Annual Financial Report

RNS Number : 7770D

Schroder BSC Social Impact Trust

24 October 2022

 

ANNUAL REPORT AND ACCOUNTS

Schroder BSC Social Impact Trust plc (the "Company") hereby submits its Report and Accounts for the year ended 30 June 2022, as required by the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.1.

Highlights

Resilient shareholder returns since inception on 22 December 2020 in a volatile market, with the Company continuing to offer a source of diversification for investors, along with the opportunity to make a positive difference to communities across the UK.

· NAV of 105.39 pence per share as at 30 June 2022.

· NAV total return per share of 1.6% in the financial year ended 30 June 2022, during a period of sharp downturns for the wider market.

· NAV total return per share of 7.8% since inception (5.1% annualised), mainly driven by the performance of more seasoned investments in their mature phase.

· Dividend of 1.30p per share for the year, increasing from 0.57p per share for the period since inception to 30 June 2021.

· £85m of capital committed to date to support 160 frontline organisations, benefitting more than 160,000 people, at least 90% of whom are disadvantaged or vulnerable.

· 100% of investments align with the UN Sustainable Development Goals, with the majority of the portfolio targeting SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities).

· The Company remains well positioned to lead and benefit from further growth of the social impact investment market with an expanding and maturing pipeline of investment opportunities.

The Portfolio Manager will be presenting at a webinar on 24 October 2022 at 14:00. This is open to all existing and potential shareholders, who can sign up for the webinar at:

https://registration.duuzra.com/form/BSCSocialImpactOct22

The Company's Report and Accounts for the year ended 30 June 2022 is also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website:  www.schroders.com/sbsi    

Please click on the following link to view the document:

http://www.rns-pdf.londonstockexchange.com/rns/7770D_1-2022-10-21.pdf

The Company has also submitted its Report and Accounts to the National Storage Mechanism. It will shortly be available for inspection at:  https://data.fca.org.uk/#/nsm/nationalstoragemechanism  

Enquiries:

Kerry Higgins

Schroder Investment Management Limited

Tel: [phone]

Chair's Statement

I am pleased to present the second annual report of Schroder BSC Social Impact Trust plc, for the year ended 30 June 2022.

As we publish this report, we are starting to see the impact of the multiple crises experienced since the launch of the Company in 2020. The Covid-19 pandemic caused significant disruption in global supply chains, and Russia's invasion of Ukraine earlier this year has and continues to inflict far-reaching damage not only to the people directly involved, but also across markets, with punishing spikes in energy and food prices. Some of the fiscal and monetary measures put in place to mitigate the short-term impact of the crises are now amplifying inflationary pressures, and we are currently experiencing the highest inflation in the UK in forty years.

This environment of elevated geopolitical tensions, security and climate change threats, inflation and rising interest rates has proven challenging for traditional public market portfolios since the start of the year. The Board believes the Company should offer investors a valuable source of diversification, through access to a unique mix of private market investments, with the dual objectives of providing long term capital growth and income and serving as a source of permanent funding for organisations dedicated to positive social impact. 

Financial performance

The Company has delivered resilient shareholder returns since inception on 22 December 2020, in a highly volatile market. NAV total return for the year ended 30 June 2022 was 1.6% (2021: 6.09%)¹, during a period of sharp downturns for the wider market. NAV total return since inception was 7.8% (5.1% annualised). Overall, the Company's Net Asset Value per share rose from 104.30p to 105.39p, as a result of investment income and valuation gains and after fees and expenses and an interim dividend payment of 0.57p per share on 3 December 2021.

In November 2021, the Company raised £10.8m through the issuance of 10.3m new shares through a secondary offering to a mix of new and existing shareholders. The proceeds of the equity issuance were fully committed by February 2022, ahead of target, to one new and two follow-on investments.

A more detailed analysis of performance is included in the Portfolio Manager's Report.

Social impact performance

I am delighted to highlight that the Company published its inaugural Impact Report in June 2022, providing an in-depth review of the impact performance across the portfolio, and outlining the Company's priorities for continued enhancement of our impact management and reporting in future years.

As of the date of the report, the Company had committed £85m, financing 160 organisations and reaching 160,000 people, of whom at least 90% are from disadvantaged and vulnerable backgrounds. The Company's investments helped fund over 10,000 affordable homes through the high impact housing asset class and generated over £55m of near-term value as savings for government and households. The report received an independent verification from BlueMark, an industry-leading, third-party assurance provider.

More detail can be found in the Impact Report section on pages 25 to 27 of the full annual report and accounts, and the full report is available for download on the Company's website. We would welcome your feedback on the report, to help guide our communications with shareholders about the frontline work of our investees and our impact management methodology.

Promotion and premium/discount management

During the year ended 30 June 2022, the Company traded at an average discount to NAV of 0.5%, ending the financial year at a 1.1% premium.

As at 20 October 2022, the Company is trading at a discount of 8.44%, following recent weakness in the Company's share price, coinciding with a turbulent period for UK equities.

The Company has shareholder authority to issue up to 10% of the issued share capital on a non-pre-emptive basis, and a proposal for authority to purchase up to 14.99% of the Company's issued share capital will be put forward at the Company's 2022 AGM.

Should the Company's shares reach a sufficient premium to NAV, the Board would seek to issue shares to new and existing investors, thereby raising additional capital to commit to impactful investments. The Company can play an important role by providing permanent capital to finance well-run, sustainable social enterprises and charitable organisations. It is our aspiration to expand the contribution we can make by growing, through attracting new investors and issuing shares above NAV to raise funds to take advantage of the pipeline of attractive investment opportunities seen by our Portfolio Manager, Big Society Capital.

Dividend

The Board has considered the amount available to distribute to investors and has declared that the Company will pay out substantially all of its income as a dividend, resulting in a dividend of 1.30p per share, payable on 6 December 2022 to shareholders on the Company's share register as at 4 November 2022. This is consistent with the target dividend communicated to investors at IPO. All of this dividend payment should be treated by shareholders as an interest distribution.

Proposed changes to the investment policy

To optimise returns as the Company grows and in response to the current high inflationary environment, the Portfolio Manager has proposed the following amendments to the investment policy, with an aim to enhance the return generating potential of the portfolio and mitigate cash drag:

(1)  Within the Debt for Social Enterprises asset class, the Company may have up to 10 per cent. of Net Assets (calculated at the time of commitment) invested in equity interests via mixed debt and equity impact funds. The Board requests investor approval for increasing this limit to 30 per cent. of Net Assets, which could be invested in equity interests via funds. Should this change be approved, the asset class will be re-named as Debt and Equity for Social Enterprises, and

(2)  In order to allocate the Company's capital most efficiently whilst holding significant levels of cash to meet anticipated fund drawdowns, the Company may make short and medium term liquid investments. These will include social bond funds, closed-ended listed funds and other liquid environmental, social and governance ("ESG") investments, that the Portfolio Manager considers are consistent with the Company's liquidity requirements, investment policy, investment guidelines and risk profile. The Company may invest up to 20 per cent. of Net Assets in Liquid ESG Investments, measured at the time of investment. The Board requests investor approval for increasing this limit to 30 per cent. of Net Assets. The Company intends to only utilise the full 30 per cent. allocation immediately after a fundraise and at most times no more than 20 per cent. of Net Assets shall be invested in Liquid ESG Investments.

Both proposals have been duly considered and approved by the Board and the AIFM, and the Board recommends these for shareholder approval.

AGM

The AGM will be held on Friday, 2 December 2022 at 12.00 noon at the offices of Schroders at 1 London Wall Place, London, EC2Y 5AU. A presentation from the Portfolio Manager will be given at the AGM, and attendees will also be able to ask questions in person. The presentation will be made available on the Company's website following the meeting. Details of the formal business of the meeting are set out in the Notice of Meeting on pages 89 to 91 of the full annual report and accounts.

All shareholders are recommended to vote by proxy in advance of the AGM and to appoint the Chairman of the meeting as their proxy. This will ensure that shareholders' votes will be counted even if they (or any appointed proxy) are not able to attend.

If shareholders have any questions for the Board, please write to the Company's registered office address: Company Secretary, Schroder BSC Social Impact Trust plc, 1 London Wall Place, London, EC2Y 5AU, or email: [e-mail] . Any questions and answers will be published on the Company's website before the AGM.

For regular news about the Company, shareholders are also encouraged to sign up to the Manager's investment trusts update by visiting the Company's website: https://www.schroders.com/en/uk/private-investor/fund-centre/funds-in-focus/investment-trusts/schroders-investment-trusts/never-miss-an-update/

Outlook

The environment remains challenging, and the UK government's fiscal proposal in September 2022 led to significant disruption in the markets, alongside concerns that the announced budget will lead to increasing pressure on public sector finances.

Rapid increases in food prices and expected substantial increases in energy bills over the winter (despite significant subsidy by Government) will continue to affect the lower income groups and most vulnerable members of society disproportionately. In this context, the focus on social needs and the positive impact strategies of the Company's investments are more vital than ever. Some of the investments in the portfolio, such as Agility Eco in the Bridges Evergreen portfolio, offer direct solutions to the most vulnerable people affected by rising energy costs. Investments in community renewable assets contribute to an equitable transition to a low-carbon future in the UK and align with the global de-carbonisation trends. Investments in High Impact Housing continue to contribute to increasing the availability of much-needed affordable homes, built and maintained with respect for the dignity of the people living in them.

We recognise that increasing costs and the volatile inflation environment also bring risks to the Company's investments, as the charities and social enterprises the Company invests in may experience changes to government funding or policies, pressures on margins and potential labour and supply chain disruptions. Big Society Capital, the Portfolio Manager, is actively working with the portfolio companies to understand and mitigate the risks specific to this environment. Big Society Capital performed a similar exercise with its portfolio companies in early 2020, at the start of the pandemic, and the close ongoing dialogue between the Portfolio Manager and portfolio companies allows for rapid responses and interventions. One example of such an intervention in response to the pandemic was the rapid mobilisation of capital for the Resilience and Recovery Loan Fund (RRLF), an emergency response fund offering loans alongside grants to social enterprises and charities experiencing disruption due to Covid-19. Big Society Capital invested £25m of its own capital in the fund, which benefitted from Government guarantees under the Coronavirus Business Interruption Loan Scheme (CBILS), with the grants provided by other partners.

Whilst we recognise the heightened level of risk in the current environment, we are reassured by the long track record of the organisations the Company invests in, and their demonstrated ability to navigate challenging market conditions in the past. The Company's portfolio organisations offer solutions for areas of high social need which are a priority across the political spectrum, and their interventions lead to significant savings in government expenditure; both of these factors contributed to revenue resilience of the portfolio organisations through the cycle, including through past austerity periods. Furthermore, the Company targets charities and social enterprises with conservative balance sheets, providing further resilience in times of market instability.

The challenging fiscal environment means the Company expects to see inflation passing through to its investments with a lag or only partially (for example as a result of the current government consultation to cap social rent increases to 5%). The Portfolio Manager has been continuing to adjust the asset allocation for the current environment, including increasing the allocation to investments that stand to benefit from inflation over time.

The broader environment also provides opportunities for the Company's portfolio investments, such as the government's increased commitment to the Energy Company Obligation scheme by £1bn in response to increases in fuel poverty.

While we expect the volatile and uncertain environment to continue, the Company remains committed to its goals of delivering high quality returns to shareholders with low correlation to traditional quoted markets, alongside providing significant social impact for the most vulnerable and disadvantaged groups across the UK.

Susannah Nicklin

Chair

21 October 2022

1 The comparative figures for 2021 cover the period from the date of incorporation on 24 September 2020 to 30 June 2021. The Company began investing on 22 December 2020 ("launch date").

Portfolio Manager's Report

Market developments

The outlook for the UK economy and financial markets is particularly uncertain, creating volatility and making it a very challenging investment environment across asset classes. As a result, we expect the Company to face a range of heightened risks, but also anticipate that our impact-driven and diversified strategy should offer resilience in a recessionary environment and continue to make a positive difference to communities across the UK.

The challenging environment is created by several factors coming together. Supply chain blockages, labour shortages and unusual levels of fiscal and monetary stimulus in most advanced economies were understandable responses to the Covid-19 pandemic but they have built significant inflationary pressures. These were then exacerbated by the Russian invasion of Ukraine causing a spike in energy and food prices. As a result, UK inflation in the year to July 2022 was at the highest level (10.2%) for forty years. Forward expectations for inflation are very uncertain, dependent to a significant degree on the nature and effectiveness of government and central bank responses, but it is likely that we will see much greater volatility in both inflation and interest rates than have been the norm for the last decade. Rising costs and price volatility are likely to suppress consumption and investment, especially for households and sectors particularly exposed to energy prices.

In response to the current environment Big Society Capital has been actively working with fund managers and across the social investment market to understand and mitigate risks. Big Society Capital continues to be actively involved in policy, including working with others to ensure full inclusion of social enterprises and charities in the government's energy market interventions and launching a report "Outcomes for All: 10 Years of Social Outcomes Contracts" in the Houses of Parliament. Through the year under review, Big Society Capital has continued to reposition the Company's liquid investments for an inflationary and rising interest rate environment - increasing exposure to renewable energy investment trusts and floating rate securities.

Looking forward, there are risks and opportunities for the Company on both social impact and financial returns. Looking first at the social impact risk, many of the charities and social enterprises supported by the Company's investments, and the vulnerable people who ultimately benefit from their services, will be negatively affected by the current environment. Whilst increasing the need for the positive impact of our investments it means that in some cases that impact may be outweighed in overall terms by the rising cost of living. On financial returns, we have aimed to build a portfolio with a degree of inflation correlation. However, in a very volatile inflation environment some of these correlations will be only partial and some may operate with a time-lag. In particular, as the portfolio relies to a significant extent on government backed revenues, government restrictions on how fast inflation flows through into social housing rents and contract payments will be important.

Looking at the opportunities for our investment strategy, the social impact created by our investments is needed more than ever. Some investments, such as AgilityEco in the Bridges Evergreen portfolio, are directly addressing the energy price crisis. More broadly, the changing price environment means that investments in energy efficiency and other measures to hasten a fair and equitable transition to a low-carbon future are now more economically attractive. We already have some investments in this category, such as community solar projects in the Community Investment Fund, and we are well positioned to explore more opportunities. On the financial side, we expect the Company will continue to provide a valuable source of diversification in a challenging investment environment. High and volatile inflation is strongly negative for traditional public market equity and bond portfolios. We have aimed for a unique mix of impact-focused private assets with diverse and resilient revenue streams that has thus far protected capital and should continue to do so in the event of further sharp market downturns.

More fundamentally, we do not see a slowing down of the wider move to invest for impact. Decarbonisation as a trend has gained new urgency, not only from increasing evidence of the consequences of global warming, but also since Russia's invasion of Ukraine highlighted the security risks of our dependence on oil and gas supplies. Meanwhile, the cost of living crisis emphasises the importance of delivering that transition with greater fairness and equity. More investors are recognising this underlying reality, as shown by our latest measurement of the UK social impact investment market. Our market sizing values the social investment market at £7.9bn as of the end of 2021, a 22% increase from 2020. This represents an almost 10-fold increase in the social investment market in the last 10 years, and we maintain our estimate of continued growth to £10-15bn by 2025.

The continued growth of the social investment market allowed us to fully commit the proceeds of our November 2021 fundraise within three months, into attractive assets that are difficult for most investors to access. We are confident that the Company remains well positioned to lead and benefit from further market growth, as we continue to see an expanding and maturing pipeline of investment opportunities.

Performance update ²

The Net Asset Value (NAV) total return for the twelve-month ended 30 June 2022 was 1.60%. Overall, the Company's NAV rose from £78.2m to £89.9m at the financial year end; the number of shares in issue increased from 75 million to 85 million shares, following the £10.8m fundraise in November 2021.

The Company's NAV per share rose from 104.30p to 105.39p following an interim dividend payment of 0.57p per share on 3 December 2021 based on the earnings of the Company in the year to 30 June 2022, as set out in the NAV bridge on page 11 of the full annual report and accounts..

In the 12 months to 30 June 2022, the Company recorded a gross revenue return of £1.9m and net revenue after fees, costs and expenses of £1.1m, a net revenue return per share of 1.37 pence. The Company also recorded gains on the fair value of investments of £0.6m, resulting in a total gross return of £2.5m, and total net return of £1.4m, or 1.77 pence per share on a weighted average basis.

The Company will pay an interim dividend of 1.30p per share, or dividend yield of 1.2% for the twelve-months ended 30 June 2022. This is in line with the guidance in the IPO prospectus of an expected dividend yield in the region of 1-2% p.a., and represents an increase of 128% compared to the dividend per share paid in the last financial period ³ .

As shown in the table below, portfolio returns to date have been driven by the performance of more seasoned investments in their mature phase. Mature investments have contributed 3.50% to the NAV total return per share in the last twelve months and 10.42% since launch eighteen and a half months ago. Assets still in their investment phase are earlier in their life cycle and J-curves⁴, and to date are producing returns in line with expectations.

Some of the Company's higher impact investments involve the staged deployment of capital over multiple years; we aim to mitigate any cash drag on returns through our Liquid ESG allocation. This is invested in assets with similar financial risk and return characteristics as the core asset allocation, though lower direct social impact given the lower availability of social impact-focused assets in publicly listed markets. Liquid ESG investments have detracted from performance during the year under review, with a negative contribution of 0.71% in the year, mainly due to weakness in the credit markets in particular in the second half of our financial year.

	NAV total	NAV total return
	return contribution	contribution
	12m to 30 June 2022	since launch
Mature	3.50%	10.42%
Investment phase	0.22%	0.16%
Liquid Assets	-0.71%	-0.72%
Fees, expenses & other costs	-1.41%	-2.08%
	1.60%	7.78%

The top three drivers of financial performance in the twelve-months to 30 June 2022 were:

•       The Charity Bond Portfolio contributed 1.19p to NAV per share growth predominantly from income and also the tender at a premium of the Charities Aid Foundation (CAF) bond.

•       Our holding in the Community Investment Fund contributed 1.12p to NAV per share growth, following an uplift in value due to income and unrealised capital gains, after our negotiated purchase of the secondary stake.

•       The Real Lettings Property Fund contributed 0.75p to NAV per share growth from rental income and valuation gains in underlying properties.

The social impact performance of the portfolio was reported in the Company's inaugural Impact report published in June 2022, highlighting that the Company's investments are supporting 160 organisations, benefiting more than 160,000 people of whom at least 90% are disadvantaged or vulnerable. The Impact Section of this report contains the key highlights from the report, as well as details about our evolving approach to impact management and reporting.

Portfolio cash flows and balance sheet

In November 2021, the Company raised £10.8m through the issuance of 10.3m new shares through a secondary offering to a mix of new and existing shareholders.

Overall, in the financial year £21.8m was deployed into existing and new investments in the High Impact Portfolio:

•       The majority of the amount drawn (£12.8m) was deployed towards delivering new affordable homes in the High Impact Housing allocation. The Affordable Housing Fund drew down £5.8m during the year under review and is now fully drawn; Man Community Housing Fund drew down £4.9m and Social and Sustainable Housing drew down £2.2m over the financial year.

•       In Debt for Social Enterprises £4.5m was drawn for the new secondary investment in the Community Investment Fund and there have been further investments into the secured co-investments with Charity Bank, mostly to Sue Ryder, delivering high social impact in Health and Social Care.

•       Within Social Outcomes Contracts further investment was made into existing projects tackling children on the edge of care and homelessness, as well as a new investment aiming to address the challenges of refugee integration in UK communities.

During the financial year and post the November 2021 share issuance we have been targeting new Liquid ESG investments in areas with low interest rate duration and some inflation benefit, given our caution on fixed income duration in a rising inflation environment. Following the share issue, we made new investments into the renewable trusts Greencoat UK Wind Plc and Bluefield Solar Income Fund Ltd, with an additional investment into the TwentyFour Sustainable Enhanced Income (ABS) Fund. As outlined in the prospectus, the Company does not charge management fees on the Liquid ESG allocation.

Portfolio Allocation

The Company's investment objective is defined as:

• Delivering measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market social impact investments.

• Aiming to provide NAV total return of CPI plus 2 per cent. per annum (once the portfolio is fully invested and averaged over a rolling three- to five-year period, net of fees).

• With low correlation to traditional quoted markets whilst offering to address significant social issues in the UK.

A diversified asset allocation delivering local UK social impact

The Company delivers its investment objective through allocating to best-in-class social impact managers in private markets - with proven track records delivering high quality financial returns alongside measurable social impact for more disadvantaged groups in the UK. Investments that are committed but not yet drawn by private market funds are held in listed Liquid ESG investments to mitigate cash drag during longer drawdown periods.

Providing access to a seasoned high impact portfolio

The Company has built a seasoned high impact portfolio that would be difficult for shareholders to access directly - through a combination of a seed portfolio and secondary investments from the Portfolio Manager's portfolio relationships. This provides a greater allocation to more mature assets that will help drive future financial and impact performance. The Portfolio Manager's broader portfolio relationships offer additional fee benefits to Company shareholders - with 33% of the Company's portfolio with no or discounted management fees - from co-investments or fee discounts that the Portfolio Manager has negotiated, often through their role as initial cornerstone investor in funds.

Targeting inflation resilient returns

The Company aims to deliver an asset allocation that is resilient through periods of rising prices through targeting two-thirds of its asset allocation to assets that will benefit from inflation. These assets are:

•       Property and renewables - with a mix of long dated inflation linked leases, shorter property leases where value is more driven by property prices, and smaller investments in renewables

•       Mezzanine and equity investments - where the value is driven by government contracts that have historically moved with inflation

•       Floating rate instruments which will benefit from increases in the base rate

As of 30 June 2022, the Company had committed 64% of its capital to these assets. The remaining 36% was allocated to fixed income securities such as charity bonds, social outcomes contracts or cash; the Company aims to minimise the duration of these fixed income assets, to allow reinvestment over time into a higher rate environment. The Company's invested amount in assets that will benefit from inflation is 60% of its capital, due to the commitments to newer housing funds that are still in their investment period.

In the current double digit inflation environment driven by energy price shocks, the Company sees significant risks in the ability of this asset allocation to match short-term inflation movements. This is due to:

•       Property and renewables: The presence of caps and collars in property index linked leases, caps in housing benefit increases and expected real falls in property prices

•       Mezzanine and equity investments: Delays in the pass through of inflation to government contracts in the current environment

•       Floating rate instruments: Expected path of floating rates to continue to lag inflation

•       As well as the portion of the investment allocation (40% of invested capital) in fixed income securities and social outcome contracts where Company revenue will not benefit from inflation.

Targeting low correlation to mainstream markets

The Company's asset allocation aims to achieve low correlation to mainstream markets by backing business models that are underpinned by government expenditure and have been historically resilient through economic cycles. As at 30 June 2022, 83% of the committed portfolio (67% invested) is underpinned by government backed revenue streams. These revenue streams are themselves diversified across policy areas, such as housing, clean energy and fuel poverty, education, redressing inequalities/levelling up. This diversification reduces exposure to individual policy risk, such as the risk that government or budgetary changes would significantly reduce or withdraw payments. The Company targets areas with a track record of delivering impact for more disadvantaged groups and generating savings for the public purse which provides additional revenue resilience.

Outlook

Subsequent to 30 June 2022 the challenging investment environment has continued - with significant further moves in European power prices caused by the war in Ukraine, rising inflation and interest rates all contributing to ongoing weakness in financial markets. In the UK, the Chancellor's fiscal statement to Parliament on 23 September 2022 has contributed to significant increases in UK long dated interest rates - though some of these fiscal measures were later reversed in mid-October. It is anticipated that government spending will be cut in real terms, with resulting pressure on budgets across the public sector.

The revenue of the Company's portfolio companies has been historically resilient through cycles, including through the period of austerity government spending cuts in the last decade, as they support the most vulnerable, where savings to government of interventions are often many multiples of the cost. At the time of writing there are no indications that this revenue resilience will change, though the risks are heightened and considering policy risk remains crucial for the Company's portfolio. In addition to targeting areas of high government savings that are a priority across the political spectrum, the Company aims to mitigate this by a diversified allocation across policy areas, as well as investments that benefit from some element of asset backing. The Company targets investments in charities and social enterprises with long track records (28 years) and higher quality balance sheets. The Company's High Impact Investments, including in the Housing allocation, use no fund leverage at the time of writing, which provides some additional resilience.

The challenging fiscal environment means the Company expects to see inflation passing through to its investments with a lag or only partially, for example the current government consultation to cap increases in social housing rent to 5%. In addition, the high increases in mortgage rates are likely to cause extended weakness in house prices in real terms. Alongside the Company's mixed asset allocation this means short term financial performance is projected to continue to deliver positive financial returns but not anticipated to keep up with current high inflation rates. The Portfolio Manager has been continuing to adjust the asset allocation for the current environment, including increasing the allocation to investments that stand to benefit from inflation over time.

The broader environment also provides opportunities for the Company's investments, with the significant impact being delivered by the portfolio for disadvantaged groups needed more than ever. The Resolution Foundation has estimated that the expected falls in real earnings will push an additional 2.3 million people into poverty including 700,000 children. Responding to this within a challenging fiscal environment will further increase the impetus to bring in private capital to support investments in social infrastructure and prevention. As a response to the increases in fuel poverty, in September 2022 the government announced an increased £1bn commitment to the Energy Company Obligation scheme, which is expected to benefit the Company's investments in that area.

The Company expects this volatile and uncertain environment to continue for an extended period. Through it the goals of the Company remain the same: to deliver for shareholders high quality returns with a low correlation to traditional quoted markets alongside significant social impact for more disadvantaged groups across the UK.

Jeremy Rogers, Hermina Popa

Big Society Capital

21 October 2022

2 All return figures in this report are quoted on a per share basis, using the number of shares outstanding at the point returns were generated. Where returns have been generated in a period in which equity was issued, these returns have been pro-rated between the pre- and post-issuance period.

3 The first financial year of the Company represented trading from the IPO on 22 December 2020 until 30 June 2021.

4 The term J-curve is used to describe the typical trajectory of certain types of investments, where low or negative returns in the early years of the investments are followed by a steep rise in returns as investments mature. In the case of the Company's investments, the J-curve effect is due to investing in property purchases and developments, where the early years are characterised by cost outlays, followed by a rise in returns as properties are occupied, and rental yield and property valuation uplifts start to be reflected in returns.

Extracts from the Strategic Report

Principal risks and uncertainties

The Board is responsible for the Company's system of risk management and internal control and for reviewing its effectiveness. The Board has adopted a detailed matrix of principal risks affecting the Company's business as an investment trust and has established associated policies and processes designed to manage and, where possible, mitigate those risks, which are monitored by the Audit and Risk Committee on an ongoing basis. This system assists the Board in determining the nature and extent of the risks it is willing to take in achieving the Company's strategic objectives. Both the principal and emerging risks and the monitoring system are also subject to regular, robust review. The last review was completed in October 2022.

Although the Board believes that it has a robust framework of internal controls in place this can provide only reasonable, and not absolute, assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk.

Actions taken by the Board and, where appropriate, its committees, to manage and mitigate the Company's principal risks and uncertainties are set out in the table below.

Risk	Mitigation and management
Strategic risks
The Company's investment objectives may become out of line with the requirements of investors, or the Company's investment strategy might not lead to the Company achieving its investment objective resulting in the Company being subscale and shares trading at a discount.	The appropriateness of the Company's investment remit is regularly reviewed and the success of the Company in meeting its stated objectives is monitored. The share price relative to NAV per share is monitored and the Board has undertaken to facilitate a buy-back programme should this be appropriate.
If in the two-year period ending on 31 December 2023, and in any two-year period following such date, the Ordinary Shares have traded, on average, at a discount in excess of 10 per cent. to Net Asset Value per Share, the Directors will propose an ordinary resolution at the Company's next annual general meeting that the Company continues its business as presently constituted (the "Continuation Resolution"). It could take several years until all of the Company's private equity investments are disposed of and any final distribution of proceeds made to shareholders.	The Portfolio Manager has extensive experience and a track record in accurately timing the exits of private equity investments. The Board will regularly monitor the position to ensure that any alternative proposals to be made to shareholders are put forward at an appropriate time. If the Continuation Resolution is not passed, the Directors will put forward proposals for the reconstruction or reorganisation of the Company, bearing in mind the liquidity of the Company's Investments, as soon as reasonably practicable following the date on which the Continuation Resolution is not passed. These proposals may or may not involve winding up the Company and, accordingly, failure to pass the Continuation Resolution will not necessarily result in the winding up of the Company.
Investment management risks
Risks relating to the social impact of investee companies	The Portfolio Manager has extensive experience in selecting private social impact investments and has a robust investment process to ensure that the anticipated positive impact of investee companies is realistic and achievable.
Liquidity risk
Liquidity risks include those risks resulting from holding private equity investments as well as not being able to participate in follow-on fundraises through lack of available capital which could result in dilution of an investment. Risks relating to investment commitments and capital calls.	Concentration limits are imposed on single investments to minimise the size of positions. The Portfolio Manager can sell Liquid ESG Investments to meet investment commitments and capital calls. The Portfolio Manager will monitor and manage cash flows and expected capital calls. The Portfolio Manager will seek to manage cashflow such that the Company will be able to participate in follow on fundraisings where appropriate.
Valuation risk
Private equity investments are generally less liquid and more difficult to value than publicly traded companies. A lack of open market data and reliance on investee company projections may also make it more difficult to estimate fair value on a timely basis.	Contracts with investee companies are drafted to include obligations to provide information to the Portfolio Manager in a timely manner, where possible. The Portfolio Manager and AIFM have extensive track records of valuing privately held investments. A valuation policy has been agreed by the AIFM and Portfolio Manager and includes a robust process for the valuation of assets, including consideration of the valuations provided by investee companies and the methodologies they have used. Any changes to this policy must be approved by the Audit and Risk Committee. The Audit and Risk committee reviews all valuations of unlisted investments and challenges the methodologies used by the Portfolio Manager and AIFM. The Audit and Risk Committee may also appoint an independent party to complete a valuation of the Company's assets.
Cyber security risks
Each of the Company's service providers is at risk of cyber attack, data theft or disruption to their infrastructure which could have an effect on the services they provide to the Company. These risks could lead to reputational damage or the risk or loss control of sensitive information leading to a potential breach of data protection law.	Experienced third party service providers are employed by the Company under appropriate terms and conditions and with agreed service level specifications in relation to cyber security and related procedures. The Board receives regular reports from its service providers and the Management Engagement Committee will review the performance of key service providers at least annually. The Audit and Risk Committee reviews reports on the external audits of the internal controls operated by certain of the key service providers.

Emerging risks and uncertainties

In October 2022, the Board also discussed and monitored a number of emerging risks and uncertainties that could potentially impact the Company's ability to meet its strategic objectives. These were political risk, climate change risk, COVID-19-related risks, inflation risk and UK political risks. The Board has determined they are not currently material for the Company. The Board receives updates from the Manager, Portfolio Manager, Company Secretary and other service providers on other potential risks that could affect the Company.

Risk assessment and internal controls review by the Board

Risk assessment includes consideration of the scope and quality of the systems of internal control operating within key service providers, and ensures regular communication of the results of monitoring by such providers to the Audit and Risk Committee, including the incidence of significant control failings or weaknesses that have been identified at any time and the extent to which they have resulted in unforeseen outcomes or contingencies that may have a material impact on the Company's performance or condition.

No significant control failings or weaknesses were identified from the Audit and Risk Committee's ongoing risk assessment which has been in place throughout the financial year and up to the date of this report. The Board is satisfied that it has undertaken a detailed review of the risks facing the Company.

A full analysis of the financial risks facing the Company is set out in note 20 to the accounts on pages 82 to 85 of the full annual report and accounts.

Viability statement

The Directors have assessed the viability of the Company over a five year period, taking into account the Company's position at 30 June 2022 and the potential impact of the principal and emerging risks and uncertainties it faces for the review period. The Directors have assessed the Company's operational resilience and they are satisfied that the Company's outsourced service providers will continue to operate effectively, following the implementation of their business continuity plans as required by COVID-19.

The Board believes that a period of five years reflects a suitable time horizon for strategic planning, taking into account the investment policy, liquidity of investments, potential impact of economic cycles, nature of operating costs, dividends and availability of funding. In its assessment of the viability of the Company, the Directors have considered each of the Company's principal and emerging risks and uncertainties detailed above and in particular the impact of a significant fall in regional equity and property markets on the value of the Company's investment portfolio.

The Directors have also considered the Company's liquid investments, the Company's cash balances and the forecast income and expenditure flows as well as commitments to provide further funding to the Company's private equity investee companies; the Company currently has no borrowings. A substantial proportion of the Company's expenditure varies with the value of the investment portfolio. In the event that there is insufficient cash to meet the Company's liabilities, the liquid investments in the portfolio may be realised. The Company has additionally performed stress tests which confirm that a 50% fall in the market prices of the portfolio would not affect the Board's conclusions in respect of going concern. The Directors have also considered the continuation vote which the Company is required to put to shareholders if, in the two-year period ending on 31 December 2023, and in any two-year period following such date, the ordinary shares have traded, on average, at a discount in excess of 10 per cent. to net asset value per share. The Company has not traded at a discount of this level since launch in December 2020 and the Directors therefore currently do not believe this affects the viability of the Company over a five year horizon. Based on the Company's processes for monitoring operating costs, the Board's view that both the Manager and Portfolio Manager have the appropriate depth and quality of resource to achieve superior returns in the longer term, the portfolio risk profile, limits imposed on gearing, counterparty exposure, liquidity risk and financial controls, the Directors have concluded that there is a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five year period of their assessment.

Going concern

The Directors have assessed the principal risks, the impact of the emerging risks and uncertainties and the matters referred to in the viability statement. Based on the work the Directors have performed, they have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the period assessed by the Directors, being the period to 21 October 2023 which is at least twelve months from the date the financial statements were authorised for issue.

By order of the Board

Schroder Investment Management Limited

Company Secretary

21 October 2022

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (FRS: 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland) and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the return or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgements and accounting estimates that are reasonable and prudent;

· state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

· notify the Company's shareholders in writing about the use of disclosure exemptions in FRS 102 used in the preparation of the financial statements; and

· prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Manager is responsible for the maintenance and integrity of the website dedicated to the Company. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the Directors, whose names and functions are listed on pages 48 and 49 of the full annual report and accounts, confirm that to the best of their knowledge:

· the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company;

· the Strategic Report contained in the report and accounts includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

· the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

On behalf of the Board

Susannah Nicklin

Chair

21 October 2022

Income Statement

For the year ended 30 June 2022

	Year ended 30 June 2022			Period ended 30 June 20211
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	632	632	-	4,200	4,200
Income from investments	1,817	-	1,817	775	-	775
Other interest receivable and similar income	40	-	40	5	-	5
Gross return	1,857	632	2,489	780	4,200	4,980
Investment management fees	(286)	(286)	(572)	(121)	(121)	(242)
Administrative expenses	(452)	-	(452)	(224)	-	(224)
Transaction costs	-	(22)	(22)	-	(30)	(30)
Net return before taxation	1,119	324	1,443	435	4,049	4,484
Taxation	-	-	-	-	-	-
Net return after taxation	1,119	324	1,443	435	4,049	4,484
Return per share	1.37p	0.40p	1.77p	0.58p	5.40p	5.98p

¹ The comparative figures cover the period from the date of incorporation on 24 September 2020, to 30 June 2021. The Company began investing on 22 December 2020 (launch date).

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other items of other comprehensive income, and therefore the net return after taxation is also the total comprehensive income for the period.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The notes on pages 73 to 85 of the full annual report and accounts form an integral part of these accounts.

Statement of Changes in Equity

For the year ended 30 June 2022

Year ended 30 June 2022

	Called-up		Special
	share	Share	distributable	Capital	Revenue
	capital	premium	reserves	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
At 30 June 2021	750	-	72,993	4,049	435	78,227
Issue of Ordinary Shares	103	10,729	-	-	-	10,832
Share issue costs	-	(158)	-	-	-	(158)
Net return after taxation	-	-	-	324	1,119	1,443
Dividend paid in the year	-	-	-	-	(428)	(428)
At 30 June 2022	853	10,571	72,993	4,373	1,126	89,916

Period ended 30 June 2021¹

	Called-up		Special
	share	Share	distributable	Capital	Revenue
	capital	premium	reserves	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Issue of Management Shares	50	-	-	-	-	50
Redemption of Management Shares	(50)	-	-	-	-	(50)
Issue of Ordinary Shares	750	74,250	-	-	-	75,000
Share issue costs	-	(1,229)	(28)	-	-	(1,257)
Cancellation of share premium	-	(73,021)	73,021	-	-	-
Net return after taxation	-	-	-	4,049	435	4,484
At 30 June 2021	750	-	72,993	4,049	435	78,227

¹ The comparative figures cover the period from the date of incorporation on 24 September 2020, to 30 June 2021. The Company began investing on 22 December 2020 (launch date).

The notes on pages 73 to 85 of the full annual report and accounts form an integral part of these accounts.

Statement of Financial Position

at 30 June 2022

	As at	As at
	30 June	30 June
	2022	2021
	£'000	£'000
Fixed assets
Investments held at fair value	67,000	41,369
Investments held at amortised cost	21,832	21,142
	88,832	62,511
Current assets
Debtors	206	221
Cash at bank and in hand	1,310	17,086
	1,516	17,307
Current liabilities
Creditors: amounts falling due within one year	(432)	(1,591)
Net current assets	1,084	15,716
Total assets less current liabilities	89,916	78,227
Net assets	89,916	78,227
Capital and reserves
Called-up share capital	853	750
Share premium	10,571	-
Special reserve	72,993	72,993
Capital reserves	4,373	4,049
Revenue reserve	1,126	435
Total equity shareholders' funds	89,916	78,227
Net asset value per share	105.39p	104.30p

These accounts were approved and authorised for issue by the Board of Directors on 21 October 2022 and signed on its behalf by:

Susannah Nicklin

Chairman

The notes on pages 73 to 85 of the full annual report and accounts form an integral part of these accounts.

Registered in England and Wales as a public company limited by shares

Company registration number: 12902443

Cash Flow Statement

For the year ended 30 June 2022

	Year ended	Period ended
	30 June 2022	30 June 20211
	£'000	£'000
Net cash inflow from operating activities	873	397
Investing activities
Purchases of investments	(31,411)	(57,245)
Sales of investments	4,516	191
Net cash outflow from investing activities	(26,895)	(57,054)
Net cash outflow before financing	(26,022)	(56,657)
Financing activities
Dividend paid	(428)	-
Issue of Management Shares	-	13
Redemption of Management Shares	-	(13)
Issue of Ordinary Shares	10,832	74,843
Share issue costs	(158)	(1,100)
Net cash inflow from financing activities	10,246	73,743
Net cash (outflow)/inflow in the period	(15,776)	17,086
Cash at bank and in hand at the beginning of the year	17,086	-
Net cash (outflow)/inflow in the year	(15,776)	17,086
Cash at bank and in hand at the end of the year	1,310	17,086

¹ The comparative figures cover the period from the date of incorporation on 24 September 2020, to 30 June 2021. The Company began investing on 22 December 2020 (launch date).

Included in net cash inflow from operating activities are dividends received amounting to £723,000 (period ended 30 June 2021: £285,000), income from debt securities amounting to £1,039,000 (period ended 30 June 2021: £283,000) and other interest receivable and similar income amounting to £40,000 (period ended 30 June 2021: £5,000).

Purchases and sale of investments are shown net of non-cash movements relating to accumulation dividends, securities purchased and sold awaiting settlement and investment exchange transactions.

The notes on pages 73 to 85 of the full annual report and accounts form an integral part of these accounts.

Notes to the Accounts

1.  Accounting Policies

Schroder BSC Social Impact Trust plc ("the Company") is registered in England and Wales as a public company limited by shares. The Company's registered office is 1 London Wall Place, London EC2Y 5AU.

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP"), in particular in accordance with Financial Reporting Standard (FRS) 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The accounts are prepared in accordance with Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in July 2022, except for certain financial information required by paragraph 82(c) regarding unquoted holdings with a value greater than 5% of the portfolio included in the top 10. This information has not been disclosed because it is not publicly available. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments held at fair value. The Directors believe that the Company has adequate resources to continue operating until 31 October 2023, which is at least 12 months from the date of approval of these accounts. In forming this opinion, the Directors have taken into consideration: the controls and monitoring processes in place; the Company's level of debt and other payables; the low level of operating expenses, comprising largely variable costs which would reduce pro rata in the event of a market downturn; the Company's cash flow forecasts and the liquidity of the Company's investments. In forming this opinion, the Directors have also considered any potential impact of the COVID-19 pandemic, climate change, and risk/impact of elevated and sustained inflation and interest rates on the viability of the Company. The Company has additionally performed stress tests which confirm that a 50% fall in the market prices of the portfolio would not affect the Board's conclusions in respect of going concern. Further details of Directors' considerations regarding this are given in the Chairman's Statement, Portfolio Managers' Review, Going Concern Statement, Viability Statement and under the Emerging Risks and uncertainties heading above.

The accounts are presented in sterling and amounts have been rounded to the nearest thousand.

The accounting policies applied to these accounts are consistent with those applied in the accounts for the period ended 30 June 2021.

Certain judgements, estimates and assumptions have been required in valuing the Company's investments and these are detailed in note 19 on page 81 of the full annual report and accounts.

2.  Income from investments

	Year ended	Period ended
	30 June 2022	30 June 2021
	£'000	£'000
Income from investments:
Distribution and dividend income	752	285
Overseas dividends	20	-
Interest income from debt securities and other financial assets	1,045	490
	1,817	775
Other interest receivable and similar income:
Deposit interest	2	1
Other income	38	4
	40	5
Total income	1,857	780

3.  Investment management fees

	Year ended 30 June 2022			Period ended 30 June 2021
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment management fees	286	286	572	121	121	242

The bases for calculating the investment management fees are set out in the Report of the Directors on pages 50 and 51 of the full annual report and accounts and details of all amounts payable to the managers are given in note 17 on page 80 of the full annual report and accounts.

4.  Return per share

	Year ended	Period ended
	30 June 2022	30 June 2021
	£'000	£'000
Revenue return	1,119	435
Capital return	324	4,049
Total return	1,443	4,484
Weighted average number of shares in issue during the year	81,387,804	75,000,000
Revenue return per share	1.37p	0.58p
Capital return per share	0.40p	5.40p
Total return per share	1.77p	5.98p

5.  Dividends

	Year ended	Period ended
	30 June 2022	30 June 2021
	£'000	£'000
2021 dividend of 0.57p paid out of revenue profits as an interest distribution	428	-
	Year ended	Period ended
	30 June 2022	30 June 2021
	£'000	£'000
2022 dividend proposed of 1.30p (period ended 30 June 2021: 0.57p), to be paid out of revenue profits as an interest distribution	1,109	428

The proposed interim dividend amounting to £1,109,000 (period ended 30 June 2021: £428,000) is the amount used for the basis of determining whether the Company has satisfied the distribution requirements of Section 1158 of the Corporation Tax Act 2010. The revenue available for distribution by way of dividend for the year is £1,119,000 (period ended 30 June 2021: £435,000).

6.  Called-up share capital

	Year ended	Period ended
	30 June 2022	30 June 2021
	£'000	£'000
Ordinary Shares of 1p each, allotted, called up and fully paid:
Opening balance of 75,000,000 (2021: nil) shares	750	-
Issue of 75,000,000 shares following a placing and offer for subscription	-	750
Placing of 10,316,586 shares	103	-
Closing balance of 85,316,586 (2021: 75,000,000) shares	853	750

During the year 10,316,586 shares, nominal value £103,166 were issued by way of a placing, at a price of 105p per share, for a total consideration of £10,832,000.

The shares were issued on a on a non-pre-emptive basis pursuant to the Company's placing programme set out in the Company prospectus dated 23 November 2020.

7.  Net asset value per share

	2022	2021
Net assets attributable to shareholders (£'000)	89,916	78,227
Shares in issue at the period end	85,316,586	75,000,000
Net asset value per share	105.39p	104.30p

8.  Transactions with the Manager

Under the terms of the Alternative Investment Fund Manager Agreement, the Manager is entitled to receive a management fee. Details of the basis of the calculation are given in the Directors' Report on pages 50 and 51 of the full annual report and accounts.

The fee payable to the Manager in respect of the year ended 30 June 2022 amounted to £512,000 (period ended 30 June 2021: £209,000), of which £171,000 (2021: £209,000) was outstanding at the year end. Any investments in funds managed or advised by the Manager or any of its associated companies, are excluded from the assets used for the purpose of the calculation and therefore incur no fee.

Under the terms of the Investment Management Agreement, the Manager may reclaim from the Company certain expenses paid by the Manager on behalf of the Company to HSBC in connection with accounting and administrative services provided to the Company. These charges amounted to £96,000 for the year ended 30 June 2022 (period ended 30 June 2021: nil), and the whole of this amount was outstanding at the year end.

No Director of the Company served as a director of any company within the Schroder Group at any time during the year, or prior period.

In accordance with the terms of a discretionary mandate, Rathbone Investment Management Limited is entitled to receive a management fee for portfolio management services relating to certain of the Company's investments. Details of the basis of the calculation are given in the Directors' Report on pages 50 and 51 of the full annual report and accounts. The fee payable to Rathbone in respect of the year ended 30 June 2022 amounted to £61,000, (period ended 30 June 2021: £33,000) of which £14,000 (30 June 2021: £16,000) was outstanding at the year end.

Status of announcement

2021 Financial Information

The figures and financial information for 2021 are extracted from the published Annual Report and Accounts for the period from incorporation on 24 September 2020 to 30 June 2021 and do not constitute the statutory accounts for that year. The 2021 Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2022 Financial Information

The figures and financial information for 2022 are extracted from the Annual Report and Accounts for the year ended 30 June 2022 and do not constitute the statutory accounts for the year. The 2022 Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The 2022 Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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