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← Social Business Trust

2025-05-31-accounts

Company number: 07242976 Charity number: 1136151

Social Business Trust

Report and Financial Statements For the year ended 31 May 2025

Social Business Trust

Reference and administrative details

For the year ended 31 May 2025

Company number 07242976 – incorporated in the United Kingdom 07242976 – incorporated in the United Kingdom
Charity number 1136151 – registered in England and Wales
Registered office S71 New Wing
Somerset House, Strand
London WC2R 1LA
Operational S71 New Wing
address Somerset House, Strand
London WC2R 1LA
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Larissa Joy Chair
Paul Armstrong Secretary and Vice Chair
Michael Crossan
Guy Davies
Anne Drakeford
Jan Coos Geesink
James Hadley
Madeleine Hale
Simon Milton
Harry Nicholson
Key management Joanne Hay Chief Executive
personnel Jennifer Coles
Alex McAleavy
Jasmine Anwar
Bankers Royal Bank of Scotland
Solicitors Russell Cooke Solicitors
2 Putney Hill,
London, SW15 6AB
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
London EC1Y 0TG

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Social Business Trust

Report of the trustees – Chair’s Report

For the year ended 31 May 2025

CHAIR’S REPORT

In a year when the sector continues to face significant headwinds, Social Business Trust and its partners are more committed than ever to provide the highest possible levels of support, skills, expertise, strategic insight and financial support to our portfolio of social enterprises and charities to help them thrive.

The challenges our portfolio organisations are tackling include more acute demand for their services, increasing cost pressures, workforce and volunteer challenges and increased pressure on commissioning. Their Boards and leadership teams are rising to these challenges with commitment and resolve, increased ingenuity, creativity and resilience. They, and the team at SBT, continue to be driven and inspired by the impact of their work with their beneficiaries. It is during times such as these that the long-term nature of the relationships between SBT and its portfolio come into their own. We are privileged to partner with such an inspiring group of portfolio organisations.

SBT is delighted to have welcomed three new organisations into its portfolio this year – AllChild (formerly West London Zone); parkrun and upReach. Each brings unique and complementary strengths and potential to grow and expand their impact.

In 2025, SBT provided support to a total of 25 organisations, a significant increase on any previous year. We are very privileged to work with such an inspiring group and hope to continue to work with further, new social enterprises in the coming year whilst continuing to support our existing organisations.

This year has seen SBT further evolve its model for long-term support: beginning to embed further digital and AI capability, expanding leadership and talent development, building communities of practice and peer networks, all of which help maintain our ambition for a high-performing, values-driven approach. Looking forward, we hope to significantly increase our support to our portfolio in the realm of digital and AI as we know that there is opportunity for our portfolio organisations to refine and develop their offerings and broaden the ways in which they support their beneficiaries.

The year in review has seen another impressive number both of new volunteers engaged and value of hours of professional skills volunteering. I would like to pay particular tribute to Dr J Hay, SBT’s CEO, and her team for their unflinching work and dedication in supporting our portfolio and leading SBT. Our board of trustees has continued to provide valuable insight and excellent support. We are extremely fortunate to benefit from a highly qualified Investment Committee, drawn from each of our long-term corporate partners. SBT remains most grateful to its business partners Bain & Co, Clifford Chance, EY, Financial Times, Permira, Permira Credit, Schroders and Thompson Reuters for their expertise and support.

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Social Business Trust

Report of the trustees – Chair’s Report

For the year ended 31 May 2025

Next year will mark 15 years since Social Business Trust was founded. It was born with the vision that great things happen when business and the social enterprise and charity sectors find effective ways of working together more closely. We look forward in SBT’s 15th year, to celebrating the work of all of our partners and collaborators and to reaffirming our belief in an enduring partnership approach to connecting business expertise and support with social purpose to tackle inequality at scale.

Larissa Joy OBE Chair

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Social Business Trust

Report of the trustees – CEO’s Report

For the year ended 31 May 2025

CEO’S REPORT

In a year marked by challenge and change, one thing has remained constant: the extraordinary power of purposeful partnership.

At Social Business Trust, we exist to help ambitious social enterprises grow because we believe that practical, bold solutions in education, employment and health & wellbeing are key to tackling inequality and unlocking opportunity. Everything we do is grounded in collaboration, guided by trust, and driven by a shared commitment to lasting social impact.

This year, we were proud to support 25 outstanding social enterprises making a difference in communities across the UK. From classrooms to workplaces to healthy living, their work brings our mission to life in real and powerful ways.

We also welcomed three exceptional organisations to our portfolio: AllChild, parkrun and upReach. Each brings fresh energy, innovation and deep insight into the challenges we aim to address, further strengthening the collective impact of our network.

The scale of support delivered this year is a testament to the generosity and commitment of our business partners and professional community. Together, we provided over 2,200 days of expert, hands-on support from over 400 professionals bringing their skills and insight to where they were needed most; add to that targeted grant funding and strategic in-kind contributions and the total value of support delivered this year exceeded £7 million.

But the real value lies in what this support unlocked: smarter systems, more resilient teams, braver decisions and stronger leadership, enabling our social enterprises to meet rising demand, navigate uncertainty, and continue delivering for the people who rely on them.

Our support offer has continued to evolve. Alongside high-impact projects and expert advice, we continue to build our talent development programme, increase sales and marketing support, and grow our peer learning groups. Embedding digital and AI capabilities across our portfolio remains a mainstay. All of this is made possible by our expert Advisory Boards working with SBTs highperforming team - aligned, ambitious, and constantly learning.

We know that the sector is under strain. Charities and social enterprises are facing complex challenges: funding uncertainty, surging demand, workforce pressures, and the need to rapidly build digital and operational capabilities. But we also know that they are meeting these challenges with resilience, innovation, and a deep commitment to the communities they serve.

At SBT, we will continue to stand beside our portfolio, offering practical support, trusted partnerships, and the belief that by working together, we can achieve more than any of us could alone.

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Social Business Trust

Report of the trustees – CEO’s Report

For the year ended 31 May 2025

Thank you to everyone who is part of this mission: trustees, partners, supporters, and above all, the social enterprises who inspire us every day.

Joanne Hay Chief Executive

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Social Business Trust

Report of the trustees – CEO’s Report

For the year ended 31 May 2025

Key Performance Indicators

KPI Explanation FY25 Performance
Total
cash
income (£s)		 This measures the financial
support that we have received
during
the
year
and
determines our ability to fund
core costs and to make cash
grants to social enterprises.		 Total cash income in the year to 31 May 2025 was
£693k (FY24: £812k, including interest income).
Agreements were renewed for two business
partners during the year. The reduction in cash
income in FY25 was due to the end of additional
grant funding received from one business partner
over the prior three years. We continue to seek
additional sources of cash income as this will
enable us to expand our activities.
Expenditure
on core costs
(£s)		 This measure determines how
much we spend on SBT’s core
operations. We are looking to
optimise rather than minimise
this measure, as inadequate
investment in core costs is a
false economy.		 Total expenditure on core costs in FY25 was
£513k (FY24: £516k). Staffing was maintained at
prior year levels and non-staff costs were
prudently managed to maximise the amount of
cash available for grants to social enterprises.
In-kind
support
drawn down
from
our
business
partners (£s)		 This amount measures both
the value of the expertise
provided without charge to
our
investees,
covering
investment projects and a
wide range of other support,
and to SBT, and the extent of
our ability to engage with our
business partners to provide
their expert volunteers.		 In FY25, £6,409k (FY24 £7,836k) of in-kind
support was provided by SBT’s business partners,
a decline from the record high of FY24 but 18%
above FY23 thus marking another year of
significant activity.
All members of the Portfolio received expert
support from SBT’s business partners during the
year, to help with specific functional areas,
training and mentoring – as did the members of
the SBT Development Network and social
enterprises new to SBT in the Design stage.
Of the total value of in-kind services provided in
FY25, 98% was provided directly to our social
enterprises (98% in FY24).
Number
of
cash
investments
made		 Although
SBT’s
investment
criteria are flexible, we would
normally expect to restrict our
cash investments to support
social enterprises that want to
work
with
us
to
achieve
‘transformation’. The number
of cash investments made in a
period should reflect this. This		 In FY25, SBT’s Investment Committee approved
four proposals to invest cash grants in social
enterprises: one investment was made as that
social enterprise joined SBT’s Portfolio from
Design; two were made to existing members of
SBT’s Portfolio consistent with the strategy of
creating longer, more impactful relationships;
one was made to a social enterprise in the Design

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Social Business Trust

Report of the trustees – CEO’s Report

For the year ended 31 May 2025

KPI Explanation FY25 Performance
measure also indicates the
effectiveness of our processes
for identifying and processing
suitable applicants.		 stage. In FY24, the Investment Committee also
approved four new cash investments.
Feedback
from our key
stakeholders		 SBT
regards
its
business
partners, social enterprises (in
Portfolio,
Design
and
the
Development Network) and
staff as its key stakeholders.		 We obtain regular feedback from our business
partners, social enterprises and staff. In most
cases, this is extremely positive but we also
welcome constructive criticism as this enables us
to improve our processes. During the year, we
collected feedback from volunteers on how
volunteering had impacted their professional
development. We achieved a NPS (net promoter
score) of +85 from investees.

Financial overview

Total cash incoming resources for FY25 year were £693k (FY24: £812k including interest income). After core costs of £513k (FY24: £516k), cash payments to investee social enterprises of £323k (FY24: £274k), and a reduction in working capital of £23k (FY24: increase of £22k), year-end cash balances decreased by £117k (FY24: increase of £2k) to £510k at 31 May 2025. These, together with future cash donations from our business partners, will enable us to meet our cash commitments to existing investees (valued at £270k at 31 May 2025) and make additional investments during FY26.

In addition to their cash donations, business advice with an estimated market value of £6,409k (FY24: £7,836k) was drawn down from our business partners and provided to SBT and its investees. An analysis of our total FY25 core and in-kind expenditure of £7,245k shows that £7,048k or 97% of our resources (FY24: 98%) was focused on our social enterprises. The balance was shared evenly between raising funds and on governance – with the latter being broadly defined to include strategic management of the charity, risk management, compliance with regulations and public reporting.

Reserves policy

Our reserves policy is risk based and reflects the trustees’ belief that, after taking account of existing cash commitments to portfolio companies, the charity should maintain a minimum level of unrestricted funds equivalent to approximately three months’ core costs as this would enable SBT to manage an unexpected disaster that would threaten our ability to continue as a going concern. At activity levels forecast for FY26, this implies the need to maintain a minimum level of funds of approximately £145k. After deducting known cash commitments to portfolio companies, total unrestricted funds at 31 May 2025 were approximately £240k. The excess over the minimum targeted level is regarded by the trustees as acceptable.

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

The trustees present their report and the audited financial statements for the year ended 31 May 2025.

For clarity and in recognition of their important roles in the governance and management of the charity, the Chair and Chief Executive have presented separate reports. These reports (for which the trustees take full responsibility) should be read as part of this report.

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

Structure and objects

The organisation is a charitable company limited by guarantee, incorporated as Scale-Up on 5 May 2010 and registered as a charity on 2 June 2010. The company's name was changed to Social Business Trust on 11 November 2010.

The company was established under a memorandum of association, which established the objects and powers of the charitable company and is governed under its articles of association.

The objects of the charity, as stated in its governing documents, are to pursue any exclusively charitable objects as the trustees in their absolute discretion think fit by any means including but not limited to providing grants or other forms of financial assistance, materials or assistance in kind. The management and governance structures in place are designed to enable this to happen.

Aims, objectives and activities

Social Business Trust (“SBT”) is a partnership of leading businesses that share a common goal – to use our combined resources and experience to ensure the sustainability and help accelerate the growth of ambitious social enterprises, increasing social impact and making sustainable, positive change.

Together, SBT’s business partners invest in UK social enterprises and charities with a clear social mission, a robust business model and good leadership. Our investment consists of a combination of cash grants and expert resources provided free of charge. Initially, investees are invited to join our SBT Design Programme during which we add value by working through a structured due diligence programme designed to ensure that the fundamentals for growth are in place. Subsequently, if appropriate, we contribute to projects that the investee management team “owns” and which they regard as critical to their ability to scale-up the impact of their organisation and/or to enhance their sustainability.

In all cases, we work collaboratively with management but, in accordance with best business practice, we always insist on accountability, transparency and a focus on results. Consequently, our

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

support is usually provided in instalments, with each instalment being conditional on the achievement of certain milestones. We monitor the social impact of our investees and attempt to estimate the social return on our investment in terms of the key performance indicators that our investees consider meaningful.

Trustees

Trustees with appropriate functional and business skills have been appointed from SBT's business partners and elsewhere. They meet as a Board at least four times a year. Trustees automatically become members of the charity. With the exception of the Chair, all trustees serve for a three-year term, after which they are eligible for re-appointment on the recommendation of the Board on such terms and for such duration as the Board may determine.

As part of their induction, the Chair and Chief Executive each hold one-to-one meetings with new trustees to ensure that they are fully versed in SBT's objectives and procedures. Updates on developments in the social sector are provided at each trustees' meeting and additional training is available to trustees on request. The names of the trustees who held office during the year are set out on page 1.

Related party transactions and conflicts of interest

Trustees are required to disclose to the Board any direct or indirect interest in a proposed or existing transaction and any other circumstances that might give rise to a conflict or potential conflict. When any such actual or potential conflicts are identified, the trustee in question plays no part in the decision on whether or not to enter into the transaction.

Transactions in which a trustee has or may have a direct or indirect interest are referred to as related party transactions. Related party transactions involving trustees are fully disclosed in the financial statements (see Note 13).

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. To ensure that SBT is acting in accordance with its objects, investments are restricted to registered charities or to other not-for-profit entities where, in the opinion of the trustees, any private benefit is incidental and insignificant.

Investment Committee

The trustees have set up an Investment Committee to act as an advisory sub-committee of the Board. The Investment Committee includes one senior representative of each of SBT's business partners. Its purpose is to consider detailed investment recommendations put forward by SBT’s core team and, if appropriate, recommend them to the Board for approval. Meetings of the Investment Committee take place at least four times a year.

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

The current members of the Investment Committee are:

Larissa Joy (Chair) Gemma Cotton (Bain & Company) Alastair Windass (Clifford Chance) Andrew Walton (EY) David Hirschmann (Permira Credit) Fiona Spooner (The FT) Madeleine Cobb (Schroders) Daniel Fox (Thomson Reuters)

Fundraising

The charity is committed to observing all relevant fundraising regulations and codes. During the year, there was no non-compliance of these regulations and codes and the charity received no complaints relating to its fundraising practices.

Volunteers

SBT’s trustees, Investment Committee members and core team are extremely grateful to the many people from SBT’s business partners and other organisations who have given us and our investees the benefit of their experience and expertise during the year. SBT's accounting policies for valuing the contributions of these volunteers is set out in Note 1 to the financial statements.

Risk management

Risk exists when there is uncertainty surrounding events and their outcomes that may have a significant impact on SBT’s ability to:

Risk management is the responsibility of the Board and, in recognition of this, a schedule summarising principal risks together with mitigating factors and appropriate risk management procedures is formally reviewed by the Board annually. In the Board’s opinion, SBT’s two most significant risks can be summarised as:

To a significant extent, these risks are outside the control of the Board but mitigation strategies include a relentless focus on stakeholder satisfaction, increased investment in fundraising and appropriate succession planning.

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

Going concern

The trustees consider that, having regard to the level of reserves and to the continuing support of SBT's business partners, there are no material uncertainties about the charitable company's ability to continue as a going concern.

Remuneration policy for key management personnel

The trustees of SBT recognise that the charity will not achieve its ambitious goals unless we are able to attract and retain a core team of key management personnel who have the experience, enthusiasm and ability to provide support and guidance to both its investee companies and to high calibre personnel from its business partners. Consequently, the ability to offer a compelling value proposition to all staff is regarded as a critical success factor.

In common with other small, entrepreneurial organisations in the charitable sector, SBT’s value proposition to staff includes flexible working, supportive teamwork and significant job satisfaction from the social impact that we are helping to generate. However, remuneration is also important, and, for this element of the overall reward package, our policy is to set pay and benefits at levels that are competitive for the sector and which recognise an individual’s abilities, responsibilities and experience.

The remuneration of key management personnel is summarised in Note 6 of the financial statements. On a full time, equivalent basis, SBT’s highest paid employee is the Chief Executive and, in the year to 31 May 2025, her salary was approximately 2.1 times the average full time equivalent salary paid to other employees.

Financial review

The Chief Executive's report, which is set out on pages 4 to 7, includes a commentary on SBT's performance in the year to 31 May 2025 and a financial overview.

Plans for the future

As we look to 2025/26, we do so with confidence in the strength and resilience of the SBT model. Our mission remains clear: to connect business expertise with social purpose, tackling inequality at scale in education, employment, and health & wellbeing.

The year ahead will see us build on our distinctive blend of time, talent, funding, and strategic insight, deepening our impact for charities and social enterprises facing rising demand and complex challenges. We will continue to evolve our offer, embedding digital and AI, expanding leadership development, and fostering strong peer networks.

To meet unprecedented demand, we plan to grow our income, strengthen our core team, and increase grant funding, enabling us to support more organisations.

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

Statement of responsibilities of the trustees

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

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantors at 31 May 2025 was 10 (2024: 10). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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Social Business Trust

Report of the trustees

For the year ended 31 May 2025

Auditor

Sayer Vincent LLP was re-appointed as the company's auditor during the period and has expressed its willingness to continue in that capacity.

The trustees’ annual report which includes the Chair’s and Chief Executive’s report was approved by the trustees on 9[th] September 2025 and signed on their behalf by:

Harry Nicholson - Treasurer

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Independent auditor’s report

To the members of

Social Business Trust

Opinion

We have audited the financial statements of Social Business Trust (the ‘charitable company’) for the year ended 31 May 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Social Business Trust 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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Independent auditor’s report

To the members of

Social Business Trust

Other Information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

Social Business Trust

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Capability of the audit in detecting irregularities

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

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Independent auditor’s report

To the members of

Social Business Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report

To the members of

Social Business Trust

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Coyle (Senior statutory auditor)

Date: 22 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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Social Business Trust

Statement of Financial Activities (incorporating an Income and Expenditure Account)

For the year ended 31 May 2025

For the year ended 31 May 2025
Note
2
3
5
Net income for the year and net
movement in funds
Income from:
Total income
Total funds brought forward
Total expenditure
Raising funds
Charitable activities
Total funds carried forward
Reconciliation of funds
Donations
Bank interest and sundry income
Expenditure on:
Investment in projects		 Unrestricted
£
7,051,614
20,707		 Restricted
£
30,000
-		 2025
Total
£
7,081,614
20,707		 Unrestricted
£
8,639,431
8,473		 Restricted
£
-
-		 2024
Total
£
8,639,431
8,473
7,072,321 30,000 7,102,321 8,647,904 - 8,647,904
112,060
7,132,526		 -
-		 112,060
7,132,526		 140,069
8,484,807		 -
1,958		 140,069
8,486,765
7,244,586 - 7,244,586 8,624,876 1,958 8,626,834
(172,265) 30,000 (142,265) 23,028 (1,958) 21,070
650,092 5,180 655,272 627,064 7,138 634,202
477,827 35,180 513,007 650,092 5,180 655,272

Movements in restricted funds are detailed in note 11

All of the above results are derived from continuing activities. There were no other recognised gains or losses in either year other than those stated above.

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Social Business Trust

Company no. 07242976

Balance sheet

31 May 2025

31 May 2025
Balance sheet		 Company no. 07242976
Note
Tangible fixed assets
8
Debtors
9
Short term deposits
Cash at bank and in hand
Creditors: amounts due within one year
10
Unrestricted general funds
Restricted funds
11
Fixed assets
Liabilities
Net current assets
The funds of the charity
Total charity funds
Net assets
Current assets		 2025
£
1,603
23,942
151,767
358,594		 2024
£
3,393
49,247
91,787
535,959
534,303
(22,899)		 676,993
(25,114)
511,404 651,879
513,007 655,272
477,827
35,180		 650,092
5,180
513,007 655,272

Approved by the trustees on 9th September 2025 and signed on their behalf by:

Harry Nicholson Trustee

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Social Business Trust

Statement of Cash Flows

For the year ended 31 May 2025

For the year ended 31 May 2025
Net income for the year
Depreciation
Loss on disposal of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Purchase of fixed assets
Net cash used in investing activities
Cash and cash equivalents at the beginning of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Short term deposits
Total
Cash flows from investing activities:
Change in cash and cash equivalents in the year
Cash and cash equivalents at the end of the year		 At 1 June
2024
£
535,959
91,787		 2025
2024
Total
Total
£
£
(142,265)
21,070
5,009
4,849
-
-
25,305
(30,462)
(2,215)
8,890
(114,166)
4,347
(3,219)
(2,274)
(3,219)
(2,274)
(117,385)
2,073
627,746
625,673
510,361
627,746
Cash flows
At 31 May
2025
£
£
(177,365)
358,594
59,980
151,767
(117,385)
510,361
627,746

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Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

a) Statutory information

The registered office address is 110 Golden Lane, London, EC1Y 0TG.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

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

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

The trustees consider that, having regard to the level of reserves and to the continuing support of SBT's business partners, there are no material uncertainties about the charitable company's ability to continue as a going concern. Further details can be found in the trustees' annual report.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. Similarly, the trustees do not believe that they have made any key judgements which have had a significant effect on the accounts.

e) Income

Donations consist of cash donations and services provided "in-kind" (i.e. without charge) to SBT or its investees by SBT's business partners. Cash donations are included in full in the statement of financial activities when receivable and, when appropriate, include Gift Aid receivable from HMRC. In-kind donations are recognised as income when the services in question are provided and are valued by the trustees of SBT at a prudent estimate of the market value of those services.

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Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

SBT has the following three core processes:

1. Raising funds

Associated activities include profile raising, identifying potential business partners and/or individual donors, enlisting support from and managing relationships with those partners/donors and organising fundraising events.

2. Investment in projects

Associated activities include market research, screening applicants, detailed due diligence, project definition, project delivery and monitoring progress.

3. Governance

Associated activities include strategic management of the charity, risk management, internal control, administration, compliance with regulations and public reporting.

g) Allocation of support costs

Cash grants and the value of in-kind services provided by SBT's core team and its business partners to other organisations are allocated directly to investment in projects. All other costs are initially allocated to support costs and then re-allocated to SBT's three core processes - either directly or on the basis of the most appropriate cost driver. In the case of staff costs, the cost driver is the amount of time spent by an individual team member on a particular process. For all other indirect costs, re-allocation is based on the following percentages which themselves are derived from the trustees' estimate of the percentage of total time spent by the core team on each of the three core processes:

Raising funds 11.6% Investment in projects 72.1% Governance 16.3%

Governance costs are then reallocated to the other two processes in proportion to their total direct and indirect costs.

h) Grants payable

Cash grants payable to other organisations are charged to the statement of financial activities when conditions have been met for payment. Where grants are payable by instalments, each instalment is conditional on the organisation in question meeting SBT's requirements. Expenditure is only recognised when these conditions are met. Where conditions have not yet been met, outstanding payments are shown as future commitments.

23 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

Services provided without charge to SBT by trustees, Investment Committee members, other individual volunteers and external organisations (other than SBT's business partners) are not recognised as resources expended (or as voluntary income) but are acknowledged in the trustees' report.

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

Office equipment 3 years

Items of equipment are capitalised when the purchase price exceeds £250. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

k) Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

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

m) Pensions

Contributions payable by SBT to the company's defined contribution pension scheme are recognised in the period to which they relate.

n) Fund accounting

Unrestricted funds are derived from donations and other incoming resources received or generated for general charitable purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure incurred in connection with these purposes is charged to the relevant fund together, when appropriate, with a fair allocation of management and support costs.

o) Debtors

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

p) Cash at bank and in hand Cash at bank and in hand includes cash and highly liquid investments with a maturity of three months or less from the date of opening of the deposit or similar account.

24 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

1 Accounting policies (continued)

q) Short term

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

r) Creditors and provisions

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

2 Donations

Cash donations from business partners
In-kind services provided by business partners
Cash donations from individuals and corporate entities
Total		 2025
2024
Total
Total
£
£
671,100
802,500
6,409,014
7,836,121
1,500
810
7,081,614
8,639,431

In 2025, £30,000 of cash donations were restricted to the Catalyst Fund. In 2024, all donations were unrestricted.

25 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

3a Total expenditure (current year)

Total expenditure (current year)
Cash paid to support social enterprises
In-kind services provided
Staff and recruitment costs (Note 6)
Property costs
Marketing and fundraising costs
Training
Subscriptions
Travel, subsistence and entertainment
Phone costs
Depreciation
Other office costs
Insurance
Professional fees
Support Costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Costs of
raising funds
£
-
-		 Investment in
projects
£
322,500
6,248,938
6,571,438
-
-
-
-
-
-
-
-
-
-
-
6,571,438
477,024
84,064
7,132,526
8,486,765		 Governance
Costs
£
-
-		 Support
Costs
£
-
160,076		 2025
Total
£
322,500
6,409,014		 2024
Total
£
274,230
7,836,121
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 160,076
400,846
51,946
8,133
481
3,257
3,393
3,022
5,009
6,163
8,485
22,337		 6,731,514
400,846
51,946
8,133
481
3,257
3,393
3,022
5,009
6,163
8,485
22,337		 8,110,351
395,340
49,979
11,118
3,337
2,546
2,549
2,627
4,848
13,346
7,863
22,930
-
95,271
16,789		 -
100,853
(100,853)		 673,148
(673,148)
-		 7,244,586
-
-		 8,626,834
-
-
112,060 - - 7,244,586 8,626,834
140,069 - -

Governance costs include in-kind services provided by business partners, relevant staff costs, fees payable to the charity's auditors and an appropriate share of overheads.

26 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

3b Total expenditure (prior year)

Total expenditure (prior year)
Cash paid to support social enterprises
In-kind services provided
Staff and recruitment costs (Note 6)
Property costs
Marketing and fundraising costs
Training
Subscriptions
Travel, subsistence and entertainment
Phone costs
Depreciation
Other office costs
Insurance
Professional fees
Support Costs
Governance costs
Total expenditure 2024		 Costs of
raising funds
£
-
-		 Investment in
projects
£
274,230
7,702,561		 Governance
Costs
£
-
-		 Support
Costs
2024
Total
£
£
-
274,230
133,560
7,836,121
133,560
8,110,351
395,340
395,340
49,979
49,979
11,118
11,118
3,337
3,337
2,546
2,546
2,549
2,549
2,627
2,627
4,848
4,848
13,346
13,346
7,863
7,863
22,930
22,930
650,043
8,626,834
(650,043)
-
-
-
-
8,626,834
-
-
-
-
-
-
-
-
-
-
-
-		 7,976,791
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
121,331
18,738		 7,976,791
441,750
68,224		 -
86,962
(86,962)
140,069 8,486,765 -

27 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

4a Investment in projects

An analysis of cash payments and in-kind services provided during the year is set out below, by status at end of FY24:

Portfolio
AllChild
Catch22
Challenge Partners
Hestia
Jamie's Farm
parkrun
RetailTRUST
SALUK
The Brilliant Club
upReach
Development Network
Big Issue Recruit
Bikeworks
Career Ready
City Harvest
DFN Project Search
Magic Breakfast
The Change Foundation
Thrive at five
Twining
Design
Bloomsbury Football Foundation
Soil Association
Brightside
Do it Now Now
LEAP
Mind
Digital
The Fore
Shakespeare Schools
Hertfordshire Independent Living Service
London Early Years Foundation
Smart Works		 2025
£
318,775
192,206
274,214
756,912
236,375
455,384
252,468
145,872
1,316,732
359,471
1,280,223
124,737
39,416
48,937
53,402
51,205
96,671
40,109
40,679
49,526
41,101
281,242
42,131
46,030		 2024
£
28,270
1,587,693
98,960
104,833
1,032,598
62,232
59,338
471,479
346,539
743,671
455,211
7,771
-
1,122,745
75,914
68,894
115,040
-
18,393
-
-
273,408
-
-
6,543,818
-
-
-
-
27,620
-
-		 6,672,989
1,958
1,041
6,168
90,871
1,189,260
132
14,372
6,571,438 7,976,791

In FY25 AllChild, parkrun and upReach moved from Design to Portfolio; Big Issue Recruit, Magic Breakfast, The Change Foundation and Thrive at five joined the Development Network; Bloomsbury Football Foundation and the Soil Association joined Design; Do it Now Now left the Development Network; Mind left Design.

28 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

4b Investment in projects (continued)

At 31 May, the estimated value of future commitments to provide cash grants and additional services was as follows:

Within one year
Between one and two years
Total		 2025
£
820,000
20,000		 2024
£
1,675,000
105,000
840,000 1,780,000

The reduction in future commitments in FY25 is explained by a change in process in the year, whereby the approval for most in-kind services moved from individual project to a more holistic, multi-year framework that is not explicitly quantified.

5 Net movement in funds for the period

Net movement in funds for the period
This is stated after charging:
Depreciation
Rent/workstation licence fees
Auditor's remuneration (excluding VAT):
Audit
Staff costs were as follows:
Salaries and fees payable
Social security costs
Pension contributions
Recruitment costs
Staff costs and numbers
Trustees' remuneration
Trustees' expenses		 2025
£
5,009
46,853
10,100
NIL
NIL		 2024
£
4,848
47,202
9,655
NIL
NIL
2025
£
351,404
25,199
17,041
7,200		 2024
£
339,693
37,700
16,199
1,748
400,844 395,340

The following number of employees received employee benefits in excess of £60,000 (excluding employer national insurance and employer pension costs) during the year between:

2025 2024
No. No.
£60,000 - £69,999 1 1
£70,000 - £79,999 1 -
£110,000 - £119,999 1 1

The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel were £393,644 (2024: £393,592 ).

At 31 May 2025, SBT's core team consisted of 7.3 (2024: 7.1) full time equivalents, being 6 (2024: 5) employees and 2 (2024: 2) secondees from EY. The average weekly number of employees (full-time equivalents) during the year was 5.3 (2024: 5.4).

29 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

7 Taxation

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

8 Tangible fixed assets

Tangible fixed assets
Cost
At start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At start of the year
Charge for the year
Disposals in year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Office
equipment
£
22,416
3,219
-		 Total
£
22,416
3,219
-
25,635 25,635
19,023
5,009
-		 19,023
5,009
-
24,032 24,032
1,603 1,603
3,393 3,393

All of the above assets are used for charitable purposes.

9 Debtors

Debtors
Prepayments
Other debtors
Rent deposit
Accrued income
Taxation and social security
Other creditors
Creditors: amounts due within one year		 2025
£
9,075
3,357
11,510
-		 2024
£
10,671
-
11,510
27,066
23,942 49,247
2025
£
8,200
14,699		 2024
£
8,684
16,430
22,899 25,114

10 Creditors: amounts due within one year

30 | P a g e

Social Business Trust

Notes to the financial statements

For the year ended 31 May 2025

11a Restricted funds - current year

Restricted funds - current year
Catalyst Fund
Total restricted funds
HBS Fund		 At 1 June
2024
£
-
5,180		 Income
£
30,000
-		 Expenditure
£
-
-		 At 31 May
2025
£
30,000
5,180
5,180 30,000 - 35,180

The Catalyst Fund was established in 2025 following two cash donations; it is restricted to direct cash grants to SBT's Portfolio; this fund will be fully deployed in 2026.

The HBS Fund was established by the charity's co-founder and former Chair, Sir Damon Buffini. Its purpose is to enable senior executives from SBT's investee companies to attend a course for social entrepreneurs at Harvard Business School.

Total restricted funds at the year end (£35,180) were represented by cash. All of the charity's other assets and liabilities at 31 May 2025 represented unrestricted funds.

11b Restricted funds - prior year

Restricted funds - prior year
HBS Fund
Total restricted funds
Digital Impact fund		 At 1 June
2023
£
1,958
5,180		 Income
£
-
-		 Expenditure
£
(1,958)
-		 At 31 May
2024
£
-
5,180
7,138 - (1,958) 5,180

12 Property commitments

Under its current arrangements at Somerset House, SBT rents a number of desks on a rolling contract with one month's notice.

13 Related party transactions

As shown in Note 4, during the year, cash and in-kind services with values of £1,316,732 (FY24 £346,539), £41,101 (FY24 £0) and £0 (FY24 £132) were provided to RetailTRUST, Thrive at five and Shakespeare Schools ("Coram SSF") respectively. Paul Armstrong is a trustee of RetailTRUST, Larissa Joy is a trustee of Thrive at five, and both James Hadley and Guy Davies are trustees of Coram SSF.

In accordance with SBT's normal procedures, having declared their interests, the trustees concerned took no part in the decisions to make the investments in the investee companies in which they were involved. In all cases, the remaining trustees were satisfied that the associated expenditure was appropriate and in the best interests of SBT.

14 Legal status of the charity

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

31 | P a g e