OpenCharities

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2021-03-31-accounts

BRIDC ES Impact Foundation Trustees, Annual Report & Accounts For the year ended 31 March 2021 biidgesimpactfoundation.com Registeiedcompony No. 06864017. Re9lSteredCht>rity No. 1129756

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Corinne, a Difference Leader, leads on the Orchardside School PRU ‘Turnaround Project’, which works intensively for six weeks with pupils from mainstream school at risk of exclusion.

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Gillian is a 2020 Difference Leader at The Limes College in Sutton, South London

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Key achievements in 2020/21 Venture Philanthropy: Supporting Onside's high-impact Youth Zones Following the success of Onside's first Youth Zone in London, the Foundation has agreed to be a founder patron of another site in Hammersmith In 2018, the Foundotion become o proud Future was fir)ally able to re-open its doors Founder Potron of 'Future' in BorLiing ond in September 2021 and has now resumed it5 Dagenhom, the first London-bosed Youth Zone normal timetable, currently with capacity for opened by the charity Onside. Future opened 120 young people. its doors to local young people in May 2019. and by December it already had over 7.000 The Foundation has also agreed to be a members, with on overoge weekly ottendonce founder-potron of o second Onside Youth of over 1,500 young people. This was o much Zone called WEST, which will be located in the higher number thon onticipoted - the business Hammersmith ond Fulhom borough lit will be plan had estimated 4,000 members bythe end Onside's fourth London centrel. Hommersmith of its first year - underlining the huge demond & Fulham is a socially and economically for the services it provides in the local area. polarised area.. 24°A of households subsist on less thon £20,000 p.o., ond there ore severol Onside s impoct on individuols is impressive-. oreos in the borough thot foll within the top the young people typically report thot they 10% of the most deprived areas nationally. have more confidence and a better work including major public housing estates. There attitude,. do more exercise. and feel better are 32.700 children under the oge of 16 living informed about drugs. 70% of active members in the borough, around 20Yo of whom live in ore BA￿lE IBlock, Asion or Minority Ethnic), poverty. WEST'S offer will be the some os thot while almost 40% ore femole. For individuols of oll Onside youth zones Q Stote of the who receive torgeted support, 84°k on theirjob ort centre thot provides 'somewhere to go, programme move into employment. education something to do and someone to talk to 52 or training. And the local community typically weeks of the year. Activities will include sport. sees a fall in anti-social behaviour of up to 77%. arts. music. craft activities and holiday clubs Unfortunotely, Future wos forced to close its os well os torgeted interventions for c. 25% of doors to the young people in I4arch 2020, when porticiponts le.g. merntoring, heolth ond well- the first notional loclidown was introduced. being, employobility skills). The team responded impressively. pivoting Sadly. the pandemic caused moterial delays swiftly to online classes and activities, as well both to the planning approvals process and os torgeted 1.1 phone check-ins with its more the construction timetoble. However, the good vulneroble member5 ond provision of food news is thot the scheme wos finolly opproved, parcels to vulnerable households. During the and construction is now finally underway. We second lockdown it was also able to run a five- hope the centre will be completed and opened week holiday club, with 80% of ploces reserved in 2023. for its most vulneroble members li.e. those in overcrowded homes or living with domestic obuse, mental health 01 substance misuse issues). Below. SOMÈ of thÈ ottivitiÈs avoiltsblè to young people ot the Future Youth Zone in 009enham Trustees Annual Repoit&Accounts 202116

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Key achievements in 2020/21 Venture Philanthropy: Tackling poverty in Africa via Village Enterprise Village Enterprises innovative DIB-bacL<ed poverty reduction programme has already helped to launch 4,700 microbusinesses in Kenya and Uganda Village Enterprise works to reduce extreme When Covid-19 hit Kenya and Uganda in poverty in rural sub-saharan Africa. by March, both countries instantly instituted providing-first time entrepreneurs with cosh strict country-wide locLidowns. Although gronts, troining ond mentoring. Extensive this inevitobly hod o significant impoct on evidence from rondomised triols suggests the programme, Villoge Enterprise wos still this is one of the most cost-effective ways of able to conduct seed capital disbursements. alleviating poverty in the developing world. and its mentors have continued to provide With this programme, Village Enterprise was mentoring by phone to the DIB-backed exponding its proven model in rurol Kenyo ond businesses, helping business owners odjust Uganda - using an outcomes-based approach ond adopt during the pondemic. In foct, we that would enhance its focus on learning and hove been omozed at the resilience of the continuous delivery improvement. Its original entrepreneurs that the programme supportsl oim wos to launch more than 4.600 smoll Even as markets and cities shut down during sustoinoble businesse5 by 2021,. if it succeeded the lockdown periods. many people went back in improving business owners, income levels, to their villoges, where morket troders who Village Enterprise would receive up to $4.3m normolly sold clothes storted selling sewn foce in outcomes payments from the United masks. and bakers opened businesses to serve States Agency for International Development the growing demand in their communities. ond the U.K. Deportment for Internotionol To date. Village Enterprise has already Development Iplu5 on ononymous funderl. As trained over 14.000 individuals, and helped partof this structure- known as a Development to creote over 4,700 small businesses. Early Impact Bond IDIBI the Foundation was results from the variou5 cohorts have been one of nine investors to commit the $3.5m hugely promising, with evidence of increased of working capital needed to deliver the household savings and food consumption. programme. The Bridges team also provided According to Village Enterprise's preliminary pro bono support os on octive member of the ossessments of earlier cohDrts,the households DIB'S working group. Working with the key involved sow monthly per capito consumption stakeholders. we contributed to identifying increase by an average of 113%, while asset required modifications to the project structure stocks more than doubled. during the challenging Covid pandemic, and its resulting delays to the evaluation process. Abovv. A microbusinÈss suppoited by Villtsge Enterprise in Kenyo Trustee5'Annual Report&Accounts 202118

Key achievements in 2020/21 Seed funding & k4arket-building: The Bridges Social Entrepreneurs Fund With the Foundation's backing. this pioneering fund - which has now completed its life- has had impressive individual and systemic impact The Bridges Sociol Entrepreneurs Fund I'SEF I wos Foundationl., Unforgettable's dementio launched in 2009 to oddiess the criticol funding products and services attracted 35,000 unique gap often faced by ambitious sociol sector customers.. 7.643 qualifications were gained organisations with aspirations to grow. SEF was by children at risk of becoming NEET,. and 775 the first of its kind in the UK.. an institutional previously homeless adults were moved into closed-ended fund designed to provide these stoble occommodotion via our housing-reloted orgonisations with occess to quosi-equity, plus outcomes projects. strotegic ond operotionol support. By doing Indeed. SEF'S pioneering work in outcomes so, it wos able to demonstrate thot there are meaningful numbers of investors interested contracts lit was one of the first funds in the world to invest in this emerging model) in Social Enterprises. and to test this funding ollowed Bridges to develop a knowledge and model for the benefit of the broader market. skills base in this area. which ultimately led SEF raised totol investor commitments of to the h4anager raising a dedicated Bridges £11.75m. including 0 £3.9m cornerstone Social Impact Bond Fund the first of its type investment from the Office of the Third Sector. anywhere in the world. In total. SEF invested in Its investment period ended in 2016 and its 13 of these projects. initially directly and later term wo5 due to expire in 2019,. however, this through o co-investment orrongement with was subsequently extended to August 2021, the Social Impact Bond Fund. And the success so Bridges could continue driving impact and of that first dedicoted fund ho5 since enabled financial value in the remaining assets. All told. Bridges to raise a second dedicated fund. the fund drew down £10.9m and supported 30 Sociol Outcomes Fund11, which closed in 2019 Voluntary. Community and social Enterprises, with £35m of commitments. triolling o voriety of investment models from venture loans. to property, to outcomes As such, the Foundation's initial investment controcts that have since been utilised in SEF has helped to catalyse over £50m of elsewhere. It is currently on course to deliver a funding for these innovative projects. which gross return of1.3x10.9x net). have supported almost 20.000 vulnerable people ond hove the potentiol to tronsform SEF 0150 delivered some powerful p051tive service delivery in o number of key policy oreo5. impact.. 4.176 children have attended the nurseries run by LEYF (London Early Years Belomr. LEYF. o Bridges Social Entrepreneurs Fund investment Trustees Aililual rtevthl&￿-LOUfits 202119

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Key achievements in 2020/21 Seed funding & bAarket-building: The Impact klanagement Project Thanks to the support of the Foundation and others, the IMP continued its vital work to build consensus on how to measure, manage and report impacts The Foundation has also supported the they relate to each other).. and (via a subset of development of sustainable and impact the larger group comprising CDP. CDSB, GRI. investing, both in the UK ond globolly, by SASB, IIRCI working towords o comprehensive funding o number of thought leodership corporote reporting system thot meets the initiatives and publications most notably in needs of all constituencies and markets. recent years with its support for The Impact The INAP facilitated the publication of a joint Management Project I'IMP"). statement of intent on this in September 2020. Focilitoted by the teom at Bridges Insights, The IkaP s other key publicotion lin December) Bridges, non-profit field-building proctice, wos o poper outlining existing stondards for the IMP is a forum to build global consensus reporting on enterprise value, brought to life on how to measure, manage and report on with a prototype climate-related financial impocts. In its first two years, the IMP brought disclosure standard. The paper illustrated together over 2.000 organisations to agree how the group's frameworks, standards and on shared norms, such as five dimen5i0ns of plotforms, olong with the elements set out by impact that enable enterprises and investors the Tosk Force on Climote-reloted Finoncial to assess and compare their impacts on people Disclosures ITCFDI. can be used together to and planet. Since 2018. the IMP has been provide a running start for the development of facilitating a '5tructured Network. of 16 of the a global disclosure standard for climote by the world's leading standard-setters including IFRS Foundotion. UN ogencies, the OECD, ond leading corporote reporting initiotives to coordinote efforts to Alongsidethis, onotherportof the Insightsteom provide a comprehensive system of standards has been building a public good technology for managing and disclosing impacts on initiative called the Impact Classification sustainability. System, which uses the 'impact classes, developed through the IMP lo useful shorthond Being a time-bound initiotive, the IMP is for summarising types of performonce ocross expected to 'sunset' in 2022. In 2020/21. the the five dimensions of impact) to help investors IMP'S penultimate year. the Network was assess and compare the impact of various focused on two objectives.. developing a investments across their portfolio. website that explains the system of principles, fromework, stondord5 and tools with which The Foundotion continues to be encouraged businesses and investors can engoge lond how ond excited by the IMP'S remorkoble progress. 5REEN HORIZONWMMIT REALNNB THETRANllllD ORLD EcoMoMIc RightrlMP CEO Clorci oddresse." the Woil:: Economi-, Forum,; Greer Hoiizoi- Summ.t Clara Batby hl8t Ex￿￿ti￿ TIuJietrS ￿lI1u￿1 AePOtt&Accounts 2021111

Key achievements in 2020/21 Seed funding & k4arket-building: The Turner klllNT course The U.S.-based experiential impact investing course for graduate schools continues to go from strength to strength The Turner IAIINT IMBA Impact Investing judges may not be able to cometo Philadelphia Networking and Training) programme. which when in-person events resume, many have is run by the Bridges Impoct Foundotion U.S. been converted into yeor-long mentors. These in partnership with the Wharton Social Impact mentors ploy o vitol role in guiding students Initiative at the Universityof Pennsylvonia, is an through their journey os impoct investors in experiential education programme designed training. to give students a hands-on education in investing for impact. It takes place each The program culminates with a competition academic year and involves top business where students pitch for investment for a ond groduote schools from oround the world, real-life impact start-up. This year. a team encouraging the flow of talented young people from UCLA Anderson School of Management into impoct investing. earned the Moelis Family Prize and. with it. potential investment of $50,000 for the The programme was recently renamed as the impact start-up they presented. Dartmouth Turner ￿llINT, in recognition of a generous Tuck School of Business ond Chicogo Booth $2.5m donation from philanthropists Bobby & School of Business, the two runners-up, won a Lauren Turner. potential $25,000 investment. This years programme was of course held Turner MIINT recently updated its website. virtuolly, due to the global Covid-19 restrictions. More information can be found at.. However, this enobled broader participation than ever before, with moro than 500 students www from 38 graduate programmes enrolling across the globe the largest cohort to date. The virtual format also allowed for a more diverse N.B. The Foundution has regular updotes Wlth its roster ofjudges, whojoined from three different sister orgonisotion in the U.S., os we look to olign countries and multiple time zones. While these our efforts ond engagement opportunities. Belov. Over 500 graduate students contested this yeoi's Turner IINT Ivirtuallyl. with UCLA Andeison taking first prize IAIIAWK InScTibn InScrih• TS C.'Ibe UININD TIuJLetrS MI)i)U￿1 Rtrwi i&MLLOuiits 201,

Key achievements in 2020/21 Bridges Family Activities The highlight of the Bridges team's philanthropy last year was raising over £38,000 (including £14,500 of matched funding) for charities on the front line of the pandemic The Foundotion's Fomily Activities locLidownl. Every month, o different supplement our other work by teom within the business creoted a encouraging and rewording Bridges, porticular chollenge thot people could colleagues philanthropic activities. and do while they were stuck at home. and by providing financial support in cases of then select a specific charity to benefit financial hardship to close stakeholders. from any funds raised. Challenges The ￿atChed Giving Facility included boot-building (which also doubled 05 a non-screen-bo5ed craft The Matched Giving Facility was Octivity odvontoge for those Bridges started in 2014 with an allocation of colleagues with childrenll, making a £60,000, of which £55,833 has been gourmet meal from unloved items at spent to date. It encourages Bridges the bock of the kitchen cupboard, and a employees in their own philanthropic 'Get Moving initiotive, during which the octivities by motching their fundroising team collectively walked/swam/cycled contributions to the cause of their 3,951 miles Ismoshing the originol torget choice by up to £1.000. There were eight of1,000 milesll. requests in the year, totalling £17,242. Over the two periods of lockdown. During the first Covid-19 lockdown, the ChorityBegins@Home roised over Bridges teom lounched o fundroising £38,000 (including £14,500 of motch- initiotive colled 'ChorityBegins@Home', funding from the Foundation) for with the aim of raising money for four brilliant charities.. West London charities supporting those hardest-hit Zone, The Pennine Domestic Abuse by the pandemic (while also helping the Partnership, the Trussell Trust and team to stay engaged and active during Food4Heroes. Left. The 8ridges teom getting cieotive for ChaiityBegins@Home cwg*¢i Trustees Annuol Rewrt&Accounts 2021 | 13

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Future Plans The Foundation will continue to focus on its core areas in the coming year.. ) Venture Philanthropy Seed-funding & Morket-building Bridges Family Activities However, we are looking to expond our work in concept le.g. legal structuring and advisory three key ways: costs) - drawing on the learning and insights Venture Philanthropy: we hove goined from our investment into Village Enterprise. We are hugely excited by We ore looking to odd a second focus area, the potential of this pioneering vehicle, and as olongside our existing focus on mentol heolth such we are also looking at whether our seed- for young people. We hove started the process funding might unlock additionol investment of engaging with the broader Bridges team to when it comes to market. help us identify where our efforts should be directed. Bridges Family Activities: Seed-funding & Morket-building.. Bridges is currently redoubling its efforts to creote o more diverse, inclusive ond equitoble We are continuing to explore areas where culture within its own teom reflecting both our funding and support can have the most its broader aspiration to help build a more catalytic impact. One area we are particularly inclusive economy, and also its conviction focused on is development impoct bonds.. that more diverse and inclusive teoms will outcomes-bosed contracts in developing ultimately perform better. To this end, Bridges morkets. Bridges hos morket-leoding expertise hos estoblished o Diversity & Inclusion Working in this approach inthe UK, and through ourwork Group, which is looking ot how Bridges con with Village Enterprise Ip. 81, we have learned a improve ond progress in these criticol oreos. great deal about how this approach works best The Foundation is currently working closely in developing morkets. Bridges is now working with this Group to look at practical ways in with UBS on the estoblishment of the globol which we can support this effort. For example. SDG Outcome5 Fund, the first fund dedicated our support for the WCCS Buisory progromme to investing in impact bonds globally, which is Ip. 141 is driven by the foct thot reol estote targeting $100m and will focus on Africa and one of Bridges, speciolist investment areas- is South Asia. The Foundation is delighted to one of the least diverse sectors in the UK. We hove been oble to provide 0 £150,000 gront to hope that this programme, and others like it, Bridges Outcomes Ltd, o non-profit subsidiory will help to attract a broader range of talented of Bridges, to support the development of this people into the sector. Left. The global SDG Outcomes Fund will focus on Africo ond South Asio Trustee5'Annual Report&Accounts 20211

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INDEPENDENT AJDITORE REPORT TO THE MEMBERS OF BRI[￿Es IMPA￿ FOUNDATION LIMITED Icontinuedl Condude on the akproprithess of the trug u of the g(xng ￿n￿M basis of ￿ntIng and, bas￿ on the audit evidence obtained. whether a material uncertainty exists related lo events or conditions th81 may cast sb3n￿K￿nt doubt on the Ch￿ta)le CCMp￿rfs abiltyb ￿ntIn￿ as a ￿Ing ￿n￿m. Ifwe ccndthe that a materia Un￿rtaInty exsts. ￿e are ￿Uir￿1 to draw a￿ttin in our auditrt replyt to tFe related d￿dc6U￿ in the financial sl8lemenls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit ev￿j￿ obtain￿1 up to the date of cur aKJitoffs r￿rt. Hower. fubjre events cr c£nditicns may cau the charitable company lo cease lo continue as a going con¢em. Evaluate the overall presenlab'on, structure and cxjnlenl of the financial slalemenls, including the disclosures, and whether the financial slalemenls represent the undedwng trans8Ction$ and events in a manner that achieves fair presentation. We communicate with those charged with governan￿ regarding. among other matters, the planned scope and liming of the audit and significant audit findings. including any significant deficienaes in inlem81 control that we identify during our audit. Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 oftFE Ccrn￿les Act 2(￿. ajdit wcrk u￿ertak￿ ￿ thatwe might state to the comEBnVs m￿L￿S thc6e matt￿S we ¥e r￿ul￿j to state to th￿ in ￿ aLrJitorfs r4x)rt for no other pur￿. To tr fullest extent pemiitted by18w, we do not accept or assume ￿SponsIbl111Y to any party other than the charitable company and charitable companls members as a b￿ly. for our audit work, for this ￿POrt, or for the opinions we have fomed. Andrew Slick18nd (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP. Slalutory Auditor Dale.. 15 December 2021 Devonshire House 60 Goswell Road London EC1M 7AD Trustees. Annual Re￿rt and Acci¥Jnts | 25

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