Q1 2024 Quarterly Net Asset Value – 31 March 2024

Schroder BSC Social Impact Trust

26 June 2024

 

Schroder BSC Social Impact Trust plc

Q1 2024 Quarterly Net Asset Value - 31 March 2024

The Board of Schroder BSC Social Impact Trust plc (the "Company"), which provides a unique investment opportunity to help address UK social challenges, today announces its unaudited net asset value ("NAV") as of 31 March 2024.

Key Highlights

·    NAV of £85.6m or 102.62p per share as of 31 March 2024, a decrease of 0.42% relative to the NAV per share as of 31 December 2023 (103.05p).

o  The High Impact Portfolio contributed 0.18p to returns, driven by interest income from the Debt for Social Enterprise investment and a ramp-up of rental income from High Impact Housing investments, partially offset by a provision against one of the charity bonds which required an extension in maturity.

o  The Liquidity Assets portfolio detracted by 0.37p from NAV / share.

o  Fees and expenses accounted for 0.30p per share for the quarter (equivalent to an ongoing charges ratio of 1.31% annualised / FY2023 OCR: 1.27%).

o  Share buy-backs were slightly accretive to NAV / share in the period.

·    Total NAV/share return since inception of 8.58%, or 2.54% annualised.

·    As of 31 March 2024, 89% of NAV was deployed into High Impact Investments. During the quarter:

o  £0.2m of capital was drawn, mainly into High Impact Housing investments via the Social and Sustainable Housing fund (SASH).

o  £2.1m of capital was repaid, mainly due to the final repayment of the Sue Ryder loan, a recallable distribution from the Community Investment Fund (CIF), and capital distributions from the Social Outcomes Fund II (SOF II).

·    Following quarter end, the Company announced a new £5m commitment to the Simply Affordable Housing Fund, managed by Savills. The Fund will deliver affordable homes across the UK, with a focus on areas with high local authority waiting lists and areas ranked within the lowest 40% in the Index of Multiple Deprivation.

·    The Company's third Annual Impact Report will be published in July 2024.

For further information, please contact:

Schroders
Kirsty Preston (Press) Schroder Investment Management Limited, Company Secretary	020 7658 1961 020 7658 6000
Big Society Capital
James Westhead, Managing Director, Communications	[e-mail]
Winterflood Securities Limited
Neil Langford	020 3100 0000

About Schroder BSC Social Impact Trust plc

The Company was launched in December 2020, with the objective to enable access to high social impact investment opportunities in private markets and to tackle social challenges across the UK. The Company aims to build a diversified portfolio across asset classes, targeting sustainable returns, demonstrable social impact, and low correlation to traditional public markets.

Further information about the Company can be found on its website at www.schroders.com/SBSI

About Better Society Capital

Better Society Capital is the UK's leading social impact investor. Our mission is to grow the amount of money invested in tackling social issues and inequalities in the UK. We do this by investing our own capital and helping others invest for impact too.

Since 2012, we have helped build a market that has directed over £9 billion into social purpose organisations tackling issues from homelessness and mental health, to childhood obesity and fuel poverty, a more than ten-fold increase.

As of April 2024 Better Society Capital changed its name, having previously been known as Big Society Capital. The Company name remains the Schroder BSC Social Impact Trust and there is no change to the share register, portfolio or investment thesis.

Further information about Better Society Capital can be found at www.bettersocietycapital.com

About Schroders plc

Schroders plc

Schroders is a global investment management firm with £760.4 billion assets under management, as at 31 March 2024. Schroders continues to deliver strong financial results in ever challenging market conditions, with a market capitalisation of circa £7 billion and over 6,100 employees across 38 locations. Established in 1804, the founding family remains a core shareholder, holding approximately 44% of Schroders' shares.

Schroders has benefited from a diverse business model by geography, asset class and client type. It offers innovative products and solutions across four core growing business areas: asset management, solutions, Schroders Capital (private markets) and wealth management. Clients include insurance companies, pension schemes, sovereign wealth funds, high net worth individuals and foundations. Schroders also manages assets for end clients as part of its relationships with distributors, financial advisers and online platforms.

Schroders aims to provide excellent investment performance to clients through active management. It also channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders' business philosophy is based on the belief that if we deliver for clients, we will deliver for our shareholders and other stakeholders.

 

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