2023-12-31-accounts

.. COMPANIES HOUSE SASC Trust Report and Financial Statements For the year ended 31 December 2023 Regi5trÈtiDn NLnthr lo72311￿ IEnglaThl and Wa￿s1 2010912024 COMPANIES HOUSE

309

Reports Reference and administrative information Trustees, report Independent audiéorfs report FIfta￿la1 statsments Statement of financial actimties Balance sheet 12 SMement of cash flows 13 Prncipal accounting policRs 14 Notes to the financial statements 16 SASC Trusl

Referenco and administrative infom)alion Tntstees cra￿ Dearden-Philips Nicola Pollock (Chair) Vinayak Na Registered address 77 East Road London EngLand N16AH Cornpany rggtstration nurnber 107231(6 Chawity registration number 1176848 Audllor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Sontander 100 Ludgate Hdl LoThJon EC4M 7RE SASC Trust 1

T￿￿tee5. report Year ended 310ecember 2023 The trustees present their statutory ieport along with the financial $latements for SASC Trusl for the year ended 31 December 2023. The financial stalemenls have been prepared in accordance wrth the accounting wliues set out on pages 11 and 12 and cornpty with the charty's goveming d￿uMent. the Charities Act 2011 and 'Accounting and Reporting by Charities.. Stalennt of RecLymmended Pract¢e applicable to charities preparing their accounts in accordance with the Financial Reports"ng Standard applicable in the United Kingdom and Republic of IreL8nd IFRS 1021.. Structure SASC Trust was incorp)raled on 12 April 2017 as a private limrted company by guarantee without share capital using'Limited' eXemPt￿n. Its sole ￿￿mber is Social and Sustainable Capital LLP. Governance and managemwnt The trustees (who are the key managenpnt personnel of the charrtyl make the key decis￿￿5 )out the conduct of the tharty. The trustees do nol receNe any remuneration for their services to the charty. The daY4￿daY adminislrab.on and financ￿1 management of the charity ts prowded by Socol and Suslainab18 Capital LLP under a service kvel Recruitment and appointment of trustees Trustees are appointed in ￿CordanCe wth the charity's goveming document which stales th there must be a minimum of three charity trustees. Trustees are appointed by Social and Sustaknable Capital LLP. Trustees The trustees of the charity. who are also the directors of the company. during the year ended 31 December 2023 V￿re." cra￿ Deardenhillips Nicola Polktk Vinayak Nair Nathaniel Sloane (Resoned 20 November 20231 Stephanie Thompson (Resigned 5 March 2024) Tntstee induction and training The charty trustees control the chaTty and rts funds. Each trustee is made aware of their duties as a trustee upon apF(Jintment and aecepls their responsibilTty lo keep up lo date with changes in statutory requirements that affect the role and responsibilrties of trustees. Risk management Business decisKJns and the asS￿lated risk factors are consKlered at ￿$t annually. As part of this proce5S the internal controb that are in Pla￿ are rewewed. Intemal control rtsks are minimi5ed by a clear system of delegated authority and control, and procedures for the authorisation of all financial transactKJns. The Iruslees are satisfied that these a￿ cUr￿ntlY adequate to rn￿age and reduce the risks *JenlrfEd. No serious in¢YJenls We￿ reported to the Charty Commission for the year ended 2023. SASC Trust 2

Trustses. rgPQrt Year ended 31 Deceffthr 2023 Objectives and aclivitie5 of the charity The ObjectNes of the Charity are lo fvrther charilabk purposes for the publ￿ benefrt. The Twstees seek lo achEve Ihese objectNes by making bans and other investments in soc￿1 enterprises and by making charrtabk granls lo such organisations. The main immediate focus of ihe Trust rs rnaking investments in a housing fund. Social and Suslainable Housing LP (SASH LP), for orpward lending to charitable and other social sector o(ganisat￿nS to enabk them to deliver and allevkate charitable needs in supported housing across the UK. Imien ftrture relums are generated frC￿ the Trusys investirents, they will be used by the Trust to advance its ¢haritsblg activitw. ilthen future returns are generated from the Trust's investments, they will be used by the Trust lo advance its ¢haritsble a¢tNili8s with a part￿ular focus on provmling grant support to sfxial enterprises engaged in provKling housing for vulnerable people. It is likety that the grant activty will be directed tcAvards under-served activty that grantees find difficult to subsKlise from their own resour￿ such as supporting peopk with no wourse lo public fvnds and providing cash grants lo families transitioning from supported lo independent liwng. The Trustees are in the process of devek)ping the specffjKs of the future granl-making polw and, through this Pr￿e$S, will conS￿er using the charitable ftjnds of the charty lo support other charrtable athit*s. Achievements and Perfornian¢e During the reporting year. further Investments have been made in the housing fund. SASH LP. in order lo support the charrtable and social impact of that fund. During the reporting year. the very successful partnership with Our Future came to an end. SASC Trust provided adrninbstrative support fN a project that Our FLrture was running in Grifflsby and NE Lincolnshire. Followng the re￿Ipt of SASH LPS first material fund distribution in the yearand the Charty benefitting frcffi high interest rates over the last 3 years. the unrestricted reserves of the Charty have In¢￿ased to £280.526. Therefore, during the year. the trustees conS￿￿ered the option of commencing charitable grant-making. and subsequentty agreed that it would be possible for the Chairty to commence making donalK)ns during the 2024 fw)ancial year. Public Benefft Staternent The Irustees of the charity have given due regard to the Charty Commission's guidance on public benefit and have taken reasonable steps to ensure that this guidance has been considered in the aclivities undertaken by the charity to delrver its charitable Pufposes. The Trust does not engage in public fundraising so does not use Professional fundraisers or commercial participants. SASC Trust 3

Trustees. report Year ended 31 [k￿mber 2023 Flnancial Review The resuhs for the year ale shown in the statement of the financial activitie5 on page 11. During the year ended 31 December 2023. the charty received grants and donations of £108.940 12022- £180,000) and investment income of £106.052 12022.. £72.445). Expendrture on Charitab￿ actrvities. including support costs, for the year tolalled £227.346 (2022". £105,308). In addrtion lo the atove. the charity achieved a gain on the value ol investments of £308.90212022- £131.725). The balance ofthe charty's restrKted reserve5 a5 at 31 December 2023 was £13.242.602 {2022". £13,111.0711. Unre51rtled fe5erve5 We￿ £280,586 as at 31 December 202312022.. £115.5721. The level of restrded funds held by the charity will be used for investment in SASH LP wh￿h 5UPPOrt$ charrt￿s W15hing to purchase properties in order lo prowde safe and secure housing for Ih"r benefu"aries. Reserves Policy and Financial Positkn The level of reserves is Monito￿ and remewed by the tru$lees at least annually. The trustees consider that the charty should hokl unre$l￿ted reserves al a level which will enable further grant gNing and sttkAI investment fr(%n both the capital of the charty and the income generaled Ihereon. The trustees ¢onsKler that the arranggments for support frorn SASC described earlr Ihal the charity's costs are low in comparison to the vel of re5eryes and assets hekj. The trustees of the charity have con¢lu¢Jed lh Ihere are no malerial uncertainties related lo events Of condrtions that may cast signrficant doubl on the abilty of the charrty to continue as a going concem. Our Futu In June 2022 SASC Trust entered into an agreeffenl with Our Future to support it in a pilot prO]￿t in Grimsby aryj NE Lirts by hosting its •Jmintstration on SASC Trust's infra51ruclure. The inrtk81 project vos to rurt a year bul was extended lo 30 September 2023_ Our Future is designed as a vehtle to bring together conynunty. business. government. charity and philanthropy to enable behind communities to benefrt from the transitKsn to a kjw carbon future. It K% a place-based initiative that brings together investment funds for h(yJsing and employment. ak)ngsth a foundatK)n to fvnd cNic lrfe. The holistic approach to invp.stment and rA)mmiinty p.ngAgemènt 3￿M$ to demonstratp. thal a tIMin's prnblp.mx alft. mulii-f8celed and can onty be addressed when the cornmunty has a9ency and problems are lack￿d in the round. It aims to harness the long-lemi benefrts of adapting a localrty lo the bw<arbon economy as a F4)Sitive appr￿h lo 'levelling up.. The J￿ItIOn is that Our Future will scale ts impact by replicating in other communi(￿$ and by open sourcing the model lo enable others to use it bolh in the UK and internationally. 11 is destgned lo be cc¢rNNnty- rwled to respond to the 5peCrf￿ needs of a communty bul have national infrastructure to share leaming and access funding. Over the lrfe of the project £276,431 of grant funding was received for Our Future. All of this was used to meet Ihe costs of the project. During the year £96.430 of grant funding was receNed12022. £180.000) and expend41ure on project expenses was £203.441 {2022. £72.989}. SASC Trust 4

Trustees. report Year ended 31 DecemteT 2023 SASC LLP SASC Trust is a company INnrted by guaranlee whose sobe member is Social and Sustaina￿e Caprt￿ LLP (SASC LLP) SASC LLP i8 the fund manager of the SASH fund in wh￿h the SASC Trust is a major Investor. During the year, SASC LLP completed an organisational restructure on wh￿h the Iruslees were kept apprised of. and the implementatton of whKh has been successful. Scott Greenhalgh was appointed as the EX￿Ut1¥e Chair of SASC LLP , replacin9 Nathaniel Sloane, working ck)sety wilh Mark B￿kk)r￿ who has been appointed as CEO. replacing Benjamin Rick. None of the above changes are expected to have any effect on the operations of SASC Trust. Staternent of Trustees. Responsibililies The trustees (who are director5 of SASC Trust for the purposes of company law) are sponsible for preparing the trustees. report and financial statements in accordan￿ with applicable law and United Kingdom A￿U￿tIng Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requiies the trustees to prepare financial state￿￿nts for each financial year. Under company the trustees must not approve the financial statements unless they are sisffied th they 9Ne a true and fair view of the state of affairs of the charrtabbe company and of the income and expenditur8 of the charitabb company for that y8ar. In preparing these fina￿￿41 ststerr*nts. the truslees arg required to.. $818d suitable accounting poliC￿S and then appty them consistentty.. observe the rrethods and principles in the A￿UntIng and Reporting by Charrties.. ststerr￿nI of Recommended PraCt￿e applicable to charities preparing their financral ststements in accordance with the Financial Reporting Standard applKable lo the United Kingdom and RepublK of I￿L￿nd IFRS 102}'. m8kejudgwnents and estimates that are reasonable and prudent stste whether appI￿able United Kingdom Accounting Standards have been followed. subject lo any material departures di5cbsed and explained in the financial slalemenls. prepare the finanual statements on the going concern basis un￿sS rt ts inappropriate to presume that the charilable ccrfnpany will ccffllinue in operation. SASC Trust 5

Trustees. report Year ended 31 December 2023 Statsment of Trustees. Responsibilities (c￿1•nUed) The trustee5 are reSF0nsib￿ for keeping adequate accounting records that disclose with reasonabk accuracy at any tiffE the financial positKJn of the charrtable company and enab￿ them to ensure that the financk41 statements compty with the Companies Aet 2006. They are also respon￿￿efOr safeguarding the assets ofthecharitabk company and hence for taking reasonab￿ steps for the preverrtion and deteclK)n of fraud and other iNegularils. Each ofthe trustees ￿firm5 that.. so far as the trustee i8 aware, there is no relevant audit infomiatfv)n of which the Chan{ab￿ company's audrtor is urthvare. and the trustee has taken all the steps that hel$he ought to have taken a$ a trustee in order to make himselflherseff aware of any rekvant audrt infomiation and lo estsblish that the charitable cOrnpa￿￿5 auditor is aware of that infomBtion. This confimi8lK)n is given and should be nlerpreted in ¥cordance with the provisions of s418 of the Companvds Act 21KJ6. Srnall companies provi5iOTr This report has been prepared taking advantage of the exemptions for small comPan￿S ihin Part 15 of the Companies Act 20¢A. Approved by the tnjstees and signed cffj ther behalf by." Ntha Polbxk. Chair ofTwstees Date. 17 Septenw2Q4 SASC Tfusl 6

Independent auditorfs report Year ended 31 Ccember 2023 Independent audltorfs report to the member of SASC Tntst Opinion We have audfted the financial statements of SASC Trust Ilhe'charitable company'l for the year ended 31 December 2023 wh￿h comprise the statement of financial activit￿s. the balance sheet. the stateffnt of cash flows. the principal accountirMJ p)li¢ies and notes to thefinancial statements. The financial reporting framewoik that has been applied in their preparatKJn is applicable Law and Uniied KTrngdorn Accounting Slandaids, including FinancialReporting Standard 102 'The FinarKial Repoth'rtg Stsndard applicable in the UK and Republicof Ireland. (United KirvJdcffl Generalty Accepted Aceounbng Pract￿}. In our opinion, the financial statements.. gNe a true and fair view of the state of the charitable ￿mpan￿$ affairs as at 31 December 2023 and of rts ineome and expenditu￿ for the year then ended". have been property prepared in accordarKe vrith United KingL*xn Generalty Accepted Accountsng Practice: and have been prepared in accofdance wrth the requirements ofthe Companies Act 2006. Basis for opinion We corrtjucted our audit in accordance with Intemational Stsndard$ on Audiling {UKI IISAS IUKII and applicable law. Our responsibilities under those $tsndards are further described in the Audilorfs responsibilrties forthe audTi of the financol ststemenls section of our report. We are independent of the charitable ccxmpany in xcordance with the ethical requirements that are relevant lo our audrt of the financol statements in the UK, including the FRC'S Ethical Stsndard, and we have fuffi1￿ our other ethtsl ￿$r￿)nsIbili(leS ￿ a¢¢ordance with these requirerrEnls. We beI￿ve that the audrt evKlenee ¥￿ have obtained is sufficient and appropriate to provmde a basis for our opinion. Conclusions relating to going concern In auditing the finanaal slaternenls. we have t￿ncluded that the trustees, use of the going concem basis of a￿UntIng in the preparation of the financial slalements 15 appropriate. Based on the work we have perfomied, we have not identrfied any Material uncertainties laling lo events or conditions Ihat. indNKlually or colle¢lively. may ￿1 s￿n￿lcan1 doubt on the Charrtab￿ company's abilty to continue as a going concem for a of at least twelve months from when the financial statement5 are authorised for tssue. Our responsibilrties and the responsibilrties of the trustees wrth respect to going Concern are described in the relevant seclk)ns of this repjrt. Other infom)atlon The Iruslees are responsibleforthe other informatK)n. The other lrrfom￿t1on comprises the infomation induded in the Trustees. Report and Financial Statements, other than the financh?I stslements and our audrtorfs report thereon. Ouf opinion on Ihe financial 51alemenls does not cover the other infomiation and, except to the extent olherwse explicitty slated in our rewrt. we do not express any fo￿ of assurance conclusion thefeon. SASC Trust 7

Independent audltofs report Year ￿ded 31 December 2023 Other inf0m￿tIOn (continued) In connection wrth our audit of the financial slalemenls. our responsibilty is to read the other inforMat￿n and, in doing so, consKler whether the other inforMat￿n is malerrally inconsistent wrth the financkgl stslements or our kncy•Aedge obtained in the audrt or othe￿iSe appears lo be materially misststed. If we ￿￿ent￿ such malerial inconsistencies or apparent materL81 misslalemenls. we are required to determine whether there is a material mtsstatemenl in the financkql statements or a material misstatement of the other infomiation. If. based on the wotk V•e have perfomed, we conclude that there is a material misslate￿￿nI of thi5 Other inf0mlat￿ft. we are requKed to repxjrt that fact. We have nothing to ￿port in this regard. Opinions on other matters prexribed by the Companies Acl 2006 In our opinion. based on the th￿rk undertaken in Ihe ￿￿1$¢ of th8 audit.. the information gNen in the trustees, report for the financial year for which the rmancval statements are prepared is consistent wrth the financial slatemenls," and the trustees. report has been prepared in accordance wth applicable legal requiiements. Mattern on which we are fequlrnd to report by exceptlon In the light of the knowledge and understanding of the charilabl8 company and its environment ¢￿taIned in the course of the audit. we have not hdentrfied material mtsslalements in the tnjslees. reporL We have nothing to report in respeLt of the followng matters in relat￿n to whth the Compans Act 2006 requwes us to report to you rf, in our opin)n= adequate accounting records have not been kept. or the financial 51atement5 are not in ￿reeMefit with the accounting records and retums.. or certain diseknsures of trustees, ￿MUneratiOn specifd by law are not made,. or we have not received all the inf0m￿tiOn and explanations we require for our audrt., The direclors were not entlled to prepare the financial statements in a￿OrdanCe with the small companEs wime and take athantage ofthe of the small ￿pan￿s. eXemPt￿n$ in preparing the Drectors. report and from the requirement lo prepare a strategic ￿ kX)rt. Responsibilitios of trustees As explained MO￿ fulty in Ihe stemenl of tfUStees' ￿sponSIbl1((le$. the trustees are responsib￿ for the preparat￿n of the ffinancral stslements and fof being satisfièd that they give a true and fair view. and for such inlemal control as the truslee$ determine is necessary to enable the p￿paratIOn of financial stal8ff*nts th8t are free from material misslatemenl. whether due to fraud oi error. SASC Trust

Independent auditorfs report Year ended 31 December 2023 ResPo￿lbIlItIeS of tntstees Iconlinuedl In preparing the financial statements. the trustees are responsible for assessing the charitable company's abilty to continue as a going concem, disch)sing, as applicable, matter5 reL4ted to going concern and using the going concem basis of accounting unless the trustees either inlend lo IiquKlate the charrtable company or to cease operations. or have no realist￿ amernalive but to do so. Auditoes responsibilities forlhe audit of the financial slatements Our obJ'ectNes a￿ to obtsin reasonab￿ assurance about whether the financial staterrents as a whole are free from maleiial mtsstslement. whether due to fraud or error. and lo issue an audrtorfs report that includes OUT opinion. Reasonable 8ssurance is a high level of assurance, bul 15 not a guarantee that an audit conducted in accordance wrth ISAS IUKI will a￿ayS deteca a material misstatement when it exists. Mi5ststernents can arise from fraud or errof and are ￿nSidered material rf. indrvidually or in the aggregate. they could r8asonabty be expected lo influence the econom￿ deCis￿n$ of users taken on the basis of these financkal statements. IrreguFarrties. including fraud. are instances of non-complkqnce with laws and regulations. We des4qn procedures in line with our responsibilrties, outlined above. lo delect material misstatements in reSp￿t of irreguk3rrtie5. including fraud. The extent lo which our procedures are capable of detecting irregularrties. including fraud is detai￿ bekjw. Our approach lo identfying and assessing the risks of material misststemenl in respect of irreguFaTrties. including fraud and n￿<0Mpl￿nCe with laws and regulations, was as follows.. the engagement partner ensured that the engagement team colwivety had Ihe appropriate ccffnpelence. capabilitvès and skn'lls lo #Jentify oi recognise non- compliance wlh applicable laws and regulions". and cijtsined an vnderslanding of the kgal and regulatory frameworks th are applicable to the charty and detemiined that the nx)sl s￿jn￿anI frameworks which are directty relevant lo speeffic assertions in the financial ststemenls are those that relate lo the reporting framewoTk Iststemenl of Recommended pract￿." Accounting and Reporting by Charrtie5 preparing their accounts in 8ccord8nee with the Financial Reporting Standardappluble in the Unf(ed Kingdom and Republic of Ireland IFRS 1021 and the Charities Ad 2011) and those that relale lo data proleth.on (Genefal Dats ProlectDn RegUlat￿nI. We assessed the susceptibilty of the chaiity's financk41 slalements lo material missL*emenl. including obtaining an understanding of hchw fraud mfvaht cttur, by" making enquiiies of manag￿ent as to their kncwledge of actual. suspected and alleged fraLKI,' and cons•Jering the inlemal controL8 in pla￿ to mrt￿ale rtsks of fraud and non-compliance with laws and regulalK)ns. To address the rtsk of fraud through management bias and override of eonlrols. we." perfomied anatytKal prtxedures lo identify any unusual or unexpected relationships., SASC Trust

Independent auditorfs report Year erKled 31 DeceM￿r 2023 Auditor's responsibilities for the audit of the financial statements (continued) tested journal enlrEs Io Klentfy unusual transaction5," and assessed whether judgements and assumpb.ons made in detemiining the accounting ests.male for the investrnent valuats.on were indicalNe of potent￿1 bias. In response lo the rtsk of irregularits and non-compliance wilh laws and regulations, we desKJned procedures wh￿h included. but were not limited lo." ading Ihe minutes of meetings of those charged with govemance,. and enquiring of managemenl as to actual and potential Irtigat￿n and claims. There are Inhe￿￿t limitat•)ns in our audit p￿edureS described above. The more removed that laws and reguLetK)ns are from financial tranSact￿n$. the ￿$$ like￿ il is that we would become awa￿ of non-compliance. Auditing Standards also limrt the audit procedures requ￿￿ lo identfy non-compliance with I￿$ and regulations lo enquiry ofthe trustees and other management and the inspection of regvlatory and ￿81 correspondence. if any. Material Misstste￿nls that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate ￿ncealment or ￿llUSIon. A further descriptKJn of our responsibilities for the audit of the financial 51atemenls is located on the Financial Reporting Council's website at www.fvc.org.ukJauditorsresponsibililies. Thi5 description forms part of our audrtorfs report. Use of our report This ￿port ts made sdety to the charitable compa￿$ M￿ber, in accordan￿ with Chapter 3 of Part 16 of the Compan￿$ Act 2006. Our audit work has been undertaken so that we mKJht slate lo the charrtable company's member those matters we are required to state to it in an audrtorfs report and for no other purpose. To Ihe fvllest exienl pemirtted by law, we do not a￿pt or a$SUn￿ responsibility to anyone other than Ihe charrtable company and the charitable ¢LYnpan￿$ member. for our audit work. for this report, or for the opinions we have formed. 18 September 2024 Edward Finch (Senior Slalutw Audrtor) For and ￿ behalf of Buzzacott LLP, Ststutory Audrtor 130 WocJ Street London EC2V 6DL SASC Trust 10

ststemenl of financial actbVitie5 Year ended 31 December 2023 (including income and expendf(ure $tatement} lund5 2023 funds 2022 lrtc#ffl• from.. Grants and donati005 In4*strrent irKarr Toial Intom• 11SI0 106.052 118.562 100,940 106,052 214.992 I80,0￿) 180.000 72.445 252.445 96.430 72.445 18D.Q(KJ Expondliure on.. Charitawe aclivittes Totsl •XPBndknrp 203.441 203,441 227.346 227.346 32.319 32.319 72,989 72.989 105.308 105.3D8 N•t1gxpgnd1￿r?V￿nCClnP 1107.0111 308,902 201.1591 112.3541 30B,902

6.548

40.126 107,011 131.725 236.736 147.137 131.725 278,862 In%$b￿nt Iwylosses 94.65T 40.126 Twtsfers beieen N•t movonntln furyl¥ 70,360 165.017 <70.3601 131.531 130.0(K)I 208.736 296.S48 70.126 278.882 Balances at 1 JarwJy 20T2 Balances carrEd lthara 31 L£ember 2022 I15.5￿ 13.111.071 13.226,640 4S.443 I2.￿2,335 12,947,778 240.W 13.241602 13.$23.188 115.579 13,111,071 13.228,640 All recognis8d gains and k)sses are ￿CIlKIe￿ in the atthe slalement of financial actwities. All of the chari￿5 aclNits derive from continuing operalions. SASC Tru51 11

8alance sheet 31 December 2023 2023 2023 2022 2022 Fixed assets Investment in SISH LP 12.179.940 9.Y8,285 Current aS8•ts Cash at bank and in haThY 1.444,443 f.444A43 5.580.786 S,$80,786 Creditord". amounts lalliThJ duevrti year 1101.1951 11,902.4311 Nei current assets 1,343.248 3,678,355 Toial netass•ts 13,523.108 13,226.640 R•ptss•rtt•d by: Restri¢ted fw 13242.602 13.111.071 Unrn8tricted fwK General fvTrJ 280.586 13.523,18 115,569 13,226.640 Approved by the Board of Trustees and spjned on its behaw ty. Nicola Polthk. Chair of Tiustees Date. 17 September 2024 SASC Trust- Company Registrat￿ Numbgr.. lo7231(￿ (Engkind and Wa￿) SASC Trust 12

Ststement of cash fl¢>s Year ended 31 t)ecember 2023 2023 2022 cash flo￿ from operalln9 aclJvlVes: Net cash providJ by Lperab"NJ acbwbes 11.919,6431 105.928 Cash flovjs fmm inv•sting aeti¥itMs: Interest re￿Ned Investment in SASH LP Fun¢J thstritth.ons 106.052 72.445 {2,459,2981 12,250.9971 136,546 12.216.700) 12,178.5521 Change in ￿$h and ush equivalents in the year Cash and cash eqU￿aknts at 1 January 2023 Cash and rA$h equivalents at 31 tlecernber 2023 (4.136,3431 12,072.6241 5,580,7B6 7,653,410 1.444,443 5.580.786 Notes to th• stat•m8nt of cash flows for the year lo 31 D•c•mber 2023 A Re¢on¢iliation of net movement in funds to nel cash provided by lused Inl op•rating activiti•s 2023 2022 Ntt tntomè after in¥esthi•nt loMe# {#$ por the staten*ntof rinancral activitie51 Adlustrnents for. Net gains on investrments lfttsre5t rèeefftd IOe¢re85el InrJease in Cred￿t0[5 Net cash provided by o￿latIng a¢￿vIlle# 276.862 1308.9021 1106.0521 11,801,237) 11,919,643) 1131,7251 172.4451 31,236 105,928 Analysis of ¢a$h and Cash equivalents 2023 2022 Cash at bank and in harKI Total cash and cash equivalents 1,444,443 1.444.443 5.580,786 5.580,786 No separate reconciliatKJn of net debt ha5 been prepared as there is no difference btheen the nel cash {debt) of the charty and the above cash and cash equivalents. SASC Trust 13

Principal accounting polkles Year ended 31 Decentsr 2023 Basis of preparntion These aceounts have been prePa￿d for the year ended 31 December 2023. The accounts have bgen prepared urKler the hbstoncal cost convention wrth ilerns recognised at cost or Ifansaction value unless otherwise stated in the relevant accounting policies below or in the notes to these accounls. The accounts have been prepared in accordanCewrth"Acc￿u￿tin9 and Reporting by Charites.. Statement of Recc￿rnended Praclice applicable lo charities preparing Iheiraccount5 in accordan￿ with the financk?I reporting standard applicable in the United Kingdom and Republsc of Ireland IFRS 102) {Charilies SORP {FRS 102). the financial reporting standard applicabk in the UK and Republic of IreLand IFRS 1021 and the ChariliesAct 2011. The charity consliiutes as a public benefit enbty as defined by FRS 102. The aecounts are presented in sterting and are rounded to the nearest pound. Crltlcal accounting estlmat•s and areas of Jud9em•nt Preparation of the accounts requires the directcws and management to make sMJnif￿nI judgements and estimates. The rtems in the accounts where these judgements and estimates have been made inel¥Jde'. Valual#)n of the investment in SASH LP. Assessmenl of golng ¢on¢ern The trustees have concluded that the use of the wing concem assumplK)n is appropriate in preparing these accounts. Theconclusion was reached afterdue consideration oflhe charty's futu￿ plans and took aCC￿nI ofthe impact ofthe current pandemic. The trustees of the charty have concluded that there are no material uncertainbes related to events or conditK)ns that may cast signfficant doubt on the abilrty of the ¢harty lo ￿ntinUe as a going ￿nCern foi al ka$t a year from the day of approval of these financial statemenls.The Irustees are of the opinion th* th8 ¢harty wll have Suff￿￿nt reSou￿8S lo meet Ils liabilrties as they tsll due_ Income recognition Income is recognsed in the year in Wh￿ the charty is entitled to receipt, the amount can be measured reliabty and il is probab￿ thal income will be received. lthere income relatesto future years. this income wil be defeired. Donat￿n5 receNed for Ihe general purposes of the charitable company are included as unrestr￿ted funds. grants and donations for actNit￿S reStr￿ted by the wishes of the donor are taken to reSt￿ted funds. Sqsc Trust 14

Prlnclpal accounting pollcies Year ended 31 D￿ember 2023 Expenditur• Expenditure is recogntsed as swn as there is a al or constructr¥e c&ligation Comm￿1n9 there is a al or constructive obligatKJn commrtij.ng the charrty lo make a payment to a third party. it is probable thal ta transfer of econom￿ benefit wll be required in settlement and the amount of the obligation can be measured reliably. Expendrture is included in the acwunt$ on an accruals basis and includes attitlutable VAT which cannot be recovered. Investment in SASH LP Investments are recognised at fair value when they can be relkabty detemiined from market data 01 evhdence of transactions in similar assets. ￿ffiere it is not possible lo reliably measure fair value and no acceptable valuatDn model available, investments are carried at cost less impairment. Cash at bank and in hand Cash al bank and in hand represents such accounts and instruments thal are available on demar￿ of have a maturty of less than three months from the dale of acquisilM?ns. Detknrs Deblofs afe recognised al their setuement amount. less any proVis￿n foi non- recoverability. Prepayrnenls are valued at the amount prepaid. They have been discounted to the present y￿ue of the fulure cash receipt where such diswunting ￿ material. Creditors and provisions Creditors and provisions a￿ recognised when the￿ ts an Obl￿at￿n al the balance sheet d*e as a resuli of a past event, it is probable that a transfer of economK benefrt will ￿ required in setuemenl, and the amount of the settjemenl can be estimated reliably. Credf(ors and provisions are recognised al the amount the charity an1￿1pate$ il wll pay lo settle the debt. They have been discounted to the present value of the future Cash payment where such discounting is material. SASC Trusl is a wistwed charty and therefo￿ is not liable to income tax or corporation tax on income derNed from rts charitable &tMties. as it fa115 Within the various exerrytions available lo registered charities. Fund accounting Restficted lunds cornprise monies Tatsed for, or their use reStr￿ted to, a sp￿￿1¢ Purpose. or contribulKJns subject to donor imposed conditions. General unles1r￿ted funds are available for LFse al the dt5crelion of the Iruslees in the furtherance of the general objectwes of the charitable company. SASC Trust 15

Notes to the financial statements Year ended 31 December 2023 I t)onations and legacies Unr85trthd Restncted nds fuThJs 2023 2022 Donab"c Grants 2023 Total fvnds .430 96,430 12,510 108.940 180.00) 12,510 12.$10 96.430 180.OLK) Unrestrthd Resliicted funds 2022 180. 180.000 Grants 2022 Totèl funrls 18Q,C 780,Ot 2 Interest r8c•ivabl8 Un￿trthJ Restricted fijnds 2023 2022 Interest r￿￿8￿￿& 2023 Total fund5 1(hS.0S2 106.052 108.OS2 106,052 72,445 72,445 UnTrsfriGW Resthcted funds funds 2022 72,445 72.445 72,445 72.445 2022 Totalftmds 3 Expenditure fun funds 2023 2022 Supwt costs.. A(lrninistrative exrenses Audit and acLX)untsW lees Our Futu￿ prqecl ProfessiC￿81 fees Othef expefM1iturè 20.iXJ) 9,174 20.0(KI 9.174 203.441 15,2691 20,0(X) 4,856 72.989 7,316 147 105.308 203.441 {5.2691 23.905 203.441 227.346 SASC Trust 16

Notes to the financial statements Year ended 31 December 2023 Expenditure {continuedl funds 2022 Administtsfve expenses AL￿lIa￿d account3rKy fees OurFuture pnwl Profe￿onal fees OthergxpendAlur 20.000 4.856 T2,989 7.316 14T 105.308 4.856 72,989 7,316 147 32.139 72.989 4 Net movernent in funds The net movement in funds for the financial year is stated after charging.. 2023 2022 AudTrtorfs rnrnuneratlon: Audrt fees Non.aLKIrt 7.21x1 2,160 6,532 2.15S 5 Trustees, remuneration No trustees Teceived any emoluments foi their services as trustees during the year12022.' none). No expenses were rewnbursed to Iruslees during the year. {2022". One trustee was reimbursed £134). Investment in SASH LP 2023 2022 Net assets twht forvrar A(*litsons to investrnentp)ol Fund th'stritxjb'ons Net iftvesbnentgans 9.$48.286 5.345.427 2.459,298 4,071,134 1136,$461 308.902 12.179,940 131.725 9,548,286 7 Creditorn: amounts falling due within one year 2023 2022 AcAThIs 101.195 101.195 1,902.431 1,902.431 S4SC Trust 17

Notes to the financial statements Year ended 31 December 2023 8 Restricted funds Total at 31 Total at 31 t)ecernb¢r D￿eM￿l 2023 2022 Cash heha for inveslment on behalf of th)nors Invested in SASH LP Our Future 1.062.662 11179,940 3.455.774 9,548.286 107,011 13.242,602 13,111,071 The restrKled fvnds are makirig invesbments in S4SH LP, ￿ order to support the Charitable and socral impact of the fvnd's lerKling. At the end of the fvnd's lrfe the trust may repay the fvnds invested as a grant wh￿h may onty be applied in line with Ihe trust's charitable objeds and subject to any restricts"on$ placed on Iheoriginal grant lo the trust. Restricted funds also included the balance of the granls made lo Ihe Trust in relion lo Ihe Our Future proje¢t. the prqect Can￿ to an end durirvj the year $0 the balance on the fvnd was nil12022 - £107,011.> Al 1 January 2023 At31 Docemb•r 2023 Imi•&tment Incom• Expndllurn Transfor8 Cash heJ fry invesirrert ￿ beh8¥ of￿0￿ 3.4SS.774 9,548.286 107.011 13,111.071 P,393.1121 2.322.752 1.fk32,662

)8.902 12.179.940 Invested in SOSH LP OWF 2023 T¢XI1 1203.4411 12014411 (70,3601 308,902 13,242,802 At31 Oecemèer 2022 2022 In￿SIment Cashhekf 7.thS.S 5.3rf5.427 {4.101.1341 4.071.134 3.455.TT4 137.725 9.548.286 IOT,011 106.052 13.111.071 In¥edm SASHLP OurFuÈu 180.th 180.t 2.959} 172.989) 2023 TdalfLttAIs 12.9Q2.335 SASC Trust 18

Notes to the financial statements Year ended 31 tknmber 2023 9 Ana5ysis of net assets between funds Total lunds 2023 unresth.ctad Restrthd fiJnd$ funds Represented by: Investrnent in SASH LP Cash at b3nk and in harA c￿￿1t0￿. lallirwj due¥Athin cffle yp 12.179.940 12,179,940 358.767 1,085,676 1.444,443 1101.1951 1101.19S) 257,572 13,285,616 13.523,188 Um?shycted Restricled Total lunds fvnos fimds 2022 Rep￿se￿Ie￿ by.. Inv6stmentin SASH LP Cash atbank andin h•xl Deblors Crnthtots." amounts falfing du• 7thin t￿•￿ar 9,548,285 9,548,285 5,382.923 5,580, 786 197.863 (82,294) (1,820,137) (1,902,431J 115.569 13, 111.071 13.226.640 10 R•lal•d party transactions During the year, the charity In￿rred expendblure of £20,000 12022 £20.0001. for adminiStrat￿n and financial management services from SASC LLP. SASC LLP is a related paty of the charty as it appoints the trustees of the charty. The amount payable to SASC LLP at the yearnd was £80.33312022- £60.333). 11 Liability ol mernber The charty is constiluled as a company Iwnited by guarantee. In the event of the charity being wound up its member is required to contn.bule an amount not exceeding £1. 12 Control Control of Ihe charIlab￿ company I￿S with its sole ￿Ernber. SASC LLP. a registered limrted liabilty partnership Icompany Registration Number OC3786591. The wistered off￿e of the company is 4th Floor, Reading Brwjge House. Gewe Street, Reading, Berkshire, RG18LS. SASC Trust 19