Trustees, Annual Report & Accounts For the year ended 31 NAarch 2025 bri esim actfoundation.or Registered Company No. 06864677. Registered Charity No. 1729756 The num eari ers q•a IJ 8,073 £4,504 650 Total direct beneficiaries from Venture Philanthropy activities NAatched funding roised by Bridges, employees, charitable endeavours Inclusive senior school leaders trained by The Difference 320,000+ 94% 98% Attendances of Future Onside and WEST Onside by young people to date Beneficiaries attaining specified positive outcomes from Venture Philanthropy activities Of women who accessed Rising Sun's1:1 counselling felt that it had a positive impact on their recovery 6,500+ 3 years Active members of Future Onside and WEST Onside Of funding for an underprivileged student to study a real estate Bachelor's degree 1 Across The Difference, Rising Sun, Future Onside and WEST Onside 2Across The Difference. Rising Sun and Future Onside 3 Over The Differences six yeors of activity On the cover.. New Reflexions On the front cover." WEST Onside Youth Zone From our Chair Philip Newborough l am delighted to present the Bridges Impact Foundation's 2024/25 Annual Report & Accounts. partnership with Rising Sun came to a close after a very successful partnership. l also want to take this opportunity to extend my deepest gratitude to all our Trustees for their time, effort, and commitment to the Foundation - particularly Victoria Hornby, as she steps down after six impoctful years os our Chair. We also thank outgoing Trustees ￿lChele Giddens, Antony Ross, Simon Ringer and Tom Mountford for their valuable service and contributions to the board. Looking ahead, we are delighted to welcome four new Trustees, in addition to myself, appointed over the past year: Maggie Loo, Henry Pepper, Freddie Sexton and Chris West. Their expertise will be crucial as we continue to advance our mission. Another highlight was seeing our first bursary- supported student from the WCCS programme graduate with distinction and secure her first job. We are delighted to be sponsoring another student on a three-year bursary, The Bridges Impact Foundation ( the Foundation ) has had another exciting year. A particular highlight was the continued success of our partnership with Onside. As Founder- Patrons of the Future and WEST youth zones in London, we were proud to extend our support for o further two years. Another of our venture philanthropy partners, The Difference, which tackles lost learning in England's schools, also continues to scale its activity and impact. Elsewhere in this report, you can also read about the progress of the Foundation's catalytic investments supporting Social Outcomes initiatives, including our investment into the SDG Outcomes Fund and our three-year grant to the Bridges Outcomes Partnerships platform part of an effort to create the infrastructure for an impact-driven approach to public services commissioning. This year, a key theme of our work (as chosen by the Bridges team) has been addressing gender-based violence. Our pilot trial of the Think Again programme, run in partnership with Sex Education Forum, is now in its second year, and we are excited by its potential to lead to the UK'S first definitive trial of a school-based intervention. We are excited to have begun a new partnership with Killed Women, o campaigning organisation that has already established a powerful voice., while our Finally, I want to thank the Foundation's Director Barbara Storch, who is doing a brilliantjob of engaging the Bridges team and executing the Foundation's mission. l am sure this will help us achieve even more impact in the coming year. As we look to the future, we are excited to share that the team has chosen 'Tackling Child Poverty, as our new Venture Philanthropy theme,. we're currently exploring how we can best support impactful interventions in this hugely important area. Philip Newborough, Chair IJ Aboutr￿- Foundatio rP,...,I I" r.i: Objectives and summary of activities The Foundation receives an important part of its funding from Bridges, carried interest I carry") holders, who donate the equivalent of10 % of their carried interest to the Foundation. As well as this direct financial contribution, the team also contributes to the Foundation's success by helping to set overall strategy and, in some cases, through volunteering and pro bono support- of both the Foundation itself and some of its beneficiary organisations. Indeed, this team engagement is an essential port of the Foundation's work. currently do not receive enough support in that area (viz. 'underserved people and the planet,). The Bridges Impact Foundation was set up as an independent charity in 2009 with two primary objectives: The Foundation focuses on three core pillars, whose terminology hos been updated to better reflect its purpose: 1. Incentivise Bridges, mission-driven team through social impact, engagement and philanthropy > Venture Philanthropy > Impact Investment Innovation 2. Achieve impact in line with Bridges, mission through the use of philanthropic capital. supporting projects that fall outside the scope of Bridges, usual investment activity > Bridges Charitable Team Activities The Foundation's mission statement, which is closely oligned with that of Bridges Fund Management, is: 'To provide catalytic support for innovative solutions that drive better outcomes for underserved people and the planet,. 'Cotalytic support, refers to both flexible financial capital and non-financial support in the form of pro bono work and volunteering, while 'lnnovative solutions, are those that might not fit Bridges, traditional investment risk profile but have the potential to be highly effective. 'Better outcomes, implies meaningful change in a core impact area for beneficiaries that In the following pages, we outline the Foundation's key achievements in each of these three areas during the 2024/25 financial year and highlight the work of the Bridges Impact Foundation U.S,, a separate independent 501(c13 non-profit organisation,. registered charity number 81-3815673). In addition, the Foundation (originally the Bridges Charitable Trust) has been granted a 'golden share, in Bridges Fund NAanagement Limited ( Bridges ), which allows it to protect the social mission of the business via an ownership stake in the management company. Bridges was launched with a clear remit to raise investment vehicles that target both societal and financial returns,. the Foundation effectively has power of veto over any change to this mission. On the cover.. Onside Youth Zone5 Directors The Trustees who served during the year were: Regulatory Details Company Registration Number: 06864617 Registered Charity Number.. 1129756 Philip Newborough (Chair) (appointed October 2024) Maggie Loo (appointed October 2024) Henry Pepper (appointed January 2025) Freddie Sexton (appointed January 2025) Chris West (appointed September 2025) Alex Pitt Tim Simmonds Lucia Santirso Richards Michele Giddens Iresigned September 2024) Antony Ross (resigned October 20241 Tom Mountford (resigned December 2024) Simon Ringer (resigned January 2025) Victoria Hornby (resigned September 2025) Registered Office 38 Seymour Street London W1H 7BP Auditors oore Kingston Smith LLP 9 Appold Street London EC2A 2AP Director Barbara Storch Bonkers The Royal Bank of Scotland International Ltd. 1 Princes Street London EC2R 8BP Secretary Aaron Vagarwal Venture Philanthropy ,lJ Supporting Onside's Youth Zones Onside Hereforyoung people The Foundation is a proud Founder Patron of two of Onside's London-based youth zones: Future in Barking & Dagenham, and WEST in Hammersmith & Fulham. White City-based facility in ￿arCh 2024 with a visit from HRH The Prince of Woles. In March 2025, WEST celebrated its first birthday with o 'Wild Wild WEST, themed party for attendees. aking use of Bridges. Volunteering Policy, a number of the Bridges team hove volunteered to support and engage with members of Future on Friday afternoons and during Holiday Camps. On these occasions, the team has spent time supporting and leading sessions in We are very pleased to have extended our partnership with the two London-bosed youth zones for a further two years. Located in the socially and economically polarised borough of Hammersmith & Fulham, WEST is part of an innovative education hub called 'EdCity' developed by the education charity, Ark. Youth poverty in some of the surrounding wards ranges from 35-53% (compared to a national average of 30/1. Since opening a year ago, WEST already has over 3,100 members. Onside youth zones provide young people with 'somewhere to go, something to do and someone to talk to,, 52 weeks of the year. The impact on individuals is significant.. 73% of members feel happier about their lives as a result of attending their youth zone, 79% of frequent attendees feel better prepared for the future, over 70 % of members consider that they are healthier, and over 96 /0 said that their youth zone had made an impact on supporting them to achieve their goals. Future now has over 3,500 members and has provided its services to over17,265 members since opening in 2019. This year was the second year of it operating under its new strategy, 'Our Future is Bright,, which will carry through to 2026, focusing on three core areas.. Young People, Team & Culture, and Sustainability. Video." Onsides 'But when lin here, video highlights their transformative impact on children and young people WEST, named 'Where Everyone Sticks Together, by local young people, opened its purpose-built On the cover.. Rising Sun sports, arts & crafts, cooking and more, alongside mealtimes and general breaks. All of the Bridges volunteers thoroughly enjoyed spending time with the young people at the Onside centres. discussions about the activities of the past year and future strategies, before engaging with some of the young people and volunteers of WEST to spend an afternoon playing sports and taking part in a range of creative activities with support from the Onside team at WEST. The Bridges team was able to spend its Team Day at WEST this year. Members of Bridges Fund Management, Bridges Outcomes and Bridges Impact Foundation spent the morning listening to presentations and taking part in 75% 72% 63% said their self-conlidence is better. said they feel free to have fun. said they feèl safer than in other places they can go In their spare time. Top.. The WEST Onside Youth Zone in Hommersmith & Fulham 62% $8% Left.. The Future Onside Youth Zone in Barking & Dagenham said they are less lonely. said It Is easler to be themselve said thelr Confiden￿ around other pwpl• 1$ bètter. Right.. WEST celebroted its first birthday with o 'Wild Wild West, themed party Above.. Statistics from Onside Youth Zones'jgobstio Supporting The Difference The Difference exists to tackle the social injustice of lost learning in England's schools. Their focus is whole-school inclusion, such thot all staff support the learning, wellbeing and safety needs of all children so thot they belong, achieve and thrive. colleagues had the opportunity to hear about the evolved model, and engage in a discussion about their important work. across the country (primary, secondary and alternative provision schools). It was informed by learnings from The Difference Leaders Programme: working with Headteachers is key, and individual schools can have outsized impact on education policy. The programme People: The original programme's final cohort is finishing their last year. This group's focus is on implementing inclusive change practices in three areas: attendance, re-integration and reducing of harmful and abusive behaviours. This programme was set up to create a movement of school leaders committed to transforming inclusion in schools. Over five years, 84% of The Difference Leaders have progressed in their careers, and 620 have returned to mainstream schools from alternative provision placements to implement learnings from the programme. We were delighted to have The Difference join us foi a Bridges Team Lunch in April, when 80°k 75°k ol IKlusive Leaderthip CoLrse P¥tiCiP￿ls Say our Iraining he1p5 de-escaaie irKidenis in Iher scho(15 repori irnwoved wic0Th￿S lor JneraLle Si￿lent5 80°A 89°A ol leaders used our course learnings 10 deliver CPD in same Ye￿ lor Iheir lean. school Iiafl. Sd￿01 gr(xps. across Iheir rn￿11- academy tru5r of leaders pla) to Use our cowse learnings to make ch￿ge5 in their scho(A dwing Ihe nexi academic year The new whole-school programme is called The Difference Schools Partnership, and it launched successfully in September 2024 in12 schools Above.. School children in class (the Difference) Above.. Statistics from The Differences kg212&tt2 has evolved from leadership training for teachers to leadership training for school leadership, and now also accounts for improvement of pupil-level lost learning. Each of the12 schools has taken part in four training sessions and had at least two in-school implementation visits. 70% of the schools (compared to the target 50 % ) have seen increased attendance and reduced suspensions. Policy: Practice: The Difference has conducted research into what makes Internal Alternative Provision effective. It has published 'W fEff rn D,, together with the National Network The Difference is working to disseminate its work and scaling its practice. Its annual conference was well attended with an audience of over 350, and their IncludEd conference in January drew an audience of 700 attendees, rn for IAP. The'who is losing learning, coalition has published a Soluti￿￿ in March 2025. The coalition includes IPPR Ithe Institute for Public Policy Research), NAission 44, Impetus and The Difference. It sets out ten recommendations to deliver whole-school inclusion. The Inclusive Leadership course saw a record number of participants signed up (1811 for the September 2024 course Below.. The Difference Below.. Stotistics from The Difference's IN NUMBERS 650 441 700 soth￿1 leaders tralned attendees jdned us at Sn jarI￿rY 21Y25 Developing gender-based violence prevention via Think Again Think Again is o two-year pilot trial of a new school-based intervention to prevent dating and relationship violence ( DRV ) and gender- based violence ( GBV I, If successful, this could lead to the UK'S first definitive triol of its type. The pilot trial was developed by Prof. Chris Bonell, School of Hygiene and Tropical Health and Prof. G.J. Melendez-Torres, University of Exeter. Below.. Sex Education Forum is providing 5pecNali5t educational provision SEX EDUC FORUM The classroom-level programme was designed by the delivery partner Sex Education Forum, a leading UK charity which works to ensure that all young people can get high-quality Relationship and Sex Education. They trained teachers to deliver at least five sessions across an academic year to Year 9 students, designed to de-stabilise DRV/GBV behaviour and normalise prosocial relationship behaviour. The purpose of the pilot trial is to test the feasibility and fidelity of the intervention, and determine whether the intervention is acceptable to progress to a full Randomised Controlled Trial. workin9 1()8ether for guollty rebthy)ships ard $8x educqtic The pilot trial has now entered its second year, offering the programme in four schools to approximately 600 Year 9 students. The programme was mentioned in the Evening Standard campaign in June 2024,'Show Respect,, its campaign to tackle sexist abuse in schools. Alongside the classroom sessions, Student- Staff Action Groups were created with the aim of gaining pupil input into whole-school awareness of DRV/GBV. Using a manual, the action group draws on the assessment of school capacity and needs to implement a school-level strategy for the prevention of DRV and GBV. The Foundation is funding the optimisation and delivery costs of the study, while the Ending Youth Violence Lab is funding the evaluation Costs of the scheme. Photo.. Adobe Stock Supporting milled Women's campaigns for women killed by gender-based violence illed men In October 2024, we added Killed Women as one of our charity partners in our focu5 area of gender-based violence. The organisotion campaigns for better protection of women, justice for victims and improved support for bereaved families, in particular children whose mothers have been killed. A woman is killed by o man every three days in the UK. Killed Women believes that the families of women killed by domestic violence should be central to policy-making, and the charity aims to put the voice of families at the centre of the fight to tackle violence against women and girls. While researching advocacy organisations in the field, Killed Women, despite being a very young organisation (founded in December 2022), stood out with high profile campaigns and successful access to policy makers. The group has an authority and legitimacy that gives it agenda setting power and influence. A woman is killed by a man ever}, three da}y.g p#xE I ro Video.. Killed Women compoigns for better protection of women,justice for victims of gender-ba5ed violence ond improved support for bereaved families 11 111 We are very much looking forward to continuing to work with Killed Women on their crucial campaigning and advocacy work. Above.. Killed Women 5 Network held a vigil for victims of gender-bosed violence in Parliament Square (the Guardion / Soroh Lee) Supporting underprivileged students Having worked closely with the Inclusion Working Group established by the team at Bridges, the Foundation has explored practical ways in which it can Support efforts to create a more diverse, inclusive ond equitable culture within the industry. the UK. Only 27% of employees in the real estate industry come from a lower socio- economic background. So we are delighted to be sponsoring a second student on a multi-year bursary programme run by the Worshipful Company of Chartered Surveyors ( WCCS"). property team, we provided the student with an internship at our offices last summer. We are keen to improve access to opportunity in the surveying and real estate industry, and hope that this programme, and others like it, will help to attract a broader range of talented people into the sector. One of Bridges, specialist investment areas is in real estate, one of the least diverse sectors in The WCCS programme supports underprivileged students studying a real estate degree, both financially and through mentoring and work experience opportunities. The Foundation's first bursary student graduated with distinction in December 2024 from ￿anChester University, and has now started her first job in London. We are so excited for her, and delighted that the bursary has been able to play a role in her success. -14 We are now sponsoring another student on a three year bursary programme, studying for a real estate degree. In addition to the financial support and mentoring from colleagues in our Photo.. Adobe Stock Photo.. Adobe Stock Supporting victims of domestic abuse via Rising Sun isingsun Endlng domesik abuse. Together. 98% This year marked the end of our partnership with Rising Sun. During this period they have gone from strength to Strength, achieving various forms of recognition: > Rising Sun won the 2024 for outstanding contributions to improve UK health and wellbeing, for their work in supporting the recovery of survivors of domestic abuse across east Kent. of womèn who ac¢•ss•d our I:1 ¢om¥•lllng f•ltth•t th• w••Wy s•sslon8 had a po8ltlv• Impact on th•lr r•co¥ery as they were supported In comlng to t•rms wlth and coplng wlth th• Impact of dom•stlc abus•. Video.. Rising Sun CEO Fran Ellis outlines the chority's work supporting women ond children affected by domestic abuse > Rising Sun was chosen by Women's Aid to bosLJ2￿￿, Home Office Minister for Safeguarding and Violence Against Women and Girls, to discuss new government measures to improve the police response to domestic abuse, and so she could hear first-hand from members of Rising Sun's Survivor Forum and frontline staff. 95% ol women who I',1 Support In thecommunlty Increased thelr und•r8tandSng of dom•8tlc abu$• and f•lt b•tt•r *bl• to r•cognl$• h••lthy4nd unh•althy r•latlonshlpsln th• futur•. io0% > Our pro bono support for the organisation helped strengthen their HR and finance function. We also supported their impact and performance management approach, as well as providing feedback on how to approach and attract more corporate funders. of par•nts of 5-11 year olds felt that m•ntorlng support had a posltlv• Impact on thelr chlld through Improvlng thelr reslllence, confldence, r•latlonshlps, •motlonal w•llb•lng ond recognlslng that they have a cholce. PY Above.. Statistics from Rising Sun's Jg2bsito F? Impact vestment , Im)AVation Supporting the evolution of the Inclusive Growth Fund The Foundation was an anchor investor in Bridges, pioneering patient capital vehicle (previously Bridges Evergreen Capital), which has now been re-named the Inclusive Growth Fund ( IGF ), to reflect the team's focus on socially impactful UK businesses that are helping to build a more inclusive economy. IGF'S most recent investment is Alina Homecare, a leading UK provider of at-home care for vulnerable elderly people. Since 2014, the business had been owned by Bridges, Sustainable Growth Fund, which has now exited its investment to the Inclusive Growth Fund. Alina has become a market leader in its field, delivering over1.1 million hours of care to more than 1,300 people across the South of England last year. The company is committed to high- quality care, with 100% of its branches rated Good or Outstanding by the Care Quality Commission. This success is possible thanks to its highly engaged workforce and strong employee value proposition, which includes good pay, training and opportunities for career progression. elderly population, which is expected to grow significantly in the coming years. Within this theme, the fund targets three key areas.. physical health, mental health and economic inclusion, There are many areas where impact-led business can play an important role in delivering better social outcomes. However, companies tackling challenges of this kind often find it hard to access the values-aligned capital and support they need to scale. With its more flexible, more patient approach, IGF is designed to be the investment partner of choice for these businesses- enabling them to achieve their growth ambitions and thereby deliver more impact. IGF is supporting Alina's existing management team, led by CEO James Deeley, to help the company achieve further organic growth. The investment will also help deepen Alina's focus on delivering high-quality outcomes for the UK'S Video." Alina Homecare provides per50nali5ed in- home core services for elderly individuGIs On the cover.. Wecycler5 (a Bridges Outcome5 Partner5hip5 ('BOP') investment) Another of IGF'S core investments is New Reflexions, a sector leader in high-quality therapeutic care for young people. There are 8,600 children in residential care across England, and there is a clear need for high-quality local providers. New Reflexions provides integrated education, therapy and care to young people with highly complex needs. The business continues to scale, opening the Fitzroy Main House in early 2025 and progressing plans to open a new school and two adjacent homes in Cumbria later in the year. The leadership team was strengthened with the appointment of David Jenkins as CEO in December 2024, and the business continues to deliver exceptional quality, with 100 % of its eligible services now rated by Ofsted as "Good" or "Outstanding. collaboration will help EHC increase its supply of homes and contribute to the regeneration of some of the most deprived areas in Teesside. Investments like these have demonstrated the need for a more patient, more flexible funding solution for businesse5 that are trying to tackle diff icult social challenges in the UK. The teom's interactions with potential investees also continue to underline the market demand for the values-aligned capital and impact insight the Bridges team can provide. IGF'S other significant portfolio investment is the Ethical Housing Company ( EHC ), which is addressing the critical shortage of decent, affordable housing. With a mission to provide homes for rent in Teesside, the Ethical Housing Company now owns 99 properties. The company's focus is on helping vulnerable populations.. of the new tenants in the year, 57 / were homeless, previously homeless, or at risk of homelessness at the time of application. The Foundation is looking forward to seeing how the Inclusive Growth platform continues to evolve in the coming years. In addition to its ongoing collaboration with Bridges, in-house impact and value creation specialists, we are particularly excited by the potential for IGF to work with and learn from Bridges, Outcomes Partnerships team, which (also Wlth support from the Foundation) has established itself as a world-leader in delivering meaningful, long-term social impact. exlon$18ndges Evergreen The company's reputation and partnership with Middlesbrough Council has culminated in an exciting bilateral project to acquire, refurbish, and transform a pipeline of over 300 empty homes over the next five years. This Video." New Reflexion5 provide5 integrated education, therapy and care to young people with highly complex needs. Scaling Outcomes Partnerships Supporting Bridges Outcomes Partnerships BOP works with partners to create people- powered partnerships that deliver better outcomes for people and the planet. In July, the Foundation was very pleased to hear that the UK Government was launching a £500 million Better Futures Fund, an outcomes payments fund spanning ten years. This will be the largest fund of its kind globally and reinforces the importance of this way of working, of which BOP has been a pioneer for over ten years. This year, the Foundation entered year two of our three-year grant to Bridges Outcomes Partnerships ("BOP ). BOP is part of the Bridges platform and is a not-for-profit social enterprise. With grant funding from the Foundation, BOP aims to: 1. Create a data-enabled digital infrastructure and live Impact dashboard, which can demonstrate 'the art of the possible, when people-centred data and insight is central to delivering public services. 2. Work closely with partners and policymakers to help create changes in funding and contracting for human services - enabling more long term, person-centred and preventative approaches. Using outcomes-based contracting, BOP facilitates and delivers personalised, place- based support for people facing multi-faceted challenges - achieving better outcomes for such individuals and better value for commissioners. For example, when compared to pay-for-inputs approaches. outcomes-based family therapy delivers an average 250/. better outcomes for 80 /0 more families at 20 /,-50 /. lower cost per family, keeping more children safely out of care. To date, BOP'S pioneering outcomes activity has achieved over £199m worth of outcomes for over one million people globally, delivering c.£1.3bn of public value in the UK. Last year, the Foundation provided grant support towards the set-up of the SDG Outcomes Fund - a strategy dedicated to Above.. Port of BOP'S new dynomic impoct doto doshboard supporting efforts to achieve the UN Sustainable Development Goals { SDGS ) - alongside UBS Optimus Foundation. This year, we have invested US$150,000 to help the fund continue its commitment to supporting outcomes-based commissioning in developing countries. This fir5t-of-its-kind vehicle invests in Development Impoct Bonds and other outcomes-based partnerships globally, in order to generate positive impact for those who need it most in areas such a5 health, education, employment, livelihoods and the environment. delivery organisation Arrabal, the coordinator Upsocial, and three other social investors.. BNP Paribas, Creas, and Open Value Foundation. The Social Outcomes partnership is expected to launch before April 2026., and through the employment contract, 2,500 people will be supported to access employment opportunities across five years. Supporting the ￿alaga Does Not Expire Social Outcomes Partnership The Foundation has become a social investor in the ￿alog0 No Caduca, (Malaga Does Not Expire) Social Outcomes Partnership. This is the first ever Social Outcomes Partnership in Spain. It is made up of three different contracts related to: > Reducing food waste within the hospitality sector in NAalaga, and redistributing the food to foodbank beneficiaries yi?1 MALAGA NO CADUCA > Person-centred employment support for foodbank beneficiaries, including employability support, access to training, and job search Above.. Wecyclers, Gn outcome5-bosed project tockling plastic W(J5te pollution in Nigeria while providing decentjobs,. port of the SDG Outcomes Fund > Reducing loneliness for over-65-year-olds Video.. The Bridges Impoct Foundation has become on investor in the ltrlalaga No Caduca, (Mologo Does Not Expire) Sociol Outcomes Portnership The Foundation will be supporting the employment contract, together with the Highlighting The Turner NAIINT programme The past year has been one of significant change and growth for the Turner MIINT (MBA Impact Investing Networking and Training) programme. This experiential impact investing course, founded by Bridges, Brion Trelstad in 2011, has entered a new era with a shift in its leadership structure. The programme, which provides graduate students with hands-on impact investing experience, is now being co-produced by the Impact Capital bAanagers I ICNA ) Institute and Wharton Impact. This new partnership will continue to build on the foundation laid by the Bridges Impact Foundation US,, which previously managed the programme. BRIWS %147￿￿1￿, BRIOCES XI1￿￿11 ÈRIOGES Xlllurlill The ￿lINT has now provided over 5,500 alumni from more than 35 top programmes across six countries with invaluable experience. Students are guided through a curriculum of teaching and mentorship, culminating in a competition where they pitch a real-life impact start-up for a potential US$50,000 investment. This hands-on approach has been highly effective in launching careers in impact investing. li Above.. Participants pitch their chosen componies The programme remains committed to its mission of encouraging talented young people to enter the world of impact investing. Above.. Turner MIINT 2025 winner5 from the 'Bridges Impact Foundation U.S. 15 a U.S.-ba5ed 501(c)3 nonprofit orgonisotion, EIN 81-3815673 University of Texos ot Austin fvlccombs School of Business. Spotlight: Interview with 8rian Trelstad cohort of students from multiple schools find, vet and present early-stage companies in the U.S. for a potential investment. It worked incredibly well and was a valuable learning experience for the students. Brian is a Partner at Bridges, a director of Bridges Impact Foundation U.S. and a Senior Lecturer ot Horvord Business School How did the Bridges Impact Foundation come to be involved, and how has the program evolved since? The Turner bAIINT programme has become indispensable for aspiring impact investors. Where did the original idea come from? When l joined Bridges Fund NAanagement in 2012, we were able to formalise and scale the programme. In the 2013-2014 academic year, we collaborated with Wharton Impact to officially co-produce the NAIINT programme and expand its reach. In 2017, Bridges created Bridges Impact Foundation U.S., which then took over co-production of the programme alongside Wharton. While I was at Acumen Fund, I was asked to serve on the Investment Committee for the student run Social Venture Fund at the University of Michigan's Ross Business School. That planted a seed. Soon after, interns from Wharton and Harvard came to me, expressing a desire to have similar hands-on programmes at their own schools. European business schools as well. We now have 35-45 schools participating annually, with approximately 500 students going through the training each year. Around 150 students attend the finals every April at Wharton. The curriculum has also evolved to focus on the essential components of impact investing.. investment thesis, sourcing, due diligence, understanding impact, and evaluating the terms of the investment itself. We've seen incredible growth. We quickly expanded from ten schools to most of the top 25 U.S. business schools, and then internationally, bringing in top I suggested that instead of trying to help each school set up its own isolated fund, we use US$50,000 from Acumen Fund to have a Can you describe the core experience for a student? And how does it benefit their careers? Students conslstently report that ￿lINT is one of the most valuable parts of their graduate school experience. Several thousand students have completed the programme. and many have secured jobs in the impact investing field. charitable naming gift from Lauren and Bobby Turner to Wharton - which led to the programme being renamed as Turner ￿lINT- has solidified the programme's long-term sustainability and prestige. Students complete an online course that covers all the steps of the impact investment process. They also benefit from mentorship with both past NAIINT alumni and current industry professionals, giving them access to a 5,000+ alumni community. On the ground, the current leadership at Wharton- Witold Henisz and Sandi Hunt- are doing incredible work, building on the foundation laid by past team members like Katherine Klein, Nick Ashburn and Jacob Gray, our original portner at Wharton Impact. And I must also recognise Adwoa Asare, who has been an invaluable staff lead for the Turner NAIINT since she joined the Foundation in 2019. Who are some of the key individuals behind the programme's growth? This programme was built with the help of 50 many people. Our Steering Committee has guided strategy and curriculum from the very beginning. Key individuals like Tasha Seitz, Eduardo Medeiros, Brian Walsh, Jennifer Walske, Lissa Glasgo and Radhika Shroff have been critical in shaping and curating the program. The programme culminates in the student investment competition: teams present their diligence on a selected company to an Investment Committee, which consists of leaders in impact investing and venture capital. The winning team secures an investment of up to US$50,000 for their chosen company, and there is a prize for the best due diligence, and a newly named Bridges Impact Foundation U.S. prize for the best impact analysis. It was announced recently that the ICbA Institute will be taking over the Foundation's co-producer role. What's the rationale behind thi5? Of course, the financial support has been transformative. Ron NAoelis and the Moelis Family Foundation have invested over US$1 million in the winning companies. More recently, the generous US$2.5 million This is an exciting step for the future. Bridges Impact Foundation U.S. has played a catalytic role in helping the programme achieve global scale. But to realise the NAIINT'S full potential as a talent pipeline for the industry, we felt it needed a more formalised connection to the broader impact investing ecosystem. What are the main challenges ahead as the programme enters this new chapter? The journey from an idea at Acumen Fund to today's Turner NAIINT has been incredibly rewarding, and we're proud of the role that Bridges Impact Foundation U.S. has been able to play. Now I'm excited to see how this transition to the ICNA Institute can further cement the progromme's role in shaping the future of impact investing. We think there are three key challenges: The Impact Capital NAanagers I ICM ) network members have always been involved, serving as mentors to campus teams and judges at the finals., while many ￿lINT participants have gone on to become Mosaic Fellows (the ICbA talent programme) and/ or a550Clates at ICNA member funds. 1, Finding better ways to connect the thousands of students who hove gone through the programme, to fully realise the 'network' aspect of MIINT. 2. Expanding to more campuses and regions, particularly in Asia and Latin America, while ensuring the quality of the training remains high. This transition, which began with the 2025-2026 academic year, will have ICNA'S research and field building Institute work alongside Wharton Impact to shape the curriculum, oversee operations and set the strategic vision for the Turner MIINT'S next15 years. It's the next Step in solidifying the programme's role as the premier talent pipeline 3. Balancing in-person and virtual components, particularly for regioncl finals, to ensure access and reduce travel requirements. •• •• es itabfe ••• Ch Activitiesl iiii 144 The Matched Giving Facility Volunteering at Sunnyside Rural Trust organisations and activities, while also encouraging employee engagement in charitable work through its volunteering programme. This facility encourages Bridges employees in their own philanthropic activities by matching their individual fundraising contributions to the couse of their choice by up to £1,000 per year. There were six in the year, with a subsequent donation of £4,504- bringing the cumulative matched giving total since the charity's inception to £81,096. NAotched funding has also been introduced for employees of Bridges Outcomes Partnerships this year. In NAarch, a group of volunteers from Bridges visited the Sunnyside Rurol Trust in Hemel Hempstead, to which the Foundation had previously made a donation after hearing about the Trust's amazing work. The Trust offers training and work experience for over170 vulnerable people in the local community, helping them to acquire skills in horticultural activities, looking after animals and selling produce in the farm shop. The Benevolent Fund The Foundation's Benevolent Fund was launched to provide short-term financial support grants to members of the broader Bridges network who find themselves in diff icult circumstances. £5,000 is allocated to this fund annually, there were no requests in the year. The total spend to date since the charity's inception remains at £20,408. The volunteers helped with projects including sinking fence posts for goat climbing frames, building chicken coops and digging a path- all of which supported the Trust's operational capacity and enhanced its facilities. The volunteers really enjoyed learning more about the Sunnyside Rural Trust and the valuable work it does to support people with learning disabilities. The Donor-Advised Pool l•- The Foundation continues to encourage the use of its Donor-Advised Pool, a pool of funds representing 20 % of the carry donations made from each Bridges carry holder, who can request that these amounts be donated to charitable causes of their choice. In total, 19 requests were made during the year, totalling £28,78712024,. £6,950). The balance at the year end was £139,189 (2024: £167,976). Above.. Volunteers from Bridges visited the Sunnyside Rural Trust This initiative reflects the Foundation's commitment to supporting impactful charitable On the cover.. Lifted (a BOP investment) Regulatory • Disclosure Future Plans We are also expanding our work in key ways: its investment in the Village Enterprise Development Impact Bond,. to its provision of grant funding to the SDG Outcomes Fund. The Foundation will continue to focus on its three core strategic pillars in the coming year: Venture Philanthropy Our venture philanthropy focus areas ore determined by democratic vote every three years among all our colleagues at Bridges Fund Management and Bridges Outcomes Partnerships. The Foundation is olso looking forward to seeing how the evolved Bridges Inclusive Growth Fund develops in the coming years, with its renewed focus on partnering with highly impactful, socially-focused UK companies. > Venture Philanthropy > Impact Investment Innovation > Bridges Charitable Team Activities In spring 2025 we went through a new voting process, and have chosen 'Tackling Child Poverty, as our new theme. We are very excited to explore this hugely important topic to determine which interventions may benefit most from our support. The Foundation continues to explore further opportunities to support efforts to catalyse direct and systemic impact across a range of organisotions, channels and financial vehicles. Impact Investment Innovation 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 catalysedl, to support for Bridges, first dedicated outcomes fund through the Social Impact Bond Fund; to On the cover.. Onside Youth Zone5 Financial Review Investments net distribution received by the Foundation was £200,55012024: £128,256). The Net Asset Value of IGF at the year-end was £1,380,740. Fundraising Bridges Social Entrepreneurs Fund LP ( SEF ) made no drawdowns in the year (2024: £nill. The Foundation's commitment is fully drawn., the Fund has come to the end of its life and is now in liquidation. There were no distributions in the year12024: £nil). The current Bridges team, as well as some former Bridges employees that have now moved on to other workplaces, have committed to donate a portion of their carried interest to benefit the Foundation. As at 31 March 2025, £27,161,735 had been drawn down from investors since the commencement of IGF on 6 July 2016, against £66m total commitments. This represents 41 / of current commitments, and to date has been used to fund investments into Alina Homecare, New Reflexions, Shaw Healthcare, the Ethical Housing Company, Skills Training UK and AgilityEco, as well as Priority Profit Share and other fund expenses. There is one remaining investment in SEF, with proceeds expected to be distributed to the Foundation once the Fund is fully liquidated, subject to sufficient cash remaining as distributable after settling all Fund-related costs. The Net Asset Value of SEF at the year- end was £35,313. There were carry donations of £646,012 in the year to March 202512024: £152,373). There was £212,168 of gift aid income in 2025 (2024: £nill. As the economy continues to recover from the impact of Covid-19 and broader macroeconomic headwinds, transaction activity across the Funds in which the Foundation is invested has picked up, leading to an increase in portfolio exits. These exits are expected to generate a steady and growing funding stream for the Foundation as the Funds continue to realise value from their investments over time Governance costs for the Foundation were £21,212 compared to £16,331 from the prior year. Administration and investment services are performed by Bridges Fund Management Limited on a pro bono basis. It is not possible to quantify the value of this work. Bridges Inclusive Growth Fund I IGF > made drawdowns of £41,472 in the year (2024: £nil) and distributions of £2,001,581 were made during the year to NAarch 2025 from IGF, following the restructuring of the open-ended Bridges Evergreen Capital vehicle into a closed- ended Fund. Of this, £1,801,031 is a recallable distribution, meaning IGF can recall this capital to be re-invested into the Fund. As a result, the Public 8enefit The ongoing work of the Bridges Outcomes team to build capacity in the social outcomes market also has significant potential to improve public sector services, both in the UK and beyond, by delivering better outcomes and better value for the public purse. The Trustees have complied with the duty in section17 of the Charities Act 2011 to have due regard for the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act, including the guidance 'public benefit: running a charity (PB2)'. The Matched Giving facility amplifies ond thus incentivises individual charitable fundraising by members of the Bridges team. The Trustees consider that the activities of the charity provide significant public benefit, in a number of important ways. The Foundation does not engage in fundraising activities and no donations are sought from the public. The Foundation does not use third- parties to assist with fundraising and the Foundation received no complaints in this year regarding its fundraising practices. By acting as the original cornerstone investor in the Bridges Social Entrepreneurs Fund, which in turn co-invested alongside the Bridges Social Impact Bond Fund, and more recently by investing in the Bridges Inclusive Growth Fund, the Foundation has helped to channel capital to innovative and ambitious social sector organisations looking to create long-term, sustainable impact at scale. Relationship with Other Entities invested. The Foundation benefits from its relationship with Bridges Fund Management, for which it is not charged. The Foundation is administered by the staff of Bridges, who support it by offering time, resource and support to charitable activities. value for society. BOP supports social outcomes partnerships that work to improve people's lives, and has demonstrated world-class delivery while helping to build a sustainable outcomes- focused market. Bridges Fund ￿anagement Limited Bridges Impact Foundation is connected to Bridges Fund Management Limited ( Bridges ) by virtue of the fact that it holds B ordinary shares in the company. While the Foundation is classified as a controller of Bridges Fund anagement from a regulatory standpoint, it does not exercise significant control or influence over the company. This is primarily due to its holding of B ordinary shares, which are non- voting except in specific circumstances where changes to the Bridges, mission are proposed. Under the terms of Bridges, Articles of Association, it has no right to any of the profits or losses of the company even in the event of a sale or liquidation (only to capital). However, scaling this approach remains challenging due to limited funding, difficulties in procuring enabling infrastructure and a lack of high-quality data. The Foundation's grant is helping BOP address these barriers by supporting key objectives including, influencing the allocation of public spending, improving procurement and funding processes to prioritise impact, and strengthening the availability and use of robust data to enhance the effectiveness of spending- particularly across human services and environmental initiatives. Founder Trustee NAichele Giddens, who also served as a Director of Bridges Fund Management, stepped down during the year. Philip Newborough, who is Co-founder & Chair of Bridges was appointed as Founder Trustee and assumed the role of Chair. In addition, Freddie Sexton and Lucia Santirso Richards continued to serve as employees of Bridges. Henry Pepper and ￿aggie Loo are also employees of Bridges and were appointed as Trustees during the year. Aaron Vagarwal is an employee of Bridges and acts as trust secretary. Bridges Social Entrepreneurs Fund LP Bridges Outcomes Partnerships Bridges Social Entrepreneurs Fund LP ( SEF") was constituted under a limited partnership agreement. It attracted funding that was invested in social enterprise initiative5 Wlth strong potential philanthropic benefit. The Foundation occupies office space and shares management personnel with Bridges. In addition, Bridges 15 the appointed manager to the private funds in which the Foundation has Bridges Outcomes Partnerships ("BOP") is a not-for-profit social enterprise within the Bridges Group, dedicated to improving outcomes for citizens and delivering greater The general and controlling partner of SEF was Bridges Social Entrepreneurs Fund (General Partner) Ltd, a wholly-owned subsidiary of Bridges. The investments of SEF were managed by Bridges. The investors in SEF, including the Bridges Impact Foundation, were members of SEF'S advisory board, whereby the Njanager updated the investors on the Fund's progress. adoption of an amended Limited Partnership Agreement l LPA ). The adoption of the amended LPA and restructuring steps formally took place in September 2024 but by agreement took effect from 1 April 2024. SDG Outcomes Fund Scsp Bridges Outcomes Limited acts as the portfolio manager for the SDG Outcomes Fund Scsp ( the Fund"), the first vehicle of its kind dedicated to creating social and environmental outcomes through projects focused on health, education, women's economic empowerment and the environment to benefit the world's most vulnerable populations. The Fund is focused on investing capital to support the growth of UK-based mission-led businesses and organisations that deliver positive social impact and, in close alignment, commercial success. The investments of Bridges Inclusive Growth Fund LP are managed by Bridges. The investors in the Fund, including the Bridges Impact Foundation, are members of the Fund's Investors, Committee where the anager updates the investors on progress to date and future plans for the Fund. The investment period of Bridges Social Entrepreneurs Fund LP ended in 2016., the Fund's term was due to expire in 2019, but this was subsequently extended to August 2021, so Bridges could continue driving impact and financial value in the remaining assets. The Fund is now in liquidation and is expected to be wound up following the exit of its final investment. The Fund aims to achieve direct impact through potential positive outcomes estimated to be worth more than $250m. The Fund also aims to achieve systemic impact by transforming the way donors commission and fund services for vulnerable people, as well os transforming the ecosystem of delivery partners, improving outcome payer engagement by achieving more outcomes and better value for money, and increasing the availability of more flexible, impact-focused capital through the establishment of a broader investor base. Bridges Impact Foundation U.S. Bridges Inclusive Growth Fund LP Bridges Impact Foundation U,S. is a U,S.-based 501(c13 nonprofit organisation, and an independent organisation. The Foundation has regular updates with this entity, as we look to collaborate on opportunities where possible. 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 Organisation and Appointment of Trustees his extensive experience will be invaluable in advancing the work of the Foundation in the coming years. Alex, the co-founder and Director of Growth at UStard Seed, an early-stage generalist impact fund, has served as an independent Trustee since 2020. Tim, a partner at law firm Osborne Clarke, has served as an independent Trustee since October 2022. Chris West, former Director of the Shell Foundation, was appointed as a new independent Trustee in October 2025. In September 2024, Michele Giddens stepped down as Founder Trustee, while Antony Ross stepped down as a Trustee in October 2024. Tom ￿OUntfOrd resigned in December 2024. Simon Ringer stepped down in January 2025, and Victoria Hornby resigned as Chair in September 2025. The Foundation is administered by the Board of Trustees. The Trustees ensure that the Foundation is carrying out its purposes for the public benefit, that it manages its resources responsibly, and that it is fully accountable and compliant with the law. 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. Henry Pepper and Freddie Sexton were appointed as new Bridges Trustees in January 2025, joining Lucia Santirso Richards and aggie Loo, who was herself appointed in October 2024. The Foundation's Board is comprised of elected employee representatives from Bridges Fund anagement, senior Bridges partners, and independent Trustees. There must be at least four Trustees and no more than ten in off ice at any given time. Alex Pitt and Tim Simmonds continued to serve as independent Trustees throughout the year. Trustee Induction and Training Independent Trustees are appointed by a resolution of the Board of Trustees and serve for three years. at which point they can be reappointed for a further three-year term. New Trustees of the Foundation take part in a mandatory induction meeting to understand their legal obligations as a Trustee under charity law. Trustees who are not employee5 of Bridges Fund NAanagement Ltd are also briefed on the We are delighted to welcome Philip Newborough as the new Chair of Bridges Impact Foundation. As a co-founder and Executive Chair of Bridges Fund Management, company's activities and philosophy, governance, decision-making process, and recent financial reports. Other Key Personnel Barbara Storch is Director of the Foundation: she is responsible for developing and directing strategy for the deployment of the funds of the Foundation on a day-to-day basis. All Trustees are invited to join a meeting of the Bridges Inclusive Growth Fund advisory board (and previously the Bridges Social Entrepreneurs Fund advisory board) as part of their induction and training. Aaron Vagarwol is Secretary of the Foundation, and oversees the Foundation's regulatory compliance, financial reporting and audit. All Trustees are encouraged to undergo external training that can better inform them of their role as Trustee or enhance their expertise/skills, so they can better contribute to the work of the Foundation. Risks and Risk NAanagement The Trustees work to proactively manage risks by reviewing potential financial, reputational and other risks on an annual basis and developing and implementing strategies to pre- empt or minimise these risks. They also maintain close communication with the Bridges Fund NAanagement team to monitor any potential risks pertaining to the funds, investment activity. > Undertake special projects and one-off activities in keeping with the Foundation's mission The key risks faced by the Foundation relate to the performance of funds managed by Bridges Fund Management. The Foundation incurs minimal costs of operation, including governance costs. It considers that the unrestricted reserves at the year-end totalling £1,357,73112024: £738,148) of which £158,096 is designated and £1,199,635 is general, will be more than sufficient to cover ongoing expenses associated with its current operations. The value of the Foundation's investment in SEF, and its investment in Bridges Inclusive Growth Fund, may rise or fall depending on the performance of the companies in which these funds choose to invest. A key element in the management of financial 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. The Trustees continue to explore with the Bridges team other avenues of charitable activity that are aligned with the skills, interests ond activities of the team. Equally, an important funding stream for the Foundation derives from the Bridges Fund Management team (both past and present), who have committed to donate the equivalent of10 % of their individual 'carried interest, (profits) arising from the funds managed by Bridges Fund NAanagement to the Foundation. If the funds fail to generate carried interest, the funding of the Foundation will be adversely affected. Reserves Policy Restricted funds at year-end totalled £3,879,832 (2024.. £4,170,726). The Bridges Impact Foundation's policy is to hold reserves that will enable the organisation to: Structure > Ensure there is sufficient money to continue its core activitie5 during a period of unforeseen diff iculty Bridges Trust (company number 06864617) was incorporated on 31 ￿arCh 2009 under a emorandum and Articles of Association, with all existing Trustees in the unincorporated charity Bridges Charitable Trust Icharity number 11183911 becoming directors of the newly incorporated Bridges Trust. Bridges Trust was registered as a charity with the Charity Commission on 20 NAay 2009 (chority number1129756),' changed its nome to Bridges Charitable Trust on 17 August 2009., and changed its name to the Bridges Impact Foundation Ltd. on 22 February 2017. Statement of Trustees, Responsibilities > Select suitable accounting policies and then apply them conslstently 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. > Observe the methods and principles in the Charities SORP Insofar as the Trustees are aware: 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 FRS102, the Financial Reporting Standards applicable to the UK and Republic of Ireland. > Declare any conflict of interest following the Foundation's Conflict of Interest policy > There is no relevant audit information of which the charitable company's auditor is unaware > Make judgments and estimates that are reasonable and prudent > The Trustees have taken all the steps they ought to have taken to make themselves aware of relevant audit information and to establish that the auditor was aware of that information > State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Auditors oore Kingston Smith LLP continued in its appointed role as auditor in the year. 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: > Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business Signed on beholf of the Trustee 8oord by: The Trustees are responsible for L**INCOME AND EXPENDITURE**
**Income**
Donations and Grants
**2**
Investment income
**3**
**Total Income**
**Expenditure**
Charitable expenditure
**4**
**Total Expenditure**
**7**
**Net Income / (expenditure) and net**
**movement in funds**
Transfers between funds
Fund Balances at 1st April 2024
**Total Funds at 31st March 2025**
**10,11**
Revaluation (loss) on programme-related
investments|**Unrestricted Restricted**
**Funds**
**Funds**
**£**
**£**
858,180
-
200,550
-
1,058,730
-
439,147
-
439,147
-
-
(290,894)
**619,583**
**(290,894)**
-
-
738,148
4,170,726
**1,357,731**
**3,879,832**|**Year ended**
**31 March 25**
**£**
858,180
200,550
1,058,730
439,147
439,147
(290,894)
**328,689**
-
4,908,874
**5,237,563**|**Year ended**
**31 March 24**
**£**
152,373
128,256
280,629
442,318
442,318
(362,576)
**(524,265)**
**-**
5,433,139
**4,908,874**| |---|---|---|---| All gains and losses for the year are included in the Statement of Financial Activities and arise from continuing operations. The notes on pages 48 to 55 form part of these financial statements. Trustees' Annual Report and Accounts | 45 ## **Bridges Impact Foundation Limited Balance Sheet at 31st March 2025** |||||**Restated**|**Restated**| |---|---|---|---|---|---| ||**Note**|**2025**|**2025**|**2024**|**2024**| |||**£**|**£**|**£**|**£**| |**Programme-Related Investments**|7||1,416,053||3,466,506| |**Current Assets**|||||| |Debtors|8|181,733||23,250|| |Cash at bank and in hand||3,684,777||1,431,618|| |**Creditors: Amounts falling due**||3,866,510||1,454,868|| |**within one year**|9|(45,000)||(12,500)|| |**Net Current Assets**|||3,821,510||1,442,368| |**Net Assets**|||**5,237,563**||**4,908,874**| |**Funds**|||||| |Unrestricted general funds|10||1,199,635||550,261| |Unrestricted designated funds|10||158,096||187,887| |Restricted funds|11||3,879,832||4,170,726| |**Funds & Reserves**|||**5,237,563**||**4,908,874**| 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. The notes on pages 48 to 55 form part of these financial statements. Approved by the Board of Trustees, authorised for issue on and signed on its behalf by: ........................................................................ **Philip Newborough** Trustee Date: 19 December 2025 Company Registration Number: 06864617 Trustees' Annual Report and Accounts | 46 ## **Bridges Impact Foundation Limited Cash Flow Statement For the year ended 31st March 2025** |**Cash flows from operating activities**
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities**
Investment income received
Programme related investment additions
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 in bank
**Total**|**Note**
**16**
**01 April 2024**
**£**
1,431,618
**1,431,618**|**2025**
**£**
**293,050**
200,550
(41,472)
1,801,030
**1,960,109**
**2,253,159**
1,431,618
**3,684,777**
**Cash flows**
**£**
2,253,159
**2,253,159**|**2024**
**£**
**(272,734)**
128,256
-
-
**128,256**
**(144,478)**
1,576,096
**1,431,618**
**31 March 2025**
**£**
3,684,777
**3,684,777**| |---|---|---|---| Trustees' Annual Report and Accounts | 47 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **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 charitable company. 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 charitable company 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 charitable company have led the trustees to conclude that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The trustees therefore continue to adopt the going concern basis in preparation of the financial statements. ## **Income** Income from investments, donations and grants is brought into the accounts when the charitable company 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. All grants reflected in note 9 are payable to institutions to enhance mental health and wellbeing in young people. 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 | 48 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **1 Accounting Policies** ## **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. 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 ## **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 ProgrammeRelated 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|**2025**
**£**
212,168
646,012
858,180|**2024**
**£**
-
152,373
152,373| |---|---|---| All donations and grant income were attributable to unrestricted funds in both years. ## **3 Investment Income** |Dividends received|**2025**
**£**
200,550
200,550|**2024**
**£**
128,256
128,256| |---|---|---| All investment income was attributable to unrestricted funds in both years. Trustees' Annual Report and Accounts | 49 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **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**
**£**
47,291
288,974
-
-
336,265
**Direct**
**Costs**
**£**
21,300
320,000
-
-
341,300|**Support**
**Costs**
**£**
-
-
81,670
21,212
102,882
**Support**
**Costs**
**£**
-
-
84,687
16,331
101,018|**Total**
**2025**
**£**
47,291
288,974
81,670
21,212
439,147
**Total**
**2024**
**£**
21,300
320,000
84,687
16,331
442,318| |---|---|---|---| Restricted expenditure included above for 2025 is £nil (2024: £nil). Key management personnel comprise the Trustees and the Director of Strategy. Within Consultancy fees is £81,670 (2024: £78,622) paid to Bridges Fund Management for the services of the Director of Strategy. ## **4a Governance costs** |Audit fees
Bank charges
General expenses|**Total**
**2025**
**£**
17,860
1,826
1,526
21,212|**Total**
**2024**
**£**
15,130
968
233
16,331| |---|---|---| Trustees' Annual Report and Accounts | 50 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **4b Grants paid to institutions** |**Grants paid to institutions**
OnSide Youth Zones
Worship Company of Chartered Surveyors
The Difference
Rising Sun
Barking & Dagenham
Sex Education Forum
Bridges Outcomes Partnerships
Malaga Outcomes Partnership|**2025**
**£**
50,000
10,000
50,000
20,000
-
40,000
100,000
18,974
**288,974**|**2024**
**£**
50,000
10,000
30,000
50,000
150,000
30,000
-
-
**320,000**| |---|---|---| ## **5 Trustees' remuneration** The trustees are deemed to be the key management personnel of the Foundation. The trustees did not receive any remuneration during the period (2024: £nil). No costs were reimbursed to trustees during the period (2024: £nil). ## **6 Auditors' remuneration** The total amounts paid to the auditor in note 4a are broken down as below: |Current year audit fee
Prior year under accrual|**2025**
**£**
15,000
2,860
17,860|**2024**
**£**
12,500
-
12,500| |---|---|---| Trustees' Annual Report and Accounts | 51 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** |**7**
**Programme-related investments**
Investment value at 1 April 2024
Loan investment additions in the year
Loan investment repayments in the year
**Value at 31 March**
Revaluation of programme-related investment|**2025**
**£**
3,466,506
41,472
(1,801,030)
(290,894)
**1,416,053**|**2024**
**£**
3,829,082
-
-
(362,576)
**3,466,506**| |---|---|---| 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 Inclusive Growth Fund LP 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, oer the life of the Fund, the net money multiple was below 1.0x, meaning the Fund did not fully return the invested capital. Bridges Inclusive Growth Fund LP 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 currently has invested in New Reflexions, the Ethical Housing Company, and Alina Homecare. ## **Amounts committed, but not yet invested** ## **Social Entrepreneurs Fund LP** The total commitment that the Foundation had committed to Bridges Social Entrepreneurs Fund LP was £4,240,252 (2024: £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. 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 2025 is £nil (2024: £nil). In addition, there were no distributions received by the Foundation from the Fund in the year to 31 March 2025. ## **Bridges Inclusive Growth Fund** The total commitment that the Foundation had committed to Bridges Inclusive Growth Fund LP at 31 March 2025 was £3,000,000 (2024: £3,000,000) which can be drawn down at the discretion of the Manager of the Fund. Bridges Inclusive Growth Fund 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 mission locked governance structure in order to deliver their social mission. As at 31 March 2025, Bridges Inclusive Growth Fund LP had total Fund commitments of £65,700,000 (2024:£65,700,000). In August 2024, Bridges Inclusive Growth Fund 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, not yet drawn upon by 31 March 2025, is £1,759,559 (2024: £nil). Trustees' Annual Report and Accounts | 52 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** |**8**
**Debtors**
Accrued income
**9**
**Creditors: Amounts falling due within one year**
Grants payable
Other creditors|**2025**
**£**
181,733
181,733
**2025**
**£**
30,000
15,000
45,000|**2024**
**£**
23,250
23,250
**2024**
**£**
-
12,500
12,500| |---|---|---| ## **10 Unrestricted Funds** |**Current year**
**_General funds_**
**_Designated funds_**
(a) Benevolent fund
(b) Fund matching
(c)
Property philanthropic pot
(c)
Growth philanthropic pot
(d) Donor-advised Pool fund
**Total Designated Funds**
**Total Unrestricted Funds**
**Prior year**
**_General funds_**
**_Designated funds_**
(a) Benevolent fund
(b) Fund matching
(c)
Property philanthropic pot
(c)
Growth philanthropic pot
(d) Donor-advised Pool fund
**Total Designated Funds**
**Total Unrestricted Funds**|**Restated**
**At 1 April**
**2024**
**£**
**550,261**
-
17,661
750
1,500
167,976
**187,887**
**738,148**
**Restated**
**At 1 April**
**2023**
**£**
**696,358**
6,892
20,661
1,000
-
174,926
**203,479**
**899,837**|**Income**
**£**
**1,058,730**
-
-
-
-
-
**-**
**1,058,730**
**Income**
**£**
**280,629**
-
-
-
-
-
**-**
**280,629**|**Expenditure**
**£**
**(404,356)**
-
(4,504)
-
(1,500)
(28,787)
**(34,791)**
**(439,147)**
**Expenditure**
**£**
**(424,318)**
(7,300)
(3,000)
(250)
(500)
(6,950)
**(18,000)**
**(442,318)**|**Transfer**
**£**
**(5,000)**
5,000
-
-
-
-
**5,000**
**-**
**Transfer**
**£**
**(2,408)**
408
-
-
2,000
-
**2,408**
**-**|**At 31 March**
**2025**
**£**
**1,199,635**
5,000
13,157
750
-
139,189
**158,096**
**1,357,731**
**Restated**
**At 31 March**
**2024**
**£**
**550,261**
-
17,661
750
1,500
167,976
**187,887**
**738,148**| |---|---|---|---|---|---| Trustees' Annual Report and Accounts | 53 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **10 Unrestricted Funds (Cont.)** - (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 2025 a total of £nil (2024: £7,300) were 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 2025, a total of £4,504 (2024: £3,000) was paid out in matched donations. - (c) The Property philanthropic pot 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. - (d) Donor-advised Pool fund is a pool of funds representing 20% of the carry donations made from each Bridges carry holder, who can request that these amounts be donated to charitable causes of their choice. |**11**
**Restricted Funds**
(a)
Balance at 1 April 2024
Revaluation (loss)/gain
**Balance at 31 March**
(b)
Balance at 1 April 2024
Revaluation (loss)/gain
**Balance at 31 March**
**Total Restricted Funds at 31 March**
Funds acquired for Programme Investment in Bridges
Social Entrepreneurs Fund
Funds acquired for Programme Investment in Bridges
Inclusive Growth Fund LP|**2025**
**£**
1,111,227
(7,587)
**1,103,640**
3,059,499
(283,307)
**2,776,192**
**3,879,832**|**2024**
**£**
1,118,684
(7,457)
**1,111,227**
3,414,618
(355,119)
**3,059,499**
**4,170,726**| |---|---|---| - (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 £3,059,499 for use in the Programme Investment Fund to support Bridges Inclusive Growth Fund LP. During the current year there has been further investment in Bridges Inclusive Growth Fund LP £41,472 (2024: £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|**Unrestricted**
**Funds**
**2025**
**£**
-
1,402,731
(45,000)
**1,357,731**|**Restricted**
**Funds**
**2025**
**£**
1,416,053
2,463,778
-
**3,879,833**|**Total**
**Funds**
**2025**
**£**
1,416,053
3,866,510
(45,000)
**5,237,563**| |---|---|---|---| Trustees' Annual Report and Accounts | 54 ## **Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2025** ## **12 Analysis of Net Assets between funds (cont.)** |**Prior year**
Fixed Assets - Programme-related investments
Current Assets
Current Liabilities|**Unrestricted**
**Funds**
**2024**
**£**
-
750,648
(12,500)
**738,148**|**Restricted**
**Funds**
**2024**
**£**
3,466,506
704,220
-
**4,170,726**|**Total**
**Funds**
**2024**
**£**
3,466,506
1,454,868
(12,500)
**4,908,874**| |---|---|---|---| ## **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 that LP Fund. During the period, Bridges Impact Foundation did not receive any amounts from Bridges Social Entrepreneurs Fund LP by way of distribution out of income or capital (2024:£nil). At the year end Bridges Impact Foundation Limited's investment in Bridges Social Entrepreneurs Fund LP was £35,313 (2024: £42,904). Bridges Impact Foundation Limited is a Limited Partner in Bridges Inclusive Growth Fund LP and is not considered to have a controlling or significant interest in that LP Fund. At the year end Bridges Impact Foundation Limited's investment in Bridges Inclusive Growth Fund LP was £1,380,740 (2024: £3,427,644). As a result of the restructuring from Bridges Evergreen Capital LP to Bridges Inclusive Growth Fund LP, the Foundation received a distribution of £2,100,581, of which £1,801,031 was recallable and £200,550 was a nonrecallable dividend (2024: £128,256). Bridges Impact Foundation Limited operates under common control with Bridges Fund Management ("BFM"). Michele Giddens Co-Founder and CEO of BFM) stepped down as Trustee during the year, and was replaced by Philip Newborough as Trustee (Co-Founder and Executive Chair of BFM). During the year a total of £81,670 (2024: £78,622) was paid to BFM representing consultancy fees. At the year end no amounts were payable to BFM (2024: £nil). ## **14 Staff Numbers** There were no full time equivalent employees during the year (2024: nil.). Total staff costs for the year were £nil (2024: £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 Income / (Expenditure) for the reporting period**
Revaluation gains / (losses)
Investment income
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
**Net cash provided by /(used in) operating activities**|**2025**
**£**
**328,689**
290,894
(200,550)
(158,483)
32,500
**293,050**|**2024**
**£**
**(524,265)**
362,576
(128,256)
52,692
(35,481)
**(272,734)**| |---|---|---| Trustees' Annual Report and Accounts | 55 Bridges Impact Foundation 38 Seymour Street, London, W1H 7BP +4410120 3780 8000 inf Company Registration Number.. 06864617. Registered Charity Number'.1129756. Copyright designation.. This work is licensed under the Creative Commons Attribution-NoDerivatives 4.0 International License, that allows the copying and distribution of this material as long as no changes ore made and credit is given to the authors. https'.//creativecommons.org/licenses/by-nd/4.0/ Bridges Impact Foundation, December 2025 Cookies Terms Privacy POWERED BY Tum"