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← Big Issue Trust

2025-03-31-accounts

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

Registered number: 02995859 Charity number: 1042514

BIG ISSUE TRUST (FORMERLY BIG ISSUE INVEST TRUST) (A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee) CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 6
Trustees' responsibilities statement 7
Independent auditors' report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13 - 14
Statement of cash flows 15
Notes to the financial statements 16 - 27

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees P Bird
R Hooley
M Omer (resigned 10 October 2024)
L Findlay, Chair
R Gilligan (resigned 11 June 2024)
L Kawa
L Goransson
M Porter (resigned 1 June 2025)
Company registered
number
02995859
Charity registered
number
1042514
Registered office
113-115 Fonthill Road
London
N4 3HH
Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
Bankers
National Westminster Bank plc
63 Piccadilly
London
W1J 0AJ
Solicitors
A&O Shearman
One Bishops Square
London
E1 6AD

Page 1

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

(A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

BIG ISSUE TRUST

The trustees present their annual report together with the audited financial statements of the charity for the 1 April 2024 to 31 March 2025. 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 (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

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 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Aims, policies and objectives

The objects of the charity are to promote charitable purposes by the provision of grants and other assistance to the Big Issue Group. The main aim of the charity is to raise funds from corporate and personal donors to further the mission of the Big Issue Group to dismantle poverty in the UK through social business solutions.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Grant making and other assistance policies

All grant and other assistance applications are reviewed by the trustees and assessed on their suitability and compatibility with the charity’s objects.

Achievements and performance

a. Fundraising activities and income generation

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. During the year £971,725 (2024 - £2,573,198) of grants and donations were received, of which £77,233 (2024 - £521,498) was from the general public.

The fundraising approach taken by Big Issue Trust is to utilise the existing network 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, Big Issue Trust received no complaints (2024 – nil) relating to its fundraising activities.

Page 2

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

BIG ISSUE TRUST

(A company limited by guarantee)

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable 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 concern 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 year's management and administration costs, net of expected investment income and discretionary expenditure. The trustees review the appropriateness of this policy annually.

At 31 March 2025, the level of Unrestricted Reserves required under this policy would have amounted to £24,000 (2024 - £24,000). The actual level of Unrestricted Reserves as at that date was £133,282 (2024 - £282,950). The trustees expect that reserves not expended on operating costs will be used to provide loans and grants to sustainable social enterprises and charities on an on going basis. The level of Restricted reserves at the year-end was £956,009 (2024 - £1,569,344).

c. Investment policy

The trustees have considered the requirements and purpose of the charity and consider it appropriate for the funds to be held as cash and / or short term instruments with banks approved by the trustees. Changes to this investment policy would be decided upon by the board of trustees.

During the year the charity held mixed motive investments through a limited partnership participation in the Growth Impact Fund. Capital commitments of £211,489 (2024 - £432,403) were made in the financial year in line with the trustees’ objectives for both financial return and social impact. Through this investment, 87,000 people were reached, including 6,209 neurodivergent people receiving support and 119 young people prevented from becoming NEET, contributing directly to the charity’s purposes. The trustees monitor these investments against agreed financial and impact objectives and will continue to review performance regularly.

d. Financial risk management objectives and policies

The charity is mostly exposed to financial risk as identified by the trustees and which is managed by appropriate systems and procedures

e. Financial review

The activity of the charity during the year ending March 2025 was providing financial support, investments and grants to social enterprises.

Income for the year was £971,725 (2024 - £2,573,198) and expenditure totalled £1,734,728 (2024 - £1,438,329).

We ensure that our resources 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 at least the next 12 months.

Page 3

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

a. Constitution

Big Issue Trust is registered as a charitable company limited by guarantee and was set up by a trust deed..

Formerly known as Big Issue Invest Trust, the charity changes its name on 16th May 2025 to reflect a new role as the main fundraiser for the Big Issue Group.

Big Issue 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 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 date of signing the financial statements were:

P Bird R Hooley M Omer (resigned 10 October 2024) L Findlay R Gilligan (resigned 11 June 2024) L Kawa L Goransson M Porter (appointed 9 July 2024, resigned 1 June 2025)

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 charity being wound up.

None of the trustees have any beneficial interest in the organisations that receive loan or grant funding from Big Issue Trust.

c. Organisational structure and decision making policies

The Big Issue Trust board of trustees meets quarterly. Its key functions include:

  1. Reviewing and guiding Big Issue Trust's corporate strategy, major plans of action, risk policy, annual budget and business plans; setting performance objectives; monitoring implementation and corporate performance; 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 transactions.

  3. Ensuring the integrity of Big Issue 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 governance practices under which Big Issue Trust operates and making changes as needed and ensuring a formal and transparent trustee nomination process.

  5. Overseeing the process of disclosure and communication.

Page 4

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

d. Recruitment, induction and training of trustees

It is our clear policy that the Big Issue 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 experience in:

In addition, we endeavour to have an appropriate mix of gender, ethnic, and regional representation on the board to strengthen our ability to best understand relevant issues, and to identify and adopt suitable strategic responses. Big Issue Trust has the right to appoint up to four trustees and another three are people who are independent of Big Issue Trust. Trustees who are employees of Big Issue 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:

Having selected the best individual, our induction and training process involves:

e. Related party relationships

Big Issue Trust has entered into a management services agreement with Big Issue Invest (BII) under which BII carry out the day to day activities of the charity. In the year to 31 March 2025 the charity paid BII £24,000 (2024 - £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 BII.

During the year Big Issue Trust disbursed no grants (2024 - £Nil) to The Big Issue Company Limited.

During the year Big Issue Trust made capital contributions (as limited partner) of £20,958 (2024 - £42,851) and grants totalling £190,531 (2024 - £389,552) into the Growth Impact, L.P.

The Community Loan Fund Limited is a dormant company of which Big Issue Trust is the sole Member. It has not traded since incorporation and does not have any assets or liabilities.

Page 5

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

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 finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The charity has recently launched a Transformation Fund designed to enable us to evolve the business model and help more people to earn a sufficient and sustainable income. A key part of fundraising for this cause will be the arranging the 35th anniversary fundraising dinner in 2026.

Disclosure of information to auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

Auditors

The auditors, Blick Rothenberg Audit LLP, have indicated their willingness to continue in office. The designated trustees will propose a motion reappointing 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:

| ................................................ KonerDocuSignedHooleyby: 88023D8FDFB84D’... R Hooley

................................................ of.A033F000197D4C5...acy by:inaly L Findlay

................................................ 23D6BAC1DDCB4A2... L Goransson

19-Dec-25 | 09:40 GMT Date:

Page 6

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The trustees (who are also the directors of the charity 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 Practice).

Company law requires the trustees to prepare financial statements for each financial period. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of 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:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy 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 charity 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:

| ................................................ ParwenDocuSigned by:Bird 9DB859D16F6C4A0... P Bird

| ................................................ KonerDocuSignedHooleyby: 88023D8FDFB84D7... R Hooley

| ................................................ afayA033F000197D4C5...Si d by:inaly L Findlay

| ................................................ algunSiE2BC7398FC0C410...d by: Yaron L Kawa

................................................ 23D6BAC1DDCB4A2... L Goransson

19-Dec-25 | 09:40 GMT Date:

Page 7

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG ISSUE TRUST

FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Big Issue Trust (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their 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' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 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 financial statements, 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 to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 8

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG ISSUE TRUST (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding 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 requires us to report to you if, in our opinion:

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 law) 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG ISSUE TRUST (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 10

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG ISSUE TRUST (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 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 to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect 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 at: www.frc.org.uk/auditorsresponsibilities. 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 state to the charitable company's members those matters we are required to state to 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

Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH

Date: 19-Dec-25 | 11:20 GMT

Page 11

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
7,929
7,929
157,597
157,597
(149,668)
282,950
(149,668)
133,282		 Restricted
funds
2025
£
963,796
963,796
1,577,131
1,577,131
(613,335)
1,569,344
(613,335)
956,009		 Total
funds
2025
£
971,725
971,725
1,734,728
1,734,728
(763,003)
1,852,294
(763,003)
1,089,291		 Total
funds
2024
£
2,573,198
2,573,198
1,438,329
1,438,329
1,134,869
717,425
1,134,869
1,852,294

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 27 form part of these financial statements.

Page 12

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

REGISTERED NUMBER: 02995859

BIG ISSUE TRUST

(A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025

Note
Fixed assets
Social investments
11
Current assets
Debtors
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 70,281
953,544
1,023,825
(16,025)		 2025
£
81,491
81,491
1,007,800
1,089,291
1,089,291
956,009
133,282
1,089,291		 -
1,829,261
1,829,261
(37,500)		 2024
£
60,533
60,533
1,791,761
1,852,294
1,852,294
1,569,344
282,950
1,852,294

Page 13

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

................................................ 9DB859D16F6C4A0... ................................................ 88023D8FDFB84D7... P Bird R Hooley | ................................................ afayA033F000197D4C5...Si d by:inaly | ................................................ SiE2BC7398FC0C410...ad by: Yaron L Findlay L Kawa

| ................................................[Wa] Si23D6BAC1DDCB4A2...d by:[Gowanseow] L Goransson

19-Dec-25 | 09:40 GMT Date:

The notes on pages 16 to 27 form part of these financial statements.

Page 14

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash (used in) / provided by operating activities
Cash flows from investing activities
Purchase of social investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 16 to 27 form part of these financial statements		 2025
£
(854,759)
(20,958)
(20,958)
-
(875,717)
1,829,261
953,544		 2024
£
1,145,969
(42,851)
(42,851)
-
1,103,118
726,143
1,829,261

Page 15

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Big Issue Trust is a charitable trust, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and the Charities Act 2011. The address of the registered office is 113-115 Fonthill Road, London, N4 3HH.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2. Accounting policies

2.1 Basis of preparation of financial statements

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

Big Issue Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions 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 to the financial statements.

2.4 Income

All income is recognised once the charity has entitlement to 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 received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, 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.

Page 16

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BIG ISSUE TRUST

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly 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 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 not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.6 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 date of acquisition or opening of the deposit 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, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.8 Financial instruments

The company has elected to 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 to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The company’s policies for its major classes of financial assets and financial liabilities are set out below.

Page 17

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BIG ISSUE TRUST

2. Accounting policies (continued)

Financial instruments (continued)

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at 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 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.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured 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 terms or is financed 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.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment 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 amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate 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 impairment 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.

Page 18

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BIG ISSUE TRUST

2. Accounting policies (continued)

Financial instruments (continued)

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 to another party or (c) 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 to 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 contractual 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 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 motive investments are measured at cost less accumulated impairment.

3. Income from donations and legacies

Donations
Grants
Total 2024		 Unrestricted
funds
2025
£
7,929
-
7,929
21,498		 Restricted
funds
2025
£
84,304
879,492
963,796
2,551,700		 Total
funds
2025
£
92,233
879,492
971,725
2,573,198		 Total
funds
2024
£
21,498
2,551,700
2,573,198

Page 19

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Analysis of donations and legacies

Big Issue Foundation
Bank of America
Charities Aid Foundation
Energy Saving Trust
Aberdeen Standard Life
Pegasus
Legacies
Other donations (unrestricted)
Other donations (restricted)		 2025
£
-
761,721
-
117,771
-
-
14,161
7,929
70,143
971,725		 2024
£
1,021,137
792,142
150,386
54,735
21,300
12,000
500,000
21,498
-
2,573,198

5. Analysis of expenditure on charitable activities

Summary by fund type

Governance costs
Grants made
Total 2024		 Unrestricted
funds
2025
£
48,424
109,173
157,597
58,535		 Restricted
funds
2025
£
-
1,577,131
1,577,131
1,379,794		 Total
2025
£
48,424
1,686,304
1,734,728
1,438,329		 Total
2024
£
53,535
1,384,794
1,438,329

Page 20

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of expenditure by activities

Governance costs
Grants made
Total 2024		 Activities
undertaken
directly
2025
£
-
1,686,304
1,686,304
1,384,794		 Support
costs
2025
£
48,424
-
48,424
53,535		 Total
funds
2025
£
48,424
1,686,304
1,734,728
1,438,329		 Total
funds
2024
£
53,535
1,384,794
1,438,329

7. Analysis of governance costs

Management fees
Audit fees
Professional fees
Bank charges
General expenses
8.
Analysis of grants made
UnLtd
Growth Impact L. P.
Aberdeen Standard Life
Big Issue Changing Lives C.I.C
Accenture
Energy Saving		 2025
£
24,000
22,697
1,190
285
252
48,424
2025
£
253,467
190,531
-
1,234,101
8,205
-
1,686,304		 2024
£
24,000
15,900
13,062
338
235
53,535
2024
£
264,047
389,552
21,300
512,000
42,840
155,056
1,384,795

Page 21

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, expenses totalling £252 were reimbursed or paid directly to a trustee (2024: £Nil).

Reimbursed expenses do not form part of remuneration, and are subject to the normal processes of internal financial control.

Employee costs during the year were £Nil (2024- £Nil).

10. Debtors

2025 2024
£ £
Due within one year
Prepayments and accrued income 70,281 -

11. Mixed motive investments

Mixed
motive
investments
£
Cost and Net book value
At 1 April 2024
60,533
Additions
20,958
81,491		 Total
£
60,533
20,958
81,491

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 £81,491.

Page 22

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Creditors: amounts falling due within one year

Accruals and deferred income
13.
Statement of funds
Statement of funds - current year
Unrestricted funds
General funds - all funds
Restricted funds
Restricted funds - all funds
Total of funds
Statement of funds - prior year
Unrestricted funds
General funds - all funds
Restricted funds
Restricted funds - all funds
Total of funds		 Balance at 1
April 2024
£
282,950
1,569,344
1,852,294
Balance at
1 April 2023
£
319,987
397,438
717,425		 Income
£
7,929
963,796
971,725
Income
£
21,498
2,551,700
2,573,198		 2025
£
16,025
Expenditure
£
(157,597)
(1,577,131)
(1,734,728)
Expenditure
£
(58,535)
(1,379,794)
(1,438,329)		 2024
£
37,500
Balance at
31 March
2025
£
133,282
956,009
1,089,291
Balance at
31 March
2024
£
282,950
1,569,344
1,852,294

Page 23

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Social investments
81,491
Current assets
1,023,825
Creditors due within one year
(972,034)
Total
133,282
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Social investments
60,533
Current assets
259,917
Creditors due within one year
(37,500)
Total
282,950		 Restricted
funds
2025
£
-
-
956,009
956,009
Restricted
funds
2024
£
-
1,569,344
-
1,569,344		 Total
funds
2025
£
81,491
1,023,825
(16,025)
1,089,291
Total
funds
2024
£
60,533
1,829,261
(37,500)
1,852,294

Page 24

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Restricted funds

Bank of America
Accenture
Big Issue Foundation
Citi Foundation
The Energy Saving Trust
Big Issue Changing Lives C.I.C
Legacies
Other donations (restricted)
Total 2025
Total 2024		 Balance
at 1 April
2024
Income Expenditure
Transfer
between
funds
Balance at
31 March
2025
Total funds
2024
£
£
£
£
£
£
484,935
761,721
(443,997)
-
802,659
484,935
8,206
-
(8,206)
-
-
8,206
509,137
-
-
(509,137)
-
509,137
45,901
-
-
(45,901)
-
45,901
21,165
117,771
(138,936)
-
21,165
-
-
(1,124,928)
1,278,278
153,350
-
500,000
14,161
-
(514,161)
-
500,000
-
70,143
-
(70,143)
-
-
1,569,344
963,796
(1,577,131)
-
956,0091,569,344
397,438
2,551,700
(1,379,974)
-
1,569,344

The Bank of America fund is a contribution to the Growth Impact, L. P. Fund to fund its investments and for use in the Fund’s Technical Assistance Facility.

The grant from Accenture is to support the Refugee Transition Outcomes Fund through Big Issue Trust.

The Big Issue Foundation fund is to be used to support the continuation of its mission through the delivery of frontline support and services. Citi Foundation fund is to support for vendors to access digital and financial inclusion support via the embedding of the Connect programme. The Energy Saving Trust fund is to support vendors experiencing poverty 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 charity's mission through the delivery of frontline support and services as per the terms of the transfer deeds. All these funds delivered their programmes through Big Issue Changing Lives C.I.C.

Page 25

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Summary of funds

Summary of funds - current year

Balance at 1
April 2024
£
Income
£
Expenditure
£
General funds
282,950
7,929
(157,597)
Restricted funds
1,569,344
963,796
(1,577,131)
1,852,294
971,725
(1,734,728)
Summary of funds - prior year
Balance at
1 April 2023
£
Income
£
Expenditure
£
General funds
319,987
21,498
(58,535)
Restricted funds
397,438
2,551,700
(1,379,794)
717,425
2,573,198
(1,438,329)
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net movement for the year (as per Statement of Financial Activities)
(763,003)
Adjustments for:
(Increase) in debtors
(70,281)
(Decrease) / increase in creditors
(21,475)
Net cash provided (used in) / provided by operating activities
(854,759)
Analysis of cash and cash equivalents
2025
£
Cash in hand
953,544
Total cash and cash equivalents
953,544		 Balance at
31 March
2025
£
133,282
956,009
1,089,291
Balance at
31 March
2024
£
282,950
1,569,344
1,852,294
2024
£
1,134,869
-
11,100
1,145,969
2024
£
1,829,261
1,829,261

17. Reconciliation of net movement in funds to net cash flow from operating activities

18.

Page 26

Docusign Envelope ID: 199797E2-7887-4FF6-B024-52AE6456D1DB

BIG ISSUE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2024
£
1,829,261
1,829,261		 Cash flows
£
(875,717)
(875,717)		 At 31 March
2025
£
953,544
953,544

20. Liability of members

The liability of members is limited. In the event of the charitable company being wound up during a member's period of membership or within a year afterwards an amount not exceeding £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 2025 the charitable company had 1 member (2024 - 1), Big Issue Invest Limited.

21. Related party transactions

The following entities sit within Big Issue Group Limited, of which Big Issue Trust is a member:

During the year, the charitable company expended grants totalling £1,124,928 (2024 - £Nil) to Big Issue Changing Lives C.I.C., an entity that sits within Big Issue Group Limited. Restricted funds totalling £1,148,073 (2024 - £Nil) were transferred into the Big Issue Changing Lives C.I.C.. The balance as at 31 March 2025 amounted to £153,350 (2024 - £Nil) as set out in Note 15.

During the year, the charitable company paid management fees of £24,000 (2024 - £24,000) to its corporate member company, Big Issue Invest Limited.

During the year, Big Issue Trust disbursed no grants (2024 - £Nil) to Big Issue Company Limited.

During the year, Big Issue Trust made capital contributions (as limited partner) of £20,958 (2024 - £42,851) and grants totalling £190,531 (2024 - £389,552) into the Growth Impact, L.P.

Page 27