Social Investment Business made a £293,000 loss last year

SIB, which offers grants and loans to charities, says that it remains in a strong financial position despite the figures in its latest accounts

Social Investment Business, which offers grants and loans to charities, made a £293,000 loss last year.

In accounts released on Companies House last week for the year to 31 March 2017, SIB showed an income of £2.8m but also spent £3.1m.

This compares with a £3.2m income and expenditure of almost £3.5m the previous year.

The figures also mean that SIB’s overall deficit has increased from £252,000 in 2015/16 to £293,000 in the year covered in the latest accounts.

Total shareholders’ funds are £982,000 compared with £1.3m the previous year, according to the accounts.

The accounts also show that despite the increased deficit, SIB’s cash position "remains strong" at £1.5m.

SIB also handed out £7.9m worth of grants to 189 investees through the Access Reach Fund, Big Potential Breakthrough Fund and Big Potential Advanced Fund, the accounts show.

A SIB spokesman said: "We operate in a challenging external environment and have reduced our expenditure to reflect this. However, we remain in a strong overall financial position and are well placed to continue to provide charities and social enterprises with the support they need to improve people’s lives."

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