holding would tepresènt 1.1% of tho share capttal on 8 fulty-diluted bass.