Ch￿lty 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 Rot*rts {4Dpointed 12 June 20241 (Appointed 12 June 2024) DA Bry*rt 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 ft*lh8 year eThJed 31 Oecember 2024. The finaNxal Strten￿￿ts havè been prepared in a1xt*dan￿ 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}mMe￿ted Pract￿ aW￿l¢al￿e to (*aritses preparing their accwnts in xx)rdance with the Financaal RÈ￿rtlrwj StsTrJard awAi<3b￿ in Ihg UK and Republic of Irèland {FRS 1021", A yèar of transfornmtion and puTpose. preSId￿r$ 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 challer￿Ing 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 rr￿re Ihan ever. (*er the past year. w8've seen how p￿verfL11 it can be Wtr￿ members cx)mè together- to Sha￿ insights, yA>lve problems. buikl sknifs, and speak wth a strongèr I￿re￿1ve voice. Fnjm Al benthmat*ing arvj professional devel￿rnent 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 tC￿d 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 ￿nn6￿8￿. Next year marks the 40￿ anniversary of thts organwt*)n. ar￿j that Mi￿tane is a timely reminder. we'va 18Sted thi8 long not by Standing still. t￿t 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 fc￿5 remained firmty on SUp￿rtIr￿j sector m&thers ts) hamess innovation and digital techTh)logies to improve outconEs for p￿le 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 laUr￿￿d 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 fo￿S￿ht through our ital Trends cdlection- hèlping lead&B naV￿ate 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 govemn*nt. 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. Wot*ing 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 ￿jnI1￿￿9 to evofve. to support you in navigating unr8rt8inty, and IL> thampion the innovation, collaboration and leadership ne￿￿ io S￿pe a resilienL p*fouJsed public sedor. Thank you to our mernbers. partners. and ￿aff. Your passion aTMI putFW)se ryjntinug to drive eV8rythir￿j w• do. Nadira Hussain - Chief 8X￿￿ve 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 benchma￿Ing service into the Institute as part of our Data workstream arKI added new p￿p1& 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 de￿r understarKling of cyber se￿￿tY 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 a￿ays) 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 orJlarfy 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 1￿mMiSsiOned 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. inc*usivs v(M(x for di9itaJ leadership Structure. governance and rnanag9n￿t 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 s*Jnalure (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 {Res￿Jr￿d 13 Junè 2024} (Ap[￿in￿ 12 June 2024) IAwcMnted 12 June 2024) &)citm is governed a¢xc*ding to its A￿d&S ofAss(MxatKJn whK* define5 thg objects 8nd powers of tha charrty. The majority of the TnJst¢es are pts¢titic￿ers 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.cipat￿j 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 r*Commendab"￿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 d￿reCtOrS of Socilrn for the purpose of company law. a￿ rest￿s￿le 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 A￿91ed 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(3￿e 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 d￿0$? with reasC￿ab1È ac￿raCY at any time the financial position of the tharity and enable tt￿M to ensu￿ thal thè financial statements c4)mply vrith the Compani88 Act 2006. They are also responwbie for saféguafding the assets of Ihe charity and hen¢x for iaknng reasonabla steps for the prevention det￿￿1(￿ offraud and other iwegulaities. Auditar In accordance wtth the companls arbcl8s, a resolubon protK)sing blat Cottons Aco)untsnts LLP be rèappointed a5 auditor ofthe cx)mpany will be put at a Gèneral Meeb"ng. SOCITM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Acknowledgments and conclusion As we reffect on another year of progress and transformation, we extend our sineere gratitude to all those who have contributed lo our journey. To our members, partners. supporters. funders, and collaborators thank you. Your commitment, ideas, and passion Continue to fuel Socitm's work and help us drive meaningful impact across the public sector. Closlng r•marks from Nadlra Hus$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 AUD￿OR'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 sh*L sts[￿ent of cash Iltpws and notes to the financial ststements. includi1￿ signifiiznt acrA)untirvJ ￿￿CleS. The finaMal rep￿t￿Ig trarrTreworf¢ that has been applied in their preparation is ap￿￿eble law ar￿ unit￿ Kingd￿1 Accounting StsrKI8Tds, irKJuding Financ4al Reporting Standard 102 The Financial Rèpoitiiig Standanl applKablb in the UK and RèpubliG of Ireland {United ngdom Generalty Accepted Ar￿rtting 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¢￿11￿j resour￿ and appli(xtion of res￿rCeS. indudirvj its incxjme and expenditu￿. for the y&aT then have be￿ prop8rfy prepared in aC￿daD￿ Unibd lQ"tykn) G￿)erallY Accepted Ar￿￿nting Ptactice. and have prepaied in accordan￿ ¥thh the tequiremanls ofthe ComparklesAct 2006. Basls for opinion We wnducted Our audit in acc*Jrdance wth Intemational Slandards AL•Jthng (UK) IISA8 IUKI) and ap￿Icable law. Our resrx)nsibiliti8s undw those Standards are fvrther described in the Audit(irfs tssponsibilities for rhe au(Jit of thg fjn&ncial statements $8ction of our rerx>rt. We are indepentlent of th• charity in acAxJ￿an¢e vrith thè ethical requiremènts that are relèvant to our a￿￿rt of the finanoal statemenls in the UK, includin9 the FRC'S Ethi(xl Standard. and we have fulfilled our oth8r ethical ￿tKInsi￿lI￿e$ in ￿nce wth requirements. We believ9 that ihe audit evidènee we have obtained is suffici&nt ar￿ appropriat8 to PrO￿de 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 n￿difi￿d 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 Id￿lif￿d any rnatsrial uncertairrti8s re18ting to ev8nts or conditions that, individually or coll￿tivelY, tnay cast significant d￿bt 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 IN*es ￿th rets￿ to going are describe(l in the r6levant wbons of thi5 rapoit Other lrfomiatlon The other inforThation oynprises the infWrT0U¢￿ I￿￿ded in the aT7nual reF￿rt 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 ex￿1(￿1￿ stated in our repKIrt, wè do not exwess any form of assuranea condusion thereon. Our responsibility is to rsad the Ott￿r 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 obtsir*d in the (xNJrse of the audiL or Othe￿8￿ 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 cOThJ￿Je that Ihere is a [nat￿la1 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' repc*t fDr the finanThal year for which the financial Stsle￿ents 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 a￿rdar￿ with applicablè legal Mattern on whlch we are r•quired lo report by 8xceMton the light of the knowI￿ge 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 COm￿nieS 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 a￿Ounting re{x￿th and retyms; or certain disdosures of trustees. ramuneration by law are nol male,. or we have not r￿￿e￿ all th6 information and eWanat•)ns wo require for our audit. or the trustees were not entrued to prepare ￿ )Inanaal statèments in a￿dan￿ wth tha small companie8 regime ar￿ tak6 &lvantage ot the small c4)mpanies' exemplM)ns in preparing the b￿st9&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 finan￿al 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 cOn￿M and ￿1[19 thg going con￿rn basis of acwunb.ng un￿sS the tnjSt￿S either Inter￿ to r￿u￿late the charrtabJ6 (x¥nparry or lo cease OPoratiorH or have no re￿IstsC ajlemafive but to th FL). Auditorfs responsibljides for the audh of the financlal stat4n* Chjr obiectwes are to C￿l31n 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 e￿n￿1C derysions of users taken on the basis of Ihese firkgncial sialernenb. The &xtentto whir* tyjr procgdurfjs are ￿Pal￿e 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 reS￿t 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￿. capabil￿eS and skills to Klentify or recognise non-(*Kn￿lan(￿ 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 kn￿￿adge arKI experlence of the u)TnputeT component manufaciurro and supply secior., - w8 focus8d on specrfic laws and regulations whic* we cons￿ered 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$lalion'. . we assèssed the extent of CC￿n￿larK9 vmh tha laws arwj regu￿tionS vjanbfigd ab)ve throthjh mak(ng &nquiries of management and inspecting legal (xYresw)ndenc¢", and - identified laws and regUlati￿S were comTNJnicated vthin the audit team rEgularty and the tèam remwned alèrt 10 instances of nondcompliance thrOug￿)Ut the audiL We assessed the susr£ptibility of Ihe compan￿5 finanual ststements to rnateriai misstatemènL Ir￿uding obtaining n ur￿er$tsndINg of how fraud M￿ht ocajr, by. - maknng enquiries of management as to they consKler6d there was sus(£ptttiility to fraL￿. ￿]r k￿￿led9$ of actual, suspected and alleged fraud; - considering thè intemal controls In place trj mitig*e 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 nONom￿lar￿ wilh laws and wulalions. we d85igned procwlures which Induded, but werg nat limited to.. - agreeing financial statement disdosures to underfying supwtng ¢J)wmenlaix)n" - read1￿j the minut8s of meetings ofth058 tharged W[￿ go¥ema￿. - enquiring of man8gernenl as to actual and poterÈtial lltbJalic￿ and da1￿6.. . reviewiru correSp￿dence with HMRC. releTrtsnt regukglots and thè companYs legal advisots.. A further d&sCrip￿)n of tyjr re$r￿SI￿li$J.es is availaNe on Ihe FinanThal Rep)rting cOur￿lI.S websrie at: htsps.'Il wwW.frc.c*g.uklauditors¥Eswnsibil￿es. This d6￿pti￿ fi)m)s Part 0f￿r 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 etynpan￿S 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 M￿jh{ 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 a￿pt (K assume rosponsibility to aryone other than the charttable Cotnpany and charitable crmpany's mernbers as a t￿y. forouraudit work. forthis rewr( orfor the opinions we have fornied. David Ingram FCCA (Senior StalutoryAudltor) For and on behaff of COt￿￿sA¢xoUn1a￿ts LLP. Slatuw￿dIt0r Chartered Aco)untsnts 18s11ing Road Ncthamplon NN1 SAL United KIn￿Orn 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 tra￿lftg 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 aQfv￿e$ indLKles all gains and losses rec￿niSed 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 fr￿n 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 AC￿unting conventlon The financial ststements have béen prepared in aCC￿dance wilh the charivs gowming document, th& Companies Act 2006, FRS 102 Yhe Finanoal ReFth"ng Standard appli￿ble 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 th￿r 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 Staterll￿ts 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 U￿￿r 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 $18tements pres￿1 informatKsn about th (￿MpanY as 8n indmdual entity and not about rts grrxjp. 1.2 Golry eorKern At the time of approwng Ihe finanud statements, the trusEees have a reasonat48 e¥Feclation that the djarity has adequate resour￿$ 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 o￿Tational existence tr the fo￿e¢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)n￿dered valtre ofthe investment pthlio and have indit*ted 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 S￿ifiC 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. Endow￿￿nI fund8 are subj.ect to speofic u)ndrbJns by (k)ncfs that the ￿￿tal must be maintained by the arity. 1.4 Income In￿me 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 ￿e￿jnISed cwJ(* the c*arity has been rKltifigd of the donation, unless performance th1t￿s wuire defeTh￿ of the amount. In￿me tax recoverable in relation to d￿at￿)n5 received undèr Gift￿d 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 I￿9[￿ling distrbution, thè an￿U￿{ is known, arKI rèceipt is e￿￿$d. It the arr￿n1 ts thB 1gJacy is treateil as 0)nti￿ent8$Set 1.5 Exp•nditurn Expenditure is reujgnised orjce Ihere is a legal or C￿strUctiVe oblwJation ts transfèr er￿￿ornIe benefft to a third paty. it is probsble that a transfer of econ(xnic beneffls wll ￿ req￿re￿ in settlemenL and th8 amourrt of Ihe obligation Isn be measured roliaw. Expenditure is da&8ified by actvity. The costs 01 each ac*vity 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 dIre￿Y 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 t￿ts￿en 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. CLXMMe￿al and finarmial fe￿bilty be 1.7 Intangible r￿Èd assets other than goodwill Intangible assets ac4uired separalely from a business are re(x)gnised 81 (*)st and 8re SUbSeq￿n￿Y 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 meawr*l at cost and SubSeq￿dY nwured al cx)st or valuation. net of depwab.on and xny iryairmerrt losses. Dgpr¢0a￿on is r8cognised so as to write off cost orv8lualb)n ol as$4s less their resKlual wabjes over their useful livès on tho follo￿r￿ bases". Compuiers 25% Str￿"g￿l line The gain or k)5s arising on th¢ disposal of an asset ks detemined as dfftrence b9lwa￿ the sale proceeds arKI the caThy]r￿ v&lue of Ihe and is r8(JyJnised in the Slatem￿of finan￿￿ activtties. 1.9 Fixed ass•t Investmènts Frxed asset inve$lments are I￿￿￿lY M￿ured at trarE58d*)n price exduding transaction costs. and sra subséquently measUr￿j 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 p￿1¢1¢8 (Continued) A subsidiary i% an entity ￿T￿oI1ed 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 subsidk*ry 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 ImpalM￿nI 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 a￿Sts, 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 M￿thS or less, and L￿nk overdrats. Bank overdvafts are shown within borromrkgs in ￿n￿nI lia￿l[￿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 charl￿s 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. vthM*J 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(￿Sti￿rteS a financing transacfion, Whe￿ the transacti￿ is measured at the pre8ent value of the future receipts dv6(x)unted at a Ma￿81 rale of rnternsL Financial assats d￿ffied as r￿￿able within one year are not arTh)rfised. 8asi¢ fi￿n￿1KabulfrQS 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 p￿sent 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 ￿Yrne￿t is dua wtthin one year or less. If not. they are presented as noTrcurrent liabilit￿5. Trade ercditors are re￿￿an1s0d initially at transacth)n price and subsequenty meawred at amr￿￿￿1 o)st Using the èffeth¢ interest rnethrxl. Derecognilion of financialliabilits•s Financial liabilities are der8￿gnISed whw) the chariVs &￿traC￿la1 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 h￿idaY entillem￿l is racc•Jni*J 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 prov*Ye temination benefils. 1.14 Rètirement benerts Paymonts to defined oMtrbut*Jn 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 St*ments ts Ihe period endgd 31st De(efflber 2024 have been pieparÈd uThJei FRS102 a￿1 the CharEties SORP and Ihe comparatives have b&en restated. Critlcal arcounting estimatos and ludgow*Tts In the #p￿ICatiOn of the charity's aCC￿￿ting 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&￿Mpti￿S 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 Under1￿￿0 assumptions are weV￿d M an orwhng ba￿s. 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 rowS￿D future peri(Mls vther8 revision affeGts both ¢urrent aThJ fithre periods. Cr5tlcal judgefflents E￿nts afierthe rep￿￿ng date In dètemining the conditions that existwj at the baLan￿ sheet date and w￿ther, therefore, the amounts rec¥)gnized in tha ac4X)UTrt5 I￿ed to be &fiusted. tho trusiees have exerosed Signifi￿nt 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 off￿dit￿M5 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$ fur*d$ 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 fv￿s Is 8tabJ altercharg1￿<(red1bng)." Fees payatAe to the C￿￿rI￿8 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) r￿1Ved any remuneration or beneffts from the charity durirwJ Ihe year. L￿ring tho perfod exppths of£1.050 were ￿MbUr5ed to 5 ofthe tws1￿. 12 Employees Tho 8ver8ge mOn￿Y 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 88,1￿9 128.051 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 r￿ed 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 D￿mtEr 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 D￿rn￿er2023 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 thI￿￿h profft or loss 176.896 19 Dgbtors 2023 Amounts falllng due wlthln on• ygar. Trade debtws Amounts owed by fellow group urLdertthThJs Prepayments and aCc￿￿d 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 fina￿la1 staten*nls 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 Deffj￿d income al 31 Derenknr 2024 453.628 520,491 R•tlrÈment bonefftschemes Defln8d ￿ntrIbUtIon $¢hemes 2024 2023 Chargè to profft or loss in resF*rt of defined contribubon sthemes 148.116 128,051 Ttrr tharfty operates a defined contn"Lth p￿ttjn scheme for all quaIrf￿Thj employe8s. The assets of the scheme aEe held separatsly from tfrKtse ofthe tharity in an lThk￿denty administered fvrKI. Unre5trict•d fvnds The unrestri¢t&J funds of the charity comprise ts une4rTrYed ha[arth￿ of don8ttons and grants which are not subject to spectfic o)ndrtk?ns by donor5 aThY grantors as lo hiw4 fhey may be used. These include desvJn*d funds whlth have been set aside out of unresfrscted tunds by the trjstees for speufie purwses. At 1 January Incomlthg R¢sourtss 2024 rgsourees expanded GaIns and At31 losses Decèmb•r 2024 General ftJThAs 4.228.461 1.101945 (1,481.699) 3,933,375 Previou$ 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 ￿nd￿ts￿r￿) 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 transadI￿5 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 25,1￿2 418,567 98.111 The ft>lk>wing amounts were outstsnding at the [t￿ling end data: AThourJts owèd to rel*ed parties 2024 2023 Entities over which thè entity has o)rthil. joint control or s￿nificant 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 Int￿4 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 f￿a￿Tha1 statements are separate charityfinanaal sl*ments 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 pre￿ffE a)rwS*Yated 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 a￿￿￿1 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 I￿k1 Direct In(firect SorAtm Commerual Ltd England Profession￿ membershlp tK¥tyOtdinary 100.00 InveStn￿nts in su￿dialle8 are stated al ¢xist 28 A¥sKiat•$ These finanua ststements are separate charity finanaal SlateMe￿ for Soth. Detai15 of the ch8riWs aS￿la￿S 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 InVestr￿ts ￿ 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 fix￿1 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 outstar￿Ing was reduced from £3.837.400 10 £38.374 and the e4uty hareholding increa￿1 from 2[￿ Ordinary shares lo 3.837 Ordinary shares. As 8 result of options trEld by other shareholdèrs an(1 a pTcty￿d martagetnent pL4rh. the holding would tepresènt 1.1% of tho share capttal on 8 fulty-diluted bass.