COMPANY REGISTRATION NUMBER: NI631297 CHARITY REGISTRATION NUMBER: 103219
SOCENTNI
Company Limited by Guarantee Unaudited Financial Statements
31 March 2025
Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
SOCENTNI
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities (including income and | |
| expenditure account) | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10 |
SOCENTNI
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2025
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.
Reference and administrative details
Registered charity name SOCENTNI Charity registration number 103219 Company registration number NI631297 Principal office and registered Innovation Factory office Forthriver Business Park Springfield Road Belfast Northern Ireland BT12 7DG
The trustees Mr J McMullan Mr D Linton Mr R Bell Mr D Hunter Ms C Clarke (Resigned 24 October 2025) Ms J Irvine Company secretary Mr C Jess Independent examiner Conor Dolan FCA
Structure, governance and management
SOCENTNI (TIA Social Enterprise NI) is a registered charity (NIC103219). SOCENTNI is governed by its Memorandum and Articles of Association, dated 8 April 2015.
Social Enterprise NI is governed by a Board of Trustees who meet on a regular basis. The Chief Executive Officer of Social Enterprise NI and Chairman have monthly meetings to discuss operations. Social Enterprise NI is managed on day-to-day basis by its Chief Executive along with three full time members of staff.
The Board along with the Chief Executive of the organisation provide regular updates on skills gaps of the existing Board. Taking this into account, along with ensuring that the membership of Social Enterprise NI is well represented, ensures a good balance of expertise of the social economy and wider economy. The Board will seek to ensure that Board membership is appropriate and meets the needs of the organisation. At all times Board members must adhere to the ethos of the organisation.
1
SOCENTNI
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Objectives and activities
The objectives of the charity are as follows:
Social Enterprise NI is the representative body for social enterprises across Northern Ireland. We are an independent, member-led organisation and the gateway to Social Enterprises in Northern Ireland. The central meeting place for collaboration, sectorial development, and sharing information and best practice. We aim to unite and promote Social Enterprises and their supporters into a strong campaigning force acting as the first point of contact for the media and the public, promoting a positive vision for social enterprise.
We provide a range of services including training, networking events, policy and lobbying, research representing the sector on working groups, building supply chains and promoting our members. We support our members to trade, to tackle social problems, improve communities, people's life chances, or the environment.
To support them to make their money from selling goods and services, but then reinvesting their profits back into the business or community for social good.
Achievements and performance
During this year Social Enterprise NI continued to deliver the Social Economy Work Programme on behalf of the Department for the Economy and have done so since 2012. In 1 April 2024 Social Enterprise NI were again successful and reappointed as a result of a competitive tender and reappointed for a further 3 years until 31 March 2027, subject to successful delivery of the programme on an annual basis. Its key role continues to be to raise awareness of the social enterprise business model across the private, public, and educational sectors, creating supply chain opportunities for members. Additionally, the organisation continued to lobby political parties on several fronts and whilst the Procurement Board is no longer operational, the CEO continues to engage with Department of Finance officials in updating and amending the Public Procurement Notes PPN 01/21 and 02/21, mostly applicable to the social enterprise sector. Social Enterprise NI continues to be a member of NI Chamber of Commerce and indeed reappointed to the Council of the NI Chamber of Commerce for a further period. The organisation continued to increase its social media presence to promote its activity and that of its members. Relationships continued to be developed with all government departments and 4 meetings of the All Party Group for Social Enterprise, for which Social Enterprise NI is the secretariat, were also held. Indeed, Social Enterprise NI support the Chair of the All Party Group in his work to bring forward a Private Members Bill on social value legislation which will hopefully go before the Assembly and Executive for scrutiny in 2025/26.
In February 2025, the CEO presented to the Economy Committee along with two members on the progress of the social economy and social value.
Relationships continue to develop with other regional bodies across England, Scotland, Wales, and Republic of Ireland, via regular online meetings along with in person sessions which draw on the experience of each jurisdiction to share best practice. An International Fund for Ireland programme was commenced in partnership with Social Enterprise RI, named Discovery following a successful smaller C-BIG programme with the same partner funded by Shared Island.
2
SOCENTNI
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Achievements and performance (continued)
Social Enterprise NI continue to carry out and promote a series of events across NI. During the financial year the Gala Annual Awards for the sector were held on 8th November 2024 at Crowne Plaza Hotel with for a third year in a row almost 600 guests in attendance. This was a night of celebration of the sector with 25% of guests attending from outside the social economy sector. Government Ministers, MLAs, and senior government officials were among those who attended. A video message was played of the Minister for the Economy, Conor Murphy, who was unable to attend but expressed his support of the sector and of Social Enterprise NI. In place of an annual conference, Social Enterprise NI held 3 Meet the Procurer events in Belfast, Craigavon, and Derry/Londonderry. A series of smaller regional events profiling the work of members and in particular focusing on social value were also held.
Public Benefit
The direct benefits that flow from this include increased understanding and awareness of social enterprise as a model which creates and promotes social value and promotion of improved strategy and informed policy in relation to social enterprise development. Further direct benefits that will flow from this include increased awareness of individual social enterprises and how they can market their social impact leading to creation of jobs, enhancing the skills and development of local people, regeneration of buildings as community hubs and trading spaces.
The organisation also focuses on upskilling and upscaling of the social economy in NI and encourages and supports its members to create real #profitwithpurpose.
The benefits that will flow from this will be increased community engagement and cohesion, promotion of social investment as a mechanism for growth, creating jobs and rejuvenating buildings and areas of dereliction and providing assets that are used for community benefit. Communities will understand that social enterprises are local by default, benefit their communities, develop local people and their skills, and use their profits to ensure there is direct benefit to the community.
The direct benefits flowing from this purpose include promotion of individual capabilities, competences, skills and understanding of social enterprise, enabling them to achieve accredited qualifications, and/or to build the capacity of their organisations to become more sustainable and enterprising.
We are supporting the creation of a new generation of social entrepreneurs who will be committed to investing their energies and profits into their communities for public benefit. Our work will encourage people to see social enterprise as a viable career option and to enable succession planning in more mature organisations. The trustees have had regard to the Charity Commission for Northern Ireland's guidance on public benefit. Benefits are evidenced through feedback from beneficiaries and stakeholders. This purpose does not give rise to any harm. The beneficiaries of this purpose are people living in Northern Ireland.
3
SOCENTNI
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Financial review
Social Enterprise NI has financial procedures and systems in place. Monthly management accounts are prepared and these, along with cashflow projections, are submitted to the Board meetings for review and discussion. The company generates additional funds from events such as the annual awards, other topical events and business breakfasts, sponsorship, and membership fees from a diverse range of members with these additional funds being used to organise events and services for the benefit of the member organisations.
During the period, the company received income of £395,366 (2024: £272,397) and incurred expenses of £368,184 (2024: £292,909). At 31 March 2025, the company had restricted reserves of £nil and had unrestricted reserves of £370,663, with £50,000 of this being designated.
The charity operates on the basis of keeping reserves to cover 9 - 12 months normal running expenditure. The SENI reserves policy ensures the stability of Social Enterprise NI's mission, programs, employment, and ongoing organisational operations. The reserves are intended to provide an internal source of funds for situations such as a sudden increase in out of programme expenses, unbudgeted expenses, unanticipated loss in funding, uninsured losses, and unexpected external events (such as the COVID-19 pandemic). The reserve may also be used for one-time, nonrecurring expenses that will build long-term capacity, such as staff development, or investment in infrastructure.
At 31 March 2025, the Charity has reserves of £370,663 (£Nil restricted and £370,663 unrestricted, with £50,000 of this being designated) which currently represents over 10 months operating expenses. This is in line with the normal reserves policy, to ensure the financial wellbeing of the Charity.
As a result, the organisation wish to allocate £50k to a General Reserve Fund. These funds are in excess of the required 9/12 months and are to be held to support the organisations longer term plans to help grow the organisation outside of the current Department for the Economy Work Programme.
4
SOCENTNI
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Plans for future periods
The organisation continues to carry out the Social Economy Work Programme. Social Enterprise NI has been reappointed for a further 3 years until 31 March 2027 under a one plus one plus one arrangement. The organisation continues to work with the Department for the Economy on a regular basis and seeks to ensure the long term stability of the social economy sector in NI. The trustees' annual report and the strategic report were approved on 18th December 2025 and signed on behalf of the board of trustees by:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 18[th] December 2025 and signed on behalf of the board of trustees by:
5
SOCENTNI
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of SOCENTNI
Year ended 31 March 2025
I report on the financial statements for the year ended 31 March 2025, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 65 of the Charities Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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That accounting records were not kept in accordance with section 386 of the Companies Act 2006
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That the accounts do not accord with those accounting records
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That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
-
That there is further information needed for a proper understanding of the accounts to be reached.
6
SOCENTNI
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of SOCENTNI (continued)
Year ended 31 March 2025
Independent examiner's statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Conor Dolan FCA Independent Examiner Finegan Gibson
Chartered Accountants and Registered Auditors
18[th] December 2025
7
SOCENTNI
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Charitable activities | 5 | 128,265 | 255,498 | 383,763 | 264,014 |
| Investment income | 6 | 10,943 | – | 10,943 | 8,283 |
| Other income | 7 | 660 | – | 660 | 100 |
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| Total income | 139,868 | 255,498 | 395,366 | 272,397 | |
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| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 112,686 | 255,498 | 368,184 | 292,909 |
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| Total expenditure | 112,686 | 255,498 | 368,184 | 292,909 | |
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| Net income/(expenditure) and net | |||||
| movement in funds | 27,182 | – | 27,182 | (20,512) | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 343,481 | – | 343,481 | 363,993 | |
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| Total funds carried forward | 370,663 | – | 370,663 | 343,481 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 19 form part of these financial statements.
8
SOCENTNI
Company Limited by Guarantee
Statement of Financial Position
31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 2,986 | 1,824 |
| Current assets | |||
| Debtors | 16 | 64,559 | 25,057 |
| Cash at bank and in hand | 321,409 | 339,161 | |
| ───────── | ───────── | ||
| 385,968 | 364,218 | ||
| Creditors: amounts falling due within one year | 17 | 18,291 | 22,561 |
| ───────── | ───────── | ||
| Net current assets | 367,677 | 341,657 | |
| ───────── | ───────── | ||
| Total assets less current liabilities | 370,663 | 343,481 | |
| ───────── | ───────── | ||
| Net assets | 370,663 | 343,481 | |
| ═════════ | ═════════ | ||
| Funds of the charity | |||
| Unrestricted funds | 370,663 | 343,481 | |
| ───────── | ───────── | ||
| Total charity funds | 19 | 370,663 ═════════ |
343,481 ═════════ |
For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 18th December 2025, and are signed on behalf of the board by:
The notes on pages 10 to 19 form part of these financial statements.
9
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Innovation Factory, Forthriver Business Park, Springfield Road, Belfast, Northern Ireland, BT12 7DG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
There were no significant judgements or estimations made in the period.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
10
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
11
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
12
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee, not having share capital.
13
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
5. Charitable activities
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Sponsorships | 46,050 | – | 46,050 | ||
| Membership fees | 43,222 | – | 43,222 | ||
| Conferences/events | 38,993 | – | 38,993 | ||
| Job Start Scheme | – | 13,560 | 13,560 | ||
| SERI | – | 18,396 | 18,396 | ||
| DETI | – | 223,542 | 223,542 | ||
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| 128,265 | 255,498 | 383,763 | |||
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| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Sponsorships | 39,550 | – | 39,550 | ||
| Membership fees | 40,419 | – | 40,419 | ||
| Conferences/events | 33,300 | – | 33,300 | ||
| Job Start Scheme | – | – | – | ||
| SERI | – | – | – | ||
| DETI | – | 150,745 | 150,745 | ||
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| 113,269 | 150,745 | 264,014 | |||
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| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 10,943 | 10,943 | 8,283 | 8,283 | |
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| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Other Income | 660 | 660 | 100 | 100 | |
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14
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
8. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Charitable Activities | 71,266 | 255,498 | 326,764 |
| Support costs | 41,420 | – | 41,420 |
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|
| 112,686 | 255,498 | 368,184 | |
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|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Charitable Activities | 93,166 | 150,745 | 243,911 |
| Support costs | 48,998 | – | 48,998 |
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| 142,164 | 150,745 | 292,909 | |
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9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Charitable Activities | 326,764 | 26,399 |
353,163 | 277,832 |
| Governance costs | – | 15,021 |
15,021 | 15,077 |
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| 326,764 | 41,420 |
368,184 | 292,909 | |
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| Analysis of support costs | ||||
| Analysis of | ||||
| support costs | Total 2025 | Total 2024 | ||
| £ | £ | £ | ||
| Communications and IT | 26,178 | 26,178 | 33,890 | |
| Finance costs | 221 | 221 | 31 | |
| Governance costs | 15,021 | 15,021 | 15,077 | |
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| 41,420 | 41,420 | 48,998 | ||
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10. Analysis of support costs
11. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 4,194 | 2,855 |
| Foreign exchange differences | 108 | – |
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15
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
12. Independent examination fees
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,772═══════ |
2,640═══════ |
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 177,683 | 134,788 |
| Social security costs | 12,570 | 8,605 |
| Employer contributions to pension plans | 9,107 | 7,563 |
| Other employee benefits | 1,343 | 1,121 |
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| 200,703 | 152,077 | |
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The average head count of employees during the year was 6 (2024: 4).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £105,113 (2024:£86,000).
14. Trustee remuneration and expenses
The charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2024: NIL). They were not reimbursed for travel expenses during the year (2024:NIL). No charity trustee received payment for professional or other services supplied to the charity (2024:NIL).
16
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
15. Tangible fixed assets
| Equipment | ||
|---|---|---|
| £ | ||
| Cost | ||
| At 1 April 2024 | 11,418 | |
| Additions | 5,356 | |
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||
| At 31 March 2025 | 16,774 | |
════════ |
||
| Depreciation | ||
| At 1 April 2024 | 9,594 | |
| Charge for the year | 4,194 | |
──────── |
||
| At 31 March 2025 | 13,788 | |
════════ |
||
| Carrying amount | ||
| At 31 March 2025 | 2,986 | |
════════ |
||
| At 31 March 2024 | 1,824 | |
════════ |
||
| Debtors | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade debtors | 16,419 | 2,630 |
| Prepayments and accrued income | 3,856 | 1,134 |
| Other debtors | 44,284 | 21,293 |
──────── |
──────── |
|
| 64,559 | 25,057 | |
════════ |
════════ |
|
| Creditors: amounts falling due within one year | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors | 1,629 | 8,707 |
| Accruals and deferred income | 2,632 | 4,516 |
| Social security and other taxes | 12,390 | 913 |
| Other creditors | 1,640 | 8,425 |
──────── |
──────── |
|
| 18,291 | 22,561 | |
════════ |
════════ |
16. Debtors
17. Creditors: amounts falling due within one year
18. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,107 (2024: £7,563).
17
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 31 March 202 | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 5 |
|
| £ | £ | £ | £ | £ | |
| General funds | 343,481 | 139,868 | (112,686) | (50,000) | 320,663 |
| Designated Fund | – | – | – | 50,000 | 50,000 |
───────── |
───────── |
───────── |
──────── |
───────── |
|
| 343,481 | 139,868 | (112,686) | – | 370,663 |
|
═════════ |
═════════ |
═════════ |
════════ |
═════════ |
|
| At | |||||
| At | 31 March 202 | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 4 |
|
| £ | £ | £ | £ | £ | |
| General funds | 363,993 | 121,652 | (142,164) | – | 343,481 |
| Designated Fund | – | – | – | – | – |
───────── |
───────── |
───────── |
──── |
───────── |
|
| 363,993 | 121,652 | (142,164) | – | 343,481 |
|
═════════ |
═════════ |
═════════ |
════ |
═════════ |
The total designated fund of £50,000 is for the growth of the organisation and to support the Social Economy Work Programme, which may include acquisition of a property or put toward the building and its facilities. This fund is due to be spent by 2035.
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At 31 March | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 2025 |
|
| £ | £ | £ | £ | £ | |
| SEWP for DfE | – | 223,542 | (223,542) | – | – |
| Job Start Scheme | – | 13,560 | (13,560) | – | – |
| SERI | – | 18,396 | (18,396) | – | – |
──── |
───────── |
───────── |
──── |
──── |
|
| – | 255,498 | (255,498) | – | – |
|
════ |
═════════ |
═════════ |
════ |
════ |
|
| At | At 31 March | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 2024 |
|
| £ | £ | £ | £ | £ | |
| SEWP for DfE | – | 150,745 | (150,745) | – | – |
| Job Start Scheme | – | – | – | – | – |
| SERI | – | – | – | – | – |
──── |
───────── |
───────── |
──── |
──── |
|
| – | 150,745 | (150,745) | – | – |
|
════ |
═════════ |
═════════ |
════ |
════ |
18
SOCENTNI
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
20. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,986 | – | 2,986 |
| Current assets | 367,677 | 18,291 | 385,968 |
| Creditors less than 1 year | – | (18,291) | (18,291) |
───────── |
──────── |
───────── |
|
| Net assets | 370,663 | – | 370,663 |
═════════ |
════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,824 | – | 1,824 |
| Current assets | 342,925 | 21,293 | 364,218 |
| Creditors less than 1 year | (1,268) | (21,293) | (22,561) |
───────── |
──────── |
───────── |
|
| Net assets | 343,481 | – | 343,481 |
═════════ |
════════ |
═════════ |
21. Lease commitments
SOCENTNI have entered into a new lease with a minimum period of notice of 3 months, which would give total commitments of £4,140.
22. Taxation
The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives.
23. Contingencies
A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected.
19
SOCENTNI
Company Limited by Guarantee
Management Information
Year ended 31 March 2025
The following pages do not form part of the financial statements.
20
SOCENTNI
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Charitable activities | ||
| Sponsorships | 46,050 | 39,550 |
| Membership fees | 43,222 | 40,419 |
| Conferences/events | 38,993 | 33,300 |
| Job Start Scheme | 13,560 | – |
| SERI | 18,396 | – |
| DETI | 223,542 | 150,745 |
───────── |
───────── |
|
| 383,763 | 264,014 | |
───────── |
───────── |
|
| Investment income | ||
| Bank interest receivable | 10,943 | 8,283 |
──────── |
─────── |
|
| Other income | ||
| Other Income | 660 | 100 |
──── |
──── |
|
───────── |
───────── |
|
| Total income | 395,366 | 272,397 |
═════════ |
═════════ |
21
SOCENTNI
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Charitable Activities | ||
| Activities undertaken directly | ||
| Wages and salaries | 177,683 | 134,788 |
| Employer's NIC | 12,570 | 8,605 |
| Pension costs | 9,107 | 7,563 |
| Other employee benefits | 1,343 | 1,121 |
| Insurance | 2,042 | 1,901 |
| Foreign exchange gain/loss | 108 | – |
| Staff and board travel | 6,715 | 5,119 |
| Bankline | 283 | 158 |
| Training | 1,566 | – |
| Marketing | 9,821 | 10,472 |
| Impact measurement | – | 2,000 |
| Awards/conferences | – | 252 |
| Memberships and subscriptions | 2,390 | 3,965 |
| Programme activities/events | 67,021 | 61,247 |
| External provider costs | 21,425 | – |
| Lobbying | 210 | – |
| Sponsorship | 2,400 | 2,400 |
| Premises Expenses | 12,080 | 4,320 |
───────── |
───────── |
|
| 326,764 | 243,911 | |
───────── |
───────── |
|
| Support costs | ||
| Telephone | 1,663 | 1,960 |
| Bank fees | 32 | 31 |
| Credit card fees | 189 | – |
| IT costs | 20,321 | 29,075 |
| Depreciation | 4,194 | 2,855 |
──────── |
──────── |
|
| 26,399 | 33,921 | |
──────── |
──────── |
|
| Governance costs | ||
| Professional/ legal fees | 40 | 53 |
| Independent Examination | 2,772 | 2,520 |
| Accountancy fee | 12,209 | 10,704 |
| Consultancy Fees | – | 1,800 |
──────── |
──────── |
|
| 15,021 | 15,077 | |
──────── |
──────── |
|
───────── |
───────── |
|
| Expenditure on charitable activities | 368,184 | 292,909 |
═════════ |
═════════ |
|
───────── |
───────── |
|
| Net income/(expenditure) | 27,182 | (20,512) |
═════════ |
═════════ |
22