SASC Trust
Report and Financial Statements
Forthe year ended 31 December 2022
Cthmp¥ry Limited ty &•r*iteÈ
Rtytstration Nfftther
107231t* IENgaTrJ ar￿ W4*51
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
State￿￿nt of cash IICN
13
pA￿1paI ￿OUnting policies
14
Notes to the financk91 ststements
16
SASC Trust

Reference and adminlstrative infornialion
Tntstees
Craig Dearden-Phillips
Nathaniel Sbane
N￿la Pollod( (Chairl
Vmay8k Nair
Stephani2 Thompson
Registered address
130 Wood Str
London
England
EC2V 6DL
Cornpany registration number
107231C
Charity regIst￿tiOn 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 S￿￿￿10ry report ak)ng with the financial staten￿ts 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 d￿Urne￿t, Companies Aet 20C6 and "Aceounling and Reporting by
charrt￿S'. Statement of Recommended Practice applicable to ¢hari(ies p￿paring their
accounts in a¢￿)rdance with the Financol Repo￿.n9 Standard aPPl￿b￿ 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 Chall￿s 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
N￿ola 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 a￿epts 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 CoMmiss￿n 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 actP4*ies.
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 diStr￿ul￿1n 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 ch￿lty has also been actNe in considering other Wa￿ to SUFWrt organisations that are
tive in the sockql impact sector, particulady in relat￿n 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 gU￿ance on
public ber￿frt 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 activrt*s on page 11.
During the year ended 31 D￿mber 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 ath*ved 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 ￿$t1th￿ reserves included £107,011 ￿lating to Our Future.
Unrestncled rese￿e$ 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$ing lor their
benefic￿ne$.
ReseNes Polky and Finan¢lal Posltlon
The level of reserves is monitored and rev￿Wed by the trustees at least annually. The trustees
believe that the charty shoukl target to hokl unrestricted reserve$ at a level wh￿h 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. wh￿h manages the housing fund in which the Twst ts a s￿n￿l¢an1 investor, are
r￿n￿loring 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
M￿￿￿f8¢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 repl￿tIng 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 Ch￿f Investment Offi￿r and Deputy CEO for the last fve years.
The Chair. Nat Sloane. ￿ in final lern and is being repl￿ed 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. ReSponsibil￿leS
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
appl￿ble 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 In￿Me 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 rnethc*Js 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 ¢Mwan￿5 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 re￿vant 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 PraCt￿e).
In Ouf opinion, the financial tslemenls".
gtve a true and faw view of the state of the eharrtable company's affairs as al 31
De￿mber 2022 and of irwme and exFenditure for the year then ended"
have been property prepared in accordance with Unrted Kingdom Generalty A￿ted
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 ￿ponsIbIl￿1e$ 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 finan￿al statements in the UK. including the FRC'S Ethical
Slandard. and we have fulfilled our other eth￿1 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 ￿lleCtI￿ety, may ¢a$t Signif￿nt doubt on
the charitable company's abilty to continue as a going concem for a period of at least ￿e￿e
rnonlhs from when the financ￿1 statements a￿ authorsed for &￿Ue.
Our responsibilities and the respx)nsibilities of the Iruslees with resp8c¢ to going corbcem are
described ￿ the re￿vant secth)ns of this report.
SASC Trust 7

Independent auditorfs report Year endgj 31 D￿ernber 2022
Other inlomwtion
The trustees are responsible for the other inf0M￿trOn. 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 opIn￿n on the financial stalernent5 doe5 not
cover the other inf0m￿l￿n and. except to the exlenl otherwise explicitly slated in our report.
we do nol express any form of assurance tx)nclusK)n thereon.
In connect￿n wblh our audrt of the financral statements, our responsibilty is to read the other
inf0m￿tIOn and. in doing so. cons•Jer whether the other inforMat￿n 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 Mlsstater￿nt of the ¢)ther infomiation. If. based on the worl(
we have performed, we ￿nclUde that there is a material misstslement of this other
informat￿n, 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 opin￿n, 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 1dentrf￿d 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 $L*emènts are in agreement with the accounting records and relums;
or
certain disck>sures of trustees. remuneration $￿ffied by law are not made. or
we have not recehved all the infomiatK)n and explanat￿n$ we require for our audit.
Responsibilities of trust￿5
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 p￿pa￿tIOn of financial sL*eff*nls that are free fiom mater￿1 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￿$. or have no realistic
aliemattve but to do so.
Auditoes responslbllltles foi the audit of the financlal statements
Our objectives a￿ to obtain reasonable assurance about whether the financial ststements as
whole are free fr￿n material misslalemenl. whether due to fraud or error, and to issue an
audbtoff s report that include5 our opinion. Reasonable assurance is a h￿h level of assurance.
trrtrt is not a guarantee that an audit conducted in accordance with ISAS {UKI will a￿VayS delect
a material missL4terrÉnl when rt exists. Misstslements Can arise from fraLKI or error and are
considered material rf. indwidually or in the aggregate, they could reasonabty be expected to
influence Ihe economic decish?ns of usets taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design pr(￿edU￿$ in line with our responsibilities. oullined above, lo delecl material
mi8Staten*nts in ￿pect of irregularitts. including ftaud. The extent to wh￿h our Procedu￿$
are capable of detecting irreguL4rities. including fraud is detailed below.
Our approxh lo idenltying and assessing the r￿kS 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. capabilit*s and skills to fvJentify or recognise r￿on-￿mplIan
th applicab￿ laws and wUlat￿s., and
we obtained an understsndin9 of the ￿al and regulatory frameworks that are applicable
lo Ihe charity and determined that the r￿51 Signif￿￿1 frameworks which are direct
relevant to Specif￿ assertKJns in the financial slalemenls a￿ those Ihat relate to the
reporting fraff*woth (State￿￿nt of Recorrffiended PraCt￿e.. 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 p*e 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 transact￿n5', and
assessed whether judgements and assLrytions made in detennining the accounting
estimate lor the investment vahJaI￿n 7hEre 1ndv1p￿ of potential bias.
In response to the fisk of irregularities and non•complonce with laws and regulations, we
designed procedures wh￿h wKluded. but We￿ not I￿rted to:
reading the minutes of n￿ling$ of those charged with govemance." and
enquiring of managewnt as to ￿Ual arnl Wenlial litigat￿n 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-C￿p1￿9n¢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 desclipt￿n of our resE￿nSIbl1*1eS for the audrt of the financial slatements 1$ located
on the Financia Reporting Council's websrte at W*AY.frc.org.uklauditorsrespon5ibililies. This
descripb.on forrns part ofour wjitorfs re￿1.
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
a￿ept 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
f￿med.
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)
l￿￿StrIcted 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 (expor￿6t￿reV4nc(ffl• l>•for•
Irtvo8th10rt106S05
Invesitnert (gav￿
N81 1•xp•ndS￿rn￿ncTh
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•EeTrfu￿s
N¢t movemert im furNIs
(30.t•)Ji
208.736
,rxJoi
25.339
70.126
271862
16.7691
18.570
Bakrtes at
1 J￿￿ary 2022
88￿nceS carr*d 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
In￿lment 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 y￿r
Cash aTrJ cash eouiyalents at 1 January 2022
Cash and ush equlvalents at 31 D￿ember 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 D￿ember 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 wh￿h 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 recOn￿lIation of net debt has been prepared as there is no drfference be￿een
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 COnvent￿n with ttems recognised
at cost or I￿nsaction 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 PraCt￿e 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 ￿l￿nts 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 cOndus￿n was ￿ched after due cons*Jeration ofthe charity.
fLrture plans.
The trustees of Ihe charty have concluded that there are no material uncertaintie5 Telaled lo
events or cOndrt￿TrS that may cast SwJnrf￿0nt 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 opIn￿n 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
unrests￿ed 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 obligat￿n 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 vATwh￿h cannot be ￿CoVered.
Investment in SASH LP
Investments are rec￿n￿￿ed 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 a￿pIab￿ 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"gaI￿n 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. c￿￿110r$ and
provisions are reccgnised at the affK)unt the charrty an1￿1PateS rt will pay to settle the debt.
They have been dis¢ounled to the present value of the futu￿ cash payment where such
dISc￿nI1)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
Restr￿ed 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
unf8s1￿1*d R•slrictgd
lunds
funds
2021
Donahons
Gtsnts
2021 Tota1ftty￿S
2 Interest receivable
Unres1￿ Restricted
2022
2021
Interest re￿Vab
2022 Total funds
72.445
72.445
72,445
72,445
1.104
1,104
un￿S￿￿tay Restricted
nds
2021
2020
Int8rèst tscoivablè
2021 Totalfunds
1.104
1.104
1.104
1,104
13,179
13,7Tg
3 Exp•AdI￿re
fvnds
2022
2021
Support costs:
Administrative eN¥enses
Audit and acCwnIa￿ f*5
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 De￿rter 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 f*8S
6.532
2.156
5.770
1.960
S T￿￿tee5, remuneration
No Iruslees receNed any ernolurr￿nl5 for their seNtes as twstees during the year12021.'
n￿e). 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 inbeskn*nt gawisllbssesl
,345,427 2.772.500
4,071.134 2,517.588
131.725
55,339
,$48285 5.345.427
The gaIn￿l￿$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 Investr￿n¢ 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
UnresIr￿d Rest￿tted
funds
funds
Represented by".
Investrnent in SASH LP
Cash at bank and in h¥rtl
Debtots
C￿rtOrS.. amounts tsllry duewrthin one
9,548.285
5,3B2,923
9.548,285
5.580.786
197,863
I￿2.294
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 contr￿ule an amount not exceeding £1.
13 Control
Control of the charitable company lies wtth its sole member. s￿la1 and Sustainable Caprtal
LLP ISASC LLP). a ￿l$le￿d limited Ikabilty partnership (Company Registration Number
OC378659). The registered office oflhe company Ls 4th F￿￿1. Reading BrKlge House. George
Street. Reading. Berkshire. RG1 8LS.
SASC Tru$l 18