Schroder BSC Social Impact Trust plc (SBSI) has published its Annual Report and Financial Statements for the year to 30 June 2026, reporting a NAV total return per share of 5.0% and a NAV per share of 104.27p. Alongside the financial results, the Board has updated investors on a strategic review, disclosing that Better Society Capital is working to develop a new Private Fund Limited Partnership intended to provide a potential cash exit for shareholders seeking near-term liquidity. The Board is recommending shareholders vote for continuation at the AGM on 17 December 2026, allowing further time for the PFLP proposal to be developed ahead of anticipated full details in Q1 2027.

Key Points

  • Schroder BSC Social Impact Trust plc (SBSI), a London-listed investment trust targeting UK social impact opportunities in private markets
  • NAV total return per share of +5.0% for the year to 30 June 2026, outperforming the Company's CPI+2% target return by 0.36%
  • A 2.6p dividend declared, payable 18 December 2026; shares traded at a 31.4% discount to NAV at year end; average discount over the two-year period to 31 December 2025 was 23.8%
  • Investors should watch the AGM continuation vote on 17 December 2026 and whether the PFLP proposal advances to a formal offer in Q1 2027

SBSI Delivers 5.0% NAV Total Return and 2.6p Dividend for Year to June 2026

The Company reported NAV per share of 104.27p at 30 June 2026, up from 102.94p at the prior year end. The NAV total return of 5.0% was driven by strong income generation across the portfolio and valuation gains in the Debt and Equity for Social Enterprises asset class. Since inception in December 2020, the NAV total return stands at 17.5%, equivalent to 3.0% annualised. The Company outperformed its CPI+2% target return by 0.36% for the year. A dividend of 2.6p per share will be paid on 18 December 2026, representing a 2.5% yield on NAV — within the Company's guided annual range of 2–3% of NAV.

Better Society Capital Developing Private Fund Limited Partnership to Provide Shareholder Cash Exit

The strategic review, launched by the Board in July 2025 in response to a persistently wide discount to NAV, has reached a significant juncture. Better Society Capital is progressing development of a new Private Fund Limited Partnership with a view to making a proposal to acquire SBSI's High Impact Investment Portfolio. If the PFLP proceeds and terms are agreed, Professional Investors could exchange their SBSI shares for PFLP interests, while non-participating shareholders would receive a near-term cash exit. BSC has indicated it would commit up to £15 million to the PFLP. However, the announcement states no specific terms have been agreed, and any acquisition is expected to be at a discount to the prevailing portfolio valuation.

Shares Trading at 31.4% Discount Prompts Continuation Resolution at 17 December AGM

The Company's shares traded at an average discount of 23.8% to NAV over the two-year period to 31 December 2025, triggering a requirement under the Company's Prospectus to propose a Continuation Resolution. The Board is recommending shareholders vote in favour of continuation, allowing additional time for the PFLP to be developed. If the PFLP proposal does not come forward by end of Q1 2027, or terms cannot be agreed, the Board intends to bring forward alternative proposals, which may include a managed wind-down. The Company bought back 2.93 million shares during the year, contributing 1.25p to NAV per share.

SBSI Portfolio Has Reached 434,000 People and Generated £375m in Public Savings Since Inception

Beyond financial metrics, the announcement highlights the trust's social impact since its December 2020 launch. The Company has committed £96 million of capital to 197 high-impact frontline organisations, reaching over 434,000 people, 98% of whom are described as underserved or disadvantaged. The portfolio has generated an estimated £375 million in public and household savings and benefits. As at the financial year end, total commitments to high-impact investments amounted to 94% of NAV, with 83% of NAV invested in high-impact investments. A results webinar is scheduled for 10.30am on 9 November 2026, open to existing and potential shareholders.