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← Social Tech Trust

2025-03-31-accounts

socialtechtrust.org

2025 ANNUAL REPORT

Social tech trust Where equity drives innovation.

About Social Tech Trust

Social Tech Trust is an impact investor that supports early-stage ventures using technology to benefit individuals, communities, and the planet.

We were founded in 2008 and have spent nearly 20 years backing ideas that aim to improve lives. From small start-ups to impact funds, we work with changemakers who want to make a positive difference using technology. We believe the best solutions come from those who truly understand the issues — whether through personal experience or working closely with those affected. That’s why we support founders and teams who are deeply committed to tackling these challenges. We run programmes, make targeted investments and support the impact tech ecosystem to help their ideas grow and succeed.

In 2025, we focused on two strategic priorities: delivering high-impact programmes and preparing for the launch of our first investment fund (Social Tech Ventures Fund 1). These priorities are central to our mission of building a more inclusive tech ecosystem and reshaping how technology delivers impact. By listening to founders and collaborating with partners across the sector, we create the conditions that enable impact-led ventures to grow in sustainable, meaningful ways. Our approach combines practical support with a deep commitment to equity and inclusion at every stage.

Find out more at socialtechtrust.org.

Images: Good Tech Ventures Accelerator event, 2025

Table of Contents

05 I. Foreword
06 II. Trustees
08 III. Strategic Report
23 IV. Financial Review
44 V. Structure, Governance and Management
46 VI. Independent Auditors’ Report
51 VII. Reference and Administrative Information

03

Trustees’ Report

Trustee Reflections: Perspectives on Our 2024–2025 Impact

Image: Good Tech Ventures Accelerator event, 2025

I. Foreword

In 2025, the role of technology in society continued to evolve rapidly, bringing both new opportunities and pressing challenges. As AI and other emerging tools become increasingly embedded in our daily lives, questions of equity, trust, and access remain at the forefront.

In this moment, our work as a foundation feels more vital than ever.

At Social Tech Trust, we believe that technology should be shaped by social purpose and designed to serve people, communities and the planet. That belief is at the heart of everything we do. As an impact investor, we support early-stage ventures that are using technology to tackle real-world problems—whether that’s improving health, building financial resilience, or accelerating climate solutions.

This year, we deepened our investment in the people and ideas driving this change. The founders we support are building social tech: solutions rooted in lived experience, driven by insight, and committed to long-term impact.

As we prepare to launch our first investment fund, our strategy remains clear: we’re building an inclusive tech ecosystem where equity drives innovation.

Rob Tashima, Chair Russell Johnstone, Vice Chair Edward Evans, CEO

05

II. Trustees

Rob Tashima

Chair of Trustees Managing Director, Draper Richards Kaplan Foundation

Rob leads efforts to identify new investment opportunities as Managing Director at Draper Richards Kaplan Foundation. His extensive experience in investment research and business policy complements his role as Chair of Social Tech Trust, where he champions tech ventures focused on driving social transformation.

Russell Johnstone Russell brings extensive legal expertise from his role leading the legal and compliance team for BT’s Consumer division (BT, EE, and Vice Chair Plusnet). With a career spanning the media, communications, and General Counsel, technology sectors, his experience includes advising high-profile EE clients in the UK and internationally.

Dr. Maria A. Nelson Maria is an expert in advancing tech innovation and sustainability. She has honed her ability to drive impactful tech development across Trustee various sectors. As a board member at Social Tech Trust, Maria Head of Innovation and applies her strategic insights to support social tech ventures, aligning Sustainability, Aerospace Technology Institute with our mission to foster tech-driven social transformation.

Mehjabeen Patrick Mehjabeen, a seasoned executive with over 25 years of experience in finance and investment, has a wealth of expertise that spans both Trustee public and private sectors, including work with the UN and European Director of Finance, Commission. This makes her instrumental in driving Social Tech Arts University Bournemouth Trust’s mission to foster innovation and social impact.

Sunil Suri Sunil has extensive knowledge of the early-stage social venture landscape in the UK. He is a Director at REEL Cinemas and coTrustee founder of Greenworkx, an edtech venture addressing the green Director, skills emergency. His experience in both entrepreneurship and nonReel Cinemas profit governance helps drive our mission. Nick Temple OBE Nick, CEO of Social Investment Business (SIB) and previously Deputy CEO at Social Enterprise UK, is pivotal in driving social investment Trustee and innovation. He also serves on key advisory boards, including the Chief Executive, Impact Investing Institute, using his expertise to help guide strategic Social Investment Business investments. Nick Wise Nick is an award-winning entrepreneur using advanced technology to address global challenges like ocean health, greenhouse gas Trustee emissions, and corporate sustainability. Nick leverages his expertise Founder and CEO, in tech-driven sustainability to support the ventures we work with to OceanMind drive social and environmental impact.

Trustees

The Trustees are pleased to present their report and the audited financial statements for the year ended 31 March 2025.

The Trustees review the Trust's aims, objectives, and activities each year. This report looks at what Social Tech Trust has achieved and the outcomes of its work in the 2024/25 reporting period.

The Trustees report the success of each key activity and the benefits the foundation has brought to the groups of people that it is set up to help. The review also helps the Trustees ensure that the charity's aims, objectives and activities remain focused on its stated purposes.

The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives set. This report includes the reference and administrative information set out on page 51.

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.

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07

III. Strategic Report

- 1 Overview

In 2025, we advanced our long-term strategy as an impact investor committed to supporting early-stage ventures that use technology to benefit individuals, communities, and the planet.

Our focus was on strengthening the foundations of the impact tech ecosystem through inclusive programmes, targeted support for founders, and deeper cross-sector collaboration. We continued to back ventures developing Social Tech: technology shaped by social purpose and grounded in lived experience.

Through key initiatives such as the third GoodTech Ventures Accelerator, the AI and Social Mobility Challenge Prize, and our collaboration with UK universities through ImpactU, we tested bold ideas, engaged new voices, and expanded the reach of our work. These programmes helped us identify more barriers that continue to hold back innovation in underserved communities, as well as the powerful opportunities that emerge when those barriers are removed.

Looking ahead, we remain committed to building a future where equity drives innovation and technology is shaped by social purpose, designed to serve people and the planet.

Images: Good Tech Ventures Accelerator event, 2025

Strategic Report

Theory of Change

Our Theory of Change shapes how we work and helps us stay focused on outcomes that create long-term, meaningful impact. It connects our investments, initiatives, programmes, and partnerships to a shared goal: supporting early-stage ventures that use technology to benefit individuals, communities, and the planet.

While we continue to learn and adapt, this framework provides a clear foundation for decisionmaking. It ensures that our work is intentional, inclusive, and aligned with the challenges and opportunities facing the people and communities we support.

Our impact is driven by two key focus areas:

Social Tech Trust Theory of Change:

IMPACT We enable a world where ALL PEOPLE benefit from technological solutions We enable a world where ALL PEOPLE benefit from technological solutions We enable a world where ALL PEOPLE benefit from technological solutions We enable a world where ALL PEOPLE benefit from technological solutions
that are optimised for the challenges they face.
OUTCOMES
We have created a flywheel that has enabled impact tech ventures to get
the INVESTMENT they need to deliver and scale effective solutions.
Long-term outcomes
(impact in 3+years)
VENTURES are performing through
Medium-term outcomes		 VENTURES are seeking flexible and More INVESTORS are influenced by
generating sustainable revenue
returns.
(impact in 1-3 years)		 aligned investment and advocating to
other VENTURES.		 our investment approach and see the
potential of impact tech ventures.
PEOPLE and the ENVIRONMENT
Short-term outcomes		 VENTURES increase in scale and
experience increased positive
outcomes from ventures.
(impact in 0-18 months)		 capability.
ACTIVITIES Increasing access to capital by making flexible
and aligned investments into high-potential		 Supporting ventures through our
initiatives which accelerate early-stage
impact tech ventures. impact tech ventures.
PROBLEMS The values and mindsets predominantly used to build and
invest in technology are NOT OPTIMISED for addressing
the world’s most complex challenges.

09

Strategic Report

Our approach

We deliver our charitable objectives through a combination of programme delivery, targeted investments, and ecosystem-building activities. Our accelerators, challenge prizes and tailored founder support are designed to meet the needs of early-stage ventures that are often overlooked by traditional investors.

This year, we made significant progress in preparing for the launch of our first investment fund. This marks an important next step in aligning capital with our values and enables us to support more ventures with the flexible, long-term investment they need to grow sustainably. As a foundation, we also play a vital role in shaping how innovation is understood and applied in the social and environmental sectors. By convening partners, sharing learning, and listening to founders with lived experience, we are helping to build a tech ecosystem that puts equity at its core.

Our approach focuses on five key areas:

Each element of our approach reflects our belief that equity must drive innovation and that technology, when developed and applied with purpose, can be a powerful force for positive change.

Why equity?

Equity recognises that systems are unequal by design and that structural change is needed to address this. It means identifying and removing the barriers that prevent people and communities most affected by injustice from accessing opportunities, shaping solutions, and leading innovation.

At Social Tech Trust, equity also means recognising the strength, insight and creativity within underserved and underrepresented communities. By working with founders and partners who bring lived experience to the forefront, we help unlock new opportunities to solve social and environmental challenges and advance equity across society.

Equity is the principle that underpins our methods, partnerships, and impact model. It guides how we invest, how we design programmes, and how we build an ecosystem where technology truly serves people and the planet.

10

Strategic Report

- 2 Impact investments

We invest in ventures that use technology to address complex social and environmental challenges and support founders with the capital, tools and flexibility they need to grow sustainable, purpose-driven businesses. This is especially important for early-stage ventures that are often excluded from traditional investment pathways.

Our approach to investment is strategic and values-driven, aligning capital with the needs of purpose-driven founders. This includes direct investments through our tailored flexible equity instrument, as well as indirect investments in funds that reflect our commitment to equity, inclusion, and long-term impact.

As we continue to build toward the launch of our first investment fund, we are focused on ensuring that capital reaches the ventures and communities where it can make the most meaningful difference. Our work is guided by the belief that innovation must be inclusive and that thoughtful investment plays a vital role in creating a more equitable future.

Good Boost

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Xploro
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Bulbshare
Exited in October 2024
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TARGET BENEFICIARIES

People living with health conditions

TARGET BENEFICIARIES

Young patients in hospitals

TARGET BENEFICIARIES

Customer communities

CUSTOMERS

Community leisure centres

CUSTOMERS

Hospitals

CUSTOMERS

Leading consumer brands, local authorities and central government

NUMBER OF BENEFICIARIES SUPPORTED

21K+ participants

30% of supported beneficiaries were ethically diverse or low income

4.72% improvement of pain, and 12.57% improvement in function at 12 weeks

£56m social value in 2025

Social return on investment: £1 = £16,51

NUMBER OF BENEFICIARIES SUPPORTED 3K+ patients

Reduced pre-procedural anxiety and stress among young patients and reduced demands on hospital resources

Increased confidence, control and autonomy in young patients

100% of healthcare professionals feel patients are better informed

ACQUISITION OF BULBSHARE

Bulbshare helps brands put purpose and sustainability at the heart of what they do, while empowering consumers to make their voices heard

Service Management Group (SMG) acquired Bulbshare in October 2024

Through the acquisition, SMG gained access to Bulbshare’s client roster of leading consumer brands, expanding its reach into consumer-packaged goods (CPG) markets

As part of SMG, Bulbshare benefits from SMG’s decades of experience and deep customer relationships

Strategic Report

Social Tech Ventures

Social Tech Ventures (STV) is a new investment fund seeded by Social Tech Trust.

While the Trust focuses on building an inclusive ecosystem through programmes and partnerships, STV was created to provide the flexible capital that early-stage, purpose-driven ventures need to scale.

Together, we offer a joined-up

approach that combines targeted support with values-aligned investment.

Image: Socia Tech Ventures

STV backs the next generation of founders using technology to address society’s most pressing challenges. These purpose-driven ventures put equity, inclusion, and long-term impact at the core of their work. To thrive, they need capital that reflects their values and supports sustainable growth. We are developing an investment model designed to unlock overlooked potential. By blending revenue-based and equity investment, STV gives founders more choice in how they scale their ventures. This approach is tailored to early-stage startups, from pre-seed through to Series A.

STV’s strategy is built around three core pillars:

Over the past year, we have continued to test and refine this approach in preparation for the fund's launch. The high level of engagement from founders across the UK has confirmed the demand for investment that is flexible, inclusive and impact-led.

As we prepare to launch the fund in 2025-2026, our focus remains clear: to provide capital that helps founders grow on their own terms, and to support ventures building a future where technology serves people and the planet.

12

Strategic Report

Influencing Capital - Fund Investments

Alongside our direct investments in early-stage ventures, we continue to support the broader impact investing ecosystem by designing, seeding, and investing in funds aligned with our mission.

Our fund investments are a critical part of our strategy to influence how capital flows into social and environmental innovation. Our focus remains on supporting funds that back early-stage ventures working at the intersection of technology and impact. By investing in aligned funds, we are helping to ensure that flexible, mission-led capital reaches founders who are creating solutions to some of the most pressing challenges facing communities today. To date, our fund investments have helped unlock capital for ventures from pre-seed through to Series A and beyond, contributing to the growth of a more inclusive and values-driven tech sector.

We are proud to have supported a number of pioneering impact funds, including:

These partnerships continue to shape how capital is used to drive positive change and to inform our fund development strategy and long-term vision for a more equitable investment landscape.

FUND INVESTMENT FAIR BY DESIGN

Image: Fair by Design

The Fair By Design Fund was established to support ventur ~~—~~ es addressing the poverty premium — the additional costs that people on low incomes often incur for essential goods and services. In the UK, around 14.3 million people (22% of the population) are living in poverty, and those affected pay an average of £490 more per year for the same everyday essentials compared to those on higher incomes.

As a founding investor, we have supported the fund’s mission to back scalable tech solutions that address the root causes of the poverty premium. This work contributes to wider systems change by helping create a fairer, more affordable economy for people experiencing poverty across the UK.

13

Strategic Report

Through a partnership-driven approach, Fair By Design operates both as an investment fund and campaign initiative.

The fund’s investment period concluded in February 2023, during which it supported 25 companies working to improve access, affordability, and financial inclusion for low-income households.

Since its inception, it has served 3.4 million low-income people, reducing the poverty premium by £363 million and lowering costs by an average of £107 per person, with 67% of ventures led by women decision makers and 44% progressing to Series A.

Image: Fair by Design

FUND INVESTMENT BETHNAL GREEN VENTURES

Bethnal Green Ventures invests in early-stage tech for good ventures, providing hands-on support and investment to help them grow from idea through to seed stage. The fund is now in its realisation phase and continues to support a portfolio of companies working at the intersection of technology and social impact.

As a founding partner, we have worked alongside Bethnal Green Ventures for over a decade, offering a combination of grant funding and investment. Our partnership is rooted in a shared commitment to backing ventures that are tackling critical challenges across society and the environment. Many of the companies in the fund’s portfolio continue to make strong progress, delivering positive outcomes for the communities they serve and helping to build a more inclusive and purpose-driven tech ecosystem.

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Strategic Report

FUND INVESTMENT IAMDIGITAL

The iAMDigital Fund was established through a partnership between Creative England (now Creative UK) and Social Tech Trust.

It offered a mix of low-interest loans and equity investments, typically ranging from £50,000 to £250,000, to support ventures focused on digital inclusion. The fund was created to improve access to employment and enhance livelihoods for individuals at risk of being excluded from a digital-first society and economy. Investments were directed toward ventures using creativity and innovation to build more accessible and inclusive pathways into the digital world.

The fund has now closed, with all debt investments being fully repaid and our equity investment being realised following an exit from Bulbshare in 2024.

Bulbshare acquisition - successful exit for iAMDigital Fund

In 2024, Bulbshare, one of our equity investments through the iAMDigital Fund, was acquired by Service Management Group (SMG), a global leader in experience management. This marks a successful exit for the fund and a strong validation of the impact and commercial potential of purpose-driven ventures focused on inclusion and innovation.

Bulbshare’s AI-powered platform connects global brands with real-time insights from diverse customer communities, helping ensure that marginalised voices shape product development and brand strategy. The acquisition highlights the success of our investment approach: supporting early-stage ventures that use technology to build a more inclusive digital economy.

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Strategic Report

Direct investments

Our direct investments are a key part of our strategy to expand access to flexible, inclusive capital for impact-led tech ventures. These investments reflect our commitment to supporting founders with financing that meets their needs, aligns with their mission, and enables sustainable growth. Through our flexible equity approach, we back ventures addressing social and environmental challenges, helping them scale their solutions in ways that prioritise both impact and long-term resilience.

XPLORO

Xploro - Improving the healthcare journey for children and their families

Overview

Xploro is transforming the paediatric healthcare experience through an interactive digital platform that empowers children and their families with accessible, age-appropriate health information. By combining gamification, augmented reality, and personalised content, Xploro helps reduce anxiety and increase understanding before, during, and after medical treatment. The platform is designed not only to inform, but to support mental wellbeing by helping children feel more in control of their healthcare journey.

Impact focus

Designed for children aged 7 to 14 undergoing medical treatment, Xploro addresses the information gap that often exists in paediatric care. By demystifying medical procedures in a child-friendly way, it promotes better mental health outcomes, improves treatment compliance, and helps foster more positive experiences for young patients and their families.

Progress to date

Used by over 3,000 patients and growing

“I learnt that it's normal to feel scared and that I will have all of the support that I need.”

“It has helped me to inform myself about treatments and tests.”

16

Strategic Report

GOOD BOOST

Good Boost - Bringing accessible, community-based rehabilitation to people with musculoskeletal conditions

Overview

Good Boost works with community, leisure, and healthcare partners to transform everyday spaces into accessible, therapeutic environments. Their programmes provide affordable, evidence-based support for people living with musculoskeletal (MSK) conditions such as arthritis and back pain, helping to improve mobility, reduce pain, and support long-term wellbeing. By leveraging technology and inclusive design, Good Boost delivers person-centred rehabilitation where it’s needed most: in local communities.

Impact focus

Good Boost primarily serves people with long-term health conditions and disabilities, with a strong emphasis on supporting older adults. Through a co-design approach, participants actively shape their rehabilitation experience. This ensures every programme is inclusive and tailored to the needs of underserved communities, including those facing health inequalities due to ethnicity or income.

Progress to date

Good Boost is delivering meaningful health improvements for people living with MSK conditions:

Good Boost is poised for further growth and system-level integration, with upcoming plans including new NHS partnerships to support preventative MSK care at scale, research publications to strengthen the clinical evidence base, expansion of community delivery sites across the UK, and continued innovation in digital and in-person rehabilitation tools.

17

Strategic Report

- 3 Initiatives

Through our initiatives, we support early-stage tech ventures to grow their impact, strengthen their business models, and move closer to investment readiness. Our programmes are designed to meet the needs of founders working on complex social and environmental challenges, particularly those with lived experience of the issues they’re addressing. Each initiative is tailored to reflect the priorities of the ventures we support, ensuring that our work is both targeted and effective.

GoodTech Ventures Accelerator – Cohort Three

In 2024, we launched the third cohort of the GoodTech Ventures Accelerator, building on the success of previous programmes. It was delivered by Catch22 in partnership with Social Tech Trust and Unity Ventures, with support from Ufi VocTech Trust, Microsoft, and the UK Government. The programme supported a diverse group of early-stage founders creating tech solutions across areas such as health equity, social mobility, and financial resilience. Over the course of the programme, ventures received a comprehensive package of support including masterclasses, one-to-one mentoring, peer learning, and targeted guidance on areas such as impact measurement, product development and investment readiness. The accelerator remains a key pathway for nurturing purpose-led founders and strengthening the pipeline for impact investment.

MAXIM VR PILLOW SECURIUM LIBRA.LAW VODA APOSTO KIND FLANK BERRI SOCIALHEADS AUTSERA

Reimagining mental health support with immersive VR for young people.

Empowering survivors of abuse by providing essential resources and support. Protecting individuals and businesses through advanced cyber-intelligence. Delivering AI-driven legal assistance to bridge the justice gap. Providing LGBTQIA+ affirming mental health support. Improving event safety and security with innovative tech solutions. Redefining mental health improvement through human connection and collective wellbeing. Building AI-driven tools for conflict resolution and improved relationships. Helping children with complex needs improve mental health and neurodiversity outcomes. Streamlining tools for social workers to engage with young people in care. Enabling children to develop social communication skills independently, at their own pace.

18

Strategic Report

Beyond the programme, we continued to grow the GoodTech community through storytelling, events and founder showcases. These efforts were recognised in 2025 with GoodTech Ventures winning “Best Not-for-Profit Campaign” at the STEM Marketing Awards and being named a finalist in the CMX Community Industry Awards, held in Redwood City, California.

These achievements reflect the collective effort of every founder, partner and change-maker in our network who is helping to redefine the role of technology in shaping a better future.

For early-stage tech-for-good founders, building something meaningful can be both exhilarating and challenging. That’s why we’ve worked hard to create a platform and community that not only supports but also feels good. A space where founders can show up as they are, feel understood, and leave with a greater sense of connection, hope and energy.

We’re proud to stand alongside so many inspiring communities recognised across both awards. It is a reminder of the power of community to drive real change and a reflection of what’s possible when support is grounded in empathy, equity and shared purpose.

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Strategic Report

ImpactU

We continued to support ImpactU, a collective of UK universities committed to advancing purpose‑driven social ventures emerging from academic ecosystems. Universities are rich in ideas, research and talent, yet innovations designed for social and environmental good often struggle to access the funding and support needed to move from concept to real‑world impact. By supporting early-stage ventures within these institutions, we’re helping to unlock this potential and accelerate solutions to pressing societal challenges.

In partnership with Oxford University Innovation, we are delivering the ImpactU Pathfinder Awards, ‑ ‑ backing early stage, purpose driven ventures using technology to benefit people and the planet. We aim to invest over £1m into 26 social ventures by the end of 2025. As of July 2025, we have completed nine investments and made eight more investment offers.

NIMBUS AGRI-TECH Enablingthewidespread adoption ofregenerativesoilpractices.
TREM Building atoolto help peoplewith Essential Tremor thatimprovesdailylife.
PAUSE Guidingparents through evidence-basedparentingtechniquesin challenging moments.
FIND CARE COMPARE Helpingpeople findtherighthealth and careservices.
CIRCULAR AGRICULTURE HUB Finding new usesforfood labelled as waste.
TAAHIRAH Awomen’shealth companion appcreated exclusivelyforMuslimwomen.
SERACARES Clear, practical contentforcarestaff in homesand family settings.
KALAMNA Empowering families to connect withtheirculturethroughthe Arabic language.
PERIPEAR Providing injuryandpain-free births,forall.
SLANT Enablingthesustainabletransportation of goodsandpeople.
THE A-DAY Developing innovative nutritionsolutionsfor theworld’smost vulnerablepopulations.

We’re also collaborating with the London School of Economics and Political Science (LSE) to deliver the ImpactU HUB, a dedicated learning platform designed to help ventures affiliated with English universities start, grow and scale. We provide training in systems change and investment readiness, equipping founders with the tools they need to deliver measurable, long‑term impact.

Through this work, we are helping to shape a more equitable and inclusive innovation landscape, where technology is grounded in social purpose and driven by equity.

20

Strategic Report

AI and Social Mobility

In early 2025, we launched the discovery phase of the AI and Social Mobility Challenge Prize, a national initiative developed in partnership with the EY Foundation and the Social Mobility Commission. The initiative is grounded in a bold question: What if AI could be a tool to increase opportunity, rather than deepen inequality?

Our goal is to explore how artificial intelligence and emerging technologies can be used to break down the barriers young people from lower-income backgrounds face in education, employment and skills development. We brought together more than 30 organisations from across the tech, education, youth and policy sectors. Through a series of collaborative workshops, we listened to young people, founders, employers and leaders to better understand the challenges and opportunities at the intersection of AI and social mobility.

The sessions surfaced four priority areas for action:

These insights are now shaping the design of the challenge itself, which could take the form of a prize, accelerator, or hybrid programme. The next phase will invite innovators to propose scalable solutions that use AI to expand access to opportunity for young people across the UK.

This work marks the start of a longer-term ambition to ensure AI serves everyone. By centring lived experience and creating space for diverse voices, the challenge aims to shift the conversation around AI from risk to possibility.

We are now engaging with funders, delivery partners and policy leaders to bring the next phase to life.

Download the full Market Scoping Paper at socialtechtrust.org.

Strategic Report

- 4 Looking Forward

At the heart of everything we do are the founders who are using technology to tackle society’s most urgent challenges. They are building solutions that address deep-rooted inequalities, respond to the realities of underserved communities, and imagine a future where innovation serves the common good.

As we look to the year ahead, our priority is to continue backing these founders with the right support at the right time. Through Social Tech Trust, we will expand our work to help more earlystage ventures build the skills, networks and confidence they need to grow sustainably and deliver long-term impact.

At the same time, we are preparing to support them through capital. With the upcoming launch of Social Tech Ventures’ first fund, we are strengthening the connection between programme support and investment, creating a clearer and more inclusive pathway for founders to access the funding they need to scale.

Together, Social Tech Trust and Social Tech Ventures will continue to collaborate to shape a more equitable impact investing landscape, supporting efforts to ensure that technology is driven by purpose and informed by lived experience.

The challenges are significant, but so is the opportunity. We believe a fairer future is possible and that when equity informs innovation from the start, impact becomes not just an outcome, but an integral part of how progress is made.

Image: Good Tech Ventures Accelerator event, 2025

Financial Review

Our 2024–2025 Finances

Image: Good Tech Ventures Accelerator event, 2025

IV. Financial Review

Financial Review

During the reporting period, the Trust received £41.7k from EYF for the AI and Social Mobility programme, £87.9k from Catch 22 for the Good Tech programme, and £16.8k from Nesta for the Longitude Prize on Dementia.

The Trust generated interest on our reserves of £63k in the year ending 31 March 2025.

The Trust also received £165k of returns from social investments.

The Trust made gross social investments of £44k (2024: £81k) to the Fair by Design Fund. The total amount drawn down by the Fair by Design Fund at the end of the financial year was circa £964k (£36k commitment yet to be drawn down) of the £1m investment.

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 £664k in combined direct and support costs related to charitable activities (2024: £700k).

Total creditors as of the end of 2025 were £35k (2024: £51k), and total debtors were £85k (2024: £120k). As disclosed in previous years' accounts, the Trust is developing a new sustainable operating model. It is recognised that there has been a deficit over the year, which is consistent with the progression of the business plan.

The Trust is transitioning to a more diversified, sustainable income-generating model and developing opportunities to achieve it. The Trustees recognise the risks associated with developing a sustainable business model. The balance sheet position remains strong, with the general funds at the end of the financial year of £1.1m and total reserves of £3.1m.

These funds are held with major banks primarily in 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:

Risk 1: If the Trust does not have a sustainable business model, the Trust will not be able to deliver its strategy and business plan, threatening its ability to deliver social impact and remain a going concern. This risk was initially increased by the coronavirus pandemic and further by economic uncertainty, extending our timelines for developing new income streams while we continued to reduce our reserves. Mitigation: The Trust has healthy reserves, providing the runway for developing and implementing a sustainable business model with multiple income streams. A key metric is our runway length – extending this is an ongoing focus of the board and team. The Trust's planned launch of the Social Tech Ventures fund in the next financial year supports the business model's sustainability.

24

Financial Review

Risk 2: The challenging fundraising environment due to global and economic uncertainty delays or prevents us from raising the fund. Mitigation: We have implemented a model that enables us to understand the impact of differing scenarios on our resources, enabling transparency at the board level and supporting informed decisions and planning.

Risk 3: Ensuring we maintain diversity of skills and backgrounds on our board and in our team to support our ability to deliver our ambitious vision. Mitigation: We have developed an associate pool to support our strategy and reviewed our resource allocations whilst maintaining a lean approach. We have developed our recruitment strategy to support effective recruitment practices, ensuring we can attract diverse and specialist candidates.

Reserves policy and going concern

The Trust’s policy is to hold a minimum level of working capital to continue operations for no less than 12 months. The Trustees believe that a minimum level of unrestricted funds should be maintained at £275k to cover operational expenses.

The Trust had unrestricted reserves of £3.1m on 31 March 2025, of which £36k is designated to further drawdowns by the Fair By Design Fund, and £964k 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 £1.1m, 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 developing new income streams to deliver sustainability.

Investment policy

The Trustees pursue a low-risk investment policy to retain liquidity while the Trust establishes new income streams.

Given the current market and the need to retain liquidity, moving to a riskier investment profile would be minimally beneficial. The Trust continues to test and evaluate our approach to investment. All monies are invested in interest-bearing investments or social investments.

Fundraising

To date, the strategy 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, registration would be made.

25

Financial Review

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.

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 11 December 2025 and signed on their behalf by:

Rob Tashima, Chair of Trustees

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Financial Review

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

For the year ended 31 March 2025.

2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations/Grants 2 - - - - - -
Charitable activities 3 147,680 - 147,680 144,817 31,400 176,217
Investments 4 91,362 - 91,362 80,043 - 80,043
Other Income 5 4,500 - 4,500 - - -
Total income 243,542 - 243,542 224,860 31,400 256,260
Total expenditure
Charitable activities
Expenditure on:
664,417 - 664,417 668,300 31,400 699,700
6 664,417 - 664,417 668,300 31,400 699,700
Netmovementin
funds		 (420,875) - (420,875) (443,444) - (443,444)
Reconciliation of
funds:Total funds
broughtforward		 3,566,602 - 3,566,602 4,010,042 - 4,010,042
Total funds
carried forward		 3,145,727 - 3,145,727 3,566,602 - 3,566,602

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.

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Financial Review

Social Tech Trust │ Company number: 06578379

Balance sheet

For the year ended 31 March 2025.

2025 2024
Restated Restated
Note £ £ £ £
Fixed assets:
Tangible assets 12 3,387 4,745
Investments 13 1,263,466 1,330,359
1,266,853 1,335,104
Currentassets:
Debtors 14 84,652 120,310
Short term deposits 1,244,261 1,725,191
Cash at bank and in hand 584,749 437,082
1,913,662 2,282,583
Liabilities:
Creditors: amounts falling due within one year 15 (34,788) (51,085)
Netcurrentassets 1,878,874 2,231,498
Total netassets 3,145,727 3,566,601
The fundsofthe charity: 16a
Restricted funds - -
Unrestricted income funds:
Designated funds 2,000,000 2,000,000
General funds 1,145,727 1,566,602
Total unrestricted funds 3,145,727 3,566,602
Total charity funds 3,145,727 3,566,602

Approved by the Trustees on 11 December 2025, and signed on their behalf by:

Rob Tashima, Chair of Trustees

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Financial Review

Statement of cash flows

For the year ended 31 March 2025.

2025 2024
Note Restated Restated
£ £ £ £
Cash flowsfrom operating activities
Net (expenditure) for the reporting period (as per the
statement of financial activities)		 (420,875) (443,440)
Depreciation charges 1,358 2,132
Fair value (gains)/losses on investments 137,259 10,654
Dividends, interest and rent from investments (200,606) (84,010)
(Increase)/decrease in debtors 35,658 (72,892)
(Decrease)/ increase in creditors (16,298) (2,559)
Netcash(used in)operating activities (463,540) (590,115)
Cash flowsfrom investing activities:
Dividends, interest and rents from investments 200,606 84,010
Purchase of fixed assets - (2,744)
Proceeds from repayment of social investments 23,879 2,219
Purchase of social investments (94,245) (81,254)
Decrease in fixed term deposits 480,930 572,302
Netcashprovided by/(used in)investing activities 611,170 574,533
Change in cash and cash equivalentsintheyear 147,666 (15,582)
Cash and cash equivalents at the beginning of the year 437,082 452,664
Cash and cash equivalentsat the end oftheyear 584,748 437,082

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Financial Review

Notes to the financial statements for the year ended 31 March 2025.

1. Accounting Policies

a) Statutory information

Social Tech Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF, UK.

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, regarding 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.

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Financial Review

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised, so refer to the trustees’ annual report for more information about their contribution.

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.

h) Fund accounting

Restricted funds are funds which are to be used for specific purposes as laid down by the donor or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

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.

i) Expenditure and irrecoverable VAT

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.

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Financial Review

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis, which is an estimate, based on staff time, of the amount attributable to each activity.

Charitable activities: 100%

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.

l) Operating leases

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:

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 a 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 the 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 include cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

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Financial Review

q) Cash at bank and in hand

Cash at bank and cash in hand include cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or the opening of the deposit or similar account.

r) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

s) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

t) Pensions

The charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the charity to the fund for 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.

2. Income from donations

2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Grants and donations - - - - - -
Total - - - - - -

3. Income from charitable activities

2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Partnership income 147,680 - 147,680 144,817 31,400 176,217
Total income from Partnership income 147,680 - 147,680 144,817 31,400 176,217

During the reporting period the Trust received £87.9k (2024: £31.4k) from Catch 22 for the GoodTech Community and Accelerator, £16.8k (2024: £132.4k) from Nesta for the Longitude Prize on Dementia and £41.7k (2024: £nil) from the EY Foundation for the Grand Challenge Project.

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Financial Review

4. Income from investments

2025 2024
Total Total
£ £
Fair value gains / (losses) on Social Investments (137,259) (10,654)
Bank deposit interest receivable 63,347 84,010
6,687
Return on Social Investments 165,274
91,362 80,043

All income from investments is unrestricted.

5. Other income

2025 2024
Total Total
£ £
Other income 4,500 -

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Financial Review

6a. Analysis of expenditure (current year)

Charitable
activities		 Governance
costs		 Support
costs		 2025
Total		 2024
Total
£ £ £ £ £
Staff costs (Note 8)
492,917		 - - 492,917 550,746
Contract Staff
24,133		 - - 24,133 49,978
Project Development
Fund Start up
50,476
17,500		 - - 50,476 13,448
- - 17,500 -
Office space
3,376		 - - 3,376 1,087
Accountancy fees
922		 12,002 - 12,924 14,621
Tech support
8,016		 - - 8,016 8,549
Software Costs
19,088		 - - 19,088 -
Bank charges
-		 - 593 593 1,557
Subscriptions
1,052		 - - 1,052 3,493
Legal and professional
2,817		 - - 2,817 727
IT and office equipment
3,527		 - - 3,527 18,841
Recruitment
-		 - - - 4,500
Printing and stationery
67		 - - 67 60
Training and conferences
-		 - - - 775
PR costs, branding and website
5,910		 - - 5,910 8,880
Travel and subsistence
8,550		 - - 8,550 9,271
Meeting costs
744		 - - 744 112
Telephone and postage
4,074		 - - 4,074 3,492
Other staff costs
Insurance
1,191
6,104		 - - 1,191 1,595
- - 6,104 5,837
Depreciation
1,358		 - - 1,358 2,132
651,822 12,002 593 664,417 699,700
Support costs
593		 - (593) - -
Governance costs
12,002		 (12,002) - - -
Total expenditure2025
664,417		 - - 664,417
Total expenditure 2024
699,700		 - - 699,700

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Financial Review

6b. Analysis of expenditure (previous year)

Charitable
activities		 Governance
costs		 Support
costs		 2024
Total
£ £ £ £
Staff costs (Note 8) 407,552 - 143,194 550,746
Contract Staff 39,118 - 10,860 49,978
Project Development
Fund Start up		 13,448 - - 13,448
- - - -
Office space - - 1,087 1,087
Accountancy fees - 13,778 833 14,621
Tech support 6,326 - 2,223 8,549
Software Costs - - - -
Bank charges - - 1,557 1,557
Subscriptions 3,493 - - 3,493
Legal and professional - - 727 727
IT and office equipment - - 18,841 18,841
Recruitment 4,500 - - 4,500
Printing and stationery 44 - 16 60
Training and conferences 574 - 202 775
PR costs, branding and website 6,571 - 2,309 8,880
Travel and subsistence 6,860 - 2,410 9,271
Meeting costs 83 - 29 112
Telephone and postage 2,584 - 908 3,492
Other staff costs - - 1,595 1,595
Insurance - - 5,837 5,837
Depreciation - - 2,132 2,132
Support costs 491,152 13,788 194,760 699,700
194,760 - (194,760) -
Governance costs 13,778 (13,778) - -
Total expenditure 2024 699,700 - 699,700

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Financial Review

7. Net (expenditure) for the year

This is stated after charging / (crediting): 2025 2024
£ £
Depreciation 1,358 2,132
Auditor's remuneration (excluding VAT):
Audit 12,000 11,250

8. Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

2025 2024
£ £
Salaries and wages 391,742 443,442
Other employee benefits 1,963 4,205
Social security costs 40,592 46,200
Employer’s contribution to defined contribution pension schemes 60,349 61,104
494,628 554,951

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

2025 2024
No. No.
£110,000 - £129,999 1 1
£80,000 - £89,999 1 1
£70,000 - £79,999 1 1

The total employee benefits (including pension contributions and the employer's national insurance) of the key management personnel were £330,603 (2024: £337,772).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2025: £0, 2024: £0)

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £2,213 (2024: £2,892) incurred by 2 (2024: 2) members relating to attendance at meetings of the trustees.

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Financial Review

9. Staff numbers

The average number of employees (headcount based on the number of staff employed) during the year was 6.3 (2025: 7.5).

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.

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

Fixtures and fittings IT equipment IT software Total
£ £ £ £
Cost
At the start of the year 923 14,852 155,126 170,901
Additions in year - - - -
Disposals in year - - - -
At the end of the year 923 14,852 155,126 170,901
Depreciation
At the start of the year 923 10,107 155,126 166,156
Charge for the year - 1,358 - 1,358
Eliminated on disposal - - - -
At the end of the year 923 11,465 155,126 167,514
Netbookvalue
At the end oftheyear - 3,378 - 3,378
At the start of the year - 4,745 - 4,745

All of the above assets are used for charitable purposes.

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Financial Review

13. Fixed asset investments

Investments comprise:

Investments comprise:
2025 2024 Restated
£ £
Social investments 1,263,465 1,330,358
Shares in group undertakings 1 1
Total: 1,263,466 1,330,359

Social investments

2025 2024 Restated
£ £
Value at the start of the year 1,330,358 1,261,976
Additions at cost 94,245 81,254
Disposal proceeds/repayments (23,879) (2,218)
Revaluation (137,259) (10,654)
Value at the end of the year 1,263,465 1,330,358

Social Tech Trust became a partner in the Fair by Design Partnership in 2019. A capital contribution of £100 was made in the partnership in addition to a loan of £964,464. The undrawn loan commitment is disclosed in note 18. We are pleased to note that the most recent valuation of the Fair by Design investment is £1,080,221 as of 31st March 2025 (2024: £1,182,578).

The loan is treated as permanent 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.

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name: Social Tech Ventures Limited Holding: 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.

39

Financial Review

14. Debtors

2025 2024
£ £
Trade debtors 53,269 100,675
Other debtors 180 90
VAT - -
Prepayments and accrued income 31,203 19,546
84,652 120,310

15. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 2,416 2,112
Taxation and social security 13,809 32,570
Deferred income 6,280 -
Other creditors 1 4,873
Accruals 12,282 11,530
34,788 51,085

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

General unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets 3,387 - - 3,387
Fixed asset investments 299,002 964,464 - 1,263,466
Net current assets 843,338 1,035,536 - 1,878,874
Netassetsat 31March2025 1,145,727 2,000,000 - 3,145,727

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Financial Review

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

General unrestricted
Restated		 Designated
Restated		 Restricted
Restated		 Total funds
Restated
£ £ £ £
Tangible fixed assets 4,745 - - 4,745
Fixed asset investments 410,140 920, 219 - 1,330,359
Net current assets 417,312 1,814,185 - 2,231,498
Net assets at 31 March 2024 832,197 2,734,404 - 3,566,601

17a. Movements in funds (current year)

At 1 April 2024 Income & gains Expenditure & losses Transfers At 31March2025
£ £ £ £ £
Restricted funds:
Catch-22 - - - - -
Totalrestricted funds - - - - -
Unrestricted funds:
Designated funds:
Fair by Design to Invest 79,781 - (44,245) - 35,536
Fair by Design Invested 920, 219 - 44,245 - 964,464
Social Tech Ventures Fund 1,000,000 - - - 1,000,000
Total designated funds 2,000,000 - - - 2,000,000
General funds 1,566,602 243,541 (664,416) - 1,145,727
Totalunrestricted funds 3,566,602 243,541 (664,416) - 3,145,727
Total funds 3,566,602 243,541 (664,416) - 3,145,727

41

Financial Review

17b. Movements in funds (prior year)

At 1 April 2023
Restated		 Income & gains
Restated		 Expenditure & losses
Restated		 Transfers
Restated		 At 31March2024
Restated
£ £ £ £ £
Restricted funds:
Catch-22 - 31,400 (31,400) - -
Totalrestricted funds - 31,400 (31,400) - -
Unrestricted funds:
Designated funds:
Fair by Design to Invest 161,089 - (81,308) - 79,781
Fair by Design Invested 838,911 - 81,308 - 920,219
Social Tech Ventures Fund 1,000,000 - - - 1,000,000
Total designated funds 2,000,000 - - - 2,000,000
General funds 2,010,042 256,260 (699,700) - 1,566,602
Totalunrestricted funds 4,010,042 256,260 (699,700)) - 3,566,602
Total funds 4,010,042 287,660 (731,100) - 3,566,602

Purposes of funds

Designated funds are funds to provide cornerstone investment into the Social Tech Ventures fund and the Fair by Design fund. The Fair by Design fund funds exceptional businesses designed to make an impact on the poverty premium.

Unrestricted funds are donations and other incoming resources received or generated for expenditure in support of the charity's general objectives.

18. Capital commitments

At the balance sheet date, the charity had committed to £35,536 (2024: £79,781), in respect of undrawn loan commitments to the Fair by Design Partnership and grants of £0 (2024: £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.

20. Restatement of comparatives

In previous years, social investments have been carried at a lower cost of impairment. During the period, the trustees sought to more accurately reflect the fair value of the charity's social investments in accordance with the charity's accounting policies.

This has resulted in the following adjustments:

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Financial Review

Changes to Statement of Financial Activities

As previously reported Adjustment Restated
2024 2024
£ £ £
Changes to Statementof Financial Activities
Income from: Investments 90,697 (10,654) 80,043
Changes to Balance Sheet
Investments 1,330,360 368,392 1,698,752
Unrestricted income funds: General funds 1,198,210 368,392 1,566,602

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V. 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 charitable company's objects and powers. It is governed by Articles of Association dated 28 April 2008, as amended by Special Resolutions dated 5 September 2008, 2 April 2015, and 7 July 2016, and replaced by Articles of Association dated 30 May 2018.

Charitable objectives

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

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.

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Structure, Governance and Management

The 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. The 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.

Appointment of Trustees, Trustee induction and training

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

Upon appointment, all Trustees are inducted into the organisation and fully briefed on their responsibilities. The CEO updates the Trustees on any changes and developments in Charity Commission guidance 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, Edward Evans, who is also CEO of Social Tech Trust. Social Tech Ventures Limited has been established to manage the Social Tech Ventures fund. Any conflicts of interest are declared at the beginning of all Social Tech Trust and Social Tech Ventures Limited board meetings and managed according to the conflicts of interest policy.

The Trust had no related party transactions in 2024/2025.

Remuneration policy for key management personnel

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

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VI. Independent Auditors’ Report

Hear from our Auditors as they share their feedback on our impact and results in 2024-2025.

VI. Independent Auditors’ Report

Opinion

We have audited the financial statements of Social Tech Trust (the 'charitable company') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

47

Independent Auditors’ Report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

• The information given in the trustees’ report, which includes the Directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared, is consistent with the financial statements; and

• The Directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters, where 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’ responsibilities statement set out on page 7, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor 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 it 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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: enquiring of management concerning the charitable company's policies with regard to identifying, evaluating and complying with laws and regulations and whether management are aware of any instances of non-compliance; enquiring of management concerning the charitable company's policies for detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the charitable company's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the charitable company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charitable company.

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The key laws and regulations we considered in this context included the Companies Act 2006 and anti-money laundering legislation. As a result of performing the above, we identified particular focus areas being: manipulation of income and override of controls by management.

Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the charitable company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error, as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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.

Philip Vipond (Senior Statutory Auditor)

For and on behalf of EVMS Partners LLP, Statutory Auditor 45 Ludgate Hill London EC4M 7JU

18 December 2025

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VII. Reference and Administrative Information

Administrative information

Company number: 06578379 Country of incorporation: United Kingdom

Charity number: 1125735 Country of registration: England & Wales

Registered office: 167-169 Great Portland Street, 5th Floor, London, W1W 5PF

Operational address: 167-169 Great Portland Street, 5th Floor, London, W1W 5PF

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:

Robert Tashima – Chair Russell Johnstone – Vice Chair Mehjabeen Patrick Dr. Maria A. Nelson Nicholas Wise Sunil Suri Nicolas Temple OBE

Key management personnel: Edward Evans, CEO

Bankers: Barclays Bank, Wytham Court, 11 West Way, Oxford, OX2 0JB

Solicitors: Russell-Cooke LLP, 2 Putney Hill, London, SW15 6AB

Auditor: EVMS Partners, 4th Floor, 45 Ludgate Hill, London, EC4M 7JU

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