SCHRODER BSC SOCIAL IMPACT TRUST PLC

Annual Report • Oct 29, 2025

Annual Report and Financial Statements For the year ended 30 June 2025 Schroder BSC Social Impact Trust plc Scan this QR code on your smartphone camera to sign-up to receive regular updates on Schroder BSC Social Impact Trust plc (the “Company”, “Social Impact Trust”, or “SBSI”) The Company’s investment objective is to deliver measurable positive social impact as well as long-term capital growth and income, through investing in a diversified portfolio of private market impact funds (“Impact Funds”), separate accounts managed by third party asset managers (“Managed Accounts”), co-investments alongside such funds or other impact investors (which may include the Portfolio Manager) (“Co-Investments”) and direct investments (“Direct Investments”), in each case so as to gain exposure to Social Impact Investments. “Social Impact Investments” are investments intended to have a positive social impact on people predominantly in the UK while providing a financial return to investors, including, but not limited to, High Impact Housing, Debt and Equity for Social Enterprises and Social Outcomes Contracts. Investments will be selected for their ability to contribute towards the reduction of poverty and inequality as well as addressing other critical social challenges in the UK. The Company aims to provide a Net Asset Value total return of Consumer Price Index (“CPI”) plus 2% 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, making a significant contribution to addressing social issues in the UK. The impact of the Company’s investments and how the Portfolio Manager’s activities contribute towards achieving a positive social impact will be measured and reported on at least annually. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 Section 1: Strategic Report Performance Summary 5 Key Performance Indicators 6 Theory of Change 8 Chair’s Statement 10 Portfolio Manager’s Report 12 Investment Portfolio 22 Impact Management 24 Business Review 25 Stakeholder Engagement 31 Principal Risks and Uncertainties 33 Viability and Going Concern Statement 37 Section 2: Governance Board of Directors 40 Directors’ Report 42 Audit and Risk Committee Report 46 Management Engagement Committee Report 50 Nomination Committee Report 51 Directors’ Remuneration Report 53 Statement of Directors’ Responsibilities 56 Section 3: Financial Statements Independent Auditor’s Report 58 Income Statement 63 Statement of Changes in Equity 64 Balance Sheet 65 Cash Flow Statement 66 Notes to the Financial Statements 67 Section 4: Other Information (Unaudited) Annual General Meeting – Recommendations 82 Notice of Annual General Meeting 83 Explanatory Notes to the Notice of Meeting 85 De nitions of Terms and Alternative Performance Measures 87 Impact Methodology Notes 89 Shareholder Information 92 Information about the Company 94 Contents 1 05 40 82 58 Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 2 Section 1: Strategic Report Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 3 Section 1: Strategic Report Performance Summary 5 Key Performance Indicators 6 Theory of Change 8 Chair’s Statement 10 Portfolio Manager’s Report 12 Investment Portfolio 22 Impact Management 24 Business Review 25 Stakeholder Engagement 31 Principal Risks and Uncertainties 33 Viability and Going Concern Statement 37 Section 1: Strategic Report Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 4 Section 1: Strategic Report Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 5 Performance Summary for the year ended 30 June 2025 Section 1: Strategic Report Net Asset Value (“NAV”) per share total return * 1.6% Year ended 2024: 1.5% Share price 77.50p Year ended 2024: 86.75p Share price total return * –7.4% Year ended 2024: –4.8% Share price discount to NAV per share * 24.7% Year ended 2024: 16.7% Revenue return per share 4.15p Year ended 2024: 3.16p NAV per share * 102.94p Year ended 2024: 104.13p * Alternative Performance Measure (“APM”), as defined by the European Securities and Markets Authority. Definitions of these performance measures, and other terms used in this Report, are given on pages 87 and 88 together with supporting calculations where appropriate. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 6 Section 1: Strategic Report Key Performance Indicators As at 30 June 2025 In order to track the Company’s progress, the following key performance indicators are monitored. Financial NAV total return per share 1 NAV per share re ects the value attributable to our equity shareholders including dividends paid. Discussion of this can be found under the Performance Summary and within the Strategic(Report between pages 5 to 37. 2023 2024 2025 Annualised since inception 0.78% 1.46% 1.63% 2.53% Share Price correlation 2,3 with FTSE All Share Share price correlation describes the relationship between the respective price movement of the Company’s share(price and equity markets. Discussion of this can be found within the Portfolio(Manager’s Report between pages 12 to 21. 2023 2024 2025 Since inception (0.89) (0.51) (0.76) (0.61) 1 The Company aims to provide a NAV total return of CPI plus 2% per annum (once the portfolio is fully invested and averaged over a rolling three-to ve-year period). 2 Share Price correlation with FTSE All Share is classi ed as an alternative performance measure. Correlation is calculated by obtaining the daily closing prices in each time period for both the Company and FTSE All Share Index, sourced from Morningstar. 3 Low correlation to traditional equity markets tends to re ect a useful diversi er. Correlation of less than 0.5 indicates a low correlation to the quoted markets. Negative correlation means the Company’s share price moves in the opposite direction to the FTSE All Share index. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 7 Section 1: Strategic Report Impact Cumulative number of people benefitted since Company launch Measures the number of people directly bene tting from the Company’s investees’ activities. Discussion of this can be found within the Portfolio Manager’s Report between pages 12 to 21 and the 2025(Impact Report. For further information on the governance and assurance of impact data please refer to the Impact Methodology Notes on page 89. 2023 2024 2025 400,000 422,000 276,000 Disadvantaged and vulnerable people served 4 Measures the proportion of the above who are from more disadvantaged and vulnerable groups. Discussion of this can be found within the Portfolio Manager’s Report between pages 12 to 21 and the 2025(Impact Report. For further information on the governance and assurance of impact data please refer to the Impact Methodology Notes on page 89. 2023 2024 2025 94% 95% 98% 4 De nition of ‘Disadvantaged and vulnerable’ is given on pages 89 and 90. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 8 Section 1: Strategic Report Theory of Change Problem Entrenched social issues in the UK that require major investment The organisations that are best positioned to address these issues cannot access enough of the right investment The Company identifies critical social issues with investable models, and sources investments across its three main asset classes The Company aims to attract more investors to impact investment, making it accessible to both retail and institutional investors The Company engages with fund managers to improve and support the delivery of positive impact and ESG/EDI2 practice Activities The Company engages with investors of all types to raise capital, and engages in investment activities that contribute towards addressing the impact themes The Social Impact Trust’s Theory of Change sets out how it seeks to help tackle an investment gap for entrenched social issues in the UK. It does this by raising capital and investing through fund managers and co-investments to strengthen and grow impact-focused frontline organisations with strong track records, leading to better essential services at scale for underserved and disadvantaged communities in the UK. The Theory of Change is summarised in the impact pathway opposite – for more details please refer to the Company’s “Sustainability Impact Label – Pre-Contractual Disclosures”, which is available on the Company’s website at: www.schroders.com/sbsi. Since inception in December 2020, the Social Impact Trust has allocated £96m of capital to 196 high impact frontline organisations (as at 31 December 2024). The organisations that receive investments from the Social Impact Trust have reached 422,000 people, of which 98% are underserved and disadvantaged. For more information on the Company’s impact performance please refer to the Company's 2025 Impact Report, which is available at: https://schro.link/impactreport2025. The Social Impact Trust has identified four key impact themes in the UK that need addressing: Reducing poverty and inequality; Good health and wellbeing; Education, training and decent work: and Just transition to net zero 1 1 More details of the problem statements per theme are included in the Impact Themes section in the 2025 Impact Report, which is available at: https://schro.link/impactreport2025. 2 Environmental, Social and Governance (“ESG”) and Equity, Diversity and Inclusion (“EDI”). Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 9 Section 1: Strategic Report More capital (Social Impact Trust and co-investors) flows to high impact organisations that supports them to scale High impact organisations draw on deep local knowledge, networks and long track records of operation to deliver impact Fund managers in the Social Impact Trust provide effective support to investees The Social Impact Trust portfolio delivers robust financial performance by investing in business models where impact is intrinsically linked to financial performance Outputs More capital is deployed through impact funds and co-investments Social Impact Trust capital is deployed into impact funds that grow in scale Outcomes Social impact organisations grow stronger and more resilient Impact Better solutions delivered at scale for underserved and disadvantaged people across the UK Improved health services Enhanced educational prospects for disadvantaged individuals and wider market engagement with social impact investment Increased access to affordable housing Local communities benefiting from the just transition to net zero Fund managers’ improved impact practice increases the likelihood of achievement of impact outcomes Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 10 Section 1: Strategic Report Chair’s Statement The Social Impact Trust delivered a 1.6% NAV total return performance in the year to 30 June 2025, with strong investment income delivered from maturing investments across the portfolio. The Company will pay a dividend of 3.76p per share (2024: 2.94p) on 19 December 2025, which represents a dividend yield of 3.65% based on the NAV at 30 June 2025 and a(dividend yield of 5.45% based on the Company’s share price as at close on 28(October 2025. This is above our guided dividend range of 2-3% yield on NAV per annum, due to a one-o income distribution from Bridges Inclusive Growth Fund. This dividend is wholly designated as an interest distribution. As well as a nancial return, the Company’s investments continued to enable substantial positive impact. The organisations we have funded have reached 422,000 people and generated £238m in savings and additional income for the Government, households, and communities since inception. Shareholder consultation and strategic review Over the year there has been continued pressure on the Company’s share price, with a share price total return during the year of –7.4% and an average discount to NAV of 24.7%. In response to this, and as previously communicated, the Board’s focus has been on managing the discount, engaging with shareholders and exploring potential options for the future of the Company. Post year end in July 2025, the Board announced our decision to conduct a shareholder consultation process and strategic review. At the time, we announced that due to di culties in expanding the shareholder base and growing the assets of the Company since IPO, the Board and its advisers would carefully consider the options for the future of the Company. Since then, and as communicated on 4(September 2025, the Board has engaged in a thorough consultation with shareholders. Feedback included a variety of preferred outcomes. As a result, the Board is currently evaluating potential fund structures and alternatives that would seek to optimise outcomes for shareholders and continues to consult with them. An update will be provided at or before the Company’s Annual General Meeting (“AGM”) on 17 December 2025. The Board is mindful about balancing many factors in our deliberations, including important liquidity requirements, nancial and impact returns, and shareholder feedback about the distinct role the Company plays in investor portfolios. When the Company was launched in 2020, it committed to providing shareholders with the opportunity to vote on the Company’s continuation should the Company’s shares trade, on average, at a(discount in excess of 10% to NAV for the two-year period ending 31 December 2023 and in any subsequent two-year period. The current period under assessment is the two-year period to 31(December 2025. Given the average discount of 22.8% from 1 January 2024 to the date of this report, a vote will likely be triggered. The Board intends to convene a(general meeting prior to the AGM in 2026 to table recommended proposals on the future of the Company. I would like to take this opportunity to sincerely thank our shareholders for their valuable input and the ongoing support for the goals of the Company and the work of our investee organisations. NAV total return growth with high impact The NAV total return for the year was 1.6%, bringing NAV total return since inception to 12.0% (2.5% annualised). NAV per share as at 30 June 2025 was 102.94p, declining from 104.13p at 30 June 2024 after the payment of a 2.94p per share dividend. The macro-economic picture has been di cult, with real GDP growth for the year remaining subdued at 1.2%, and the base rate decreasing from 5.25% to 4.25% in the year. In ation remained elevated with CPI at 3.6% in the year to 30 June 2025. Susannah Nicklin Chair Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 11 Section 1: Strategic Report Against this challenging backdrop, the Company has not met our return target of CPI +2% per annum (when fully invested on a rolling three to ve year period). Conditions in the UK investment trust sector were also testing throughout the year, as alternative investment strategies like ours continued to trade on signi cant discounts. In response to this ongoing pressure, we saw many UK-listed investment trusts enact corporate initiatives or shifts in strategy, and the Board has stayed well informed and alert to market dynamics. There were three capital realisations at NAV completed in the year. These included the partial repayment of one of the Company’s charity bond investments, a(second partial exit from the Resonance Real Lettings Property Fund LP (“RLPF1”), and the repayment of the Abbey eld York loan in the Charity Bank co-investments portfolio. The ability to continue to exit investments at NAV demonstrates the ongoing attractiveness and value of the assets within our portfolio. On 26 June 2025, the Company published its 2025 Impact Report. This was the rst Impact Report since the Company adopted the FCA’s “Sustainability Impact” label in December 2024. It makes inspiring reading, with many positive impact performance metrics evidencing how the Company’s capital makes a signi cant di erence to people’s lives. For example, people provided with a ordable decent homes since inception is up 5% on the prior year to 34,500, while more than 42,000 underserved and disadvantaged people have been provided with health and care services. I encourage investors to read the report, as we have included powerful stories from people served by our investees and a selection of frontline investment case studies. The 2025 Impact Report is available at: https://schro.link/impactreport2025. Outlook While many macro-economic headwinds persist, the Government continues to show signs of an increasing interest in social impact investment as a tool to help nance key policy initiatives. This was demonstrated this year with the creation of the Social Impact Investment Advisory Group in February 2025 and followed by the announcement of the £500m Better Futures Fund in July. The Better Futures Fund is an innovative Social Outcomes Contracts vehicle looking to support vulnerable children and families in the UK. Subject to our strategic review, the Company may be well positioned to engage with the new investment opportunities unlocked by this fund and other Government programmes. The portfolio of the Company is a unique o ering, bringing together multiple social impact investment opportunities across asset classes and issue areas in the UK. It(continues to deliver deep positive impact to disadvantaged communities across the(UK. Preserving that impact remains a(priority to the Board as we evaluate options for the Company’s future and seek to serve shareholders’ needs. Although it has been a challenging period, our Portfolio Manager has been a steady hand on the tiller and maintained vigilant focus on the Company’s dual impact and nancial objectives. The Board is committed to listening to investors and thinking creatively along with our advisers. I look forward to further engagement as we explore all options to meet the diverse goals of our shareholders, and will update on our strategic direction at or before our AGM in December 2025. A recording of the Portfolio Manager discussing the results is available at https://schro.link/sbsi2025video. Susannah Nicklin Chair 28 October 2025 “Preserving that impact remains a priority to the Board as we evaluate options for the Company’s future and seek to serve shareholders’ needs.” Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 12 Section 1: Strategic Report Portfolio Manager’s Report Market developments The start of the Company’s nancial year was marked by the election of a new Labour Government, which brought increased engagement with the social economy, including several measures and initiatives aimed at increasing the ow of private and Government capital into projects that address social issues and regional inequalities. The new Government expressed a commitment to tackling the housing crisis, a part of which is alleviating homelessness, through building 1.5m new homes over the next ve years 1 , addressing energy security and fuel poverty through the establishment of Great British Energy 2 , and introduced the National Wealth Fund to mobilise large-scale capital to support national priorities, including regional and local growth and clean energy 3 . In July 2025 (after the Company’s nancial year end), the Government announced theJlaunch of the Better Futures Fund, aJ£500m Social Outcomes Partnerships Fund that aims to support up to 200,000 children and their families over the next ten years, working in partnership with social investors, philanthropists, social enterprises, charities and local communities 4 . These priority areas are strongly aligned with the Company’s investment themes, and Better Society Capital has been working closely with Government bodies to help shape policy initiatives, for example through our membership of the Social Impact Investment Advisory Group whose inputs and recommendations informed the creation of the Better Futures Fund. The broader economic indicators remained challenging, with growth remaining subdued at 1.2% 5 in the year to June 2025, while in ation remained elevated, at 3.6% in the same period, against a backdrop of continued geopolitical con ict, tensions and uncertainty. Increasing gilt yields and resulting increases in discount rates put downward pressure on the valuation of real assets, seen particularly in the Company’s High Impact Housing portfolio. Strategy Update and Outlook As noted in the Chair’s Statement, the Company’s discount to NAV continued to widen, leading to the Board’s decision toJannounce a strategy review and shareholder consultation on 2 July 2025, shortly after the end of the nancial year, with a further update provided in early September. We are continuing to manage the portfolio in accordance with the Company’s investment objective and policy, however, we will not be making any new commitments that extend the maturity of the portfolio, for the duration of the consultation. As at the nancial year end, total commitments to high impact investments amounted to 98% of the NAV of the portfolio, and 84% of NAV was invested in high impact investments (with the remainder being held in Liquidity Assets to ful l undrawn commitments, comprising 14% of NAV). As capital is being repaid from maturing and exiting investments, we will invest the proceeds in money-market funds pending the completion of the consultation process. The Company’s portfolio continues to deliver positive impact outcomes where they are needed most, as shown in our latest Impact Report, which shows that since our launch in 2020, the organisations funded by our investments reached 422,000 people, 98% from vulnerable and disadvantaged backgrounds; generated £238m in social outcomes and savings; and funded 34,500 a ordable and decent homes. The adoption of the Sustainability Disclosure Requirements (“SDR”) “Sustainability Impact” label since December 2024 provides our investors assurance on the rigour of our impact measurement, management and reporting approach, and our commitment to operate in line with best industry standards. We continue to see strong need for the services our portfolio companies provide, in an environment of persistent constraints on public spending, and we see growing momentum for catalysing new investment opportunities in partnership with a supportive Government, committed to working with private investment and the social sector. Jeremy Rogers Hermina Popa 1 https://www.gov.uk/government/news/planning-overhaul-to-reach-15-million-new-homes 2 https://www.gov.uk/government/publications/introducing-great-british-energy/great-british-energy-founding-statement 3 https://www.gov.uk/government/publications/statement-of-strategic-priorities-to-the-national-wealth-fund/statement-of-strategic-priorities-to-the-national-wealth-fund-html 4 https://www.gov.uk/government/news/largest-fund-of-its-kind-to-support-vulnerable-kids-families 5 https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/june2025#:~:text=1.,2. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 13 Section 1: Strategic Report NAV per share progression Performance update The NAV total return per share for the year to 30JJune 2025 was 1.63%. Overall, the Company’s total NAV reduced from £86.46m to £83.49m over the year due to distributions to shareholders via the dividend payment (£2.42m) and share buy-backs (£1.47m: reducing the number of shares in issue from 83.03m to 81.10m), o set by the net return from investments of £0.92m during the year under review. The Company’s NAV per share declined from 104.13p to 102.94p – including a 2.94p dividend payment – with a full performance bridge in the chart above. In the year to 30 June 2025 the Company recorded gross revenue of £4.36m (2024: £3.49m) and net revenue after fees, costs and expenses of £3.40m (2024: £2.65m), providing a net revenue return per share of 4.15p (2024: 3.16p). The Company recorded losses on the fair value of investments of £2.17m and capitalised expenses of £0.31m, resulting in a total gross return of £2.19m, and total net return of £0.92m, or 1.13p per share. The Company will pay a dividend of 3.76p per share (2024: 2.94p) on 19 December 2025, which represents a dividend yield of 3.65% based on the NAV at 30 June 2025 and a dividend yield of 5.45% based on the Company’s share price as at close on 28JOctober 2025. This is above our guided dividend range of 2-3% yield on NAV per annum, due to a one-o income distribution from Bridges Inclusive Growth Fund. This dividend is wholly designated as an interest distribution. The key drivers of nancial performance in the year to 30 June 2025 were: • Strong income generation across the asset classes, in particular Social Outcomes Contracts, the Rathbones Charity Bond Portfolio and a one-o income distribution from Bridges Inclusive Growth Fund from AgilityEco exit proceeds. • A negative restructuring adjustment related to the Bridges Inclusive Growth Fund arising from the fund’s conversion from an evergreen structure, Bridges Evergreen Holdings (“BEH”) to a closed-ended vehicle. • Valuation write-downs in the High Impact Housing portfolio, driven by market factors, primarily increases in discount rates, and changes of assumptions made by external valuers. • By investment, the top positive contributors to performance were the Rathbones Charity Bond portfolio (1.10p per share) and the Bridges Social Outcome Fund II (0.69p per share), and the largest detractor to performance was the Man Community Housing Fund (–0.57p per share). Impact In December 2024, the Company started applying the SDR “Sustainability Impact” label. Adopting the SDR label is an example of the Company’s commitment to operating in line with industry best standards and to continuous improvement. For example, through the SDR label adoption process, we identi ed the need to provide more transparency on the Liquidity Assets allocation’s ESG performance. This was outlined in the Company’s latest Impact Report. For more information, please see the consumer facing and pre8contractual disclosures on the Company’s website at http://www.schroders.com/sbsi. For more information on sustainability labels, please visit the FCA website at https://www.fca.org.uk/ rms/climate- change-and-sustainable- nance/sustainability-disclosure-and-labelli ng-regime. The social impact performance of the portfolio was reported in the Company’s fourth Impact Report (and the rst under the new labelling regime) published in July 2025. Portfolio exits During the year, the Company agreed aJsecond partial exit at NAV from RLPF1, amounting to £1.8m and reducing the Company’s stake in the fund from 7.5% to 5.1%. The realised return on this investment was 6.0%, annualised since Company investment at inception in December 2020, in line with the fund target return. InJaddition, the Company received a repayment of the Abbey eld York loan in the Charity Bank co-investment portfolio, amounting to £2.0m. The repayment was made in full, and the realised return on this exit was 8.7%, annualised since Company investment in October 2021, as the interest on the loan was at a margin to the BoE base rate. The Bridges Social Outcomes Fund returned £1.0m of capital during the year, following successful achievement of outcomes/completion of multiple projects in the portfolio. These included notably AllChild (a tailored programme of mentoring and support for disadvantaged young people), Forward (which supports women who have experienced, or are at risk of, removals of children from their care) and Kirklees Better Outcomes Partnerships (supporting people at risk of homelessness). The investment period for the fund ended in July 2025, but the fund will continue to draw down capital for agreed expansions and continuations of existing contracts. The fund continues to deliver returns above its target rate. 100.00 101.00 102.00 103.00 104.00 105.00 106.00 107.00 108.00 102.94 Closing NAV per share 0.61 Share buybacks –2.94 Dividends paid –0.86 Other expenses –0.67 Company-level investment management fees 5.32 Investment income –2.65 Valuation losses 104.13 Opening NAV per share Total Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 14 Section 1: Strategic Report Portfolio cash ows and balance sheet During the year, net distributions from High Impact Investments were £5.6m, comprising new deployment of capital of £6.1m, and capital repayments of £11.7m (£6.1m of which are recallable distributions): • In Debt and Equity for Social Enterprises: – BEH was restructured at the start ofJthe year, transitioning to aJclosed- ended fund, and re-launched as Bridges Inclusive Growth Fund. As part of the change in structure, the fund returned £6.0m of capital from the AgilityEco exit proceeds to the Company, recallable to the fund for new investments into high-impact opportunities. – In the Charity Bank Co-investment portfolio, we received a full capital repayment of £2.0m for the Abbey eld York loan. – Thera Trust repaid 10% of the amount outstanding of its charity bond (£172k). • In High Impact Housing: – £3.8m was drawn by Simply A ordable Homes (“SAH”), managed by Savills Investment Management, a new commitment by the Company in March 2024. SAH aims to deliver a ordable homes across the UK, with a focus on areas with high local authority waiting lists and areas ranked within the lowest parts of the Index of Multiple Deprivation. This drawdown was to acquire three portfolios of a ordable housing across England, comprising 193Jhomes in SAH’s seed portfolio, 143 homes in Heyford Park, and 105Jhomes near Blenheim, both of which are in Oxfordshire. – £1.2m was drawn by Man Community Housing Fund, deployed towards delivering more a ordable and social housing in the UK. – £1.8m of capital was returned by RLPF1 to the Company following a second partial exit at NAV. • Within Social Outcomes Contracts, £1.0m of capital was returned following successful project completion, and £0.27m of capital was drawn for further investment into new and existing projects for the delivery of public services in areas such as homelessness and healthcare. Portfolio Allocation The Company’s investment objective is to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversi ed portfolio of Impact Funds, Managed Accounts, Co-Investments and Direct Investments, in each case so as to gain exposure to Social Impact Investments. “Social Impact Investments” are investments intended to have a positive social impact on people predominantly in the UK while providing a nancial return to investors, including, but not limited to, High Impact Housing, Debt and Equity for Social Enterprises and Social Outcomes Contracts. Investments will be selected for their ability to contribute towards the reduction of poverty and inequality as well as addressing other critical social challenges in the UK. The Company aims to provide a Net Asset Value total return of CPI plus 2% per annum (once the portfolio is fully invested and averaged over a rolling three- to ve- year period, net of fees) with low correlation to traditional quoted while making a signi cant contribution to addressing social issues in the UK. A diversi ed 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 nancial 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 Liquidity Assets investments to mitigate cash drag during longer drawdown periods. As at 30 June 2025, total commitments (drawn and undrawn) to High Impact Investments amounted to 98% of NAV, while the drawn portion of the commitments was at 84% of NAV (invested as % of NAV). Capital awaiting deployment into High Impact Investments is currently held in Liquidity Assets (including money market funds earning interest broadly in line with base rates) (17% of NAV). Undrawn commitments currently comprise 14% of NAV. Note: Please see asset class description on page 16. Exposure: NAV of High Impact Investments + undrawn commitments. Totals may not sum due to rounding. Data as at 30 June 2025 Source: Better Society Capital Providing access to a seasoned high impact portfolio The Company has built a seasoned high impact portfolio that would be diCcult for shareholders to access directly – through aJcombination of a seed portfolio and secondary investments from Better Society Capital, the Portfolio Manager, as well as its relationships and knowledge of the sector. This provides a greater allocation to more mature assets that will help drive future nancial and impact performance. The Portfolio Manager’s broader portfolio relationships o er additional fee bene ts to Company shareholders – with 51% 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. Cash and cash equivale Liquidity Assets Social Oucomes Contra Debt and Equity for Soc High Impact Housing 43% 38% 17% 2% Invested as a % of NAV High Impact Housing Debt and Equity for Social Enterprises Social Outcomes Contracts Liquidity Assets Social Oucomes Contracts Debt and Equity for Social Enterprises High Impact Housing 45% 46% 7% H igh I mpact Ex posure as a % of NAV High Impact Housing Debt and Equity for Social Enterprises Social Outcomes Contracts Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 15 Section 1: Strategic Report High Impact Exposure as a % of NAV 30 June 2025 6 Vintage Vintage is de ned as year of fund establishment: Access (ease of access for other investors) – High Impact Exposure as % of NAV 30 June 2025 6 Fees Data as at 30 June 2025. Source: Better Society Capital Targeting in ation 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 bene t from in ation. These assets are: • Property and renewables – with a mix of long-dated in ation-linked leases, shorter property leases where value is more driven by property prices, and smaller investments in community renewables in our Debt and Equity for Social Enterprises asset class. We also hold renewables investments in our Liquidity Assets portfolio. • Equity investments – where the value is correlated with in ation, including through the use of Government contracts that have historically moved with in ation. • Floating rate instruments which bene t from increases in the base rate (currently base rates are higher than in ation, and are expected to decrease). As at 30 June 2025, the Company had committed 60% of its capital 7 to in ation sensitive assets. The remaining capital committed to High Impact Investments was allocated to xed income securities such as charity bonds and Social Outcomes Contracts. The Company aims to minimise the duration of these xed income assets, to allow reinvestment over time into the prevailing interest rate environment. Including the investments in Liquidity Assets, the Company’s invested amount in assets that are linked or correlated with in ation is 67% of its capital. Asset Types To date the Company has underperformed its CPI+2% aim, with double digit in ation levels not being re ected in portfolio returns. The principal reasons for this have been regulatory lease caps for social housing, increases in discount rates, falls in real value of house prices and lags in in ation feeding through into new contracts. We expect to see future returns now bene ting as the lagged impact of higher in ation and rates feed across the portfolio, alongside the unwinding of higher discount rates now embedded in portfolio valuations. 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 30JJune 2025, 69% of the committed portfolio (57% invested) is underpinned by Government-backed revenue streams. These revenue streams are themselves diversi ed across policy areas, such as housing, clean energy and fuel poverty, education, and redressing inequalities/ levelling up. This diversi cation reduces exposure to individual policy risk, such as the risk that Government or budgetary changes would signi cantly 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. InJthe year to 30 June 2025, the Company’s share price had a negative correlation with the FTSE All Share Index of –0.51 and since Company IPO, the share price had a negative correlation of –0.89 with the market index. Recently and in the nancial year, it has been noted that while the underlying portfolio of assets may be uncorrelated with mainstream markets, due to the listed nature of the Company, it remains exposed to other market sentiment challenges, in particular to the negative perception of investment trusts investing in alternatives. This has driven continued pressure on the share price. In a challenging period for nancial markets since the IPO in December 2020 the Company’s portfolio performance has shown resilience, delivering a NAV Total Return per share of 11.98% (2.53% annualised), outperforming the ARC Cautious Index, which delivered a total return of 5.00% (1.08% annualised) over the same period. Hermina Popa, Jeremy Rogers Better Society Capital 28 October 2025 Cash and cash equivalents Fixed income and SOCs Floating rate Mezzanine Housing & renewables 2% 6% 47% 33% 12% Housing & renewables Mezzanine Floating rate Fixed income and Social Outcomes Contracts Cash Market rate fees No managers fees or discounted 51% 49% No manager fees or discounted Market rate fees Uncommitted 2020-2022 2017-2019 2013-2016 29% 43% 26% 2013-2016 2017-2019 2020-2025 Charity Bonds Private funds with irregular fundraisers Private funds closed to new investors Co-Investments/Secondaries 46% 22% 12% 17% Co-investments/Secondaries Private funds closed to new investors Private funds with irregular fundraises Charity Bonds 6 High Impact Exposure as a % of NAV is calculated as follows: The denominator is NAV of the Trust. The numerator is the current value of the High Impact Portfolio plus undrawn commitments. Totals may not sum due to rounding. 7 Capital committed is de ned as NAV of the High Impact Portfolio + undrawn commitments. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 16 Section 1: Strategic Report Portfolio developments The Company invests primarily in three asset classes that were selected to give a diversi ed set of opportunities with low correlation, both with one another and with mainstream nancial developments across all three in the year under review. Debt and Equity for Social Enterprises Lending to, and some preference shares in, typically large and well-established charities and social enterprises to help fund expansion projects to scale operations and impact including: – Health and Social Care – Community Facilities and Services – Fuel Poverty High Impact Housing Investment to increase the number of safe, secure and genuinely a ordable homes for more disadvantaged groups, diversi ed across: – Transitional Supported Housing – General Needs Social and A ordable Housing – Specialist Supported Housing Social Outcomes Contracts Outcomes Contracts, where private capital enables a consortium of expert charities and social enterprises to deliver outcomes for Government-commissioned contracts across: – Family Therapy and Children’s Services – Homelessness – Adult Health and Social Care Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 17 Section 1: Strategic Report High Impact Portfolio Contribution to the Company’s Date of Value at Undrawn total return for the Company 30 June 2025 Value as commitment nancial year TVPI 3 DPI 3 Value High Impact Portfolio Vintage investment (£) 2 % of NAV (£) (pps) IRR 3,4 Charity Bond Portfolio 2013-2022 2020 14,542,719 17% 0 1.10 1.16 0.34 Community Investment Fund 2014 2022 5,062,238 6% 492,731 0.21 1.27 0.33 Bridges Inclusive Growth Fund 2016 2020 5,068,455 6% 5,436,133 (0.37) 1.19 0.73 Charity Bank Co-Investment Portfolio 2019-2022 2020 1,608,410 2% 0 0.28 1.16 0.93 5.0% Community Together Energy Limited 2023 2023 3,344,956 4% 0 0.36 1.13 0.20 Triodos Bank UK Bond Issue 2020 2020 2,516,712 3% 0 0.12 1.18 0.17 Total 1 32,143,491 38% 5,928,864 1.70 1.18 0.50 UK A ordable Housing Fund 2018 2020 10,366,038 12% 0 0.28 1.11 0.06 Social and Sustainable Housing 2019 2020 9,520,976 11% 0 0.53 1.09 0.08 Man GPM RI Community Housing Fund 2021 2021 8,858,005 11% 834,980 (0.57) 0.97 0.01 Resonance Real Lettings Property Fund 2013 2020 3,567,060 4% 0 (0.32) 1.21 0.60 2.5% Simply A ordable Homes 2024 2024 3,654,028 4% 1,225,068 (0.16) 0.97 0.00 Total 1 35,966,106 43% 2,060,047 (0.24) 1.07 0.13 Bridges Social Outcomes Fund 2018 2020 1,672,439 2% 3,835,797 0.69 1.37 1.01 Outperforming Total 1 1,672,439 2% 3,835,797 0.69 1.37 1.01 target 5 Total 1 69,782,035 84% 11,824,708 2.15 1.14 0.37 4.3% 1 Totals may not sum due to rounding. 2 Value including accrued interest where applicable. 3 TVPI/DPI since Company investment. See below for calculation methodologies used. Calculation methodologies for TVPI, DPI & IRR: TVPI (Total Value to Paid in) – (Value at year-end + distributions to date)/Total paid into investment to date DPI (Distribution to Paid in) – (Distributions to date)/Total paid into investment to date VIRR (Value IRR) – Internal rate of return, using value at period/year end to be the terminal value and assumed realisation date 4 Since Company IPO. 5 Outperformed fund target, due to the Company investing at a more mature stage of the fund, as Bridges SOF II was part of the seed portfolio at the Company’s IPO. Debt & Equity for Social Enterprises High impact Housing Social Outcomes Contracts Asset class: Debt and Equity for Social Enterprises Many impact-led social enterprises need capital to grow and increase their impact, as well as to satisfy their existing working capital requirements. The Company’s portfolio is designed to include a diversi ed set of investments, including charity bonds, asset-backed lending and portfolios of secured loans, and funds that invest in established social enterprises via debt and/or equity. The underlying charities and social enterprises deliver interventions to support the most disadvantaged or vulnerable members of society, in areas such as health and social care, and often bene t from Government-backed revenue streams. As at 30 June 2025, the value of investments in this asset class was £32.1m (38% of 30 June 2025 NAV). The Company has committed £38.1m (46% of NAV) to investments in this asset class, £5.9m (7%Jof NAV) of which remains undrawn at the year end. The Bridges Inclusive Growth Fund (formerly BEH) run by Bridges Fund Management, is a patient equity fund that invests in growth-stage, cash-generative businesses that are purpose-driven and capable of delivering measurable bene ts to underserved communities, across three core outcome areas: physical health, mental health, and economic and social inclusion. During the year, the fund was converted from an evergreen to a closed-ended structure and was re-named. The fund is led by Emma Thorne, who took over leadership of the fund last year, and is a Partner at Bridges Fund Management, having been with the rm for the last ten years. As at 30 June 2025, the Company’s investment was valued at £5.1m (6% of NAV) and was 48% drawn, following the recallable distribution of £6.0m to investors following the restructure, representing the Company’s share of proceeds from the exit of portfolio company AgilityEco. In addition to the recallable capital distribution, the fund also made a one-o non-recallable income distribution of £0.7m to the Company from the proceeds of the sale. This income payment was o set by a slightly larger negative impact on the value of the Company’s interest, which a ected the Company as an early investor in the fund, leading to an overall detraction from the Company’s NAV per share of 0.37p. Post year end, the investors agreed an amendment to the transaction documentation to include a ratchet mechanism that will allow earlier investors (including the Company) to be compensated for the restructuring loss through a larger share of realised returns distributions at fund maturity. As at June 2025, the fund had two remaining investments in its portfolio: New Re exions and the Ethical Housing Company. During the year, the Bridges Inclusive Growth Fund made aJfollow-on investment in New Re exions, increasing its stake in the company. After year end, the fund made a new investment into Alina Homecare, a UK care provider which helps vulnerable elderly people live independently at home, the rst investment under the new strategy following the restructuring. Fund impact performance remains strong: since the Company’s investment, the fundJhas generated energy eCciencies forJover 130,000 households, delivered 98Ja ordable homes for 227 people, of which 40% were homeless or at risk of homelessness, and supported 68 young people in care. The Charity Bond Portfolio, managed by Rathbones, supports larger UK charities seeking to raise capital via the public and private bond markets, providing an alternative source of funding to bank nance. As at 30 June 2025, the Company’s investment was valued at £14.5m (17% of NAV). The portfolio is invested in nine bonds (both listed and unlisted) issued by charities and social enterprises through the Allia C&C and Triodos Crowdfunding platforms, predominantly delivering care and housing services with Government revenue. The portfolio delivered a net income yield of 4.22% for the year, and contributed 1.10p to Company NAV per share. The impacts achieved by Charity Bond Portfolio companies in the year included over 10,900 a ordable homes provided, intensive support including care, education, training, employability and housing provision to more than 6,000Jpeople with health conditions or special educational needs and 13,105 rural properties connected with broadband. The Community Investment Fund (“CIF”), managed by Social and Sustainable Capital, provides secured loans to charities and social enterprises focused on community renewable energy, social housing, and family support in the community. A high proportion of revenue comes from Government-mandated sources. As at 30JJune 2025, the Company’s investment was valued at £5.1m (6% of NAV). During the year the Fund contributed 0.21p to Company NAV per share from interest income. Impact performance during the year included 353 tenants housed to date in CIFJproperties, and a total of 521 people supported by 12 social organisations providing essential services, including housing, care and training. The Charity Bank Co-investment Portfolio comprises two secured loans with a total value as at 30 June 2025 of £1.6m (2% of NAV), following the loan repayment from Abbey eld York during the year. Working with Charity Bank, the portfolio invests in housing and care related loans to housing and care providers Abbey eld South Downs and Uxbridge United Welfare Trust. These loans have a low loan-to-value ratio (average 42.4%). All loans are priced at a margin over the Bank of England base rate and delivered a 0.28p contribution to Company NAV per share over the year. Impact performance in the year includes the development of 48 housing units for the elderly, of which 33 are a ordable rent. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 18 Section 1: Strategic Report Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 19 Community Energy Together Limited (“CETL”) is a community renewable energy project company, contributing to a “Just transition to net zero”. The investment is in the form of a junior loan of £3.6m, alongside Better Society Capital and Power to Change. The loan has a ve-year term and targets an internal rate of return of 8.2% ( xed coupon of 7% per annum and additional rolled up interest paid at exit). The investment is strongly aligned with the Company’s investment thesis: CETL will deliver positive social outcomes for communities alongside a good risk-adjusted nancial return. CETL is aJpartnership of veJcommunity organisations that have acquired seven cross-collateralised solar farm assets across the UK. These solar farms bene t from Government-backed subsidies (Feed-in-Tari s and Renewables Obligation Certi cate schemes) and the assets are funded on a cross-collateralised basis for scale and risk-sharing. As at 30JJune 2025, the Company’s investment was valued at £3.3m (4% of NAV) following £0.4m of capital repayments in the year. During the year, the investment contributed 0.36p to Company NAV per share from interest income. In terms of its impact, CETL has 36MW of installed renewable energy capacity, avoided 5,500 tonnes of CO2 emissions and allocated £34,000 in community bene ts funds in theJyear. The Company’s investment in a private bond issued by Triodos Bank UK Ltd was valued as at 30 June 2025 at £2.5m (3% of NAV). Triodos Bank is a leading lender to sustainability and social impact focused organisations. This includes social housing, healthcare, education, renewable energy, arts and culture, and community projects. The bond issue enables Triodos Bank to continue to grow its loan book and contribute to the resilience and growth of charities and social enterprises. Triodos Bank UK remains well capitalised and with good liquidity (Equity Ratio of 22.1% and aJtotal capital ratio of 22.7% as at 31JDecember 2024). The bond contributed 0.12p to Company NAV per share. Impact performance in the year included the nancing of 127 social housing projects, 26,300 acres of nature, conservation land and sustainable forestry protected, and 359MW of renewable energy generated. Asset class: High Impact Housing The portfolio is invested in a ordable and social housing, which is intended to address the housing needs of a wide spectrum of people, who are often those on the lowest incomes and the most vulnerable. We invest across a range of asset types, from long-term in ation-linked lease contracts with high-quality counterparties to shorter leases to address speci c issues, such as homelessness or the housing needs of survivors of domestic abuse. Counterparties include Registered Providers of social housing (such as housing associations) and charities with long-standing track records, deep expertise in addressing speci c issues, and strong local relationships with authorities and bene ciaries. In addressing these needs, we seek to deliver returns that are often supported by the Government-backed housing bene t system. This has led to a lower historical correlation to mainstream markets and insulation from the sharper price movements in the private housing market. The portfolio has a diversi ed exposure to rental streams which are increasing for aJrange of reasons in the current environment. The UK A ordable Housing and the Man Community Housing funds have seen social & a ordable rents increase following the removal of the Government cap on social rent, and Local Housing Allowance rates increasing in April 2024. Furthermore, the Government announced their rent settlement in October 2024, allowing rents to rise by CPI + 1% starting in April 2026. This settlement was increased from veJyears to tenJyears in the June Spending Review, providing greater certainty to housing associations and investors. We expect to see the e ects of this coming through in the next year. The Social and Sustainable Housing (“SASH”) portfolio is primarily “Exempt Accommodation” for high need groups within which rents have been increasing in line with in ation. The Real Lettings Portfolio is primarily Local Housing Allowance, which has been increased by an average of 13% across the fund’s portfolio, following several years of being frozen. We note some of the challenges previously experienced by listed Social Property REITs – often linked to the short operating history and limited delivery experience of property counterparties. We are not seeing any comparable issues in our High Impact Housing investments – with 100% of rent due by June 2025 collected. As at 30 June 2025, the value of investments in this asset class is £36.0m (43% of 30 June 2025 NAV). The Company has committed £38.0m (45% of NAV) to investments in this asset class, £2.1m (2% of NAV) of which remains undrawn at the year end. The UK A ordable Housing Fund, managed by CBRE Investment Management, aims to increase the supply of sustainable and a ordable homes for people unable to purchase or rent in the open market. The fund targets a total return greater than 6% (with an annual target income distribution yield of 4% from income producing assets) net of all costs over the long term. The Company’s investment is fully deployed and valued at £10.4m (12% of NAV). The fund contributed 0.28p to Company NAV per share growth mainly due to a greater proportion of assets becoming income producing. On impact performance, the fund has so far delivered 1,845 homes, housing 7,352 people. RLPF1, managed by Resonance Impact Investments Limited, provides high quality accommodation and support for people previously homeless or at risk of homelessness, in its 259 homes across London. The fund leases the properties to experienced housing partners (Notting Hill Genesis, Capital Letters and St. Mungo’s) who manage the tenancies and support tenants, helping them access support services and become part of local communities. Capital Letters announced their closure by the end of 2025; the 12Jhomes they currently lease will be transferred to Chisel Housing. The fund has an overall target return of 6% and a 3.5% annual cash yield. As at 30JJune, the Company’s investment was valued at £3.6m (4% of NAV), following the second partial exit at NAV of £1.8m earlier in the year. The two partial exits from the fund delivered a realised return of 6%, in line with the fund target. However, following the exit, a change in valuer led to a valuation decrease of the remaining position, re ecting more conservative assumptions on discount rates and London property price outlook. As a result, the fund had a negative contribution to the Company’s NAV per share of 0.32p. On impact performance, 627 people were being housed and supported by the fund. The Man GPM RI Community Housing Fund aims to address the UK’s housing crisis through the provision of new a ordable rental and shared ownership homes. The target is for 70% of its homes to be a ordable and delivered in mixed-tenure communities, predominantly leased to housing associations. The fund seeks to achieve returns driven by long-term in ation-linked income streams, with a net stabilised yield of 3.5% from income producing assets (revised down from the original target of 5% due to the current increased cost of borrowing). During the year, the fund drew down £1.2m and as at 30 June 2025 the Company’s investment was valued at £8.9m (11% of NAV). Fund valuations were negatively impacted by market factors, resulting in a detraction from the Company’s NAV per share of 0.57p. On impact performance, 435 homes have been completed as at December 2024, with an estimated 1,661 people housed to date. SASH, managed by Social and Sustainable Capital, provides investment to high- performing social sector organisations with local knowledge and networks, and aJstrong track record of managing transitional supported housing for vulnerable individuals. They may include survivors of domestic violence, children leaving the care system, ex-o enders, asylum seekers, people with complex mental health issues and people with addiction issues. SASH makes exible secured loans which participate in changes inJproperty prices and rental incomes – generated from Government-backed rental payments with a target net return of 5.5%. As at 30 June 2025, the Company’s investment was valued at £9.5m (11% of NAV). The fund contributed 0.53p to Company NAV per share growth during the year, primarily due to rental income received. The fund reached the end of its investment period, and is now considered fully drawn, with the remainder £0.49m of undrawn commitment being cancelled. On impact performance, the fund has over 2,000 people in 491 houses purchased with SASH 1 funding, while contributing more consistent and higher quality service provision. SAH, managed by Savills Investment Management, seeks to deliver a ordable homes across the UK, by using its established strategic partnerships with high quality housing associations, developers, and housebuilders, through a mix of acquiring existing stock and delivering new build homes. The fund will invest in and manage a diversi ed portfolio of a ordable housing, comprising both a ordable and social-rent homes as well as shared-ownership homes, generating in ation-linked income streams. As a new commitment in March 2024, the fund drew down £3.8m in the year, and as at 30 June 2025, was valued at £3.7m (4% of NAV). The fund detracted 0.16p from Company NAV per share, primarily due to rental income received being o set by fees, expenses and transaction costs, and some unrealised capital losses in underlying properties. OnJimpact performance, the fund owns 367Jhomes in England housing over 800 people, of which 80% are a ordable and intermediate rent, and 20% are shared ownership. All homes are minimum EPC B rated for energy eCciency, above the median EPC rating of C across England 8 , and about a fth of homes have heating provided by air source heat pumps rather than gas boilers. Furthermore, the fund adopted the “Sustainability Impact” label in February 2025, under the SDR rules. Asset class: Social Outcomes Contracts Social Outcomes Contracts aim to help the Government achieve better life outcomes for vulnerable people at better value for public funds. They are public sector contracts designed to overcome challenges in the way that public services have traditionally been delivered. The providers of these services are paid for achieving speci ed and measurable outcomes rather than prescribed inputs. Investment is used to cover the upfront costs incurred to deliver the service, which ultimately produces the desired social outcomes. We look to invest in a pool of outcomes contracts that is diversi ed across central and local Government commissioners and di erent policy areas. As at 30 June 2025, the fund had 13 contracts in the portfolio, most of them in mature stages receiving payments as outcomes are achieved. As at 30 June 2025, the value of investments in this asset class is £1.7m (2% of NAV). The Company’s remaining exposure to health investments in this asset class (after distributions of £1.9m during the year) is £5.5m (7% of NAV), £3.8m (5% of NAV) of which remains undrawn at the year end. Bridges Social Outcomes Fund II, managed by Bridges Fund Management and Bridges Outcomes Partnerships, contributed 0.69p to Company NAV per share performance during the year with overall outcomes payments running in line with plan. So far, the fund has supported 41,722 people across health, homelessness, education, employment and family care services, achieving £114m outcomes payments to date. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 20 Section 1: Strategic Report 8 Source: Energy ECciency of Housing in England and Wales, 2024: https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/energyeCciencyofhousinginenglandandwales/2024. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 21 Section 1: Strategic Report Liquidity Assets The Company manages its committed but uncalled capital through Liquidity Assets, which aim to provide suCcient liquidity to meet impact investment commitments while earning commensurate returns. This allocation can be held as cash or invested in money market funds, bond funds, real assets investment trusts and other liquidity investments that align with the Company’s liquidity requirements, meet high ESG standards and comply with the Company’s investment policy. As at 30 June 2025, the Company held £14.1m in Liquidity Assets 9 , with one redemption during the year (highlighted in grey), as detailed in the table below. + Interest rate duration measures the sensitivity of the price of a bond or other debt instrument to a change in interest rates. For our holdings in equity instruments, discount rate duration has been used as a proxy. * Return for the nancial year ended 30 June 2025 or up to exit. Our Liquidity Assets portfolio, representing 16.9% of NAV, contributed 0.52p per share to the Company’s total NAV during the year. The positive performance was achieved by robust dividend and interest income from underlying investments, as the portfolio bene ted from overweighting oating rate credit. During the nancial year, we realised gains in the TwentyFour Enhanced Income ABS Fund amid historically tight credit spreads and falling interest rates, which would impact future income from the fund. The existing portfolio at year end re ects a focus on generating positive real returns by capturing spreads over cash returns through dividends from investments with strong ESG credentials, with diversi ed duration exposures, while managing immediate liquidity needs through money market funds and cash. Hermina Popa, Jeremy Rogers Better Society Capital 28 October 2025 Liquidity Assets Inception Year Value at 30 June 2025 (£) Value as % of NAV Contribution to the Company’s total return for the financial year (pps) Total return for the financial year Interest rate duration + TwentyFour Enhanced Income ABS Fund 2021 – 0.00% 0.08 4.99% (exited) Blue eld Solar Income Fund Ltd 2021 1,902,692 2.28% 0.01 0.57% 4.76 Greencoat UK Wind Plc 2021 1,220,240 1.46% (0.02) (1.07%) 8.79 Rathbone Ethical Bond Fund 2021 942,835 1.13% 0.09 6.32% 5.55 Cash and money market funds 2020 10,066,453 12.06% 0.36 4.11% 0.11 Total Liquidity Asset Investments 14,132,220 16.93% 0.52 3.26% 2.45 9 Please note that, for the purpose of portfolio management reporting, this includes money market funds (current asset investments) and cash at bank and in hand. Money market funds (current asset investments) and cash at bank and in hand are reported separately to other liquidity assets, for the purpose of nancial reporting, on page 22 under the Investment Portfolio and on page 65 under the Balance Sheet. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 22 Section 1: Strategic Report Investment Portfolio At 30 June 2025 Carrying Total Listed/ Country of value 1 investments Holding Nature of interest unlisted incorporation Industry sector £’000 % CBRE UK A ordable Housing Fund Equity Shares Unlisted United Kingdom A ordable and Social 10,312 12.4 OOHousing Social and Sustainable Housing LP Limited Partnership Interest Unlisted United Kingdom A ordable and Social 9,521 11.4 OOHousing Man GPM RI Community Housing 1 LP Limited Partnership Interest Unlisted United Kingdom A ordable and Social 8,858 10.6 OOHousing Simply A ordable Homes LP Limited Partnership Interest Unlisted United Kingdom A ordable and Social 3,654 4.4 OOHousing Resonance Real Lettings Property Fund LP Limited Partnership Interest Unlisted United Kingdom A ordable and Social 3,568 4.3 OOHousing High Impact Housing 35,913 43.1 Bridges Inclusive Growth Fund LP Limited Partnership Interest Unlisted United Kingdom Pro t-With-Purpose 5,068 6.1 OOOrganisations Community Investment Fund Limited Partnership Interest Unlisted United Kingdom Communities Supporting 5,063 6.1 OOSocial Inclusion and OOChange Community Energy Together Limited Debt Investment Unlisted United Kingdom Renewable Energy 3,206 3.8 Triodos Bank UK Limited 2020 Bond 4% 23/12/2030 Fixed Income Security Unlisted United Kingdom Ethical Banking 2,500 3.0 Rathbones Bond Portfolio: Hightown Housing Fixed Income Security Listed United Kingdom Charity A ordable and 2,483 3.0 OOAssociation 4% 31/10/2027 OOSocial Housing) Rathbones Bond Portfolio: Dolphin Square Fixed Income Security Listed United Kingdom Charity (A ordable and 2,450 2.9 OOCharitable Foundation 4.25% 06/07/2026 OOSocial Housing) Rathbones Bond Portfolio: Greensleeves Homes Fixed Income Security Listed United Kingdom Charity (Care Services) 2,357 2.8 OOTrust 4.25% 30/03/2026 Rathbones Bond Portfolio: Fixed Income Security Listed United Kingdom Ethical Banking 2,223 2.7 OORCB Bonds PLC 3.5% 08/12/2031 Rathbones Bond Portfolio: Alnwick Garden Fixed Income Security Listed United Kingdom Charity (Public Gardens) 1,500 1.8 OOTrust 5% 27/03/2030 Charity Bank Co-Invest Portfolio: Uxbridge United Fixed Income Security Unlisted United Kingdom Charity (Community and 1,454 1.7 OOWelfare Trust 6.35% 12/12/2033 OOSocial Housing) Rathbones Bond Portfolio: Thera Trust 6% 30/12/2027 Fixed Income Security Unlisted United Kingdom Charity (Care Services) 1,374 1.6 Rathbones Bond Portfolio: Golden Lane Fixed Income Security Listed United Kingdom Charity (A ordable and 952 1.1 OOHousing 3.9% 23/11/2029 OOSocial Housing) Rathbones Bond Portfolio: B4RN (Broadband for Fixed Income Security Unlisted United Kingdom Communications for 865 1.0 OORural North Limited) 4.5% 30/04/2026 OORural Communities Rathbones Bond Portfolio: Coigach Community Fixed Income Security Unlisted United Kingdom Renewable Energy 187 0.2 OOCIC 7.049% 31/03/2030 Charity Bank Co-Invest Portfolio: Abbey eld Fixed Income Security Unlisted United Kingdom Charity (Care Services) 149 0.2 OOSouthdowns 6.25% 12/10/2028 Debt and Equity for Social Enterprises 31,831 38.0 Bridges Social Outcomes Fund II LP Limited Partnership Interest Unlisted United Kingdom Social Outcomes Contracts 1,672 2.0 Social Outcomes Contracts 1,672 2.0 Blue eld Solar Income Fund Equity Shares Listed Guernsey Renewable Energy 1,903 2.3 OOInfrastructure Greencoat UK Wind Plc Fund Equity Shares Listed United Kingdom Renewable Energy 1,220 1.5 OOInfrastructure Rathbone Ethical Bond Fund Equity Shares Listed United Kingdom Diversi ed 942 1.1 Liquidity Assets 4,065 4.9 Total investments 2 73,481 88.0 Cash at bank and in hand 1,057 1.3 Money market funds 3 9,009 10.8 Other net liabilities (60) (0.1) Total Shareholders’ funds 83,487 100.0 1 Fixed income securities amounting to £18,494,000 are included at amortised cost, excluding any accrued interest. These include investments amounting to £11,965,000 which are listed, but traded in inactive markets. 2 Total investments comprise: £’000 % Unquoted 57,451 78.2 Listed in the UK 14,127 19.2 Listed on a recognised stock exchange overseas 1,903 2.6 Total 73,481 100.0 3 As at 30 June 2025, the Company’s money market funds holding comprises solely the HSBC Sterling ESG Liquidity Fund. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 23 Section 1: Strategic Report Material unquoted holdings (comprising more than 5% of the portfolio and/or included in the top ten) Income receivable Cost of the Fair in the investment value year Holding Description of the business £’000 £’000 £’000 CBRE UK A ordable Housing Fund 9,906 10,312 202 Social and Sustainable Housing LP 9,370 9,521 364 Man GPM RI Community Housing 1 LP 9,165 8,858 – Bridges Inclusive Growth Fund LP 4,998 5,068 669 Community Investment Fund 4,007 5,063 100 Simply A ordable Homes LP 3,775 3,654 – Resonance Real Lettings Property Fund LP 3,027 3,568 136 Community Energy Together Limited 3,207 3,206 292 Triodos Bank UK Limited 2020 2,500 2,500 100 Bond 4% 23/12/2030 Charity Bank Co-Invest Portfolio: Uxbridge 1,454 1,454 104 United Welfare Trust 6.35% 12/12/2033 Section 82 of the AIC SORP requires the Company to disclose turnover, pre-tax pro ts and net assets attributable to shareholders at the valuation date. Where such information is not publicly available, this has not been disclosed. Please refer to the nancial statements on pages 63 to 79 for these disclosures. Delivering a ordable and sustainable homes for those unable to purchase or rent in the open market. Secured lending to leading charities supporting vulnerable people through housing. Mixed tenure a ordable homes bene ting more disadvantaged groups leased to local authorities and housing associations. A patient equity fund that invests in growth-stage, cash-generative businesses that are purpose-driven and capable of delivering measurable bene ts to underserved communities. An evergreen fund that makes majority secured loans to charities and social enterprises across the UK. Fund providing social & a ordable housing across the UK through acquisitions of existing stock & development of high quality new housing. Homes for families and individuals at risk of homelessness leased to large charities delivering support services. A partnership of ve community organisations that own solar farm assets across the UK. Co-investments into secured oating rate loans to charities bene ting more disadvantaged groups. Direct investment in a private bond supporting growth of the leading secured lender to sustainability and social impact organisations. Schroder BSC Social Impact Trust plcOAnnual Report and Financial Statements 2025 24 Section 1: Strategic Report Impact Management Impact measurement and management is critical to proving and improving the Social Impact Trust’s investment thesis and is integrated at every stage of its investment process. Understanding the impact that is being achieved is a competitive advantage for the funds and enterprises the Trust invests in, reducing risk and creating long-term value for investors. As the Social Impact Trust’s Portfolio Manager, Better Society Capital’s impact management approach is underpinned by its insights into the enablers of strong impact performance, based on extensive work with more than 100 funds. Better Society Capital is committed to supporting fund managers and intermediaries to assess and develop their impact practice. The Social Impact Trust’s 2024 Impact Report includes a section on ndings about good practice in impact management from working with fund managers, focusing on key elements to strong performance. In 2025, Better Society Capital was placed on BlueMark’s Practice Leaderboard for top quartile performance across all eight categories of the Operating Principles of Impact Management (“OPIM”). As a signatory to the OPIM, Better Society Capital’s impact systems and processes are designed to ensure full alignment with the industry standard for best practice in impact management. Better Society Capital undertook its second veri cation this year, achieving an advanced rating in seven out of eight principles, and quali ed as a BlueMark Practice Leader, demonstrating the strength of its impact practice. For further details, please see Better Society Capital’s disclosure and veri cation statement, which are available respectively at: https://bsc.cdn.ngo/media/documents/OPI M_2025_disclosure_statement.pdf and https://bluemark.co/app/uploads/2025/05/ bsc-opim-practice-veri cation-statement- march-2025.pdf. ESG risk management The Social Impact Trust aims to maximise its positive impact on people and the planet by investing responsibly considering ESG risks and opportunities, and managing potential negative impacts from the Company’s investments. These responsibilities are set out in Better Society Capital’s Responsible Investment Policy, which acts as the basis for the Company’s ESG management approach. Details of the Social Impact Trust’s ESG risk management approach in the investment process and material ESG risks per asset class can be found in the SDR Sustainability Impact Pre-Contractual Disclosure, which is available on the Company’s website at: www.schroders.com/sbsi. For more information on sustainability labels, please visit the FCA website at https://www.fca.org.uk/ rms/climatechang e-and-sustainablef inance/sustainability- disclosure-and-labelli ng-regime. For more details of Better Society Capital’s sustainability as an organisation as a Certi ed B Corp, please see Better Society Capital’s blog, which is available at: https://bettersocietycapital.com/latest/wal king-the-talk-big-society-capital-achieves- b-corp-status/. Further information on Impact Management and ESG risk management is included in the Company’s latest Impact Report, which is available at: http://schro.link/impactreport2025. 1 An Annual Impact Conversation is an annual, detailed meeting held with fund managers to discuss and review impact performance, as well as the current state of impact practice or how impact is embedded along the investment process by incorporating an impact lens into established tools, processes and decision-making. An Annual Impact Conversation is also an opportunity to review and agree on the Portfolio Manager impact management support to the investees. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 25 Section 1: Strategic Report Business Review Purpose, values and culture The Company’s purpose is to create long term shareholder value. The Company’s culture is driven by its values: Transparency, Engagement and Rigour, with collegial behaviour and constructive, robust challenge. These values are centred on achieving returns for shareholders in line with the Company’s investment objective. The Board also promotes the eHective management or mitigation of risks faced by the Company and, to the extent it does not con ict with the investment objective, aims to structure the Company’s operations with regard to all its stakeholders and takes into account the impact of the Company’s operations on the environment and the community. As the Company has no employees and acts through its service providers, its culture is represented by the values and behaviour of the Board and the third parties to whom it delegates. The Board aims to ful l the Company’s investment objective by encouraging a culture of constructive challenge with all key service providers and openness with all stakeholders. The Board is responsible for embedding the Company’s culture in the Company’s operations. Strategy and business model The Company is a listed investment trust and has outsourced its operations to third party service providers. The Board has appointed the Manager, Schroder Unit Trusts Limited, to act as the Company’s AIFM for the purposes of the AIFM Rules. The Board believes that Schroders’ institutional risk management capabilities and infrastructure provide the stable and robust platform needed for the e?cient management of the Company. The AIFM is responsible for providing administrative, company secretarial and marketing services to the Company. These include general fund administration services (including calculation of the NAV based on the data provided by the Portfolio Manager), bookkeeping, and accounts preparation. The Company and the AIFM have appointed Better Society Capital Limited (the “Portfolio Manager”) to provide portfolio management and related services in respect of the Company’s portfolio. The terms of the appointments are described more comprehensively in the Directors’ Report. The Manager also promotes the Company using its sales and marketing teams. The Board, Manager and Portfolio Manager work together to deliver the Company’s investment objective, as demonstrated in the diagram below. The investment and promotion processes set out in the diagram are described in more detail on the next page. d r providers to achieve and other service Portfolio Manager Appoint Manager, • Boa management Oversee portfolio • strategy and KPIs Set objectives, B in R • c re S • in t s im P • Strategy • nvestment Board n teraction with the Regular reporting and ontrol environment esearch and risk Supported by strong nvestment process ategy by following an r t mplements the investment Portfolio Manager I Board is Compe nvestors ains attractive the Company mpetitive rges remain Ongoing the fees g: Impact Social Value and s focused on etitiveness Investor investment objective p impact and positive social shareholder value the creation of Activities centred on • risk management Managers including oversight of overall strategy and Responsible for • d in se C P S • M ca M issuance or buybacks liquidity through share and the provision of premium management Oversee discount/ • of KPIs Monitor achievement • B • to in rem that • com Char and that • iscount/premium ntervention to support econdary market Corporate Broker for Portfolio Manager and upport from the Manager apability of the Board Marketing and sales Promotion ensurin management p Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 26 Section 1: Strategic Report Investment objective The Company’s investment objective is to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversi ed portfolio of private market impact funds (“Impact Funds”), separate accounts managed by third party asset managers (“Managed Accounts”), co-investments alongside such funds or other impact investors (which may include the Portfolio Manager) (“Co-Investments”) and direct investments (“Direct Investments”), in each case so as to gain exposure to Social Impact Investments. “Social Impact Investments” are investments intended to have a positive social impact on people predominantly in the UK while providing a nancial return to investors, including, but not limited to, High Impact Housing, Debt and Equity for Social Enterprises and Social Outcomes Contracts (as such terms are de ned in the investment policy below). Investments will be selected for their ability to contribute towards the reduction of poverty and inequality as well as addressing other critical social challenges in the UK. The Company aims to provide a Net Asset Value total return of CPI plus 2% per annum (once the portfolio is fully invested and averaged over a rolling three- to ve- year period, net of fees) with low correlation to traditional quoted markets while making a signi cant contribution to addressing social issues in the UK. The impact of the Company’s investments and how the Portfolio Manager’s activities contribute towards achieving a positive social impact will be measured and reported on at least annually. Investment policy The Company will invest in a diversi ed portfolio of Impact Funds, Managed Accounts and Co-Investments, which in turn support charities and social enterprises, with a focus on helping to alleviate some of the UK’s most pressing social challenges. The Company may also make Direct Investments. Impact themes The Company and its advisers have identi ed key impact themes that help to determine which investments are selected and the sectors which the Company seeks to have a positive impact on. InIsummary, these impact themes include but are not limited to: • Reducing poverty and inequality – Providing essential services to disadvantaged or vulnerable people; • Good health and well-being – Providing health and care services and early intervention support to improve health outcomes for underserved and vulnerable people, and reduce the strain on the public health system; • Education, training and decent work – Supporting social organisations which empower disadvantaged people to improve educational outcomes and access better training and employment opportunities; and • Just transition to net zero – Contributing towards a fair transition to an environmentally sustainable society by creating new opportunities to reduce emissions and social inequality at the same time. The Company will make Social Impact Investments that seek to deliver a positive social outcome consistent with one or more of these or other impact themes together with a nancial return. Such investments may include, but are not limited to investments in: • High Impact Housing – Including property funds that either acquire or develop high quality aHordable housing, from more specialist housing for vulnerable groups (for example, transition accommodation for people who were formerly homeless or eeing domestic violence) to housing for low income renters currently living in poor quality or insecure accommodation. • Debt and Equity for Social Enterprises – Including charity bonds, portfolios of secured loans and funds that invest in established social enterprises via mezzanine debt and/or equity. • Social Outcomes Contracts – Contracts between a public sector or Government body and a delivery organisation whereby an external investor provides upfront capital to the delivery organisation and is repaid by the income stream from the public sector body based upon social outcomes delivered rather than on a fee for service basis. The market for Social Impact Investments in the UK is a rapidly evolving market and the Company retains the exibility to identify new impact themes and invest in Social Impact Investments other than those in the categories set out above, subject to the investment restrictions below. The Company will typically obtain exposure to Social Impact Investments through investing in Impact Funds, Managed Accounts and Co-Investments. The Company will usually make investments on a commitment basis, expected to be called over aIperiod of time. The Company will generally hold minority interests in Impact Funds, but may hold majority interests where appropriate including, for example, where the Company may be aIcornerstone investor alongside the Portfolio Manager. Co-Investments would be made alongside third party impact investors, including the Portfolio Manager. It is expected that the Company will invest in Impact Funds and Co-Investments alongside the Portfolio Manager, bene tting from the broad range of opportunities sourced by the Portfolio Manager. Direct Investments are not expected to comprise a material proportion of the Company’s portfolio. The portfolio composition will re ect the opportunities available to the Portfolio Manager, based on the performance, social impact and maturity of the Impact Funds, Managed Accounts, Co-Investments and Direct Investments. The Company’s assets will be managed so that at any time when they are fully invested and/or committed, at least 70% of the portfolio assets by value are being managed with a clear and speci c plan to achieve aImeasurable and positive impact on social issues in the UK. SuchIimpact will be monitored over the life of the investment according to an appropriate evidence-based standard. Pending deployment of cash, monies may be temporarily invested into Liquidity Assets (as such term is de ned below). For these purposes, the Company’s assets are considered “fully invested and/or committed” when the total value of invested assets in, and undrawn commitments to, Impact Funds, Managed Accounts, Co-Investments and Direct Investments equals at least 90% of the Net Asset Value. The Company’s Theory of Change: investing for positive social impact The Company’s Theory of Change sets out how the Company seeks to tackle an investment gap for entrenched social issues in the UK, by investing in a diversi ed portfolio of Impact Funds, Managed Accounts, Co-Investments and Direct Investments to Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 27 Section 1: Strategic Report strengthen and grow impact-focused organisations with strong track-records, leading to better essential services at scale for underserved and disadvantaged or vulnerable people in the UK. The Portfolio Manager integrates the Company’s Theory of Change at every stage of investment, portfolio management and engagement to ensure the theory is put into practice. Key Performance Indicators (KPIs) and impact management methodology Impact management and measurement is used to demonstrate the Company’s Theory of Change and is integrated at every stage of the Company’s investment process and the Portfolio Manager’s activities. The Company considers impact at two levels: • rst, the impact on people in the UK created by the charities and organisations receiving investment through the fund managers that the Company invests in; and • second, the investor contribution of the Company and the Portfolio Manager in enhancing the impact of fund managers and investees through investment, engagement and sharing knowledge with the wider market to support greater adoption of impact investment. The Company assesses the level of impact that its investments into social enterprises and organisations have on people using an impact management framework developed by Impact Frontiers. This framework is designed to ensure that investments align with the social impact mission of the Company and that impact risks are assessed and managed. Further, the Portfolio Manager has developed a proprietary asset-level ‘impact’ compliance framework which is used to monitor and assess how each of the Company’s investments contributes to achieving a positive impact in accordance with the Company’s investment objective and Theory of Change. Each investment in the Company’s portfolio will be monitored and measured against the Company’s investment objective and Theory of Change at least annually. Performance Monitoring and Valuation 1. Valuation Committee – meets half yearly to consider and approve for recommendation to the Board. 2. Performance Committee – meets half yearly to compare against original investment thesis and identify any actions required and what lessons can be drawn. Idea Generation Deal Origination Significant reach in sourcing investments through: 1) Better Society Capital’s strong reputation; 2) support of existing managers to develop new proposals; 3) actively seek out new managers to develop new proposals; and 4) maximise the team’s network. Pre – Due Diligence Idea is formally tested against investment and portfolio allocation objectives. Due Diligence Investment Approval Debate and challenge. The deal team submits a proposal to an investment committee dedicated to the Company’s portfolio. The proposal focusses on clarity, testable theses, key performance indicators and risk. Deal Structuring and Execution Transaction structures and documentation created to mitigate risks identified during due diligence while maintaining incentives for the investee. During documentation the deal team will work with the investee company to agree an implementation plan. For example an ‘impact canvas’ is developed and agreed, which is a tool that summarises the key objectives of the investment and the resulting KPIs that will be monitored over the life of the investment. Exit Portfolio Management 1. Managing investment performance across impact on people and financial return. 2. Supporting fund managers and investee companies development providing structured support where they face common challenges e.g. impact management. 3. Engaging with fund managers and investee companies to support delivery of impact. After working to an exit to best deliver financial and impact returns the team will reflect on lesson learned during the life of the investment and prepare a report for Better Society Capital’s learning database. Range of proprietary tools used throughout the process, including management DD, DD toolkits across impact, financial and operational due diligence, model and review templates and deal structuring guidelines. Actively search for new investment opportunities. Better Society Capital starts with the social issue and then designs and improves routes to bring together the needs of enterprises and investors. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 28 Section 1: Strategic Report Investment policy Investment restrictions The Company will manage its assets with the objective of spreading risk through the following investment restrictions that limit the Company’s exposure to not more than: • 60% of Net Assets in High Impact Housing; • 60% of Net Assets in Debt and Equity for Social Enterprises, of which, not more than 30% of Net Assets will be held in equity interests via funds; • 40% of Net Assets in Social Outcomes Contracts; • 30% of Net Assets in Social Impact Investments other than High Impact Housing, Debt and Equity for Social Enterprises and Social Outcomes Contracts; • 10% of Net Assets to a single Investment, held directly or indirectly on a look-through basis; • 20%. of Net Assets to any one Impact Fund; • 25% of Net Assets to Impact Funds and Managed Accounts managed or advised by the same investment management and advisory group; and • 15% of Net Assets to non-UK Investments. Each of the above restrictions will be calculated at the time of commitment and where the Company’s exposure will be the aggregate of the value of the Company’s Investments plus its outstanding commitments. Where the Company makes an Investment otherwise than on a commitment basis, the time of commitment will be the time of investment. The Company will not be required to dispose of any investment or to rebalance the portfolio as a result of a change in the respective valuations of its assets. However, the Portfolio Manager will regularly monitor the portfolio and may make adjustments from time to time consistent with the objective of managing portfolio risk, return and impact. Where the calculation of an investment restriction requires an analysis of underlying Investments held by an Impact Fund or Managed Account in which the Company is invested, such calculation will be based on the information reasonably available to the Portfolio Manager at the relevant time. As a result of managing its assets and spreading investment risk in accordance with the above restrictions, the Company expects to have diversi ed exposure across its various counterparties and co-investors. Hedging and derivatives The Company will not employ derivatives of any kind for investment purposes. Whilst the Company may use derivatives for currency hedging purposes, non-Sterling exposures are expected to be limited and, to the extent there are such exposures, the Company currently anticipates that these will not be hedged. Borrowing policy The Company may, from time to time, use borrowings for working capital and portfolio management purposes, including for the purpose of satisfying capital calls and the short term funding of investments. Borrowings will not exceed 20% of the Company’s Net Assets, calculated at the time of borrowing. Cash and liquidity management The Company may hold cash on deposit and may invest in cash equivalent investments, which may include short-term investments in money market type funds and tradeable debt securities. In order to e?ciently allocate the Company’s funds whilst it may otherwise hold signi cant levels of cash, the Company may also make short and medium term liquid investments, including in social bond funds, closed-ended listed funds and other liquid ESG investments, that the Portfolio Manager considers are consistent with the Company’s liquidity requirements, investment policy, investment guidelines and risk pro le while also meeting high ESG criteria (“Liquidity Assets”). The Company may invest up to 30% of Net Assets in Liquidity Assets, measured at the time of investment. The Company intends to only utilise the full 30% allocation immediately after a fundraise and at most times no more than 20% of Net Assets shall be invested in Liquidity Assets. The Company will seek to ensure the Liquidity Assets target the Portfolio Manager’s responsible investment policy, which is underpinned by nine core responsible business principles, including: • ‘Do No Harm’ – To minimise negative impacts on target bene ciaries and communities, the environment, employees, and all stakeholders. • ‘Protect the Environment’ – To promote and practice the e?cient use of natural resources and protect the environment wherever possible. • ‘Inclusive Practices’ – To promote equality, diversity and inclusion practices through good corporate governance and decision making, employment, organisational culture and values, and operational delivery. When identifying key ESG risks, the Portfolio Manager aims to be proportionately compliant with its responsible investment policy, based on an assessment of the materiality of the ESG risks and best practice within the target industry. The policy is integrated into the Portfolio Manager’s investment approach. For example, material ESG risks that are identi ed will be reported to the SBSI Investment Committee when a recommendation paper is presented for decision. Co-Investments would be made alongside third party impact investors, including the Portfolio Manager. It is expected that the Company will in at least some instances invest in Impact Funds and Co-Investments alongside the Portfolio Manager, bene tting from the broad range of opportunities sourced by the Portfolio Manager. Direct Investments are not expected to comprise aImaterial proportion of the Company’s portfolio. The portfolio composition at any one time will re ect the opportunities available to the Portfolio Manager, based on the performance, social impact and maturity of the Impact Funds, Managed Accounts, Co-Investments and Direct Investments. There may be times when it is appropriate for the Company to have a signi cant cash or cash equivalent position instead of being fully or near fully invested, including for the purpose of seeking to satisfy expected capital calls on commitments to Impact Funds and to manage the working capital requirements of the Company. There is no restriction on the amount of cash or cash equivalent investments that the Company may hold. Cash and certain cash equivalents will be held with approved counterparties and in line with prudent cash management guidelines agreed between the Board, AIFM and Portfolio Manager. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 29 Section 1: Strategic Report Changes to the investment policy No material change will be made to the investment policy without the approval of Shareholders by ordinary resolution. Non-material changes to the investment policy may be approved by the Board. In the event of a breach of the investment policy set out above and the investment and gearing restrictions set out therein, the Portfolio Manager shall inform the AIFM and the Board upon becoming aware of the same and if the AIFM and/or the Board considers the breach to be material, noti cation will be made to a Regulatory Information Service. Promotion and shareholder relations The Company promotes its shares to a broad range of investors who have the potential to be long-term supporters of the investment strategy. The Company seeks to achieve this through its Manager and corporate broker, which promote the shares of the Company through regular contact with both current and potential shareholders. Promotion is focused via two channels: – Discretionary fund managers. The Manager promotes the Company via both London and regional sales teams. – Retail end investors. The Company promotes its shares via engaging with platforms, via the press, and through its webpages. These activities consist of investor meetings, one-on-one meetings, regional road shows and attendance at conferences for professional investors. In addition, the Company’s shares are supported by the Manager’s wider marketing of investment companies targeted at all types of investors. This includes maintaining close relationships with advisers and execution-only platforms, advertising in the trade press, maintaining relationships with nancial journalists and the provision of digital information on Schroders’ website. The Board also seeks active engagement with investors, and meetings with the Chair are oHered to professional investors where appropriate. Shareholders are also encouraged to sign up to the Manager’s Investment Trusts update, to receive information on the Company directly. Details of the Board’s approach to discount management and share issuance may be found in the AGM Recommendations on page 82. Shareholder relations are given high priority by both the Board and the Manager. In addition to the engagement and meetings held during the year described on page 45, the chairs of the Board and committees and the other directors, usually attend the AGM and are available to respond to queries and concerns from shareholders. The Board is keen to hear from shareholders and can do so by writing to the Company Secretary (Company Secretary, Schroder BSC Social Impact Trust plc, 1 London Wall Place, London EC2Y 5AU), or emailing amcompanysecretary@schroders.com. Key performance indicators (KPIs) The Board measures the development and success of the Company’s business through the achievement of the Company’s investment objective. Comments on performance against the investment objective can be found under Key Performance Indicators, in the Chair’s Statement and in the Portfolio Manager’s Report. Ongoing charges The Board continues to review the Company’s Ongoing Charges to ensure that the total costs incurred by shareholders in the running of the Company remain fair and competitive when measured against peer group funds and other market factors. AnIanalysis of the Company’s costs, including management fees, directors’ fees and general expenses, is submitted to each quarterly Board meeting. Management fees are reviewed at least annually. Costs incurred within the Company’s investments are not included in the Company’s ongoing charges. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 30 Section 1: Strategic Report Corporate and social responsibility The Board recognises the Company’s responsibilities with respect to corporate and social responsibility (including with respect to human rights) and engages with its outsourced service providers to safeguard the Company’s interests. As part of this ongoing monitoring, the Board receives reporting from its service providers with respect to their anti-modern slavery statements, anti-bribery commitment, greenhouse gas reporting, net zero carbon targets, diversity and inclusion, and whistleblowing policies and arrangements. Further disclosures EDI policy The Board has adopted an EDI policy which seeks to promote diversity of skills, backgrounds and personal strengths. The Board recognises that its debates and decision-making are greatly enriched by a wider range of perspectives and thinking. The Board will encourage any recruitment agencies it engages to nd a range of candidates that meet the objective criteria agreed for each appointment. Appointments will always be based on merit and objective criteria, and within this context, promote diversity inclusion and equal opportunity. Candidates for Board vacancies are selected based on their skills and experience, which are matched against the balance of skills and experience of the overall Board taking into account the criteria for the role being oHered. Implementation of EDI policy The Board has adopted the targets set out in the UK Listing Rules in relation to diversity which requires that: (i) at least 40% of individuals on the Board are women; (ii) at least one of the senior Board positions is held by a woman; and (iii) at least one individual on the Board is from a minority ethnic background. As an investment trust with no executive o?cers and no senior independent director, the Board has re ected the senior position of the Chair in its diversity tables below. The Board has chosen to align its diversity reporting reference date with the Company’s nancial year end and proposes to maintain this alignment for future reporting periods. The Company has met all of the targets as at its chosen reference date, 30 June 2025, and at the date of this report. The data as at 30 June 2025 is set out in the tables below. The tables below set out the gender and ethnic diversity composition of the Board as at 30 June 2025 and at the date of this report. Number Number of Percentage of senior Board of the positions on UK Listing members Board the Board Rules Target Men 1 25% 0 Women 3 75% 1 Number Number of Percentage of senior Board of the positions on UK Listing members Board the Board Rules Target White British or other White (including 3 75% 1 minority-white groups) Mixed/Multiple Ethnic Groups 0 0% 0 Asian/Asian British 1 25% 0 Black/African/Caribbean/Black British 0 0% 0 Other ethnic group, including Arab 0 0% 0 Not speci ed/prefer not to say 0 0% 0 Given that the Company is an investment trust with no executive Board members, the columns and references regarding executive management have not been included in the above table. Financial crime policy The Company continues to be committed to carrying out its business fairly, honestly and openly and operates a nancial crime policy (available on the Company’s website), covering bribery and corruption, tax evasion, money laundering, terrorist nancing and sanctions, as well as seeking con rmations that the Company’s service providers’ policies are operating soundly. Modern Slavery Act 2015 As an investment trust, the Company does not provide goods or services in the normal course of business and does not have customers. Accordingly, the directors consider that the Company is not required to make any slavery or human tra?cking statement under the Modern Slavery Act 2015. Greenhouse gas emissions and energy usage The Company quali es as a low energy user and is exempt from reporting under the Streamlined Energy & Carbon Reporting requirements. It has no signi cant greenhouse gas emissions, energy consumption or energy e?ciency action to report. Responsible investment The Company delegates to its Portfolio Manager the responsibility for taking ESG issues into account when assessing the selection, retention and realisation of investments. The Board expects the Portfolio Manager to engage with investee companies on social, environmental and governance issues and to promote best practice. Further details are included on page 24 in this Strategic Report. Women should make up at least 40% of the Board and hold at least one of the senior positions At least one member of the Board should be from an ethnic minority background excluding white ethnic groups (as set out in categories used by the O?ce for National Statistics) Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 31 Section 1: Strategic Report Stakeholder Engagement – Section 172 Report As an externally managed investment trust, the Company has no employees, operations or premises. The Board has identi ed its key stakeholders as the Company’s shareholders, the Manager and the Portfolio Manager, other service providers and the investee companies/social impact managers. The following disclosure explains how the directors have engaged with stakeholders, how stakeholders’ needs have been taken into account, the outcome of this engagement and the impact that it has had on the Board’s decisions. Key activities undertaken during the reporting year are also outlined. Shareholders Manager and Portfolio Manager The Board’s main working relationships are with the Manager and the Portfolio Manager. The Manager is responsible for providing administrative, company secretarial, accounting and marketing services to the Company. Together with the Company, the Manager has appointed the Portfolio Manager to perform portfolio management and related services in respect of the Company’s portfolio. The Board maintains a constructive and collaborative relationship with the Manager and Portfolio Manager, encouraging open discussion. The Board invites the Portfolio Manager to attend all Board and certain committee meetings and receives regular reports on the performance of the portfolio and the implementation of the investment strategy, policy and objective. The portfolio activities The Board recognises the importance of engaging with shareholders on a regular basis in order to maintain a high level of transparency and accountability. The Board receives regular reports from the Manager and broker on shareholder engagement, and the Manager and Portfolio Manager maintain regular and open dialogue with shareholders. The Manager also has a dedicated client services team which maintains regular contact with the Company’s shareholders and reports regularly to the Board. Shareholders can also contact the Chair and directors throughout the year via the Company Secretary or the Corporate Broker. The Chair is also available to meet major shareholders to understand their views and to help inform the Board’s decision making process. During the year under review a number of meetings and correspondence of this nature took place. The Company maintains a website from which copies of the annual and half year reports along with factsheets and other relevant materials are available. Shareholders are also invited to attend the AGM at which they have the opportunity to speak directly with the directors and Portfolio Manager. The Board is responsible for formulating the strategy to manage the discount or premium at which the Company’s shares trade to NAV. The strategy is designed to contain discount volatility, provide liquidity to the market and enhance returns to shareholders. As noted in the Chair’s Statement, post year end in July 2025, the Board announced its decision to conduct a shareholder consultation process and strategic review. The strategic review is ongoing and the Board will communicate an update to the market at or before the Company’s AGM in December 2025. The directors are required to include in the annual report a statement which describes how they have discharged their duties under Section 172 of the Companies Act 2006 in promoting the success of the Company for the benefit of its members as a whole having regard to certain matters. This includes the likely consequences of the decisions in the longer term and how wider stakeholders’ needs have been taken into account. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 32 Section 1: Strategic Report undertaken by the Portfolio Manager and the impact of decisions aHecting investment performance are set out in the Portfolio Manager’s Review on pages 12 to 21. The Management Engagement Committee reviews the performance of the Manager and Portfolio Manager, their remuneration and the discharge of their contractual obligations at least annually. Other service providers Investee companies/social impact managers Please refer to the Theory of Change on pages 8 to 9 and the Company’s 2025 Impact Report regarding the impact of the Company’s operations on the community and the environment. The 2025 Impact Report is available at: http://schro.link/impactreport2025. Examples of stakeholder consideration during the year The directors were particularly mindful of stakeholder considerations in reaching the following key decisions in relation to the year ended 30IJune 2025, accordingly: • the Board has declared an interim dividend made up wholly of an interest distribution of 3.76p per ordinary share (2024: 2.94p) to be paid on 19IDecember 2025 to shareholders on the register as at 14 November 2025; • the Company continued to buy back a limited number of shares with the aim of managing the discount at which the shares were trading to NAV, with a continued focus on sales and marketing eHorts; • the Chair has actively engaged with current and prospective shareholders who may have a desire, or mandate, to allocate or further allocate to social impact; • webinars and forums have been held to educate and inform investors; and • the adoption of the SDR “Sustainability Impact” label. Shortly following the year ended 30 June 2025, the Board launched a shareholder consultation to obtain shareholders’ views on the strategic options available to the Company and, as noted in the Chair’s Statement, will provide an update at or before the Company’s AGM on 17 December 2025. The Board recognises the importance of good stewardship and communication with investee companies/social impact managers to whom assets are allocated in meeting the Company’s investment objective and strategy. The Portfolio Management team conducts face-to-face and/or virtual meetings with fund managers and the management teams of organisations where the Company has invested directly to understand current trading and prospects for their funds and businesses, and to ensure that their ESG investment principles and approach are understood. The Portfolio Manager, where available, has representatives in governance bodies of investee companies (such as Board seats, voting or observer roles in investment committees, or representation in Advisory Committees). The Portfolio Manager reports to the Board on stewardship issues and the Board will question the rationale for decisions made. Through engagement and exercising governance rights, the Portfolio Manager actively works with companies to improve corporate standards, transparency and accountability. The Board maintains regular contact with its key service providers, both at Board and committee meetings, and through ad hoc communication during the year. The need to foster business relationships with key service providers is central to the directors’ decision-making as the Board of an externally managed investment trust. During the year, the Management Engagement Committee undertook reviews of the third-party service providers and agreed that their continued appointment remained in the best interests of the Company and its Shareholders. Directors attended a meeting during the year to assess the internal controls of certain service providers including the Company’s Depositary HSBC Bank, the registrar, Equiniti and Schroder’s Group Internal Audit. These meetings enable the Board to conduct due diligence on operations and IT risks amongst service providers; and to receive up to date information on changes to regulation and market practice in the industry. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 33 Section 1: Strategic Report Principal Risks and Uncertainties This framework assists the Audit and Risk Committee in determining the nature and extent of the risks it is willing to take in achieving the Company’s strategic objectives. Both principal and emerging risks and the monitoring system are subject to regular review. During the year, the Audit and Risk Committee discussed and monitored a number of risks which could potentially impact the Company’s ability to meet its strategic objectives. Directors monitored and discussed with the Manager, the Portfolio Manager and the Company Secretary emerging risks that could aHect the Company. No emerging risks were identi ed. Although the Board believes that it has a robust framework of internal control in place this can provide only reasonable, and not absolute, assurance against material nancial 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. Both the principal and emerging risks and uncertainties and the monitoring framework are subject to robust assessment bi-annually or more frequently as required. The most recent assessment took place in October 2025. The Audit and Risk Committee concluded that the Company’s risk management and internal control systems remain eHective with no signi cant control failings or weaknesses identi ed. Further details of how the Audit and Risk Committee has reviewed the Company’s risk management and internal control framework can be found on the next page and in the Audit and Risk Committee Report on pages 46 to 49. The principal risks are set out below. Policy risk has been assessed separately compared to the prior year where it was disclosed as part of the economic, policy, and market risk. The “Change” column in the table below highlights the Audit and Risk Committee’s assessment of any increases or decreases in risk compared to the prior nancial year after mitigation and management. The arrows show the risks as increased or decreased, and sideway arrows show risks as stable compared to the prior nancial year. The Board, through its delegation to the Audit and Risk Committee, is responsible for the Company’s framework of risk management and internal control and for reviewing its effectiveness. The Audit and Risk Committee 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. Principal risk Mitigation and management Change Strategic risk Investment objective is out of line with the requirements of investors or demand for the shares is not as great as the supply leading to a persistently large discount to NAV. The appropriateness of the Company’s investment remit is regularly reviewed and the success of the Company in meeting its stated objectives is monitored. Market feedback and share price information is monitored and the Board has implemented a buyback programme to manage the discount and provide liquidity. The long term strategic aim of the Company is to grow its shareholder base and improve liquidity. However, whilst the shares trade at a discount to NAV, new shares cannot be issued. The Board encourages shareholder contact and meetings are oHered after the issue of results. In addition, the Manager, Portfolio Manager and Board continue to maintain an open and constructive dialogue with shareholders. The Board actively supports continued marketing and promotional activities. Such activities are the result of a collaboration of the Board and the Company’s Manager as well as the Portfolio Manager. A target list of potential shareholders is monitored and updated. The Board monitors the Company’s share price relative to its NAV and will buy back shares when the Company’s shares trades at a discount. The Board has been active in using the buyback authority given by shareholders. In response to the Company’s entrenched share price discount, the Board has initiated a strategic review to consider potential options for the Company’s future, with an update to be provided at or before the Company’s AGM on 17 December 2025. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 34 Section 1: Strategic Report Principal risk Mitigation and management Change Continuity risk Investment management risks The Board monitors investment performance, investment risk and portfolio activity at each quarterly meeting. The AIFM and Portfolio Manager are subject to anIannual review of their suitability as conducted by the Management Engagement Committee. The Portfolio Manager has extensive experience in selecting private Social Impact Investments and has aIrobust investment process. The Portfolio Manager makes investments according to aItested and robust process and based on the goal of achieving the target return. A pipeline of opportunities isIvetted and reviewed, and signi cant care is taken in selecting high-quality investments. The Portfolio Manager receives regular management information and engages regularly with investees to monitor and ensure performance to plan. If performance is unsatisfactory over a prolonged period the Board may seek to replace the AIFM and/or the Portfolio Manager. Performance in the period was below the Company’s stated return target due to di?cult market conditions and some of the funds still being in their investment periods. The Portfolio Manager anticipates improving performance as assets mature, and has already seen income generation above expectations. Poor investment performance against objective. Given the average discount of 22.8% from 1 January 2024 to the date of this report, a vote will likely be triggered. 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. However, the Board intends to convene a general meeting prior to the AGM in 2026 to table recommended proposals on the future of the Company. If in the two-year period ending on 31IDecember 2023, and in any two-year period following such date, the Company’s ordinary shares have traded, on average, at aIdiscount in excess of 10% to Net Asset Value per Share, the directors will propose an ordinary resolution at the Company’s next AGM that the Company continues its business as presently constituted (the “Continuation Resolution”). The current period under assessment is the two-year period to 31 December 2025. In the event that a vote was triggered shareholders would be provided with the opportunity to vote on whether the Company should continue in its present form at the AGM in 2026. Poor social impact performance against objective. The Board reviews impact and publishes an annual impact report. The AIFM and Portfolio Manager are subject to an annual review of their suitability as conducted by the Management Engagement Committee. The Portfolio Manager has extensive experience in selecting private social impact investments and has a robust investment process which ensures that the anticipated positive impact of investee companies is realistic and achievable. The Portfolio Manager undertakes robust investment analysis on the context of proposals, impact outcomes, nancial drivers, and associated risks. The Portfolio Manager receives regular management information and engages regularly with investees to monitor and ensure performance to plan. If performance is unsatisfactory over a prolonged period the Board may seek to replace the AIFM and/or the Portfolio Manager. The Company adopted the “Sustainability Impact” label which provides investors assurance on the rigour of the Company's impact measurement, management and reporting approach, and its commitment to operate in line with best industry standards. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 35 Section 1: Strategic Report Principal risk Mitigation and management Change Liquidity risk Valuation risk Cybersecurity risks The Board receives attestations/internal control reports from key service providers which provide assurance on the protective measures they take, as well as their business recovery plans. 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. While the risk of financial loss by the Company is probably small, the risk of reputational damage and the risk of loss of control of sensitive information is more significant, for instance a GDPR breach. Many of the Company’s service providers and the Board often have sensitive information regarding transactions or pricing and information regarded as inside information in regulatory terms. Data theft or data corruption per se is regarded as a lower order risk as relevant data is held in multiple locations. Contracts with investee companies and funds 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. Private market investments are more difficult to value than publicly traded securities. 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. The Portfolio Manager is experienced in managing social impact investments and seeks to accurately time the realisation of Company’s investments. Concentration limits imposed on single investments to minimise the size of positions. The Portfolio Manager can sell Liquidity Assets to meet investment commitments and capital calls. The Portfolio Manager will monitor and manage cashflows and expected capital calls. The Portfolio Manager will seek to manage cashflow such that the Company will be able to participate in follow-on fund-raises where appropriate. Liquidity risks include those arising from existing investment commitments and capital calls and an inability to meet such calls due to lack of liquidity. They also include the risk of not being able to participate in new investments due to lack of available capital and the risks resulting from holding private equity investments which may not be readily realisable. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 36 Section 1: Strategic Report Risk Mitigation and management Change Economic and market risk Policy risk Review of the Company's risk management and internal control framework The AIC code of Corporate Governance requires the Board to have in place procedures to identify and manage emerging risks faced by the Company. The Board exercises oversight by monitoring the social impact investing market as it develops and innovates, competitor threats from the emergence of alternative investment products and trends in the investment trust market more generally. No new emerging risks have been identi ed in the year being reported. The Audit and Risk Committee follows the Guidance on Risk Management, Internal Control and Related Financial and Business Reporting by the Financial Reporting Council (“FRC”) in reviewing the eHectiveness of the Company's risk management and internal control framework. The Audit and Risk Committee has reviewed the Company’s principal risks and uncertainties and emerging risks and whether these fell within the Company’s risk appetite through its bi-annual review of the risk matrix. As the Company has no employees and acts through service providers, its culture is represented by the values and behaviour of the Board and the third parties to whom it delegates. The Board has determined that its culture is driven by the values of Transparency, Engagement and Rigour and the Management Engagement Committee reviews policies of services providers to ensure alignment with this culture. The Audit and Risk Committee considered changes to the nature, likelihood, impact of risks and the key controls and responses to these risks. Key service providers’ internal controls environments are considered as part of these discussions through reviews of independently assured internal control reports and attestations where appropriate. It was concluded that there has been no signi cant control failings or weaknesses identi ed for the year ended 30 June 2025 and up to the date of this report. Following this review, the Audit and Risk Committee concluded that the Company’s risk management and internal control framework, inclusive of its material controls, operated eHectively as at 30 June 2025 and up to the date of this report. Further details of how the Committee has reviewed the Company’s risk management and internal controls framework can be found in the Audit and Risk Committee Report on pages 46 to 49. A full analysis of the nancial risks facing the Company is set out in note 21 to the nancial statements on pages 76 to 79. Policy risk includes the potential negative impact of changes in UK Government policies that aHect the business models, revenue streams, or have other material implications for investees. Policy risk is mitigated by working with organisations that have been successfully operating for several decades, navigating diHerent policy environments, and making investments that bene t from some element of asset backing and engagement with all major political parties on social impact investments through the Portfolio Manager. The Portfolio Manager has dedicated resources to frequently engage at senior levels with the Government on matters relating to social impact policy and investment in the UK. The risk pro le of the portfolio is considered and appropriate strategies to mitigate any negative impact of substantial changes in markets and Government policies are discussed with the Portfolio Manager. The Board receives information to enable an evaluation of the nature and extent of interest rate risk and other price risk and the Portfolio Manager, in conjunction with the Manager, assesses exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis. The Company has no exposure to foreign exchange risk. The Company does not have any gearing. Changes in general economic and market conditions, such as interest rates, in ation rates, industry conditions, tax laws, political events and trends can substantially and adversely aHect the value of investments. Market risk includes the potential impact of events which are outside the Company’s control, such as pandemics, civil unrest and wars. These could have an adverse impact on the value of the Company’s underlying investments or a reduction in the pro ts available for dividends. Schroder BSC Social Impact Trust plcAAnnual Report and Financial Statements 2025 37 Section 1: Strategic Report Viability and Going Concern Statement Viability statement The directors have assessed the viability of the Company over a ve-year period, taking into account the Company’s position at 30 June 2025 and the potential impact of the principal risks and uncertainties it faces for the review period. A period of ve years from the approval of the nancial statements to 31 October 2030 has been chosen asIthe Board believes that this re ects aIsuitable time horizon for strategic planning, taking into account the investment policy, the liquidity of investments, payment of commitments, 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 risks and uncertainties detailed on pages 33 to 36. The directors have also considered the Company’s income and expenditure projections, liquid investments, cash balances as well as undrawn commitments. The directors have assessed the timing and quantum of cash ows from an orderly realisation of assets in the event that liquidity needed to be increased in the ve year review period. A substantial proportion of the Company’s expenditure varies with the value of the investment portfolio. In the event that there is insu?cient cash to meet the Company’s liabilities, the liquid investments in the portfolio may be realised. The Company has no external debt. The Company has performed stress tests which con rm that a 50% fall in the market prices of the portfolio would not aHect the Board’s conclusions in respect of viability. The Board monitors the portfolio risk pro le, limits imposed on gearing, counterparty exposure, liquidity risk and nancial controls at its quarterly meetings. The directors also considered the bene cial tax treatment the Company is eligible for as an investment trust. If changes to these taxation arrangements were to be made it would aHect the viability of the Company to act as an eHective investment vehicle. The directors have also assessed the Company’s operational resilience and they are satis ed that the Company’s outsourced service providers will continue to operate eHectively for the assessment period. The Company announced a strategic review on 2 July 2025 and a further update was given to shareholders on 4 September 2025. The Board explained that it is considering a range of options including fund structures and alternatives that would seek to optimise outcomes for shareholders, including those shareholders who have expressed aIpreference for a return of capital or improved liquidity. The strategic options being considered include a potential managed wind-down of the Company from an orderly realisation of the investments. The strategic review remains ongoing and given the potential for structural change, the directors consider that this introduces material uncertainty over the Company’s future operations within the period that viability is being assessed. The Board further notes that any change to investment policy and structure would be subject to shareholder approval. In addition, the Company has in place aIcontinuation vote mechanism (as set out in further detail on page 44). As noted in the Chair’s statement, the Board intends to put forward proposals in relation to the Company’s future ahead of any Continuation Resolution, and in any event no later than the 2026 AGM. Although the directors will be looking to put forward proposals that have the broad support of shareholders, there can be no assurance that the proposals are accepted, or that any Continuation Resolution, should it be triggered, will pass. In conclusion, although the directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the review period, the Company’s longer term viability is subject to the outcome of the strategic review and shareholder approval. 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 insofar as they apply within the going concern assessment period, being the period to 31IDecember 2026, which is at least 12Imonths from the date of approval of the nancial statements. The directors have taken into consideration the controls and monitoring processes in place, the Company’s level of working capital, undrawn commitments and other payables, the level of operating expenses (a signi cant proportion which are variable costs and would reduce in the event of a market downturn), the Company’s cash ow forecasts and the liquidity of the Company’s investments. The directors have assessed the timing and quantum of cash ows from an orderly realisation of assets in the event that liquidity is required to be increased during the going concern assessment period. Additionally, the directors have considered the risk/impact of elevated and sustained in ation and interest rates and performed stress tests assessing the impact of a 50% fall in the market prices of the portfolio. These factors do not aHect the Board’s conclusions in respect of going concern as they believe that the Company has su?cient assets to continue in operational existence and satisfy liabilities as they fall due. The Company is undertaking a strategic review. The strategic review remains ongoing and given the potential for structural change, the directors consider that this introduces material uncertainty over the Company’s future operations within the period that going concern is being assessed. The Board further notes that any change to investment policy and structure would be subject to the shareholders’ approval and therefore not guaranteed. This indicates that a material uncertainty exists that may cast signi cant doubt on the Company’s ability to continue as a going concern. If shareholders vote for the Company not to continue operating in its normal course of business, then the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The Board intends to convene a general meeting prior to the AGM in 2026, and ahead of any Continuation Resolution, to table recommended proposals on the future of the Company. Although the directors will be looking to put forward proposals that have the broad support of shareholders, there can be no assurance that the proposals are accepted, or that any Continuation Resolution, should it be triggered, will pass. The directors believe the use of the going concern basis is appropriate, as they believe that the Company has su?cient assets to continue in existence and satisfy liabilities as they fall due although the Board recognises that this conclusion is subject to the outcomes of the strategic review and shareholder approvals. By order of the Board Schroder Investment Management Limited Company Secretary 28 October 2025 Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 38 Section 2: Governance Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 39 Section 2: Governance Board of Directors 40 Directors’ Report 42 Audit and Risk Committee Report 46 Management Engagement Committee Report 50 Nomination Committee Report 51 Directors’ Remuneration Report 53 Statement of Directors’ Responsibilities 56 Section 2: Governance Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 40 Section 2: Governance Board of Directors Susannah Nicklin Status: Independent non-executive Chair Length of service: appointed a director and Chair in November 2020. Experience: Susannah Nicklin, CFA, is an investment and nancial services professional with 25 years of experience in executive roles at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. She has also previously been involved in the social impact private equity sector with Bridges Ventures, the Global Impact Investing Network and Impact Ventures UK. She was previously non-executive chair of Frog Capital, and aQnon-executive director of Baronsmead Venture Trust plc, Pantheon International plc and Amati AIM VCT plc. She is currently non-executive director of the North American Income Trust plc and Eco n Global Utilities and Infrastructure Trust plc. Susannah also serves on the AIC ESG Forum. Committee membership: Audit and Risk, Management Engagement and Nomination. Remuneration for the year ended 302June 2025: £40,000. Number of shares held: 25,412. James B. Broderick Status: Independent non-executive director and chair of Management Engagement Committee Length of service: appointed a director in November 2020. Experience: James B. Broderick is deputy chair of the Impact Investing Institute, with primary responsibility for leading the engagement with UK pension funds. He also worked in 2016-2019 with the Institute’s predecessor bodies, the Implementation Taskforce on Growing aQCulture of Social Impact Investing, and the Advisory Group, both sponsored by the Cabinet O?ce. He is currently a trustee of Philanthropy Impact, which works with advisors, philanthropists and charities to promote philanthropy and social impact investing. James was head of UBS Wealth Management in the UK & Jersey for veQyears before retiring in 2018, in which position he also served as chair of UBS Optimus Foundation (UK). Before that, he worked for 19Qyears at JPMorgan Asset Management, latterly as head of its EMEA business. In that position, he was CEO and/or director of the rm’s principal asset management and insurance subsidiaries in the UK, and a director of the principal a?liated mutual fund investment and management companies in continental Europe. Committee membership: Audit and Risk, Management Engagement (chair) and Nomination. Remuneration for the year ended 302June 2025: £30,000. Number of shares held: 500,000. All directors are non-executive and independent of the Manager. All directors are members of the Audit and Risk Committee, the Management Engagement Committee and the Nomination Committee. * Shareholdings are as at 30 June 2025 and include shares held by persons closely associated, full details of directors’ shareholdings are set out in the Directors’ Remuneration Report on page 55. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 41 Section 2: Governance Alice Chapple Status: Independent non-executive director and chair of Nomination Committee Length of service: appointed a director in November 2020. Experience: Alice Chapple is an economist and a specialist in impact investment and impact assessment. She established Impact Value, aQconsultancy advising on impact investment, in October 2012. Before establishing Impact Value, Alice worked as director of sustainable nancial markets at Forum for the Future. Prior to Forum for the Future, she worked at UK development nance institution CDC (now BII) as nancial analyst, fund manager and social and environmental advisor. In the late 1990s, she established a programme for evaluation of development impact and in the 2000s she designed processes for fund managers to assess the ESG aspects of their investments. Alice’s current roles include member of the advisory boards of Acre Impact Fund, WHEB Management and the Development Guarantee Group. Alice has also developed the University of Cambridge Institute of Sustainability Leadership’s course on sustainable nance. Committee membership: Audit and Risk, Management Engagement and Nomination (chair). Remuneration for the year ended 302June 2025: £30,000. Number of shares held: 10,000. Ranjan Ramparia Status: Independent non-executive director and chair of Audit and Risk Committee Length of service: appointed a director in October 2024. Experience: Ms Ramparia is a quali ed Chartered Accountant and experienced business professional. Her background is in corporate nance and investment management. She started her career in 1992 with PricewaterhouseCoopers working in the nancial services audit, valuations and corporate nance divisions. Her early career was as a fund manager with Knox D’Arcy Investment Management, and she has over 14 years’ experience of investing in UK equities, including investment trusts and private equity. She has signi cant experience of regulatory and compliance matters having worked in the asset management sector and served on the boards of regulated companies. Ms Ramparia is an independent adviser and nance professional. She is a non-executive director of Northern 2 VCT PLC where she serves as the chair of the audit and risk committee and is a member of the nomination and management engagement committees. She is also a non-executive director of JPMorgan Global Emerging Markets Income Trust PLC where she is chair of the audit and risk committee. She also serves as a member of the nomination and remuneration committee and management engagement committee. Committee membership: Audit and Risk (chair), Management Engagement and Nomination. Remuneration for the year ended 302June 2025: £24,077. Number of shares held: 5,000. * Shareholdings are as at 30 June 2025 and include shares held by persons closely associated, full details of directors’ shareholdings are set out in the Directors’ Remuneration Report on page 55. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 42 Section 2: Governance Directors’ Report Directors and o&cers Biographies for the Board of directors are set out on pages 40 to 41. Mike Balfour was a director until 18 December 2024. Chair The Chair is an independent non-executive director who is responsible for leadership of the Board and ensuring its e ectiveness in all aspects of its role. The Chair’s other signi cant commitments are detailed on page 40. She has no con icting relationships. Company Secretary Schroder Investment Management Limited (“SIM”) provides company secretarial support to the Board and is responsible for assisting the Chair with Board meetings and advising the Board with respect to governance. The Company Secretary also manages the relationship with the Company’s service providers, except for the Manager. Shareholders wishing to lodge questions in advance of the AGM are invited to do so by writing to the Company Secretary at the address given on the outside back cover or by email to: amcompanysecretary@schroders.com. Role and operation of the Board The Board is the Company’s governing body. It sets the Company’s strategy and is collectively responsible to shareholders for its long-term success. The Board is responsible for appointing and subsequently monitoring the activities of the Manager, Portfolio Manager and other service providers to seek to ensure that the investment objective of the Company continues to be met. The Board also ensures that the Portfolio Manager adheres to the investment restrictions set by the Board and acts within the parameters set by it in respect of any gearing. This is also monitored by the Manager as part of its responsibilities as AIFM. The Strategic Report on pages 5 to 37 sets out further detail of how the Board reviews the Company’s strategy, risk management and internal controls and also includes other information required for the Directors’ Report, and is incorporated by reference. A formal schedule of matters speci cally reserved for decision by the Board has been de ned and a procedure adopted for directors, in the furtherance of their duties, to take independent professional advice at the expense of the Company. The Chair ensures that all directors receive relevant management, regulatory and nancial information in a timely manner and that they are provided, on a regular basis, with key information on the Company’s policies, regulatory requirements and internal controls. The Board meets at least quarterly and receives and considers reports regularly from the Portfolio Manager and other key advisers, as well as ad hoc reports and information supplied to the Board as required. Four Board meetings are usually scheduled each year to cover matters including: the setting and monitoring of investment strategy, approval of borrowings and/or cash positions, review of investment performance, the level of premium or discount of the Company’s shares to NAV per share, promotion of the Company and services provided by third parties. Additional meetings of the Board are arranged as required. The Board is satis ed that it is of su?cient size with an appropriate balance of diverse skills and experience, independence and knowledge of the Company, its sector and the wider investment trust industry, to enable it to discharge its duties and responsibilities e ectively and that no individual or group of individuals dominates decision-making. The Board has approved a policy on directors’ con icts of interest. Under this policy, directors are required to disclose all actual and potential con icts of interest to the Board as they arise for consideration and approval. The Board may impose restrictions or refuse to authorise such con icts if deemed appropriate. No directors have any connections with the Manager or Portfolio Manager, shared directorships with other directors or material interests in any contract which is signi cant to the Company’s business. Key service providers The Board has adopted an outsourced business model and has appointed the following key service providers: Manager The Company is an Alternative Investment Fund as de ned by the AIFM Directive and has appointed Schroder Unit Trusts Limited (“SUTL”) as the Manager in accordance with the terms of an AIFM agreement. The AIFM agreement, which is governed by the laws of England and Wales, can be terminated by either party on sixQmonths’ notice or on immediate notice in the event of certain breaches or the insolvency of either party. As at the date of this report no such notice had been given by either party. SUTL is authorised and regulated by the Financial Conduct Authority (“FCA”) and provides portfolio management, risk management, accounting and company secretarial services to the Company under the AIFM agreement. Part of the fund accounting and administration activities are currently performed by JPMorgan Chase Bank, N.A., London Branch. The Manager also provides general marketing support for the Company and manages relationships with key investors, in conjunction with the Chair, other Board members or the corporate broker as appropriate. The Manager has delegated accounting, administration and company secretarial services to another wholly owned subsidiary of Schroders plc, SIM. The Manager has appropriate professional indemnity cover in place. The Schroders Group manages £776.6bn (as at 30 June 2025) on behalf of institutional and retail investors, nancial institutions, and high net worth clients from around the world, invested in aQbroad range of asset classes across equities, xed income, multi-asset and alternatives. As at 30 June 2025, Schroders plc is the Company’s second largest shareholder, with a 17% stake. 12% of its stake is held by clients of Cazenove Capital Management. Portfolio Manager Better Society Capital is the delegated Portfolio Manager. It uses its social impact expertise to source deals, perform robust due diligence and manage the portfolio. As at 30 June 2025, Better Society Capital is also the Company’s largest shareholder, with aQ27% stake. The directors submit the Annual Report and Financial Statements of the Company for the year ended 30 June 2025. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 43 Section 2: Governance Management fee The AIFM is entitled to receive from the Company in respect of its AIFM, administration and company secretarial services, a management fee calculated and paid bi-annually in arrears at an annual rate of 0.80% per annum of “chargeable assets”, of which 50% is payable to the Portfolio Manager. For this purpose, “chargeable assets” shall be calculated as the cum-income Net Asset Value of the Company adding back any loans, less any cash, money market instruments and Liquidity Assets, and any investments in funds which are managed by the Manager, the Portfolio Manager or any member of their respective groups. For the purpose of calculating “chargeable assets” only, “Liquidity Asset” means: (a) any security that is admitted to trading on: (i) any “regulated market” as de ned in MiFID II and as listed in the register of regulated markets within the EEA maintained by the European Securities and Markets Authority from time to time; or (ii) any “recognised investment exchange” as recognised by the FCA under Part XVIII of FSMA; or (iii) any “recognised overseas investment exchange” as recognised by the FCA under Part XVIII of FSMA; or (b) any unit, share or other security issued by a collective investment scheme that has been authorised and regulated by the FCA and which has trading on a monthly or more frequent basis, in each case being investments intended to bene t stakeholders using ESG frameworks to ensure a variety of stakeholders beyond just shareholders’ interests are addressed. Depositary J.P. Morgan Europe Limited, which is authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority, carries out certain duties of a depositary speci ed in the AIFM Directive including, in relation to the Company: – safekeeping of the assets of the Company which are entrusted to it; – cash monitoring; and – oversight of the Company and the Manager to the extent described in the AIFM Directive. The depositary is liable to the Company for losses su ered by it as aQresult of any negligence, wilful default, fraud or fraudulent misrepresentation on its part. The Company, the Manager and JPM Bank may terminate the depositary agreement at any time by giving 90 days’ notice in writing. J.P. Morgan Europe Limited may only be removed from o?ce when a new depositary is appointed by the Company. This service was provided by HSBC Bank plc until 30 September 2025. Registrar Equiniti Limited (“Equiniti”) is the Company’s registrar. Equiniti’s services to the Company include share register maintenance (including the issuance, transfer and cancellation of shares as necessary), acting as agent for the payment of dividends, management of general meetings (including the registering of proxy votes and scrutineer services as necessary), handling shareholder correspondence and processing corporate actions. Corporate Governance Statement The Financial Conduct Authority requires all UK listed companies to disclose how they have applied the principles and complied with the provisions of the UK Corporate Governance Code 2024 (the “UK Code”) issued by the Financial Reporting Council (“FRC”). The Board of the Company has considered the principles and provisions of the AIC Code of Corporate Governance (“AIC Code”). The AIC Code addresses the Principles and Provisions set out in the UK Code, as well as setting out speci c Provisions on issues that are of relevance to the Company as an investment company. The Board considers that reporting against the Principles and Provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders. The AIC Code is available on the AIC website at: https://www.theaic.co.uk/aic-code-of-corporate-governance. It includes an explanation of how the AIC Code adopts the Principles and Provisions set out in the UK Code to make them relevant for investment companies. The UK Code is available from the FRC’s website at: www.frc.org.uk. The Board is satis ed that the Company’s current governance framework is compliant with the AIC Code with the exceptions of forming a remuneration committee and the appointment of a Senior Independent Director. Considering the Company has no chief executive or other executive directors, the size of the Board and the infrequent nature at which it is expected that directors’ fees will need to be changed, the Board believes that a separate committee responsible for reviewing and determining fees is not necessary at the moment but will be kept under review. As permitted under the AIC Code, the Chair is aQmember of the Audit and Risk Committee. An explanation as to why this is considered appropriate is set out in the Audit and Risk Committee Report on page 46. The Board has also determined that given its size, it is appropriate that all directors are members of the Audit and Risk, Management Engagement and Nomination committees and that the appointment of aQSenior Independent Director is not considered necessary. However, the Chair of the Audit and Risk Committee e ectively acts as the Senior Independent Director, leads the evaluation of the performance of the Chair and is available to directors and/or shareholders if they have concerns which cannot be resolved through discussion with the Chair. As all of the Company’s day-to-day management and administrative functions are outsourced to third parties, it has no executive directors, employees or internal operations and therefore has not reported in respect of the following UK Code Provisions: • the role of the executive directors and senior management; • the need for an internal audit function; and • executive directors’ remuneration. Revenue and interim dividend The net revenue return for the year under review, after nance costs and taxation, was £3,404,000 (2024: £2,650,000), equivalent to a revenue return per ordinary share of 4.15p (2024: 3.16p). As stated in the Company’s prospectus, the Company will use the investment trust interest streaming regime. This enables an investment trust which receives “qualifying interest income” to treat the whole or part of aQdividend distribution as an interest distribution. The e ect of streaming is to move the point of taxation in respect of the Company’s qualifying interest income, from the Company to its investors and the Company may treat the streamed payment as aQloan relationship deduction in its tax computation. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 44 Section 2: Governance Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 For investors within the charge to UK corporation tax, the distribution will be taxed in the normal way as interest under aQcreditor relationship. For UK income taxpayers it will be taxed asQinterest received on the date the distribution was made. The Board has declared the payment of an interim dividend made up wholly of an interest distribution of 3.76p per share payable on 19QDecember 2025 to shareholders on the register on 14QNovember 2025. The ex-dividend date isQ13 November 2025. The Board’s policy is to pay out substantially all the Company’s normal revenue. The Company may be required to pay a second dividend distribution in respect of the year ended 30 June 2025, in order to comply with the investment trust qualifying rules in section 1158 of the Corporation Tax Act 2010. The income retention test in section 1158 is based on income receivable in the corporation tax computation, and income receivable from the Company’s holdings in limited partnerships will be taxed on a “look through” basis, sourced from accounting information which may not be available until after the year end. Committees In order to ful l its governance responsibilities, the Board has delegated certain functions to committees. The roles and responsibilities of these committees, together with details of work undertaken during the year under review, are outlined in the next few pages. The reports of the Audit and Risk, Management Engagement and Nomination committees are incorporated into and form part of the Directors’ Report. Other required Directors’ Report disclosures under laws, regulations, and the UK Code Status The Company has been incorporated with an unlimited life. The Company carries on business as an investment trust. Its shares are listed and admitted to trading on the main market of the London Stock Exchange. It has been approved by HMQRevenue & Customs as an investment trust in accordance with section 1158 of the Corporation Tax Act 2010, by way of a one-o application and it is intended that the Company will continue to conduct its a airs in aQmanner which will enable it to retain this status. The Company is not a “close” company for taxation purposes. The Company is domiciled in the UK and is an investment company within the meaning of section 833 of the Companies ActQ2006. If in the two-year period ending on 31 December 2024, and in any two-year period following such date, the Ordinary Shares have traded, on average, at a discount in excess of 10% to Net Asset Value per Share, the directors will propose an ordinary resolution at the Company’s next AGM that the Company continues its business as presently constituted (the “Continuation Resolution”). 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. The current period under assessment is the two-year period to 31QDecember 2025. In the event that a vote was triggered shareholders would be provided with the opportunity to vote on whether the Company should continue in its present form at the AGM in 2026. Given the average discount of 22.8% from 1 January 2024 to the date of this report, a vote will likely be triggered. The discount prevailing on each business day will be determined by reference to the closing market price of Ordinary Shares on that day and the last announced Net Asset Value per Share (adjusted for dividends). Information included in Strategic Report The Company’s disclosures on future developments, engagement with suppliers, customers and others in a business relationship with the company, culture, and carbon emissions are included in the Strategic Report. Financial risk management Details of the Company’s nancial risk management objectives and exposure to risk can be found in note 21 on pages 76 to 79. Share capital Details of the Company’s issued share capital are given in note 13 to the nancial statements on page 73. Details of the voting rights in the Company’s shares as at 28 October 2025 are given in note 7 to the Notice of AGM on page 86. The ordinary shares carry the right to receive dividends and have one voting right per ordinary share. There are no restrictions on the voting rights of the ordinary shares or on the transfer of the ordinary shares. There are no shares which carry speci c rights with regard to the control of the Company. At 30 June 2025, the Company’s issued share capital was 81,102,939 ordinary shares, excluding 4,213,647 shares held in treasury. Share repurchases The Company has authority to purchase its ordinary shares in the market to be held in treasury or for cancellation. During the year the Company bought back 1,926,722 ordinary shares and since the year end and up to 28 October 2025, a further 1,547,413 ordinary shares have been repurchased. The latest buyback authority was granted to directors on 18QDecember 2024 and expires at the conclusion of the AGM on 17 December 2025. The directors are proposing that their authority to buy back shares be renewed at the forthcoming AGM. Substantial share interests The Company has received noti cations in accordance with the Financial Conduct Authority’s (“FCA”) Disclosure Guidance and Transparency Rule 5.1.2R of the below interests in 3% or more of the voting rights attaching to the Company’s issued share capital. The Company is reliant on investors to comply with these regulations, and certain investors may be exempted from providing these. As such, this should not be relied on as an exhaustive list of shareholders holding above 3% or more of the Company’s voting rights. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 45 Section 2: Governance Latest noti cations received as at 30 June 2025 Number % of total of shares voting rights Better Society Capital Limited 22,425,000 27.01% Schroders plc 1 13,869,362 16.93% East Riding of Yorkshire Council 2 7,500,000 10.00% EQ Investors Limited 4,589,341 5.48% Ru er LLP 4,177,011 5.05% Newton Investment Management Limited 4,215,408 4.96% Stichting Juridisch Eigendom Privium Sustainable Impact Fund 4,000,000 4.69% 1 12.37% of the holding is held by clients of Cazenove Capital Management. 2 Noti cation based on an issued share capital of 75,000,000 shares and received prior to the increase in share capital in November 2021. The Company also received a noti cation on 5 August 2021 from Pentwater Capital Management LP for a holding of 3,550,000 shares and 4.73% of total voting rights. Based on information received, the Company believes that Pentwater Capital Management LP is no longer a shareholder of the Company. Since the year end and as at the date of the notice of AGM, the Company has received a noti cation on 1 September 2025 from Better Society Capital for a holding of 22,425,000 shares and 28.01% of total voting rights. On 10 September 2025, Stichting Juridisch Eigendom Privium Sustainable Impact Fund noti ed the Company of its holding of 4,000,000 shares and 5.00% of total voting rights. These changes resulted from Company share buybacks which altered the percentage level of these investors’ holdings. Provision of information to the auditor The directors at the date of approval of this report con rm that, so far as each of them is aware, there is no relevant audit information of which the Company’s auditor is unaware; and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. Directors’ attendance at meetings The number of scheduled meetings of the Board and its committees held during the year under review and the attendance of individual directors is shown below. Whenever possible all directors attend the AGM. Audit and Risk 2 Management Engagement 2 Nomination Director2 Board2 Committee Committee Committee Susannah Nicklin 5/5 2/2 1/1 1/1 Mike Balfour 1 3/3 1/1 0/0 0/0 James B. Broderick 5/5 2/2 1/1 1/1 Alice Chapple 5/5 2/2 1/1 1/1 Ranjan Ramparia 2 4/5 2/2 1/1 1/1 1 Mike Balfour retired as a director on 18 December 2024. 2 Ranjan Ramparia was appointed as a director on 16 October 2024 and Chair of the Audit and Risk Committee on 18 December 2024. The Board and committees meet more frequently, between scheduled meetings, when business needs require. Directors’ and o&cers’ liability insurance and indemnities Directors’ and o?cers’ liability insurance cover was in place for the directors throughout the year. The Company’s articles of association provide, subject to the provisions of the Companies Act 2006, an indemnity for directors in respect of costs which they may incur relating to the defence of any judgement that is given in their favour by the court. This is a qualifying third party indemnity policy and was in place throughout the year under review for each director and to the date of this report. By order of the Board Schroder Investment Management Limited Company Secretary 28 October 2025 Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 46 Section 2: Governance Audit and Risk Committee Report Ongoing risk review All directors are members of the Committee. Ranjan Ramparia is the chair of the Committee. The AIC Code permits the Chair of the Board to be aQmember of the audit committee of an investment trust. Recognising Susannah Nicklin’s signi cant experience, the Committee considered it appropriate for the independent non-executive Chair to be a member of the Audit and Risk Committee. The Board has satis ed itself that at least one of the Committee’s members has recent and relevant nancial experience and that the Committee as a whole has competence relevant to the sector in which the Company operates. The Committee’s e ectiveness was assessed, and considered to be satisfactory, as part of the directors’ annual review of the Board and its committees. Approach The Committee’s key roles and responsibilities are set out in the table below. Risk management and internal controls Principal and emerging risks and uncertainties To establish and maintain a framework for identifying, assessing, managing and monitoring the Company’s emerging and principal risks and uncertainties and identifying how these are being managed or mitigated. Internal controls To keep under review the adequacy and e ectiveness of the Company’s framework of internal control and risk management, and review the annual report disclosures relating to this. To monitor the Company’s accounting and nancial internal control framework. To consider the need and appropriateness for having an internal auditor, given the Company outsources substantially all of its functions to third parties. Financial reports and valuation Financial statements To monitor the integrity of the nancial statements of the Company and any formal announcements relating to the Company’s nancial performance and valuation. To review the annual and half year reports. An explanation of the Company’s accounting policies can be found at note 1 of the nancial statements on pages 67 to 69. Going concern and viability To review the capital and liquidity position of the Company and make recommendations to the Board in relation to whether it considers it appropriate to adopt the going concern basis of accounting in preparing its annual and half-yearly report and accounts. The Committee is also responsible for reviewing the disclosures made in the viability statement. Audit Audit results To discuss any matters arising from the audit and consider recommendations made by the auditor. Auditor appointment, independence and performance To make recommendations to the Board, inQrelation to the appointment, re-appointment, e ectiveness and removal of the external auditor together with any non-audit services. To review auditor independence, and to approve their remuneration and terms of engagement. To review the audit plan and engagement letter. In relation to these matters, the Committee will take into consideration provisions of the Audit Committees and the External Audit: Minimum Standard. Review of external auditor Half year report Audit planning Audit Annual Report The responsibilities and work carried out by the Audit and Risk Committee during the year under review are set out in the following report. The duties and responsibilities of the Committee, which include monitoring the integrity of the Company’s financial reporting and internal controls, are set out in further detail, and may be found in the terms of reference which are set out on the Company’s website at: www.schroders.com/sbsi. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 47 Section 2: Governance Application during the year The following table sets out how the Committee discharged its duties during the year. The Committee met twice during the year under review. Further details on attendance can be found on page 45. In addition, an evaluation of the Committee's e ectiveness and review of its terms of reference were also completed during the year. Signi cant issues identi ed during the year under review and key matters communicated by the auditor during the audit are included below. Risk management and internal controls Principal and emerging risks and uncertainties The Committee reviewed the principal and emerging risks faced by the Company together with the systems, processes and oversight in place to manage and mitigate the risks. Internal controls The Committee considered several key aspects of the internal control environments operating within the Manager, Portfolio Manager, depositary and registrar, including attestations, assurance reports and presentations on these controls. The Committee reviewed the operational controls reports provided by the Manager, depositary and custodian and registrar and received quarterly reports covering the operations of the service providers. Following a review of the Company’s risk management and internal control framework, the Committee noted that these remain e ective as at the end of the nancial year ended 30 June 2025. Financial reports and valuation Valuation and existence of holdings The Company’s accounting policy for valuing unquoted investments is set out in note 1 on pages 67 to 69 of the notes to the nancial statements. The Committee reviewed the valuations taking account of the latest available information about the Company’s investments and the Portfolio Manager’s knowledge of the underlying investments. The auditor also attended the Portfolio Manager’s valuation committee meetings. Accounting policies and judgements Consideration of the accounting policies used in preparing the accounts of the Company. The management fee is calculated in accordance with the contractual terms contained in the AIFM agreement. The Committee reviewed the calculation of the management fee. Audit Meetings with the auditor The Committee met the auditor without representatives of the Manager and the Portfolio Manager present. Representatives of the auditor attended the committee meeting at which the draft annual report and nancial statements were considered and presented a report on the ndings of the audit. The Committee also evaluated the e ectiveness of the auditor prior to making a recommendation that it should be re-appointed at the forthcoming AGM. This included consideration of the auditor’s knowledge, expertise, resources and process, alongside feedback from the Manager on the audit process. Professional scepticism of the auditor was questioned and the committee was satis ed with the auditor’s replies. In July 2025 the FRC published its annual assessment of quality among the Tier 1 audit rms. Our external auditor, BDO is one of the six Tier 1 audit rms, and was therefore subject to a review by the FRC’s Audit Quality Review team. The FRC’s report identi ed a number of areas for improvement for the auditor but noted improvements in the Financial Services practice and commented upon improved results in its internal quality monitoring. The Committee discussed the FRC’s ndings along with the auditor’s action plan in detail with BDO. BDO have con rmed that they are committed to the highest standards of audit quality and will continue to work closely with the FRC to address any areas of concern. The Committee will continue to monitor auditor’s progress. Risk management and internal controls Compliance with the investment trust qualifying rules in S1158 of the Corporation Tax Act 2010 The Committee considered of the Manager’s report con rming compliance. Financial reports and valuation Overall accuracy of the report and nancial statements The Committee considered the draft annual report and nancial statements and the letters of comfort from the Manager and Portfolio Manager in support of the letter of representation to the auditor. Fair, balanced and understandable The Committee reviewed the draft annual report and nancial statements to advise the Board whether it was fair, balanced and understandable. Going concern and viability The Committee reviewed the impact of risks and uncertainties on going concern and longer-term viability, as described further on page 37. Audit Auditor independence On 16 October 2020, BDO LLP was appointed as auditor to the Company. ThisQis the fth year that BDO LLP will be undertaking the Company’s audit. The auditor is required to rotate the senior statutory auditor every ve years. This is the rst year that the senior statutory auditor, Daniel Quiligotti has conducted the audit of the Company’s annual report and nancial statements. There are no contractual obligations restricting the choice of external auditor. The next tender is expected to take place inQ2030. The Committee received con rmation fromQthe auditor that they remained independent and that it had implemented policies and procedures to meet the requirements of the Auditing Practices Board’s Ethical Standards. Audit results The Committee met with and reviewed aQcomprehensive report from the auditor which detailed: the results of the audit, compliance with regulatory requirements, safeguards that have been established and their own internal quality control procedures. Provision of non-audit services by the Auditor The Committee has reviewed the FRC’s Guidance on Audit Committees and the External Audit: Minimum Standard and has formulated aQpolicy on the provision of non-audit services by the Company’s auditor. The Committee has determined that the Company’s appointed auditor will not be considered for the provision of certain non-audit services, such as accounting and preparation of the nancial statements, internal audit and custody. The auditor may, if required, provide other non-audit services which will be judged on a case-by- case basis. No non-audit services were provided for the year under review. Consent to continue as Auditor BDO LLP indicated to the Committee their willingness to continue to act as auditor. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 48 Section 2: Governance Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 49 Section 2: Governance Recommendations made to, and approved by, the Board: As a result of the work performed, the Committee concluded that the Annual Report and Financial Statements for the year ended 30QJune 2025, taken as aQwhole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position, performance, business model and strategy, and has reported on these ndings to the Board. The Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 56. The Committee recommended that the Board approve the Annual Report and Financial Statements. The Committee recommended that the Annual Report and Financial Statements and the half year report be prepared on a going concern basis in accordance with the explanations set out in the respective going concern and viability statements. Having reviewed the performance of the auditor and discussed the FRC’s ndings with the auditor as described above, the Committee considered it appropriate to recommend the rm’s re-appointment. Resolutions to re-appoint BDO LLP as auditor to the Company, and to authorise the directors to determine their remuneration will be proposed at the AGM. By order of the Board Ranjan Ramparia Audit and Risk Committee chair 28 October 2025 Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 50 Section 2: Governance Management Engagement Committee Report All directors are members of the Committee. James B. Broderick is the chair of the Committee. The Committee’s terms of reference are available on the Company’s website at: www.schroders.com/sbsi. The Committee’s e ectiveness was assessed, and judged to be satisfactory, as part of the directors’ annual review of the Board and its committees. Approach The Committee’s key roles and responsibilities are set out in the table below. Application during the year Recommendations made to, and approved by, the Board: • That the ongoing appointment of the Manager and Portfolio Manager on the terms of their agreements with the Company, including fees, was in the best interests of shareholders as a whole. • That the Company’s service providers’ performance remained satisfactory. James B. Broderick Management Engagement Committee chair 28 October 2025 Oversight of the Manager and the Portfolio Manager The Committee: • reviews the Portfolio Manager’s performance, over the short and long term, against the Company’s target investment return, peer group and the market and considers the social impact performance of investments made on behalf of the Company. • considers the reporting it has received from the Manager and Portfolio Manager throughout the year. • reviews the appropriateness of the Manager’s and Portfolio Manager’s agreements, including terms such as fee structures and notice periods. • assesses whether the Company receives appropriate administrative, accounting, company secretarial and marketing support from the Manager. Oversight of other service providers The Committee reviews the performance and competitiveness of the following service providers on at least an annual basis: • depositary and custodian; • corporate broker; and • registrar. The Committee also receives a report from the Company Secretary on ancillary service providers, and considers anyQrecommendations. The Committee notes the Audit and Risk Committee’s review of theQauditor. The Committee undertook a detailed review of the Portfolio Manager’s performance and agreed that it has the appropriate depth and quality of resource to deliver impact and nancial returns in line with the Company’s target over the longer term. The Committee also reviewed the terms of the AIFM and portfolio management agreements and agreed they remained t for purpose. The Committee reviewed the other services provided by the Manager and agreed they were satisfactory. The annual review of each of the service providers was satisfactory. The Committee noted that the Audit and Risk Committee had undertaken a detailed evaluation of the internal control environments of the Manager, Portfolio Manager, registrar, and depositary and custodian. The Management Engagement Committee is responsible for: (1) the monitoring and oversight of the Manager’s and Portfolio Manager’s performance and fees, and confirming their ongoing suitability; and (2) reviewing and assessing the Company’s other service providers, including reviewing their fees. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 51 Section 2: Governance Nomination Committee Report The Nomination Committee is responsible for: (1) the recruitment, selection and induction of directors; (2) their assessment during their tenure and fees; and (3) the Board’s succession. Selection and ongoing assessment of Directors All directors are members. Alice Chapple is the chair of the Committee. The Committee’s terms of reference are available on the Company’s website at: www.schroders.com/sbsi. The Committee’s e ectiveness was assessed, and judged to be satisfactory, as part of the directors’ annual review of the Board and its committees. Approach The Committee’s key roles and responsibilities are set out in the table below. Selection and induction • The Committee prepares a job speci cation for each role, and an independent recruitment rm is appointed following aQselection process. For the Chair and the chairs of committees, the Committee considers current Board members too. • Job speci cation outlines the knowledge, professional skills, personal qualities and experience requirements. • Potential candidates are assessed against the Company’s diversity policy. • The Committee discusses the long list, invites a number of candidates for interview and makes a recommendation to the Board. • The Committee reviews the induction and training of new directors. Board evaluation and directors’ fees • The Committee assesses each director annually. • Evaluation focuses on whether each director continues to demonstrate commitment to their role and provides aQvaluable contribution to the Board during the year, taking into account time commitment, independence, con icts and training needs. • Following the evaluation, the Committee provides a recommendation to shareholders with respect to the annual re-election of directors at the AGM. • All directors retire at the AGM and their election or re-election is subject to shareholder approval. • The Committee reviews directors’ fees, taking into account comparative data and reports to shareholders in the Remuneration Report. • Any proposed changes to the remuneration policy for directors are discussed and reported to shareholders. Succession • The Board’s succession policy is that directors’ tenure will be for no longer than nine years, except in exceptional circumstances, and that each director will be subject to annual re-election at the AGM. The policy re ects the AIC Code provision that the Chair should not remain in post beyond nine years from the date of their rst appointment to the Board, and that serving on the Board for more than nine years from the date of rst appointment is likely to impair, or could appear to impair, the independence of directors. • The Committee reviews the Board’s current and future needs at least annually. Should any need be identi ed, the Committee will initiate the selection process. • The Committee oversees the handover process for retiring directors. Application of succession policy Selection Induction Annual evaluation Annual review of succession policy Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 52 Section 2: Governance Application during the year Selection and induction • Following a rigorous selection process using an independent external recruitment agency, Sapphire Partners, Ranjan Ramparia was appointed to the Board with e ect from 16 October 2024. Sapphire Partners has no connection with the Company or any of the directors. • The Committee noted that following Ranjan Ramparia’s appointment, she received an induction with the Secretary and the Portfolio Manager as well as the Manager and its various operating functions. • Independent external recruitment agencies were approached to provide suitable proposals. Board evaluation and Directors’ fees • The Board, Chair and committee evaluation process was undertaken in June 2025. The evaluation included the completion of questionnaires, the results of which are compiled in aQwritten report provided to the Committee. The evaluation of the Board and its committees was led by the Chair of the Committee. The evaluation of the Chair was led by the chair of the Audit and Risk Committee. • The Committee reviewed each director’s time commitment and independence, including pro bono not for pro t roles, to ensure that each director remained free from con ict and had su?cient time available to discharge each of their duties e ectively. All directors were considered to be independent in character and judgement. • The Committee considered each director’s contributions, and noted that in addition to extensive experience as professionals and non-executive directors, each director had valuable skills and experience, as detailed in their biographies on pages 40 to 41. • Based on its assessment, the Committee provided individual recommendations for each director’s re-election. • The Committee reviewed the remuneration policy for recommendation to the Board and shareholders, taking into account the provisions of the Company’s articles of association and the prevailing remuneration environment for investment companies. • The Committee reviewed directors’ fees, using external benchmarking, and recommended that directors’ fees remain unchanged as detailed in the remuneration report. Succession • The Committee reviewed the succession policy and agreed that it was still t for purpose. • The Committee believes it is important for the Board to have the appropriate skills and diversity and has reviewed composition and succession plans with these in mind. • The Board has complied with the UKQListing Rules in relation to diversity and provided the relevant disclosures on page 30. Recommendations made to, and approved by, the Board: • That all directors continue to demonstrate commitment to their roles, provide a valuable contribution to the deliberations of the Board and remain free from con icts with the Company and its directors, and should all be recommended for re-election by shareholders at the AGM. Biographies of each director can be found on pages 40 to 41. • That the Directors’ Remuneration Report be put to shareholders for approval for an advisory vote at the forthcoming AGM. • That Sapphire Partners Limited be engaged to assist in the search for a successor for Mike Balfour who will retire as a director at the Company’s AGM on 18 December 2024. • That Ranjan Ramparia be appointed as a non-executive director with e ect from 16 October 2024 and that her election as a director be proposed, and recommended to shareholders for approval at the 2024 AGM. Alice Chapple Nomination Committee chair 28 October 2025 Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 53 Section 2: Governance Directors’ Remuneration Report At the AGM held on 18 December 2024, 99.99% of the votes cast (including votes cast at the Chair’s discretion) in respect of approval of the remuneration policy were in favour. 0.01% were against and no votes were withheld. At the AGM held on 18 December 2024, 99.99% of the votes cast (including votes cast at the Chair’s discretion) in respect of approval of the Directors’ Remuneration Report for the year ended 30 June 2024 were in favour. 0.01% were against and no votes were withheld. Directors’ remuneration policy The determination of the directors’ fees is the responsibility of the Nomination Committee, which makes recommendations to the Board. All directors are members of the Nomination Committee. It is the Nomination Committee’s policy to determine the level of directors’ remuneration having regard to amounts payable to non-executive directors in the industry generally, the role that individual directors ful l, in respect of Board and committee responsibilities, and time committed to the Company’s a airs, taking into account the aggregate limit of fees set out in the Company’s articles of association. This limit of directors’ fees is currently set at £500,000 per nancial year and any increase in this level requires approval by the Board and the Company’s shareholders. The Chair of the Board and the Chair of the Audit and Risk Committee each receive fees at a higher rate than the other directors to re ect their additional responsibilities. Directors’ fees are set at a level to recruit and retain individuals of su?cient calibre, with the level of knowledge, experience and expertise necessary, and to promote the success of the Company in reaching its short and long-term strategic objectives. The Board and its committees exclusively comprise non-executive directors. No director past or present has an entitlement to aQpension from the Company and the Company has not, and does not intend to, operate a share scheme for directors or to award any share options or long-term performance incentives to any director. No director has aQservice contract with the Company, however directors have a letter of appointment. Directors do not receive exit payments and are not provided with any compensation for loss of o?ce. Any director who performs services which in the opinion of the directors are outside the scope of the ordinary duties of a director, may be paid additional remuneration to be determined by the directors, subject to the previously mentioned fee cap and in accordance with the Company’s articles of association. No other payments are made to directors other than the reimbursement of reasonable out-of- pocket expenses incurred in attending to the Company’s business. It is intended that all of the provisions of the last approved directors’ remuneration policy are to continue to apply, subject to an annual review by the Nomination Committee. The terms of directors’ letters of appointment are available for inspection at the Company’s registered o?ce address during normal business hours and during the AGM at the location of such meeting. Implementation of policy The Board did not seek the views of shareholders in setting this remuneration policy. Any comments on the policy received from shareholders would be considered on a case by case basis. As the Company does not have any employees, no employee pay and employment conditions were taken into account when setting this remuneration policy and no employees were consulted in its construction. Directors’ fees are reviewed annually and take into account research from third parties on the fee levels of directors of peer group companies, as well as industry norms, in ation and factors a ecting the time commitment expected of the directors. New directors are subject to the provisions set out in this remuneration policy. Directors’ annual report on remuneration This report sets out how the remuneration policy was implemented during the year ended 30 June 2025. Consideration of matters relating to directors’ remuneration Directors’ remuneration was last reviewed by the Nomination Committee in June 2025 and no changes were made. The members of the Committee and Board at the time that remuneration levels were considered were as set out on pages 40 to 41, with the exception of Mike Balfour who retired as a director on 18 December 2024. Although no external advice was sought in considering the levels of directors’ fees, information on fees paid to directors of other investment companies managed by Schroders and peer group companies provided by the Secretary was taken into consideration, as was independent third party research. Directors’ fees have not changed since the Company’s IPO. Following this review, it was determined that directors’ fees would not be changed and for the year ending 30 June 2025 will be £30,000 per annum for each director plus an additional annual fee of £5,000 per annum for the chair of the Audit and Risk Committee. The Chair’s fee is £40,000 per annum. Directors’ fees (before expenses) for the year ending 30 June 2026 are therefore expected to total £135,000 inQaggregate, subject to any directorate changes. There has been no increase in directors’ fees since the launch of the Company. The following remuneration policy is currently in force and is subject to a binding vote every three years. The next vote will take place at the forthcoming AGM and the current policy provisions will continue to apply until that date. The below Directors’ Remuneration Report is subject to an annual advisory vote. An ordinary resolution to approve this report will also be put to shareholders at the forthcoming AGM. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 54 Section 2: Governance Fees paid to directors The following amounts were paid by the Company to directors for their services in respect of the year ended 30 June 2025. Directors’ remuneration is xed and no directors receive any variable remuneration. The performance of the Company over the period is presented under Performance Summary on page 5. Fees Taxable bene ts 1 Total Change in annual fee over years ended 30 June 2025 2024 2025 2024 2025 2024 2025 2024 2023 2022 2021 2 Director £ £ £ £ £ £ % % % % % Susannah Nicklin (Chair) 40,000 40,000 967 350 40,967 40,350 1.5 (0.3) 1.1 (0.4) n/a Ranjan Ramparia 3 24,077 – – – 24,077 – n/a n/a n/a n/a n/a James Broderick 30,000 30,000 – – 30,000 30,000 0.0 (1.0) 0.9 (0.5) n/a Alice Chapple 30,000 30,000 – – 30,000 30,000 0.0 (0.6) 0.4 (0.5) n/a Mike Balfour 4 15,122 35,000 4,452 4,100 19,574 39,100 (49.9) (1.4) 8.3 2.6 n/a 139,199 135,000 5,419 4,450 144,618 139,450 1 Comprise amounts reimbursed for expenses incurred in carrying out business for the Company, and which have been grossed up to include PAYE and NI contributions. 2 The directors were appointed on 9 November 2020. Directors fees were payable from 22 December 2020. 3 Appointed as a director on 16 October 2024 and Chair of the Audit and Risk Committee on 18 December 2024. 4 Retired as a director and Chair of the Audit and Risk Committee on 18 December 2024. The information in the above table has been audited. Expenditure by the Company on remuneration and distributions to shareholders The table below compares the remuneration payable to directors, to distributions made to shareholders during the year under review and the prior year. In considering these gures, shareholders should take into account the Company’s investment objective. Year ended Year ended 30 June 30 June 2025 2024 Change £000 £000 % Remuneration payable to directors 145 139 4.3 Distributions paid to shareholders – Dividends paid during the year 2,423 1,934 – Share buybacks 1,471 1,409 Total distributions paid to shareholders 3,894 3,343 16.5 The information in the above table has been audited. Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 55 Section 2: Governance Performance graph since 22 December 2020 (launch date) Share price total return versus the FTSE All-Share Index Total Return, for the period from launch on 22 December 2020, to 30 June 2025 1 1 Source: Morningstar. Rebased to 100 at 22 December 2020. The Company is legally required to compare its performance with a broad equity market index. The Company’s performance is expected to have a low correlation to traditional quoted markets and has no meaningful index comparator. So the FTSE All-Share Index has been chosen as it is re ective of economic conditions in the UK. De nitions of terms and performance measures are provided on pages 87 to 88. Directors’ share interests The Company’s articles of association do not require directors to own shares in the Company. The interests of directors, including those of connected persons, at the beginning and end of the nancial year under review, are set out below. 30 June 30 June 2025 1 2024 1 Susannah Nicklin 25,412 25,412 James Broderick 500,000 500,000 Alice Chapple 10,000 10,000 Ranjan Ramparia 2 5,000 NA 1 Ordinary shares of 1p each. 2 Ranjan Ramparia was appointed as a director on 16 October 2024. The information in the above table has been audited. There have been no changes in the directors’ interests in the shares of the Company between 30 June 2025 and the date of this annual report. Susannah Nicklin Chair 28 October 2025 FTSE All-Share Index Total Return Share price total return 80 90 100 110 120 130 140 150 160 30/06/25 30/06/24 30/06/23 30/06/22 30/06/21 22/12/20 Schroder BSC Social Impact Trust plcFAnnual Report and Financial Statements 2025 56 Section 2: Governance Statement of Directors’ Responsibilities in respect of the Annual Report and Financial Statements The directors are responsible for preparing the annual report and the nancial statements in accordance with UK adopted international accounting standards and applicable law and regulations. Company law requires the directors to prepare nancial statements for each nancial year. Under that law the directors have prepared the nancial 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 nancial statements unless they are satis ed that they give a true and fair view of the state of a airs of the Company and of the pro t or loss for the Company for that period. In preparing these nancial 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 they have been prepared in accordance with UK adopted international accounting standards, subject to any material departures disclosed and explained in the nancial statements; • prepare the nancial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and • prepare a directors’ report, a strategic report and directors’ remuneration report which comply with the requirements of the Companies Act 2006. The directors are responsible for keeping adequate accounting records that are su?cient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the nancial position of the Company and enable them to ensure that the nancial statements 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 directors are responsible for ensuring that the annual report and nancial statements, taken as a whole, are fair, balanced, and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and strategy. Website publication The directors are responsible for ensuring the annual report and the nancial statements are made available on a website. Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of nancial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the directors. The directors' responsibility also extends to the ongoing integrity of the nancial statements contained therein. Directors’ responsibilities pursuant to DTR4 The directors con rm to the best of their knowledge: • The nancial statements have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, nancial position and pro t and loss of the Company. • The annual report includes a fair review of the development and performance of the business and the nancial position of the Company, together with a description of the principal risks and uncertainties that they face. On behalf of the Board Susannah Nicklin Chair 28 October 2025 The directors are responsible for preparing the annual report and financial statements in accordance with UK adopted international accounting standards and applicable law and regulations. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 57 Section 3: Financial Statements Independent Auditor’s Report 58 Income Statement 63 Statement of Changes in Equity 64 Balance Sheet 65 Cash Flow Statement 66 Notes to the Financial Statements 67 Section 3: Financial Statements Opinion on the nancial statements In our opinion the nancial statements: • give a true and fair view of the state of the Company’s a airs as at 30 June 2025 and of its net return for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the nancial statements of Schorder BSC Social Impact Trust Plc (the ‘Company’) for the year ended 30 June 2025 which comprise the Income Statement, the Statement of Changes in Equity, the Balance Sheet, the Cash ow Statement, and notes to the nancial statements, including a summary of signi cant accounting policies. The nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the nancial statements section of our report. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our opinion. Our audit opinion is consistent with the additional report to the audit committee. Independence Following the recommendation of the audit committee, we were appointed by the Board of Directors on 16 October 2020 to audit the nancial statements for the year ended 30 June 2021 and subsequent nancial periods. The period of total uninterrupted engagement including retenders and reappointments is 5 years, covering the years ended 30 June 2021 to 30 June 2025. We remain independent of the Company in accordance with the ethical requirements that are relevant to our audit of the nancial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have ful lled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by that standard were not provided to the Company. Material uncertainty related to going concern We draw attention to the Going concern section in Note 1(a) to the nancial statements, which indicates that the Company is undertaking a strategic review that may result in changes to its investment structure, which would be subject to the shareholders’ approval and therefore not guaranteed. As stated in Note 1(a) these events and conditions, along with other matters as set forth in the Going concern section in Note 1(a) indicates that a material uncertainty exists that may cast signi cant doubt on the Company’s ability to continue as a going concern. The nancial statements do not include any adjustments that would result from the basis of preparation being inappropriate. Our opinion is not modi ed in respect of this matter. Given the material uncertainty noted above and our risk assessment we considered going concern to be a key audit matter. Our evaluation of the directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting and in response to the Key Audit Matter included the following: • Assessing and challenging the appropriateness of the directors’ assumptions and judgements made in their stress tested forecasts by performing sensitivity analyses on key factors, including consideration of the available realisable, liquid assets, available cash resources relative to forecast expenditure and commitments; • Evaluating and corroborating the evidence supporting the directors’ going concern assessment and the identi ed material uncertainty, including review of RNS announcements, minutes of Board Meetings, and any external information that could materially a ect the Company’s ability to continue as a going concern; and • Reviewing the disclosures included in the nancial statements relating to going concern to check that the disclosure is consistent with our understanding of the circumstances. In auditing the nancial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the nancial statements is appropriate. In relation to the Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors’ statement in the nancial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Overview 2025 2024 Key audit matters Valuation of unquoted investments Going concern Materiality Company nancial statements as a whole £1.25m (2024: £1.29m) based on 1.5% of Net assets ((2024: 1.5%) of Net assets) An overview of the scope of our audit Our audit was scoped by obtaining an understanding of the Company and its environment, including the Company’s system of internal control, and assessing the risks of material misstatement in the nancial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the directors that may have represented a risk of material misstatement. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signi cance in our audit of the nancial statements of the current period and include the most signi cant assessed risks of material misstatement (whether or not due to fraud) that we identi ed, including those which had the greatest e ect on: the overall audit strategy, the allocation of resources in the audit, and directing the e orts of the engagement team. These matters were addressed in the context of our audit of the nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 58 Section 3: Financial Statements Independent Auditor’s Report to the Members of Schroder BSC Social Impact Trust plc In addition to the matter described in the Material uncertainty related to going concern section of our report, we have determined the matters described below to be the key audit matters to be communicated in our report. How the scope of our audit Key audit matter addressed the key audit matter We assessed the design and implementation of controls relating to the valuation of unquoted investments. This included obtaining an understanding of the oversight and governance structures in relation to the valuation process. For 100% of the unquoted investment population, we challenged whether the valuation methodology was appropriate in the circumstances under the International Private Equity and Venture Capital Valuation (“IPEV”) Guidelines and FRS 102 and performed the following procedures: Unquoted Investment held at fair value observe the Portfolio Manager discussing and challenging the estimation uncertainty in the valuations and the fair value movements during the year. We obtained direct con rmation from the General Partners of the Funds to con rm the share of the Net Asset Values (‘NAV’) held at the balance sheet date. We recalculated the Company’s share of NAV based on the direct con rmation received and the NAV reported within the June 2025 Investor Report. We obtained the unaudited June 2025 quarterly reports, prepared by the Investment Manager or General Partners, from the Portfolio Manager and used these as the basis for the Portfolio Manager’s and the Manager’s year-end valuation to recalculate the year-end investment values. We compared the NAV in the audited or draft audited nancial statements with the NAV in the Investor Report for the same period to check the accuracy of NAV reporting by the underlying Funds. We reviewed the audited nancial statements and audit reports for each Fund to determine whether the audit opinion was modi ed. We assessed whether NAV was an appropriate measure of fair value. We calculated NAV movements for each Fund between the latest audited nancial statements and the June 2025 Investor Reports where the Funds and the company did not share the same year end. Investment held at amortised cost We assessed whether amortised cost was the most appropriate valuation basis for the investments held at amortised cost. We obtained direct con rmation from the holders of the loan notes of the capital amount outstanding at the balance sheet date. For all the investments held in loan portfolios, we agreed all the inputs used in the amortisation calculation to the underlying loan agreements. We also agreed capital and interest repayments to the underlying loan agreement and to bank statements if amounts were paid in the period. We recalculated the amortised cost of each of the loans. We considered whether there were any impairment indicators present within the loan, such as interest payments not being made or capital repayments missed. We did this by tracing all payments through bank statements to con rm these were all made in line with the agreement. Key observations: Based on our procedures performed we did not identify any matters to suggest the valuation of the unquoted investments was not appropriate. We consider the valuation of unquoted investments to be the most signi cant audit area. There is an inherent risk of management override arising from the unquoted investment valuations being prepared by the Manager, and the Portfolio Manager whose performance is assessed with reference to the net asset value of the Company. There is a high level of estimation uncertainty involved in determining the valuations of unquoted investments. Unquoted Investments is the most signi cant balance in the nancial statements and where we utilise most of our audit resources and was therefore considered to be a key audit matter. Valuation of unquoted investments Refer to “Note 1(b) – Valuation of investments” within Accounting Policies, “Note 2 – Losses on investments held at fair value through pro t or loss” and “Note 9 – Fixed assets”. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 59 Section 3: Financial Statements Our application of materiality We apply the concept of materiality both in planning and performing our audit, and in evaluating the e ect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could in uence the economic decisions of reasonable users that are taken on the basis of the nancial statements. In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identi ed misstatements, and the particular circumstances of their occurrence, when evaluating their e ect on the nancial statements as a whole. Based on our professional judgement, we determined materiality for the nancial statements as a whole and performance materiality as follows: Company nancial statements 2025 2024 £ £ Reporting threshold We agreed with the Audit Committee that we would report to them all individual audit di erences in excess of £62,500 (2024: £64,500). We also agreed to report di erences below this threshold that, in our view, warranted reporting on qualitative grounds. Other information The directors are responsible for the other information. The other information comprises the information included in the annual report other than the nancial statements and our auditor’s report thereon. Our opinion on the nancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the nancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Corporate governance statement The UK Listing Rules require us to review the directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code speci ed for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the nancial statements or our knowledge obtained during the audit. £1.25m £1.29m Materiality 1.5% of Net assets Basis for determining materiality As an investment trust, the net asset value is the key measure of performance for users of the nancial statements Rationale for the benchmark applied £937k £970k Performance materiality 75% of materiality Basis for determining performance materiality The level of performance materiality applied was set after having considered a number of factors including the expected total value of known and likely misstatements and the level of transactions in the year. Rationale for the percentage applied for performance materiality Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 60 Section 3: Financial Statements Other Companies Act 2006 reporting Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below. Responsibilities of directors As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the nancial statements and for being satis ed that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the nancial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the nancial statements Our objectives are to obtain reasonable assurance about whether the nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these nancial statements. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Going concern and longer-term viability • The directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identi ed as set out on page 37; and • The directors’ explanation as to their assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 37. Other Code provisions • Directors' statement on fair, balanced and understandable set out on page 56; • Board’s con rmation that it has carried out a robust assessment of the emerging and principal risks set out on page 33; • The section of the annual report that describes the review of e ectiveness of risk management and internal control systems set out on page 33; and • The section describing the work of the Audit Committee set out on page 46. Strategic report and Directors’ report In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic report and the Directors’ report for the nancial year for which the nancial statements are prepared is consistent with the nancial statements; and • the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identi ed material misstatements in the strategic report or the Directors’ report. Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the nancial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration speci ed by law are not made; or • we have not received all the information and explanations we require for our audit. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 61 Section 3: Financial Statements Non-compliance with laws and regulations Based on: • Our understanding of the Company and the industry in which it operates; • Discussion with the Manager and Portfolio Manager and those charged with governance (being the board of directors); and • Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations; We considered the signi cant laws and regulations to be Companies Act 2006, the FCA listing and DTR rules, the principles of the AIC Code of Corporate Governance, industry practice represented by the AIC SORP, the applicable accounting framework, and quali cation as an Investment Trust under UK tax legislation as any non-compliance of this would lead to the Company losing various deductions and exemptions from corporation tax. Our procedures in respect of the above included: • Agreement of the nancial statement disclosures to underlying supporting documentation; • Enquiries of management and those charged with governance relating to the existence of any non-compliance with laws and regulations; • Reviewing minutes of meeting of those charged with governance throughout the period for instances of non-compliance with laws and regulations; and • Reviewing the calculation in relation to Investment Trust compliance to check that the Company was meeting its requirements to retain their Investment Trust Status. Fraud We assessed the susceptibility of the nancial statement to material misstatement including fraud. Our risk assessment procedures included: • Enquiry with the Manager, Portfolio Manager and those charged with governance regarding any known or suspected instances of fraud; • Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; and • Discussion amongst the engagement team as to how and where fraud might occur in the nancial statements. Based on our risk assessment, we considered the areas most susceptible to be valuation of unquoted investments and management override of controls in relation to signi cant judgements made. Our procedures in respect of the above included: • We addressed the risk of fraud in the valuation of unquoted investments by testing the judgements applied in those valuations, as set out in the Key Audit Matters section above; • Considered the opportunity and incentive to manipulate accounting entries and assessed the appropriateness of any post-closing adjustments made in the period end nancial reporting process; • Performed a review of estimates and judgements applied by the directors in the nancial statements to assess their appropriateness and the existence of any systematic bias; and • Incorporated an element of unpredictability in our testing. We also communicated relevant identi ed laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the nancial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions re ected in the nancial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Daniel Quiligotti (Senior Statutory Auditor) For and on behalf of BDO LLP Statutory Auditor London, United Kingdom 28 October 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 62 Section 3: Financial Statements Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 63 Section 3: Financial Statements Income Statement for the year ended 30 June 2025 2025 2024 Revenue Capital Total Revenue Capital Total Note £’000 £’000 £’000 £’000 £’000 £’000 Losses on investments held at fair value through pro t or loss 2 – (2,408) (2,408) – (833) (833) Reversal of impairment provision/(impairment provision) on investments held at amortised cost – 235 235 – (413) (413) Income from investments 3 4,053 – 4,053 3,320 – 3,320 Other interest receivable and similar income 3 307 – 307 167 – 167 Gross return/(loss) 4,360 (2,173) 2,187 3,487 (1,246) 2,241 Investment management fees 4 (309) (309) (618) (340) (340) (680) Administrative expenses 5 (647) – (647) (497) – (497) Transaction costs – – – – (15) (15) Net return/(loss) before taxation 3,404 (2,482) 922 2,650 (1,601) 1,049 Taxation 6 – – – – – – Net return/(loss) after taxation 3,404 (2,482) 922 2,650 (1,601) 1,049 Return/(loss) per share (pence) 7 4.15 (3.02) 1.13 3.16 (1.91) 1.25 The “Total” column of this statement is the pro t 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/(loss) after taxation is also the total comprehensive income for the year. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year (2024: none). The notes on pages 67 to 79 form an integral part of these accounts. Called-up share Share Special Capital Revenue capital premium reserve reserves reserve Total Note £’000 £’000 £’000 £’000 £’000 £’000 At 30 June 2023 853 10,571 72,319 3,019 1,991 88,753 Repurchase of the Company’s own shares into treasury – – (1,409) – – (1,409) Net (loss)/return after taxation – – – (1,601) 2,650 1,049 Dividends paid in the year 8 – – – – (1,934) (1,934) At 30 June 2024 853 10,571 70,910 1,418 2,707 86,459 Repurchase of the Company’s own shares into treasury – – (1,471) – – (1,471) Net (loss)/return after taxation – – – (2,482) 3,404 922 Dividends paid in the year 8 – – – – (2,423) (2,423) At 30 June 2025 14 853 10,571 69,439 (1,064) 3,688 83,487 The notes on pages 67 to 79 form an integral part of these accounts. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 64 Section 3: Financial Statements Statement of Changes in Equity for the year ended 30 June 2025 Restated 2025 2024 Note £’000 £’000 Fixed assets Investments held at fair value through pro t or loss 9 51,781 58,781 Investments held at amortised cost 9 21,700 24,072 73,481 82,853 Current assets Debtors 10 423 562 Current asset investments 11 9,009 3,106 Cash at bank and in hand 1,057 514 10,489 4,182 Current liabilities Creditors: amounts falling due within one year 12 (483) (576) Net current assets 10,006 3,606 Total assets less current liabilities 83,487 86,459 Net assets 83,487 86,459 Capital and reserves Called-up share capital 13 853 853 Share premium 14 10,571 10,571 Special reserve 14 69,439 70,910 Capital reserves 14 (1,064) 1,418 Revenue reserve 14 3,688 2,707 Total equity shareholders’ funds 83,487 86,459 Net asset value per share (pence) 15 102.94 104.13 * For details of the prior period restatement, please refer to note 1(j). These accounts were approved and authorised for issue by the Board of directors on 28 October 2025 and signed on its behalf by: Susannah Nicklin Chair The notes on pages 67 to 79 form an integral part of these accounts. Registered in England and Wales as a public company limited by shares Company registration number: 12902443 Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 65 Section 3: Financial Statements Balance Sheet at 30 June 2025 Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 66 Section 3: Financial Statements Cash Flow Statement for the year ended 30 June 2025 2025 2024 Note £’000 £’000 Net cash in ow from operating activities 16 2,878 1,957 Investing activities Purchases of investments (5,994) (6,415) Sales of investments 13,452 9,306 Net cash in ow from investing activities 7,458 2,891 Net cash in ow before nancing 10,336 4,848 Financing activities Dividend paid (2,423) (1,934) Repurchase of the Company’s own shares into treasury (1,467) (1,383) Net cash out ow from nancing activities (3,890) (3,317) Net cash in ow in the year 6,446 1,531 Cash and cash equivalents at the beginning of the year 3,620 2,089 Net cash in ow in the year 6,446 1,531 Cash and cash equivalents at the end of the year 10,066 3,620 Cash and cash equivalents comprise: Money market funds 11 9,009 3,106 Cash at bank and in hand 1,057 514 Cash and cash equivalents at the end of the year 10,066 3,620 Included in net cash in ow from operating activities are dividends received amounting to £1,230,000 (year ended 30 June 2024: £1,013,000), income from debt securities amounting to £2,505,000 (year ended 30 June 2024: £1,955,000) and other interest receivable and similar income amounting to £29,000 (year ended 30 June 2024: £33,000). The notes on pages 67 to 79 form an integral part of these accounts. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 67 Section 3: Financial Statements 1. Accounting policies (a) Basis of accounting 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 o ce 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”, and with the 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. All of the Company's operations are of a continuing nature. The directors have assessed the principal risks, the impact of the emerging risks and uncertainties and the matters referred to in the viability statement insofar as they apply within the going concern assessment period, being the period to 31 December 2026, which is at least 12 months from the date of approval of the nancial statements. The directors have taken into consideration the controls and monitoring processes in place, the Company’s level of working capital, undrawn commitments and other payables, the level of operating expenses (a signi cant proportion which are variable costs and would reduce in the event of a market downturn), the Company’s cash ow forecasts and the liquidity of the Company’s investments. The directors have assessed the timing and quantum of cash ows from an orderly realisation of assets in the event that liquidity is required to be increased during the going concern assessment period. Additionally, the directors have considered the risk/impact of elevated and sustained in ation and interest rates and performed stress tests assessing the impact of a 50% fall in the market prices of the portfolio. These factors do not a ect the Board’s conclusions in respect of going concern as they believe that the Company has su cient assets to continue in operational existence and satisfy liabilities as they fall due. The Company is undertaking a strategic review. The strategic review remains ongoing and given the potential for structural change, the directors consider that this introduces material uncertainty over the Company’s future operations within the period that going concern is being assessed. The Board further notes that any change to investment policy and structure would be subject to the shareholders’ approval and therefore not guaranteed. This indicates that a material uncertainty exists that may cast signi cant doubt on the Company's ability to continue as a going concern. If shareholders vote for the Company not to continue operating in its normal course of business, then the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The Board intends to convene a general meeting prior to the AGM in 2026, and ahead of any Continuation Resolution, to table recommended proposals on the future of the Company. Although the directors will be looking to put forward proposals that have the broad support of shareholders, there can be no assurance that the proposals are accepted, or that any Continuation Resolution, should it be triggered, will pass. The directors believe the use of the going concern basis is appropriate, as they believe that the Company has su cient assets to continue in existence and satisfy liabilities as they fall due although the Board recognises that this conclusion is subject to the outcomes of the strategic review and shareholder approvals. The nancial statements do not include any adjustments that would result from the basis of preparation being inappropriate. 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 year ended 30 June 2024. Certain judgements, estimates and assumptions have been required in valuing the Company’s investments and these are detailed in note 20 on pages 75 to 76. (b) Valuation of investments The Company’s business is investing in nancial assets with a view to pro ting from their total return in the form of income and capital growth. Investments with a xed coupon and redemption amount are valued at amortised cost less any impairments in accordance with FRS 102. Other nancial assets are managed and their performance evaluated on a fair value basis, in accordance with a documented investment objective and information is provided internally on that basis to the Company’s Board of Directors. Upon initial recognition, these investments are designated by the Company as “held at fair value through pro t or loss”, included initially at cost and subsequently at fair value using the methodology below. This valuation process is consistent with International Private Equity and Venture Capital Guidelines issued in December 2022, which are intended to set out current best practice on the valuation of Private Capital investments. (i) Quoted bid prices for investments traded in active markets. (ii) The price of a recent investment, where there is considered to have been no material change in fair value. (iii) Where it is felt that a milestone has been reached or a target achieved, the Company may use the price of a recent investment adjusted to re ect that change. (iv) Investments in funds may be valued using the NAV per unit with an appropriate discount or premium applied to arrive at a unit price. Notes to the Financial Statements Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 68 Section 3: Financial Statements (v) Price earning multiples, based on comparable businesses. (vi) Industry benchmarks, where available. (vii) Discounted Cash Flow techniques, where reliable estimates of cash ows are available. The above valuation methodologies are deemed to re ect the impact of climate change risk on the investments held. Purchases and sales of quoted investments are accounted for on a trade date basis. Purchases and sales of unquoted investments are recognised when the related contract becomes unconditional. (c) Accounting for reserves Gains and losses on sales of investments and the management fee or nance costs allocated to capital, are included in the Income Statement and dealt with in capital reserves. Increases and decreases in the valuation of investments held at the year end and impairment provision of investments, are included in the Income Statement and in capital reserves within “Investment holding gains and losses”. For shares that are repurchased and held in treasury, the full cost is charged to the special reserve. For a breakdown of reserves please refer to note 14 on pages 73 to 74. (d) Income Dividends receivable are included in revenue on an ex-dividend basis except where, in the opinion of the Board, the dividend is capital in nature, in which case it is included in capital. Income from limited partnerships will be included in revenue on the income declaration date. Income from xed interest debt securities is recognised using the e ective interest method. Deposit interest outstanding at the year end is calculated and accrued on a time apportionment basis using market rates of interest. (e) Expenses All expenses are accounted for on an accruals basis. Expenses are allocated wholly to the revenue column of the Income Statement with the following exceptions: • The management fee is allocated 50% to revenue and 50% to capital in line with the Board's expected long-term split of revenue and capital return from the Company’s investment portfolio. • Expenses incidental to the purchase of an investment are charged to capital. These expenses are commonly referred to as transaction costs and comprise brokerage commission and stamp duty. Details of transaction costs are given in note 9(c) on page 72. The underlying costs incurred by the Company’s investments in collective funds are not included in the various expense disclosures. (f) Financial instruments Cash at bank and in hand comprises cash held in the bank. Current asset investments comprise investments in money market funds and highly liquid investments which are readily convertible to a known amount of cash and are subject to insigni cant risk of changes in value. Other debtors and creditors do not carry any interest, are short-term in nature and are accordingly stated at nominal value, with debtors reduced by appropriate allowances for estimated irrecoverable amounts. Bank loans and overdrafts are initially measured at fair value and subsequently measured at amortised cost. They are recorded at the proceeds received net of direct issue costs. The Company had no bank loans or overdrafts at 30 June 2025 (2024: nil). (g) Taxation Taxation on ordinary activities comprises amounts expected to be received or paid. Tax relief is allocated to expenses charged to the capital column of the Income Statement on the “marginal basis”. On this basis, if taxable income is capable of being entirely o set by revenue expenses, then no tax relief is transferred to the capital column. Deferred tax is provided on all timing di erences that have originated but not reversed by the accounting date. Deferred tax liabilities are recognised for all taxable timing di erences but deferred tax assets are only recognised to the extent that it is probable that taxable pro ts will be available against which those timing di erences can be utilised. Deferred tax is measured at the tax rate which is expected to apply in the periods in which the timing di erences are expected to reverse, based on tax rates that have been enacted or substantively enacted at the balance sheet date and is measured on an undiscounted basis. As the Company continues to meet the conditions required to retain its status as an Investment Trust, any capital gains or losses arising on the revaluation or disposal of investments are exempt. (h) Value added tax (VAT) Expenses are disclosed inclusive of the related irrecoverable VAT. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 69 Section 3: Financial Statements (i) Dividends payable In accordance with FRS 102, dividends payable are included in the accounts in the year in which they are paid. Part, or all of any dividend declared may be designated as an “interest distribution”, calculated in accordance with the investment trust income streaming rules and paid without deduction of any income tax. (j) Prior Period Adjustment An unquoted investment with a value of £3,540,000 that was classi ed as ‘Investments held at fair value through pro t or loss’ has been restated to be classi ed as ‘Investments held at amortised cost’ for the year ended 30 June 2024. As such investments held at fair value through pro t or loss for the year ended 30 June 2024 has decreased by £3,540,000, and investments held at amortised cost have increased by the same amount. There is no impact on other line items in the Balance Sheet, no impact on net asset value, nor on pro t and loss. 2. Losses on investments held at fair value through profit or loss 2025 2024 £’000 £’000 Gains/(losses) on sales of investments based on historic cost 69 (192) Amounts recognised in investment holding gains and losses in the previous year in respect of investments sold in the year (126) 304 (Losses)/gains on sales of investments based on the carrying value at the previous balance sheet date (57) 112 Net movement in investment holding losses (2,351) (945) Losses on investments held at fair value in the current year through pro t or loss (2,408) (833) 3. Income 2025 2024 £’000 £’000 Income from investments UK dividends 1,042 854 Overseas dividends 173 173 Interest income from debt securities and other nancial assets 2,838 2,293 4,053 3,320 Other interest receivable and similar income Deposit interest 290 147 Other income 17 20 307 167 Total income 4,360 3,487 4. Investment management fees 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Investment management fees 309 309 618 340 340 680 The basis for calculating the investment management fees is set out in the Report of the Directors on page 43 and details of all amounts payable to the managers are given in note 18 on page 75. 5. Administrative expenses 2025 2024 £’000 £’000 Other administrative expenses 433 292 Directors’ fees 1 145 139 Auditor’s remuneration for the audit of the Company’s annual accounts 2 69 66 647 497 1 Full details are given in the Directors' Remuneration Report on pages 53 to 55. 2 Includes VAT amounting to £12,000 (2024: £11,000). Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 70 Section 3: Financial Statements 6. Taxation (a) Analysis of tax charge for the year 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Taxation for the year – – – – – – The Company has no corporation tax liability for the year ended 30 June 2025 (2024: nil). (b) Factors affecting tax charge for the year The factors a ecting the current tax charge for the year are as follows: 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Net return/(loss) before taxation 3,404 (2,482) 922 2,650 (1,601) 1,049 Net return/(loss) before taxation multiplied by the Company’s applicable rate of corporation tax for the year of 25% (2024: 25%) 851 (621) 230 663 (400) 263 E ects of: Capital losses on investments – 543 543 – 311 311 Income not chargeable to corporation tax (270) – (270) (225) – (225) Tax deductible interest distribution (782) – (782) (610) – (610) Expenses not utilised in the current period 201 78 279 172 85 257 Expenses not deductible for corporation tax purposes – – – – 4 4 Taxation on ordinary activities – – – – – – (c) Deferred tax The Company has an unrecognised deferred tax asset of £686,000 (2024: £590,000) based on a prospective corporation tax rate of 25% (2024: 25%). This deferred tax asset has arisen due to the cumulative excess of deductible expenses over taxable income. Given the composition of the Company’s portfolio, it is not likely that this asset will be utilised in the foreseeable future and therefore no asset has been recognised in the accounts. Given the Company’s status as an Investment Trust Company, no provision has been made for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. 7. Return per share 2025 2024 £’000 £’000 Revenue return 3,404 2,650 Capital loss (2,482) (1,601) Total return 922 1,049 Weighted average number of shares in issue during the year 82,103,774 83,834,790 Revenue return per share (pence) 4.15 3.16 Capital loss per share (pence) (3.02) (1.91) Total return per share (pence) 1.13 1.25 There are no dilutive instruments, the return per share is actual return. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 71 Section 3: Financial Statements 8. Dividends 2025 2024 £’000 £’000 2024 interim dividend of 2.94p (2023: 2.30p) paid out of revenue pro ts 1 2,423 1,934 2025 2024 £’000 £’000 2025 interim dividend proposed of 3.76p (2024: 2.94p), to be paid out of revenue pro ts 3,049 2,439 1 The 2024 interim dividend amounted to £2,439,000. However the amount actually paid was £2,423,000, as shares were repurchased into treasury after the accounting date but prior to the dividend record date. The 2025 interim dividend is made up wholly of an interest distribution of 3.76p (2024: 2.94p, wholly of interest). The interim dividend amounting to £3,049,471 (2024: £2,439,000) is the amount used for the basis of determining whether the Company has satis ed 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 £3,404,000 (2024: £2,650,000). 9. Fixed assets (a) Movement in investments Restated 2025 2024 Investments Investments held at Investments held at Investments fair value held at fair value held at through amortised through amortised pro t or loss cost Total pro t or loss cost Total £’000 £’000 £’000 £’000 £’000 £’000 Opening book cost 55,067 24,072 79,139 59,844 22,583 82,427 Opening investment holding gains 3,714 – 3,714 4,355 – 4,355 Opening fair value 58,781 24,072 82,853 64,199 22,583 86,782 Purchases at cost 6,178 75 6,253 2,063 4,560 6,623 Sales proceeds (10,770) (2,682) (13,452) (6,648) (2,658) (9,306) Reversal of impairment provision/(impairment provision) on investments held at amortised cost – 235 235 – (413) (413) Losses on investments held at fair value through pro t or loss (2,408) – (2,408) (833) – (833) Closing fair value 51,781 21,700 73,481 58,781 24,072 82,853 Closing book cost 50,544 21,700 72,244 55,067 24,072 79,139 Closing investment holding gains 1,237 – 1,237 3,714 – 3,714 Closing fair value 51,781 21,700 73,481 58,781 24,072 82,853 * For details of the prior period restatement, please refer to note 1(j). The Company received £13,452,000 (2024: £9,306,000) from disposal of investments in the year. The book cost of these investments when they were purchased was £13,383,000 (2024: £9,911,000) These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the value of the investments. (b) Unquoted investments, including investments quoted in inactive markets Opening Closing valuation valuation at 30 June at 30 June Material revaluations of unquoted investments during 2024 Purchases Revaluation Distributions 2025 the year ended 30 June 2025 £’000 £’000 £’000 £’000 £’000 Investment Bridges Inclusive Growth Fund LP 11,482 567 (978) (6,003) 5,068 Man GPM RI Community Housing 1 LP 8,168 1,159 (469) – 8,858 Resonance Real Lettings Property Fund LP 5,779 – (407) (1,804) 3,568 Bridges Social Outcomes Fund II LP 2,722 272 (316) (1,006) 1,672 Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 72 Section 3: Financial Statements Opening Closing valuation valuation at 30 June at 30 June Material revaluations of unquoted investments during 2023 Purchases Revaluation Distributions 2024 the year ended 30 June 2024 £’000 £’000 £’000 £’000 £’000 Investment Bridges Inclusive Growth Fund LP (formerly Bridges Evergreen Capital LP) 12,750 – (1,268) – 11,482 Resonance Real Lettings Property Fund LP 5,476 – 303 – 5,779 Bridges Social Outcomes Fund II LP 4,271 219 134 (1,902) 2,722 2025 Book Sales Realised cost proceeds gain/(loss) Material disposals of unquoted investments during the year £’000 £’000 £’000 Investment Bridges Inclusive Growth Fund LP 6,003 6,003 – Charity Bank Co-Invest Portfolio: Abbey eld York 3.6% 12/05/2049 2,000 2,000 – Resonance Real Lettings Property Fund LP 1,804 1,804 – Bridges Social Outcomes Fund II LP 1,006 1,006 – 2024 Book Sales Realised cost proceeds gain/(loss) Material disposals of unquoted investments during the year £’000 £’000 £’000 Investment Charity Bank Co Invest Portfolio: Sue Ryder FRN 04/12/2043 2,440 2,440 – Bridges Social Outcomes Fund II LP 1,902 1,902 – Community Investment Fund 1,220 1,220 – (c) Transaction costs The following transaction costs, comprising stamp duty and legal fees, were incurred in the year: 2025 2024 £’000 £’000 On acquisitions – 15 On disposals 4 – 4 15 10. Current assets 2025 2024 Debtors £’000 £’000 Dividends and interest receivable 409 545 Other debtors 14 17 423 562 The directors consider that the carrying amount of debtors approximates to their fair value. 11. Current asset investments 2025 2024 £’000 £’000 Money market funds 9,009 3,106 9,009 3,106 As at 30 June 2025, the Company held units in the HSBC Sterling ESG Liquidity Fund with a fair value of £9,009,000 (2024: £3,106,000). Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 73 Section 3: Financial Statements 12. Current liabilities 2025 2024 Creditors: amounts falling due within one year £’000 £’000 Repurchase of the Company’s own shares into treasury awaiting settlement 30 26 Other creditors and accruals 453 550 483 576 The directors consider that the carrying amount of creditors falling due within one year approximates to their fair value. 13. Called-up share capital 2025 2024 £’000 £’000 Ordinary Shares of 1p each, allotted, called up and fully paid: Opening balance of 83,029,661 (2024: 84,604,866) shares 830 846 Repurchase of 1,926,722 (2024: 1,575,205) shares into treasury (19) (16) Subtotal of 81,102,939 (2024: 83,029,661) shares 811 830 4,213,647 (2024: 2,286,925) shares held in treasury 42 23 Closing balance 1 853 853 1 Represents 85,316,586 (2024: 85,316,586) shares of 1p each, including 4,213,647 (2024: 2,286,925) held in treasury. During the year, the Company repurchased 1,926,722 (2024: 1,575,205) of its own shares, nominal value £19,267 (2024: £15,752) to hold in treasury, representing 2.32% (2024: 1.86%) of the shares outstanding at the beginning of the year. The total consideration paid for these shares amounted to £1,471,000 (2024: £1,409,000). The reason for these purchases was to seek to manage the volatility of the share price discount to NAV per share. 14. Reserves Capital & Reserves Gains and Investment losses on holding Share Special sales of gains and Revenue premium 1 reserve 2 investments 3 losses 4 reserve 5 Year ended 30 June 2025 £’000 £’000 £’000 £’000 £’000 Opening balance as at 1 July 2024 10,571 70,910 (2,296) 3,714 2,707 Losses on sales of investments based on the carrying value at the previous balance sheet date – – (57) – – Net movement in investment holding losses – – – (2,351) – Transfer on disposal of investments – – 126 (126) – Reversal of impairment provision on investments – – 235 – – Repurchase of the Company’s own shares into treasury – (1,471) – – – Management fees allocated to capital – – (309) – – Dividends paid – – – – (2,423) Retained revenue for the year – – – – 3,404 Closing balance as at 30 June 2025 10,571 69,439 (2,301) 1,237 3,688 1 Share premium is a non distributable reserve and represents the amount by which the fair value of the consideration received from shares issued exceeds the nominal value of shares issued. 2 This is a distributable capital reserve arising from the cancellation of the share premium, and may be distributed as dividends or used to repurchase the Company’s own shares. 3 This is a realised (distributable) capital reserve and may be distributed as dividends or used to repurchase the Company’s own shares. 4 This is an undistributable reserve which consists of unrealised gains and losses as a result of revaluations of investments held as at year end. 5 The revenue reserve may be distributed as dividends or used to repurchase the Company’s own shares. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 74 Section 3: Financial Statements Capital & Reserves Gains and Investment losses on holding Share Special sales of gains and Revenue premium 1 reserve 2 investments 3 losses 4 reserve 5 Year ended 30 June 2024 £’000 £’000 £’000 £’000 £’000 Opening balance 10,571 72,319 (1,336) 4,355 1,991 Gains on sales of investments based on the carrying value at the previous balance sheet date – – 112 – – Net movement in investment holding losses – – – (945) – Transfer on disposal of investments – – (304) 304 – Impairment losses on investments – – (413) – – Repurchase of the Company’s own shares into treasury – (1,409) – – – Management fees allocated to capital – – (340) – – Transaction costs – – (15) – – Dividends paid – – – – (1,934) Retained revenue for the year – – – – 2,650 Closing balance 10,571 70,910 (2,296) 3,714 2,707 The Company’s articles of association permit dividend distributions out of realised capital pro ts. Total distributable reserves as at 30 June 2025 were £70,826,000 (30 June 2024: £71,321,000). 1 Share premium is a non distributable reserve and represents the amount by which the fair value of the consideration received from shares issued exceeds the nominal value of shares issued. 2 This is a distributable capital reserve arising from the cancellation of the share premium, and may be distributed as dividends or used to repurchase the Company’s own shares. 3 This is a realised (distributable) capital reserve and may be distributed as dividends or used to repurchase the Company’s own shares. 4 This is an undistributable reserve which consists of unrealised gains and losses as a result of revaluations of investments held as at year end. 5 The revenue reserve may be distributed as dividends or used to repurchase the Company’s own shares. 15. Net asset value per share 2025 2024 Net assets attributable to shareholders (£’000) 83,487 86,459 Shares in issue at the year end 81,102,939 83,029,661 Net asset value per share (pence) 102.94 104.13 16. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow from operating activities 2025 2024 £’000 £’000 Total return before taxation 922 1,049 Add capital loss before taxation 2,482 1,601 Less accumulation dividends 1 and capitalised xed interest (259) (208) Decrease/(increase) in accrued income 136 (163) Decrease in other debtors 3 2 (Decrease)/increase in other creditors (97) 31 Management fee and transaction costs allocated to capital (309) (355) Net cash in ow from operating activities 2,878 1,957 1 Accumulation dividends are capitalised to investments. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 75 Section 3: Financial Statements 17. Uncalled capital commitments At 30 June 2025, the Company had uncalled capital commitments amounting to £11,825,000 (2024: £12,174,000) in respect of follow-on investments, which may be drawn down or called by investee entities, subject to standard notice periods. 18. 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 page 43. The fee payable to the Manager in respect of the year ended 30 June 2025 amounted to £562,000 (2024: £624,000), of which £290,000 (2024: £307,000) 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 £89,000 for the year ended 30 June 2025 (2024: £79,000), of which £40,000 (2024: £66,000) 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 between the Company, Better Society Capital Limited, Rathbone Investment Management Limited and The Charity Bank Limited are entitled to receive a management fee for portfolio management services relating to certain of the Company’s investments. The fee payable to Rathbone in respect of the year ended 30 June 2025 amounted to £54,000 (2024: £54,000), of which £14,000 (2024: £13,000) was outstanding at the year end. The fee payable to The Charity Bank Limited in respect of the year ended 30 June 2025 amounted to £2,000 (2024: £2,000), of which £nil was outstanding at the year end (2024: £nil). 19. Related party transactions Details of the remuneration payable to directors are given in the Directors’ Remuneration Report on page 54 and details of Directors’ shareholdings are given in the Directors’ Remuneration Report on page 55. Details of transactions with the Managers are given in note 18 above. There have been no other transactions with related parties during the year (2024: there was a smaller related party transaction for the purposes of the Listing Rules as then in force in relation to the debt investment in Community Energy Together Limited, The Company’s debt investment in Community Energy Together Limited was valued at £3.5m and comprised 4.1% of the Company’s investment portfolio as of 30 June 2024, was made by way of the sale of a £3.6m direct junior loan to Community Energy Together Limited, previously owned by the Portfolio Manager. After the sale, the Portfolio Manager held a £2.4m investment in the same entity through a junior loan, compared to £6.0m before the sale). 20. Disclosures regarding financial instruments measured at fair value The Company’s nancial instruments within the scope of FRS 102 that are held at fair value comprise certain investments held in its investment portfolio. FRS 102 requires that nancial instruments held at fair value are categorised into a hierarchy consisting of the three levels below. A fair value measurement is categorised in its entirety on the basis of the lowest level input that is signi cant to the fair value measurement. Level 1 - valued using unadjusted quoted prices in active markets for identical assets. Level 2 - valued using observable inputs other than quoted prices included within Level 1. Level 3 - valued using inputs that are unobservable. Details of the Company’s policy for valuing investments are given in note 1(b) on pages 67 to 68. Level 3 investments have been valued in accordance with note 1(b)(ii) to (vii). The Company’s unlisted investments held at fair value are valued using a variety of techniques consistent with the recommendations set out in the International Private Equity and Venture Capital guidelines. Investments in third-party managed funds were valued by reference to the most recent net asset value provided by the relevant manager. The valuation methods adopted by third-party managers include using comparable company multiples, net asset values, assessment of comparable company performance and assessment of milestone achievement at the investee. For certain investments, such as High Impact Housing, the third-party manager may appoint external valuers to periodically value the underlying portfolio of assets. The valuations of third-party managed funds will also be subject to an annual audit. The valuations of all investments are considered by the Portfolio Manager and recommended to the AIFM, who in turn recommends them to the Company. Where it is deemed appropriate, the Portfolio Manager may recommend an adjusted valuation to the extent that the adjusted valuation represents the Portfolio Manager’s view of fair value. At 30 June, the Company’s xed asset investments held at fair value, were categorised as follows: Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 76 Section 3: Financial Statements Restated 2025 2024 £’000 £’000 Level 1 3,123 5,928 Level 2 942 – Level 3 47,716 52,853 Total 51,781 58,781 * For details of the prior period restatement, please refer to note 1(j). There have been no transfers between Levels 1, 2 or 3 during the year (2024: nil). Movements in fair value measurements included in Level 3 during the year are as follows: Restated 2025 2024 £’000 £’000 Opening book cost 48,567 49,908 Opening investment holding gains 4,286 4,949 Opening fair value of Level 3 investments 52,853 54,857 Purchases at cost 6,051 1,852 Sales proceeds (9,047) (3,193) Net losses on investments (2,141) (663) Closing fair value of Level 3 investments 47,716 52,853 Closing book cost 45,571 48,567 Closing investment holding gains 2,145 4,286 Closing fair value of Level 3 investments 47,716 52,853 * For details of the prior period restatement, please refer to note 1(j). 21. Financial instruments’ exposure to risk and risk management policies The Company’s objectives are set out on the inside front cover of this report. In pursuing these objectives, the Company is exposed to a variety of nancial risks that could result in a reduction in the Company’s net assets or a reduction in the pro ts available for dividends. These nancial risks include market risk (comprising interest rate risk and other price risk), liquidity risk and credit risk. The Directors’ policy for managing these risks is set out below. The Board coordinates the Company’s risk management policy. The Company has no signi cant exposure to foreign exchange risk on monetary items. The Company’s classes of nancial instruments may comprise the following: • investments in collective funds, listed and unlisted bonds, debts, shares of quoted and unquoted companies which are held in accordance with the Company’s investment objective; • debtors, creditors, short-term deposit and cash arising directly from its operations; • bank loans used for investment purposes; and • derivatives used for e cient portfolio management or currency hedging. (a) Market risk The fair value or future cash ows of a nancial instrument held by the Company may uctuate because of changes in market prices. This market risk comprises two elements: interest rate risk and other price risk. Information to enable an evaluation of the nature and extent of these two elements of market risk is given in parts (i) and (ii) of this note, together with sensitivity analyses where appropriate. The Board reviews and agrees policies for managing these risks. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis. (i) Interest rate risk Interest rate movements may a ect the level of income receivable on investments carrying a oating interest rate coupon, cash balances and interest payable on any loans or overdrafts when interest rates are re-set. Management of interest rate risk Liquidity and borrowings are managed with the aim of increasing returns to shareholders. The Company may borrow from time to time, but gearing will not exceed 20% of net asset value at the time of drawing. Gearing is de ned as borrowings less cash, expressed as a percentage of net assets. The Company had an arranged overdraft facility to a limit of £5m with HSBC Bank plc. This expired on 30 November 2024. Due to the transition of the Depositary, Administration and Custody services of the Company from HSBC Bank plc Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 77 Section 3: Financial Statements to J.P. Morgan Europe Limited and JPMorgan Chase Bank, N.A., London Branch e ective 30 September 2025, this overdraft facility was not renegotiated. The overdraft facility has not been utilised during the current or prior year. Interest rate exposure The exposure of nancial assets and nancial liabilities to oating interest rates, giving cash ow interest rate risk when rates are re-set, is shown below: 2025 2024 Exposure to oating interest rates: £’000 £’000 Investments carrying a oating interest rate coupon 1,790 3,966 Current asset investments 9,009 3,106 Cash at bank and in hand 1,057 514 11,856 7,586 Sterling cash balances at call earn interest at oating rates based on the Sterling Overnight Interest Average rates (“SONIA”). The above year end amounts are broadly representative of the exposure to interest rates during the year and prior year. Interest rate sensitivity The following table illustrates the sensitivity of the return after taxation for the year and net assets to a 0.75% (2024: 0.75%) increase or decrease in interest rates in regards to the Company’s monetary nancial assets and nancial liabilities. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s monetary nancial instruments held at the accounting date with all other variables held constant. 2025 2024 0.75% 0.75% 0.75% 0.75% increase decrease increase decrease in rate in rate in rate in rate Income statement – return after taxation £’000 £’000 £’000 £’000 Revenue return 89 (89) 57 (57) Capital return – – – – Total return after taxation 89 (89) 57 (57) Net Assets 89 (89) 57 (57) (ii) Other price risk Other price risk includes changes in market prices which may a ect the value of investments. Management of other price risk The Board meets on at least four occasions each year to consider the asset allocation of the portfolio and the risk associated with particular industry sectors. The portfolio management team has responsibility for monitoring the portfolio, which is selected in accordance with the Company’s investment objective and seeks to ensure that individual stocks meet an acceptable risk/reward pro le. The Board may authorise the Manager to enter derivative transactions for the purpose of currency hedging, although non-sterling exposures are expected to be limited. Market price risk exposure The Company’s total exposure to changes in market prices at 30 June comprises the following: Restated 2025 2024 £’000 £’000 Investments held at fair value through pro t or loss 51,781 58,781 * For details of the prior period restatement, please refer to note 1(j). The above data is broadly representative of the exposure of the Company’s xed asset investments held at fair value to market price risk during the year. Concentration of exposure to market price risk An analysis of the Company’s investments is given on page 22. This shows a concentration of exposure to the social housing sector in the United Kingdom. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 78 Section 3: Financial Statements Market price risk sensitivity The following table illustrates the sensitivity of the return after taxation for the year and net assets to an increase or decrease of 10% in the fair values of the Company’s xed asset investments. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s exposure to the underlying investments and includes the impact on the management fee but assumes that all other variables are held constant. Restated 2025 2024 10% 10% 10% 10% increase decrease increase decrease in fair in fair in fair in fair value value value value Income statement – return after taxation £’000 £’000 £’000 £’000 Revenue return (21) 21 (24) 24 Capital return 5,157 (5,157) 5,854 (5,854) Total return after taxation and net assets 5,136 (5,136) 5,830 (5,830) Percentage change in net asset value (%) 6.2 (6.2) 6.7 (6.7) * For details of the prior period restatement, please refer to note 1(j). (b) Liquidity risk This is the risk that the Company will encounter di culty in meeting its obligations associated with nancial liabilities that are settled by delivering cash or another nancial asset. Management of the risk The Portfolio Manager monitors the cash position to ensure su cient is available to meet the Company’s nancial obligations. For this purpose, the Portfolio Manager may retain up to 20% of net assets in Liquid Assets, other liquid investments and a reserve of cash. The Company also had an overdraft facility with HSBC Bank plc, which expired on 30 November 2024. Liquidity risk exposure Contractual maturities of nancial liabilities, based on the earliest date on which payment can be required are as follows: 2025 2024 Three Three months months or less or less Creditors: amounts falling due within one year £’000 £’000 Other creditors and accruals (483) (576) (483) (576) (c) Credit risk Credit risk is the risk that the failure of the counterparty to a transaction to discharge its obligations under that transaction could result in loss to the Company. Credit risk exposure The Company is exposed to credit risk principally from debt securities held, o balance sheet commitments, loans and receivables and cash deposits. Portfolio dealing The credit ratings of broker counterparties are monitored by the AIFM and limits are set on exposure to any one broker. Exposure to the custodian Throughout the nancial year ended 30 June 2025, the custodian of the Company’s assets was HSBC Bank plc which has long-term Credit Ratings of AA– with Fitch and Aa3 with Moody’s. Any assets held by the custodian will be held in accounts which are segregated from the custodian’s own trading assets. If the custodian were to become insolvent, the Company’s right of ownership of those investments is clear and they are therefore protected. However the Company’s cash balances are all deposited with the custodian as banker and held on the custodian’s balance sheet. Accordingly, in accordance with usual banking practice, the Company will rank as a general creditor to the custodian in respect of cash balances. Exposure to debt securities The Portfolio Manager’s investment process ensures that potential investments are subject to robust analysis, appropriate due diligence and approval by an investment committee. Pre-investment checks are made to prevent breach of the Company's investment limits, which are designed to ensure a diversi ed portfolio to manage risk. Debt securities are subject to continuous monitoring and quarterly reports are presented to the Board. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 79 Section 3: Financial Statements Credit risk exposure The following amounts shown in the Balance Sheet, represent the maximum exposure to credit risk at the year end: Restated 2025 2024 Balance Maximum Balance Maximum sheet exposure sheet exposure £’000 £’000 £’000 £’000 Fixed assets Investments held at fair value through pro t or loss 51,781 – 58,781 – Investments held at amortised cost (debt securities) 21,700 21,700 24,072 24,072 Current assets Debtors 423 423 562 562 Current asset investments 9,009 9,009 3,106 3,106 Cash at bank and in hand 1,057 1,057 514 514 83,970 32,189 87,035 28,254 * For details of the prior period restatement, please refer to note 1(j). At 30 June 2025, the Company had an o -balance sheet credit exposure consisting of uncalled capital commitments which amounted to £11,825,000 (2024: £12,174,000) in respect of follow-on investments. (d) Fair values of nancial assets and nancial liabilities All nancial assets and liabilities are either carried in the balance sheet at fair value, or the balance sheet amount is a reasonable approximation of fair value. 22. Capital management policies and procedures The Company’s capital management objectives are to ensure that it will be able to continue as a going concern, and to maximise the income and capital return to its equity shareholders. The Company’s capital structure comprises the following: 2025 2024 Equity £’000 £’000 Called-up share capital 853 853 Reserves 82,634 85,606 Total equity 83,487 86,459 The Board, with the assistance of the Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review will include: • the possible use of gearing, which will take into account the Manager’s views on the market; • the potential bene t of repurchasing the Company’s own shares for cancellation or holding in treasury, which will take into account the share price discount; • the opportunity for issue of new shares; and • the amount of dividend to be paid, in excess of that which is required to be distributed. 23. Events after the accounting date that have not been reflected in the financial statements The Depositary, Administration and Custody services of the Company transitioned from HSBC Bank plc to J.P. Morgan Europe Limited and JPMorgan Chase Bank, N.A., London Branch e ective 30 September 2025. There have been no other events we are aware of since the balance sheet date which either require changes to be made to the gures included in the nancial statements or to be disclosed by way of note. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 80 Section 4: Other Information (Unaudited) Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 81 Section 4: Other Information (Unaudited) Annual General Meeting – Recommendations 82 Notice of Annual General Meeting 83 Explanatory Notes to the Notice of Meeting 85 De nitions of Terms and Alternative Performance Measures 87 Impact Methodology Notes 89 Shareholder Information 92 Information about the Company 94 Section 4: Other Information (Unaudited) Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 82 Section 4: Other Information (Unaudited) Annual General Meeting – Recommendations The AGM of the Company will be held on Wednesday, 17%December 2025 at 12.00 p.m. The formal Notice of Meeting is set out on pages 83 to 84. The following information is important and requires your immediate attention. If you are in any doubt about the action you should take, you should consult an independent nancial adviser, authorised under the Financial Services and Markets Act 2000. If you have sold or transferred all of your ordinary shares in the Company, please forward this document with its accompanying form of proxy at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was e ected, for onward transmission to the purchaser or transferee. Ordinary business Resolutions 1 to 9 are all ordinary resolutions. Resolution 1 is related to the Company’s Annual Report and Financial Statements. Resolution 2 concerns the interim dividend as set out on pages 43 to 44. Resolution 3 concerns the Directors’ Remuneration Report on pages 53 to 55. Resolutions 4-7 invite shareholders to elect and re-elect directors for a further year, following the recommendations of the Nomination Committee, set out on page 52 (their biographies are set out on pages 40 to 41). Resolutions 8 and 9 concern the re-appointment and remuneration of the Company’s Auditor, discussed in the Audit and Risk Committee Report on pages 58 to 62. Special business Resolution 10 – Directors’ authority to allot shares (ordinary resolution) and resolution 11 – power to disapply pre-emption rights (special resolution) The directors are seeking authority to allot a limited number of unissued ordinary shares for cash without rst o ering them to existing shareholders in accordance with statutory pre-emption procedures. Appropriate resolutions will be proposed at the forthcoming AGM and are set out in full in the Notice of AGM. An ordinary resolution will be proposed to authorise the directors to allot shares up to a maximum aggregate nominal amount of £79,556 (being 10% of the issued share capital (excluding any shares held in treasury) as at 28%October 2025). A special resolution will be proposed to authorise the directors to allot shares up to a maximum aggregate nominal amount of £79,556 (being 10% of the issued share capital as at 28 October 2025) on a%non pre-emptive basis. This authority includes shares that the Company sells or transfers that have been held in treasury. The directors do not intend to allot ordinary shares or sell treasury shares, on a non pre-emptive basis, pursuant to this authority other than to take advantage of opportunities in the market as they arise and only if they believe it to be advantageous to the Company as a whole. Shares issued or treasury shares reissued, under this authority, will be at a%price that is equal to or greater than the Company’s NAV per share, plus any applicable costs, as at the latest practicable date before the allotment of such shares. If approved, both of these authorities will expire at the conclusion of the AGM in 2026 unless renewed, varied or revoked earlier. Resolution 12: authority to make market purchases of the Company’s own shares (special resolution) At the AGM held on 18 December 2024, the Company was granted authority to make market purchases of up to 12,371,723 ordinary shares for cancellation or holding in treasury. 2,804,191 ordinary shares were bought back under this authority and the Company therefore has remaining authority to purchase up to 9,567,532 ordinary shares. This authority will expire at the forthcoming AGM. The directors believe it is in the best interests of the Company and its shareholders to have a general authority for the Company to buy back its ordinary shares in the market as they keep under review the share price discount to NAV. A special resolution will be proposed at the forthcoming AGM to give the Company authority to make market purchases of up to 14.99% of the ordinary shares in issue as at 28%October 2025 (excluding treasury shares). The directors will exercise this authority to buy back shares only when the share price is at a discount to the Company’s NAV and only if the directors consider that any purchase would be for the bene t of the Company and its shareholders, taking into account relevant factors and circumstances at the time. Any shares so purchased would be cancelled or held in treasury for potential reissue. If renewed, this authority will lapse at the conclusion of the AGM in 2026 unless renewed, varied or revoked earlier. Resolution 13: notice period for general meetings (special resolution) Resolution 13 set out in the Notice of AGM is a special resolution and will, if passed, allow the Company to hold general meetings (other than AGMs) on a minimum notice period of 14%clear days, rather than 21 clear days as required by the Companies Act 2006. The approval will be e ective until the Company’s next AGM to be held in 2026. The directors will only call general meetings on 14%clear days’ notice when they consider it to be in the best interests of the Company’s shareholders and will only do so if the Company o ers facilities for all shareholders to vote by electronic means and when the matter needs to be dealt with expediently. Recommendations The Board considers that the resolutions relating to the above items of business are in the best interests of shareholders as a%whole. Accordingly, the Board unanimously recommends to shareholders that they vote in favour of the above resolutions and the other resolutions to be proposed at the forthcoming AGM, as they intend to do in respect of their own bene cial holdings. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 83 Section 4: Other Information (Unaudited) Notice of Annual General Meeting Notice is hereby given that the AGM of Schroder BSC Social Impact Trust plc will be held on Wednesday, 17 December 2025 at 12.00 p.m. at 1 London Wall Place, London EC2Y 5AU to consider the following resolutions, of which resolutions 1 to 10 will be proposed as ordinary resolutions, and resolutions 11 to 13 will be proposed as special resolutions: Ordinary business 1. To receive the Annual Report and Financial Statements for the year ended 30%June 2025. 2. To authorise the directors of the Company to declare and pay all dividends of the Company as interim dividends and for the last dividend referable to a nancial year not to be categorised as a% nal dividend that is subject to shareholder approval. 3. To approve the Directors’ Remuneration Report for the year ended 30 June 2025. 4. To approve the re-election of Susannah Nicklin as a director of the Company. 5. To approve the re-election of James B. Broderick as a director of the Company. 6. To approve the re-election of Alice Chapple as a director of the Company. 7. To approve the re-election of Ranjan Ramparia as a director of the Company. 8. To re-appoint BDO LLP as auditor to the Company. 9. To authorise the directors to determine the remuneration of BDO LLP as auditor to the Company. Special business 10. To consider, and if thought t, pass the following resolution as an ordinary resolution: “THAT in substitution for all existing authorities the directors be generally and unconditionally authorised pursuant to section%551 of the Companies Act 2006 (the “Act”) to exercise all the powers of the Company to allot relevant securities (within the meaning of section 551 of the Act) up to an aggregate nominal amount of £79,556 (being 10% of the issued ordinary share capital, excluding treasury shares, at 28 October 2025) for a%period expiring (unless previously renewed, varied or revoked by the Company in general meeting) at the conclusion of the AGM of the Company in 2026, but that the Company may make an o er or agreement which would or might require relevant securities to be allotted after expiry of this authority and the Board may allot relevant securities in pursuance of that o er or agreement.” 11. To consider and, if thought t, to pass the following resolution as a special resolution: “THAT, subject to the passing of Resolution 10 set out above, the directors of the Company be and they are hereby empowered pursuant to sections 570, 571 and 573 of the Act to allot equity securities (within the meaning of section 560 of the Act) for cash pursuant to the authority conferred by Resolution 10 or by way of sale of treasury shares as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities for cash up to an aggregate nominal amount of £79,556 (representing 10% of the aggregate nominal amount of the share capital, excluding treasury shares, in issue at 28 October 2025) at a%price of not less than the NAV per share and shall expire upon the expiry of the general authority conferred by Resolution 10 above, unless renewed at a general meeting prior to such time, save that the Company may before such expiry make o ers, agreements or arrangements which would or might require equity securities to be allotted after such expiry and so that the directors of the Company may allot equity securities in pursuant of such o ers, agreements or arrangements as if the power conferred hereby had not expired.” The directors do not intend to allot ordinary shares pursuant to this power other than to enable the Company to continue its issuance and premium management programme e ectively. 12. To consider and, if thought t, to pass the following resolution as a special resolution: “THAT the Company be and is hereby generally and unconditionally authorised in accordance with section 701 of the Act to make market purchases (within the meaning of section 693 of the Act) of ordinary shares of 1p each in the capital of the Company at whatever discount the prevailing market price represents to the prevailing NAV per share provided that: (a) the maximum number of share which may be purchased is 11,925,373, representing 14.99% of the Company’s issued ordinary share capital as at 28 October 2025 (excluding treasury shares); (b) the maximum price (exclusive of expenses) which may be paid for a share shall not exceed the higher of; i) 105% of the average of the middle market quotations for the share as taken from the London Stock Exchange Daily O cial List for the ve business days preceding the date of purchase; and ii) the higher of the last independent bid and the highest current independent bid on the London Stock Exchange; (c) the minimum price (exclusive of expenses) which may be paid for a share shall be 1p, being the nominal value per Share; (d) this authority hereby conferred shall expire at the conclusion of the next AGM of the Company in 2026 (unless previously renewed, varied or revoked by the Company prior to such date); (e) the Company may make a contract to purchase shares under the authority hereby conferred which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of shares pursuant to any such contract; and (f) any shares so purchased will be cancelled or held in treasury.” Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 84 Section 4: Other Information (Unaudited) 13. To consider and, if thought t, to pass the following resolution as a special resolution: “THAT a general meeting, other than an annual general meeting, may be called on not less than 14 clear days’ notice.” By order of the Board For and on behalf of Schroder Investment Management Limited 28 October 2025 Registered O ce: 1 London Wall Place London EC2Y 5AU Registered Number: 12902443 Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 85 Section 4: Other Information (Unaudited) Explanatory Notes to the Notice of Meeting 1. Ordinary shareholders are entitled to attend, ask questions and vote at the meeting and to appoint one or more proxies, who need not be a shareholder, as their proxy to exercise all or any of%their rights to attend, speak and vote on their behalf at the%meeting. A proxy form is attached. Shareholders are encouraged to appoint the Chair as proxy. If you wish to appoint a person other than the Chair as your proxy, please insert the name of your chosen proxy holder in the space provided at the top of the form. If the proxy is being appointed in relation to less than your full voting entitlement, please enter in the box next to the proxy holder’s name the number of shares in relation to which they are authorised to act as your proxy. If left blank your proxy will be deemed to be authorised in respect of your full voting entitlement (or if this proxy form has been issued in respect of a%designated account for a shareholder, the full voting entitlement for that designated account). Additional proxy forms can be obtained by contacting the Company’s Registrars, Equiniti Limited, on +44 (0)800 032 0641, or you may photocopy the attached proxy form. Please indicate in the box next to the proxy holder’s name the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by ticking the box provided if the proxy instruction is one of multiple instructions being given. Completion and return of a%form of proxy will not preclude a member from attending the AGM and voting in person. On a vote by show of hands, every ordinary shareholder who is present in person has one vote and every duly appointed proxy who is present has one vote. On a poll vote, every ordinary shareholder who is present in person or by way of a proxy has one vote for every share of which he/she is a holder. Voting will be by poll. The “Vote Withheld” option on the proxy form is provided to enable you to abstain on any particular resolution. However it should be noted that a “Vote Withheld” is not a vote in law and will not be counted in the calculation of the proportion of the votes ‘For’ and ‘Against’ a resolution. A proxy form must be signed and dated by the shareholder or his or her attorney duly authorised in writing. In the case of joint holdings, any one holder may sign this form. The vote of the senior joint holder who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint holder and for this purpose seniority will be determined by the order in which the names appear on the Register of Members in respect of the joint holding. To be valid, proxy form(s) must be completed and returned to the Company’s Registrars, Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, in the enclosed envelope together with any power of attorney or other authority under which it is signed or a copy of such authority certi ed notarially, to arrive no later than 48%hours before the time xed for the meeting, or an adjourned meeting. You may also submit your proxy votes via the internet. You can do so by visiting www.shareview.co.uk. You will need to create an online portfolio using your Shareholder Reference Number and follow the on-screen instructions. This information can be found under your name on your form of proxy. Alternatively, shareholders who have already registered with Equiniti’s online portfolio service, Shareview, can appoint their proxy electronically by logging on to their portfolio at www.shareview.co.uk using their user ID and password. Once logged in, click “view” on the “My Investments” page. Click on the link to vote and follow the on screen instructions. Please note that to be valid, your proxy instructions must be received by the Company’s Registrar no later than 12.00 p.m. on Monday, 15%December 2025. If you have any di culties with online voting, you should contact the shareholder helpline on +44(0)800%032%0641. Please use the country code when calling from outside the UK. Lines are open between 8.30 a.m. to 5.30%p.m., Monday to Friday excluding public holidays in England and Wales. If an ordinary shareholder submits more than one valid proxy appointment, the appointment received last before the latest time for receipt of proxies will take precedence. Shareholders may not use any electronic address provided either in this Notice of AGM or any related documents to communicate with the Company for any purposes other than expressly stated. Representatives of shareholders that are corporations will have to produce evidence of their proper appointment when attending the AGM. 2. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated Person”) may, under an agreement between him or her and the shareholder by whom he or she was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the AGM. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he or she may, under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights. The statement of the rights of ordinary shareholders in relation to the appointment of proxies in note 1 above does not apply to Nominated Persons. The rights described in that note can only be exercised by ordinary shareholders of the Company. 3. Pursuant to Regulation 41 of the Uncerti cated Securities Regulations 2001, the Company has speci ed that only those shareholders registered in the Register of members of the Company at 6.30 p.m. on Monday, 15 December 2025, or 6.30%p.m. two%days prior to the date of an adjourned meeting, shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that time. Changes to the Register of Members after 6.30 p.m. on 15%December 2025 shall be disregarded in determining the right of any person to attend and vote at the meeting. 4. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST manual. The CREST manual can be viewed at www.euroclear.com. A%CREST message appointing a proxy (a “CREST proxy instruction”) regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction previously given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the issuer’s agent (ID RA19) by the latest time for receipt of proxy appointments. If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12.00 p.m. on Monday, 15%December 2025 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 86 Section 4: Other Information (Unaudited) 5. Copies of the terms of appointment of the non-executive directors and a statement of all transactions of each director and of their family interests in the shares of the Company, will be available for inspection by any member of the Company at the registered o ce of the Company during normal business hours on any weekday (English public holidays excepted) and at%the Annual General Meeting by any attendee, for at least 15%minutes prior to, and during, the AGM. None of the directors has a contract of service with the Company. 6. The biographies of the directors o ering themselves for re-election are set out on pages 40 to 41 of the Company’s Annual Report and Financial Statements for the year ended 30%June 2025. 7. As at 28 October 2025, 85,316,586 ordinary shares of 1 pence each were in%issue (5,761,060 were held in treasury). Therefore the total number of voting rights of the Company as at 28%October 2025 was 79,555,526. 8. A copy of this Notice of Meeting together with any other information as%required under Section 311A of the Companies Act 2006, is available from the Company’s website, www.schroders.co.uk/sbsi. 9. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the AGM any question relating to the business being dealt with at%the AGM which is put by a member attending the meeting, except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the meeting that the question be answered or if to do so would involve the disclosure of con dential information. 10. Members satisfying the thresholds in section 527 of the Companies Act 2006 can require the Company to publish a%statement on its website setting out any matter relating to: (a) the audit of the Company’s Annual Report and Financial Statements (including the auditor’s report and the conduct of the audit) that are to be laid before the Meeting; or (b) any circumstance connected with an auditor of the Company ceasing to hold o ce since the last AGM, that the members propose to raise at the meeting. The Company cannot require the members requesting the publication to pay its expenses. Any statement placed on the website must also be sent to the Company’s auditor no later than the time it makes its statement available on the website. The business which may be dealt with at the meeting includes any statement that the Company has been required to publish on its website. 11. The Company’s privacy policy is available on its website. Shareholders can contact Equiniti for details of how Equiniti processes their personal information as part of the AGM. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 87 Section 4: Other Information (Unaudited) Definitions of Terms and Alternative Performance Measures Terms as defined in the Prospectus dated 23 November 2020 AIFM or Manager Schroder Unit Trusts Limited or Alternative Investment Fund Manager AIFM Directive the Directive on Alternative Investment Fund Managers, 2011/61/EU Co-Investments co-investments made by the Company alongside Impact Funds or other impact investors (which may include the Portfolio Manager) Direct Investments investments of the Company that are neither interests in Impact Funds nor Co-Investments Eligible Social organisations such as community interest Sector companies and community bene t Organisations societies or other forms of organisation where there is a mission and asset lock in place Impact Funds private market impact funds, however structured, and other accounts managed by third party asset managers Liquidity Assets Assets that can easily be converted into cash in a short amount of time NAV or Net Assets the value of the assets of the Company or Net Asset Value less its liabilities, determined in accordance with the accounting principles adopted by the Company from time to time NAV per Share or the NAV attributable to any class of Shares Net Asset Value divided by the number of Shares of the per Share relevant class in issue (other than any Shares of the relevant class held in treasury), and “NAV per Ordinary Share” shall be construed accordingly Portfolio Manager, Better Society Capital Limited Better Society Capital or BSC Social Impact investments intended to have a positive Investments social impact on people in the UK while providing a nancial return to investors, including, but not limited to, High Impact Housing, Debt for Social Enterprises and Social Outcomes Contracts, and with the expectation that such investments will predominantly be further invested in Eligible Social Sector Organisations SBSI Investment the investment committee of the Portfolio Committee Manager established for the purpose of approving Social Impact Investments to be made by the Company Schroders the AIFM‘s ultimate holding company and its subsidiaries and a liates worldwide The terms and performance measures below are those commonly used by investment companies to assess values, investment performance and operating costs. Numerical calculations are given where relevant. Some of the financial measures below are classified as APMs as defined by the European Securities and Markets Authority. Under this definition, APMs include a financial measure of historical financial performance or financial position, other than a financial measure defined or specified in the applicable financial reporting framework. APMs have been marked with an asterisk. NAV per share The NAV per share of 102.94p (2024: 104.13p) represents the Net Assets attributable to equity shareholders of £83,487,000 (2024: £86,459,000) divided by the 81,102,939 (2024: 83,029,661) shares in issue at the year end. Total return The combined e ect of any dividends paid, together with the rise or fall in the share price or NAV per share. Total return statistics enable the investor to make performance comparisons between investment companies with di erent dividend policies. Any dividends received by a shareholder are assumed to have been reinvested in either the assets of the Company at its NAV per share at the time the shares were quoted ex-dividend (to calculate the NAV per share total return) or in additional shares of the Company (to calculate the share price total return). The NAV total return for the year ended 30 June 2025 is calculated as follows: Opening NAV at 30/06/24 104.13p Closing NAV at 30/06/25 102.94p NAV on Dividend received XD date XD date Factor 2.94p 14/11/24 104.66p 1.0281 NAV total return, being the closing NAV, multiplied by the factor, expressed as a percentage change in the opening NAV: 1.6% Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 88 Section 4: Other Information (Unaudited) The NAV total return for the year ended 30 June 2024 is calculated as follows: Opening NAV at 30/06/23 104.90p Closing NAV at 30/06/24 104.13p NAV on Dividend received XD date XD date Factor 2.30p 09/11/23 104.22p 1.0221 NAV total return, being the closing NAV, multiplied by the factor, expressed as a percentage change in the opening NAV: 1.5% The share price total return for the year ended 30 June 2025 is calculated as follows: Opening share price at 30/06/24 86.75p Closing share price at 30/06/25 77.50p Share price on Dividend received XD date XD date Factor 2.94p 14/11/24 80.50p 1.0365 Share price total return, being the closing share price, multiplied by the factor, expressed as a percentage change in the opening share price: (7.4%) The share price total return for the year ended 30 June 2024 is calculated as follows: Opening share price at 30/06/23 93.50p Closing share price at 30/06/24 86.75p Share price on Dividend received XD date XD date Factor 2.30p 09/11/23 90.00p 1.0256 Share price total return, being the closing share price, multiplied by the factor, expressed as a percentage change in the opening share price: (4.8%) Discount/premium The amount by which the share price of an investment trust is lower (discount) or higher (premium) than the NAV per share. The discount or premium is expressed as a percentage of the NAV per share. The discount at the year end amounted to 24.7% (2024: 16.7% discount), as the closing share price at 77.50p (2024: 86.75p) was 24.7% lower (2024: 16.7% lower) than the closing NAV of 102.94p (2024: 104.13p). Gearing/(net cash) The gearing percentage re ects the amount of borrowings (that is, bank loans or overdrafts) that the Company has used to invest in the market. This gure is indicative of the extra amount by which shareholders’ funds would move if the Company’s investments were to rise or fall. Gearing is de ned as: borrowings used for investment purposes, less cash and cash equivalents and money market funds, expressed as a percentage of Net Assets. A%negative gure so calculated is termed a “net cash” position. At the year end, the Company had no loans or overdrafts, and thus was in a net cash position, calculated as follows: 2025 2024 £’000 £’000 Borrowings/(net cash) used for investment purposes (10,066) (3,620) Net assets 83,487 86,459 Net cash (%) (12.0) (4.2) Ongoing Charges Ongoing Charges (“OGC”) is calculated in accordance with the AIC’s recommended methodology and represents total annualised operating expenses payable including any management fee, but excluding any nance costs and transaction costs, expressed as a%percentage of the average daily net asset values during the year. The operating expenses calculated as above amounted to £1,265,000 (2024: £1,177,000 ) for the year. This amount, expressed as a percentage of the average net asset values during the year of £84.2 million (2024: £86.5 million), gives an OGC gure of 1.5% (2024: 1.36%). Leverage For the purpose of the Alternative Investment Fund Managers Directive, leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as the ratio of the Company’s exposure to its net asset value and is required to be calculated both on a “Gross” and a “Commitment” method. Under the Gross method, exposure represents the sum of the absolute values of all positions, so as to give an indication of overall exposure. Under the Commitment method, exposure is calculated in a similar way, but after netting o hedges which satisfy certain strict criteria. The leverage ratios and limits are presented on page 92 under Shareholder Information. Alternative Performance Measure(s). Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 89 Section 4: Other Information (Unaudited) Impact Methodology Notes Time period covered Given that fund managers and intermediaries’ reporting timelines di er, only impact data that was available before 29 April 2025 was included. In certain cases where fund managers had yet to report 2024 data, we have used data from the prior year. The report also draws on annual impact reports from frontline investee organisations where available. Usage of data Collection of impact data is done through fund managers’ and intermediaries’ annual impact reports and the Portfolio Manager’s Impact Canvas. The Impact Canvas is the Company’s key tool to measure performance of any fund it has invested in against that fund’s impact thesis and the ve dimensions of impact. The Impact Canvas forms part of the legal agreement with investees and explicitly documents the investee’s impact thesis, as well as setting formal expectations for impact measurement and reporting. Fund managers and intermediaries share their annual impact reports and/or Impact Canvas as part of their required reporting on at least an annual basis. The data is collated centrally by the Portfolio Manager’s Impact team and the team that manages the Social Impact Trust. Impact datapoints associated with fund managers are shared with them before publication of the report for review and sign-o . Case studies are sourced from fund managers’ reporting/websites or the Portfolio Manager’s previous reporting and are also shared with fund managers for review and sign-o prior to publication. Data quality Data quality in the report di ers depending on the asset class and funds’ lives. For example, as noted in more detail in the sections below, data quality for Social Outcomes Contracts tends to be higher, given that these business models require quanti cation of value generated for payment. On the other hand, investments in Debt and Equity for Social Enterprises also include small-scale social organisations that have limited capacity for measurement. Frontline organisations De ned as the organisations that receive capital from the funds or intermediaries that the Social Impact Trust invests in. Frontline organisations are the social enterprises, charities or housing associations that directly deliver services and support to communities in need. These organisations are at the forefront of addressing social issues, such as homelessness, education, healthcare and environmental sustainability, by implementing practical solutions and engaging directly with the a ected bene ciaries. Number of bene ciaries or total people bene ted/reached To calculate this KPI, the Company aggregates (calculated using measured data and/or estimates as judged appropriate) the number of bene ciaries reached across the three asset classes that it invests in: • High Impact Housing: total number of people provided with homes by housing initiatives nanced by the Company- supported funds; • Debt and Equity for Social Enterprises: total number of people provided with services or products by organisations and projects nanced by the Company-supported funds; and • Social Outcomes Contracts: total number of people provided%with services by partnerships nanced by the Company-supported funds (currently only one fund in the portfolio). As a result, the total gures include: • where the nance is targeted at a speci c project (e.g. full nance for a frontline organisation to use for a speci c purpose such as development of a new housing asset), the total number of bene ciaries reached by the project since investment; • where the nance is targeted towards an organisation’s resilience and/or growth, the total number served by an organisation since investment; • both active and exited or repaid investments to demonstrate the cumulative impact of the Social Impact Trust since its launch; and • cumulative gures for AgilityEco for number of households served for 2021, 2022, 2023 (the years in which the Social Impact Trust was invested in through BIGF). The assumption is made that every household served by AgilityEco is a new household due to the type of service o ered (i.e. households generally need energy-e ciency services installed only once). All other frontline investments assume a conservative methodology that the only unique new customers are those represented by an increase in number of bene ciaries reached and no cumulative impact is analysed. Total bene ciaries reached for AgilityEco are obtained applying a 2.4 household multiplier (average size of household in the UK as per ONS Census 2021) to the total number of households reached. Household gures for 2021 and 2022 have been obtained from BIGF’s report and for 2023 from AgilityEco’s impact report due to data availability. Approach for the Social Impact Trust’s investment in the Triodos Bank Bond The £5.7m Triodos Bank Bond contributes to Triodos Bank’s capitalisation, allowing the bank to increase its lending book to UK%mission-led businesses by about eight times. Triodos Bank reports to the Social Impact Trust on social impact for its entire loan book, however the Social Impact Trust’s calculation for total bene ciaries reached by the Bank Bond is based only on the share of loans made possible by the Bond considering the 8x%multiplier e ect. Proportionate share of total people bene ted The Social Impact Trust reports a pro rata share of frontline impact (bene ciaries) based on the Company’s investment as a%percentage of total frontline project capital (for High Impact Housing and Social Outcomes Contracts projects) or a frontline organisation’s total debt and equity (for Debt and Equity for Social Enterprises investments where full organisation impact is reported). As with the total people bene ted gure explained above, the Social Impact Trust reports cumulative impact to date. This includes exited investments, such as AgilityEco, where data at point of exit is taken. For exited investments, the associated Social Impact Trust share of the frontline organisation from the annual report prior to exit is used and no impact post exit is claimed. Percentage of underserved and disadvantaged people served All Social Impact investments must demonstrate an ability to reach people who are underserved (i.e. those who fall below a%de ned threshold with regard to experiencing a particular, important outcome) and from disadvantaged backgrounds Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 90 Section 4: Other Information (Unaudited) (de ned as one of the Approved Bene ciaries listed below or people and communities experiencing a disadvantage in achieving essential life outcomes, given existing socio-political and economic systems around them). This is aggregated from fund managers following the same methodology as the number of people bene ted above. Approved Bene ciaries “Approved Bene ciaries” mean any person(s) who fall within one or more of the following bene ciary groups: a. people experiencing long-term unemployment; b. homeless people; c. people living in poverty and/or nancial exclusion; d. people with addiction issues; e. people with long-term health conditions/life-threatening or terminal illness; f. people with learning disabilities; g. people with mental health needs; h. people with physical disabilities or sensory impairments; i. voluntary carers; j. vulnerable parents; k. vulnerable children (including looked-after children); l. vulnerable young people and people not in employment, education or training (NEETs); m. older people (including people with dementia); n. ex-o enders; and o. people who have experienced crime or abuse; with each group de ned in Good Finance’s Outcomes Matrix or as otherwise de ned by the Portfolio Manager. Number of homes provided and underserved and disadvantaged people at risk of insecure tenure and/or sub-standard housing Calculated using the total number of people bene ted through the methodology described above, and ltering out any investments that do not provide homes. This includes investments in both the High Impact Housing and Debt and Equity for Social Enterprises asset classes. The number di ers from the gures provided in the High Impact Housing asset class section, as this section includes only the number of homes provided and people housed in this asset class. The total people housed by CBRE was restated to operational homes instead of homes funded, as reported in previous years, to%be consistent with how impact data is reported for other housing funds in the portfolio. This led to a decrease of about 1,800 people. CBRE’s gure is calculated by the Portfolio Manager and not a fund-reported gure. Partner track record/age The track record of frontline organisations is a high-level indicator used to assess impact risk and experience of delivery of tackling social issues across the Social Impact Trust’s portfolio. The average track record for the portfolio is based on the average of the age of all frontline organisations nanced through the Social Impact Trust’s investments, taken from the date of organisation’s formal registration to the current reporting period (where data is available). Impact theme and UN Sustainable Development Goal (“SDG”) alignment Each frontline investment is assessed for alignment against the Company’s four key impact themes: Reducing poverty and inequality; Good health and wellbeing; Education, training and decent work; and Just transition to net zero. All frontline investments are allocated a primary theme that is most relevant to their business model and impact, and additional themes where relevant (e.g. a housing fund supporting people at risk of homelessness with integrated health and access to employment services is primarily a Reducing poverty and inequality investment, but is also tagged to Good health and wellbeing, and Education, training and decent work). All frontline investments are also assessed based on their alignment to the SDGs. This coding is done on a primary, secondary and tertiary basis, which aims to provide a view of the top three SDGs each investment is supporting. However, many investments will be targeting more than three SDGs and therefore will not always capture the full range. Social organisations frequently take a multi-tiered holistic approach to impact, recognising multiple dimensions of exclusion or need for disadvantaged and underserved groups. This combined approach is a major driver for positive impact performance and reduced nancial and impact risk. Combining housing (SDG 11) services with education (SDG 4), care (SDG 3) and energy-e ciency technology (SDGs 7 and 13) can drastically improve a tenant’s nancial and personal wellbeing, reducing risks of defaults and enhancing prospects of sustained positive outcomes. Savings and income generated for Government, households and communities The Social Impact Trust invests in initiatives seeking to provide bene ts to society in innovative and cost-e ective ways. This report includes quanti cation of value generated for the portfolio where we have high-quality data on the global cost of provision, comparable data on existing alternative provision models as counterfactuals, and high-quality data on medium to long-term outcomes for bene ciaries and Government. This is primarily applicable in investments that operate at comparatively large scale, in well-established and data-rich sectors, and with business models that require quanti cation of value generated for payment. Social outcomes contracts Short-term value to Government is calculated using one of three%methodologies: • delivering against a public rate card: for projects delivering against a public rate card, the value to Government is the price of outcomes that Government was prepared to pay according to the rate card - where this is higher than the amount actually paid, this signi es that the project o ered a discount to the rate card prices, or achieved more outcomes above the contract cap, or both; • short-term savings: for local projects targeting short-term savings for a local authority, the value to Government is the gross value of these savings during the tracking period (from investment to the latest available report); and • valued at cost: where there is no public outcomes rate card or a%de nitive short-term saving created at the level of the commissioning authority, no additional value has been assigned to the outcomes over and above that which Government has been willing to pay. For more information on social outcomes contracts, please see https://www.bridgesfundmanagement.com/outcomes-contracts/ Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 91 Section 4: Other Information (Unaudited) Debt and Equity for Social Enterprises Calculated based on average annual savings generated through reduction in energy bills as a result of energy-e ciency improvements per household (AgilityEco). In addition, the total gure for this asset class includes community bene t funds generated by renewable energy assets (e.g. Community Energy Together, Coigach). The Social Impact Trust’s investments have generated £123m of savings for underserved and disadvantaged people at risk of fuel poverty. This is estimated using the energy bill savings per household for AgilityEco clients receiving energy-e ciency services and advice, including 50,142 households served in 2023 receiving one year of savings, 36,700 households served in 2022 receiving two years of savings, 45,600 households served in 2021 receiving three years of savings, to date. For more information, please see AgilityEco’s annual impact report which is available at: https://www.agilityeco.co.uk/about-us/our-impact/. Investments also include small-scale social organisations that have limited capacity for measurement, and a lack of consistent measurement standards that makes comparison of costs and bene ts challenging. High Impact Housing In 2023, assessment of public value was extended into the Company’s housing portfolio, with support from Alma Economics. This report includes data from this assessment for RLPF1. This quanti es the nancial savings to local authorities associated with reduced expenditure on transitional accommodation, public sector savings to central Government related to avoided public service costs of homelessness (e.g. healthcare, mental health, interaction with the criminal justice system), and wellbeing bene ts for tenants who experience signi cantly improved accommodation compared to transitional accommodation and/or rough sleeping. For a full description of the assessment methodology please refer to the full report, which is available at: https://almaeconomics.com/housing-and-homelessness/. The £14m public savings referenced can be found in Table 2 Public services (page%19 of the report) under row “RLPF1” and column “Fund inception-Fund exit”. The £24m referenced is on Table 2 Wellbeing bene ts (page 20) under the same row and column. The reference to “at least” under “Reducing Poverty and Inequality” is included because the £14m gure does not consider the savings assessments for other investments in the portfolio, that o er transitional housing where similar savings are generated but have not been quanti ed. Greenhouse gas (“GHG”) emissions To remain in line with the GHG Protocol, the GHG emissions reported represent the proportional emissions of these investments. Where possible, the investment-speci c method under the GHG Protocol Category 15 guidance has been used. As%such, relevant data was obtained from fund managers or from publicly available information under Companies House. This includes Scope 1, 2 & 3 data alongside nancial information such as revenue and valuation. We have made every e ort to understand the methodology used by fund managers. The data ranges from PCAF score 1b to 3a depending on the calculation undertaken by the fund manager. Where it was not possible to obtain GHG emission data from fund managers because it had not been calculated, emissions have been estimated using available data. In most cases, the average-data method was used, as per the GHG Protocol Category%15 guidance. This method combines revenue data with environmentally extended input-output carbon factors to estimate a footprint. All Scope 2 footprint calculations have been performed using the location-based methodology to align with UK Streamlined Energy and Carbon Reporting guidelines. In all cases, the footprint disclosed excludes the impact of any GHG o sets or carbon contributions. Assets that are no longer held in the fund as of the reporting date have been excluded from the analysis, primarily due to data availability limitations. EDI fund manager survey See here for the EDI Fund Manager Survey methodology, which is available at: https://bsc.cdn.ngo/media/documents/EDI_Fund_Manager_Surve y__Data_collection_and_methodology.pdf. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 92 Section 4: Other Information (Unaudited) Shareholder Information Web pages and share price information The Company has a dedicated website, which may be found at www.schroders.com/sbsi. The website has been designed to be used as the Company’s primary method of electronic communication with shareholders. They contain details of the Company’s share price and copies of annual report and other documents published by the Company as well as information on the directors, terms of reference of committees and other governance arrangements. In addition, the website contain links to announcements made by the Company to the market, Equiniti’s shareview service and Schroders’ website. There is also a section entitled “How to Invest”. Share price information may also be found in the Financial Times and at the Company’s website. Association of Investment Companies The Company is a member of the Association of Investment Companies. Further information on the Association can be found on its website, www.theaic.co.uk. Individual Savings Account (“ISA”) status The Company’s shares are eligible for stocks and shares ISAs. Non-Mainstream Pooled Investments status The Company currently conducts its a airs so that its shares can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Financial calendar Annual results announced October AGM December Half-year results announced March Financial year end June Alternative Investment Fund Managers Directive (“AIFMD”) disclosures The AIFMD UK regulation, transposed AIFMD into the FCA Handbook in the UK and requires that certain pre-investment information be made available to investors in Alternative Investment Funds (such as the Company) and also that certain regular and periodic disclosures are made. This information and these disclosures may be found either below, elsewhere in this annual report, or in the Company’s AIFMD information disclosure document published on the Company’s web pages. Leverage The Company’s leverage policy and details of its leverage ratio calculation and exposure limits as required by the AIFMD are published on the Company’s web pages and within this report. The Company is also required to periodically publish its actual leverage exposures. As at 30 June 2025 these were: Leverage exposure Maximum ratio Actual ratio Gross method 150.0% 98.8% Commitment method 150.0% 100.0% Illiquid assets As at the date of this report, none of the Company’s assets are subject to special arrangements arising from their illiquid nature. Remuneration disclosures Quantitative remuneration disclosures to be made in this annual report in accordance with FCA Handbook rule FUND3.3.5 may also be found in the Company’s AIFMD information disclosure document published on the Company’s website. Publication of Key Information Document (“KID”) by the AIFM Pursuant to the Packaged Retail and Insurance-based Products (“PRIIPs”) Regulation, the Manager, as the Company’s AIFM, is required to publish a short KID on the Company. KIDs are designed to provide certain prescribed information to retail investors, including details of potential returns under di erent performance scenarios and a risk/reward indicator. The Company’s KID is available on its website. Complaints The Company has adopted a policy on complaints and other shareholder communications which ensures that shareholder complaints and communications addressed to the Company Secretary, the Chair or the Board are, in each case, considered by the Chair and the Board. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 93 Section 4: Other Information (Unaudited) Dividends Paying dividends into a bank or building society account helps reduce the risk of fraud and will provide you with quicker access to your funds than payment by cheque. Applications for an electronic mandate can be made by contacting the Registrar, Equiniti. This is the most secure and e cient method of payment and ensures that you receive any dividends promptly. If you do not have a UK bank or building society account, please contact Equiniti for details of their overseas payment service. Further information can be found at www.shareview.co.uk, including how to register with Shareview Portfolio and manage your shareholding online. Warning to shareholders Companies are aware that their shareholders have received unsolicited telephone calls or correspondence concerning investment matters. These are typically from overseas-based ‘brokers’ who target UK shareholders, o ering to sell them what often turn out to be worthless or high risk shares or investments. These operations are commonly known as ‘boiler rooms’. These ‘brokers’ can be very persistent and extremely persuasive. Shareholders are advised to be wary of any unsolicited advice, o ers to buy shares at a discount or o ers of free company reports. If you receive any unsolicited investment advice: Make sure you get the correct name of the person and organisation • Check that they are properly authorised by the FCA before getting involved by visiting register.fca.org.uk • Report the matter to the FCA by calling 0800 111 6768 or visiting fca.org.uk/consumers/report-scam-unauthorised- rm • Do not deal with any rm that you are unsure about • If you deal with an unauthorised rm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. The FCA provides a list of unauthorised rms of which it is aware, which can be accessed at fca.org.uk/consumers/unauthorised rmsindividualslist. More detailed information on this or similar activity can be found on the FCA website at fca.org.uk/consumers/ protect-yourself-scams. www.schroders.com/sbsi Directors Susannah Nicklin (Chair) James B. Broderick Alice Chapple Ranjan Ramparia Registered o ce 1 London Wall Place London EC2Y 5AU Advisers and service providers Alternative Investment Fund Manager (the “Manager”) Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Portfolio Manager Better Society Capital Limited 44 Featherstone Street London EC1Y 8RN Company Secretary Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU Telephone: 020 7658 6189 AMCompanySecretary@Schroders.com Depositary and custodian J.P. Morgan Europe Limited and JPMorgan Chase Bank, N.A., London Branch 25 Bank Street Canary Wharf London E14 5JP Corporate broker Winter ood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA Independent auditor BDO LLP 55 Baker Street London W1U 7EU Registrar Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA Shareholder Helpline: 0371 032 0641 Website: www.shareview.co.uk *Calls to this number are free of charge from UK landlines. Communications with shareholders are mailed to the address held on the register. Any noti cations and enquiries relating to shareholdings, including a change of address or other amendment should be directed to Equiniti Limited at the above address and telephone number above. Shareholder enquiries General enquiries about the Company should be addressed to%the Company Secretary at the address set out above. Dealing Codes ISIN: GB00BF781319 SEDOL: BF78131 Ticker: SBSI Global Intermediary Identi cation Number (GIIN) PXF89P.99999.SL.826 Legal Entity Identi er (LEI) 549300PG5MF2NY4ZRM86 Privacy notice The Company’s privacy notice can be found on its web pages. Schroder BSC Social Impact Trust plc Annual Report and Financial Statements 2025 94 Section 4: Other Information (Unaudited) Information about the Company Schroder Investment Management Limited 1 London Wall Place, London EC2Y 5AU, United Kingdom T +44 (0) 20 7658 6000 Important information: This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any nancial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get back the amount originally invested. Schroders has expressed its own views in this document and these may change. Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU, which is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored. @schroders schroders.com