2023-03-31-accounts

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC 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 2023

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) CONTENTS Page Reference and administrative details of the ¢harity¥ its Trustees and advisers Trustees. report Trustees. responsibilities statomont Independent auditors. report on the financial Statements 8-11 Statement of flnanclal actlvltles 12 Balance sheet 13-14 Notes to the financial ststements 15-25

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC 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 2023 Trustees P Bird R Hooley M Omer L Findlay, Chair R Gilligan L Kawa lappoinled 14 June 20231 L Goransson lappoinled 1 November 2023} T West (resigned 14 June 20231 R Perlman Iresigned 22 May 2023} Company registered number 02995859 Charity registered number 1042514 Registered office 113-116 Fonthill Road London N4 3HH Independent auditors Blick Rothenberg Audit LLP Chartered Accounlanls Slatulory Auditor 16 Great QLJeen 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". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report together with the audited financial slalemenls of the Big Issue Invest Trust for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Reporti Regulations 2013 has been omilled. Objectives and activities Policies and objectives The Objectives of the charity are lo promote charitsble purposes by the provision of grants and other assistance. 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 concentrate efforts on organisations which have a high social Impact on their communities. In selling objectives and planning for aclivilies, the Trustees 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 2023, the charity made no grants to The Big Issue Company Limited 12022 £357,3001. In selling objectives and planning for aclivilies, the Trustees 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'. b. Grant making policies All grant applications are reviewed by the trustees and assessed on their suitability and compatibility with the charity's objectives. The full value of grants committed to by the trustees is recognised in the Stslement of financial activities al 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 £338,87212022 - £833,279) of grants and donations were received, none of which were from the general public12022 £21,705). The fundraising approach taken by the Big Issue Invest Trust is lo utilise 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 the Big Issue Invest Trust received no complaints12022 nill relating to its fundraising aclivilies. Page 2

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Financial rgViOW . Going 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 fvjture. For this reason, they continue lo adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going COn￿M basis can be found in the accounting policies. b. Roserves policy The Trustees consider il prudent that Unrestricted Reserves should be sufficient to cover one year's management and administration costs, nel of expected investment income and discretionary expenditure. The Trustees review the appropriateness of this policy annually. At 31 March 2023, the level of Unrestricted Reserves required under this policy would have amounted lo £36,000 12022 - £37,1261. The actual level of Unreslricled Reserves as at that dale was £319,98712022 - £172,881). The Trustees expect that reserves not expended on operating costs will be used to provide loans and grants lo sustainable social enterprises and charities on an on going basis. The level of Reslricled reserves at the year- end was £397,43812022- £810,390). Investmont policy The Trustees have considered the requirements and purpose of the charity and consider il appropriate for the fvjnds 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. Financial risk management objectivgs and policies The charity is mostly exposed to financial risk as identified by the Trustees and which is managed by appropriate systems and prO￿dureS e. Financial roview The activity of the charity during the year ending March 2023 was providing financial support, investments and grants lo social enterprises. Income for the year was £338,87212022 - £833,408) and expenditure tolalled £604,71812022 - £394,426). We ensure that our reSoUr￿S are closely focused on 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 to meet all financial obligations for al least the next 12 months. We have taken a prudent approach to raising bad debt provisions when a loan is considered doubtful. Page 3

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 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 (resigned as Chair on 23 November 20231 Roger Hooley Mohamed Omer Lucy Findlay (appointed as Chair 23 November 20231 John Gilligan Lizan Kawa (appointed 14 June 20231 Lisa Goransson (appointed 1 Nov 20231 Timothy Wesl (resigned 14 June 20231 Rebecca Perlman (resigned 22 May 20231 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 structurg and decision making policies The Big Issue Invest Trust Board of Trustees meets quarterly. Its key functions include.. 1. Reviewing and guiding Big Issue Invest Trust's corporate strategy, major plans of action, risk policy, annual budget and business plans., selling performan￿ objectives., monitoring Implementation and corporate performan￿., and overseeing major capital expenditures, acquisitions and divestitures. 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 Big Issue Invest Trust's accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in place, 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. Page 4

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Structure, governance and management Icontinuedl d. Rocruitment. induction and training of Trustees 11 is our clear policy that the Big Issue Invest Trust Board of Trustees will have a suitable combination of experience and leadership necessary to support the effective provision of loan finance to charities and social enterprises. In particular we need individuals with experien￿ 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 Trust has the right lo appoint up to four Trustees and another three are people who are independent of Big Issue Invest Trust. Trustees who are employees of Big Issue Invest Trust 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 using Trustee brokemge services., 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 involves.. Providing copies of our goveming document IM&AAI and Policies & Procedures Manual,. Providing our latest Audited and Management Financial Statements., Providing our current Plan., Providing Minutes of recent Board Meetings., Providing ￿levant Charity Commission publications induding "The essential Trustee what you need to know.. and Arranging a familiarisation programme e. Related party relatlonshlps Big Issue Invest Trust has entered into a management services agreement with Big Issue Invest IBIII under which Bll carry out the day to day activities of the charity. In the year to 31 March 2023 the charity paid Bll £24,00012022 - £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 no grants12022 - £357,300) to The Big Issue Company Limited. During the year Big Issue Invest Trust disbursed a grant of £49,70012022 £Nill to Big Issue Corporate Social Venturing Ltd to be used for the purpose of issuing Micro grants lo social enterprises. Page 5

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Structure, governance and management Icontinuedl During the year Big Issue Invest Trust made capitsl contributions las limited partnerl of £17,683 12022 - £Nill and grants tolalling £160,75412022 £NIll Into the Growth Impact, L.P. 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. Financial risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related lo the operations and finan￿$ of the charity, and are satisfied that systems and procedures are in place lo mitigate exposure to the major risks. Disclosure of infomiation to auditors 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 auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit informab'on and to establish that the charity's auditors a￿ aware of that information. Auditors The auditors. Blick Rolhenberg Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reapFX)Inting the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Docu8Wty'. P Bird R Hooley 88sgD16FacAAD . BEQ￿D8 Omer nLPth 20BB4FQBWIE4D4... L Findlay D¢¢u8¥ntdty. Do¢u8Wby'. R Gilligan sA[￿7￿7￿￿Az... L Kawa 893C8ceAF82244C . 000u8pJn￿ by. L Goransson 1A97fvDn07C843F . Dale.. 18-Dec-23 1 12:26 GMT Page 6

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance 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 Trustees musl not approve the financial stslements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of ils Incoming resources and application of resourTrs, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements 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 Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with rèasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also sponsible for safeguarding the assets of the charity and hen￿ for taking 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 its behalf by. Do¢uSWby'. P Bird R Hooley 8B023DBFDFBB4D L￿￿￿$v￿￿E￿￿T. Omer L Findlay DocUS￿ned￿r. Docu8Wby'. R Gilligan L Kawa Doous*nidby.' &roknss L Gorans¥on 1A97hD7307C8I3F . Dale.. 18-Dec-23 1 12.. 26 GMT Page 7

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST FOR THE YEAR ENDED 31 MARCH 2023 Oplnlon We have audited the financial statements of Big Issue Invest Trust Ithe 'charily'l for the year ended 31 March 2023 which comprise the Ststemenl of financial activities, the Balan￿ 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 preparation 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, Iunited Kingdom Generally Accepted Accounting Practi￿1. 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 2023 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 Auditors, 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 slalements, we have concluded that the Trustees. use of the going concern 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 Trustees with respect lo going con￿rn are described in the relevant sections of this report. Page 8

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Other Informatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are ￿spOnSible for the other information contsined 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. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financi81 year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and unders18nding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 ￿qUireS us to report to you if, in our opinion". adequate accounting records have not been kept, or retums adequate for our audit have not been ceived from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns," or certain disclosures of Trustees, remuneration specified by law are not made," or we have not received all the information and explanations we require for our audit., or the Trustees were not enlilled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who 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 Trustees determine is ne￿SSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going COn￿rn, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. Page 9

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Audltors. 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 foud or error, and to issue an Auditors, 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 company, including the Companies Act 2006, laxalion legislation and data protection, anti-bribery, employment, environmental, Charities Act 2011 and health and safely 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 regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility 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 regulations. 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 8SSUmPtions made in detemining the accounting estimates set out in note 3 We￿ indicative of potential bias," and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregu18rilies and non-compliance with laws and regu18tions, we designed procedures which included, but were not limited lo". agreeing financial statement disclosures to underfying 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 10

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 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 Auditors, report. Use of our report This report is made solely to the charitable company's members. 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 members those matters we are reqUI￿d to stale lo them in an Auditors, 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 auditor) for and on behalf of Bliek Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covenl Garden London WC2B SAH Dale.. 18 December 2023 Page11

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Restricted Unrestrieted funds funds 2023 2023 Total funds 2023 Totsl funds 2022 Note Income from: Donations Investments 159,114 179,758 338,872 833,279 129 Total income 159.114 179,758 338,872 833,408 Expenditure on: Charitsble activities 572,066 32,652 604,718 394,426 Total expenditure 572.066 32.652 604.718 394,426 Net movement In funds {412,9521 147,106 {265,8461 438,982 Reconciliation of funds: Totsl funds brought forward Nel movement in fvnds 15 810,390 {412,9521 172,881 147,106 983,271 {265,8461 $44,289 438,982 Total funds carried fopHard 15 397,438 319,987 717,425 983,271 The Statement of financial activities includes 811 gains and losses recognised in the year. The notes on pages 15 to 25 form part of these fin8nci81 statements. Page 12

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC REGISTERED NUMBER.. 02995859 BIG ISSUE INVEST TRUST IA company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Fixed assets Social investments 13 17,682 17,682 Current assets Debtors Cash al bank and in hand 12 15,372 988,572 726,143 726.143 1,003,944 Creditors.. amounts falling due within one year 14 {26,400) 120,6731 Net current assets 699,743 983,271 Total assets less current liabilities 717,425 983,271 Total net assets 717,425 983,271 Charity funds Reslricled funds 15 397,438 319,987 810,390 172,881 Unrestricted funds 15 Total funds 717,425 983,271 Page 13

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) BALANCE SHEET ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststemenls have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by". P Bird R Hooley 9DBB59DIWAAD. gW230BFDFBSID .. DocuSb3Mdty.' Omer IL IKLr L Findlay OU_J aJ- 20B84FO8008E4D4.. Docus￿ned￿r. Do¢uSWdby.' R Gilligan SfvD87Yk7&)A84A2.. L Kawa L Goransson lA97￿7207cS13F Dale". 18-Dec-23 | 12..26 GMT The notes on pages 15 to 25 form part of these financi81 statements. Page 14

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General information The Big Issue Invest Trust is a charitable Irusl, limited by guarantee, Incorporated in England and Wales under the Companies Act 2006 and the Charities Act 2011. The address of the registered oftiTr is 113- 115 Fonthill Road, London, N4 3HH. The financial statements are presented in Sleding (£1, which is the functional currency of the company. Monetary amounts in these financial slalements 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 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise slated in the relev8nt accounting policy. 2.2 Going concern After making enquiries, the Trustees have a reasonable expectation that the charity has adequate 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 con￿rn basis in preparing the financial statements. 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. Page 15

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.4 Fund accounting General fvnds are unreslricled fvnds 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 fvjnds which are to be used in accordan￿ 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. 2.5 Income All income is recognised On￿ the charity has entitlement lo the income, it 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 balance 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 re￿iVed 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 notified 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 selllemenl 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. Grants payable are charged in the year when the offer is made eX￿pt in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. 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. Page 16

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan￿ 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 al the amount that the charity anticipates 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. 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 eVIden￿S 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 sel out below. Financial assets Basic financial assets, including trade and other debtors, 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 are initially recognised al transaction pri￿, unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rale 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. 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. Page 17

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl Financial instruments (continued) 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 impairment 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 the Statement of financial activities. Derecognition of financial assets and financial liabilities Financial assets are derecognised when lal the conlraclual 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 enfor￿able right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.11 Mixed motive investments Mixed motive investments are measured al cost less accumulated impairment. Accounting estimates and judgements In preparing these financial slalements, the Trustees are required to make estimates and judgements. The mallers considered below are considered lo be the most important in understanding the judgements that are involved In preparing the financial statements 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 fund sources of loans. Grant funding Existing provisions are reversed to the extent that grant funding is available to absorb the potential losses. Non-grant funded loans For any loans where Big Issue Invest Trust 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 lo suggest that the client may default on some or all of the outstanding balance. Page 18

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donations and legacies Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total fvnds 2022 Donations 159,114 179,758 338.872 833,279 Total 2022 810,330 22,949 833,279 Analysis of donations 2023 2022 Charities Trust Accenture Foundation CAF UBS Robert Gilligan Bank of Americ8 Aberdeen Standard Life Jumblebee Auction Paypal Giving Fund UK 165.000 159,114 10,025 4.000 733 1,245 760,830 49,700 13,527 8,177 338,872 833,279 Interest income Unrestricted funds 2023 Total funds 2023 Total ftjnds 2022 Loan interest 129 Total 2022 129 129 Page 19

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2023 2023 Total 2023 Total 2022 Governance costs Grants made 12,600 559,486 32,652 45.252 559,466 37,126 357,300 572,066 32,652 604.718 394,426 Total 2022 76,600 317,826 394,426 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Governance costs Grants made 45,252 45.252 559,466 37,126 357,300 559,466 559,466 45,252 604.718 394,426 Total 2022 357,300 37,126 394,426 Analysis of governance costs 2023 2022 Loan adminislralion fees 24.000 7,272 13,662 318 24,000 11,671 1,000 455 Audit fees Profession81 fees Bank charges 45.252 37,126 Page 20

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Analysis of grants made 2023 2022 UnLtd Breaking Barriers Big Issue Invest Corporate Social Venturing Ltd Growth Impact L. P. The Big Issue Company 253.543 95.468 49,700 160,754 357,300 559.465 357,300 Further details of these grants are set out in the Trustees Report. 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12022 - £NILI. During the year ended 31 March 2023, no Trustee expenses h8ve been incurred12022 - £NILI. Reimbursed expenses do not form part of remuner8tion, and are subject to the normal processes of internal financial control. Employee costs during the ye8r We￿ £Nil12022- £Nill. 12. Debtors 2023 2022 Due wlthln one year Trade debtors 1,845 13,527 Prepayments and accrued income 15,372 Page 21

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Mixed motive investments Mixed motive investments Total Cost Additions 17,682 17,682 17,682 17,682 Impaimient provision Net book value At 31 March 2023 17,682 17,682 At 31 March 2022 The Trust is a limited partner In Growth Impact, L. P., a private fund limited partnership formed under the laws of England and Wales. The fund meets the definition of a social investment as ils held to support the charitsble aims of the Trust. It is carried at cost of £17,682. 14. Creditors: amounts falling dug Within one year 2023 2022 Trade creditors Accruals and deferred income 12,600 13.800 20,673 26.400 20,673 Page 22

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Statement of funds statement of funds - current year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds - all funds 172.881 179,758 132.652} 319,987 Restricted funds Restricted Funds- all funds 810,390 159,114 1572,066} 397,438 Total of funds 983.271 338,872 1604.718} 717,425 Statement of funds - prlor year Balance at 31 March 2022 Balan￿ at 1 April 2021 Income Expenditure Unrgstrictgd funds General Funds - all funds 467,629 23,078 1317,8261 172,881 Restricted funds Reslricled Funds- all funds 76,660 810,330 176,6001 810,390 Totsl offunds 544,289 833,408 1394,4261 983,271 Page 23

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Social investments Current assets Creditors due within one year 17,682 328,705 126,4001 17.682 726,143 126,4001 397,438 Total 397,438 319,987 717,425 Analysls of net assets between funds - prlor year Restricted Unreslricled funds funds 2022 2022 Totsl funds 2022 Current assets Creditors due within one year 810,390 193,554 120,6731 1,003,944 120,6731 Totsl 810,390 172,881 983,271 Page 24

DoGuSign Envelope ID". 3CCA2222.2DD1.4885-93D&65778CCB61CC BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Rostricted funds Balanco at 31 March 2023 Balance at 1 April 2022 Income Expenditure Bank of America Aberdeen Stsndard Life 760,690 49,700 1414,2981 149,7001 1108,0681 346,392 Accenture 159,114 51,046 810,390 159,114 1572,0661 397,438 The Bank of America fund is a contribution to the Growth Impact, L. P. Fund lo fund il's investments and for use in the Fund's Technical Assistan￿ Facility. The Aberdeen Standard 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 grant from Accenture is to support the Refugee Transition Outcomes Fund through Big Issue Invest Trust. 18. Liability of members The liability of members is limited. In the event of the eharilable Company being wound up during 8 member's period of membership or within 8 year afterwards an amount not exceeding £1 may be ￿quired from that member towards the payment of debts and liabilities of the company incurred before membership ceased. As at 31 March 2023 the eharilable company had 1 member12022 - 11, The Big Issue Invest Limited. 19. Related party transactions During the year the ch8ri18ble company paid management fees of £24,000 12022 £24,000) to its corporate member company, The Big Issue Invest Limited. The following entities sit within The Big Issue Group Limited, of which Big Issue Invest Trust Is 8 member.. During the year Big Issue Invest Trust disbursed a gmnl of £49,70012022 £Nill lo Big Issue Corporate Soci81 Venturing Ltd to be used for the purpose of issuing miero grants to soci81 enterprises. During the year Big Issue Invest Trust made c8pilal contributions las limited partner) of £17,68312022 £Nill and grants tolalling £160,75412022 £Nill into the Growth Impact, L. P. Big Issue Invest Trust paid a grant of £253,54312022 - £Nill lo UnLtd, ils partner in the Growth Imp8Ct, L. P., during the year. During the year Big Issue Invest Trust disbursed no grants12022 £357,300) to The Big Issue Company Limited. Big Issue Invest Trust received royalty ineome of £73312022 - £1,245) from J Gilligan during the year. Page 25