Social Investment Business made £1.7m surplus in 2014/15

The figures are included in its just-filed accounts, and come after the social lender made a small loss in the previous year

SIB: from loss to surplus
SIB: from loss to surplus

The Social Investment Business, which offers grants and loans to charitable organisations, made a surplus of almost £1.7m in 2014/15 after recording a small loss in the previous year, its annual accounts show.

The accounts show that the SIB, which had an income of £8m, made the surplus in the year to the end of March, compared with a loss of £2,000 in the same period the year before, according to data submitted to Companies House on Friday.

According to the accounts, the company offered and gave out a total of £2.3m in grants under the business’s investment and contract-readiness fund – down from £7.1m the year before.

But it gave out an additional £2.2m in funds that had been offered in previous years – pushing the total amount of cash handed out this year to £4.5m.

Thandi Mtetwa, financial controller for the SIB, said the £4.8m fall in the amount of money offered and given out in 2014/15 was due to the three-year investment and contract-readiness fund tailing off as it came to an end.

In his report included in the accounts, Sir Stephen Bubb, chair of the SIB, said its funding had "resulted in £117m of capital and revenue for the social sector".

As well as the money given out through the readiness fund, which is mainly controlled by the company, the SIB is also involved in four further funds. But since the SIB does not directly manage these funds and works instead alongside partners to distribute them, these were not included in the accounts.

Mtetwa said: "During 2014/15, across five funds, the SIB committed £19.2m and disbursed a total of £31.5m in grants and loans to third sector organisations."

Fund management income for the company was £3.3m, compared with £4.1m in 2014.

The highest-paid employee was the company’s chief executive, Jonathan Jenkins, who was paid between £100,000 and £109,000.

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