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2024-03-31-accounts

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

THE FOUNDATION FOR SOCIAL ENTREPRENEURS

(Trading as UnLtd)

Charity No. 1090393 Company No. 4180639

MILLENNIUM AWARDS TRUST

Charity No. 1095749

UNLTD SCOTLAND

Company No. SC475273

FSE MANAGEMENT SERVICES LTD

Company No. 6841529

UNLTD IMPACT SUPPORT COMPANY LTD

Company No. 10951754

UNLTD VENTURE GROWTH SUPPORT LTD

Company No. 11568325

UNLTD SOCIAL INVESTMENTS LTD

Company No. 13983682

This report has been prepared in accordance with the guidance issued by the Charity Commission and Companies House, and the Reporting Directions of the Millennium Commission

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Contents Trustees of the Foundation for Social Entrepreneurs (UnLtd) ............................................... 4 Board Sub-Committees of the Foundation for Social Entrepreneurs (UnLtd) (as at June 2024) ...................................................................................................................................... 4 Key Information ...................................................................................................................... 5 INTRODUCTION AND OVERVIEW FROM THE CHAIR ................................................................... 6 STRUCTURE, GOVERNANCE, AND MANAGEMENT ..................................................................... 8 Nature of governing document ............................................................................................... 8 Trustee oversight .................................................................................................................... 8 How Trustees are recruited and appointed ............................................................................ 8 OBJECTS AND ACTIVITIES ............................................................................................................ 10 Objects of the Charity ........................................................................................................... 10 Charity’s aims ....................................................................................................................... 12 Main policies and procedures .............................................................................................. 12 Being a responsible business .............................................................................................. 20 STRATEGIC REPORT ...................................................................................................................... 21 Financial review .................................................................................................................... 30 Plans for future periods ........................................................................................................ 31 STATEMENT OF TRUSTEES’ RESPONSIBILITIES ...................................................................... 34 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES.………………………...……………….39 CONSOLIDATED BALANCE SHEET …………………………………………………….…………….…40 CONSOLIDATED CASH FLOW STATEMENT…..………………………………………….…………….41 NOTES TO THE ACCOUNTS……………………………………………………………………………..…42

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Acknowledgement

The Millennium Awards Trust was endowed by the Millennium Commission with a National Lottery grant of £100 million as a permanent source of grants for social entrepreneurs throughout the United Kingdom to develop their own skills and talents, and to contribute to the community.

The Millennium Commission was set up in 1993 to distribute National Lottery funds as grants to fund initiatives to mark the year 2000 and the beginning of the third millennium. The Commission’s £100 million grant to the Millennium Awards Trust will ensure that Millennium Commission funds will continue to benefit individuals and communities in perpetuity.

Descriptions

This report details the 2023-24 activities of the Foundation for Social Entrepreneurs (UnLtd) and its subsidiary charities and companies: the Millennium Awards Trust, UnLtd Scotland, FSE Management Services Ltd, UnLtd Impact Support Company Ltd, UnLtd Venture Growth Support Ltd, and UnLtd Social Investments Ltd.

UnLtd (The Foundation for Social Entrepreneurs) is a company limited by guarantee with charitable status.

The Millennium Awards Trust is a charity established by Trust Deed. UnLtd is the Corporate Trustee of the Millennium Awards Trust.

UnLtd Scotland is a company limited by guarantee in Scotland and is a subsidiary of UnLtd. Since 2016, staffing support for awards delivered in Scotland has been provided by this company.

FSE Management Services Ltd is a company limited by guarantee and was incorporated on 10 March 2009. The sole member of the company is UnLtd. FSE Management Services Limited exists to deliver contracts for services to funders, particularly government and related agencies, to support social entrepreneurs.

UnLtd Impact Support Company Ltd is a company limited by share capital and was incorporated on 7 September 2017. The sole shareholder of the company is UnLtd. UnLtd Impact Support Company Ltd exists to provide much needed repayable finance to social ventures.

UnLtd Venture Growth Support Ltd is a company limited by share capital and was incorporated on 13 September 2018. The sole shareholder of the company is UnLtd. UnLtd Venture Growth Support Ltd exists to provide accessible and inclusive growth capital to social ventures.

UnLtd Social Investments Ltd is a company limited by share capital and was incorporated on 17 March 2022. The sole shareholder of the company is The Foundation for Social Entrepreneurs (UnLtd). UnLtd Social Investments Ltd is a shareholder in the General Partner of Growth Impact, L.P., an English private fund limited partnership. Additionally, UnLtd Social Investments Ltd provides investment advisory services to Growth Impact, L.P.’s Fund Manager.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Trustees of the Foundation for Social Entrepreneurs (UnLtd)

Name Initial term start date Resignation date(if applicable)
Amma Mensah 4 June 2018 4 June 2024
Anne Glover 4 June 2018 4 June 2024
Eric Collins 7 December 2023
GaryStewart 2 June 2021 4 June 2024
Gillian Gamble 3 June 2020
Henrietta Blackmore 7 December 2023
James Broderick 7 December 2023
James Endean 20 March 2023
Mahamed Hashi 2 June 2021 4 June 2024
Naveed Parvez(incomingVice Chair) 3 June 2020
Nicholas Farhi(outgoingChair) 9 June 2014 4 June 2024
Rachel Barton(incomingChair) 5 June 2017
Sara Williams 4 June 2024
Vanessa Johnson-Burgess 13 December 2022

Board Sub-Committees of the Foundation for Social Entrepreneurs (UnLtd) (as at June 2024)

FAC IC MATAC NRG SDC SESC
James Endean (Chair) Jamie Broderick (Chair) Nicholas
Farhi(resigned June
2024		 Vanessa Johnson-
Burgess (Chair)		 Henrietta Blackmore
(Chair)		 Naveed Parvez (Chair)
Henrietta Blackmore Eric Collins Gillian Gamble Gillian Gamble Eric Collins Gillian Gamble
Jamie Broderick James Endean Sara Williams (Chair) Rachel Barton Naveed Parvez Sara Williams
Nick Brooks * David Lindstrom* Dolly Padalia* Soumya Singh * Samantha Evans *
Hosein Khajeh-Hosseiny* Samantha Evans*
Hiti Singh*
Susan Seymour*

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Classified as Confidential

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Key Information

Trustee of the Millennium Awards Trust

The Foundation for Social Entrepreneurs (UnLtd) is the sole Corporate Trustee of the Millennium Awards Trust, appointed by the Millennium Commission upon the Trust’s establishment on the 27 January 2003.

Protector of the Millennium Awards Trust

The Protector of the Millennium Awards Trust was Lady Justice Carr DBE until 26 January 2024 (having been appointed Lady Chief Justice of England and Wales, effective 1 October 2023). We were delighted that Alison Paines, Senior Advisor to Withers LLP, became Protector on 26 January 2024, having been appointed by the Secretary of State for Culture, Media and Sport following a highly competitive open recruitment process.

The Protector’s fiduciary duties are to ensure the integrity of the administration of the Trust and the propriety of its procedures.

Independent Auditors

PKF Littlejohn LLP 15 Westferry Circus, Canary Wharf London E14 4HD

Internal Auditors

BDO LLP 55 Baker Street London W1U 7EU

Bankers

Barclays Bank plc. Hatton Garden Medium Business 99 Hatton Garden London EC1N 8DN

HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ

Investment Managers

Barclays Wealth Management Barclays, level 12 1 Churchill Place London E14 5HP

Dimensional Fund Advisors Ltd 5th Floor 20 Triton Street London NW1 3BF

The Charities Property Fund Cordea Savills 33 Margaret Street London W1G 0JD

Goldman Sachs Asset Management Plumtree Court 25 Shoe Lane London EC4A 4AU

GMO UK Limited No 1 London Bridge London SE1 9BG

GuardCap Asset Management 6th Floor, 11 Charles II Street London SW1Y 4NS

Wellington Management International Cardinal Place 80 Victoria Street London HICL 12 Charles II Street London SW1Y 4QU

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Classified as Confidential

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION AND OVERVIEW FROM THE CHAIR

It has been a good year for UnLtd in 2023/24. We have supported underserved social entrepreneurs more deeply and for longer, we have designed, introduced and expanded key support programmes and funds, while investing in our team and balancing our finances.

At the same time, we recognise how dramatic the impact of the pandemic and the cost-ofliving crisis has been and continues to be on the social entrepreneurs we are proud to support. The UK needs the energy, skills and lived expertise of social entrepreneurs more than ever.

We’ve supported social entrepreneurs with 199 awards (100 Start Up, 50 Scale Up and 49 Continuous Support awards), distributing £1,879,488 in flexible grant funding. We’re proud that 68% of our awardees identify as Black Asian, minority ethnic and/or disabled (against our commitment of 50%) – and that the design, development and decision making of all our support continues to be centred on and led with diverse social entrepreneurs.

On average, each venture we supported benefited 1,226 individuals, created 1.3 jobs in-house and helped 9.4 people to find a job elsewhere, while delivering 15.4 training opportunities. This means that an estimated 183,900 people were positively impacted by our award winners.

It has been powerful to see how we shifted gear in Movement for Change, our partnership with Sport England, moving from a successful pilot to a full programme of funding and support, finding new ways to provide market leading support to social entrepreneurs as we do. We have now supported 31 social entrepreneurs in the first 18 months of the programme. As part of this support, we have piloted our innovative social impact measurement tool to better enable our social entrepreneurs to collect and measure their impact. The tool uses standardised and validated metrics across social value estimation (the RoI of the work) and beneficiary wellbeing (life improvements through the work).

Last year we launched the Growth Impact Fund (GIF) in partnership with Big Issue Invest to provide equitable access to investment, to develop and advance inclusive investment practices, and reduce inequality in our communities. We have now invested in 7 social ventures, bringing the fund’s invested total to £1,864,482 – 100% are diverse-led. Part of the inclusivity and distinctiveness of our offer is our in-depth advisory support and flexible grant funding through our Technical Assistance Fund. This year £76k was deployed to help level the playing field for our social entrepreneurs.

In last year’s report my predecessor as Chair, Nic Farhi, reflected on the difficult decision we had made in late 2022 to reduce our operating cost base and headcount so we had a sustainable base. We are grateful to the team for working through these changes with such care, commitment, inclusivity and understanding. The organisation is now well set with a strong and sustainable resource base and a team who continue to do outstanding work.

Looking ahead to the coming year, we want to bolster the support we offer social entrepreneurs to measure, understand, report on, and showcase their impact. A major part of this will involve social entrepreneurs adopting our social impact measurement tool. As part of this we will develop a clear communications strategy with storytelling at its heart.

We will continue to provide equitable access to funding and market leading support through our own awards, programmes and the Growth Impact Fund. We will use our evidence and learning to further advocate for change across the sector.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

We will invest in our community offer, bringing together social entrepreneurs with partners and stakeholders to bolster peer-peer learning, connection and support.

We will continue to invest in our people, bringing in a new executive team member to make us an employer of choice for our talented and diverse team.

I wanted to thank my predecessor, Nic Farhi, who has been a wonderful Chair for UnLtd over two terms and an incredibly valuable advisor, friend and supporter for much longer. Nic has been generous and thoughtful welcoming me into the role. We have also been so well served by a number of deeply talented, values-driven and committed trustees who are now moving on as their terms end – Amma Mensah, Anne Glover, Gary Stewart and Mahamed Hashi. It has been a real privilege collaborating with them to advance and govern UnLtd’s mission, values, strategy, and team. Together they leave a great legacy for us to build on.

The board are confident that our strategy and the current spectrum of work will allow UnLtd to make even better progress in the years ahead and continue to support social entrepreneurs to create a fairer and healthier world.

[Bartow] |[Kall] DocuSigned by:

Rachel Barton

Chair of the Board of Trustees

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Classified as Confidential

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE, AND MANAGEMENT

Nature of governing document

The Company is also a Charity governed by its Memorandum and Articles of Association dated 15 March 2001 as amended 30 November 2001, 24 October 2002, 29 March 2004, 26 September 2005, 29 January 2008, 23 July 2010, 21 June 2013, and 8 December 2014. Its registered charity number is 1090393 and its Company number is 4180639.

Trustee oversight

UnLtd’s CEO and team are accountable to its Board of Trustees. The Board set the overarching strategic approach and policy framework within which UnLtd operates. Trustees have a responsibility to act collectively to ensure the proper administration of the Charity. They must safeguard the assets of the Charity to ensure that these assets and resources are only used in furtherance of the objects of the Charity. They have regard to the Charity Commission’s requirements, including their guidance on public benefit. Trustees must act in the best interests of the Charity and must avoid any conflict between their personal or outside interests and those of the Charity.

UnLtd’s internal governance is strong, and the organisation is committed to continuous improvement. The Board has committed to following the principles and standards laid out in the Charity Commission’s Charity Governance Code (launched in 2017).

This includes the commitment to commissioning an external review of the organisation’s governance processes every three years. In 2021, Peridot Partners conducted an independent review of the UnLtd Board of Trustees. The review recognised the Board’s robust controls and governance and provided a series of recommendations to further improve collaboration, efficiency, and inclusivity. We will commission our next governance review later in 2024.

How Trustees are recruited and appointed

Trustee nominations are reviewed by the Nominations, Remuneration, and Governance Committee. Proposed Trustee appointments are then recommended to the full Board for approval. Trustee recruitment is always done via an open recruitment process, with the support of professional recruitment firms, to ensure a diverse range of candidates. The number of Trustees is usually 11 including the Chair. However, in exceptional circumstances, up to 4 additional Trustee appointments can be made.

Trustees retire from office at the Trustees’ meeting closest to the third anniversary of the commencement of their term of office. Retiring Trustees may be reappointed for a second term of office and, in exceptional circumstances, a third term of office.

  1. The Board of Trustees of UnLtd exercise their responsibilities in three ways: • Establishing and monitoring effective governance structures

  2. Establishing clear policies and guidelines

  3. Employing competent and professional staff and advisers

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

  1. The Board of Trustees meets quarterly and considers the following:

  2. Regular business and standing items including declarations of interest, minutes, matters arising, minutes from Board Sub-Committees, and the Chief Executive’s Report, which describes strategic activity and seeks approval for proposed developments.

  3. Strategic papers inviting discussion and decisions from the Board.

  4. Regular reports from UnLtd’s subsidiary companies.

  5. Regular reports on key performance indicators and impact measures.

  6. Annually the Board of Trustees approves:

  7. 3-Year Plan

  8. Annual Budget

  9. Annual Risk Management Strategy

Every three to five years the Board of Trustees approves a long-term strategy for UnLtd, which it did in 2020. This has been updated through 2023-24.

Every five years the Board considers a full investment strategy review. The review was last conducted in February 2019, so at the beginning of 2024 the Investment Committee began reviewing its asset allocation strategy with independent advisors. It will then consider its fund managers and recommend an overall investment strategy to the Board.

The maintenance of effective Internal Control is the responsibility of the Chief Executive for which he is accountable to the Board through the Finance and Audit Committee. The policy framework through which UnLtd achieves effective Internal Control is contained in:

UnLtd has appointed two separate professional firms as External and Internal Auditors. Both advise the Finance and Audit Committee and report directly to Trustees.

UnLtd strives to attain high standards of risk and resource management. We agree a programme of Internal Audit with its Finance and Audit Committee and Internal Auditors. The Internal Auditors report to the Finance and Audit Committee throughout the year and relevant action is agreed with management and the Finance and Audit Committee.

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Classified as Confidential

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

OBJECTS AND ACTIVITIES

Objects of the Charity

The Foundation for Social Entrepreneurs operates under the trading name UnLtd, and is the parent company of the following entities:

The objects of the Foundation for Social Entrepreneurs are:

Millennium Awards Trust

Constitution and objects of the Millennium Awards Trust

The Millennium Awards Trust is governed by its Trust Deed, made on the 29 January 2003 between the Millennium Commission and the Foundation for Social Entrepreneurs.

The Objects are to be carried out only by awarding grants of money to, and providing services, facilities and other forms of assistance for individuals resident in any country or territory within the United Kingdom of Great Britain and Northern Ireland and the Isle of Man.

Role of the Foundation for Social Entrepreneurs (UnLtd) in the operation of the Millennium Awards Trust

The Millennium Awards Trust operates through its sole Corporate Trustee, the Foundation for Social Entrepreneurs. The Trustee holds the Endowment on Trust and shall apply the income arising from the Endowment in furtherance of the Objects. The Trustee may reimburse itself from the income of the Trust in respect of amounts required for the administration of the Trust.

The Protector of the Millennium Awards Trust is entitled at any time (after having obtained advice) to appoint an additional Trustee or Trustees to act jointly with the Trustee (the Foundation for Social Entrepreneurs (UnLtd)) or to remove any Trustee (including the Trustee) and appoint new Trustees if he/she considers such actions to be in the interests of the Trust.

The Protector’s fiduciary duty is to ensure the integrity of the administration of the Trust and the propriety of its procedures, and if necessary report matters of serious concern to the National Lottery Community Fund, the Charity Commission and, where the Protector considers it appropriate, the Secretary of State for Digital, Culture, Media, and Sport.

The Protector is entitled to receive from the Trust:

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

During the reporting period, the Protector claimed no out-of-pocket expenses or remuneration.

In 2023-24, the Protector received the agenda and papers for all Board meetings of UnLtd, UnLtd Scotland, and the Millennium Awards Trust. The Chief Executive meets with the Protector quarterly.

UnLtd Scotland

UnLtd Scotland is a Company Limited by Guarantee with UnLtd as the sole Member. UnLtd Scotland employs its own staff to support awards activity in Scotland. UnLtd ensures close collaboration with other organisations working with social entrepreneurs in Scotland, such as Firstport, to avoid replication and to maximise the impact for Scottish beneficiaries. Millennium Awards in Scotland are governed by UnLtd’s Millenium Awards Trust Awards Committee.

FSE Management Services Ltd

The object of the company is to conduct business as a general commercial company to procure profits and gains for the purposes of paying them to The Foundation for Social Entrepreneurs (UnLtd) or any other charitable body which succeeds to its charitable purposes.

UnLtd Impact Support Company

The object of the company is to operate on a charitable, philanthropic, benevolent, and notfor-profit basis in fulfilling its purpose of distributing the funds received from the Access Foundation Growth Fund. As such it shall distribute and apply all funds that it receives pursuant to the terms of the External Delegation Agreement and the Loan Agreement agreed with Access Foundation for the benefit of The Growth Fund.

The Growth Fund is a £50m partnership which uses a combination of grant funding, made possible thanks to National Lottery players, and loan finance from Big Society Capital and other co-investors, to address specific gaps in the social investment market. The programme is delivered by Access through a range of social investors. Funds from the National Lottery Community Fund, under the Growth Fund programme have been treated as restricted funds in these accounts.

UnLtd Venture Growth Support

The object of the company is to operate on a charitable, philanthropic, benevolent, and notfor-profit basis in fulfilling its purpose of distributing social impact funds, designed to create social good. The main activity of the company is the operation of UnLtd Thrive Fund.

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Classified as Confidential

Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

UnLtd Social Investments Ltd

The objects of the company are to:

Charity’s aims

UnLtd’s mission is to find social entrepreneurs with bold solutions to today’s challenges. Through funding and support, we help them to realise their potential and create lasting change.

To achieve this mission, UnLtd provides direct funding and support to social entrepreneurs, primarily in the form of awards funded by the income generated by the £100 million Millennium Awards Trust endowment.

UnLtd raises further funds to support a wider pool of social entrepreneurs and to help them maximise their impact, sustainability, and scale. In addition to providing direct support, we use this funding to address the barriers these social entrepreneurs face as they grow, contributing to the creation of an enabling environment where enterprising people can transform our society for good.

“ …It’s helped so much and has saved me so much money that I can now put into impacting people’s lives positively .” Maaha Suleiman, Care Matched

“… I am so grateful for the support, wisdom and sense that my mentor brings. I have had mentors in the past but (my mentor through UnLtd) is, by far, the one I feel most understands and can relate to the issues and challenges I am facing. I feel the time we spend together to be a real gift to me and to the organisation.” Joyce Murray, Founder, Grace Chocolates

In pursuing our mission, UnLtd’s Board of Trustees has regard to the Charity Commission’s general guidance on public benefit. UnLtd creates public benefit by developing social leaders and supporting them to achieve large scale social and economic impact. We are committed to understanding the impact of our social entrepreneurs and improving the quality of our support.

Main policies and procedures

In developing its policies and procedures, UnLtd’s Board is aware of the Charity Commission’s general guidance on public benefit. Our approach is designed to further our mission and objects to deliver identifiable benefits to the public.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Award Making

UnLtd Millennium Awards are for people:

The Awards Scheme has 2 principal levels of Awards:

Both awards include a minimum of 1 year of support from a Social Entrepreneur Support Manager, access to workshops, mentoring and coaching. UnLtd’s external partner programmes often provide grants of similar value to Millennium Awards.

At least 50% of Awards will support social entrepreneurs who come from a disabled and/or Black, Asian or minority ethnic background and distribute awards closely in line with population data to ensure fair UK wide distribution.

Recognising that some social ventures require more financial support to be able to grow and scale their impact, UnLtd has worked to provide investment opportunities. In partnership with Big Issue Invest, UnLtd has designed and launched the Growth Impact Fund. The fund is focused on providing diverse-led and inequality-focused social ventures with the investment and support they need to thrive. The fund began making its first investments in March 2023.

Remuneration Policy

UnLtd’s remuneration policy is based on the following principles.

Principle 1: The remuneration package offered by UnLtd should be fair, open, objective, responsible and effective, in keeping with UnLtd’s values and status as a charity, and in keeping with the fact that UnLtd’s income derives largely from public and charitable sources.

Principle 2: The remuneration package offered by UnLtd should enable it to recruit and retain the high calibre staff required to achieve its aims and objectives.

Principle 3: The reward package offered by UnLtd should take account of salaries in the markets from which it recruits its staff, balancing internal equity with external competitiveness.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Principle 4: UnLtd regards the opportunity to contribute to major social change in our society as a reward.

Principle 5: The remuneration package should provide equal reward for equal contribution to the achievement of UnLtd’s aims and objectives.

Principle 6: UnLtd will expect to invest in the development of its people where this contributes to the achievement of UnLtd’s objectives and the reward package should provide opportunities for learning and development.

Remuneration of the Chief Executive

The pay level of the CEO was £135,746 for the financial year 2023-24. The CEO voluntarily retained his pay at the level of 2022-23,

The Chair conducts the appraisal and performance review of the CEO, overseen by our Nominations, Remuneration, and Governance Committee, taking into account organisational cost of living increases, market benchmarks, sector best practice and organisational progress.

Remuneration of other staff

Decisions on remuneration of the other staff have been set in line with the remuneration policy. Responding to continued high rates of inflation in the UK economy, UnLtd staff received a cost of living increase of up to 4% at the end of the reporting period.

No redundancy payments were made in the year (2023: £79,055). The total employer pension contribution amounted to £168,594 (2023: £199,600)

Complaints Procedure

We take all complaints very seriously and have designed a comprehensive policy to reflect this. The purpose of UnLtd’s complaints policy is to set out how we will investigate complaints made by individuals. Our aim is to resolve issues and learn from any mistakes. You can view our complaints policy at: UnLtd - Complaints Policy |

Two formal complaints were received across the reporting period, both complaints were resolved following engagement between the complainant and the Director for Social Entrepreneur Support.

Business Continuity Strategy

It is the policy of UnLtd to protect the assets and records of the organisation and to ensure the wellbeing and safety of its employees in the working environment. As part of this policy, UnLtd maintains a business continuity plan to cover the restoration of the service and functions carried out at London Headquarters following a disaster of sufficient magnitude to affect the day-to-day operation of the organisation, either as a whole or in part.

The Corporate Services directorate supports staff who choose to work remotely, ensuring they’re able to do so effectively and securely.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Risk Management Strategy

UnLtd has a structured approach to risk, supported by a Risk Management Strategy which:

We appreciate that risks are not inherently undesirable. A strategy with high expected returns generally would require the organisation to take on some level of risks. Equally, the cost of avoiding undesirable risks may become prohibitive (money, bureaucracy, etc), at which point a small, residual level of risk might be acceptable. Risk appetites help us define those areas where higher risk levels are acceptable to the organisation and each risk should have a risk appetite. Here is UnLtd’s statement of our risk appetite.

High risk appetite

These are areas where we are willing to accept a higher frequency and / or greater losses of the risk event occurring in order to deliver our vision. However, even in these areas, there are limits to the level of risk we are willing to accept. Examples include: award winners, venture development and systemic change.

Low risk appetite

There are areas where we are looking to reduce risk likelihood / impact as much as practically possible but avoiding costs / bureaucracy that might excessively inhibit the functioning of the organisation in trying to deliver the strategy. These areas tend to cover our fiduciary, legal and regulatory responsibilities. Examples include: UnLtd staff, financial resources and regulatory compliance.

Medium risk appetite

These are areas where we take a balanced approach to risk, weighing up the trade-off between risk mitigation and delivery of our strategy. For example: business development and endowment investment approach.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

UnLtd maintains a risk register, which it reviews annually and uses to manage key risks and to inform the internal audit planning process. The Finance, Risk and Audit Committee considers the risk register and risk management strategy, making relevant recommendations to the Board. The key risks and mitigation actions identified for 2024 are:

Risk Description Mitigating actions
Income generation Underperformance or failure to bring in
required income to close our fundraising
gap. Meaning we do not have the
resources to fund our operational core.
Leading to:
•
not have the required resources
to fund core business
•
reduction in staff number and
impact on reputation and morale.
Fundraising strategy in place, with
SDC involvement, and chairs of
board-sub
committee
having
oversight. CEO and Director of
D&I heavily involved in all new
business as well.
People and Culture Failure to attract and retain talented
leaders and decision makers.
Leading to:
•
High staff turnover and the knock
on impact on productivity, quality
and collaboration.		 Increase resources in HR (created
a new director) with a focus on
people and culture.

Investment Strategy

UnLtd has a mission to find, fund and support social entrepreneurs. We do this through:

The Millennium Awards Trust (MAT) is an endowment (valued at £100 million when it was established). The Board of UnLtd, in its capacity as Trustee of MAT, is responsible for the investment of the endowment. The Trust Deed for MAT stipulates that we must seek to maintain initial real value in managing the endowment. Initial real value (IRV) is calculated by applying CPI to the initial £100 million since the inception of the fund.

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The Trustee may exercise the power of investment provided it has first taken proper investment advice. We delegate to the UnLtd Investment Committee (IC) the tasks of advising us on the full range of investment issues including policy, strategy, the appointment and monitoring of professional advisers, and the monitoring of performance. The expertise, engagement and generosity of our IC members enables us to manage our endowment well at low cost.

The UnLtd Board establishes and agrees the principles and policies for our investment management, which the IC then puts into practice. The requirements of the Trust Deed have an overriding influence on investment decisions.

We are conscious of our responsibilities as an asset owner. Consistent with our beliefs, we have been a signatory to the UN-sponsored Principles for Responsible Investment (see below) since February 2013:

  1. To incorporate Environmental, Social and Corporate Governance (ESG) issues into our investment analysis and decision-making processes

  2. To be an active owner and to incorporate ESG issues into our ownership policies and practices

  3. To seek appropriate disclosure on ESG issues by the entities in which we invest

  4. To promote acceptance and implementation of the Principles within the investment industry

  5. To work with the PRI Secretariat and other signatories to enhance their effectiveness in implementing the Principles

  6. To report on our activities and progress towards implementing the Principles

UnLtd has a duty to act in the best long-term interests of our beneficiaries. We believe that environmental, social and governance (ESG) issues can and do affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time). We also believe that investment portfolios can and do affect our beneficiaries.

We will therefore seek to advance ESG goals, seek positive impact, and avoid negative impact, through our investment management, subject to the obligations of the Trust Deed and in accordance with trust law.

As part of this, we will continue to educate and challenge ourselves, our advisors and our investment managers to be aware of opportunities and risks related to maintaining real value, UnLtd’s income needs and ESG factors.

Asset Allocation

We invest to meet the various objectives of the Trust Deed. In practice this involves investing across a number of different broad asset classes (e.g., equities vs bonds vs cash), balancing expected return, risk, volatility, income, impact, and operational considerations.

We review strategic asset allocation formally every five years, as part of an overall Investment Review. Our asset allocation aims to provide an optimum balance between stable income – necessary to meet UnLtd’s operational needs - and maintaining real value.

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Selection and Management of Investment Managers

The IC actively seeks out, selects, and manages a focused group of external investment managers whom we believe will best achieve our overall goal (to maintain real value) while also being true to UnLtd’s mission and our values.

When selecting investment managers, we will prioritise those whom we are confident, based on evidence and appropriate due diligence, will meet the obligations of the Trust Deed (including seeking to maintain initial real value), that will meet the operational needs of UnLtd and that will generate net positive ESG outcomes and impact.

We expect our investment managers to act as responsible investors. In appointing them, we consider whether they might behave in ways that conflict with our charity’s aims, alienate our benefactors, or make our beneficiaries unwilling to accept our support. In managing our assets, they are asked to take account of ESG factors, and to disclose how their engagement with the companies they invest in is helping to meet our goals, including our ESG goals.

Where our investment managers knowingly act against our goals, mission, principles, and values, we will consider what action to take.

The IC will report back to the UnLtd Board annually on how investment managers have advanced our goals, including our ESG goals. The IC will also report on its selection of investment managers, and how ESG factors were considered in the process.

External Advisors

We use external advisers to assist us in carrying out Investment Reviews. We may also use advisers on an ad hoc basis when the need arises e.g. to assist in the selection of managers in particular asset classes.

The performances of the whole portfolio, and of individual components within it, are monitored against their respective benchmarks on a quarterly basis. Managers are asked to attend IC meetings periodically. Managers with any significant performance or organisational changes or challenges are subject to intensive review.

Direct Social Investment

UnLtd recognises that affordable, flexible, patient social investment is a vital part of what high growth, high impact social ventures need. The gap in equity investment is particularly acute. This is why UnLtd established the Big Venture Challenge and, since 2017, the Impact Fund and Thrive Funds. All these programmes have been funded by external partners.

When backing individual social entrepreneurs as an equity or debt investor, UnLtd’s programmes seek to break even financially, while generating significant positive social impact. As such, capital invested via these programmes does not offer market rates of return. This is true of the Growth Impact Fund.

Direct programme- or mission-related investments through MAT are not permitted by the Trust Deed. Achieving the best returns across the full range of MAT investments allows UnLtd to best support social entrepreneurs.

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UnLtd is however able to deploy its unrestricted reserves to make direct programme- and mission-related investments. Our reserves policy at present is to hold 3 months of non-MAT related operating overheads in unrestricted reserves. Where we have unrestricted UnLtd reserves in excess of this amount, we may prioritise opportunities to use these to make direct programme- and mission-related investments.

Financial instruments and associated risks

UnLtd, through investment in various funds as determined by its investment strategy, maintains positions in a variety of derivative and non-derivative financial instruments from time to time. UnLtd’s investing activities expose it to various types of market risks that are associated with the financial instruments and markets it invests in.

Market risk includes currency risk, interest rate risk and price risk. The market risk management strategies of the funds UnLtd invests in are driven by the funds’ investment objectives. The investment managers employed by UnLtd are instructed to manage risks in accordance with agreed policies and procedures.

Other than for its management of the Endowment, UnLtd does not use financial instruments.

Reserves policy

Unrestricted reserves are the accumulation of unspent unrestricted income. UnLtd unrestricted reserves have the greatest flexibility and can be used on any UnLtd activities. MAT unrestricted reserves can only be used on MAT activities. Trustees of UnLtd have set the following reserves policy for MAT and for UnLtd.

The Millennium Awards Trust

Income from Millennium Awards Trust (MAT) endowment, from dividends and interest, is used to further the Objects of the Trust. The returns from financial markets, and therefore income available to run the Millennium Awards scheme, tend to fluctuate from year to year and on occasions these fluctuations can be significant. An income reserve has been established to provide a buffer between market fluctuations and spending levels for the Trust. This buffer is vital in providing certainty to short term cash flow requirements thus enabling a medium-term asset allocation in line with a close to total return investment strategy.

The target range of optimum reserves level is between 1.5 and 2 years of MAT expenditure.

At the end of March 2024, MAT unrestricted free reserves totalled c£10.4M (equivalent to 21 months of anticipated MAT expenditure).

UnLtd

Where UnLtd’s activities are performed to further the Objects of MAT, UnLtd will not build a separate reserve - rather, it will rely on the reserves of the MAT.

The majority of our funds for non-MAT activities comes in the form of a number of long-term contracts. The principal risk is therefore circumstances which cause an unexpected cancellation of a portion of our contracts, leading to unfunded close-down costs of typically 3

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months’ expenditure. Most of the contracts are multi annual, so the risk is mitigated by ongoing work.

In addition to unfunded close-down, UnLtd also requires free reserves to support innovative initiatives such as our social investment portfolio or new support offer design.

The target range of optimum reserves level is between 3 and 6 months of externally funded UnLtd expenditure.

At the end of March 2024, UnLtd’s unrestricted general reserves totalled £1.3M (equivalent to 5.5 months of 2024/25 externally funded UnLtd expenditure).

In addition to this Trustees designated £250k of the unrestricted reserves in the Growth Impact Fund. During the year, £91,718 was invested with a balance of £158,282 at the year end.

Being a responsible business

UnLtd, along with its subsidiary entities, is committed to being a responsible business.

The primary way we uphold this commitment is by pursuing our mission in line with our values and our equity, diversity, inclusion and belonging ambitions.

From a business development perspective, UnLtd actively reviews all potential partner organisations to ensure they align with UnLtd’s values and principles, including explicit agreement to pursue our mission and EDIB ambitions in funding and delivery agreements.

From a financial perspective, UnLtd has a rigorous control process, including relevant AML and KYC checks, to ensure that all payments and transfers are made safely, to known and eligible individuals, and in compliance with all relevant regulations.

From an investment perspective, UnLtd is a signatory to the Principles of Responsible Investment and our endeavours in this area are outlined in our investment policy above.

From a sustainability perspective, UnLtd has a cross-organisation Climate Action Group. Already a participant to the Funder Commitment on Climate Change, UnLtd will be pursuing a range of actions over the coming 12 months to minimise our impact on the environment.

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STRATEGIC REPORT

Last year we launched our new strategy, Breaking Down Barriers, focused on:

Based on this new strategy, we’ve been able to support social entrepreneurs in 2023-24 with 199 awards (99 Start Up, 51 Scale Up and 49 Continuous Support awards), distributing £1,879,488 in flexible grant funding. 68% of our awardees identify as Black Asian, minority ethnic and/or disabled (against a benchmark of 50%).

“UnLtd is one of organisations where I felt really comfortable at all times, and I felt that they really do prioritise EDI. All the workshops I attend, I see such a diverse group of social entrepreneurs and like-minded people.” Juan Lopez, Founder of Callisuem

“It’s so cheesy, but the motivation of having the support from UnLtd did a lot for my confidence as an entrepreneur.” Georgia Wright, Founder of Maestro and Hunter

“I think the amazing thing about UnLtd is there's so many different types of support that you can get, and people who specialise in so many different subjects.” Ellie Bishop Williams, Founder of Project Female

On average, each venture we supported:

This means that an estimated 2,252,616 individuals were positively impacted by our award winners in 2023/24.

"I have been applying for internships since the start of September 2022 and had no luck. The application process with Generation Success was the most responsive, smooth and supportive process I’ve ever had. Generation Success gave me a lot of clarity and confidence for each step of the process. It was life-changing.” Joshua Kong, beneficiary of James Adeleke, Generation Success (GIF)

The following table illustrates a range of skills and knowledge development areas that social entrepreneurs have reported following their support from UnLtd. Data has been extracted from our end of award survey and includes 76 awardees who have completed their award in

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2023/24. Here we can see high confidence levels among social entrepreneurs across a range of skills and knowledge indicators, the highest being capability of developing a product or service to solve the social problem they are seeking to address (93% agreeing or strongly agreeing that this is the case).

Millennium Awards Trust Awards

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Key Programmes

Movement for Change

UnLtd and Sport England are working in partnership to support social entrepreneurs from across the country using sport and physical activity to make a positive impact in their communities. In 2022 we established an initial 3-year partnership in alignment with Sport England’s Uniting the Movement strategy.

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Tracey Barnes, the founder of Dancing for Health - a social enterprise which uses dance as a physical and social activity to help people with long-term health conditions, older adults, the disabled, and those with mobility issues. The organisation delivers a range of healthcare settings, community groups, and online, across the UK.

The Scaling Up Award provided by UnLtd gave Tracey an opportunity to work on the business full-time right after the loss of her partner, who had been a key financial and holistic support system.

Tracey also received wide-ranging non-financial support from UnLtd, which enabled her to use the time the financial grant provided to develop key entrepreneurial skills and business infrastructure.

“I’ve had so much help from UnLtd – I had a little bit of business mentoring on how to put together a business plan, and I’ve also had the pro bono legal advice. I can't thank UnLtd enough really, they have been so supportive above and beyond.”

Funding Futures Programme

We believe that young people have the lived experience and ideas to effectively address the increasing needs of financially vulnerable people - but they lack the opportunity and support to do so (especially those experiencing discrimination due to their ethnicity, disability, or socioeconomic background).

The effects of the pandemic and the cost-of-living crisis have hit marginalised and minoritised communities the hardest, negatively impacting the livelihoods of many. UnLtd will work with underrepresented young social entrepreneurs, with support from our partners The Co-op Foundation and The Phoenix Group, to help transform the long-term resilience of financially vulnerable communities.

Between September 23 and March 24, we embarked on a programme design phase to inform our work alongside our partners, this included a series of workshops where we worked with young people (aged 18-29) from across the UK and NI to;

This has given us clarity and inspiration for our Funding Futures programme. Over the next two years, we will make 30 Starting-up and Scaling-up awards. We will be identifying and supporting young social entrepreneurs (16-30 years old) who have solutions to tackling financial exclusion reaching those who are most marginalised and experiencing financial hardship. Their solutions might enable individuals to access good jobs and meaningful employment, might offer support with debt, or provide affordable products and services to those experiencing financial hardship.

We will also increase the financial capability of social entrepreneurs who lack access to the money, support or knowledge to set up a social enterprise through a bespoke package of training and an accessible library of financial literacy materials, tailored to social entrepreneurs’ needs and based on the stage of their development.

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By 2026 we expect to see:

Social Business Wales

The Welsh Government Department for Economy and Transport funded a consortium led by Social Business Wales over two years to support social businesses. UnLtd’s role in the consortium has been to provide outreach and support to some of Wales’ most marginalised communities and to individuals traditionally underrepresented and underserved in setting up social businesses. Through this outreach we engaged and informed over 180 social entrepreneurs and referred 27 for further business development support through the consortium.

Healthy Ageing

We successfully concluded our partnership with UK Research and Innovation, supporting 12 social entrepreneurs to develop and deliver the kind of innovative products, services, and business models our ageing society needs now and into the future.

Mentoring & Pro Bono Support

We have a UK wide community of business professionals, corporate partners and social entrepreneurs all committed to using their skills, expertise, power and platform in service of social entrepreneurs and social impact.

Our community includes our funding partners - such as Sport England and The Co-op Foundation - our network of pro bono partners (featuring 23 law firms and 10 other business organisations) as well as our 75+ volunteer mentors.

By working and learning together, our goal is threefold:

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• Legal structures and governance,contracts, real Free Legal Advice estate, intellectual property, terms and conditions • Leadership development, sales, marketing, Mentoring, Coaching & Expert financial management and planning, business Advice planning, strategy and growth • Bid writing clinics with PA Consulting Learning & Networking Events • Salter Baxter Impact Day working on social (F2F & Online) entrepreneurs' branding, sustainability and marketing challenges

KPIs for Mentoring and Pro Bono Support
Targets we gave ourselves: How we did:
50% of all support for Black, Asian or Minority
Ethnic and/or disabled social entrepreneurs		 78% of 222 interactions were with our
inclusion groups.
95% of requests matched and within 6 weeks 98% matched and 99% within 6 weeks
50% participation rate 50% for entrepreneurs in our inclusion
groups and 47% of all MAT awardees
90% satisfaction rate with volunteers Pro Bono = 100%
Mentoring = 94%
Events = 95%
90% satisfaction rate with matching process Pro Bono = 100%
Mentoring = 100%
85% Increase in confidence and understanding Pro Bono = 93%
Mentoring = 88%
Events = 96%
NPS score of 65 or above from volunteers &
partners		 NPS score of 77
90% satisfied with their partnership with UnLtd 100%

PA Foundation

PA Foundation and UnLtd are working together to break down barriers faced by social entrepreneurs. Our work will focus on enabling more equitable access to funding and public sector contracts. We wanted to reach 65 social entrepreneurs supported through workshops and clinics, with over 50% identifying as Black, Asian, minority ethnic and/or disabled. Our goal was to help them to have greater confidence in running a business, to increase their organisation’s financial resilience, to better access funding bids and ultimately help more social entrepreneurs win bids, tenders and procurement contracts.

Halfway through the programme, we have supported 48 social entrepreneurs through workshops and clinics, 88% of the entrepreneurs supported identify as disabled and/or Black, Asian or minority ethnic. 100% of attendees were satisfied or extremely satisfied

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with the support from the volunteers. 92% of attendees were more or much more confident about running their business compared to when they applied for the event. 100% of attendees had more or much more understanding about the area they asked for support in, compared to when they applied for the event.

Case Study:

Lloyd Stacey from Riverside House, a social regeneration project secured £346,000 over 5 years from the 'National Lottery Reaching Communities Fund' to grow his venture after receiving pro bono bid writing support from PA Consulting.

“I’m incredibly grateful to PA Consulting with particular thanks to Melinda and Alistair who worked with me and went through several rounds of suggestions and amendments on the funding application. They were fabulous and very hands on in supporting me, very lovely people. This is the most important and pivotal moment for Riverside House since it started in 2015. During this period we have made a significant difference to so many lives. I am really excited about how much more we can achieve over the next five years and beyond.”

Social Investment: Growth Impact Fund

The Growth Impact Fund (GIF), delivered through a joint venture with Big Issue Invest, aims to tackle UK inequality by providing investment to diverse-led social enterprises. GIF actively tackles the negative narrative and barriers that many founders with lived experience or who have experienced inequality have historically faced to getting investment. The core goals of the fund are to: provide equitable access to investment, define, and advance inclusive investment practices, and reduce inequality in our communities.

This financial year the GIF has invested in 7 social ventures , bringing the fund’s invested total to £1,864,482. We are committed to investing at least £3.3m over the course of the next financial year in up to 12 social purpose organisations.

To continue to support social purpose organisations with investment readiness, we have a target of £260k of grant funding through our Technical Assistance Fund. The fund is the pre and post investment support provided for early-stage founders which takes into account both personal and organisational context. This support package is adaptative and comprehensive, with the intention of helping to build the GIF investment pipeline for early-stage diverse-led organisations.

So far, £76k has been used to provide direct grants to social entrepreneurs.

Generation Success was founded by James Adeleke to break down systemic barriers facing young people from diverse backgrounds accessing professional opportunities.

Generation Success has had a great impact over the last year alone, helping over 100 young people transition into full-time roles, hosting 2000+ young people at in-person and online events, and scaling their community to 10,000+ individuals.

Our investment was pivotal to the journey and trajectory of Generation Success. James and the team have significant growth plans and the Fund has enabled them to make real progress.

“what the investment has allowed us to do is invest in our people because we are growing continuously... it's also helped us around cash flow. It has created that environment of certainty and confidence to enable us to deliver on our

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Our key learnings:

About our social entrepreneurs

69% of awardees had direct experience of the social issue their venture is addressing.

About equity and inclusion within our support offer

About the impact of our support on social impact ventures

About the impact of our support on wider community

About the support needs that social entrepreneurs have

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Organisational Health

People

UnLtd remains committed to becoming an employer of choice. We created a new executive team role – our People and Culture Director – to bolster our investment and leadership in this area. The Director will join in late June 2024.

We ended the financial year with a staff headcount of 58.8 full-time equivalents. Staff turnover was just under 20% (meaning we had 14 staff leave).

Equity, Diversity, and Inclusion

We are on track with our action plan, which is overseen by our EDIB Steering Committee.

Creating a more inclusive and equitable workplace is an ongoing process and continuing to learn about EDI is a long-term commitment. In that spirit, we have refreshed our extensive EDI learning curriculum for 2023/24 (year three of our plan) including embedding trauma informed practice and developing a neuro-inclusive culture.

Learning & Development

We have renewed our learning and development offer for 2023/24, covering a range of learning goals: mandatory training, specialist skills, personal growth, leadership development and wellbeing.

Systems

We have continued to evolve and improve our Dynamics 365 system with notable improvements including tightening up our payment and award process following some recommendations from external reviews. We’ve also developed new functionality to support the administration of our Continuous Support Awards (CSAs) and the onboarding of new programmes, such as the Funding Futures work.

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We have worked, alongside the Research, to develop KPI dashboards for the organisation and continue to support in this regard. A number of changes have been made to our standard reporting suite, continuing to open up our data to the organisation. Whilst work is still going two major projects include the Application Questions review, which will require changes both to the portal and CRM, and the work to support the MATAC Committee’s review process utilising Power Apps.

As the responsibility for the Digital space has transitioned across to the Systems team, it is worth noting that we’ve conducted a review of our web estate, which has led to some consolidation of hosting and support services and thus reducing both cost and complexity in providing those. A wider review and refresh of the website is underway with a late 2024 launch in the pipeline.

Financial review

Fundraising performance

Partners and donors contributed over £2.3m of external funding to enable UnLtd to support social entrepreneurs in 2023-24. It continues to be a challenging time for securing new funding with many organisations in the sector experiencing their own difficulties connected to rising business costs. Several funders have been forced to reduce, postpone, or cancel their commitment to social impact.

We are working closely with key strategic partners, notably Sport England, Co-Op Foundation, Phoenix Group, Bank of America, PA Consulting, Herbert Smith Freehills, and Access Foundation. We remain grateful to our community of individual donors and partners for their personal commitment.

There has been no outsourced fund raising via professional fundraisers or other third parties. As a result, the charity does not need to register with the fundraising regulator and received no fundraising complaints in the year.

Investment performance

At 31 March 2024, the Real Value of the Endowment was £176.7 million (2023: £167.3 million) against a total market value of the investments of £170.4 million (2023: £158.3 million) of which £15.6 million (2023: £15.6 million) is being held in income reserves. Within the income reserves, after netting off all creditors, the free reserves stood at £11.0 million (2023: £9.9 million).

As at 31 March 2024, the group had net current assets of £1.8 million (2023: net current assets of £2.7 million) and reserves of £4.9 million (excluding the Endowment), of which unrestricted reserves were £1.3 million (2023: £1.3 million).

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Plans for future periods

Our learning from recent years – particularly since we developed our Breaking Down Barriers strategy – has shown us that there is still much more to do to create the right access to capital, markets, and specialist support, particularly for diverse, underrepresented founders.

Vision (10 Years): A world where social entrepreneurs advance an inclusive, sustainable economy and society, and that they are recognised and valued for this. Our role is to create the funding, support, ecosystem, and enabling conditions that tackle barriers underrepresented social entrepreneurs (SEs) face. We will do that through:

Ambition (3 Years): Enhance equitable access to funding and support:

These ambitions are broken down into four workstreams:

1) Evidencing Impact and Storytelling

Three-year objectives

Objectives for 2024/25

2) People and Culture

We want to attract and retain excellent and diverse talent, creating an enabling and inclusive environment where colleagues feel safe, motivated, and empowered

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Three-year objectives

Objectives for 2024/25

3) Equity of Support

We will provide equitable access to funding and market leading support through our own products. We will further advocate and push for change across the sector.

Three-year objectives

Objectives for 2024/25

4) Investing in our Community

We will cultivate a community of interconnected social entrepreneurs and supporters to further our ambitions, and to create a movement of change.

Three-year objectives

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Objectives for 2024/25

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Strategic Report, the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity 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.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the Trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Disclosure of information to Auditor

Each of the members of the Board of Trustees has confirmed that:

Auditor

PKF Littlejohn LLP has expressed its willingness to continue in office as auditors. Approved by the Trustees on 17 September 2024 and signed on their behalf by:

Trustee 703F63D76BCE40D... James Endean (Treasurer)

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE FOUNDATION FOR SOCIAL ENTREPREUNERS (UNLTD)

Opinion

We have audited the financial statements of The Foundation for Social Entrepreneurs (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group’s or parent 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.

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Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information 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.

Opinions 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 the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the trustees’ responsibility 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 group and parent charitable company 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 group and parent charitable company financial statements, the trustees are responsible for assessing the group and parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act and relevant regulations made or having effect thereunder.

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (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 designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent charitable company with those laws and regulations. These procedures included, but were not limited to:

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fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that judgement was required with regards to the recognition of income from grants and the recoverability of loan balances.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor’s 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 auditor’s 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 the charitable company's members as a body for our audit work, for this report, or for the opinions we have formed.

Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Auditor

11/10/2024

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS(UnLtd) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
General
Funds
£
132,032
278,606		 Unrestricted
General
Funds
£
132,032
278,606		 Restricted
Funds
£
1,053,582
-		 Restricted
Funds
£
1,053,582
-		 Endowment
Funds
£
-
-		 Endowment
Funds
£
-
-		 Total
Total
2024
2023
notes £
£
Income and
endowments
Donations
3		 1,185,614
5,862,532
Income from charitable
activities
4		 278,606
300,605
Investments
5		 5,093,592 - - 5,093,592
3,955,533
Total income and
endowments 5,504,230 1,053,582 - 6,557,812
10,118,670
Expenditure
Expenditure on raising
funds		 - - 1,012,490 1,012,490
952,277
Expenditure on charitable
activities
6		 5,214,113 1,436,506 - 6,650,619
10,241,427
Total expenditure 5,214,113 1,436,506 1,012,490 7,663,109
11,193,704
Net gains / (losses) on
investments
5		 - - 11,949,783 11,949,783
(8,439,447)
Net income /
(expenditure) 290,117 (382,924) 10,937,293 10,844,486
(9,514,481)
Transfer between funds 362,500 (362,500) - -
-
Net movement in funds 652,617 (745,425) 10,937,293 10,719,486
(9,514,481)
Total funds brought
forward		 13,917,884
14,570,501		 4,131,210
3,385,785		 143,716,210
154,653,503		 161,765,304
171,279,785
Total funds carried
forward		 172,609,790
161,765,304

All income and expenditure derive from continuing activities.

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

The accompanying notes on pages 46 to 57 form part of these financial statements

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UnLtd) CONSOLIDATED BALANCE SHEET AS AT MARCH 2024

2024 2024 2023 2023
UnLtd Group UnLtd Group
notes £ £ £ £
Fixed assets
Tangible assets 7 47,069 867,069 58,836 883,836
Investments 8 - -
170,390,100		 - - 159,289,808
Social Investments 8 - -
100,000		 - - 100,000
Investment in Growth Impact
Fund(GIF) 8 91,718 91,718 26,792 26,792
138,787 171,448,887 85,628 160,300,436
Current assets
Debtors due within one year 9 4,611,197 1,978,883 5,886,387 3,419,100
Cash at bank and in hand 884,861 1,642,836 527,206 966,390
5,496,058 3,621,719 6,413,593 4,385,490
Debtors due after oneyear 10 2,314 569,060 2,314 489,067
5,498,372 4,188,465 6,415,907 4,874,557
Creditors: amounts falling due 11 360,811 1,805,352 406,380 1,701,815
within oneyear
360,811 1,805,352 406,380 1,701,815
Net current assets 5,135,247 1,816,367 6,007,213 2,683,675
Total assets less current liabilities 5,276,348 173,832,000 6,095,155 163,473,178
Creditors: amounts falling due 12 420,000 1,222,210 420,000 1,707,874
after more than oneyear
Total net assets 4,856,348 172,609,790 5,675,155 161,765,304
**Funds **
Endowment - -
154,653,504		 - - 143,716,210
Restricted funds 3,385,786 3,385,785 4,131,210 4,131,210
Unrestricted funds:
General 1,312,280 14,570,501 1,320,737 13,917,884
Designated 158,282 - - 223,208 -
4,856,348 172,609,790 5,675,155 161,765,304

Approved by the Trustees for issue on 17[th] September 2024 and signed on their behalf by:

James Endean

Trustee

The accompanying notes on pages 44 to 58 form part of these financial statements

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UnLtd) CONSOLIDATED CASH FLOW STATEMENT AS AT MARCH 2024

AS AT MARCH 2024 2024
Cash inflow/(outflow) from operating activities
Net incoming resources
Loan interest charges
Depreciation of tangible fixed assets
Decrease in debtors
Increase/(Decrease) in creditors
Investment (gains) / losses
Net cash (used in) operating activities
Cash inflow/(outflow) from investing activities
Payment to acquire investments
Receipts from the sale on investments
Net cash flow provided (for)/by investing activities
Cash inflow/(outflow) from financing activities
Loan repayments
Loan capital received
Interest paid
Net cash flow provided by / (used in) financing activities
Change in cash in year
Analysis of changes in net funds
At 1 April
2023
£
Cash at bank and in hand
(including short term deposits)
966,390
Loan – Mortgage
(85,273)
Loans - Other
(1502,137)
(621,020)		 2024
£
10,844,486
2,183
16,767
1,342,914
57,497
(11,949,783)
314,064
739,950
739,950
-
(375,385)
(2,183)
(377,568)
676,466
Cashflow
£
676,466
85,273
373,385
1,137,104		 2023
£
(9,514,481)
3,793
19,709
127,278
(397,310)
8,439,447
(1,321,564)
(124,457)
-
(124,457)
-
(590,800)
(3,793)
(594,593)
(2,040,615)
At 31 March
2024
£
1,642,836
-
(1,126,752)
516,084

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

1 PRINCIPAL ACCOUNTING POLICIES

a) General information and basis of preparation

The Foundation for Social Entrepreneurs is a company limited by guarantee with charitable status in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 5 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The Foundation for Social Entrepreneurs as a group has substantial assets in the form of an endowment. The majority of the endowment is invested in funds with high liquidity. The trustees consider that there are no material uncertainties about the charitab ’ financial statements are prepared on that basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Going Concern

The Board of Trustees has adopted the going concern basis in the preparation of these financial statements. In reaching this decision, the Board of Trustees has considered the Group's forecast and cash flow projections covering a period of at least 12 months from the date of signing of the financial statements.

Though the scenario is considered to be very unlikely, as part of the going concern assessment the Group G ’ source of external funding beyond those already confirmed.

The Group will also monitor its funding position and its liquidity risk throughout the year to ensure it has access to sufficient funds to meet forecast cash requirements and adjust in its operational expenditure as required. UnLtd also has the ability to flex the timing and/or volume of MAT awards outflows in order to manage any risks. Having due regard to these matters and after making appropriate enquiries, the Directors have a reasonable expectation that the Group and the Company have adequate resources to remain in operation until at least 12 months after the approval of these Financial Statements. The Board of Trustees have therefore continued to adopt the going concern basis in preparing the consolidated Financial Statements.

(c) Funds

Unrestricted funds 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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 cost of raising and administering such funds are charged against the specific fund.

Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the Millennium Awards Trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

Investment in Growth Impact Fund

Trustees of UnLtd made a commitment to become a Limited Partner in the Growth Impact Fund and designated £250,000 of unrestricted funds towards such purpose. During the year £64,926 was invested into the fund. The balance of the designated reserve at the end of the year was £158,282.

(d) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.

Income from donations is recognised on receipt, unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further T ’ A R .

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest earned. Interest income and dividends are recognised when receivable.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are included in expenditure on charitable activities. Where unconditional grants are made, these amounts are recognised when a constructive obligation is created, typically when the grant is approved. Where grants are conditional on performance, then the grant is only recognised once any unfulfilled conditions are outside of the control of the charity.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land n/a Freehold buildings 25 years Fixtures and fittings 4 years Computers 3 years Boat and Equipment 20% Reducing Balance Method

(g) Investments

Publicly traded investments, or those where fair value can otherwise be measured reliably, are measured at , ‘ / ( ) ’ S FA. O are measured at cost less impairment.

(h) Social impact Investments

Programme related investments are valued at the fair value. Where a reasonable fair value is not practicable to obtain, social investments are recognised at cost less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

(k) Derivatives

Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and subsequently at each balance sheet date. Changes in fair value are recognised in the relevant expenditure heading in the SoFA.

(l) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(m) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

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THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

(n) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010. It therefore meets the definition of a charitable company for UK corporation tax purposes.

These financial statements consolidate the results of the Millennium Awards Trust, FSE Management Services Limited (company limited by guarantee), UnLtd Scotland, UnLtd Impact Support Company Limited, UnLtd Venture Growth Support Limited and UnLtd Social Investments Limited on a line by line basis. They are prepared on the basis that the Foundation for Social Entrepreneurs (UnLtd) will remain as sole Trustee of the Millennium Awards Trust in perpetuity. Should this change, the basis on which these financial statements are prepared may need to be reconsidered.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2 Fund Analysis

2 Fund Analysis
Restricted funds: Fund balance Incoming Outgoing Fund Fund balance
at 1 April 23 resources resources Transfer at 31 Mar 24
Big Lottery (BVC 2) 199,594 -
-
-
199,594
Royal Society of Wildlife Trust 8,122 -
-
-
8,122
Esmee Fairbairn I 6,680 -
-
-
6,680
Design Council 17,794 -
-
-
17,794
DCMS 9,551 -
-
-
9,551
Sandwell 38,476 -
-
-
38,476
JP Morgan 68,457 -
-
-
68,457
Badrrow Cadbury Trust -
35,000		 29,000 -
6,000
Community of Action(TSIP) 55,535 -
-
-
55,535
The Royal Foundation 23,986 -
-
-
23,986
Macarthur Foundation 8,050 -
-
-
8,050
Access Reach Fund -
70,176		 61,684 (6,142) 2,350
Bank of America 39,458 -
-
-
39,458
Access: Flexible Finance -
250,000		 100,693 (17,500) 131,807
Innovate UK -
104,845		 98,845 (6,000) -
Co Operative Foundation -
30,000		 30,000 -
-
The Entrepreneur Ship 419,930 79,525 45,000 (17,500) 436,955
Major Donors -
90,764		 90,764 -
-
Welsh Assembly SESG 44,340 53,225 100,280 (6,876) (9,591)
Sports England 3,092,233 -
759,382		 (175,121) 2,157,730
CAF America (J&J) 55,254 -
54,148		 (1,106) -
Bank of America -GIF TA -
264,047		 13,484 (99,847) 150,716
PA Foundation 43,750 76,000 53,226 (32,408) 34,116
Total restricted 4,131,210 1,053,582 1,436,506 (362,500) 3,385,786

Endowment
143,716,210
-

1,012,490
11,949,783
154,653,503
Income reserves 13,457,694 5,093,592 5,214,113 106,178 13,443,351

Unrestricted:




General 460,190 410,638 -
256,322		 1,127,150
Total unrestricted 13,917,884 5,504,230 5,214,113 362,500 14,570,501
Total funds 161,765,304 6,557,812 7,663,109 11,949,783 172,609,790

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

Funds Analysis

unds Analysis
Restricted funds: Fund balance Incoming Outgoing Fund Fund balance
at 1 April 22 resources resources Transfer at 31 Mar 23
Big Lottery (BVC 2) 199,594 - - - 199,594
Royal Society of Wildlife Trust 8,122 - - - 8,122
Esmee Fairbairn I 6,680 - - - 6,680
Design Council 17,794 - - - 17,794
DCMS 9,551 - - - 9,551
Sandwell 38,476 - - - 38,476
JP Morgan 68,457 - - - 68,457
Community of Action(TSIP) 55,535 - - - 55,535
The Royal Foundation 23,986 - - - 23,986
Macarthur Foundation 8,050 - - - 8,050
Access Reach Fund 5,340 70,176 44,015 (31,501) -
Bank of America 39,458 - - - 39,458
The Waterloo Foundation 19,300 - 19,300 - -
Inclusive Recovery Fund 2,078,115 - 1,597,448 (480,667) -
eBay 627,535 983,920 1,048,155 (563,300) -
Access: Flexible Finance - 250,000 232,500 (17,500) -
Innovate UK - 104,800 98,845 (5,955) -
SESF 2 2,347,715 - 2,279,910 (67,805) -
The Entrepreneur Ship 262,871 222,060 65,000 - 419,931
Welsh Assembly SESG 154,846 - 94,116 (16,390) 44,340
Sports England 63,840 3,524,786 386,775 (109,618) 3,092,233
CAF America (J&J) 67,325 146,956 133,602 (25,426) 55,253
Bank of America -GIF TA - 253,543 204,409 (49,134) -
PA Foundation - 75,000 31,250 - 43,750
Total restricted 6,102,590 5,631,241 6,235,325 (1,367,296) 4,131,210
Endowment 153,107,934 - 952,277 (8,439,447) 143,716,210
Income reserves 8,500,000 3,955,533 4,006,102 5,008,263 13,457,694
Unrestricted:
General 3,569,257 531,900 - (3,640,967) 460,190
Total unrestricted 12,069,261 4,487,433 4,006,102 1,367,296 13,917,884
Total funds 171,279,785 10,118,674 11,193,704 (8,439,447) 161,765,304

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Transfers from restricted funds to unrestricted funds represent the allocation of support costs for the running of restricted projects. Support costs allocated include premises costs, staff costs, IT and management costs. An analysis of total support costs is shown in note 6.

Included in the Endowment Funds ‘Fund Transfers & investment gains / (losses) is a transfer of £362,500 from Restricted Funds representing the allocation of support costs for the running of restricted projects. Support costs allocated include premises costs, staff costs, IT and management costs.

3 Income from donations and legacies

ncome from donations and legacies
Trusts
Corporate
Other		 2024
£
619,247
264,047
302,320
1,185,614		 2023
£
4,024,762
1,390,353
447,417
5,862,532

Income from donations and legacies was £1,185,614(2023 - £5,862,532) of which £1,053,582 (2023 - £5,631,241) was attributable to restricted funds and £132,032 (2023 - £231,291) was attributable to unrestricted funds.

4 Income from charitable activities

UnLtd has five wholly owned UK trading subsidiaries:

FSE Management Services Limited. This is a company limited by guarantee and having no share capital. The object of the company is to carry on business to procure profits and gains for the purposes of paying them to the Foundation for Social Entrepreneurs (Registered charity Number: 1090393) or any other charitable body which succeeds to its charitable purposes. FSE Management Services Limited is a company registered in England and Wales, company number 6841529. A summary of their trading result is shown below.

UnLtd Scotland. This is a company limited by guarantee and having no share capital. The object of the company is to undertake UnLtd’s work in Scotland. UnLtd Scotland is a company registered in Scotland, company number 475273.

UnLtd Impact Support Company. This a company limited by share capital. The object of the company is to provide repayable finance to social ventures. UnLtd Impact Support Company Limited is a company registered in England and Wales, company number 10951754.

UnLtd Venture Growth Support. This is a company limited by share capital. The object of the company is to provide a combination of debt and equity finance to social ventures. UnLtd Venture Growth Support Limited is a company registered in England and Wales, company number 11568325.

UnLtd Social Investment Company. This is a company limited by share capital and was incorporated on 17 March 2022. The sole shareholder of the company is The Foundation for Social Entrepreneurs (UnLtd). UnLtd Social Investments Ltd is a shareholder in the General Partner of Growth Impact, L.P., an English private fund limited partnership. Additionally, UnLtd Social Investments Ltd provides investment advisory services to Growth Impact, L.P.’s Fund Manager. The company number is 13983682.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

UnLtd’s Subsidiaries Accounts

FSE
Management
UnLtd
UnLtd
UnLtd
UnLtd
Total 2024
Services Ltd
Scotland
Impact
Support
Venture Growth
Social
Investments
£
£
£
£
£
£
Turnover 3,263
92,352
192,604
2,839
79,900
370,958
Expenditure (4,444)
(92,352)
189,028
(10,624)
(3,356)
91,099
Provision for loss -
-
(226,271)
(4,926)
-
(213,197)
Profit/(loss) before gift aid (1,181)
-
155,361
136
76,544
230,860
Gift aid to UnLtd -
-
155,361
136
76,544
232,041
Retained in subsidiary (1,181)
-
-
-
-
-
FSE
Management
UnLtd
UnLtd
UnLtd
UnLtd
Total 2023
Services Ltd
Scotland
Impact
Support
Venture Growth
Social
Investments
£
£
£
£
£
£
Turnover 32,744
219,017
243,909
5,556
18,396
519,622
Expenditure (6,371)
(219,017)
(100,198)
(4,593)
(1,387)
(331,567)
Provision for loss -
-
(220,965)
7,921
-
(213,044)
Profit/(loss) before gift aid 26,373
-
(77,254)
8,884
17,009
(24,989)
Gift aid to UnLtd 26,373
-
-
8,884
17,009
52,266
Retained in subsidiary -
-
(77,254)
-
-
(77,254)

5 Income from investments

Investment income
Investment gains/(losses)		 Unrestricted
£
5,093,592
-		 2024
2023
Endowment
Total
Total
£
£
£
-
5,093,592
3,955,533
11,949,783
11,949,783
(8,439,447)

Income from investments was £5,093,592 (2023 - £3,955,533) of which £5,093,592 (2023 - £3,955,533) was attributable to unrestricted funds.

Investment income can be used for general purposes of the Millennium Awards Trust and can be used

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

to reimburse costs incurred by UnLtd in furtherance of the objects of the Trust.

6
Charitable expenditure – costs of support to social entrepreneurs
2024
£
Direct costs analysis
Salaries
1,467,208
Partners
337,229
Events
88,304
Travel
100,438
1,993,179
Grants Analysis
Starting Up
856,222
Scaling Up
1,114,937
Partners
-
1,971,159
Support costs analysis
Salaries
1,666,384
Premises
128,257
IT
290,560
Marketing
35,910
Depreciation
16,767
Governance (see below)
83,857
Trading activity in subsidiaries
140,098
Provision for loss
-
Other
324,448
Total
2,686,281
Governance costs analysis
Trustees expenses
3,118
Legal
8,540
Audit (external)
45,799
Audit (internal)
26,400
83,857
Total Charitable expenditure
Direct costs
1,993,179
Grants
1,971,159
Support costs
2,686,281
6,650,619		 2023
£
1,789,477
355,006
72,101
72,951
2,289,535
-
375,758
3,970,187
4,345,945
2,012,387
220,576
353,499
3,144
19,709
71,502
331,567
213,044
380,520
3,605,948
1,362
13,260
32,580
24,300
71,502
2,289,535
4,345,945
3,605,947
10,241,427

£5,214,113 (2023 - £6,235,325) of the above costs were attributable to restricted funds and £1,436,506 (2023 - £4,006,102) of the above costs were attributable to unrestricted funds.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and other management costs. They are incurred

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

directly in support of expenditure on the objects of the charity.

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Net income / (expenditure) is stated after charging/(crediting)

Depreciation 16,767 19,709
Operating lease rentals - land and buildings 32,624 51,140
Interest payable on bank loans 2,183 3,793
Investment gains and (losses) 11,949,783 (8,439,447)

7 Tangible fixed assets (Group)

7 Tangible fixed assets (Group)
Land
Building
Computer
Furniture &
Fixed Assets -
Total



& IT
Fixtures
Boat
Cost
£
£
£
£
£
£
At 1 April 2023
800,000
125,000
6,633
551,658
73,545
1,556,836
At 31 March 2024
800,000
125,000
6,633
551,658
73,545
1,556,836
Depreciation
At 1 April 2023
-
100,000
6,633
551,658
14,709
673,000
Charge for theyear
-
5,000
-
-
11,767
16,767
At 31 March 2024
-
105,000
6,633
551,658
26,476
689,767






Net book value
At 31 March 2024
800,000
20,000
-
-
47,069
867,069
At 31 March 2023
800,000
25,000
-
-
58,836
883,836






Tangible fixed assets (UnLtd)

Computer
Furniture &
Fixed Assets -
Total



& IT
Fixtures
Boat
Cost


£
£
£
£
At 1 April 2023


6,633
551,658
73,545
631,836
Additions


-

-
-
Disposals


-
-
-
-
At 31 March 2024


6,633
551,658
73,545
631,836
Depreciation
At 1 April 2023


6,633
551,658
14,709
573,000
Additions


-
-
11,767
11,767
Disposals


6,633
551,658
26,476
584,767
At 31 March 2024
Net book value
At 31 March 2024


-
-
47,069
47,069
At 31 March 2023


-
-
58,836
58,836

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8 Investments

8
Investments
UnLtd
Unrestricted		 Endowment
Total
Investment assets
fund		 fund

£
£		 £
£
Market value at 1 April 2023
 26,792
15,673,598		 143,716,210
159,416,600
Net unrealised / realised investment gains -
-		 11,949,783
11,949,783
Investment income earned
 -
5,093,592		 -
5,093,592
Investment in Growth Impact Fund(GIF) 64,926
-		 -
64,926
Social Investments
 -
-		 -
-
Market value at 31 March 2024
 91,718
20,767,190		 155,665,993
176,524,903



Income drawdown
 -
(4,930,594)		 -
(4,930,594)
Investment charges deducted
 -
-		 (1,012,490)
(1,012,490)



Funds value after charges
 91,718
15,836,596		 154,654,503
170,581,818



Asset allocation:



cost of
Investment
Market Value
Cash
-
423,243
GSAM Sterling Credit
12,500,000
8,398,965
Charities Property Fund
10,800,000
10,890,223
Dimensional - Global Core Fund
10,843,796
36,175,392
GMO
10,000,000
19,656,600
Wellington
12,000,000
17,867,291
GuardCap
15,000,000
20,955,990
GSAM Emerging Markets
15,000,000
12,341,694
JPM Emerging Markets
15,000,000
12,702,569
JPM Infrastucture
15,000,000
16,087,783
HICL
19,790,059
14,890,351
Investment in Growth Impact Fund(GIF)
91,718
91,718
Social Investments
100,000
100,000
Total at 31 March 2024
136,125,573
170,581,819

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9 Debtors : amounts falling due within one year

Trade debtors
Grants receivable
Prepayments and accrued income
Other debtors
Amounts due from subsidiary
undertakings
Loans		 UnLtd
2024
£
-
1,775,634
88,688
1,175
2,745,700
-
4,611,197		 Group
2024
£
57,743
1,776,259
110,228
1,175
-
33,478
1,978,883		 UnLtd
2023
£
-
2,729,395
130,365
14,681
3,011,946
-
5,886,387		 Group
2023
£
36,084
2,729,395
196,504
14,806
22,761
419,550
3,419,100

10 Debtors : amounts falling due after one year

Other debtors
Loans		 UnLtd
2024
£
2,314
-
2,314		 Group
2024
£
2,314
566,746
569,060		 UnLtd
2023
£
2,314
-
2,314		 Group
2023
£
2,314
486,753
489,067

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11
Creditors: amount falling due within one year
UnLtd
2024
£
Trade creditors
173,979
Awards accruals (as below)
-
Accruals and deferred income
94,647
Other taxes and social security
68,476
Other creditors
23,709
Loan (see note 12)
-
VAT
-
360,811
All awards are payable within one year
UnLtd
2024
£
Try It
-
Starting Up
-
Scaling Up
-
-		 Group
2024
£
173,979
1,436,348
94,647
70,824
24,474
-
5,081
1,805,353
Group
2024
£
-
271,455
1,164,893
1,436,348		 UnLtd
2023
£
168,865
-
104,782
107,389
25,344
-
-
406,380
UnLtd
2023
£
-
-
-
-		 Group
2023
£
199,550
1,161,666
105,520
112,874
26,334
85,273
10,598
1,701,815
Group
2023
£
5,000
1,156,666
-
1,161,666
12
Creditors: amounts falling due after more than one year
UnLtd
Group
2024
2024
£
£
Deferred Income
-
371,410
Other loans
420,000
850,800
420,000
1,222,210		 UnLtd
2023
£
-
420,000
420,000		 Group
2023
£
481,689
1,226,185
1,707,874

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Loan from Triodos Bank:
Amounts falling due
After one year and before two
years
After two years and before five years
After more than five years
Within one year (see note 11)		 Group
2024
£
-
-
-
-
-
-		 Group
2023
£
-
-
-
-
85,273
85,273

The Triodos loan taken in November 2006 has been completely paid. The loan was secured over the freehold property of the Millennium Awards Trust and the charge has since been taken off the property following the discharge of the loan.

Loan from Others:
Amounts falling due
After one year and before two
years
 UnLtd
2024
£
420,000
420,000		 Group
2024
£
850,800
850,800		 UnLtd
2023
£
420,000
420,000		 Group
2023
£
1,226,185
1,226,185

13

Endowment

The Millennium Awards Trust was endowed by the Millennium Commission with a National Lottery grant of £100 million as a permanent source of grants for individuals throughout the United Kingdom to develop their own skills and talents and to contribute to the community.

The Trustee is under a duty to obtain the maximum return consistent with a policy of seeking to maintain the “Real Value”. Any excess above this value can be regarded as income funds and used to make awards and meet running costs.

All of the income of the fund is available to make awards and pay for the administration of the awards scheme.

14 Staff numbers and costs

Salaries
Social security costs
Pensions		 2024
£
2,669,184
295,813
168,594
3,133,592		 2023
£
3,246,463
355,801
199,600
3,801,864

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Average weekly number of employees during the period
calculated on full time equivalent basis was:
The number of employees during the period who earned over
£60,000 in the year was as follows:
£60,001 to £70,000 per annum
£70,001 to £80,000 per annum
£80,001 to £90,000 per annum
£120,001 to £130,000 per annum
£130,001 to £140,000 per annum		 56
2024
7
2
2
-
1		 67
2023
5
4
1
-
1

There were no redundancy / termination payments of in the year (2023 - £ 79,055).

Trustees received no remuneration and £3,118 of expenses were reimbursed (2023 - £1,362) during the reporting period.

The aggregate remuneration received by key management personnel totalled £555,615 (2023: £561,326). Key management personnel includes CEO, Director of Corporate Services, Director of Delivery and Investment, Director of Social Entrepreneur Support and Director of Impact and Influence.

15 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year
Later than one and not later than five years
Later than five years		 2024
£
-
37,008
-
37,008		 2023
£
17,408
69,632
-
87,040

16 Financial instruments and associated risks

The charity holds a number of financial assets (for example investments, debtors and cash) which meet the definition of basic financial instruments under the FRS 102 SORP.

UnLtd, through investment in various funds as determined by its investment strategy, maintained positions in a variety of derivative and non-derivative financial instruments. UnLtd’s investing activities expose it to various types of market risks that are associated with the financial instruments and markets it invests in.

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

THE FOUNDATION FOR SOCIAL ENTREPRENEURS (UNLTD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Market risk includes currency risk, interest rate risk and price risk. The market risk management strategies of the funds UnLtd invests in are driven by the funds’ investment objectives. The investment managers employed by UnLtd are instructed to manage risks in accordance with agreed policies and procedures.

Other than for its management of the Endowment, UnLtd does not use financial instruments.

17 Related party transaction

There have been no related party transactions in either year.

18 Net Assets Fund Analysis

Unrestricted
Restricted
Endowment
Total 2024
Group £
£
£
£
Tangible Assets 867,069
-
-
867,069
Investments 15,928,314
-
154,653,504
170,581,818
Net current assets / (liabilities) (1,449,794)
3,385,785
-
1,816,367
Long term debtors 566,746
-
-
566,746
Long term creditors (1,222,210)
-
-
(1,222,210)
14,570,501
3,385,785
154,653,504
172,609,790
Unrestricted
Restricted
Endowment
Total 2023
Group £
£
£
£
Tangible Assets 883,836
-
-
883,836
Investments 15,700,390
-
143,716,210
159,416,600
Net current assets / (liabilities) (1,447,535)
4,131,210
-
2,683,675
Long term debtors 489,067
-
-
489,067
Long term creditors (1,707,874)
-
-
(1,707,874)
13,917,884
4,131,210
143,716,210
161,765,304

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Docusign Envelope ID: F742C069-92E7-43A3-814B-B6B04168EDCE

Classified as Confidential