Dr)utsign Envelope ID.. DF8S9F(￿SFcE42￿￿98E8.E4BCl3z847l5 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 2024 'AD181ZCQ' 18112r2024 COMPANIES HOUSE .K4' Docusign En￿￿ope ID.. DF859FOC-5FCE4250-98E8-E4BC13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report Trustees. responsibilities statement Independent auditors. report on the financial statements 8-11 Statement of financial activities 12 Balance sheet 13-14 ststement of cash flows 15 Notes to the financial ststements 16-27 DooJ5ign Envelope, ID.. DF859FOC-SFCE4251b98E8-E48C13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees P Bird R Hooley M Omer {￿igned 10 October 2024) L Findlay, Chair R Gilligan (resigned 11 June 2024) L Kawa (appointed 14 June 20231 L Goransson (appointed 1 November 2023) Porter (appointed 9 July 2024) R Perlman (resigned 22 May 2023) Company. registered . number 02995859 Charity registered number 1042514 Reglstered office 113-1.1 S Fonthill Road London N4 3HH Independent auditors Blick Rothenberg Audit LLP Chartered Accountants Statutory Audrtor 16 Great Queen Street Covent Garden London WC2B SAH Bankers National Westminster Bank plc 63 Piccadilly London W1J OAJ Solicitors Allen & Overy One Bishops Square London E16AD Docusign Envelope 10.. DF8S9FCc-5FCE42￿98E&E4Bcl32847lS BIG ISSUE INVEST TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited fjnancial statements of the Big Issue Invest Trust for the 1 April 2023 to 31 Ma￿h 2024. 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 charilable Company comply with the current statutory requirements, the requirements of the charitable companls governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effectsve 1 January 2019). Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic ￿port required of medium and large companies under the Companies Act 2006 {Strategic Report arKI Directors, Report) Regulations 2013 has been omttted. Objectives and activities Policies and objectives The objects of the charity are to promote charitable purposes by the provi%ion of grants and other assistance. Our grantees are charities and social enterprises with charitable purposes, who find it difficult to borrow money from the main high street lenders. We consider grant requests from charities and social enlerprises throughout England but Con￿ntrate efforts on organisations which have a high socgl impact on their communities. In setting objectives and planning for activities, the Truslees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidan￿ 'Public benefit: running a charity (PB2)' b. Grant making policies All grant applications are rewewed by the trustees and assessed on their suitability and compatibility with the charitys 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 perfomiance a. Fundralsing activities and income generation Section 162a of the Charities Act 2011 requires charities to make a statement regarding furKlraising activrties. During the year £2,573,198 (2023 - £338.872) of grants and donations were received. of which £521,498 (2023 - £Nil) was from the general public. The fundraising approach taken by the Big Issue Invest Trust is to utilise the existing ne￿Ork of business corporations and high net worth individuals already known to 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 rK) complaints (2023- nil) relating to its fundraising activities. Docusign Envelope IO.. DF859FOC-5FCE4250-98E&E4BC13284715 BIG ISSUE INVEST TRUST IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. 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 fo￿seeab￿ future For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going cohcern basis can be found in the accounting policies. b. Reserves policy The Trustees consider it prudent that Unrestricted Reserves should be sufficient to cover one yearfs management and administration costs, net of expected investrTEnt income and discxetionary expenditure. The Trustees review the appropriateness of this policy annually. At 31 March 2024, the level of Unrestricted Reserves reqUI￿d under this policy would have amounted to £24.000 (2023 - £36,000). The actual level of Unrestricted Reserves as at that date was £282,950 (2023 - £319,987). The .Trustees expect that reseNes 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 £1,569.344 {2023 - £397,438). c. Investment policy The Truslees have considered the requirernents and purpose of the charity and consider it 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. Financial risk management objectives and policies The charity is mstly exposed to financial risk as identified by the Trustees and whTrch is managed by appropriate systems and procedures •. Flnanclal ￿VIeW The activity of the charity during Ihe year ending March 2024 was providing financial support, investments and grants to social enterprises. Income for the year was £2.573,198 (2023 - £338,872) and expendrture totslled £1,438.329 (2023 - £604,718). We ensure that our resources are closely focused on looking after our existing clients and finding new organisalions that need our support. Despite the challenges of the current econornic environment, the chanty has sufficEnt cash on hand to meet all financial obligations for at least the next 12 months. Docusign Envelope 10.. DF859FOC-5FCE42XN98E8-E4BC13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management a. 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. It is governed by the memorandum and articles incorporated in 1994. b. Trustees and their interests The management of the charity is the responsib'ility of the Trustees who are elected and co opted under the terms of the Trust deed. The Trustees who also seNe as Board Directors for the purpose of company law during the year and up. to the date of signing the financial statements were: P Bird (resigned as Chair on 23 November 2023) R Hooley M Omer (resigned 10 October 2024) L Findlay (appointed as Chair 23 November 2023) R Gilligan (resigned 11 June 2024) L Kawa (appointed 14 June 2023) L Goransson (appointed 1 November 2023) M Porter (appointed 9 July 20241 R Perlman (resigned 22 May 2023) 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 to contribute £1 in the event of the charty being wound up. None of the Trustees have any benefTrcial interest in the organisations that ￿ceIve loan or grant funding from The Big Issue Invest Twst. . Organisational structure and decision making policies The Big Issue Invest Trust Board of Trustees meets quartety. 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., setting perfonnance objectives.. monrtoring implementation and corporate performance,. and overseeing major caprtal expenditures, acquisrtions and divesttiures. 2. Monitoring and managing potential conflicts of interest of management. Truslees and stakeholders, including misuse of corporate assets and abuse in related paty transactions. 3. Ensuring the integrty of Big Issue Invest Trust's accounting and financial reporting systems, including the independent audrt, 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 govemance practices under which BIIT operates and making changes as needed and ensuring a formal and transparent Trustee nomination process. 5. Overseeing the process of disclosure and communication. Doujsign Envelope ID: DF859FOC-5FcE425(￿98E￿E48Cl3284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (contlnued) d. Recrultmerit, inductSon and training of Trustees It 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 klan 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 to strengthen our abilty to best understand relevant issues, and to identfy and adopt suitable strategic responses. Big Issue Invest Trust has the right to 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 temis. 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 brokerage seNices: Broaden the diversty of the Board so long as that is consistent with obtaining the right skills; Undertake appropriate background checks.. arKI 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 invofves: Providing copies of our goveming document (M&AA) and Policies & Procedures Manual.. Providing our latest Audited and Management Financial Statements: Providing our current Plan- Providing Minutes of recent Board Meetings., Providing relevant Chanty Commission publications including 'The essential Trustee what you need to know" and Arranging a familiarisation programme e. Related party relationships Issue Invest Trust has entered into a management services agreement with Big Issue Invest (811) under which Bll carry out the day to day activities of the charty. In the year to 31 March 2024 the charity paid Bll £24,000 (2023 - £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 grants (2023- £Nil) to The Big Issue Company Limited. Ouring the year Big Issue Invest Trust disbursed a grant of £Nil (2023 - £49,700) to Big Issue Corporate Social Venluring Ltd to be used for the purpose of issuing micro grants to social enterprises. Docusign Envelope ID: OF859FOC-5FCE425t>98E&E4BC13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) .During the year Big Issue Invest Trust made capital contributions (as limtted partner) of £42.851 (2023 - £17,683) and grants totalling £389.552 (2023 - £160,754) into the Growth Impact, L.P. The Community Loan Fund Limited is a domiant company of which The 8ig'lssue Trust is the sole Member. It has not traded since incorporation and does not have any assets or liabilities. In accordance with the deed of transfer dated 1 June 2023 between the Big Issue Foundation and Big Issue Invest Trust. The residual assets of the Big Issue Foundalion were.transferred to Big Issue Invest Trust in the form of donation of £1.022m. Pursuant of the deed of transfer dated 1 June 2023 between the Big Issue Foundation, Big Issue Changing Lives C.l.C (CIC) and the Big Issue Company Limited grants of £512k were paid to CIC. f. Financial risk management The Trustees have assessed the major risks to which the charity is exposed. in particular those related to the operations and fInan￿S of the charity. and are satisfied that systems and procedures are in place to mitwate exposure to the major risks. . Disclosure of infomiation to auditors Each of the persons who are Twstees at the time when this Trustees. report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audtt infomiation of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have b*n taken as a Trustee in order to be aware of any relevant audrt infomiation and to establish that the charity's auditors are aware of that infomiation. Auditors The auditors, Blick Rothenberg Audit LLP, have indicated their wllingness to continue in office. The designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behaff by:. Dacusiyned ty. hrl 9D ird 3/12/2024 1 13:31:10 r44T 9/12/2024 1 13:15:22 c￿[ SIAned by.. PorfLf M Porter 3]12/2024.1 14: 46.38 GMT L Findlay 13/12/2024 1 13:34:33 GYT Slllned br. 71EIACQEFObCrtz." """"""" "'"" L Goransson 6/1212024 | 12:18:21 GMT L Kawa 3/12/2024 | 13:59:20 Gi Date.. DO￿$1gn Envelope ID.. DF8S9FOC-5FCE42￿g8E￿E48Cl3284715 BIG ISSUE INVEST TRUST IA company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the chanty for the purposes of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted'Accounting Practi￿). Company law requires the Trustees to prepare financial statements for each financial . Under company law. the Trustees must nol 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then appty them consistently- obsenie the methods and principles of the Charities SORP (FRS 102).. make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed. subj'ect to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitls transactions and disclose with reasonable accupcy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charty and hence 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¢￿S1¥￿ed br. hrl .9PA449PIgFAG48P.............................. P Blrd 3/12/2024 1 13:31:10 QIT R Hooley 9/12/2024 1 13'.15:22 Gh 319ned br. E42F5FOG04Dfftt........................... M Porter 3/12/2024 1 14.46: 38 L Findlay 13/12/2024 1 13:34:33 GMT Slgn•d by.. KIS2￿1)EFO￿A52............................. L Goransson 6/12/2024 1 12:18:21 C￿T L Kawa 3/12/2024 | 13: 59.20 GMT Date.. l)ocusign Envelope IO.. DF859FOC.5FCE425(k98E&E4BC13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST FOR THE YEAR ENDED 31 MARCH 2024 Oplnion We have audited the financial statements of Big Issue Invest Trust (the 'charitV) for the year ended 31 March 2024 which comprise the Statement 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 Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable.companYs affairs as at 31 March 2024 and of its incoming resources and applTrcation of ￿SOurCes. including its income and expenditure for thè year then ended.. have been properly prepared in accordance with Untted Kingdom 'Generally Accepted Accounting Practice- and have been prepared in accordance with the requirernenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Audrting (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the Auditors. responsibilities for the aud of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to 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 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the firk2ncial statements. we have concluded thal the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropnate. Based on the work VR have perfOrn￿d, ￿ have not idenknfEd any material.uncertainlies relating to events or conditions that. individually or collectivety. May cast significant doubt on the charitable company's ability to continue as a going concern for a perirxl of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Trustees with respect to going con￿rn are described in the relevant sections of this report. Docu$ign Erwelope ID.. DF859FoC-5FCE425￿98E8-E4BCl3284715 BIG ISSUE INVEST TRUST IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BIG ISSUE INVEST TRUST (CONTINUED) 'FOR THE YEAR ENDED 31 MARCH 2024 Other infomation The other information comprises the infonnation included in the Annual report other than the financial stalements and our Auditors, report thereon. The Trustees are responsible for the other infomiation conlained within the Annual report. Our opinion on the financial statements does not Cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If Y￿ identify such material inconsistencies or apparent material misstatements. we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other infomation, V￿ arè required to report that fact. We have nothing to reFQrt in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in course of the audit: the information given in the Trustees. ￿pOrt for Ihe financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charitable company arKI its environment obtained in the course of the audit, V￿ have not identrfied material misstatements in the TrUSt￿s. report. We have nothing to report in respect of the followng matters in relation to which Companies Act 20(￿ requires us to report to you if, in our opinion" adequate accounting records have not been kept. or ￿turnS adequate for our audit have not been received 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 ve have not received all the information and explanations we require for our audit- or the Trustees were r)ot entitled to 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 thè Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they gNe a true.and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparath)n of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe Trustees are responsible for assessing the charitable companys ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees erther intend to liquidate Ihe charitsble company or to cease operations, or have no realistic altemative but to do so. Dofwspjn Envelope ID.. DF859FtL-5FCE425￿98E&E4BC13284795 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 2024 Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud 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 (UK) will always detect a material misstatement 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 to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non98E￿E4BCl32a4715 BIG ISSUE INVEST TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 2.5 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation to Iransfer economic benefrt to a third party, it is probable that a transfer of econcmnic benefits will be required in settlement and the amount of the obl￿atIon can be measured reliably. Expendrture on charitable activities is incurred on directly undertaking tke aclivities which further the chartys objectives, as vlell as any associated support costs. Grants payable are charged in the year when the offer is made except 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 nol been met at the year end are noted as a commitment, but not accwed as expenditure. All expenditure is inclusNe of irrecoverable VAT. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposrt or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. rt is probable that a transfer of economic benefrt be required in settlement, and the amount of the setuement can be ests"maled ￿lIablY. Liabilities are recognised at the amount that the chamy anticipates it will pay to settle the debt or the amount it ha$'re￿iVed as advanced payments for the goods or seprfices it must provide. 2.8 Flnanclal instruments The company has eleded to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and finanaal liabilrties are recognised when the company becomes party to the contractual provisions of the instwment. Financial liabilrties and equty instwments are classified according to the substance of the contractual arrangenients entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The companrfs policies for its major classes of finan￿al assets and financial liabilities are set out below. Financial assets Basic financial assets. including trade and other debtors. cash and bank balances are inttially rewnised at transaction price. unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future réceipts discounted al a market rale of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond nomial business tem￿ or is financed at 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. DotJJsgn Envelope ID.. DF859FOC-SFCE4250-98E&E4BC13284715 BIG ISSUE INVEST TRUST {A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) Financial instruments (continued) Financial liabilities Basic financial liabilities, including trade and olher creditors are initially recognised at transaction price. unless the arrangement constitutes a financing transaction, where the debt instrument is rneasu￿d at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business le￿n5 or is fiDanced at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairnient of financial assets Financial assets measured at cost and amortised. cost are assessed at the end of each reporting period for objective evidence of impaiment. If objective evidence of impairrnent is found, an impairmenl loss is recognised in the Statement of financial activities. For financial assets measured at cost less impairment. the impairment loss is measured as the .difference between the asset's carrying amount and the best estimate of the arnount the company would receive for the asset rf it were to be sold at the reporting date. For financial assets measured at amortised cost. the impairment loss is measured as the dIffe￿nCe behveen the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effectNe interest rate. If the financial asset has a variable interest rate, the discount rate for me8suring any impaiThent Ioss is the current effective interest rate detemiined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impaiment 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 impainnent reversal is recognised in the Statement of financial activities. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset 'expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred lo another party or Ic) desprte having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third paty without imposing additional reStr￿tions. Financial liabilities are derecognised vthen the liabilty is extinguished, that is when the contractual obligation is discharged. cancelled or expires. Offsetting of financlal assets and financial liabilities Financial assets and liabilrties are offset and the net amount reported in the balance sheet when the￿ is an enforceable right to 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. 2.9 Mixed motive Investments Mixed rnotive investments are measured at cost less accumulated impaiment. DoNAign Envelope IO.. DF859FOC-5FCE4250-98E8-E48C13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 2.551,700 21,498. 2,573,198 338,872 Total 2023 159,114 179,758 338.872 Analysis of donations 2024 2023 Big Issue Foundation Bank of Amenca Charities Aid Foundation Energy Saving Trust Aberdeen Standard Life Charities Trust AC￿ntUre Foundation 1,021,137 . 792,142 150.386 54,735 21.300 10.025 165.000 159,114 UBS Robert Gill￿an Pegasus Legacies Other donations 733 12,000 500,000 21,498 2,573.198 338,872 Docusign Envelope IO". DF8S9F￿-SFcE4250-98E8-E4BCl32a4715 BIG ISSUE INVEST TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Governance costs Grants made 53,535 53,536 5,000 "1.384,794 45,252 559,466 1.379.794 1.379.794 58,535 1,438,329 604.718 Total 2023 572,066 32,652 604,718 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Governance costs Grants made 53.535 53,535 1,384,794 45.252 559.466 1.384.794 1.384,794 53.535 1,438,329 604,718 Total 2023 559,466 45,252 604.718 Analysis of governance costs 2024 2023 Management fees Audit fees Professional fees Bank charges General expenses 24,000 15,900 13.062 338 235 24,000 7,272 13,662 44,934 Docusign Envelope ID.. DF8s9FOC-5FCE42￿98E8-E4BCl3284715 -BIG ISSUE INVEST TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants made . 2024 2023 UnLtd Breaking Barriers Big Issue Invest CO￿rate Social Venluring Ltd Growth Impact L. P. Aberdeen Standard Lrfe Big Issue Changing Lives C.l.C Accenture Energy Saving 264,047 253,544 95,468 49,700 160.754 389.552 21.300 512,000 42,840 155,056 1,384,795 559,466 Further details of these grants are set out in the Trustees Report. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other beneffts {2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Reimbursed expenses do not form part of remuneration. and are subject to the nonnal processes of internal financial control. Employee costs during the year were £Nil (2023 - £Nil). 10. Mixed motive investments Mlxed motive investments Total Cost and Net book value At 1 April 2023 Additions 17,682 42.851 17.682 42,851 60,533 60,533 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 its held to support the charitable aims of the Trust. It is carried at cost of £60,533. Docusign Envelope ID.. OF859F0&5FcE42X￿g8￿E4BC132a4715 BIG ISSUE INVEST TRUST (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Creditors: amounts falling due within one year 2024 2023 Trade creditors 12.600 13.800 Accruals and deferred income 37,600 37,500 26,400 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds- all funds 319.987 21,498 (58,535 282.950 Restricted funds Restricted Funds- all funds 397,438 2,551.700 (1.379,794) 1,569,344 Total of funds 717,425 2.573.198 11,438,329) 1,852,294 Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds- all funds 172.881 179.758 (32,652) 319,987 Restricted funds Restricted Funds- all funds 810,390 159,114 (572,066) 397,438 Total of funds 983.271 338.872 (604,718) 717,425 Ooeusyn Envelope ID.. DF859F0C.5FCE42￿￿98E￿E48C13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) ' NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Social investments Current assets 60,533 259.917 (37.500) 60,533 1,829.261 (37,500) 1,569,344 Creditors due within one yEar Total 1,569,344 282.950 1,852,294 Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 . Total funds 2023 s￿la1 investments Currenl assels Creditors due wilhin one year 17,682 328.705 {26.400) 17.682 726,143 (26,400) 397.438 Total 397.438 319,987 717,425 .Do¢usign Envelope ID.. DF859FO&5FCE42￿g8E￿E48Cl3284715 BIG ISSUE INVEST TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Restricted funds Balancè at 31 March 2024 Balance at 1 April 2023 Total funds 2023 Income Expenditure Bank of America Aberdeen Standard Lrfe Accenture Big Issue Foundation Citi Foundalion Energy Saving Trust Pegasus Legacies 346.392 792,142 21,300 (653.599) (21.300) (42,840) (512,000) (104,485) (33,570) (12,000) 484,935 346,392 51.046 8,206 509,137 45.901 21.165 51,046 1,021,137 150,386 54.735 12.000 500,000 500.000 397.438 2.551,700 {1.379,794) 1,569,344 397.438 The Bank of America fund is a contribution to the Grovrth Impact, L. P. Fund to fund it's investments and for use in the Fund's Technical Assistance Faalty. The Aberdeen Standard Life fund will cover staff rnembers. events and actiwties set up by Corporate Social Venturing Ltd. The programme matches mentors wrth social enterprises as they look to recover and help ensure future sustsinability. post Covid-19. The grant from Accenture is to support the Refugee Transition Outcomes Fund through Big Issue Invest Trust. The Big Issue Foundation fund reserves is to be used to support the continuation of its mission through the delivery of frontline support and services by Big Issue Changing Lives C.l.C. Citi Foundation fund is to support for vendors to access digital and financial inclusi¢)n support via the embedding of the Connect programme. The Energy Saving Trust fund is to support vendors experieincing povety through information, guidance. access to financial support and other schemes. and connecting to services for other relevant needs, plus staff training and peer mentoring development. Legacies fund is to be used to support the continuation of charitys mission through the delivery of frontline support and services by Big Issue Changing Lives as per the terms of the transfer deeds. Docusign Envelope IO.. DF859FOG5FcE425(￿98E￿E48Cl3284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds Restricted funds 319,987 397,438 21.498 158,5351 . 282.950 2.551.700 (1,379,794) 1.569.344 717,425 2,573,198 (1,438,329I 1.852.294 Summary of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure General funds 172.881 810.390 179.758 159,114 (32,652) (572.066) 319.987 397.438 Restricted funds 983.271 338,872 {604.718) 717.425 .16. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incornel(expenditure) for the period (as per Statement of Financial Activities) 1.134,869 (265.846) Adjustments for: Decrease in debtors Increase in creditors 15.372 5.727 11,100 Net cash provided byllused in) operating activities 1,145,969 (244,747) DorJJsign Envelope ID: OF859F0C-5FcE42￿98E8-E4BC132&4715 BIG ISSUE INVEST TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysis of cash and cash equivalents 2024 2023 Cash in hand 1,829,261 726,143 Total cash and cash equivalents 1.829.261 726,143 18. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 726,143 1.103.118 1,829,261 726,143 1,103,118 1,829,261 19. Liability of members The liability of members is limited. In Ihe event of the charitable company being wound up during a member's period of membership orwithin a year afterwards an amount not ekceeding £1 may be required 'from that member towards the payment of debts and liabilities of the company incurred before membership ceased. As at 31 March 2024 the charitable company had 1 member12024 - 1). The Big Issue Invest Limrted. Docusign Envelope ID.. DF859FOC-5FCE425fy98E8-E4BC13284715 BIG ISSUE INVEST TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Related party transactions The following entities sit within The Big Issue Group Limrted. of which Big Issue Invest'Trust is a member: Big Issue Corporate Social Venturing Ltd. - The Big Issue Company Limrted, - Growth Impact. L. P., and Big Issue Changing Lives C.l.C During the year the charitable company paid management fees of £24,000 (2023 - £24,000) to its corporate member company. The Issue Invest Limrted. During the. year Big Issue Invest Twst disbursed no grants (2023 £Nil) to The Big Issue Company Limited. During the year Big Issue Invest Trust disbursed a grant of £Nil (2023 - £49,700) to Big Issue Corporate Social Venturing Ltd to be used for the purpose of issuing micro grants to social enterprises. During the year Big Issue Invest Trust made capital contributions (as limited partner) of £Nil (2023 £17,683) and grants totalling £432.402 (2023 - £160.754) into the Growth Impact. L. P. Big Issue Invest Trust also paid a grant of £264,047 (2023- £253.543) to UnLtd. its partner in the Growth Impact, L. P.. during the year. Brg Issue Invest Trust received royalty income of £Nil (2023 - £733) from J Gill￿an during the year. In accordance with the deed of transfer dated 1 June 2023 betr4¥een the 8￿.1$sue Foundation and Big Issue Invest Trust. The residual assets of the Big Issue Foundation were transferred to Big Issue Invest Trust in the form of donation of £1.022m. Pursuant of the deed of transfer dated 1 June 2023 between the Big Issue Foundation, Big Issue Changing Lives C.l.C {CIC) and the BKJ Issue Company Limited grants of £512k were paid to CIC during the year.