Welcome to Nesta Impact Investments’ (NII’s) annual report for the year to 31 March 2017. This is our first publicly circulated annual report in five years of trading. It presents an exciting opportunity for us to reflect on our experience and is indicative of many changes in the business in the year to March 2017.

During the year we refined our business strategy, developed a new theory of change and initiated an overhaul of our systems and processes in order to support our goal of maximising the social impact that we deliver. It is the same motivation that has led us to open our approach to communication with external stakeholders. By sharing our experience with others we hope that they will observe, respond and help us improve, and where lessons can be drawn from our experience we hope others may be able to benefit equally.