2024-03-31-accounts

BRIDQES B.s.gB ..JN Trustees, Annual Report & Accounts For the year ended 31 ￿arch 2024 bridgesimpactfoundotion.com Registered Compony No. 06864677. Registered Chority No. 1129756

From the Chair Dear friends. l om delighted to present the Bridges Impoct Foundotion's 2023/24 Annual Report & Accounts. The Foundation hos hod another exciting year of progress. A particular highlightwos the opening of Onsides latest youth zone.. I'IEST, located in White City, London, of which the Foundotion is a Founder-Potron. I have no doubt the centre - officially unveiled by HRH The Prince of Wales in March will be just os impoctful for local children as Future. the other Onside Youth Zone the Foundation supports. Bosed in Borking & Dogenham, Future has now welcomed over 12.500 young people in the five years since it opened. The Differonce, another of our venture philanthropy portners, also continues to scale its activity and impact. Now counting 458 partner schools supporting the development of inclusive senior school leaders, this specialist teacher troining programme is hoving clear positive benefits - not only for the teachers concerned, but also the vulnerable students they are teaching, and their wider school communities. The other big theme of our venture philonthropy efforts os chosen by the Bridges team is comboting gender-bosed violence. We continue to support Ris n Sun, o chority that helps victims of domestic abuse, ond we ore olso bocking o new pilot scheme designed to tockle the issue preventotively, through o school-bosed intervention. Another personal highlight for me this year wos the graduation of the Foundations first bursory- supported student, as port of o scheme run by the Worshipful Company of Chartered Surveyors to help underprivileged students ottain a real estate degree qualification. Following some work experience and expert mentoring from the Bridges property team. our first student moved on to complete o Master s degree (which the Foundation also ogreed to fund) and hos now started related employment. We continue to believe that this scheme can play an important role in attracting a more diverse ronge of people into the real estate industry. Elsewhere in this report, you can also read about the progress of the Foundations catalytic investments in Bridges funds- including funding the expansion of Bridges pioneering outcomes work through data and policy initiatives. We also look at how the Foundation is amplifying the charitable fundraising efforts of the Bridges team via matched funding. This continues to be an importantway of engaging the team, as it allows us to supportthe causes they care about most. As olwoys, I wont to toke this opportunity to thank oll of our Trustees for their time, effort and commitment to the Foundotion. After many yeors on the Boord, we were Sorry to see Michele Giddens, Antony Ross and Giuseppe Catorozzo step down os Trustees." their expert odvice ond guidance has shoped the Foundotion, for which we will remoin incredibly groteful. However, we ore delighted to welcome Philip Newborough ond Moggie Loo to the Boord ond look forword to the new ideas ond perspectives they bring to the Foundotion. l am also hugely grateful to our Director Barbara Storch. who is doing such o greotjob of engaging the Bridges team in the Foundation's mission. l am surethis will help us achieve even more impact in the year ohead. On the cover: WESTOnSide Youth Zoneaims to support underprivileged young people in the London Borough of Homrner5rnith & Fulhom with 'somewhere to go, something to do. ond someone to talk to. oll year round. Victoria Hornby Tru5tee5 Annuol Report& Accounts 2024 | 2

About the Foundation Objectives and Summary of Activities The Bridges Impact Foundotion ("the this team engagement is an essential part of Foundotion'l was set up os on independent the Foundations work. chority in 2007 with two primary objectives= The Foundations mission statement. which 1. Incentivise Bridges mission-driven teom is closely aligned with that of Bridges Fund through social impoct, engagement and Management, is: 'To provide catalytic support philanth ropy for innovative solutions that drive better outcomes for underserved people and the 2. Achieve impact in line with Bridges mission planet'.'Catalytic support, refersto both flexible through the use of philanthropic capital, financial capital and non-finoncial support in supporting projects that fall outside the the form of pro bono work and volunteering, scope of Bridges, usual investment activity while 'lnnovative solutions are those that In addition, the Foundation (originally the might not fit Bridges traditional investment Bridges Charitable Trust) hos been granted a risk profile but have the potential to be highly 'golden share in Bridges Fund Management effective.'Better outcomes implies meaningful Limited I"Bridges'l, which allows it to protect change in a core impact area for beneficiaries the social mission of the business via an that currently do not receive enough support ownership stake in the management company. in that area (viz. 'underserved people and the Bridges was launched with a clear remit to planet.). raise investment vehicles that target both The Foundotion focuses on three core pillors, societal and financial returns-, the Foundation whose terminology hos been updoted to better effectively has power of veto over any change reflect its purpose= to this mission. The Foundation receives an important part of Venture Philanthropy Impoct Investment Innovotion its funding from Bridges carry-holders, who > Bridges Choritoble Teom Activities donate the equivalent of 10 /0 of their carried interest to the Foundation. As well as this In the following pages. we outline the direct financial contribution, the team also Foundations key achievements in each of contributes to the Foundation s success by these three areas during the 2023/24 finonciol helping to set overall strategy and, in some yeorlincluding the work of oursisterfoundotion. cases, through volunteering and pro bono the Bridges Impact Foundation U.S., a seporate support of both the Foundation itself and independent 5011c)3 non-profit orgonisotion., some of its beneficiary organisations. Indeed, registered charity number 81-38156731. Directors The Trustees who served during the year were= Regulatory Details Compony Registration Number.. 06864617 Registered Charity Number.. 1129756 Victoria Hornby Ichairl Alex Pitt Tim Simmonds Simon Ringer Lucio Sontirso Richords Tom Mountford Giu5eppe Cotorozzo (resigned October 2023) Klichele Giddens Iresigned5eptember20241 Antony Ross (resigned October 20241 Kloggie Loo loppointed October 2024) Philip Newborough loppointed October 20241 Registered Office 38 Seymoui Street London W1H 7BP Auditors oore Kingston Smith LLP 9 Appold Street London EC2A 2AP Director Barbaro Storch Banker5 The Royol Bonk of Scotlond Internotionol Ltd. 1 Prince5 Street London EC2R 88P Secretary Aaron Vogorwol Tru5tee5 Annuol Report& Accounts 2024 | 3

The year in numbers Impact and engagement via the Foundation across our three pillars 8,514 93% Total direct beneficiaries from Venture Philanthropy activities, Beneficiaries attaining specified positive outcomes from Venture Philanthropy activities 23,618 458 Sports engagements for young people (FUTURE) Partner schools now supporting the development of inclusive senior school leaders 8,293 90% Arts engagements for young people (FUTURE) Of adults experiencing domestic obuse feel safer through their engagement with Rising Sun £3,000 4,..,, atched funding raised by Bridges employees, charitable endeavours of funding for a Bachelor's and integrated aster's degree for underprivileged student, leading to a first full-time job in real estate Acr055 The Difference. Rising Sun. Future Onside and WEST Onside Across The Difference. Rising Sun ond Future Onside Over The Difference s five years of activity Twstees Annuol Report & Accounts ?02414

Onside Key achievements in 2023/24 Here for young people Venture Philanthropy: Supporting Onside's high-impact Youth Zones The Foundation extends Founder Patron partnership with two of Onside's London-based Youth Zones, Future and WEST Following the success of Onsides first surrounding wards ranges from 35-53/ London-based youth zone, 'Future in Barking Icompared to a national average of 30°A). In & Dagenham, the Foundation is also a proud the five months since opening, WEST counts Founder Patron of a second centre, 'WEST' in 2,354 members and continues to grow. Hammersmith & Fulham. Future nowcounts over3,600 members ond hos This yeor, the Foundation extended its provided its services to over 12,500 members partnership with both London-based youth since opening in 2019. This year was the first zones for o further two yeors. yeor of it operoting under its new strotegy, 'Our Onside youth zones provide young people Future is Bright,. which will carrythrough to 2026, with 'somewhere to go, something to do ond focusing on three core areos: Young People, someone to tolk to,, 52 weeL s t rtIWr5￿th Young Led• tralned. .'•nisalions .arMI b￿￿11 Above.. Statis-.￿ from FJture s. RcFcr-. ?OL31i4 WEST, named 'Where Everyone Sticks Together, by locol young people, opened its purpose-built White City-based facility in March 2024 with o visit from HRH The Prince of Wales, marking the first time young people were able to access the youth zone. The Prince spoke to WEST'S Young People's Development Group ond locol primary school students who were involved in shoping the new centre. and enjoyed a tour of the facilities. followed by the unveiling of a plaque in celebration of the opening. The centre officiolly opened its doors to the wider community a few weeks later. Located in the socially and economically polorised borough of Hammersmith & Fulham. WEST is part of an innovative education hub colled 'EdCity developed by the education chority. Ark. Youth poverty in some of the TtU5tees Annuol Report & Accounts 202415

Onside Key achievements in 2023/24 Here for young people Venture Philanthropy: Supporting Onside's high-impact Youth Zones Impact statement: Future Youth Zone (Onside) Core impact: Providing a safe place for underprivileged young people to go for support, opportunities and positive connections Dimension Doto Category Doto Score What Description of outcome OnSide5 Youth Zones deliveroctivities thot provide o sofe ploce foryoung Per50n5 (YPI to go to for the support. oppoitunitiÈs. connections ond experiences they dÈservÈ to help them thrive. Outcome in period Extent to which YP porticipoting in Future Youth Zone5 univer5ol provision service5 exhibit increased confidence. self-esteem. sociol skills. cohesion. resilience. physicol ond mentol hetslth. ond determination. Averoge score of survey responsesocross Future Youth Zones"Common Outcome Measures for Universal Provision 15 3_87. Threshold foi positive Importur)ce PtssitivÈ chonge in the overogÈ score. Onside Youth Zones deliver outcomes thot the children they work with volue. as evidenced by children and YP'5 voluntory and repeat attendonce_ YP ogÈd 8-18 yeois or up to 25 yeors Trmth disobilities_ Onside's 14 Youth Zones spon thè UK tsnd ore loctsted in.. Borking & Dogenhom. Boinet. Blockburn. Bolton. Corlisle. Choiley. Croydon, Hammersmith & Fulham. nchester (Northl. K4onchester IEostl. Oldhom. Wigon. Worrington. Wirrol ond Wolverhompton. Who Sttskeholder type / geography Future Youth is bosÈd in BoTking & DogÈnhom. Over 80% of Future Youth Zone octive members ore in the 30% most depiived communities occoiding to IMD deciles. This compores to c.66% in the 30% most deprived communitie5 acr055 011 Youth Zones. Some measure 05 outcome in period butthe first ob5ervotion 15 3.39. Boseline How k4y¢h 5cole Totol YP octive1y engoged in uriiversol provi5ion- All Onside Youth Ztsnes= 43.358 Future Youth Zone.. 3.897 Depth Weighted overoge chonge in-common Outcome Measures for Universol Provision (where there hove been more thon once observ(rtionl All Onside Youth Zones= Av. store inciÈosÈd 14.2% vs_ bosÈlinÈ Istsmple 4131 Future Youth Zone.. does not hove doto ocross oll universal meosures yet. But initial dota collection shows.. Life skills +22%%.. Self_efficacy +23.1%.. Determination +4.3%., Aspirations 0%. Youth Zone5 are open seven doy5 o week including evenings. weekend5 gnd school holidoy5. Future Youth Zone hos beÈn supporting young pÈtsple since ￿0Y 2019. 16.2% of Futuie Youth Zone members ore iegulor ottendees lottending ot least six times in the lost 180 duy5, ond ut leost once per monthl vs. peer Youth Zone5 which were 23%. Youth Zones ore often unique offers for YP in terms of occessibility. quality. volue for money ond durotion. Durotion Contribution Contribution Overoll Impoct Score TtU5tees Annuol Report & Accounts 202416

Key achievements in 2023/24 Venture Philanthropy: Supporting The Difference Pioneering teacher training pilot scheme The Difference scales through policy work and school partnership model The Difference is a specialised teacher training programme that aims to benefit children with high levels of need and vulnerability, and reduce the number of children that are excluded from their schools, by giving teachers the tools to support them. This year, the Foundation agreed to extend its partnership with The Difference for a further two years. This will enable the team to evolve its strategy and build upon learnings and insights, in order to scale its impact. The charity has seen positive results in 2023- r?.. O ofthe2023groduotesfromthe Difference Leadership programme have had an evidenced positive impacton their school, according to their headteachers. This includes improvementstocurriculum, behaviour, mainstream reintegration, and attendance. the role that oll staff hove in recognising and supporting these needs. The effect has been positive. The team is also building Difference Schools Portnerships, working to improve data availability for better impact measurement, offering open source moterials, and has developed the 'Exclusions Continuum,, o tool which is helping to identify vulnerable students O have progressed to more earlier, for targeted interventions. senior roles in schools since starting the Policy: programme two years ago. The Difference hosted the 2024 edition of the O of participants in this years notional school inclusion conference, IncludEd, Inclusive Leadership Course IILCI which has become the gateway for a national reported a positive impact in their school network of teachers. school leaders, and wider as a result of implementing course practitioners to access best practice and learnings. share learnings. 650+ attendees, including The Differences Youth Advisory Board, came BAME leaders supported by The together to discuss a systems approach to Difference to achieve promotions prior to tackling exclusions, explore 'privilege and storting the programme. victimhood in the politics of identity., and more. The teams focus is on three key 'Levers of The teom hos olso collaboroted with the Change, _ People, Practice, and Policy. Institute for Public Policy Research IIPPR), Impetus. ond Mission 44. as part of the Who is People: Losing Learning?Coulition- founded to oddress Delivery of The Difference Leadership the scole of children losing learning in Englond programmes and Inclusive Leadership Courses os well os the injustice of its disproportionote IILCI continues.. this year, the organisation worked impact on the most disodvantoged or with 18 Difference Leaders and saw 129 school marginolised children. leaders particpate in its ILC. Headteachers rch th IPPR was published remain key partners inthe multi-yearrelationship. in September 2024, reveoling the alarming Practice: numbers of children 'losing learning, i.e. those children missing out on ocodemic and sociol The Difference identifies effective inclusion leorning which closses. schools. ond local practice by tracking interventions thot improve community provide. The report introduces outcomes. A key concept encapsulating this the oforementioned 'Exclusions Continuum, approach is'whole-school Inclusion,. recognising ond explores the economic and sociol cose to the needs of all students Inotjust a minority), and invest in reducing escolotions of lost leorning. Above.. School children completing on exercise in class (The Difference) TtU5tees Annuol Report & Accounts 202417

Key achievements in 2023/24 Venture Philanthropy: Supporting The Difference Impact statement: The Difference Core impact: Raising the status and expertise of those educating the country s most vulnerable children Dimension Doto Category Doto Score What Description of outcome 111 Improvin9 educotionol outwmes forAlternative Provision (API leamers gnd 121 Reducing exclusions in moinstrÈom schools tsre positive outctsmes tsnd olign with SDG 4"Quolity Education ond in particulor with SDT 4.5.. to ensure equol occess to oll levels of education and vocotioncl troining for the vulneroble. including persons with disobilities. iT￿l9e￿Ous peoples ond children in vulnerable 51tuotlOn5 Outcome in period Iproxy) 11118 Difference Leoders IDLI took ptsrt in The DiffÈrencÈ's tetschÈr training progrtsmme in 2023/24. Over 5 yeois. 75 OLS worked in 57 AP schools lond occording to 100% of their Headteachers in 2023. the DL5 evider)ced positive impoct on their AP school). In o literocy project pilot involving 7 DLS, 4 of them reported accelerated improvement in literacy li.e. reoding oge progre55ing foster thori octuol time on the progrtsmmel for the mojority of students toking port 121129 school leaders took port in The Differences Inclusive Leadeiship Couise IILCI in 2023/24. Over 5 yeurs, 414 ILC porticiponts worked in 270 moinstreom schools (ond in 2022123, 92% of those on the ILC saw improvement in de-escalotion of chollenging behoviour. while 54% ore seeing o reduction in 5Uspen5i9n5 nd permonent exclusions) 111 The Difference hos not set o positive threshold foi Headteacher feedback. Positive threshold for 22123 should be better quality dota from pilot projects across more DLS showing improved educational outcotnes for AP leorners 121 The Difforence consideis 60% to be ts positive figure givèn ieduttion in exclusions is o long-term gool. Shorter term indicotois thot ICL porticiponts ore suiveyed on include de-escalation of challenging behuviour ond reduction of students being sent out of c105s. The Difference consider5 the threshold for P051tive to be 75% of the ICL cohort ogreeing thot they hgve hod o posltive impoct og(Jin5t ot leo5t one of these indictstors Threshold for positive Importance Improved educotional outcomes ond reduction in exclusion are hugely important as they will increase the likelihood of positive life outcomes le.g. being in employment. ovoiding criminol involvement) Excluded children ond vulneroble learriers at risk of exclusion in primory ond wondory Schools in Englond". ICL tsnd DL ot piÈsent in 47 Locol Authoiities in Englond Who 5tokeholder typè / geography Boseline 111 The boselir)e educotionol outcomes for AP leorners in Englond is poor. In school yeor 2021122, only 4.9% of AP 5tudent5 in England ochieved o stondard po55 (grade 4 or above) ot both Klaths ond English GCSE5 Icomptsred to 68.8% in moirnstreom schools) 121 In the school yeor 2020121. the perrnonentexclusion rote in England wos 0.0515 permanent exclusions for every 10.000 pupi151 Over 5 yeor5. co. 17.174 AP leorners and 205.435 pupils ocr955 mainstreom schoo15 lolthough interventions moy only rÈoch certain groups dÈpeNding on torget of DL ond ILC porticipont proJÈttsl How k4y¢h 5cole Depth edium/high depth 05 DL ond ILC porticipont project5 will be torgeted ot specific outcome5 for smaller groups for whom there is o reasonable chonce of succe55 in improving outcome5 Duration Long-lasting tran5formotior￿l changethrough improved educ¢Jtionol outcomes for vulnerable learners (both in AP ond moin5treoml Contvlbutlon Contribution Life outcomes of excluded children ore poor. with high unemployment. disproportionotÈ prison stoys and mentol heolth issues.. while there ore piogrommes thot aim tc> re-integrate excluded children into mainstream. ond/or provide extro support to those ot risk of exclusion. there is no programme with the potential of systems-level change." with direct impact on AP learner5 ond vulnerable leorner5 at risk of Èxclusion. through best piocticÈ shoring ond woiking with system letsders Ii.È. Multi-ActsdÈmy Trusts, Locol Authorities) Overall Impact Score TtU5tees Annuol Report & Accounts 202418

isingsun Key achievements in 2023/24 Venture Philanthropy: Supporting victims of domestic abuse via Rising Sun Rising Sun, a charity partner in the Foundation's second focus area, champions a world free from domestic abuse and violence The Foundation's second focus area, Gender- early warning signs of abusive relationships., based Violence, looks ot two specific themes.. and provides training to help educate locol Education and prevention of gender-based businesses ond voluntary orgonisations on violence,. and Access to justice for victims and the understanding of, identification of, and survivors. response to. domestic abuse. Its first partnership within the lotter thematic focus orea is with Rising Sun. Rising Sun is a charity which provides specialist, holistic support to women, children and those affected by domestic abuse across Kent. so that they can recover and move on from the life-shattering impact and trauma, and begin to thrive and experience the freedom they deserve. Team members from the organisotion attended Bridges office in Moy 2023 to talk to The orgonisotion wos delighted to be named the Bridges team aboutthe kind of supportand one of ten chorities to win The King's Fund services Rising Sun offers across Canterbury, 2024 GSK IMPACT Aword, which recognises Ashford, Folkestone and Hythe, and Swale, as Outstonding contributions to improving the well as the nature of domestic abuse issues. UKS health ond wellbeing. The judges were "hugely impressed" with Rising Sun's troumo- The lunchtime presentotion olso involved informed one-to-one ond group services, two women, previous recipients of Rising Sun describing it os "o highly respected locol support, sharing their own lived experience chority doing brilliant work helping survivors of further bringing the charity's vital work to life domestic violence rebuild their lives" while engoging with the Bridges teom. In the year, alongside finoncial support. Bridges, team has continued to provide pro- bono support to Rising Sun, in the form of monogement accounting. HR, and impact monogement support. Forexample, colleagues from Bridges Outcomes Portnerships held a workshop on impoct and performonce monogement., and a member of the Bridges Finance team provided guidance on finonciol monogement accounting practices. Rising Sun s programme provides one-to-one Adult support, Adult Independent Domestic Violence Advocates IIDVA) support. survivor helplines, and one-to-one Young Person support, across various services including advi￿, advococy, safe accommodation. counselling, mentoring ond more. 2,100+ adult s and children/ young people affected by domestic abuse have been supported by Rising Sun. 90% of adults experiencing domestic abuse feel safer through their engagement with Rising Sun. Left & below.. Rising Sun supports women. children ond those affected by domestic abuse Cldr•Tra sto24ty￿EQ￿rerrt1¥ Alongside providing specialist support to survivors and victims of domestic abuse, Rising Sun also focuses on early intervention for children and young people to prevent or break the cycle of abuse., delivers its oword- winning 'Love Shouldn't Hurt, programme to schools and youth groups to educate on the TtU5tees Annuol Report & Accounts 202419

isingsun Key achievements in 2023/24 Venture Philanthropy: Supporting victims of domestic abuse via Rising Sun Impact statement: Rising Sun Core impact: Providing specialist, holistic support to women, children and those affected by domestic abuse Dimension Data category Data Score Whut Description of outcome Through o voriety of progromme5 ond initiotive5. Rising Sun offers odvice, odvocory ond emotionol support to adults. childien ornd young people affÈctÈd by domestic obuse. providing intÈrvÈntions ot multiple stoges of the journey towords sofety. recovery. ond independence. This outcome is in alignment with SDG 5.2.. Eliminoting oll forms of violence ogoinst oll women ond girls in the public ond private sphere5_ 87% improvement in ￿fetY ￿pOrted by service users ocross progrommes Outcome in period Iproxyl Threshold for positive Importance A threshold has not yet been set by Rising Sun. e5peciolly considering the vgriety of progromme type5 ond the complexity of ossessment. Violence ogoinst women ond girls remains o significont issue in the UK, to the extent that the government h05 labelled it a notionol threot- reflecting the foct thot it has not been odequotely oddre55ed ond mitigated to date_ In term5 Of 5tat15tlCs. o woman 15 killed by a mgn every three doy5 In the UK, ond dtsmestic obusÈ mokes up 18% of oll recoidÈd crime in Englond ond WtslÈs. Adults, children and ytrung people in the Kent region (Canterbury. Ashford. Folkestone ond Hythe, Swalel ffected by domestic abuse. Who Stokeholdei type / geogrophy Boseline Rising Sun often meets its users ot points of high need / crisis. orolso medium need. within ts scÈnorio of domestic abuse ond violence where users ore generolly expeiiencing risks to personol safety. Users are often in vulnerable 51tuotions where Rising Sun is oble to provide critical 5UPPOrt. intervention or guidance. 2,116 odults. children ond young people supported. How kluch Scole Depth Medium-High- while unit impoct could be minimol or significont dèpending on the type of intèrvention, doto sugg&sts that Rising Sun services deliver effective impiovements to users, personol situations across the boord. either in feelings of sofety. overoll wellbeing. or stobility und resilience. Indicotors on education ond prevention olso 5ugge5t thot future incidents rnoy hove been pre-empted or mitigated as a result of services dÈlivÈred. Durotion bAedium- potentiol longe of impoctcould be short or long-losting. depending on the type ond effectiver)ess of the intervention. Contvibution Contribution 111 Rising Sun piovides much-needed, I￿)1 seivices to thecounty of Kent thot is accessible to oll.. 1111 Rising Sun continues to monitor ond ochieve strong outcomes meosures from its services provided.. 11111 The holistic ronge of Support provided by Rising Sun ocr055 Stoges of need ond experience en5ure5 thot imptsct ctsn bÈ presÈrvÈd foi o longei durotion-. (IV) Rising Sun bids foi government funding ond is requiied to demonstrote cost effectiveness. Additionally. given the level of underprovision ond need we consider Rising Sun to be highly odditional to the counterfoctual scenorio_ Overoll Impoct Score Trustees Annuol Report & Accounts ?024110

Key achievements in 2023/24 Venture Philanthropy. Developing domestic abuse prevention via ThinkAgain 'Think Again, is a two-year pilot trial aiming to prevent dating and relationship violence and gender-based violence via a school-based education invervention This year the Foundation agreed to support the Behavioural Insights Team which seeks the trial of a new school-based intervention to be part of the solution to ending youth designed to prevent dating and relotionship violence and improving outcomes for children. violence IDRVI and gender-based violence IGBVI among students. The intended outcomes of a definitive trial would be li) Intermediate: building student The trial has been developed by Professor Chris school belonging and commitment, as well Bonell (School of Hygiene and Tropical Health). as modifying student attitude (violence and Professor GJ Melendez-Torres Iuniversity acceptance) and intention to engage in of Exeterl,. if successful, it would be the UKS DRV/GBV, and lil) primory health outcomes: first definitive trial tackling early prevention. decrease DRV victimisation and The decision to target school-age young perpetrotion, as well as increase in mental people is due to the fact that young people are wellbeing and health-related quality of life. key audience for prevention.. both because In the first year of the Foundotions support, prevention depends on invervention before harm the trial hos completed its 'optimisation phase, occurs, and because young peoples knowledge wherebythefocus hasbeen onthedevelopment and understanding of these issues is locking. of course content ond materials, alongside Sexual harassment is widespread in schools- the recruitment of pilot trial partner schools. according to Ofsted, 92% of girls, and 74Yo of Teaching of the intervention to Year 9 students boys, said sexist name-calling happens o lot or began in schools from September 2024. sometimes to them or their peers-, while nearly The Foundation is looking forward to receiving 90 % of girls, and nearly 50% of boys, said being updates on delivery learnings and on how the sent explicit pictures or videos of things they content is being received. did not wantto see happens a lot orsometimes to them or their peers. The purpose of the Think Again pilot triol is to test the feosibility ond fidelity of o bespoke school-bosed intervention, ond determine whether or not it is occeptoble ond successful enough to progress to a full rondomised control trial. Left.. Sex Education Forum is providing specialist educotionol provision for the roll-out ofo DRV and GBV prevention intervention SEX EDUC F(XUM xking togets f￿ q￿lty reht1￿h1pS a￿1 sex education Partnering to deliver the intervention is Sex Education Forum ("the Forum'l. The Forum is providinga specialistclossroom-level programme involving o set of classroom activities which draw upon a menu of intervention activities - such os positive skills ond interpersonol components designedtodestabilise DRVand GBV behoviour, as well os normalise prosocial relationships behaviour. If successful, the gool will then be to open up wider access to session materials. with the possibility of providing focilitotion by speciolist teachers. Specifically, the Foundation s grant is funding the optimisation and delivery costs of the Forums programme: while Ending Youth Violence Lab (EYVLI is funding evaluation costs. The EYVL is a new venture between Stuart Roden, The Youth Endowment Fund and Photo.. Alexis Brown / Unsplush Trustees Annuol Report & Accounts ?024111

Key achievements in 2023/24 Venture Philanthropy: Supporting underprivileged students Providing a bursary in order to promote greater diversity and inclusion in the real estate sector Having worked closely with the Diversity & Inclusion Working Group established by the team at Bridges, the Foundation hos explored procticol ways in which itcon supportefforts to create a more diverse, inclusive and equitable culture within the industry. One of Bridges specialist investment areas is in real estate, one of the least diverse sectors in the UK. Only 27% of employees in the real estate industry come from a lower socio- economic background. With this in mind, we are delighted to be sponsoring a student on a multi-year bursary programme run by the Worshipful Company of Chartered Surveyors (wccsi. The WCCS, programme supports underprivi- leged students studying a real estate degree, both financially and through mentoring and work experience opportunities. The Founda- tions first student gained several weeks work experience at Bridges offices and received mentoring support from a member of the Bridges Property team while completing their Bachelor's degree, as well as support from sev- eral other colleagues in the firm. After the ini- tial three-year bursary, the Foundation decided to also fund this student s Masters degree. She has now completed her Master s and is de- lighted to have secured and begun her firstjob, working in asset and estate management. The Foundation is now in discussions oround the decision to support o second bursory student. We ore Lieen to improve access to equal opportunities in the surveyor ond real estote industry, ond hope thatthis progromme, ond others like it, will help to attroct o brooder ronge of tolented people into the sector. Photo.. Jovier Truebo / Un5plosh Trustees Annuol Report & Accounts ?024112

Key achievements in 2023/24 Impact Investment Innovation: Supporting the evolution of Evergreen The Foundation was an anchor investor in Bridges, pioneering patient capital vehicle Evergreen, which is now evolving to focus on UK social impact One of the Foundations mojor seed to oversee continued growth and successful investments was in Bridges Evergreen, Bridges delivery across the EHC portfolio. pioneering patient copitol vehicle. Investments like these have demonstrated There are a number of areas where impact-led the need for a more patient, more flexible business can play an important role in delivering funding solution for businesses that are trying better social outcomes. However, companies to tackle difficult sociol challenges. The team s tackling challenges of this kind often find it interactions with potential investees also hard to access the values-aligned capital and continue to underline the market demand for support they need to scale. With its more the volues-aligned copital and impact insight flexible, more patient approach. Evergreen the Bridges team can provide. was designed to be the investment partner of choice for these businesses- enabling them to This year. the Bridges team in close deliver more impact and achieve their growth collaboration with key investors, including the ambitions. Foundation took the decision to restructure the Fund. to make it accessible to a broader In January, Evergreen secured its most range of impact-driven investors. The vehicle successful exit to date. AgilityEco provides will henceforth be called the Inclusive Growth whole-of-house energy efficiency solutions Fund. reflecting the teams focus on socially to some of the most vulnerable low-income impactful UK businesses that are helping households in the UK.. in 2022/23, itworked with to build a more inclusive economy. Within over 36,000 fuel-poor households, delivering this theme, the team will target three areas.. measures that will save each home on average physical health, mental health and economic over £2,600 on their lifetime energy bills. inclusion. Those measures will also avert over 113,000 tonnes of C02 emissions. Following a highly The Foundation is looking forward to seeing successful partnership, Evergreen sold its stake how the strategy evolves in the coming years. in AgilityEco to M Group Services, delivering a In addition to its ongoing collaboration with money multiple of 3.4x and an IRR of 40Yo for Bridges in-house impact and value creation investors. specialists, we are particularly excited by the potential for Inclusive Growth Fund to New Reflexions, Evergreens first investment work with and learn from Bridges outcomes back in 2017, continues to scale. The business partnerships teom, which lalso with support provides integrated education, therapy and from the Foundation) has established itself as care to young people with highly complex a world-leader in delivering meaningful, long- emotional and behavioural needs, via a number term social impact. of specialist schools and childrens homes across the country. It continues to steadily increase the number of children in its care, while also retaining a clear focus on the quality of its provision. 96% of its eligible services are currently rated by Ofsted as "Good" or "Outstanding . Evergreen s other significant portfolio investment is the Ethicol Housing Compony IEHCI, which is occumuloting o portfolio of decent, offordoble homes to rent in Teesside. Over half of EHCS tenonts ore in receipt of benefits to poy their rent, while half were homeless, previously homeless, or ot risk of homelessness ot the time of opplicotion demonstroting the level of need itls oddressing. Notolie Usoi wos oppointed CEO in the yeor Below-. New Reflexions, The Fitzroy Academy opened in 2022 and provides accommodation, education and therapeutic care to children with learning disabilities or acute behovioural, emotional and sociol difficulties SIJ, 11 G-",E .- Trustees Annuol Report & Accounts ?024113

Key achievements in 2023/24 Impact Investment Innovation: Scaling Outcomes Partnerships Providing grant funding to enable Bridges Outcomes Partnerships to scale the broader Outcomes Partnerships movement while delivering direct impact Over the next three years, the Foundation is Separately, the Foundation hos granted supporting Bridges Outcomes Partnerships £150,000 to date towards setting up the IBOPI, a not-for-profit portfolio compony SDG Outcomes Fund a strategy dedicoted owned by Bridges Social Outcomes Fund 11 to contributing towards achieving the UN LP, to create an infrastructure, in the UK ond Sustainable Development Goals (SDGS) globally, which will help funders partner, procure. alongside UBS Optimus Foundotion. The first- and contract based on impact. of-its-kind vehicle invests in Development To date, BOP'S pioneering outcomes activity Impoct Bonds ond other outcomes-based has achieved over£175m worth of outcomes for partnerships globally. in order to generote 600,000+ people globally: delivering c.£1.2bn of Posltive impact for those who need it most in public value in the UK. areos such as health. educotion. employment. livelihoods and the environment. Using outcomes-based contracting, BOP facilitates and delivers personalised, place- based support for people facing multi-faceted challenges-achieving betteroutcomesforsuch individuals and better value for commissioners. For example, when compared to pay-for-inputs approaches, outcomes-based family therapy delivers an average 25Yo better outcomes for 80% more families at 20/-50% lower cost per family, keeping more children safely out of core. With grant funding from the Foundation, BOP aims to develop an infrastructure and further scale the field through the implementation of data and policy initiatives, including- The creotion of o doto-enabled digitol infrostructure ond live Impoct doshboord. which con demonstrate 'the ort of the possible, when people-centred dota and insight is central to delivering public services. By creoting live, open doshboards ond by sharing learnings, BOP aims to create o new stondord of how impoct ond sociol volue should be measured, monaged ond understood. 8eli)w'. port of BOP'S new dynomic impoct d(Tto doshboord.. ond The Rt Hon Lucy Frozer KC. in her copocity os Secretory of Stote for Culture, Medio ond Spott, visiting one of BOP'S ploce-bosed educotion support progrommes, AIIChild (previously West London Zone) £vAkn 2. Working closely with partners ond policy mokers to help create changes in funding ond contracting for humon services to enable more long term, person-centred ond preventive approaches. In the last twelve months, the first version of the live impact dashboard was launched. BOP also captured and shared leornings with partners around shifts needed to enoble more long term, person-centred ond preventive approaches (including partnering with organisations such os New Local.. example knowledge-sharing article here). 11!p TtU5tees Annu(Jl Report & Accounts 2024114

Key achievements in 2023/24 Impact Investment Innovation: Highlighting The Turner ￿lINT ￿BA programme, the work of another non-profit in the Bridges Group Thanks to the support of the Foundation's U.S.-based sister organisation, the Turner MIINT Masters programme inspires more graduates with impact The Foundation has supported the in total. spending the year developing their development of sustainable and impact impact skills. Selected os the strongest team investing, both in the UK and globally. from each of their schools, 151 students were by funding o number of market-building invited to compete in this year's investment initiatives and publicotions. committee event, travelling from as for os This year, Bridges Impact Foundation U.S., our Hong Kong to the University of Pennsylvonia U.S. sister organisation, continues to support to present their selected ventures over a two- the thriving Turner MIINT programme. day immersive experience. Finalist pitches ranged from a cutting edge health service with early detection of breast cancer to an education planning software service for teachers. First place was awarded to a teom from London Business School, for a Norwegian-based company reprocessing end- of-life wind turbines into virgin-grade materials Afterwind. This earns them the Moelis Prize. which means Afterwind is eligible for a $50,000 investment. As runners-up, New York University ond INSEAD each received $25.000 into their presented company. Meanwhile this year s bestdiligenceoward, which celebrates strongly executed and well-reseorched diligence, went to Kellogg School of Management. The Turner bAIINT progromme (U.S.) N.B_ The Foundotion hos reg(Jlor updote5 Wjth it5 $15ter organisation in the U.S_. 05 we looli to (Jlign our efforts The M IINT IMBA Impact Investing Networking ond engogement opportunffties. K¢ore informotion on the and Troiningl programme is run by the Bridges TurnerMIINTprogramme ot www.turnermiint.org. Impact Foundation U.S., the Foundation s U.S. sister organisation, in partnership with the Wharton ESG Initiotive at the University of Pennsylvonio. It is an experiential education progromme designed to give students o hands-on education in investing for impact. Ittakes place each academic year and involves top business and graduate schools from around the world, encouraging the flow of talented young people into impact investing. The programme was renamed as the Turner IINT, in recognition of a generous $2.5m donation from philanthropists Bobby & Lauren Turner. Above." Participcr.t," *lt- Ll-.-"i.- Below.. Turner kvlllNT 2024 winners from London Business School BRIDGES BRIDGES BRIDCIES RNFD MT TI_I PNER P,. Via teaching and mentorship, students ore guided through their journey as impact investors-in-training. The programme culminates in a competition where students pitch for investment for a real-life impact start- This yeor, over 400 students porticipated Tru5tee5 Annuol Report & Account5 2024 | 15

Key achievements in 2023/24 Bridges Charitable Team Activities: Bridges colleagues fundraising and volunteering for charity Team Bridges walks nine London bridges and triumphs on the football pitch The Foundotion's Charitoble Team Activities supplement its other work by encouraging and rewarding Bridges, colleagues philanthropic activities, and by providing finonciol support in cases of finonciol hardship to close stakeholders. rtyof The bAotched Giving Focility The facility encourages Bridges employees in their own philanthropic activities by matching their individual fundraising contributions to the cause of their choice by up to £1,000. Team matched funding varies in amount. There was one request in the year, with a subsequent donation of £3,000 to match the funds roised by the team Bridges walk for The Brain Tumour Charity (below) bringing the cumulotive matched giving total since the choritys inception to £76.592. Walking forThe Broin Tumour Charity On 7th July 2023, Bridges colleagues from across Bridges Fund Management and Bridges Outcomes Partnerships came together to embark on 0 10-kilometre sponsored walk through London. in aid of The Brain Tumour Charity. With bridges being of particular significance, given the firm s name, the route deliberately involved thecrossing of nine London Street Soccer London Spring Cup champions bridges, from London Bridge to Battersea. In April,the Foundation madea donation towards Bridges chosetofundraiseforThe Brain Tumour and fielded a Bridges team at Street Soccer Charity in memory of its much-loved former London ISSLIS Spring Cup fundraiser in Vauxhall. chairman Peter Englander, who passed away Bridges four-person team played six matches at the end of May after his own battle with a against a number of other corporate teams, brain tumour. Peter was a huge inspiration to plus SSL. over the 5-0-side tournament - with the team. the help of an additional player lent by SSL. The team was delighted to progress to the semi-final and final, clinching a win in the latter and taking home the tournament trophy. Street Soccer supports individuols who have experienced sociol exclusion in various forms including homelessness, poor mentol heolth, criminol justice. substonce obuse, or refugee stotus-through the powerof sport. The chority WQS the recipient of o pre-covid sponsorship donotion by the Foundotion, which enobled its London players to represent Englond ot the deloyed Nations Cup in 2022. Above.. Bridges teams walked across nine London bridges in aid of The Brain Tumour Charity Above.. Bridges teom win5 Street Soccei London's Spring Cup 2023 Tru5tee5 Annuol Report& Accounts 2024 | 16

Key achievements in 2023/24 Bridges Charitable Team Activities: Bridges colleagues fundraising and volunteering for charity The Foundation also provides short-term financial grants to those in need within the Bridges network The Benevolent Fund The Foundation's Benevolent Fund was launched to provide short-term financial support grants to members of the brooder Bridges network (such as portfolio company employees) who find themselves in difficult circumstances. £20,000 has been allocated to this fund. There were three requests in the year totaling £7,300 ond therefore the total spend to date is now £20,408. The Donor-advised Pool The Foundation has established a Donor- Advised Pool, a pool of funds capped at 20Y. of Bridges, carry whereby the corry holders can moke a request to the Trustees on how to allocate this portion of the funds. In total, sixteen requests were mode during the year, totalling £6,95012023: £30,931). Tru5tee5 Annuol Report & Account5 2024 | 17

Future Plans The Foundation will continue to focus on its three core strategic pillars in the coming year- Venture Philanthropy

Impact Investment Innovotion Bridges Charitable Team Activities support for Bridges first dedicated outcomes fund through the Social Impact Bond Fund., from its investment in the Village Enterprise Development Impact Bond, to its support of and decision to provide grant funding to the SDG Outcomes Fund. The Foundation is looking forward to seeing how the evolved Bridges Evergreen strategy, Bridges Inclusive Growth Fund, develops in Venture Philonthropy: the coming years, with its renewed focus on partnering with highly impactful, socially- Having established our second focus area focused UK companies. of Gender-based Violence. and its two corresponding sub-themes, the Foundation is Elsewhere. the Foundotion continuesto explore aiming to add new charity partners specific to Opportunities to support efforts to catolyse this area. direct ond systemic impact across o ronge of organisotions. chonnels ond finonciol vehicles. We are also expanding our work in key ways: The team is in the process of identifying an outstanding advocacy or campaign organisation operating at a national level, which would benefit from the Foundations financial and non-financial support. The team is also exploring programmes available which support people ot risk of becoming perpetrators. Seed-funding & ￿arket-bUIlding. Bridges Impact Foundation has a long history of supporting outcomes-based contracts and partnerships, from its investment in the first ever outcomes contracts (via the Social Entrepreneurs Fund which it catalysed), to Below. Wecyclers, on outcomes-bosed projecttockling plostic woste pollution in Nigerio while providing decent jobs. pa-t=f th= SDG Outcomes Fund Tru5tee5 Annuol Report& Accounts 2024 | 18

Financial Review Fundraising The current Bridgesteam,aswell as someformer A number of exit processes delayed by Covid Bridges employees that have now moved on to are now underway again. The Foundation other workplaces, have committed to donate a expects this to create a steady funding stream portion of their carried interest to benefit the for the Foundation that is likely to rise over Foundation. time. There were carry donations of £205,065 in the This should allow the Foundation to expand its year to N4arch 202412023: £84,282). There were activities further in the coming years. no Gift Aid submissions in 202412023- £16,739). Investments Bridges Social Entrepreneurs Fund LP I'SEF") down from investors since the commencement made no drawdowns in the year 12023: Enil). of BEH on 6 July 2016, ogoinst £66m total The Foundotion's commitment Is fully drown, commitments. This represents 86% of current and the Fund has come to the end of its life commitments. and has been used to fund and is now in liquidation. investments into New Reflexions, Shaw Total distributions. net of PPS repaid, by year- Healthcore. the Ethical Housing Company. Skills Troining UK ond AgilityEco. as well as end were £6.69m. This equates to a return of Priority Profit Share and other fund expenses. 8210 of the capitol ond loon drawn down net of recalled PPS1£8.19m). In the year, Evergreen made a dividend distribution to investors of £2.8m. or 6% of There is currently one active investment invested cost, in Morch 2024. forecast to run until 2025, ot which point the Fund will be liquidated. The Net Asset Value of Governonce costs for the Foundation were SEF at the year-end was £118,877. £16,331 compored to £12,902 from the prior year. Administration and investment services Bridges Evergreen Holdings (BEH) mode are performed by Bridges Fund Management no drawdowns this year 12023.. £nil) and Limited on a pro bono basis. It is not possible distributions of £128,256 have been received to quantify the value of this work. in the year to March 202412023: £90,114) in the form of a dividend payment. As at 31 March 2024, £57m had been drawn Tru5tee5 Annuol Report& Accounts 2024 | 19

Public benefit The Trustees have complied with the duty in The ongoing work of the Bridges Outcomes section 17 of the Charities Act 2011 to have due team to build capacity in the social outcomes regard for the Charity Commission s published market also has significant potential to general and relevant sub-sector guidance improve public sector services. both in the UK concerning the operation of the public benefit and beyond, by delivering better outcomes and requirement under that Act, including the better value for the public purse. guidance public benefit- running o charity IPB2)'. The Matched Giving facility amplifies and thus incentivises individual charitable fundraising by The Trustees consider that the activities of the members of the Bridges team. charity provide significant public benefit, in a number of important ways. The Foundation does not engoge in fundroising octivities ond no donotions ore sought from By octing as the original cornerstone investor the public. The Foundotion does not use third- in the Bridges Social Entrepreneurs Fund, porties to assist with fundraising ond the which in turn co-invests olongside the Bridges Foundation received no complaints in this year Sociol Impoct Bond Fund, ond more recently regording its fundroising proctices. by investing in Bridges Evergreen Holdings, the Foundotion hos helped to channel copital to innovative ond ombitious sociol sector orgonisotions looking to creote long-term, sustoinoble impoct at scole. Trustees Annuol Report & Accounts ?024120

Relationship with other entities Bridges Fund ￿anagement Limited so Bridges could continue driving impact and financial value in the remaining assets. The Fund Bridges Impact Foundation is connected to is now in liquidation and is expected to be wound Bridges Fund Management Limited I"Bridges') up following the exit of its final investment. by virtue of the fact that it holds B ordinary shares in the company. The Foundation does Bridges Inclusive Growth Fund LP not exercise significant control or influence over Bridges, asthe B ordinary shares are non-voting In August 2024. Bridges Inclusive Growth shares, except in certain situations governing o Fund LP, previously Bridges Evergreen Capital change of the mission of the company. Under LP, received Special Investors Consent for the terms of Bridges Articles of Associotion. a restructuring of the Fund to allow for its it has no right to any of the profits or losses conversion into a closed-ended vehicle of the company even in the event of o sale or and the adoption of an amended Limited liquidation (only to capital). Partnership Agreement ("LPA"). The adoption of the amended LPA and restructuring steps The Foundation occupies office space and formolly took place in September 2024 but by shares management personnel with Bridges. agreement to toke effect from 1 April 2024. In addition, Bridges is the appointed manager to the private funds in which the Foundation The Fund is focused on investing copitol to has invested. The Foundation benefits from its SUPPOrt the growth of UK-bosed mi5sion- relationship with Bridges Fund Management, led businesses ond orgonisotions that deliver for which it is not charged. The Foundation Posltive sociol impoct ond. in close alignment, is administered by the staff of Bridges, who commercial success. The investment5 of support it by offering time, resource and Bridges Inclusive Growth Fund LP are monoged support to charitable activities. by Bridges. The investors in the Fund, including the Bridges Impoct Foundotion, are members At the year-end, Founder Trustee Michele of the Fund s Investors Committee where the Giddens was also a director of Bridges Fund Monoger updates the investors on progress to anagement. In addition, Aaron Vagarwal. date ond future plons for the Fund. Lucia Santirso Richards, Tom Mountford and Simon Ringer were employees at Bridges, while Bridges Impact Foundation U.S. Antony Ross was a senior advisor to Bridges. Giuseppe Catarozzo resigned as a Trustee in Bridges Impoct Foundotion U.S. is o U.S.- October 2023., Michele resigned as a Board bosed 501(c13 nonprofit orgonisotion, and an member in September 2024", and Antony independent organisotion. The Foundotion hos resigned as a Trustee in October 2024. Maggie regulor updates Wlth this entity, Qs we look to Loo and Philip Newborough were appointed colloborote on opportunities where possible. as Trustee and Founder Trustee respectively in SDG Outcomes Fund Scsp October 2024. Bridges Outcomes Limited acts as the Bridges Social Entrepreneurs Fund LP portfolio manogerfor the SDG Outcomes Fund Bridges Social Entrepreneurs Fund LP I"SEF-) Scsp I'the Fund"), the first vehicle of its kind was constituted under a limited partnership dedicated to creating sociol and environmentol agreement. It attracted funding that was outcomes through projects focused on health, invested in social enterprise initiatives with education, women s economic empowerment strong potential philanthropic benefit. and the environment to benefit the world's most vulnerable populations. The generol ond controlling portner of SEF wos Bridges Social Entrepreneurs Fund (General The Fund aims to ochieve direct impactthrough Partner) Ltd, o wholly-owned subsidiary of Potentiol positive outcomes estimated to be Bridges.The investments of SEFwere monoged worth more than $250m. The Fund also aims to by Bridges. The investors in SEF, including the achieve systemic impact through transforming Bridge5 Impoct Foundation, were members of the way donors commission and fund services SEF'S advi50ry board, whereby the Monoger for vulnerable people, as well as transforming updoted the investors on the Fund s progress. the ecosystem of delivery partners, improving outcome payer engagement by achieving The investment period of Bridges Social more outcomes and better value for money, Entrepreneurs Fund LP ended in 2016,. the and increasing the ovailability of more Fund's term was due to expire in 2019, but this flexible. impact-focused capital through the was subsequently extended to August 2021, establishment of a brooder investor base. Trustees Annuol Report & Accounts ?024121

Organisation and appointment of Trustees The Bridges Impact Foundation is administered Trustee Induction and Training by the Board of Trustees. The Trustees ensure that the Foundation is NewTrustees oftheBridges ImpactFoundation carrying out its purposes for the public benefit, toke part in a mondatory induction meeting that it manages its resources responsibly, and to understand their legal obligations as a that it is fully accountable and compliant with Trustee under charity law. Trustees who are the law. not employees of Bridges Fund Management Ltd are also briefed on the companys activities There must be at leost four Trustees ond no and philosophy, governance. decision-making more thon ten in office at ony given time. process. and recent financial reports. The Foundation s Board iscomprised of elected All Trustees are invited to join a meeting of employee representatives from Bridges Fund the Bridges Inclusive Growth Fund advisory Manogement, senior Bridges partners. ond board (and previously the Bridges Social independent Trustees. Entrepreneurs Fund advisory boardl as part of Victoria Hornby is the Foundation s Chair. The their induction and training. Foundation is lucky to benefit from her not-for- All Trusteesareencouraged to undergo external profit experience and expertise. Her support, training that can better inform them of their challenge and guidance are invaluable. and role as Trustee or enhance their expertise/skills ensure the effective and smooth running of the to contribute to the work of the Foundation. Foundation s Board. In October 2023, Giuseppe Catarozzo resigned Other Key Personnel as Trustee. Antony Ross stepped down in October 2024,. in the same month, Maggie Loo Barbara Storch is Director of the Foundation., joined the Board as a senior member of the she is responsible for developing and directing Bridges team. strategy for the deployment of the funds of the ichele Giddens stepped down as a Founder Foundation on a day-to-day basis. Trustee in September 2024, followed by the Aaron Vagarwal is Secretary of the Foundation. appointment of Philip Newborough as a Founder Trustee in October 2024. Independent Trustees ore oppointed by o resolution of the Board of Trustees ond serve for three yeors, ot which point they con be reoppointed for a further three-yeor term. Alex Pitt, co-founder and Director of Growth at Mustard Seed, an early-stoge generalist impact fund, has served as an independent Trustee since 2020. Tim Simmonds, a partner at law firm Osborne Clarke, was formally approved os another independent Trustee in October 2022. The Foundation is actively searching for another independent Trustee tojoin the Board. As part of its commitment to best practices in governance, the Foundation periodically reviews its policies and procedures to ensure they meet the highest standards. In 2024. the Foundation conducted a governance review. resulting in several areas of enhancement. These ongoing improvements reflect the Foundation s dedication to upholding high standards in governance and accountability. Trustees Annuol Report & Accounts ?024122

Risks and Risk NAanagement The key risks faced by the Foundation relate to The Trustees continue to explore with the the performance of funds managed by Bridges Bridges team other avenues of charitable Fund Management. activity that are oligned with the skills, interests The value of the Foundation s investment in and activities of the team. SEF, and its investment in Bridges Inclusive Restricted funds ot year-end totaled Growth Fund, may rise or fall depending on £4,170.72612023.. £4.533,3021. the performance of the companies in which these funds choose to invest. Equolly, on important funding streom for the Structure Foundotion derives from the Bridges Fund NAonogement teom (both post ond presentl. Bridges Trust Icompany number 06864617) who hove committed to donote the equivolent wos incorporated on 31 Morch 2009 under a of10 /oof theirindividual carried interest, (profits) emorandum and Articles of Association. orising fromthefunds monoged byBridgesFund with oll existing Trustees in the unincorporated NAanogement to the Foundotion. If the funds charity Bridges Charitable Trust (charity fail to generate corried interest, the funding number 11183911 becoming directors of the of the Foundation will be adversely affected. newly incorporated Bridges Trust. The Trustees work to proactively manage risks Bridges Trust was registered as a charity with by reviewing potentiol f inonciol, reputotionol the Chority Commission on 20 May2009 and other risks on an annual basis and Ichority number 1129756),. changed its nome to developing and implementing strategies Bridges Charitable Trust on 17 August 2009., to pre-empt or minimise these risks. They and chonged its name to the Bridges Impact also maintain close communicotion with the Foundation Ltd. on 22 February 2017. Bridges Fund Management team to monitor New Articles of Association were adopted any potential risks pertaining to the funds in 2024. introducing a new type of Trustee: a investment activity. Bridges Founder Trustee is a Trustee who is a A key element in the management of financial founding partner of Bridges. risk is the frequent review of quarterly finance updates presented at each Board meeting which analyse cashflow forecasts to manage financial risk and of the amounts and terms of donations made to the Foundation. Reserves Policy The Bridges Impact Foundation s policy is to hold reserves that will enable the organisation Ensure there is sufficient money to continue its core octivities during o period of unforeseen difficulty Undertake special projects ond one-off octivities in keeping with the Foundotion's mission The Foundotion incurs minimol costs of operation, including governance costs. It considers that the unrestricted reserves at the year-end totaling £738,148 12023: 899,8371 of which £19,911 is designated and £718.237 is generol, will be more thon sufficient to cover ongoing expenses associated with its current operotions. Trustees Annuol Report & Accounts ?024123

, Statement of Trustees' Responsibilities

The Trustees (who are also directors of Bridges Impact Foundation 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), including FRS 102, the Financial Reporting Standards applicable to the UK and Republic of Ireland.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the 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:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Declare any conflict of interest following the Foundation's Conflict of Interest policy

• Make judgements and estimates that are reasonable and prudent

• State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business

The Trustees are responsible for keeping proper 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the Trustees are aware:

• There is no relevant audit information of which the charitable company's auditor is unaware

• The Trustees have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor was aware of that information

Auditors

Moore Kingston Smith LLP continued in its appointed role as auditor in the year.

Signed on behalf of the Trustee Board by:

VLa =!!

Chair of Board 28[th ] January 2025

Trustees' Annual Report & Accounts 2024 I 24

INDEPENDENT AUDITORS REPORT FOR YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIDGES IMPACT FOUNDATION LIMITED

Opinion

We have audited the financial statements of Bridges Impact Foundation Limited (‘the company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 financial statements are authorised for issue.

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

Other information

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

Trustees' Annual Report and Accounts 2024| 25

INDEPENDENT AUDITORS REPORT FOR YEAR ENDED 31 MARCH 2024 (continued)

Opinions 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 the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or

• the charity has not kept adequate accounting records; or

• certain disclosures of trustees’ remuneration specified by law are not made;

• the financial statements are not inagreement with the accounting records and returns; or

• we have not received all the information and explanations we required for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Report and from preparing a Strategic Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Trustees' Annual Report and Accounts 2024| 26

INDEPENDENT AUDITORS REPORT FOR YEAR ENDED 31 MARCH 2024 (continued)

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Trustees' Annual Report and Accounts 2024| 27

INDEPENDENT AUDITORS REPORT FOR YEAR ENDED 31 MARCH 2024 (continued)

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 30 January 2025

Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

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Bridges Impact Foundation Limited Statement of Financial Activities For the year ended 31st March 2024

Unrestricted Note Funds £ INCOME AND EXPENDITURE Income Donations and Grants 2 152,373 Investment income 3 128,256 Total Income 280,629 Expenditure Charitable expenditure 4 (442,318) Total Expenditure (442,318) 7 - (161,689) Transfers between funds - Fund Balances at 1st April 2023 899,837 Total Funds at 31st March 2024 10,11 738,148 Revaluation of programme-related investment Net (expenditure) and Net Movement in Funds for the year	Restricted Funds £ - - - - - (362,576) (362,576) - 4,533,302 4,170,726	Year ended 31 March 2024 £ 152,373 128,256 280,629 (442,318) (442,318) (362,576) (524,265) - 5,433,139 4,908,874	Year ended 31 March 2023 £ 84,307 166,056 250,363 (274,942) (274,942) (651,244) (675,823) - 6,108,962 5,433,139

All gains and losses for the year are included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 32 to 39 form part of these financial statements.

Trustees' Annual Report and Accounts 2024| 29

Bridges Impact Foundation Limited Balance Sheet as at 31st March 2024

	Note	2024	2024	2023	2023
		£	£	£	£
Programme-Related Investments	7		3,466,506		3,829,082
Current Assets
Debtors	8	23,250		75,942
Cash at bank and in hand		1,431,618		1,576,096
Creditors: Amounts falling due		1,454,868		1,652,038
within one year	9	(12,500)		(47,981)
Net Current Assets			1,442,368		1,604,057
Net Assets			4,908,874		5,433,139
Funds
Unrestricted general funds	10		718,237		871,284
Unrestricted designated funds	10		19,911		28,553
Restricted funds	11		4,170,726		4,533,302
Funds			4,908,874		5,433,139

The notes on pages 32 to 39 form part of these financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board of Trustees and authorised for issue on and signed on its behalf by:

........................................................28th January 2025 Victoria Hornby Date Trustee

Company Registration Number: 06864617

Trustees' Annual Report and Accounts 2024| 30

Bridges Impact Foundation Limited Cash Flow Statement For the year ended 31st March 2024

Note Cash flows from operating activities Net Cash provided by operating activities 16 Net cash (used in) operating activities Cash flows from investing activities Investment income received Programme related investment repayments received Net cash provided by investing activities Change in cash in the reporting period Cash at the beginning of the reporting period Cash at the end of the reporting period Analysis of changes in net debt Cash at bank Total	2024 £ (272,734) (272,734) 128,256 - 128,256 (144,478) 1,576,096 1,431,618 1 April 2023 £ 1,576,096 1,576,096	Cash flows £ (144,478) (144,478)	2023 £ (87,337) (87,337) 166,056 62,092 228,148 140,811 1,435,285 1,576,096 31 March 2024 £ 1,431,618 1,431,618

Trustees' Annual Report and Accounts 2024| 31

Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2024

1 Accounting Policies

Basis of Accounting

These financial statements are prepared on a going concern basis, under the historical cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company is a public benefit entity for the purposes of FRS 102 and therefore the Foundation also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have considered the potential impact of the current economic environment. However, the principal expenditure is in making donations and grants and these are only made out of funds available. This combined with the significant unrestricted reserves held by the Foundation have led the Trustees to conclude that there is a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Income from investments, donations and grants is brought into the accounts when the Foundation is entitled to receipt, receipt is probable and can be measured reliably.

Gift Aid income is recognised on the date at which the relevant qualifying donation has been received. Any amounts not received at the year end are included within debtors.

Expenditure

Expenditure is charged in the accounts on an accruals basis. Governance costs consist of costs associated with the strategic direction of the organisation.

Grants payable, including those paid over several years, are charged when the offer is conveyed to the recipient except in the cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. No support costs are allocated to grant-giving activities.

Fund structure

Amounts donated for the purpose of specific categories of investment are categorised as restricted funds. All other income is included as unrestricted provided there are no conditions specified by the donor related to its use. Unrestricted funds ring-fenced by the trustees for specific use have been disclosed as designated funds, more information on these funds is available in note 10.

Trustees' Annual Report and Accounts 2024| 32

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

1 Accounting Policies

Programme-Related Investments

Investments made by the charity which are made in direct pursuit of the charity's objects are treated as Programme-Related Investments. These consist of a capital element and a long term loan, and include such capital and loan commitments made by way of Limited Partner investment in Bridges Social Entrepreneurs Fund LP and Bridges Inclusive Growth Fund LP . The loan elements of investments made are measured at the value of the loan given less any amounts repaid and less any impairment. The capital elements of investments made are measured at fair value if this can be measured reliably, or if not at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.

Financial Instruments

Basic financial instruments are measured at amortised cost, other than investments, which are measured at cost less impairment.

With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 8 and 9 for the debtor and creditor notes.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

The trustees deem the key area of estimation to be the annual review and adjustment of the Programme-Related Investment to take into account any current period impairment, reversal of prior period impairment or revaluation. See the accounting policy above and note 7 for further details.

2 Donations and grant income

Gift aid Individual donations	2024 £ - 152,373 152,373	2023 £ 25 84,282 84,307

All donation and grant income was unrestricted in 2024 and 2023.

3 Investment Income

Dividends received Interest received	2024 £ 128,256 - 128,256	2023 £ 166,056 - 166,056

All investment income was unrestricted in 2024 and 2023.

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Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

4 Expenditure

Current year

Charitable expenditure Donations Grants paid to institutions (see note 4b) Consultancy fees Governance (see note 4a) Total Prior year Charitable expenditure Donations Grants paid to institutions (see note 4b) Consultancy fees Governance (see note 4a) Total	Direct Costs £ 21,300 320,000 - - 341,300 Direct Costs £ 33,137 160,000 - - 193,137	Support Costs £ - - 84,687 16,331 101,018 Support Costs £ - - 68,903 12,902 81,805	Total 2024 £ 21,300 320,000 84,687 16,331 442,318 Total 2023 £ 33,137 160,000 68,903 12,902 274,942

Restricted expenditure included above for 2024 is £nil (2023: £nil).

Key management personnel comprise the Trustees and the Director of Strategy. Within Consultancy fees is £78,622 (2023: £67,648) paid to Bridges Fund Management for the services of the Director of Strategy.

4a Governance costs

Legal & professional fees Audit fees Bank charges General Expenses	Total 2024 £ - 15,130 968 233 16,331	Total 2023 £ - 12,312 590 - 12,902

Restricted expenditure included above for 2024 is £nil (2023: £nil).

Trustees' Annual Report and Accounts 2024| 34

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

4b Grants paid to institutions OnSide Youth Zones Worship Company of Chartered Surveyors Mental Health Innovation The Difference Rising Sun Bridges Outcomes Partnerships Sex Education Forum	2024 £ 50,000 10,000 - 30,000 50,000 150,000 30,000 320,000	2023 £ 50,000 10,000 30,000 40,000 30,000 - - 160,000

5 Trustees' remuneration

Trustees are deemed to be the key management personnel of the Foundation. The trustees did not receive any remuneration during the period (2023: £nil). No costs were reimbursed to trustees during the period (2023: £nil).

6 Auditors' remuneration

Total amounts paid to the auditor in note 4a are broken down as below:

Current year audit fee Prior year under accrual	2024 £ 12,500 - 12,500	2023 £ 11,820 492 12,312

Trustees' Annual Report and Accounts 2024| 35

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

7 Programme-related investments Investment value at 1 April 2023 Loan investment additions in the year Loan investment repayments in the year Value at 31 March 2024 Revaluation of programme-related investment	2024 £ 3,829,082 - - (362,576) 3,466,506	2023 £ 4,542,418 - (62,092) (651,244) 3,829,082

Investments represent the amounts paid to date by the Foundation into the Bridges Social Entrepreneurs Fund LP of which it is a Limited Partner, and Bridges Evergreen Capital LP of which it is also a Limited Partner.

The Bridges Social Entrepreneurs Fund was intended to exist for a period of up to twelve years and has terminated since 31 March 2022. Ultimately, the fund had a net money multiple of less than 1 (i.e. did not return all invested capital) over its life.

The Bridges Evergreen Capital LP Fund is focused on investing long-term capital to support the growth of mission-led businesses and social sector organisations that deliver positive social impact and enjoy commercial success. The Fund has invested in New Reflexions, the Ethical Housing Company, and Agility Eco.

Amounts committed, but not yet invested

Social Entrepreneurs Fund LP

The total commitment that the Foundation had to Bridges Social Entrepreneurs Fund LP was £4,240,252 which could be drawn down at the discretion of the Manager of the Fund. Total undrawn commitments in the Fund were capped as of 30 June 2016, resulting in a cancellation of commitments. PPS repaid subsequent to the cancellation will continue to be redrawable.

The Social Entrepreneurs Fund LP came to the end of its life on 28 August 2021. The Fund’s Manager was appointed as Liquidating Trustee under the terms of the Limited Partnership Agreement (“LPA”). The Fund has been fully drawn. The balance of the Foundation's commitment, not yet drawn upon by 31 March 2024, is £nil (2023: £nil).

In addition, total distributions of £nil have been received by the Foundation from the Fund in the year to 31 March 2024, which represents the repayment of loans drawn from the Foundation to pay the priority profit share to the Fund’s General Partner.

Bridges Inclusive Growth Fund (previously Bridges Evergreen Capital Fund LP)

Bridges Evergreen Capital Fund LP has gone through a restructuring and is now called Bridges Inclusive Growth Fund.

The total commitment that the Foundation had to Bridges Evergreen Capital Fund LP at 31 March 2024 was £3m (2023: £3m) which can be drawn down at the discretion of the Manager of the Fund. Bridges Evergreen Capital LP is constituted under a Limited Partnership Agreement dated 6 July 2016. The Fund invests in mission-led Portfolio Companies that provide a positive social impact and have a missionlocked governance structure in order to deliver their social mission. As at 31 March 2024, Bridges Evergreen Capital Fund LP had total Fund commitments of £65.7m. In August 2024, Bridges Inclusive Growth Fund LP, previously Bridges Evergreen Capital LP, received Special Investors’ Consent for a restructuring of the Fund to allow for its conversion into a closed-ended vehicle and the adoption of an amended Limited Partnership Agreement. The adoption of the amended LPA and restructuring steps formally took place in September 2024 but by agreement to take effect from 1 April 2024.

The balance of the Foundation's commitment to Bridges Inclusive Growth Fund (Bridges Evergreen Capital LP), not yet drawn upon by 31 March 2024, is £nil (2023: £nil).

Trustees' Annual Report and Accounts 2024| 36

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

8 Debtors Accrued income 9 Creditors: Amounts falling due within one year Other creditors 10 Unrestricted Funds Current year At 1 April 2023 Income £ £ General funds 871,284 280,629 Designated funds (a) Benevolent fund 6,892 - (b) Fund matching 20,661 - (c) Property philanthropic pot 1,000 - (c) Growth philanthropic pot - - Total Designated Funds 28,553 - Total Unrestricted funds 899,837 280,629 Prior year comparative Unrestricted Funds At 1 April 2022 Income £ £ General funds 913,357 250,363 Designated funds (a) Benevolent fund 6,892 - (b) Fund matching 4,167 - (c) Property philanthropic pot Total Designated Funds 11,059 - Total Unrestricted funds 924,416 250,363	Expenditure £ (431,268) (7,300) (3,000) (250) (500) (11,050) (442,318) Expenditure £ (270,436) - (3,506) (1,000) (4,506) (274,942)	2024 £ 23,250 23,250 2024 £ 12,500 12,500 Transfers £ (2,408) 408 - - 2,000 2,408 - Transfers £ (22,000) - 20,000 2,000 22,000 -	2023 £ 75,942 75,942 2023 £ 47,981 47,981 At 31 March 2024 £ 718,237 - 17,661 750 1,500 19,911 738,148 At 31 March 2023 £ 871,284 6,892 20,661 1,000 28,553 899,837

(a) The Bridges Impact Foundation Benevolent Fund has been established primarily to support employees of the Bridges Fund Management group and any of its portfolio companies who find themselves in acute financial need. In the year to March 2024 a total of £7,300 (2023: £nil) was paid out for such causes.

(b) Bridges Impact Foundation has undertaken to match donations raised from private individuals in the Bridges Fund Management team to a maximum of £1,000 per team member per annum. A total of £20,000 has been designated, but is subject to top up should it prove to be insufficient. In the year to March 2024, a total of £3,000 (2023: £3,506) was paid out in matched donations.

(c) The Growth and Property philanthropic pots is designated for a sub-sector of the Bridges team to recommend small donations to support philanthropic projects of their choosing, as approved by the trustees.

Trustees' Annual Report and Accounts 2024| 37

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

11 Restricted Funds (a) Balance at 1 April 2023 Revaluation (loss) Balance at 31 March 2024 (b) Balance at 1 April 2023 Revaluation loss Balance at 31 March 2024 Total Restricted Funds at 31 March Funds acquired for Programme Investment in Bridges Inclusive Growth Fund (previously named Bridges Evergreen Capital LP) Funds acquired for Programme Investment in Bridges Social Entrepreneurs Fund	2024 £ 1,118,684 (7,457) 1,111,227 3,414,618 (355,119) 3,059,499 4,170,726	2023 £ 1,137,208 (18,524) 1,118,684 4,047,338 (632,720) 3,414,618 4,533,302

• (a) The balance on programme-related investment funds represents funds already invested, together with further funds held pending investment in programme-related investment projects, net of related costs of managing the Fund. The value of the investment in the underlying Fund increased in the year and has been recognised in its revaluation.

• (b) The Foundation had funds brought forward of £3,414,618 for use in the Programme Investment Fund to support Bridges Inclusive Growth Fund (previosuly named Bridges Evergreen Capital LP). During the current year there has been further investment in Bridges Inclusive Growth Fund £nil (2023: £nil). The value of the investment in the underlying Fund decreased in the year and has been recognised in its revaluation.

12 Analysis of Net Assets between funds

Current year Fixed Assets - Programme-related investments Current Assets Current Liabilities Prior year Fixed Assets - Programme-related investments Current Assets Current Liabilities	Unrestricted Funds 2024 £ - 750,648 (12,500) 738,148 Unrestricted Funds 2023 £ - 947,818 (47,981) 899,837	Restricted Funds 2024 £ 3,466,506 704,220 - 4,170,726 Restricted Funds 2023 £ 3,829,082 704,220 - 4,533,302	Total Funds 2024 £ 3,466,506 1,454,868 (12,500) 4,908,874 Total Funds 2023 £ 3,829,082 1,652,038 (47,981) 5,433,139

Trustees' Annual Report and Accounts 2024| 38

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2024

13 Related Party Relationships and Transactions

Bridges Impact Foundation Limited is a Limited Partner in Bridges Social Entrepreneurs Fund LP and is not considered to have a controlling or significant interest in the LP Fund. During the period, Bridges Impact Foundation received £nil (2023: £62,092) from Bridges Social Entrepreneurs Fund LP by way of distribution out of income or capital. At the year end Bridges Impact Foundation Limited's investment in Bridges Social Entrepreneurs Fund LP was £42,904 (2023: £50,361).

Bridges Impact Foundation Limited is a Limited Partner in Bridges Inclusive Growth Fund (previously named Bridges Evergreen Capital Fund LP) and is not considered to have a controlling or significant interest in the LP Fund. At the year end Bridges Impact Foundation Limited's investment in BBridges Inclusive Growth Fund (previously named Bridges Evergreen Capital Fund LP) was £3,427,644 (2023: £3,778,721). The Foundation received a distribution by way of dividend of £128,256 (2023: £90,114).

Bridges Impact Foundation Limited operates under common control with Bridges Fund Management ("BFM"). Michele Giddens is a common Trustee (and Director of BFM). During the year a total of £78,622 (2023: £67,648) was paid to BFM representing consultancy fees. At the year end an amount of £nil (2023: £nil) was payable to BFM.

Within the 2020 financial year, the Trustees approved a multi-year grant to Mental Health Innovation ("MHI"). Victoria Hornby is CEO of MHI, the charity which runs and manages Shout. At the time of grant decision making, she was not a trustee of BIF Ltd. An amount of £Nil (2023: £30,000) was paid to MHI during the year.

14 Staff Numbers

There were no full time equivalent employees during the year (2023: nil.). Total staff costs for the year were £nil (2023: £nil). The Foundation is provided with administrative support free of charge by Bridges Fund Management Limited.

15 Taxation

The Foundation carries out exempt charitable activities, therefore no corporation tax is due on the year's results.

16 Reconciliation of net income/(expenditure) to net cashflow from operating activities

Net (Expenditure) for the reporting period Revaluation gains / (losses) Investment income Decrease / (Increase) in debtors (Decrease) / Increase in creditors Net cash (used in) operating activities	2024 £ (524,265) 362,576 (128,256) 52,692 (35,481) (272,734)	2023 £ (675,823) 651,244 (166,056) 65,317 37,981 (87,337)

Trustees' Annual Report and Accounts 2024| 39

BRIDCIES IMPACT FOUNDATION Bridges Impact Foundation 38 Seymour Street, London, W1H 7BP [phone] www.bridgesimpoctfoundotion.com [e-mail] Compony RÈgistrotion Number". 06864617. Registered Chority Number.. 11297￿. Copyright de5ignotion.' This work is licensed under the CrÈotive Commons Attribution-NoDÈrivotivÈs 4.0 Internationol License. thatollows the copyiro OTh distribution of this material us long as no churyes ore mode ond credit 15 given tothe author& https."/lcreotivÈcommon*org/licensÈs/by-nd14.01 Bridges Impoct Foundotion, December 2024