SASC Trust Report and Financial Statements Forthe year ended 31 December 2022 Cthmp¥ry Limited ty &•riteÈ Rtytstration Nfftther 107231t IENgaTrJ ar W451 Charity Rewatth Mmnber 1176848 ACDCGNFV* 03110r2023 c(PANIEs HOUSE
Contents Reports Reference and administrative infomiation 1 TTuslees' reFQrt Independent auditofs report 77 Flnanclal statements Stateff*nt of financrdl aclivrties Balar sheet 12 Statent of cash IICN 13 pA1paI OUnting policies 14 Notes to the financk91 ststements 16 SASC Trust
Reference and adminlstrative infornialion Tntstees Craig Dearden-Phillips Nathaniel Sbane Nla Pollod( (Chairl Vmay8k Nair Stephani2 Thompson Registered address 130 Wood Str London England EC2V 6DL Cornpany registration number 107231C Charity regIsttiOn number 1176848 Auditor Buzzacolt LLP 130 Wood Street London EC2V 6DL Bankers S8nlander 100 Ludgate Hill London EC4M 7RE Solkltors B8tes Welb & Braithwaite Lorwjon LLP 10 Queen Street PLace London EC4R 1BE SASC Trust 1
Trustees, report Year ended 31 Deceml)er 2022 The trustees present thwr S10ry report ak)ng with the financial statents for SASC Trust for the year ended 31 December 2022. The financial statements have been prepared in accordance wrth the accounlTrng polKies set out on pages 16 and 17 and compty wi(h the charity's goveming dUrnet, Companies Aet 20C6 and "Aceounling and Reporting by charrtS'. Statement of Recommended Practice applicable to ¢hari(ies pparing their accounts in a¢)rdance with the Financol Repo.n9 Standard aPPlb in the Unrted Kingdom and Republic of Ireknd IFRS 102}'. Stru¢ture SASC Trust was incorporated on 12 April 2017 as a prNate limtsy company by guarantee without share capital using 'Lirnrted exemption. It5 SO member is Sockgl and Sustainable Caprtal LLP. Governance and managem8nt The trustees (who are the key management personnel of the charity) make the key decisions about the conduct of the charty. The trustees do not recewe any remuneration for their semces to the charty. Recruitment and appointment of trustees Trustees are appointed in accordance with the Challs goveming document which stales that there must be a minimum of th[ charity trustees. Trustees are appointed by Social and sustainab Capital LLP. Trustees The trustees of the charity. who are also the directors of the company, during the year ended 31 December 2022 were.. Craig Dearden-Phillips Nathaniel Sloane Nola PollcKk Vinayak Nair stephan Thompson Trustee induction and training The chaTty trustees control the charity arKI rts funds. Each twstee is made aware of their duties as a trustee upon appoinbnenl and aepts their responsibility to keep up lo date wth changes in sL3tutory requirerrtsnts that affecl lh8 role and responsibilities of trustee5. Risk management Business decish)ns and the ass¢xiated risk factors a consideied at 0$t annualty. As part of this process the intemal conlroL8 that are in place are rewewed. Intemal control risks are minimised by a clear system of delegated authorrty and control, and procedures for the authorisalion of all financwl tran&icthJns. The trustees are satTrsfied that these are currently adequate lo manage and redu the risks Klenbfied. No serh)us incidents were reported lo the Ch*ty CoMmissn for the year ended 2022. SASC Trust 2
Trustees. report Ye8r ended 31 Decemter 2022 Objerflves and activities of Ihe charity The Objectwes of the Chanty are lo further charitable purFoses for the public benefft. The Trustees seek to achieve these obiectNes by making loans and other investments in ial enterprises and by making charilable grants to such organisations. The main immedLgle focus of the Trust is making investrnents in a housing fund. Social and sustainab Housing LP (SASH LP). for onward lending lo charilable and other social sector organisalions to enable them to deliver and alkviate charrtable needs in supported housing acr$ the UK. lthen future retums are generated from the Trust's investrnents. they wll be used by the Trust to advance its charrtable actP4ies. During the previous year. the Charity's Tfustees have agreed the principles under which grants will be made in the fvture lo SASH LP borrowers and othef applicants. 11 is intended lo implement an oversight panel comprised of SASH Borrower CEOS to ieview applications and agree grant allccations on an annual diStrul1n basis. The grant funds are intended to support an organisation's development or otherwise add value to Iheir work, with some rescwrce trtilised to SUPF)rt research initi3te(I by Ihe Trust. The chlty has also been actNe in considering other Wa to SUFWrt organisations that are tive in the sockql impact sector, particulady in relatn lo supported housin9, and will continue to seek opportunities where the charity can support the devebpment of a new or existing proied. A¢hlevements and Perfomiance During the reporting year. further Investments have been made in the housing fvnd. SASH LP, ler to support the charitabk and so¢k41 impacl of that fund. The Trust has the Trust entered into an agreement with Our Futu lo host its pilot project on the Trust's administratwe infrastructure. Public Benefit Statement The Iruslees of the charty have grrfen due regard lo the Charity Commission's gUance on public berfrt and have taken reasonab step5 to ensure that this guidance ha5 con5•Jered in the actNities urKlertaken by the charrty to deliver rts chaFitable purposes. The Trust does not engage in publ fun¢Jr8ising so does not use professh)nal fundraisers or commercial participants. Financial Review The results for the year are shcmn in the statement of the financial activrts on page 11. During the year ended 31 Dmber 2022. the ¢harty receNed grants and donations of £180.000 {2021: nil) and investment income of £72,445 12021." £1,104>. Expendilure on charitsble aciNilies, including support costs, for the year totslw £105,30812021'. £37.873). In a(kJth'on to the above. the charty athved a gain on the value of investments of £131,725 (2021.. £55.3391. SASC Trust 3
Tntstees. report Year ended 31 December 2022 Financial Rovlew {conlinuedl The balance of the charty's festrKled reserves as al 31 December 2022 was £13.111.071 {2021.' £12.947.7811. These $t1th reserves included £107,011 lating to Our Future. Unrestncled resee$ were £115.572 as at 31 December 202212021.. £45,446}. The level of fijnds held by the charity will be used for investment SASH LP which supports chanties ishing to Purchase properties in order to provide safe and secure hou$ing lor their beneficne$. ReseNes Polky and Finan¢lal Posltlon The level of reserves is monitored and revWed by the trustees at least annually. The trustees believe that the charty shoukl target to hokl unrestricted reserve$ at a level whh will enable further grant giving and social investment from both the caprtal of the ¢harity and the inC(e generated thereon. The trustees consklerthat the ¢harty'$ wsts arg low in ¢orrwr¢son lo the level of reserves and assets hebj. After the end ofthe pOrting year Trustees are aware of administrative and other changes at SASC. whh manages the housing fund in which the Twst ts a snl¢an1 investor, are rnloring these. and have concluded thal there are no material uncertainties related lo events or condrtions that may cast significant doubt on the abilty of the ¢harty to continue as a going concem. Our Futurn In June 2022 SASC Trust entered into an agreement with Our Future lo support il in a pilot project in Grwnsby and NE Lincs by h05ting ts administration on SASC Trust's infrastructure. The inrtk81 project was to run for a year but has now been extended unt"1 September 301h 2023. Our Future L% designed as a veh to bring together communty, business, govemment, eharity and philanthropy to enable left behind commLtnf¢ies to benefit from Ihe transrtion lo a bw carbon future. It is a Place-Sed initiatNe that brings together investment funds for housing and emptynenl. along5¥Je a foundalKJn to fund CNIC lrfe. The holtstic approach to investmenl and comrnunty engagement aims to derTh)nstrale that a town's problems are Mf8¢eIed and can onty be addressed when the communty has agency and problems are tackled in Ihe round. It aims lo hamess the long-temi beneffts of adapting a localrty lo the low- carbon as a positive approach to'levelling up.. The ambrtion is that Our Future will Sca its impact by repltIng in othercommunities and by open sourcing the model lo enable others to use ri both in the UK and intern*Ksnalty. It is designed to be community-rooted lo respond lo the Speci need$ of a MMUnty but have national infrastrudure to share learning and access funding. During 2022. SASC Trust fecewed tot81 Grants for the Our Future project of £180.000 which are sh(Y•¥n as $tricted funds in the accounts of the Trust. As al December 31st 2022. £72.989 of these funds ha$ been spent on expenses related to the Our Future project. SASC Trust 4
Trustees. report Year ended 31 December 21)22 SASC LLP SASC Trust is a company lifflited by guaranteewhose sole member is Social and Suslainable Capital LLP{SASCI SASC the fvnd manager ofthe S4SH I fund in whKh thè SASC Trust is a major investor. There have been soffE senkx staff changes at SASC since Oecember 2022. Ben Rick is stepping down as CEO of SASC LLP lo be sueceeded by Mark Bickford who has been SASC'S Chf Investment Offir and Deputy CEO for the last fve years. The Chair. Nat Sloane. in final lern and is being repled by Scott Greenhalgh, on experienced NED and sctial investor. None of the above changes are expected to have any detrimentsl effect on the operations of the SASC Trust. Statement of Trustees. ReSponsibilleS The trustees Ivtho a directors of SASC Trust for the purposes of cornpany lawl are resp)nsible for preparing the trustees, report arKi finanual statements in x¢Ordan with applble L3w an(J Unrted Kingdom Accounting Standards (United Kingdom Generally Aceepted Aeetyjnliny Practice). Company law requires the Irustees to prepare financial ststements for each financial year. Under c(xnpany law the trustees must n¢X approve the financial s&menls unle55 they are satisfied Ihal they gwe a true and fair VEW of ihe state of affairs of the charitable company and of the InMe and expenditure of the charitable company for that year. In preparing these financial statements. the trustees are requi to.. select suiiable UntIng p)licigs and Ihen apply them consi5tenUy.' observe the rnethcJs and pnnciples in the AcLounting and Reporting by Charilies.. Statement of Recommended PractKe appluble lo eharTties preparing their financial stateffEnls in accordance wrth the Financial Reporting Standard applicable to the United Kingdom and RepublK of Irekind IFRS 1021: makejudgemen15 and estimates that are reasonab and prudent slate whether ar01¢ab United Kingdom A¢Unting Standards have b8en followed, subject lo any material departures disclosed and explained in the financial statements; and prepare the financkil sL*menls on the wng concem basis unkss il inappropriate to presume that the charitable company will continue in operation. The tru51ees are re¥KJnsible for keeping adequate accounting records that disclose wtth reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial ststements comply wth the Companies Act 2006. They a also responsib for safeguarding the assets of the chariiabbe company and hence foi tsking reasonab steps foi the pievenlion and delectK)n of fraud and other irregularities. SASC Trust
Trnstses. report Year ended 31 December 2022 ststement ofTntstees' Responsibllltss Icontinugj) Each of the trustees cOnfiM that". so far as the tnjstee is aware. there is no relevant audi( informathJn of which the charitable ¢Mwan5 audiior is un&vare" and the trustee has taken all the steps that helshe ought to have taken as a trustee in order to make himseiftherseff aware of any revant audrt infomwlion and to establish that the Charrtable crynpanys auditor is avare of that infomwtion. This (*nfimiatK)n L8 gwen and should be interpreted in acc(wdance wilh Ihe provisions of s418 of the Companies Act 20C6. Approved by the Irustees and signed on their bel ty: Trustee." Nic#)la Pdtctk Dae. 2619r23 SASC Trust
Independent auditorfs wport Year ended 31 December 2022 Independent audltorfs reportlo Ihe member of SASC Trust Opinion We have audrted the financHI statements of SASC Tnjst Ilhe 'charitable company'l for the year ended 31 December 2022 which eompnse the statement of financial a¢tNlties. the balance sheet, the statement of cash fh)ws. the prineipal &counting policies and notes lo the financial statements. The financral reporting framework that ha5 been applied in their prepar*ion is applicable law and Uniéed Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Finanryal Reprmting Standard applicable in the UK and Republic oflreland. (United Kingdom GenetallyAccepte(l Accounling PraCte). In Ouf opinion, the financial tslemenls". gtve a true and faw view of the state of the eharrtable company's affairs as al 31 Dember 2022 and of irwme and exFenditure for the year then ended" have been property prepared in accordance with Unrted Kingdom Generalty Ated Accounting Practti.. and have been prepared in )[dan with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audrt in ae¢ordanee with Intemath?nal Stsndards on Audrting (UK) {ISAs (UK)) and appluble law. Our ponsIbIl1e$ under those stsndards are further described in the Auditorfs responsibilrties for the audit of the financial st31emenls section of our report. We are independent of the charitabk company in accordance with the ethical requirements that are relevant to our audit ofthe finanal statements in the UK. including the FRC'S Ethical Slandard. and we have fulfilled our other eth1 responsibilrtyes in aGcord8nce with these requirerrEnt$. We believe thal the audrt ev¥Jence we have obtair+ed sufficient and appropriate to prwde o baws for our opinion. Conclusions relating to golng concern In auditing the finanrAal slalemenls, we have corKluded that the truslees. use of the 90ing concern basis of accounting in the preparation of the financial statements 1$ appropriate. Based on the work we have perfomRd. we have not identified any material uncertainties relating lo events or conditions that. indNidualty or lleCtIety, may ¢a$t Signifnt doubt on the charitable company's abilty to continue as a going concem for a period of at least ee rnonlhs from when the financ1 statements a authorsed for &Ue. Our responsibilities and the respx)nsibilities of the Iruslees with resp8c¢ to going corbcem are described the revant secth)ns of this report. SASC Trust 7
Independent auditorfs report Year endgj 31 Dernber 2022 Other inlomwtion The trustees are responsible for the other inf0MtrOn. The other informalh)n compri5e5 the informalfv)n included bn Ihe Trustees. RerL¢rt and Financwl Stsiemenls, otherth8n the financial statements and our auditorfs report thereon_ Our opInn on the financial stalernent5 doe5 not cover the other inf0mln and. except to the exlenl otherwise explicitly slated in our report. we do nol express any form of assurance tx)nclusK)n thereon. In connectn wblh our audrt of the financral statements, our responsibilty is to read the other inf0mtIOn and. in doing so. cons•Jer whether the other inforMatn is materialty inconsistent wrth the financial statements or our knowledge obtsined in the audtrt or otherwse aFpears to be materially misstated. If we identfy such malerial inconststencies or apparent material mi%slalements, we are required to detemiine whether there is a mat8rial misslalement in the financial statements or a material Mlsstaternt of the ¢)ther infomiation. If. based on the worl( we have performed, we nclUde that there is a material misstslement of this other informatn, we are required to report that fart We have nolhing to rep)rt in thts regard. Opinions on other matters prescribgd by the Companles A¢1 2006 In our opinn, based on the work undertaken in the Course of the audrt.. the information gNen in the trustees, report for the financial year lor Ithich the financial ststemenls are prepared 15 consistent wrth the financial statements.. and the twslees. report has been prepared in ¥dance with applicable al requirements. Matters on which we are required to report by exception In the light ofthe knowwge and understanding of the charitable cunpany and its environment obtained in the course of the audit, we have rTrot 1dentrfd malerKal misslalements in the trustees, POrt. have nothing lo report in respect of the following matters in relation lo which the Companies Act 20L% requires u5 to report to you il. in our opinion. adequate accounting records have not been kept", or the financol $Lemènts are in agreement with the accounting records and relums; or certain disck>sures of trustees. remuneration $ffied by law are not made. or we have not recehved all the infomiatK)n and explanatn$ we require for our audit. Responsibilities of trust5 As explained rrwe fulty in the statemenl of trustees. responsibilities, the trustees are responsible for the pieparth.on of the financ491 statements and for being satisfied that they gtve a true and fair and for such intemal control as the trustees delemine is necessary to enable the ppatIOn of financial sLeffnls that are free fiom mater1 mis51atemenl. whether due to fraud or error. SASC Trust 8
Independent audltorfs report Year ended 31 December 2022 Responsibilities of trustees {continuedl In preparing the financial slatements. the trustees are responsible for assessing the charitab company's abFlty to continue as a going concern. disckjsing, as applicable. matters lated lo ng coneem and using the going concem basis of accounting unless the trustees either intend to liquidate the charithle company or to cease Operati$. or have no realistic aliemattve but to do so. Auditoes responslbllltles foi the audit of the financlal statements Our objectives a to obtain reasonable assurance about whether the financial ststements as whole are free frn material misslalemenl. whether due to fraud or error, and to issue an audbtoff s report that include5 our opinion. Reasonable assurance is a hh level of assurance. trrtrt is not a guarantee that an audit conducted in accordance with ISAS {UKI will aVayS delect a material missL4terrÉnl when rt exists. Misstslements Can arise from fraLKI or error and are considered material rf. indwidually or in the aggregate, they could reasonabty be expected to influence Ihe economic decish?ns of usets taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pr(edU$ in line with our responsibilities. oullined above, lo delecl material mi8Statennts in pect of irregularitts. including ftaud. The extent to whh our Procedu$ are capable of detecting irreguL4rities. including fraud is detailed below. Our approxh lo idenltying and assessing the rkS of material misststement in respect of irreguL4rities, including fraud and non-compliance with laws and iegulalK)ns. was as follows. the engagement partner ensured that the engagement team collectively the appropriate competence. capabilits and skills to fvJentify or recognise ron-mplIan th applicab laws and wUlats., and we obtained an understsndin9 of the al and regulatory frameworks that are applicable lo Ihe charity and determined that the r51 Signif1 frameworks which are direct relevant to Specif assertKJns in the financial slalemenls a those Ihat relate to the reporting fraffwoth (Statent of Recorrffiended PraCte.. Accounting and Rewrting by Chanties preparing their accounts in accordance wrth the Financial Rew)rting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charities t 2011) and those that relate to data protection (General Data Protection Regulation). We assessed the susceptibilty of the chartys financial 5tstements to material misstslement, including obtsining an understanding of how fraud muht occur. by". making enquiries of management as to their krthvwge of actual, suspected and alleged fraud.. and eonswjering IITe intemal controls in pe to mitKJale risks of fraud arKI non-compliance with Laws and regulations. SASC Trust 9
Independent auditorfs report Year ended 31 December 2022 Auditorfs responsibilities forthe audit of the financial statements Iconlinued} To address the risk of fraud through management bias and override of conlrols, we" perfomied aNafyt procedu$ to identsfy any unusual or unexpedèd relationships,. tested journal ent$ to identfy unusual transactn5', and assessed whether judgements and assLrytions made in detennining the accounting estimate lor the investment vahJaIn 7hEre 1ndv1p of potential bias. In response to the fisk of irregularities and non•complonce with laws and regulations, we designed procedures whh wKluded. but We not Irted to: reading the minutes of nling$ of those charged with govemance." and enquiring of managewnt as to Ual arnl Wenlial litigatn and ck9ims. The are inherent lirnrtatKJllS in our audrt procedures described above. The more removed that laws and regulatjons are frorn financial transactions, the less likety it is that we would become aware of non-compliance. Audrting standards aLso limiithe audr¢ prccedures required to identfy nOn-Cp19n¢e with Lgws and regulations to enquiry of the trustees and other management and the inspeetN)n of Tegulatory and legal correspondence. rf any. Material misslalemenls that arise due to fraud ¢an be harder to detect than those that arise from error as they may invofve deliberate concealrrent or collush)n. A further descliptn of our resEnSIbl11eS for the audrt of the financial slatements 1$ located on the Financia Reporting Council's websrte at WAY.frc.org.uklauditorsrespon5ibililies. This descripb.on forrns part ofour wjitorfs re1. Use of ouw report Thi8 report is made solety to the tharItsb eompany's member. in accordance with Chapter 3 of Part 16 oflhe CompaniesAct 2006. Our audit woth has been undertaken so Ihatwe might slate to the chaftlable company's n*mber those matters we are required to slate to it in an audiloffs and for no other PUVFose. To the fullest extent pemitted by law, we do not aept or assume X)nSibl1ty to anyone other than the charrtable company and the charitsble company's member. for our audrt work. for this rep)rt, or for the opinions we have fmed. 29 September 2023 Edward Finch {Senior Statutory Audrtor) For and on behaw of 8uzza¢ott LLP. Statuty Auditc 130 Wood Street London EC2V 6DL SASC Trust 10
Statement of financial a¢tivitses Year ended 31 December 2022 (including income and expenditure slalement) lStrIcted Re5thGted fvnds fuTh15 fiJr 2021 Income from.. Grants and donatiws Invesknent inccfr Totsl Incom• 180.(110 180.LW)O 72.445 72.445 180.( 2S2.44S 1.104 1.1D4 Exp8ndt•Jwo on: CharitaNe athioes Totsi èxpendlturo 32.319 32.319 72.989 72.9B9 104308 10%308 37.873 37.873 37.873 37,873 Net (expor6treV4nc(ffl• l>•for• Irtvo8th10rt106S05 Invesitnert (gav N81 1•xp•ndSrnncTh 40.128 107.011 131.725 238.736 147.1J7 131.725 278,862 (36.7691 136,7691 55.339 18.570 55.339 55.339 40.126 (36.7691 Transfers bekn•EeTrfus N¢t movemert im furNIs (30.t•)Ji 208.736 ,rxJoi 25.339 70.126 271862 16.7691 18.570 Bakrtes at 1 Jary 2022 88nceS carrd fomrd al 31 December 2022 45.446 12,1.335 11947.781 52.215 12.876.996 12.929.211 115.572 13.111.071 13,226,64J 45.446 12.902.335 12.947.781 All re¢ognised gains and k)sses are included in the above statement of financial actNf(ie5.All of the charty's actNilies derive from continuing operations. SASCTrust 11
8alance sheet 31 December 2022 2022 2022 2021 2021 Fixed assets Inlment in SASH LP 9W8.285 5,345,427 Currtftt Debiors Cash at bank and in hand 5,580,786 5.580.786 7.e53.412 7,653,412 Cfodltors." amourts PdlliThJ du8with one year 8 11.9Q2A311 151.0581 N•t currnnt as$•ts 3.678.35S 7,602,3S4 Total netass•ts 13,226,640 12.947,781 R•prg8•nt•d by: R•striet•d lunds 12,902,335 Unr•stri¢t¢d fvnds General fiJnd 115,569 13.226.640 45,446 12.947,781 Approved by the Board of Trusteesand svjned on its beha ty: Tnjstee." NicoLq Pdlc¢k Date 2619r23 SASC Trust- Company Regtstration Number. 10723106 (England and Wal9$1 SASC Trust 12
Statement ol Cash flows Year ended 310ecember 21r22 2022 2021 Cash ffiowa Irom operating activities: Net cash proMd8d ty opèrating 105.928 34.501 Cash fl(rw8 from in¥estiry aclivilia: Inte$t recENed Invesbment in SASH LP 1,104 12,250.9971 12.572.927) 12.178.552) 12,571,823) Ch•nge In ¢a$h •nd ush equl¥alents In the yr Cash aTrJ cash eouiyalents at 1 January 2022 Cash and ush equlvalents at 31 Dember 2022 12.072.624) 12,537,322) 7.6S3.410 10.190.734 5.580.786 7.653,410 NotOS to Ihe ststemont of ush flows for Ihg year to 31 Dember 2022 A Reconciliation of net movement in funds to net cash provided by {used In) operatSng activilies 2022 2021 Net In¢ome l>efore 14westrent galns {•$ perthe glatement of financial activiti•s) 147.137 18,570 Adjustments lor. Int•rest r6c8w&d Irkcreasg in ryeditrys Decrease lirKwsel in debtors Not Cash providèd by op•rntirtg aetivili•s 172.4441 31.235 11.104} 16,876 159 34.501 105.928 8 Anatysis of ¢ash and cash equivalents 2022 2021 Cash at bank an(J in haNI Tolal ¢ash and cash equiv•knnts 5,$80,786 5.580.786 7,653.410 7,653.410 The increase in eredrtOTS 15 nel of £1.820.137 whh was due to SASH LP in respect of capf(al called and lund equalrAtKJn in Decerrthr 2022. whth is inclLtded in creditors in note 8 to the financral slatem8nls. No separate recOnlIation of net debt has been prepared as there is no drfference beeen the net cash Idebll of the charity and Ihe at*)ve cash and cash equivalents. SASC Trust 13
Principal accounting policies Year ended 31 Oecember 2022 Basi5 of preparntion These accounts have been wepared for the year ended 31 December 2022. The accounts have been prepared urKlerthe historical cost COnventn with ttems recognised at cost or Insaction value unless otheThvise staled in the relevant accounting policies below or in the notes to these accounts. The accounts have been prepared in acccrfdance vthh-Attounting and Reporting by Charrtes.. Statement of Reccmnmended PraCte applicable to chanties preparing Iheiraccounts in accofdance with the financkql reporbng stsndard in the United Kingdom and Republic of IreLand (FRS 1021 (charit$ SORP IFRS 102}". the financial reporting standard applicab in the UK aThJ Republ¢ of Ireland IFRS 1021 and the CharitiesAct 2011. The chanty constitutes as a public benefft enlty as deffined by FRS 102. The accounts are presented in slerting and are rounded to the nearest pound. Crltical accounting estwnates and ar•as ofjudgement PreparatNJn of the accounts requires the directors and management lo make signifunl judjemenls arKI estrnates. The items in the lnts Whe these judgements and estimates have been made in¢lLKIe'. ValuatKJn ofthe investment in SASH LP. Assessmgnt of going Concem The trustees have concluded that the use of the going concem assumption is approprkate in preparing Ihese accounts. The cOndusn was ched after due consJeration ofthe charity. fLrture plans. The trustees of Ihe charty have concluded that there are no material uncertaintie5 Telaled lo events or cOndrtTrS that may cast SwJnrf0nt doubt on the ability of the charity to continue as a going concem for al ast a year from Ihe day of approval of these financial slalemenls.The Iruslees are of the opInn Ihal the chottrty wll have suffi¢nt resources lo rneel its liabilities as they fall due. Income recognition Income is recognised in the year in wh¢h the chartty is entitled to receipt. the amount tr measured reliably, and it is probable that income wll be eeNed. V¥7iere income relalesto future yeats. this ncome will be deferred. Donations receNed for the genernl purFoses of the charitable company are included as unrestsed funds" grnnts and donations for aclNities $trthd by the w5hes of the donor are taken to restricted funds. SASC Trust 14
Principal accounting policiqs Year ended 31 December 2022 Expendlture Exrenditure is ¢09ntsed as soon as there is a legal or constructive obligation comrnrtting there a legal or conslruclNe obligatn committing the charily to make a payment lo a third party, tt is probable that la transfer of economic benefft wll be required in settlement and the amunt ol the obloalton can be measured relrably. Expenditure is included in the accounts ¢)n an aceruals b"$ and ineludes attributable vATwhh cannot be CoVered. Investment in SASH LP Investments are recned at fay value when they can be relkably determined from market data or evidence of transactions in similar assets. Where rt is not possib to reliably measure fair value and no apIab valuation mc#Jel is availabk. investments are carried al cost less impaimienl. Impairment wmprises set up costs of the fund offset by subsequent income allocattons and equalisalion adjustments. Cash at bank and In hand Cash at bank and in hand represenls such accounts and instruments that are available on demand or have a mattjrity of less than three months from the date of acquisitions. Debtors Debtors are fecognised at their settlement amount. bess any provision for non- recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such di5counkn.ng ismalerial. Creditops and provisions Credrtors and provisions are recognised when there is an obh"gaIn atthe balance sheet date as a resutt of a past event. it is probable that a transfer of econom benefit will be required in setuement. and the amount of the settlement can be estimated relk?bly. c110r$ and provisions are reccgnised at the affK)unt the charrty an11PateS rt will pay to settle the debt. They have been dis¢ounled to the present value of the futu cash payment where such dIScnI1)Y is material. Taxation SASC Trust is a registered charity and therefore is not Ikible lo income tax or corpor81ion lax on income derNed from rts ¢haritable a¢tIvrt$. as it falls wrthin the various exemptions availabk lo registered charities. Fund accounti•wJ Restred funds CLxnprise monies raised for. or their use restricled lo. a spe¢rf purpose. or contributions su*'ect to th)nor wnrM)sed condrtions. General unrestricted fvnds are availab for use at the discretion of the trustees in the furtherance of the genefal objectives of the Charitab company. SASC Trust 15
Notes to the financial statem8nts Year ended 31 Decemter 2022 1 Donations and legacies Jnds funds 2022 2021 Dth)atons Grants 2022 Total lund$ 180.(#JO 180.000 180.C 180,000 unf8s11d R•slrictgd lunds funds 2021 Donahons Gtsnts 2021 Tota1fttyS 2 Interest receivable Unres1 Restricted 2022 2021 Interest reVab 2022 Total funds 72.445 72.445 72,445 72,445 1.104 1,104 unStay Restricted nds 2021 2020 Int8rèst tscoivablè 2021 Totalfunds 1.104 1.104 1.104 1,104 13,179 13,7Tg 3 Exp•AdIre fvnds 2022 2021 Support costs: Administrative eN¥enses Audit and acCwnIa f5 Our Future proJe(# Professional fees Olherexpenthiure 20,000 4.856 72.989 7,316 20,000 7.724 72.989 7.316 147 32.139 10,149 72.989 105.308 37,873 2021 2020 Support costs." Adfflinistrahv8 gXP8ns8S Audil 8nd accounlancy fees Profesytiryal f6es 20.0+ T. T24 10. 149 37.873 7,724 10, 149 37,873 7,500 3. 190 30,690 SASC Tru51 16
Notes to the financial statements Year ended 31 Derter 2022 4 Net rnovement in funds The net movement in funds for the financial year L¥ slated after charging". 2022 2021 ALKlitorfs rernuneration: Audit fees Non-audft f8S 6.532 2.156 5.770 1.960 S Ttee5, remuneration No Iruslees receNed any ernolurrnl5 for their seNtes as twstees during the year12021.' ne). One trLbslee was reimbursed eypensesduring the yeai. lo a total of£134.12021.' none). 6 Investment in SASH LP 2022 2021 Net assets brought fon¥ard Additws to investment rxjol Net inbesknnt gawisllbssesl ,345,427 2.772.500 4,071.134 2,517.588 131.725 55,339 ,$48285 5.345.427 The gaInl$se$l refiect the establishment Costs of the SASH LP fund offset by subsequent incL¥ne and equalisations. 7 Debtors 2022 2021 8 Credltors: amounts falllng due withln one yoar 2022 2021 Due to SASH LP Accfuals 1,820,137 82.294 1.902.431 51.058 51,058 9 Restricted fvnds Totsl at 31 De¢emb•r 2022 Total at 31 Decerntsr 2021 Cash hehy for Investrn¢ on behaifofthThJ Invested in SASH LP 4.034,209 9.076.862 13.111,071 7,556.908 5,345,427 12,902.335 SASC Trust 17
Not•s to the linancial statements Year ended 31 Deceffknw 2022 9 Restricted funds (continued) The restrrted funds are for making investments in the housing fuThY. Social and Svstsinable Housing, in Order lo supportthe Charrtab and social tmpacl of the fund's lending. Al Ihe end ofthe fund's lrfe the trust may repay the funds invested as a grant whth may onty be applied in line wrth the trust's charrtable objects and subj.ect to any restrictions pLgced on Iheoriginal grant lo the trust. Restricted fund5 also indude the balance of the grants made to the Trust in relation lo the Our Future project. £107.011. 10 Anatysis of ngt assgts bglweon funds Total funds 2022 UnresIrd Resttted funds funds Represented by". Investrnent in SASH LP Cash at bank and in h¥rtl Debtots CrtOrS.. amounts tsllry duewrthin one 9,548.285 5,3B2,923 9.548,285 5.580.786 197,863 I2.294 115,9 11.820.137> {1.902A311 13,111,071 1J,226.6411 Unr8strKted R85tsict8d Totallunds nds funds 2021 Represenled by.. Investmentin SASH Cash atbank andin hand &345.427 5.345,427 96.504 T,556.908 7,653,412 credit.. amounts due ¢*78y8 {51.058) 45,446 (51,058) 12.902,335 12,94T,781 11 Related party transactions The were no related party trans&tKJns during the year12021- none). 12 Liability of m•mb¢r The charty is constituled as a company limrted by guarantee. In the event of the charity being wound up its member required to contrule an amount not exceeding £1. 13 Control Control of the charitable company lies wtth its sole member. sla1 and Sustainable Caprtal LLP ISASC LLP). a l$led limited Ikabilty partnership (Company Registration Number OC378659). The registered office oflhe company Ls 4th F1. Reading BrKlge House. George Street. Reading. Berkshire. RG1 8LS. SASC Tru$l 18