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