.. 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 $latements for SASC
Trusl for the year ended 31 December 2023. The financial stalemenls have been prepared
in accordance wrth the accounting wliues set out on pages 11 and 12 and cornpty with
the charty's goveming d￿uMent. the Charities Act 2011 and 'Accounting and Reporting
by Charities.. Stalen*nt of RecLymmended Pract¢e applicable to charities preparing their
accounts in accordance with the Financial Reports"ng Standard applicable in the United
Kingdom and Republic of IreL8nd IFRS 1021..
Structure
SASC Trust was incorp)raled on 12 April 2017 as a private limrted company by guarantee
without share capital using'Limited' eXemPt￿n. Its sole ￿￿mber is Social and Sustainable
Capital LLP.
Governance and managemwnt
The trustees (who are the key managenpnt personnel of the charrtyl make the key
decis￿￿5 *)out the conduct of the tharty. The trustees do nol receNe any remuneration
for their services to the charty. The daY4￿daY adminislrab.on and financ￿1 management
of the charity ts prowded by Socol and Suslainab18 Capital LLP under a service kvel
Recruitment and appointment of trustees
Trustees are appointed in ￿CordanCe wth the charity's goveming document which stales
th* there must be a minimum of three charity trustees. Trustees are appointed by Social
and Sustaknable Capital LLP.
Trustees
The trustees of the charity. who are also the directors of the company. during the year
ended 31 December 2023 V￿re."
cra￿ Dearden*hillips
Nicola Polktk
Vinayak Nair
Nathaniel Sloane (Resoned 20 November 20231
Stephanie Thompson (Resigned 5 March 2024)
Tntstee induction and training
The charty trustees control the chaTty and rts funds. Each trustee is made aware of their
duties as a trustee upon apF(Jintment and aecepls their responsibilTty lo keep up lo date
with changes in statutory requirements that affect the role and responsibilrties of trustees.
Risk management
Business decisKJns and the asS￿lated risk factors are consKlered at ￿$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 Positk*n
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 earl*r 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
s*isffied 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 iNegularil*s.
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 Septen*w2Q4
SASC Tfusl 6

Independent auditorfs report Year ended 31 C*cember 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 stateff*nt 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$¢ of th8 audit..
the information gNen in the trustees, report for the financial year for which the
rmancval statements are prepared is consistent wrth the financial slatemenls," and
the trustees. report has been prepared in accordance wth applicable legal
requiiements.
Mattern on which we are fequlrnd to report by exceptlon
In the light of the knowledge and understanding of the charilabl8 company and its
environment ¢￿taIned in the course of the audit. we have not hdentrfied material
mtsslalements in the tnjslees. reporL We have nothing to report in respeLt of the followng
matters in relat￿n to whth the Compan*s Act 2006 requwes us to report to you rf, in our
opin*)n=
adequate accounting records have not been kept. or
the financial 51atement5 are not in ￿reeMefit with the accounting records and
retums.. or
certain diseknsures of trustees, ￿MUneratiOn specif*d by law are not made,. or
we have not received all the inf0m￿tiOn and explanations we require for our audrt.,
The direclors were not entlled to prepare the financial statements in a￿OrdanCe
with the small companEs wime and take athantage ofthe of the small ￿pan￿s.
eXemPt￿n$ in preparing the Drectors. report and from the requirement lo prepare a
strategic ￿ kX)rt.
Responsibilitios of trustees
As explained MO￿ fulty in Ihe st*emenl 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 regul*ions". 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 irregularit*s 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 Woc*J 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 bei*een
N•t movon*ntln furyl¥
70,360
165.017
<70.3601
131.531
130.0(K)I
208.736
296.S48
70.126
278.882
Balances at
1 JarwJ*y 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 aclNit*s 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 provid*J 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 rel*ion 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 he*J 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
Cashhek*f
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¥e*dm 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 year*nd 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