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2022-03-31-accounts

Company number: 06578379 Charity number: 1125735

Social Tech Trust

Report and financial statements For the year ended 31 March 2022

Social Tech Trust

Contents

For the year ended 31 March 2022

Reference and administrative information ........................................................................................................ 1 Trustees’ annual report ...................................................................................................................................... 2 Independent auditor’s report .......................................................................................................................... 16 Statement of financial activities (incorporating an income and expenditure account) ................................... 20 Balance sheet ................................................................................................................................................... 21 Statement of cash flows .................................................................................................................................... 22 Notes to the financial statements .................................................................................................................... 23

Trustees` annual report

To the members of

Social Tech Trust

Company number 06578379
Country of incorporation United Kingdom
Charity number 1125735
Country of registration England & Wales
Registered office Invicta House
4thFloor 108-114 Golden Lane
London
EC1Y 0TL
Operational address Oxford Centre for Innovation
New Road
Oxford
OX1 1BY
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
William Liao – Chair
Anisah Osman Britton
Russell Johnstone
Hannah Keartland – Resigned 1stNovember 2021
Sebastien Lahtinen - Resigned 22ndSeptember 2021
Maria Nelson - Appointed 24thJune 2021
Sunil Suri
Robert Tashima
Nicolas Temple
Nicholas Wise
Key management Ed Evans - CEO
personnel
Bankers Barclays Bank
Wytham Court, 11 West Way, Oxford, OX2 0JB
Solicitors Russell-Cooke LLP
2 Putney Hill, London, SW15 6AB
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

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Trustees` annual report

To the members of

Social Tech Trust

The trustees present their report and the audited financial statements for the year ended 31 March 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Purposes and aims

Social Tech Trust (the Trust) is a leading tech focused charity, with a clear purpose to transform lives with tech. Building on over a decade of venture philanthropy and investment, its vision is a world where social transformation drives tech.

The Trust utilises a range of approaches to deliver its charitable objectives, including through its programmatic work and social investments. The Trust champions the potential of tech in addressing the UK’s most significant social challenges and plays an active role in building a supportive social tech ecosystem for ventures who are tackling these challenges to thrive. The Trust seeks to increase the capacity for systemic change in society, with a particular focus on advancing approaches that further equality.

The aims of the Trust are wide and in the public benefit, promoting the use of tech to address pressing social challenges. The Trust supports organisations that are working to address one or more of the following criteria:

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

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Trustees` annual report

To the members of

Social Tech Trust

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements, performance and beneficiaries

As we reflect on the upheaval caused by the pandemic and ensuing global and economic climate, we believe that technology is a powerful tool for realising a more resilient, sustainable and equal future. Covid-19 exposed existing inequalities across society, and we have reconsidered how we can do more to create a fairer future for all. We’re determined to go further, by not only embedding equality, inclusion and empowerment at the heart of the Trust, but also recognising its critical role in tech innovation.

To enable people to live well, with access to rewarding work, in a community where their voice is heard, social tech is more important than ever before. As we look to the future, we are convinced that it will play an increasingly central role in shaping a better future for all.

Strategy and Theory of Change

At the Trust, we know that there is immense power within the combination of tech, impact and investment. We continue to see incredible social tech companies and entrepreneurs step up to the global challenges we all face.

From decarbonizing our economy and protecting ecosystems to eradicating barriers to health and giving people a voice to shape their future, we are seeing technology play a key role in scaling and sustaining transformation. It continues to be a privilege to work with people that are embracing the entrepreneurial journey, navigating entrenched patterns of power and scaling bold solutions.

Through our work, we have seen how organisations that are driven by a deep understanding of social challenges and have the technical knowledge and expertise to deliver solutions, can create impact at scale. We believe that we are the designers, creators and consumers of tech. It’s up to us to decide and shape what tech can do for us, which is why our vision is a world where social transformation drives tech.

We continue to run impactful programmes and provide the investment needed for high potential social tech ventures to scale their social impact and enable the benefits of technology to be shared throughout society.

We see huge untapped potential here, with many of these organisations being overlooked by the investment market. This is a challenge that we’re focused on addressing and we are working to develop a new fund, called Social Tech Ventures, that specifically seeks to meet the needs of ventures that are tackling deep rooted social and environmental challenges.

By demonstrating the potential of this approach, the Trust aims to influence the wider ecosystem to work in this way and encourage markets to respond to the opportunity to create a supportive environment for companies that transform lives with tech.

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Trustees` annual report

To the members of

Social Tech Trust

In early 2022, we carried out a consultative process with the Board and team to review and update our Theory of Change. We are committed to ‘walk the talk’ and ensure we continue to be in a strong position to measure our impact and learn from our programmatic and investment activities.

Our Theory of Change captures the impact we wish to see in the world and outlines how our investment and programmatic activities drive short-term, medium-term, and long-term outcomes which strive to enable a world where social transformation drives tech towards a more regenerative world.

Activities Short-term outcomes Medium-term
outcomes		 Long-term
outcome		 Impact
People and the
environment
experience increased
positive outcomes
from the tech
company		 More investors are
influenced by our
investment approach
and see the potential
for social
transformation to drive
tech
We strengthen the
ecosystem and
create a positive
feedback loop
which supports
and nurtures more
tech companies
Invest into high
potential tech
companies using
flexible and
Tech company
increases in scale
inclusive funding

We enable a world
where social
transformation
drives tech
Tech company
acquires new skills,
capabilities and
understanding		 More tech companies
are influenced by our
programmes and use
new skills / capabilities
to build transformative
ventures		 towards a more

regenerative
world
Collaborate to run
programmes that
scale and support
Tech company feels
increased confidence
in their abilities		 More tech companies
are attracted by our
investment approach
tech companies

We are delivering our Theory of Change through focusing our business plan on the following targets, with a particular focus on the first:

  1. Raising and launching the Social Tech Ventures investment fund to provide flexible and inclusive finance opportunities to purpose driven tech ventures.

  2. Developing, testing and delivering a funded, ongoing programme of activity to scale tech companies that are advancing positive outcomes for society, economy and the planet.

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Trustees` annual report

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Social Tech Trust

Invest into high potential tech companies using flexible and inclusive funding

Listening to Founders Report

During the period, we deepened our understanding of the needs of ventures and have been developing and testing an alternative approach to dominant venture capital investment models.

In February 2022, we launched our ‘Listening to Founders’ report. To understand more about the barriers they face, and what new approaches they would like to see, we convened a series of roundtable discussions with social tech ventures from across the UK.

Our research identified several challenges that ventures experience when engaging different investor groups, including misalignment with the dominant venture capital model, investor aversion to impactfocused business models, and investor hesitancy about tech propositions. The participants expressed a clear desire to see more innovative investment models and instruments being used that have a closer alignment with their financial and impact objectives.

Several key areas were highlighted where the ventures saw opportunities to take a different approach, including exploring models that focus on sustainability as well as growth; developing more revenuebased approaches; and addressing the need for patient and flexible finance.

Social Tech Ventures Fund

The Trust has continued to develop our bespoke investment instrument designed to meet the needs of social tech ventures and to address the current market gap for alternative finance. We have built our capacity to engage with investors by recruiting and onboarding our senior leadership team and refocused our resources to ensure efficient delivery towards our strategic goal of building the fund whilst continuing to support our existing social investments and alumni of ventures.

We have conducted extensive research and engagement with founders and at the end of the period had made significant progress in progressing towards securing our cornerstone investment.

We applied to become a partner on the Innovate UK Healthy Ageing Investment Partnerships programme. It combines government funding for research and development with private investment into businesses, including social ventures, to produce products and services for healthy ageing that can be adopted at scale. Other partners in this programme include 24 Haymarket, Northstar Ventures, Nesta and Prostate Cancer Research.

Social investments

As part of our strategy to increase the availability and access to flexible and inclusive finance and meet the needs of diverse, purpose-driven tech ventures as they grow, we continue to support our existing social investments.

We also made a new revenue-based investment in July 2021 into Xploro which is proven to reduce anxiety and uses augmented reality, gameplay and 3D interactive models of the hospital environment to familiarise children with treatments and procedures.

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Trustees` annual report

To the members of

Social Tech Trust

During the reporting period, the Trust received £228,409 of returns from Fair by Design Fund. We have seen the following progress during the reporting period:

Collaborate to run programmes that scale and support tech companies

We continue to collaborate with new and existing partners to bring together the knowledge, expertise and networks needed to enable social tech companies to grow and drive social transformation. Our programmes aim to scale companies that enable a more regenerative world and support companies to demonstrate traction, with the aim to receive seed stage investment within six months of finishing our programmes. We design and deliver programmes to increase the skills, capabilities, and confidence of social impact organisations.

In 2021 and 2022, our programmes were delivered almost entirely online, with some networking and pitching events occurring in-person. We delivered the following programmes to support our charitable objectives:

AI for Social Impact 2021

In response to the pandemic, we developed our third programme in partnership with Microsoft. The AI for Social Impact programme supported thirteen companies which are helping the UK’s healthcare, manufacturing and resource sectors recover from the impact of covid-19.

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Trustees` annual report

To the members of

Social Tech Trust

Throughout the programme, we supported purpose-driven start-ups to embed impact management at the core of their organisation and develop artificial intelligence solutions. Through providing them with access to the technology, resources and expertise, the teams learnt about topics including impact management, genuine user engagement and social transformation, alongside business, data and AI.

We continually strive to ensure we integrate effective equality, diversity and inclusion practices as part of our programmes. Removing barriers and bringing together diverse perspectives is core to running impactful programmes. Among those chosen to take part in the programme, 85% of the cohort’s senior leaders consider themselves to be from underrepresented groups or as having lived experience of the challenge they are addressing.

MediShout were one of the ventures who participated in the AI for Social Impact 2021 programme. They are turning hospitals into digitally smart environments, reducing reporting inefficiencies and enabling staff to focus on delivering the best patient care. When asked about the impact of the programme, Ash Kalraiya, CEO of MediShout said:

“Social Tech Trust have been a dream to work with and really accelerated our Customer Success team. Their support, knowledge and insights have enabled us to take a step back from our busy day-to-day work and look at how we deliver best care to NHS organisations. We’ve reconnected with our “why”. We then adopted practical tips around data to prove and validate our impact.”

Another participant, Podium Analytics, are using innovative and accessible digital technology to create a safer world of sport. When asked about the programme, Harriet Strzelecki, Marketing and Communications Director of Podium Analytics said:

“If we are honest with ourselves, we probably were not fully embracing communicating and measuring our social impact. We are fully aware of the issues that we are solving and the impact on the world, but Social Tech Trust gave us tools, techniques and access to very smart people to put a formal framework on our social impact that will serve us well for the future.”

AI for Sustainability 2022

Our fourth AI programme with Microsoft focused on finding solutions to reduce carbon emissions and waste, preserve water and protect ecosystems and we were pleased to be joined by the Met Office as a key partner. We supported ten companies through a four-month programme to advance their environmental solution using AI. The companies work across a broad range of sustainability issues including net zero materials, carbon emissions tracking and mitigation, ecosystem health monitoring and recycling.

The programme built on three previous AI accelerators, run in partnership with Microsoft. We continue to engage experts and entrepreneurs to enable us to provide support across impact management, social transformation, effective equality, diversity and inclusion practice, influencing and storytelling approaches.

Referring to their experience of the programme, Evan Gwynne Davie, CEO of Scrapp said:

“[The social transformation] session particularly resonated with me. At Scrapp we know this plastics issue isn't the consumer’s fault. By empowering a global community first, and

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Trustees` annual report

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Social Tech Trust

removing all barriers to recycle right, we can then back our claims with the data to help make the systemic change needed to unlock the intrinsic benefits of recycling”

“ Since starting the cohort Scrapp was pre-revenue. From the commercial sessions with Microsoft, Social Tech Trust and the Met Office, we reframed our messaging from “local authorities and universities” to "town, cities and campuses". This opened up a new customer segment of corporate office campuses, resulting in our first paying customer!”

In addition to our programmes, we continue to nurture and support over 300 alumni companies. Through one-to-one sessions with our Portfolio Managers and our online community, we provide advice and connections to further their growth journey and social mission.

Going forward, we have a clear focus on the social transformation we wish to create, and we want future programmes to align with this focus. We are excited to build partnerships across the social tech sector and we continue to collaborate with multiple partners with a view to running future programmes.

Creating a learning environment for our journey towards our equality, diversity and inclusion best practice

During the period, we have deepened our commitment and ensured equality, diversity and inclusion (EDI) is instilled on a strategic and organisation-wide level. We developed our EDI policy through a consultative process with our team, Board, and partners. We are members of the Equality Impact Investing Project (EIIP) UK taskforce. The taskforce has 30 members committed to advancing equality impact investing. We have incorporated the Equality Impact Investing strategy into our policy.

The policy describes how we can advance EDI in three key areas of our activities:

  1. Delivering impactful programmes

  2. Offering transformative investment funds

  3. Ensuring effective internal operations to support programmes and funds

We have conducted a gap analysis, run a number of training sessions and attended several conferences and webinars to support the creation of three key EDI goals that align with our strategic vision as well as address identified areas of growth. These goals expand our strategy beyond improving our internal practice to:

  1. Growing a portfolio of ventures whose primary purpose is to advance equality

  2. Supporting and investing to meet the needs of diverse founders and ventures

  3. Working with others to improve our practice

We have worked with our EDI trustee champion and the wider Board to seek advice on an impactful approach towards advancing diversity and inclusion. EDI has been added as a standing agenda item at Board and Investment Committee meetings. Our team has worked closely and engaged regularly in dedicated forums to capture current EDI practices and co-create an EDI Action Plan which will help us in adopting the EDI policy and advancing our EDI goals.

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Trustees` annual report

To the members of

Social Tech Trust

The process for operationalising the EDI policy has been designed to encourage taking action and tracking our progress whilst continuing learning. The policy document, EDI Action Plan and action tracker are our frameworks to continue advancing EDI.

We continue to make progress against our EDI action plan and develop the action plan collaboratively through engagement with partners. We are pleased to share some highlights:

  1. Preparation of Connect fund application to work in partnership with EIIP on the practical application of Equality Impact Investing strategy – investing in equality transformative ventures. We have been commended by EIIP for our leadership and foresight in developing this project proposal.

  2. Becoming a certified Living Wage Employer.

  3. Team activities – updating our D&I records, EDI team meetings, completing ‘Allyship in the workplace” training from The Other Box.

  4. Diversity Forum Manifesto commitment – this aims to bring together organisations from the social investment sector to make clear EDI commitments and to take action, improving transparency, encouraging accountability and supporting shared learning. The Trust was one of the first 20 organisations to sign up and commit to the pledge. We have incorporated the actions into our own action plan. We have also engaged with the Diversity Forum and partners to support shared learning including sharing and reviewing policies. We have been invited to present at partner forums.

Looking forward

In the current climate of volatility and uncertainty both geopolitically and economically, the need is greater than ever to strive towards our vision of social transformation driving tech.

The Trust is focused on achieving our strategic goals of investing in high potential tech companies using flexible and inclusive funding and collaborating to run programmes that scale and support tech companies.

As this reporting period ends and following our research to produce the ‘Listening to Founders’ report, we found a number of challenges relating specifically to ‘equality transformative’ tech ventures. We have started early-stage discussions about an impactful new learning project in collaboration with the Equality Impact Investing Project and funded by the Connect Fund at Barrow Cadbury Trust. This project is focused on understanding how we can identify ventures that aim to tackle the root causes of inequality and wish to drive systemic change in order to direct capital to those underserved organisations.

The Trust is continuing to deliver on its strategic goals to increase access to inclusive finance and is focused on continued engagement with partners in building the Social Tech Ventures fund. The fund will increase access to finance to equality transformative ventures and support a sustainable model to ensure continued delivery for beneficiaries.

As the reporting period comes to an end, we are co-creating a proposal with Access through their Flexible Finance programme, to allocate finance to organisations that directly tackle structural inequality and human rights issues. Access was created from dormant banking assets to effectively facilitate the flow of capital from varying sources. The Trust is aligned to the objectives of Access including delivering

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Trustees` annual report

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Social Tech Trust

sources of finance to the market that are patient and/or flexible and enabling effective use of subsidy to ensure capital flows to underserved ventures.

We are in conversations with partners on the design and delivery of new programmes to ensure social transformation is driving tech including conversations to collaborate with Hatch and Catch 22 bringing forward the learning from the ‘Ideas for Impact’ programme into an accelerator and pilot fund focused on creating solutions to tackle youth unemployment.

Financial review

During the reporting period, the trust received £114k from Microsoft for delivery of AI for Social Impact programme and the development and launch of AI for Sustainability programme. The trust also received income of £8k for Other Projects in relation to our work with partners including supporting the ‘Ideas for Impact’ programme funded by Big Society Capital, which aims to support organisations to create solutions to tackle youth unemployment. We also worked with Allia, a charity that works with ventures to help develop and achieve their impact aims, in workshop delivery and with LSE for the Aspect accelerator programme to deliver workshops.

The Trust generated interest on our reserves of £16k in the year ending 31 March 2022. The Trust also received a £228k return, in addition to the repayment of our £34k original investment, from the Fair By Design fund, after Credit Kudos was acquired by Apple.

Operating costs were kept to a minimum and costs incurred during the year were in direct relation to the ongoing running of the Trust.

The Trust incurred £379k in combined direct and support costs related to charitable activities (2021: £356k) and made gross social investments of £327k (2021: £239k). The trust invested £227k in the Fair by Design fund and £100k in Xploro. The total amount invested in the Fair by Design Fund by the Trust at end of financial year was circa £645k (£355k commitment yet to be drawn down) of £1m investment.

Total creditors as at end of year 2022 are £43k, (2021: £42k which included £4.5k of committed grants that were paid out this year). As disclosed in the previous years’ accounts, the Trust is developing a new sustainable operating model. It is recognised that there has been a deficit over the year, and this is consistent with this stage of the business plan, The Trust is pursuing new opportunities as it transitions to a more diversified and sustainable income-generating model, and this transition is anticipated to continue into the next financial year. The trustees recognise the risks associated with the development of a sustainable business model. The balance sheet position remains strong with the cash balance at end of financial year of £3.141m and total reserves of £4.073m. These funds are held with major banks primarily on fixed term deposits of varying lengths.

Principal risks and uncertainties

The Trustees have identified the major risks which may affect the Trust and have taken reasonable steps to mitigate those risks:

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Trustees` annual report

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Social Tech Trust

Reserves policy and going concern

It is the Trust’s policy to hold a minimum level of working capital to continue operations for a period of no less than 12 months. It is the view of the Trustees that a minimum level of unrestricted funds should be maintained at £0.8m to cover the operational expenses. The Trust had unrestricted reserves of £4.073m at 31 March 2022, of which £320k is designated to further drawdowns by the Fair By Design Fund and £645k has been invested in the Fair by Design Fund to the end of the reporting period. The Trust also has £1m designated funds to support the Social Tech Ventures investment fund. This leaves free reserves of £2.07m, which is higher than the minimum reserves required by the Reserves Policy. The trustees are purposefully retaining this high level of reserves to allow the Trust to continue activity whilst testing and developing new income streams to deliver sustainability.

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Trustees` annual report

To the members of

Social Tech Trust

Investment policy

The trustees pursue a low-risk investment policy to retain liquidity while the Trust establishes new income streams and, given the current market and the need to retain liquidity, there would be minimal benefit from moving to a riskier investment profile. The Trust continues to test and evaluate our approach to investment while raising an investment fund. All monies are invested in interest bearing investments or social investments.

Fundraising

The strategy to date has not been to secure income through fundraising sources. As such the charity, while fully aware of its responsibilities in this regard, has not sought formal registration with the fundraising regulator. Should the strategy change then registration would be made.

Structure, governance and management

Social Tech Trust is a charitable company limited by guarantee, incorporated on 28 April 2008 and registered as a charity on 5 September 2008.

The company was established under a memorandum of association which established the objects and powers of the charitable company. It is governed by Articles of Association dated 28 April 2008 as amended by Special Resolution dated 5 September 2008, 2 April 2015, 7 July 2016 and replaced by Articles of Association dated 30 May 2018.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

During the year, the Trust had a Board of 11 trustees as per the Articles of Association and there were ten full-time members of staff and two part-time members of staff.

Day to day management of the Trust is delegated to the CEO, Edward Evans who is supported by the senior leadership team comprising of the Operations Director and Programmes Director. All decisions relating to investments and strategy are made at quarterly Trustees’ meetings and are minuted. If decisions need to be made outside the Trustee Meetings, a consensus view is reached via email.

Trustees are regularly updated on the progress of programmes, investments, partnerships and other activities for the public benefit.

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.

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Trustees` annual report

To the members of

Social Tech Trust

Trustee meeting attendance (total attendance varies due to membership movements e.g. start/end date):

Trustee Board Finance & Audit
Committee		 Investment
Committee		 Nominations &
Remunerations
Committee
Russell Johnstone 3 of 4 3 of 4 n/a n/a
Hannah Keartland 2 of 2 2 of 2 n/a n/a
Sebastien Lahtinen 2 of 2 1 of 1 n/a n/a
William Liao 4 of 4 1 of 1 2 of 2 n/a
Maria Nelson 4 of 4 n/a n/a 2 of 2
Anisah Osman Britton 4 of 4 n/a n/a 2 of 2
Sunil Suri 2 of 4 1 of 3 n/a n/a
Robert Tashima 3 of 4 n/a 1 of 1 n/a
Nicolas Temple 4 of 4 1 of 1 n/a n/a
Nicholas Wise 1 of 4 n/a n/a 2 of 2

Appointment of trustees

The Trust’s Trustee recruitment policy is guided by the Articles of Association. These are that:

Trustee induction and training

Upon appointment, all Trustees are inducted to the organisation and briefed fully on their responsibilities. The Trustees are updated on any changes and developments in Charity Commission guidance by the CEO to ensure they are fully aware of, and comply with, all relevant legislation and guidance.

Related parties and relationships with other organisations

The Trust has one wholly owned subsidiary, Social Tech Ventures Limited, which was incorporated on 8 February 2019. The company has one director Edwards Evans, who is also CEO of Social Tech Trust. Hannah Keartland who was a director and also a Trustee and treasurer of Social Tech Trust resigned on 1 November 2021.

Social Tech Ventures Limited has been established to carry out management of the Social Tech Ventures fund. Any conflicts of interest are declared at the beginning of all STT and STV Board meetings and managed according to the conflicts of interest policy.

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Trustees` annual report

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Social Tech Trust

Remuneration policy for key management personnel

The salaries of senior members of staff are established with regard to pay levels in the sector for similar positions. From time to time, an external review of pay levels for all staff is commissioned.

Statement of responsibilities of the trustees

The trustees (who are also directors of Social Tech Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Trustees` annual report

To the members of

Social Tech Trust

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 16 December 2022 and signed on their behalf by

Bill Liao Chairman

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Independent auditor’s report

To the members of

Social Tech Trust

Opinion

We have audited the financial statements of Social Tech Trust (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 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 Trust'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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Independent auditor’s report

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Social Tech Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Independent auditor’s report

To the members of

Social Tech Trust

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

Social Tech Trust

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 noncompliance 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 is available 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.

Jonathan Orchard (Senior statutory auditor)

Date: 19 December 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

19

Social Tech Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2022

----- Start of picture text -----
2022 2021
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations 2 15 - 15 350 10,000 10,350
Charitable activities 3 122,433 - 122,433 165,591 - 165,591
Investments 4 235,695 - 235,695 24,428 - 24,428
Other income 5 - - - 188,598 - 188,598
Total income 358,143 - 358,143 378,967 10,000 388,967
Expenditure on:
Charitable activities 562,662 - 562,662 687,935 10,000 697,935
Total expenditure 6 562,662 - 562,662 687,935 10,000 697,935
Net movement in funds (204,519) - (204,519) (308,968) - (308,968)
Reconciliation of funds:
- -
Total funds brought forward 4,304,729 4,304,729 4,613,697 4,613,697
Total funds carried forward 4,100,210 - 4,100,210 4,304,729 - 4,304,729
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

20

Social Tech Trust

Company no. 06578379

Balance sheet

As at 31 March 2022

----- Start of picture text -----
2022 2021
Note £ £ £ £
Fixed assets:
Tangible assets 12 2,634 2,208
Investments 13 745,529 452,135
748,163 454,343
Current assets:
Debtors 14 254,650 111,753
Short term deposits 2,285,677 1,621,603
Cash at bank and in hand 854,915 2,158,912
3,395,242 3,892,268
Liabilities:
Creditors: amounts falling due within one year 15 (43,196) (41,882)
Net current assets 3,352,046 3,850,386
Total net assets 4,100,210 4,304,729
The funds of the charity: 16a
Restricted funds - -
Unrestricted income funds:
Designated funds 2,000,000 2,000,000
General funds 2,100,210 2,304,729
Total unrestricted funds 4,100,210 4,304,729
Total charity funds 4,100,210 4,304,729
----- End of picture text -----

Approved by the trustees on 16 December 2022 and signed on their behalf by

Bill Liao Chairman

21

Social Tech Trust

Statement of cash flows

For the year ended 31 March 2022

Note
£
£
Cash flows from operating activities
Net (expenditure) for the reporting period
(204,519)
(as per the statement of financial activities)
Depreciation charges
1,171
Dividends, interest and rent from investments
(15,880)
(Increase)/decrease in debtors
(142,897)
(Decrease) in creditors
1,314
Net cash (used in) operating activities
(360,811)
15,880
(1,597)
34,085
(327,479)
(279,111)
(639,923)
3,780,515
3,140,592
At 1 April
2021
£
Cash at bank and in hand
2,158,912
Short Term Deposits
1,621,603
Total cash and cash equivalents
3,780,515
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from repayment of social investments
Purchase of social investments
Analysis of cash and cash equivalents
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Net cash provided by/(used in) investing activities
Cash flows from investing activities:
2022		 £
£
(308,968)
3,231
(24,428)
(58,982)
(50,016)
(439,163)
24,428
(1,819)
260,312
(239,298)
43,623
(395,540)
4,176,055
3,780,515
Cash flows
At 31 March
2022
£
£
(1,303,997)
854,915
664,074
2,285,677
(639,923)
3,140,592
2021

22

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

Social Tech Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is Invicta House, 108-114 Golden Lane, London, EC1Y 0TL.

b) Basis of preparation

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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

In accordance with section 24 of the Charities SORP (FRS 102) the exemption to prepare consolidated accounts has been taken as the subsidiary, Social Tech Ventures Limited, is immaterial. Social Tech Ventures has therefore been disclosed as an investment held at cost.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Further information in relation to going concern can be found in the trustees' annual report.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

23

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

24

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

 Charitable activities 69%

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Impairment losses are recognised in the statement of financial activities.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

5 years 3 years 3 years

n) Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date, unless fair value can not be measured reliably in which case it is measured at cost less impairment. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Social investments

Social investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment. Valuation reports are received on a regular basis and evaluated by both board and trustees to ensure there is no impairment.

Investments in subsidiaries

Investments in subsidiaries are at cost.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

25

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

t) Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the Society to the fund. The Charity has no liability under the scheme other than for the payment of those contributions.

Grants and donations Unrestricted
£
15
15		 £
-
-
Restricted		 2022
Total
£
15
15		 Unrestricted
£
350
350		 £
10,000
10,000
Restricted		 2021
Total
£
10,350
10,350
Partnership Income
Total income from Partnership income		 Unrestricted
£
122,433
122,433		 £
-
-
Restricted		 2022
Total
£
-
-		 Unrestricted
£
165,591
165,591		 £
-
-
Restricted		 2021
Total
£
165,591
165,591

During the reporting period, the trust received £114k from Microsoft for delivery of AI for Social Impact programme and the development and launch of AI for Sustainability programme. The trust also received income of £8k for Other Projects in relation to our work with partners including supporting the ‘Ideas for Impact’ programme funded by Big Society Capital aimed to support organisations to create solutions to tackle youth unemployment.

26

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |Total|Total| |£|£| |Bank deposit interest receivable|15,880|24,428| |Return on Social Investments|219,815|-| |235,695|24,428| |All income from investments is unrestricted.|

----- End of picture text -----

Other income

----- Start of picture text -----
||| |---|---| |2022|2021| |Total|Total| |£|£| |-| |188,598|

----- End of picture text -----

Other income primarily relates to the rebate of previously expensed social investments. All other income is unrestricted.

27

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

6a Analysis of expenditure (current year)

Staff costs (Note 8)
Contract Staff
Project Development
Office space
Accountancy fees
Tech support
Bank charges
Subscriptions
Legal and professional
IT and office equipment
Recruitment
Printing and stationery
Training and conferences
PR costs, branding and website
Travel and subsistence
Meeting costs
Telephone and postage
Other staff costs
Insurance
Depreciation
Support costs
Governance costs
Total expenditure 2022
Total expenditure 2021		 Charitable
activities
£
288,269
37,746
29,044
-
-
4,196
-
-
-
-
-
138
-
15,170
1,285
114
3,252
-
-
-
379,214
178,368
5,080
562,662
697,936		 Governance
costs
£
-
-
-
-
5,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,080
-
(5,080)
-
-		 Support
costs
£
129,862
-
-
884
-
1,890
1,743
3,332
12,302
3,032
7,135
62
1,442
6,835
579
52
1,465
215
6,367
1,171
178,368
(178,368)
-
-
-		 2022
Total
£
418,131
37,746
29,044
884
5,080
6,086
1,743
3,332
12,302
3,032
7,135
200
1,442
22,005
1,864
166
4,717
215
6,367
1,171
562,662
-
-
562,662		 2021
Total
£
501,814
-
19,467
9,848
15,267
4,471
919
3,366
66,055
5,261
31,761
461
3,764
21,815
1,328
258
4,470
351
4,028
3,232
697,936
-
-
697,936

28

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

6b Analysis of expenditure (prior year)

Staff costs (Note 8)
Contract Staff
Project Development
Office space
Accountancy fees
Tech support
Bank charges
Subscriptions
Legal and professional
IT and office equipment
Recruitment
Printing and stationery
Training and conferences
PR costs, branding and website
Travel and subsistence
Meeting costs
Telephone and postage
Other staff costs
Sponsorship
Insurance
Depreciation
Support costs
Governance costs
Total expenditure 2021		 Charitable
activities
£
297,952
-
19,467
5,847
-
-
-
-
119
3,123
-
274
-
12,986
788
153
2,654
-
-
-
-
343,363
309,551
45,021
697,935		 Governance
costs
£
-
-
-
-
15,021
-
-
-
-
-
30,000
-
-
-
-
-
-
-
-
-
-
45,021
-
(45,021)
-		 Support
costs
£
203,862
-
-
4,001
246
4,471
919
3,366
65,936
2,137
1,761
187
3,764
8,829
540
105
1,816
351
-
4,028
3,232
309,551
(309,551)
-		 2021
Total
£
501,814
-
19,467
9,848
15,267
4,471
919
3,366
66,055
5,261
31,761
461
3,764
21,815
1,328
258
4,470
351
-
4,028
3,232
697,936
-
-
697,936

29

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

----- Start of picture text -----
|||| |---|---|---| |This is stated after charging / (crediting):|2022|2021| |£|£| |Depreciation|1,171|3,231| |Auditor's remuneration (excluding VAT):| |Audit|9,200|8,750| |Underaccrual|-|-|

----- End of picture text -----

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Salaries and wages|341,958|408,585| |-| |Redundancy and termination costs|7,900| |Social security costs|34,320|38,464| |Employer’s contribution to defined contribution pension schemes|41,853|46,865| |418,131|501,814|

----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |No.|No.| |£100,000 - £109,999|1|1|

----- End of picture text -----

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £125,956 (2021: £128,503). Two additional key management personnel commenced employment during the period.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £0 (2021: £nil) incurred by 0 (2021: 3) members relating to attendance at meetings of the trustees. A trustee, H Keartland, was paid, with permission from the Charity Commission, a total of £0 (2021: £23,062) to act as interim director of operations and finance.

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 6.83(2021: 8.75).

10 Related party transactions

There are no related parties which are outside the normal course of business and no restricted donations from related parties. There were no other related party transactions, other than those detailed in note 8 to the financial statements.

30

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12 Tangible fixed assets

Cost
At the end of the year
Net book value
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Depreciation
Eliminated on disposal
At the end of the year
At the start of the year
Additions in year
Disposals in year		 Fixtures and
fittings
£
923
-
-
923
923
-
-
923
-
-		 IT equipment
£
29,686
1,597
-
31,283
27,478
1,171
-
28,649
2,634
2,208		 IT software
£
155,126
-
-
155,126
155,126
-
-
155,126
-
-		 Total
£
185,735
1,597
-
187,332
183,527
1,171
-
184,698
2,634
2,208

All of the above assets are used for charitable purposes.

31

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

13 Fixed asset investments

Investments comprise:

Gains
Social investments
Social investments
Shares in group undertakings
Disposal proceeds/repayments
Value at the end of the year
Value at the start of the year
Additions at cost
Impairment		 2022
£
745,528
1
745,529
2022
£
452,134
327,479
(253,900)
219,815
-
745,528		 2021
£
452,134
1
452,135
2021
£
473,148
239,298
(260,312)
-
452,134

Social Tech Trust became a partner in the Fair by Design Partnership during 2019. A capital contribution of £100 was made in the partnership in addition to a loan of £679,614 (and a return to STT, from the sale to Apple of Credit Kudos, on original investment of £34,056) to the partnership. The undrawn loan commitment is disclosed in note 18. We also made a new revenue-based investment in July 2021 into Xploro. Xploro uses augmented reality, gameplay and 3d interactive models of the hospital environment to familiarise children with treatments and procedures. In the previous financial year, the Trust received rebates of £260,312 from the Fair by Design fund, following an increase in the number of investors into the fund and a dilution of overall investment share.

The loan is treated as permanent as investments and included in the financial statements as if it were part of the investment, as no interest is due on the loan, there are no set repayment dates and Social Tech Trust cannot call the loan. Repayment will occur on disposal of the investments within the Fair by Design Partnership should sufficient proceeds be realised. The trustees have considered if there are any indications of impairment of the loan and are satisfied the current value remains reasonable.

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name Holding
Social Tech Ventures Limited 100%

Social Tech Ventures Limited was incorporated on 8 February 2019. Social Tech Ventures Limited is currently a dormant company. On the grounds of immateriality it has not been consolidated in these financial statements.

32

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

Creditors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Accruals
Taxation and social security
Grants payable
Trade creditors
VAT
Other creditors		 2022
£
-
90
254,560
254,650
2022
£
5,814
11,579
4,500
3,832
8,033
9,438
43,196		 2021
£
108,749
-
3,004
111,753
2021
£
1,719
5,796
4,500
7,113
15,622
7,132
41,882

16a Analysis of net assets between funds (current year)

Net assets at 31 March 2022
Tangible fixed assets
Fixed asset investments
Net current assets		 General
unrestricted
£
2,634
425,142
1,672,433
2,100,210		 Designated
£
-
320,387
1,679,613
2,000,000		 Restricted
£
-
-
-
-		 Total funds
£
2,634
745,529
3,352,046
4,100,210

33

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

16b Analysis of net assets between funds (prior year)

17a
Restricted funds:
Total restricted funds
Total designated funds
General funds
Unrestricted funds:
Designated funds:
Access Foundation
Net assets at 31 March 2021
Fixed asset investments
Movements in funds (current year)
Total funds
Total unrestricted funds
Fair by Design to Invest
Fair by Design Invested
Tangible fixed assets
Net current assets
Social Tech Ventures Fund		 At 1 April
2021
£
-
-
547,866
452,134
1,000,000
2,000,000
2,304,729
4,304,729
4,304,729		 General
unrestricted
£
2,208
1
2,302,520
2,304,729
Income &
gains
£
-
-
-
-
-
358,143
358,143
358,143		 Designated
£
-
452,134
1,547,866
2,000,000
Expenditure
& losses
£
-
-
(227,479)
227,479
-
-
(562,662)
(562,662)
(562,662)		 Restricted
£
-
-
-
-
Transfers
£
-
-
-
-
-
-
-
-
-		 Total funds
£
2,208
452,135
3,850,386
4,304,729
At 31 March
2022
£
-
-
320,387
679,613
1,000,000
2,000,000
2,100,210
4,100,210
4,100,210

34

Social Tech Trust

Notes to the financial statements

For the year ended 31 March 2022

17b Movements in funds (prior year)

Restricted funds:
Total restricted funds
Total designated funds
General funds
Total funds
Access Foundation
Unrestricted funds:
Designated funds:
Fair by Design to Invest
Fair by Design Invested
Social Tech Ventures Fund
Total unrestricted funds		 At 1 April
2020
£
-
-
526,852
473,148
1,000,000
2,000,000
2,613,697
4,613,697
4,613,697		 Income &
gains
£
10,000
10,000
260,312
(260,312)
-
-
378,967
378,967
388,967		 Expenditure
& losses
£
(10,000)
(10,000)
(239,298)
239,298
-
-
(687,935)
(687,935)
(697,935)		 Transfers
£
-
-
-
-
-
-
-
-
-		 At 31 March
2021
£
-
-
547,866
452,134
1,000,000
2,000,000
2,304,729
4,304,729
4,304,729

Purposes of funds

Access Foundation - this represents funding for participation in the first development cohort of the Flexible Finance Programme

Designated funds are funds to provide cornerstone investment into the Social Tech Ventures fund and in the Fair by Design fund. The Fair by Design fund funds exceptional businesses designed to make impact on the poverty premium, the total designated funds for Fair by Design invested include the original investment into Credit Kudos of £34k. We also made a new revenue-based investment in July 2021 into Xploro. Xploro uses augmented reality, gameplay and 3d interactive models of the hospital environment to familiarise children with treatments and procedures.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

18 Capital commitments

At the balance sheet date, the charity had committed to £320,387 (2021: £547,866), in respect of undrawn loan commitments to the Fair by Design Partnership of £320,387 (2021: £547,866) and grants of £0 (2021: £0).

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

35