Social Shifters - Charities report

REGISTERED COMPANY NUMBER: SC649437 (Scotland)

REGISTERED CHARITY NUMBER: SCO51121

SOCIAL SHIFTERS

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

16

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Social Shifters was established with the aim of enabling the next generation of leaders, innovators, and entrepreneurs to tackle the world's most pressing social and environmental issues in new ways.

We do this through carrying out the following activities:

Innovation Challenges

Fast, effective and scalable competitions to find, fund, and accelerate the most promising social impact projects in targeted locations and fields.

Launchpad & Leadership Programmes

Virtual leadership and incubator programmes that combine structured learning with interactive tasks and challenges, live sessions, mentoring, and peer support.

Digital Learning

Inspiring bitesize learning content and specialised e-learning courses, together with a community of support from peers, instructors, and coaches.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During 2024 we continue to build a self-supporting community of next generation changemakers from across the world, that are motivated by purpose, driven by entrepreneurial mind-set, and committed to making a positive impact in their communities.

Our research shows that these beneficiaries:

• Are located in 165 countries.

• Have a top life goal of 'making a contribution to society' (80%).

• Often identify as being from marginalised or underrepresented groups (61%).

• Have lived experience of the issues they are tackling (88%).

They are committed, energetic, and risk taking, with an action-bias.

Learning Experiences

We continue to deliver learning experiences that develop the leadership capabilities and skills of young changemakers (18-30 years).

In 2024, our evaluation results show that our learning provides a highly effective and scalable way of enabling young leaders to progress their social impact projects quickly and with confidence.

• 93% of young participants benefited from the experience

• 95% felt part of a supportive community

• 91% were encouraged to take action

• 91% developed new skills and techniques

• 90% developed a stronger project or business solution

Overall, our results demonstrate exceptional programme satisfaction at 92%.

Youth Challenges

In 2024, we expanded the reach and impact of our innovation challenges, designed to help find, fund, and accelerate youth-led social impact projects.

Our flagship Global Innovation Challenge achieved unprecedented scale:

• 3 million youth reached online

• 5,186 teams of young people participating from 122 countries

• 2,851 social impact startup projects developed

• Direct support to thousands of young innovators addressing all 17 UN Sustainable Development Goals

We will continue to develop the potential of our innovation competitions to empower the next generation of changemakers to create jobs, improve lives, transform communities, and tackle climate change.

Volunteering

This year we were supported by 2,330 corporate volunteers from some of the world's leading companies, including Amazon, JP Morgan Chase, Fitch Group, and Volvo.

These volunteers contributed 6,990 hours of skilled support through mentoring, judging, and coaching activities. Our evaluation findings show that volunteers came away informed, inspired, and with renewed commitment to sustainability:

• 76% were inspired by the ideas of young people

• 71% developed greater awareness of social innovation

• 66% gained better understanding of sustainability issues.

Overall, 96-99% of volunteers reported satisfaction with their experience, depending on the type of volunteering activity.

FINANCIAL REVIEW

Financial position

The total income for the charity this year is £358,601 (2023: £492,476). The total expenditure for the year was £301,908 (2023: £326,590) with staff costs of £125,195 (2023: £151,818) being the main items of spending.

Principal funding sources

The principal sources of funding for Social Shifters are from corporate sponsorship and donations in pursuance of the charitable objectives of the company.

Reserves policy

The trustees consider that six months of annual expenditure is an appropriate level of reserves to hold to meet the day to day running costs of the charity. This amounts to £149,290. The total funds held at the end of the financial year is £294,914 (2023: £238,221) of which £294,914 (2023: £172,941) is unrestricted reserves. The trustees continue to strive to ensure the resilience of the charity and to secure further funding. This involves ensuring that future funding is at cost recovery as well as diversifying funding streams.

Going concern

The results for 2024 are set out in the financial statements provided. The board are satisfied with the financial results during the period and have confidence in the financial prospects for Social Shifters.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Social Shifters is a Company Limited by Guarantee and registered charity, governed by its Memorandum and Articles of Association.

Recruitment and appointment of new trustees

Trustees are appointed according to the Articles of Association, meet regularly, and are responsible for the strategic direction of the charity. Trustees have a variety of professional backgrounds relevant to the work of the charity.

Organisational structure

The trustees are responsible for keeping proper financial records, preparing an annual report and financial statement in accordance with applicable law and accounting standards. The trustees are also responsible for safeguarding the assets of the charity.

Induction and training of new trustees

New trustees receive an induction upon joining the board to familiarise them with the charity’s operations and their responsibilities. Most existing trustees already have a good understanding of the charity’s work. Ongoing training is provided as needed to keep trustees updated on governance and regulatory matters.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC649437 (Scotland)

Registered Charity number

SCO51121

Registered office

Flat 2/2

9 Leslie Street

Glasgow

G41 2LQ

Trustees

R J Coburn

S Smith

E Rijsdijk (appointed 21/1/2025)

Independent Examiner

Armstrong Watson LLP

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

Approved by order of the board of trustees on 1 October 2025 and signed on its behalf by:

R J Coburn - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages five to sixteen.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Gavin Curr FCCA

The Association of Chartered Certified Accountants

Armstrong Watson LLP

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

1 October 2025

2024

2023

Unrestricted

Restricted

Total

fund

funds

Notes

£

INCOME FROM

Donations and legacies

2

69,370

-

69,370

94,540

Charitable activities

3

Charitable activities

289,231

-

289,231

397,936

Total

358,601

-

358,601

492,476

EXPENDITURE ON

Direct charitable costs

4

Charitable activities

236,628

65,280

301,908

326,590

NET INCOME/(EXPENDITURE)

121,973

(65,280

)

56,693

165,886

RECONCILIATION OF FUNDS

Total funds brought forward

172,941

65,280

238,221

72,335

TOTAL FUNDS CARRIED FORWARD

294,914

-

294,914

238,221

CONTINUING OPERATIONS

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure has arisen from continuing operations.

2024

2023

Notes

£

FIXED ASSETS

Tangible assets

10

2,202

410

CURRENT ASSETS

Debtors

11

-

661

Cash at bank

298,189

240,613

298,189

241,274

CREDITORS

Amounts falling due within one year

12

(5,477

)

(3,463

)

NET CURRENT ASSETS

292,712

237,811

TOTAL ASSETS LESS CURRENT
LIABILITIES

294,914

238,221

NET ASSETS

294,914

238,221

FUNDS

14

Unrestricted funds

294,914

172,941

Restricted funds

-

65,280

TOTAL FUNDS

294,914

238,221

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 1 October 2025 and were signed on its behalf by:

R J Coburn - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Social Shifters is a company limited by guarantee incorporated in Scotland. The registered office is Flat 2/2, 9 Leslie Street, Glasgow, Scotland, G41 2LQ.

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going Concern

The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate for the reasons set out in the Trustees' Report.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.

Provisions

Provisions are recognised when the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Income

All income is recognised in the Statement of FInancial Activities once the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Other revenue streams are recognised when there is an understanding of the terms to both parties and the charity has invoiced the appropriate entity. In the event that a service is subject to conditions that require a level of performance before the charity is entitled to funds, the income is deferred and not recognised until either those conditions are fully met ot the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Charitable activities

Costs of charitable activities are incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.

Governance costs

These are indirect costs attributable to the management function that supports the direct provision of charitable services.

Allocation and apportionment of costs

Where possible, expenditure is allocated directly to an activity. Items of expenditure which contribute to more than once activity are apportioned on a reasonable, justifiable and consistent basis.

Support costs which are not attributable to a single activity but rather provide the organisational infrastructure that enables output producing activities to take place are allocated on the same basis as expenditure incurred directly in undertaking an activity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

- 33.3% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

2.	DONATIONS AND LEGACIES

2024

2023

£

Donations

69,370

94,540

3.	INCOME FROM CHARITABLE ACTIVITIES

2024

2023

Activity

£

Other income

Charitable activities

49

4,500

Grants

Charitable activities

289,182

393,436

289,231

397,936

Grants received, included in the above, are as follows:

2024

2023

£

Scottish Enterprise

-

34,553

Gilead Sciences

-

79,103

Howden Group

-

22,000

Allen & Overy

-

12,000

JP Morgan Chase

49,000

30,000

Amazon

124,500

117,500

Fitch Ratings

86,027

98,280

Carried forward

259,527

393,436

2024

2023

£

Brought forward

259,527

393,436

Volvo Car UK Ltd

15,000

-

Capita

14,655

-

289,182

393,436

4.	CHARITABLE ACTIVITIES COSTS

Grant

Support

Direct

funding of

costs (see

Costs

activities

note 5)

Totals

£

Charitable activities

258,579

40,001

3,328

301,908

5.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

Charitable activities

954

174

2,200

3,328

Support costs, included in the above, are as follows:

2024

2023

Charitable

Total

activities

£

Training

954

-

Bank charges

174

91

Accountancy fees

2,200

1,290

3,328

1,381

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

Depreciation - owned assets

706

294

7.	TRUSTEES' REMUNERATION AND BENEFITS

During the year, total remuneration of £61,578 (2024: £48,729), including employer pension contributions, was paid to one trustee of the charity in their capacity as an employee, approved by the board. They are also considered part of the charity's key management personnel.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

8.	STAFF COSTS

2024

2023

£

Wages and salaries

112,500

129,690

Social security costs

8,014

14,327

Other pension costs

4,681

7,801

125,195

151,818

The average monthly number of employees during the year was as follows:

2024

2023

Administration

2

3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024

2023

£60,001 - £70,000

1

-

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

£

INCOME FROM

Donations and legacies

94,540

-

94,540

Charitable activities

4,500

393,436

397,936

Total

99,040

393,436

492,476

EXPENDITURE ON

Direct charitable costs

Charitable activities

(17,566

)

344,156

326,590

NET INCOME

116,606

49,280

165,886

SOCIAL SHIFTERS

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted

Restricted

Total

fund

funds

£

RECONCILIATION OF FUNDS

Total funds brought forward

56,335

16,000

72,335

TOTAL FUNDS CARRIED FORWARD

172,941

65,280

238,221

The above summary represents the split of unrestricted and restricted activity for the year ended 31 December 2023.

10.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

940

Additions

2,498

At 31 December 2024

3,438

DEPRECIATION

At 1 January 2024

530

Charge for year

706

At 31 December 2024

1,236

NET BOOK VALUE

At 31 December 2024

2,202

At 31 December 2023

410

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

VAT

-

661

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Social security and other taxes

-

213

VAT

2,707

-

Accruals and deferred income

2,770

3,250

5,477

3,463

13.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024

2023

Unrestricted

Restricted

Total

fund

funds

£

Fixed assets

2,202

-

2,202

410

Current assets

298,189

-

298,189

241,274

Current liabilities

(5,477

)

-

(5,477

)

(3,463

)

294,914

-

294,914

238,221

14.	MOVEMENT IN FUNDS

Net

movement

At

At 1/1/24

in funds

31/12/24

£

Unrestricted funds

General fund

172,941

121,973

294,914

Restricted funds

Rathbones

16,000

(16,000

)

-

Fitch Ratings

49,280

(49,280

)

-

65,280

(65,280

)

-

TOTAL FUNDS

238,221

56,693

294,914

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

358,601

(236,628

)

121,973

Restricted funds

Rathbones

-

(16,000

)

(16,000

)

Fitch Ratings

-

(49,280

)

(49,280

)

-

(65,280

)

(65,280

)

TOTAL FUNDS

358,601

(301,908

)

56,693

Comparatives for movement in funds

Net

movement

At

At 1/1/23

in funds

31/12/23

£

Unrestricted funds

General fund

56,335

116,606

172,941

Restricted funds

Rathbones

16,000

-

16,000

Fitch Ratings

-

49,280

16,000

49,280

65,280

TOTAL FUNDS

72,335

165,886

238,221

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

99,040

17,566

116,606

Restricted funds

Scottish Enterprise

34,553

(34,553

)

-

Gilead Sciences

79,103

(79,103

)

-

Howden Group

22,000

(22,000

)

-

Allen & Overy

12,000

(12,000

)

-

JP Morgan Chase

30,000

(30,000

)

-

Amazon

117,500

(117,500

)

-

Fitch Ratings

98,280

(49,000

)

49,280

393,436

(344,156

)

49,280

TOTAL FUNDS

492,476

(326,590

)

165,886

Rathbones

Sponsorship of Global Innovation Challenge and research study.

Scottish Government

Funding for Scotland project and Canada Challenge project.

Scottish Enterprise

Sponsorship for business development activity.

Gilead Sciences