2022-03-31-accounts

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE Registered number: 02995859 Charity number: 1042514 BIG ISSUE INVEST TRUST (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its trustees and advisers Trustees. report Trustees. responsibilities ststement Independent auditor's report on the financial statements 10-13 statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statement$ 17-28

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Parveen Bird, Trustee Roger Hooley, Trustee Mohamed Omer, Trustee Lucy Findlay, Trustee Rebecca Perlman, Chair Timothy West, Trustee John Gilligan, Trustee Company registered number 02995859 Charity registered number 1042514 Registered office 113-115 Fonthill Road London N4 3HH Independent auditor Blick Rolhenberg Audit LLP Chartered Accounlanls 16 Great Queen Street Covent Garden London WC2B SAH Bankers National Westminster Bank plc 63 Piccadilly London W1J OAJ Solicitors Squire Sanders Trinity Court 16 John Dalton Street Manchester M60 8H8 Page 1

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022. The annual report serves the purposes of both a Iruslees. report and a directors. report under company law. The Iruslees confirm that the annual report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Welcome to the 2022 Trustees, Report for The Big Issue Invest Trust IBIITI. Our Report has been prepared under the requirements of the Companies Act 2006, and Statement of Recommended Practice ISORP 2nd Edition effective 1 January 20191 applicable to Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The Big Issue Invest Trust was established in 1994 (originally called the Local Investment Fund and subsequently called The Social Enterprise Loan Fund) and is a Social Investment Financial Intermediary I'SIFI'I. BIIT provides grants lo sustainable charities and social enterprises in some of the most deprived areas of the UK which cannot othetwise raise financing from high street lenders. Over the past year we have provided £357,300 12021 £479,000) of grants to social enterprises to encourage the development of social trading. We are confident that our grant programme which focuses on development assistance will demonstrably help social enterprises and charities to deliver social impact and we hope lo raise further funding lo deliver similar grant programmes. On behalf of everyone al BIIT, we would like to thank our various partners, especially our previous and current banking partners, funders and inveslees for their ongoing support. Parveen Bird Parveen is a Director on The Big Issue Group Board, Big Issue Invest IBIII Board and Big Issue Foundation Board. Her role is to ensu￿ mission alignment and ensure we continue lo provide a hand-up to those who need it at the point of need. Parveen has worked in various roles in the Publishing division al The Big issue over the last ten years. Prior to that she spent ten years working al the BBC and GMTV as a Broadcast Journalist. Roger Hooley Roger worked in the Commercial Banking Sector for 40 years, initially with HSBC and most recently with Aldermore Bank where he headed up the Commercial Mortgage Relationship Management team. Roger joined the Big Issue Invest Board IBIITI in 2010 and sits on the joint Credit Committee of BIIT and Bll boards. Mohamed Omer Mohamed is Financial Director of Intellicomm Solutions and also Board Member-External Affairs. Gardens of Peace Muslim Cemetery Trust, the largest dedicated Muslim Cemetery in the UK. Mohamed is a Chartered Accountant and has been on the BIIT Board since 2009. Lucy Flndlay Lucy has played a leading role in the UK social enterprise sector for the last 20 or so years. She is the founding Managing Director of Social Enterprise Msrk CIC, the international social enterprise accreditstion authority. Lucy is publicly recognised as a key player in the sector at an international level advocating on behalf of the need to maintain credible and ethical business standards. Rebecca Perlman Rebecca is a senior corporate and charity law specialist at leading global law firm, Herbert Smith Freehills. She is the founder and Co-chair of the firm's impact investment and social finance practice HSF Impact - which supports social entrepreneurs, impact investors and social finance intermediaries across the globe in fields such as education, energy, agribusiness, financial inclusion, climate change, consumer products, housing and healthcare. Page 2

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Timothy West Tim is the foundereditor and CEO of Pioneers Post and mission-focused marketing and social innovation company The Fable Bureau. He is also a director of Big Issue Invest, an advisory board member at Cromwood Housing and was a trustee with ECT Charity until stepping down at the end of 2021. Tim also founded the UK Social Enterprise 100 Index and Awards ISE1001 and Women in Social Enterprise Awards IWISE1001, and has served as an advisor on a number of national and international programmes in the social enterprise, impact investing, sustainability and mission-led business space. Tim has a degree in music from Oxford University, a diploma in journalism and studied business al Cranfield and Warwick Universities. John Gilligan John has worked in the private equity and venture capital industry for over 30 years. He started his career in 1988 al 31 Group plc and was then a Corporate Finan￿ Partner of Deloitte and latterly BDO for over ￿enty years. sin￿ 2018 he has been the Director of the Oxford Said Finance Lab al Sald Business School, University of Oxford. He is also a director on the Big Issue Fund Management Board. He is the author of four edib.ons of Private Equity Demyslilied IOUP 20201 and is also a Visiting Professor at Imperial College Business school. He is an Investment Committee member of Big Issue Invest. Objectives and activities a. Policies and objectives The Objectives of the Charity are to promote charitable purposes by the provision of grants and other assistanTr. Our grantees are charities and social enterprises with charitable purposes, who find il difficult lo borrow money from the main high street lenders. We consider grant requests from charities and social enterprises throughout England but we COn￿ntrate our efforts onlo organisations which have a high social impact on their communities. In setting objectives and planning for activities, the Iruslees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. In the year ending March 2022, the Charity has made one grant lo The Big Issue Company, tolalling £357,300 12021 - £479,000) b. Grant-making policies All grant applications are reviewed by the Trustees and assessed on their suitability and compatibility with the charities objectives. The full value of grants committed to by the Trustees is recognised in the Statement of Financial Activities at the point of contract completion. Achievements and porformance a. Fundraising activities and incomo goneration Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising aclivilies. During the year £833,279 12021 £846,008) of grants and donations were re￿ived, of which £21,705 12021 £141,8581 were from the general public. The fundraising approach taken by Big Issue Invest Trust is to ulilise the existing ne￿ork of business corporations and high net worth individuals already known lo the Big Issue Group. These fundraising activities were carried out exclusively by Big Issue Group employees. All fundraising activities are in line with the standards mandated by the fundraising regulator. During the year Big Issue Invest Trust re￿iVed O complainls12021 01 relating to its fundraising activities. Page 3

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achievements and porformance Icontinugdl Flnanclal revlew a. Golng concem After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable futu￿. For this reason, they continue lo adopt the going concern basis in preparing the financial stalemenls. Further details warding the adoption of the going cOn￿M basis can be found in the accounting policies. b. Reserves pollcy BIIT'S Unrestricted Funds include funds which have been loaned lo enterprises and are expected to be repaid. BIIT also needs Unrestricted Funds lo cover the management and adminislralion costs without which the Charity could not function. Any 'surplus reserves will be invested in financially viable Social Enterprises as soon as possible. The Trustees consider il prudent that Unrestricted Reserves should be sufficient to.. 1. Continue to fund the loans that have already been drawn down or irrevocably committed, until such time as they are repaid., 2. Meet any new applications for funding support from regional funds that have been specifically designated for those regions by the Trustees," and 3. To cover one yea¢s management and administration costs, net of expected investment income and discretionary expenditure. The Trustees review the appropriateness of this policy annually. At 31 March 2022, the level of Unrestricted Reserves required under this policy would have amounted lo £37,126 12021- £36,7001. The actual level of Unrestricted Reserves as at that date was £172,881 12021- £467,629). The Iruslees expect that reserves not expended on operating costs will be used to provide loans and grants to sustainable social enterprises and charities on an on-going basis. The level of Restricted reserves at the year end was £810,39012021- £76:6601. c. Investment pollcy The Trustees have considered the requirements and purpose of the charity and consider il appropriate for the funds to be held as cash and l or short-term instruments with banks approved by the Trustees. Changes to this investment policy would be decided upon by the Board of Trustees. d. Flnanclal rlsk management obJe¢tlves and pollcles The major risk, to which the Charity is exposed, is financial risk as identified by the Trustees, this has been reviewed and systems or procedures have been established lo manage the risk. Page 4

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 e. Financial roviow The activity of the Charity during the year ending March 2022 was providing financial support, investments and grants lo social enterprises. Income for the year was £833,40812021- £847,508) and expenditure tolalled £394,42612021 - £515,700). We ensure that our resources are closely focused onto looking after our existing clients and finding new organisations that need our support. Despite the challenges of the current economic environment, the Charity has sufficient cash on hand lo meet all financial obligations for at least the next 12 months. We have taken a prudent approach to raising bad debt provisions when a loan is considered doubtful. Structure, governance and management Constitution Big Issue Invest Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed. The Big Issue Invest Trust is a company limited by guarantee that was incorporated in November 1994. 11 is governed by the memorandum and articles incorporated in 1994. b. Trustees and their interosts The management of the Charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed. The Trustees who also serve as Board Directors for the purpose of company law during the year and up to the dale of signing the financial statements were.. Parveen Bird - Chair Roger Hooley Mohamed Omer Lucy Findlay Rebecca Perlman Timothy Wesl John Gilligan None of the Trustees have any beneficial interest in the company. Big Issue Invest Limited is the sole corporate member of the Charity and has agreed lo contribute £1 in the event of the charity being wound up. None of the Trustees have any beneficial interest in the organisations that re￿1ve loan or grant funding from The Big Issue Invest Trust. Organisational structure and decision-making policies The Big Issue Invest Trust Board of Trustees meets quarterly. Its key functions include.. 1. Reviewing and guiding BIIT'S corporate strategy, major plans of action, risk policy, annual budget and business plans,. selling performance objectives., monitoring implementation and corporate performance,. and overseeing major capital expenditures, acquisitions and divestitures. Page 5

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, governance and management Icontinuedl 2. Monitoring and managing potential conflicts of interest of management, Trustees and stakeholders, including misuse of corporate assets and abuse in related party Iransaclions. 3. Ensuring the integrity of BIIT'S accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in plaTr, particularly systems for monitoring risk, financial control and compliance with the law. 4. Monitoring the effectiveness of the g0Veman￿ practices under which BIIT operates and making changes as needed and ensuring a formal and transparent Trustee nomination prO￿5s. 5. Overseeing the prO￿sS of disclosure and communication. d. Rocruitment. induction & training of Trustegs 11 is our clear policy that the BIIT Board of Trustees will have a suitable combination of experience and leadership neTrssary to support the effective provision of loan finan￿ to charities and social enterprises. In particular we need individuals with experience in.. Banking. Financial and risk management. Commercial law. Marketing. Social Enterprises. Potential sources of new funds. In addition, we endeavour to have an appropriate mix of gender, ethnic, and regional representation on the board lo strengthen our ability lo best understand relevant issues, and lo identify and adopt suitable strategic responses. Big Issue Invest has the right to appoint up lo four Trustees and another three are people who are independent of Big Issue Invest. Trustees who are employees of Big Issue Invest may continue in post until they end that employment. All other Trustees are appointed for a fixed three year term and may serve no more than three consecutive three year terms. If we needed to recruit a new trustee to the Board, we would.. Review what skills l expertise we most needed to recruit., Draw up a "Job Description Consider advertising the role l using trustee brokerage serviees", Broaden the diversity of the Board so long as that is consistent with obtaining the right skills," Undertake appropriate background checks., and Ensure there are no legal or technical barriers to the appointment of the preferred individual. Having selected the best individual, our induction and training process have actually included.. Providing copies of our goveming document IM&AAI and Policies & Procedures Manual., Providing our lalesl Audited and Management Financial Statements., Providing our current Plan., Providing Minutes of re￿nt Board Meetings., Providing relevant Charity Commission publications including "The essential Trustee what you need to know." and Arranging a familiarisation programme Page 6

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, governance and management Icontinuedl e. Related party relationships Big Issue Invest Trust has entered into a management services agreement with Big Issue Invest IBIII under which Bll carry out the day lo day activities of the Charity. In the year to 31 March 2022 the Charity paid Bll £24,00012021 £24,000) under this arrangement. The terms of the management services agreement including the annual budget are reviewed each year by three Trustees with no link to Bll. During the year Big Issue Invest Trust disbursed a grant of £Nil12021'. £Nill to Big Issue Invest Corporate Social Venturing lo be used for investment purposes as part of the Power Up Midlands. programme. During the year Big Issue Invest Trust disbursed a grant of £Nil12021'. £Nill to Big Issue Invest to be used for the purpose of issuing micro grants to social enterprises. During the year Big Issue Invest Trust disbursed a grant of £357,300 12021.. £479,000) lo The Big Issue Company. This grant is lo be used for the following purposes.. ensuring the survival of the Recipient during the period for which il continues to be materially affected by the COVID-19 pandemic," and supporting the Recipient's transition lo a new trading model that will allow it to continue lo relieve povety in the long term. The Community Loan Fund Limited is a dormant company of which The Big Issue Trust is the sole Member. It has not traded since incorporation and does not have any assets or liabilities. f. Flnanclal rlsk management The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place lo mitigate exposure to the major risks. Olsclosure of Infomiatlon to audltors Each of the persons who are trustees al the time when this trustees. report is approved has confirmed Ihal.. so far as that trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Iruslee has taken all the steps that ought lo have been taken as a Iruslee in order to be aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. Page 7

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Disclosure of infomiation to auditors Icontinuedl Audltors Blick Rolhenberg Audit LLP was appointed as the charitable company's auditor during the year and have expressed its willingness to continue in that capacity. A resolution regarding the reappointment and remuneration will be submitted to a future meeting of Members. Small companles note In preparing this report, the directors have tsken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of trustees and signed on their behalf by.. Docu8b3Mdty. DottUS￿n•d by.. 8Q5CF7AQ4EO14AI.. Parveen Bird DÈ¢USw4f￿￿by". 20tsU4FOa108E4D4 . Mohamed Omer Lucy Findlay D¢¢uSWdtsy.' 7CFD134QEF74BD.. 3D1￿￿AEADdII Timothy West John Gilligan D¢¢uSb>￿dby.' 890EDF9B380>404. Rebecca Perlman Dale.. 13-Mar-23 1 20.'54 GMT Page 8

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿pted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law, the Iruslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of Ils Incoming resources and application of resources, Including ils income and expenditure, for that period. In preparing these financial stalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to p￿sume that the Charity will continue in business. The Iruslees are responsible for keeping adequate accounting ocords that are sufficient to show 8nd explain the Charity's transactions and disclose with reason8ble accuracy 8t any lime the financial position of the Charity and enable them to ensure that the financi81 statements comply with the Companies Act 2006. They are also sponsible for safeguarding the assets of the Charity and hence for 18king reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of trustees and signed on ils behalf by". by.. 5CF7AQ4EO14AI.. Parveen Bird Docusfrdty.. 20884FO8006E4D4.. Mohamed Omer Lucy In QoouspJnidty. D¢¢u8¥ntdty. 9TCFDt3AOEFF4BD 3DIDD&AEAQ411 Timothy West John Gilligan D￿U5￿ar￿dby." D134QEF BgoEDF￿B3￿twD4 Rebecca Perlman Dale.. 13-Mar-23 1 20:54 GMT Page 9

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST FOR THE YEAR ENDED 31 MARCH 2022 Oplnlon We have audited the financial statements of Big Issue Invest Trust (the 'charitable company'l for the year ended 31 March 2022 which comprise the statement of financial aclivilies, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparstion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2022 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustees, use of the going cOn￿M basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Page 10

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent othenNise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the finsncial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the trustees, ￿port We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion". the inft)rmalion given in the Iruslees, report is inconsislenl in any material respect with the financial statements", or sufficient accounting records have not been kept,. or the financial slalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Iruslees, responsibilities statement, the Iruslees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is ne￿SSary to enable the preparation of financial ststemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. Page11

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain ￿asOnable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an audilo¢s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our prO￿dureS are capable of delecling irregularities, including fraud is detsiled below.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-complian￿ with applicable laws and regulations., we Identified the laws and regulations applicable lo the charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the charitable sector., we focused on specific laws and regulations which we conSide￿d may have 8 d1￿cl material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, tsxalion legislation and data protection, anti-bribery, employment, Charities Act 2011 and health and safety legislation,. we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal ¢orrespondenTr,' and identified laws and regulations were communicated within the audit team regularfy and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was Sus￿ptibilItY to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in pla￿ to mitigate risks of fraud and non-compliance with laws and regulation. To address the risk of fraud through management bias and override of controls, we.. performed analytical proTrdures lo identify any unusual or unexpected relationships., tested a sample of journal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited lo.. agreeing financial statement disclosures to undedying supporting documentation., reading the minutes of meetings of those charged with governance,. and enquiring of management as lo actual and potential litigation and claims., Page 12

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 There are inherent limitstions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal cor￿Spondence, if any. Material misstatements that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely lo the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitsble company's trustees those matters we are required to slate lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Members, as a body, for our audit work, for this report, or for the opinions we have formed. Darsh Shah (senior statutory audilorl for and on behalf of Bliek Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covenl Garden London WC2B SAH Dale.. 20 March 2023 Page 13

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Restricted Unrestrieted funds funds 2022 2022 Total funds 2022 Totsl funds 2021 Note Income from: Donations and legacies Interest income 810,330 22,949 129 833,279 129 846,008 1,500 Total income 810,330 23,078 833,408 847,508 Expenditure on: Charitsble activities 76,600 317,826 394,426 515,700 Total expenditure 76.600 317.826 394,426 515,700 Net movement In funds 733,730 {294,7481 438,982 331,808 Reconciliation of funds: Totsl funds brought forward Nel movement in fvnds 76,660 733,730 467,629 {294,7481 $44,289 438,982 212,481 331,808 Total funds carried fopHard 810,390 172,881 983,271 544,289 The Statement of financial activities includes 811 gains and losses recognised in the year. The notes on pages 17 to 28 form part of these fin8nci81 statements. Page 14

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE REGISTERED NUMBER.. 02995859 BIG ISSUE INVEST TRUST IA company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Current assets Debtors Programme related investments Cash al bank and in hand 12 10 15,372 16 10,418 553,482 988.572 1.003.944 563,916 Creditors." amounts falling due within one year 14 (20,673) 119,6271 Net current assets 983.271 544,289 Total assets less current liabilities 983,271 544,289 Total net assets 983,271 544,289 Charity funds Reslricled funds 15 810,390 172,881 76,660 467,629 Unrestricted funds 15 Total funds 983,271 544,289 The financial slalemenls have been prepared in accordance with the provisions applicable to enlilies subject lo the small companies regime. The financial statements were approved and authorised for issue by the Iruslees and signed on their behalf by.. Do¢uSb3Mdty. D￿￿S￿j￿Édby." tsU4FO 4D4 MoRameVbmer D¢¢usw￿￿tsy.' Dpxu8¥ntdty. iftWVWéafD. Igan EDF￿￿ Refecca Perfman u$vdnEd br. Dale.. 13 March 2023 The not gg¥aYg to 28 form part of these financial statements. Page 15

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flovts from operating activities Nel cash generated from operating activities 434.961 332,880 Cash flows from investing activities Dividends, interests and rents from investments 129 1,500 Net Cash provlded by Investlng actlvltles 129 1,500 Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 435,090 334,380 553.482 219,102 Cash and cash equivalents at the end ofthe year 988.572 553,482 The notes on pages 17 to 28 form part of these fin8nci81 statements Page 16

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General information The Big Issue Invest Trust is a charitable Irusl, limited by guarantee, incorporated in England and Wales under the Companies Art 2006 and the Charities Act 2011. The address of the registered Offi￿ is 113-115 Fonlhill Road, London, N4 3HH. The financial statements are presented in Sterling 1£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 31. Big Issue Invest Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise slated in the relevant accounting policy. 2.2 Going concern After making enquiries, the tfLJStees' have a reasonable expectation that the charity has adeqLJate resources lo continue in operational existence and meet ils liabilities as they fall dLJe for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue lo adopt the going concern basis in preparing the financi81 stalemenls. 2.3 Programme Related Investment loans and Provision for Bad and Doubtful debts Investment loans are recognised in the accounts when funds are drawn by the client and interest on 108ns made is rec(￿nISed on a receivable basis. Specific provisions are made ag8lnSt loans when, as a result of regular appraisals of the assets it is considered that recovery is doLJbtful. The specific provision is deducted from the Programme Related Investment. Provisions made during the year, less amounts released, are charged lo the Statement of Financial Aclivilies. The Trustees also consider each year if il is appropriate to make an additional resetve against those loans that are known to be higher risk but have not yel reached the point where default is conSide￿d probable. 2.4 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Page 17

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.5 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the statement of financial activities on a receivable basis. The balan￿ of income re￿iVed for specific purposes bul not expended during the period is shown in the relevant funds on the balan￿ sheet. Where income is received in advan￿ of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is re￿ived, the income is accrued. Cash donations are recognised upon receipt. Other donations are recognised once the charity has been nolilied of the donation unless performance conditions require the deferral of the amount. 2.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fvjndraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on direcdy undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.7 Interest receivable Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required In selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales it will pay lo settle the debt or the amount il has re￿iVed as advanced payments for the goods or services it musl provide. Page 18

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.10 Financial instrumgnts The company has elected lo apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party lo the contractual provisions of the inslrumenl. Financial liabilities and equity instruments are classified according lo the substance of the contractual arrangements entered into. An equity instrument Is any contract that evidences a residual interest in the assets of the company after deducting all of ils liabilities. The company's policies for ils major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised al transaction price, unless the arrangement conslitules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest for a similar debt Instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is finan￿d al a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al a market rate of Interest for a similar debt inslrumenl. Financing transactions are those in which payment is deferred beyond normal business terms or is financed al a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Impairment of financial assets Financial assets measured al cost and amortised cost are assessed at the end of each reporting period for objective eviden￿ of impairment. If objective eviden￿ of impaimient is found, an impairment loss is recognised in the statement of financial aclivilies. For financial assets measured al cost less impaimient, the impairment loss is measured as the difference be￿een the asset's carrying amount and the best estimate of the amount the company would re￿1ve for the asset if il were to be sold al the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference be￿een the asset's carrying amount and the present value of estimated cash flows discounted al the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rale for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impaimient was recognised, the impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the Impairment not previously been recognised. The impairment reversal is recognised in profil or loss. Page 19

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl Derecognition of financial assots and financial liabilities Financial assets are derecognised when (al the contractual rights to the cash flows from the asset expire or are sellled, or Ibl substantially all the risks and rewards of the ownership of the asset are transferred lo another paty or Icl despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability lo unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the conlraclual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there Is an enforTrable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and sellle the liability simultaneously. Accounting estimates and judgements In preparing the financial stalemenls, the Trustees are required to make estimates and judgements. The matters considered below are considered lo be the most important in understanding the judgements that are inVo￿ed in preparing the financial slalemenls and the uncertainties that could Impact the amounts reported in the results of operations, financial position and cash flows. Accounting policies are shown at note 2 to the financial statements. Loan provision policy The loan portfolio Is assessed annually to determine an appropriate level of bad debt provision using the below guideline for the different fvnd sources of loans. Grant funding Existing provisions are reversed to the extent that grant funding is available to absorb potential losses. Non-grant funded loans For any loans where BIIT is liable for any bad debts a specific provision is made on a case-by-case basis for each loan if the loan manager has any information to suggest that the client may default on some or all of the outstanding balance. Income from donations and legacies Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total fvnds 2021 Donations 810,330 22,949 833.279 846,008 Page 20

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of donations 2022 2021 Bank of America 760,630 49.700 Aberdeen Standard Life John Gilligan Jumblebee Auction Advent Inlemalional Permira Square Enix Natasha Muller Veritss Johanna Barr Bll Board Members Challenge Nick Rose The Harrison Foundation Nicholas Loufrani 13,527 454,439 101,600 100,000 85,000 26,260 25,000 12,484 10,000 10,000 9,000 12,225 All other donations in the year 8.177 833,279 846,008 Interest income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Loan Interest 129 129 1,500 Page 21

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2022 2022 Total 2022 Total 2021 Governance costs Grants made 37,126 280,700 37.126 357,300 36,700 479,000 76,600 Totsl 2021 515,700 515,700 Analysis of expenditure by activities Activities undertaken directly 2022 Support ost$ 2022 Total funds 2022 Total funds 2021 Governance costs Grants made 37,126 37.126 357,300 36,700 479,000 357,300 357,300 37,126 394,426 515,700 Analysis of Governance costs 2022 2021 Trustee expenses Loan administrats'on fees 58 24,000 455 24,000 707 Bank charges Audit fees Professional fees 11.671 1.000 10,582 1,353 37,126 36,700 Page 22

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analysis of grants made The Trust made the following material grants during the year.. 2022 2021 The Big Issue Company 357.300 479,000 357,300 479,000 Further details of these grants are set out In the Trustees Report. 11. Trustegs. remuneration and expensos During the year, no Iruslees re￿iVed any remuneration or other benefits12021 - £Nill. During the year ended 31 March 2022, no trustee expenses have been incurred12021 - £581. Reimbursed expenses do not form part of remuneration, and are subject lo the normal processes of internal financial control. Employee costs during the year were £NIL12021 - £NIll. 12. Debtors 2022 2021 Due within one year Trade debtors Loan interest receivable Prepayments and accrued income 16 13,527 15,372 16 Page 23

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Programme related investments 2022 2021 Cost- At 1 April Additions Repayments 17,041 44,099 {10.418} 127,0581 At 31 March 6.623 17,041 Provisions- At 1 st April Charge for the year Disposals 16,623) 16,6231 At 31 March 16.623} 16,6231 10,418 Nel book amount at 31 March Programme related investments are repayable in the following manner.. 2022 2021 Within one year 10,418 10,418 Programme related investments repayable within one year are included within current assets in 2021. 14. Creditors: Amounts falling due within one year 2022 2021 Amounts owed to other participating interests Accruals and deferred income 8,782 10,845 20.673 20.673 19,627 Page 24

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Statement of funds statement of funds - current year Balance at 31 March 2022 Balance at 1 April 2021 Income Expenditure Unrestricted funds General funds- all funds 467.629 23,078 1317.826} 172,881 Balance at 31 March 2022 Balance at 1 April 2021 Income Expenditure Reslricled funds Reslricled funds all funds 76.660 810,330 176,600} 810,390 Balance at 31 March 2022 Balance at 1 April 2021 Income Expenditure Total of funds 544.289 833,408 1394.426} 983,271 Statement of funds - prlor year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Income Expenditure Unrestricted funds General funds- all funds 210,806 770,848 1515,7001 1,675 467,629 Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Income Expenditure Reslricled funds all funds 1,675 76,660 11,6751 76,660 Totsl of funds 212,481 847,508 1515,7001 544,289 Page 25

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Current assets Creditors due within one year 810,390 193,554 120,6731 1.003.944 120.6731 Total 810,390 172,881 983,271 Analysis of net assets between funds - prior year Endowment funds 2021 Restricted Unreslricled fvnds funds 2021 2021 Total funds 2021 Current assets Creditors due within one year 19,627 119,6271 76,660 467,629 563,916 119,6271 Total 76,660 467,629 544,289 Page 26

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Rostricted funds Balanco at 31 March 2022 Balance at 1 April 2021 Income Expenditure Permira Bank of America 76,660 176,6601 760,630 49,700 760,630 49,700 Aberdeen Standard Life 76,660 810,330 176,6601 810,330 Total 2021 1,675 76,660 11,6751 76,660 The Permira restricted fund is to support BIIT'S response lo the Covid-19 pandemic and to cover core costs associated with delivering support and services lo The Big Issue magazine's 2,000 vulnerable vendors. The Aberdeen Stsndard Life fund will cover staff members, events and activities sel up by Corporate Social Venturing Ltd. The programme matches mentors with social enterprises as they look to recover and help ensure future sustainability, post Covid-19. The Bank of America fund is a contribution lo the soon to be established Growth Impact Fund to fund it's investments and for use in the Fund's Technical Assistance Facility. 18. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Nel income for the year las per Stslemenl of Financial Acliviliesl 438,982 331,808 Adjustments for.. Dividends, interests and rents from investments DeCrea￿lIn¢reaseI in debtors Increaselldecreasel in creditors Decrease in programme related investments {129) {15,356} 11,5001 14,783 124,5461 12,335 10,418 Nel cash provided by operating activities 434,961 332,880 Page 27

DoGuSign Envelope ID." 092208D&AB16446EAD76-CBBD21EE65CE BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. Analysis of cash and cash equivalents 2022 2021 Cash in hand 988,572 553,482 Total cash and cash equivalents 988,572 553,482 20. Analysis of changes in net debt At 1 Aprll 2021 Cash flows At 31 March 2022 Cash al bank and in hand 553.482 435.090 988.572 553,482 435,090 988,572 21. Liability of members The liability of members is limited. In the event of the Charitable Company being wound up during a member's period of membership or within a year 3ften￿ardS an amount not exceeding £1 may be required from that member towards the payment of debts and liabilities of the company incurred before member3hip ceased. As at 31 March 2022 the Charitable Company had 1 member12021 11, BII. 22. Related party transactions During the year the Charitable Company paid management fees of £24,000 12021 £24,000) lo its orporale member company, Bll. The following entities sit within the Big Issue Group, of which The Big Issue Invest Trust is a member.. The Big Issue Invest Trust received royalty income of £1,24512021 £Nill from J Gilligan during the year. The Big Issue Invest Trust paid a grant of £357,30012021 £479,0001 lo The Big Issue Company during the year. Al the year end £Nil12021 £Nill was outstanding. Page 28