2021-03-31-accounts

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust Annual report and financial statements for 1 April 2020 to 31 March 2021 Registered charity number 1145916 Submitted by Local Trust as the corporate trustee for Big Local Trust . COMMUNITY FUND

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Table of contents Introduction. OveNiew of2020-21............................................................................................................ Objectives and activities for public benefit............................................................................. Ourareas ofwork................................................................................................................. Ourstrategy.......................................................................................................................... Achievements and performance 202(k21............................................................................. Report on targets 2020-21 Plans for the fvture Response to the Charity Governance Code........................................................................ Financial review..................................................................................................................12 Principal risks......................................................................................................................17 Governance and committees..............................................................................................18 statement of trustee's responsibilities.................................................................................20 Independent auditor's report to the trustees of Big Local Trust . .21 Statement of financial activities...........................................................................................25 Balan￿ sheet.....................................................................................................................26 Statement ofcash flows......................................................................................................27 Notes to the accounts.........................................................................................................28 Charity details.....................................................................................................................47 Annual statement by the Protectorfor Big Local Trust........................................................50

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Introduction Local Trust was established in 2012 to deliver Big Local, a National Lottery Community Fund programme which committed more than £1m of grant funding to each of 150 communities and neighbourhoods across England. The areas selected by the National Lottery Community Fund to benefit from Big Local funding were, typically, communities that were seen to have missed out on their 'fair share, of National Lottery and other funding. With a significant number of them located on the èdges oftowns and cities that themselves faced problems associated with long-term economic decline, many Big Local areas have much in common with pla￿$ which current government policy initiatives are hoping to 'level up,. The scale of the investment matched the challenge., the £217m originally provided to establish the Big Local programme is the biggest ever single-purpose National Lottery-funded endowment, and the largest ever investment by a UK grant-funder in place-based, resident-led change. Over the course of the programme, as a consequence ofthe growth delivered by the careful management of our endowment, some £270m will have been committed in support of our mission. Matching the scale of that ambition, from the outset Big Local was designed to be radically different from other funding programmes. In contrast to conventional topdown, time-limited or project-led funding, the money awarded to each Big Local area is provided on a 'no strings, basis- there was no application process, and the funds can be spent over 10-15 years at communities, own chosen pace, and on their own plans and priorities. By effectively supporting local residents to take the lead in making decisions on how Big Local is delivered in their areas, Local Trust aims to build the confidence and skills of local people, slrengthening local civic life and the social infrastructure that supports it. Big Local sits at the heart of Local Trust's mission and is the major programme that we deliver as an organisation. Reflecting the Big Local Trust deed, our ambition extends beyond simply delivering the Big Local programme. Seeing how communities are using Big Local funding to make their neighbourhoods into better places to live, we aim to share learning from the programme, and promote a wider transformation in the way policymakers, funders and others engage with communities and place. Oveniiew of 2020-21 The Big Local programme continued to be successfully delivered through 2021>21, despite the pandemic. During the pandemic many of the Big Locals were exemplars of resilience, ingenuity and altruism and continued to operate in the face of all the challenges that COVID brought. Many partnerships were the focal point for community action to address the Challenges of lockdown, helping organise volunteers, food deliveries, and connecting people across their neighbourhoods. Some Big Locals became involved in wider coordination work, working with local partners to plan both the immediate response to the crisis and start to define what comes next. During the year, our research and learning programme helped us build a strong understanding of how Big Local areas were responding to the challenges they faced, ensuring we were able to provide them with support and assistance throughout a difficult year. At the start of the pandemic we commissioned a major research initiative led by Third Sector Research Centre ITSRCI to study close-up the impact of COVID-19 in 26 communities. The monthly briefings generated by that project, as well as longer tenn analysis, provided consistent

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 and high-quality insight to help us support Big Local areas during different phases of the crisis and also helped Local Trust contribute to wider planning responses to COVID, including those led by other funders and government. In 2020-21, £15m was drawn down by local areas, with a significant part of that funding supporting activities associated with local responses to COVID-19. The release in March 2020 of the final tranche of additional funds to areas from the growth of the Big Local endowment enabled Big Local communities to commit money without the need to significantly revise or reappraise their longer-term plans or commitments. Programme management and support activity was scaled up over the year to ensure funds continued to be effectively administered at a local level and Big Local grant agreements were complied with. Big Local is not simply a funding programme. Alongside the funds committed to local areas, Big Local residents are able to access a wide range of networking, learning, coaching, partnering and mentoring activities. To maintain that level of support through a year of travel restrictions and limits on public meetings, we reimagined and redesigned the way we engage with and support Big Local partnerships and workers, creating an extensive new resour￿ of online events, activities and networking opportunities for Big Local partnership members and workers. Early in the pandemic, Local Trust published a set of possible scenarios for post-COVID futures aimed at providing a resource for Big Local areas to use to stimulate thinking around what they might need to plan and prepare for after the pandemic. However, at the time of writing this review, the long-term cost of the pandemic is still unknown, and the full impact may not become clear for some time. We know that by the end of 2020-21 some Big Local partnerships that have contributed hugely to their local COVID response were exhausted, while others were thinking about how they might maintain the momentum and positivity that emerged in their communities at a time of crisis. Several areas have initiated work to adapt their plans lo reflect changed circumstances or new opportunities, something we will continue to support them with during 2021-22. Beyond COVID-19, a notable addition to our work this year has been supporting the establishment ofthe All-Party Padiamentary Group (APPG) for'left behind, neighbourhoods, which was founded in July 2020. Through it we shared learning from ourwork with parliamentarians from across parties and provided new opportunities for Big Local residents to engage directly with decision-makers. Subjects discussed within the APPG included social infrastructure, jobs and skills, transport and the impact of COVID-19 on 'left behind, areas.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Objectives and activities for public benefit Big Local Trust was established by Local Trust and the National Lottery Community Fund (formerly the Big Lottery Fund). Big Local Trust is an unincorporated charity governed by a trust deed dated 13 February 2012 and deeds of amendment dated 5 June 2013 and 23 July 2018. Big Local Trust was registered with the Charity Commission on 15 February 2012. The relationship between Big Local Trus( Local Trust and The National Lottery Community Fund Local Trust is the corporate Iruslee of Big Local Trust. Big Local Trust funds the Big Local programme. All the activities of Big Local Trust are promoted under the Local Trust and Big Local brands. Objects of Big Local Trust The Big Local Trust deed was amended in 2018. The revised objects ofthe charity are laid out in the trust deed (paragraph 5), as follows.. '5.1. The Objects of the charity are.. (a) the advancement of community development., and {b} the relief of unemployment,. for the benefit of the public, in particular, but without limitation, in the localities in each region specified in Schedule 6. 5.2. Objects 5.1 {a} and 5.1 Ib) are to be achieved in particular, but without limitation, by.. {a} making Distributions to Recipients., and (b) conducting research and disseminating the useful results of such research. 5.3. The Distributions referred to in clause 5.2 should be made so as to develop the apacity and skills of the members of socially and economically disadvantaged communities, for the benefit of the public, in such a way that they are better able.. {a} to identify, and help meet, their needs., and {b} to participate more fully in society. Our main activities are described below. All our activities focus on developing the capacity and skills of members of socially and economically, or socially disadvantaged, communilies, as described in our objects, and are undertaken to further our charitable purposes for the public benefit. The trustees confirm that they have referred to the Charity Commission's guidance on the Public Benefit requirement under the Charities Act 2011 when reviewing the Trust's aims and objectives and in planning future activities and setting their grant-making policies.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Our areas of work Local Trust is the corporate trustee of Big Local Trust, and the Big Local programme is at the centre of ourwork. The Big Local programme is funded from the Big Local Trust endowment created by The National Lottery Community Fund in 2012. Big Local seeks to put power, resources and decision-making into the hands of local communities. Central to the design of the programme is a belief that when resources and decision making are transferred to local communities, they have the most impact where they reflect the following key principles.. Long-term - providing certainty and conlinuily, over a decade or more where possible Resident-led- building confidence and capacity among those wanting to make a difference to their communily and their local area Unconditional - enabling residents to spend on their own terms and in their own time, on the projects they judge to be most important to them Patient and non-judgemental- giving communities with the time and opportunity to learn, make mistakes, resolve disagreements and overcome challenges for themselves, on their way to achieving their ambitions Accompanied by light-touch support- to help communities to build the confidence and capability to make the most of the opportunities available to them, while not constraining their own ambition and initiative One of the key legacy ambitions from the Big Local programme, reflecting the wishes of our Founder, The National Lottery Community Fund, is that others should benefit from the learning it generates. As a consequen￿, Local Trust is sharing insight and learning gained from Big Local as widely as possible to inform and Influen￿ policymakers, funders and other organisations working with communities. This indudes learning around the design and delivery of the programme,. insight generated from the data we collect and have access to., and, importantly, the experiences and voices of residents in Big Local areas themselves. The four outcomes set by The National Lottery Community Fund for the Big Local programme are.. communities will be better able to identify local needs and take action in response to them people will have increased skills and confidence so that they can continue to identify and respond to local needs in the future the community will make a difference to the needs it prioritises people will feel that their area is an even better place to live.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Our strategy In March 2020 a new strategic plan for 202[￿26 was approved by trustees. This set some ambitious long-term goals for the remainder of the Big Local programme, which concludes in 202>26, and the Big Local Trust deed, which concludes in 202￿27. The strategy identified the following four overarching strategic goals.. 1. The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in place their plans for legacy and sustainability. 2. The approach and principles that underpin Big Local - that funding for communities should be long-term, resident-led, patient, pla￿-based, non-judgmental - are mainstream across civil society, private and public sectors. 3. There is a tangible improvement in the social and economic capacity of 'left behind, areas, as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic change. 4. There is a structural change in our economy, society and politics, leading to greater devolution of power, with local people and communities having more control over resources and decision-making. The strategy is clear that Local Trust's primary role in achieving these long-term goals is to successfully deliver the Big Local programme. Beyond the opportunity to achieve positive outcomes in 150 Big Local areas, the programme also offers a powerful example of a community- led approach operating at a large scale. Our intention to achieve wider systems-change rests on the scale of the current programme, the learning we draw from it, and the credibility it lends us as an organisation. Achievements and performance 2020-21 The strategy sets out how, in working to achieve those goals, Big Local Trust would focus activity at three levels in 2021>21.. Level 1: Providing praGtical and financial support to people and Gommunities Recognising that our work is rooted in our existing relationship with Big Local areas, we are also seeking to connect the impact of that work beyond Big Local. Level 2: Working on the enablers of change Building on our previously small-scale work to Influen￿ and inform, we are investing resources in establishing Big Local Trust as an organisation seeking to shift power towards communities. Level 3: Sustaining our impact into the long term Committing ourselves to exploring ways to support our impact beyond the end oflhe Big Local Trust Deed in 2026-27.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Measures of success Owing to the pandemic, our performance differed from the expectations we set out in our business plan for 202Lk21. During the year we prioritised adapting our support to meet the needs of Big Local areas as they responded lo the pandemic. At the same time, we recognised the importance of keeping track of our long-term and strategic objectives during a significant period of disruption and change for Big Local Trust and the communities it supports. The strategic framework ac￿pted that some ofthe measurements of progress would not necessarily be straightforward, and we committed to iteratively identifying and developing our measures of progress as we moved forward. This document seeks to report on our progress over the first year of our strategy period against the measures we set ourselves in March 2020, where possible highlighting measures of evidence where this is available. Report on targets 2020-21 Level 1: People and communities Target 1: Ensure the effective delivery of Big Local through to its conclusion Vvhile levels of spend were higher in 2020-21 than in the previous year, much of this reflected additional expenditure by areas to fund responses to the COVID pandemic. Delivery of previously planned activities was significantly disrupted in many Big Local areas., we will keep delivery of planned activities by Big Local areas closely under review over the coming years and take action to support areas where necessary. Despite the challenges, our survey of those involved in the Big Local programme carried out in summer 2020 showed that levels of confidence were high among partnership members, who are groups of local residents responsible for setting the direction of Big Local in an area.. 870/0 are confident that they can identify what is needed to make their area feel like an even better place to live 84 % feel confident that they will achieve their goals in the long term. Target 2: Support all our Big Local areas to build sustainable legacies The pandemic encouraged many areas to re-appraise their priorities and intended legacy and to challenge some assumptions. Our surveys showed that the majority of areas felt sufficiently supported to deliver their visions and legacy for Big Local. Our survey found that 770k thought they have received the kind of help and support they wanted from Local Trust. Target 3: Support Big Local areas to strengthen links with each other at an individual and community level During the year, we had to radically transfomi every aspect of the delivery of our work to respond to the challenges of the pandemic. Despite that, overall numbers of Big Local residents and workers participating in our online networking, training and other activities increased compared to attendance levels at face-to-face events in previous years and survey feedback indicated most partnership members felt better equipped than ever lo deliver the Big Local outcomes and Big Local plan in their areas. Our suNey of Big Local partnership members showed that 860/0 learned new things from people involved in their Big Local.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 We held six Zoom training sessions, with 261 attendees from Big Local areas Over three months we hosted weekly dropin COVID conversations, with more than 100 people attending to access informal support and share experiences We moved our series of leaming clusters online and ran multiple sessions on sports, mental health, loneliness, digital inclusion and environment. Together these provided regular, facilitated support to 178 participants. Target 4: Support Big Local areas to strengthen links with people, places and institutions not directly involved in the Big Local programme We significantly expanded the range of organisations we invited to support Big Local areas, and helped Big Local areas access more place-based collaborations. Our surveys showed partnership members broadly felt confi'dent in their work and able to influence decision-making in their area. 89 % said their partnership has a good understanding ofwho to work with to help them get things done 710/0 said their partnership is able lo influence decision-making in their area Target 5: Significantly increase the number of people and communities benefiting from our experience, capacity and learning Much of our work this year focused on providing crisis support to Big Local areas. Nonetheless, Big Local areas reported feeling more connected with people and organisalions in their communities beyond the programme. Notably, the shift to online working opened our workshops and seminars to wider audiences, with 568 signups to our first four online events IMay-July 2020) aimed at our partner networks - significantly higher than in person events would allow. We also worked in partnership with other funders this year, building the next generation of community leaders through Community Leadership Academy (CLA}, which provides support for the people making Big Local happen, helping them to develop and share skills and knowledge that can benefit the whole community. Artivities during 202(F21 were delivered online. Level 2: Enablers of change Target 6: Promote a compelling narrative of thriving, powerful communities and use it to influence, shift mindsets and change behaviour Over the last 12 months we significantly increased our engagement with policymakers and opinion-formers, grew our media coverage, and our publications had impact beyond our usual networks. The Big Local programme was recognised as a valuable example of community-led change and our wider research and partnership activities helped promote positive dialogue around the power and potential of local residents working to transform their communities. Target 7. Actively connect Big Local areas and the programme as a whole to wider issues and campaigns, enabling local communities to demonstrate their relevance and impac( and achieve influence beyond their own boundaries While ensuring that Big Local partnerships were supported through the pandemic, we also built relationships with organisations that can support Big Local areas to influence wider issues. These included partnering with the Good Things Foundation to help improve access to digital tools and

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 networks,. working on community-led climate action in partnership with the Institute for Public Policy Research {IPPR}', and making it possible for Big Local areas to contribute to various areas of policy development, such as helping the Food Farming and Countryside Commission (FFCC) make the Case for Community-led food activity as an important part ofthe UK'S national food strategy. Target 8. Strengthen relationships with the people and organisations who are most critical in enabling an increase in community power We continued to grow a network of organisations and individuals who are engaged with and supportive of our work and the learning generated by it. Our work with the APPG for'left behind, areas enabled discussion of community within parliament, whilst providing a platform for Big Local areas to share their experiences and ideas with policy and decision makers. Target 9. Experiment with different ways to enable change. learn and continually improve our practice The challenges posed by the pandemic required us to radically rethink our approach to delivering our work. While the bulk of our activity was focused on supporting Big Local areas through the immediate challenges ofthe crisis, we embraced a new online presence, broadened our external relationships, piloted new resource and support offers for areas, and significantly grew our audiences. Level 3: Sustaining our impact into the long term Target 10. Make the case for major, long-temi initiatives to shift power and resources to communities Government funding for communities continues to be a priority for us, and we remain committed to exploring the potential of major paradigm-shifting initiatives. Our work with the APPG for 'left behind, areas has been a core part of this in 2021>21. We also sought to engage with and provide support to departmental officials and policy advisors, as they developed plans to 'level up, ommunilies, providing them with access lo research, data and learning from our WO￿ to support policy development and programme design. More about this work is reported on in the Local Trust Annual Report 202￿21. Target 11. Build a sustsined body of research, practice and knowledge capable of influencing beyond the end of Big Local We published 21 research reports in 2021>21, and 10 rapid research briefings with TSRC. Key research publications included.. The Power in ourhands series." 980 views, 446 downloads, 11,300 Twitter impressions. Measuring change Rapid research series into community responses COVID-19 (led by Third Sector Research Centrel.. 3300 views, 1300 downloads, 47,350 Twitter impressions. Long crisis scenarios The future is ours Lett behind? Understanding communities on the edge (Update on 'left behind, areas).. 4,000 views, 324 downloads, 4,000 Twitter impressions.

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Plans for the future We have kept the 2021-22 business plan relatively focused, recognising there may be a need for pragmatic adaptation over the course of the next 12 months as the pandemic continues to have an impact. In particular, we will look to prioritise supporting Big Local areas as they seek to restart, re- energise and in some cases reconnect with their communities. To guide us over the coming year, we will continue to focus on the fundamental priorities and ambitions set out in our 2020-26 strategy, drawing in particular on the three of the four strategic goals we set ourselves,. that.. 1. The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in pla￿ their plans for legacy and sustainability. 2. The approach and principles that underpin Big Local - that funding for communities should be long-term, resident-led, patient, pla￿-based, non-judgmental- are mainstream across civil society, private and public sectors. 3. There is a tangible improvement in the social and economic capacity of 'left behind, areas, as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic change. At the same time, we will not lose track of the fourth goal of our strategy- of helping achieve: 4. A structural change in our economy, society and politics, which leads to greater devolution of power, with local people and communities having more control over resour￿$ and decision-making. Targets for 2021-22 1. Supporting delivery of Big Local The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in place theirplans for legacy and sustainability. Target 1: Effectively managing our funding Target 2: Updating our approach to Partnership and Plan reviews Target 3: Supporting areas to plan their legacy Target 4: Maintaining excellent rep support to all our areas Target S: Helping areas reboot posl-COVID, with a particular focus on areas at risk of not spending out Target 6: Providing a great learning, networking and support offer to Big Local areas Target 7: R&establish faC&tO-fa￿ contact with Big Local areas

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 2. Building partnerships and sharing our learning The approaGh and pnnciples that undery)in Big Local- that funding for communities should be long-t8rm, r8sident-18d, patient, place-based, non-judgemental- ar8 mainstream across Givil society, private and public sectors. Target 8: Connect Big Local to national celebration events planned for 2022 Target 9: Continue to build on the success ofthe Community Leadership Academy Target 10: Strengthen further links between Big Local areas and others who can provide insight, support and resources to help deliver change in their local areas Target 11: Continue lo actively connect Big Local areas and the programme as a whole to wider issues and campaigns Target 12: Strengthen relationships with the people and organisations who are most critical in enabling an increase in community power Target 13: Continue lo SUC￿$sfUllY deliver Creative Civic Change ICCC), with increasing focus on maximising its long-term legacy. Note.. Local Trust is responsible for this area of work and this target is therefore reviewed in the Loc81 Trust 8nnual report. Target 14: Build a sustained body of research, practice and knowledge Capable of influencing beyond the end of Big Local Target 15: Support Big Local areas to demonstrate their own impact 3. Extending our influence There has been a tangible improvement in the social and economic capacity of left behind, areas as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic ch8nge. Target 16: Develop our campaign for the Community Wealth Fund. Note.. this target does not apply to Big Local Trust and is therefore reviewed in the Local Trust annual report only. Target 17: Contribute effectively to policy development, building on learning from Big Local Targot 18: Raise awareness and promote the value and importance of community power Target 19: Influence and inform government spending plans Target 20: Continue lo deliver the highest possible quality Gommunicalions both inside and outside Big Local Target 21: suc￿$$fullY develop and implement new post pandemic working arrangements Target 22: Ensure our funding, finance and other support systems are effective and fit for purpose Target 23: Continue to demonstrate the highest quality standards of governance Target 24: Ensure that principles of Equality, Diversity and Inclusion remain embedded in our work and practices 10

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Reviewing and reassessing plans While we are confident that we will successfully guide Big Local Trust and support Big Local areas through 2021-22, we will seek to make an earfy start on planning for a future beyond that. HaI￿aY through the year lo come, in September, trustees will embark on a significant review of the state of the programme, looking in particular at.. post-COVID delivery, including early assessment of the effectiveness of efforts to support rebool and relaunch spend-out, including an in-depth assessment of how we support those areas at risk of not spending out by 2025-26 legacy, focusing on how both local areas and the programme as a whole can leave an impact beyond the 15 years. Our goal will be to ensure we are on track to support Big Local areas move on from the pandemic, and are continuing lo support Big Local areas in the most effective way possible in the longer temi. More generally- in a posl-pandemic era - we will want to check that our strategy continues to provide a robust foundation to provide guidance and direction over the remainder of the trust deed period. Response to the Charity Governance Code An updated Charity Governance Code was published in December 2020. A review of the code has been undertaken and the Local Trust board have chosen to adopt and apply the code. Local Trust continues to focus on good governance. Its work in this area is also supported by our current independent Protector, Rosie Chapman, appointed in September 2018, whose role includes ensuring the integrity of the administration of the charity and the propriety of its pr0￿dUreS. Local Trust is the corporate trustee for Big Local Trust and governs the Big Local programme. Over the last year, Local Trust has continued to address the seven key areas of governance outlined in the Charity Governance Code. Details of action undertaken during the year are outlined in the Local Trust group annual report and accounts for the year ended 31 March 2021. 11

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Financial review Overview of income and expenditure Big Local Trust is funded through an expendable endowment from the National Lottery Community Fund. Big Local Trust's endowment is invested,. income on the investment was £0.9m for the year {2020'. £3.6ml. There were net losses on investments of £0.2m {2020'. net gains of £0.8ml. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Total expenditure during the year was £21.1 m {2020. £20.3m). The increase in expenditure reflects a 3 % increase in direct funding committed lo Big Local areas of £15.1 m12020'. £14.6ml. The cost of delivery to areas decreased by 5°A to £3.7m {2020'. £3.9ml and the cost of learning to support the programme increased by 420A to £2.2m (2020.. £1.6ml. A full list of the funding to Big Local areas is included in note 5. The net decrease in funds for the year was £20.3m12020'. £15.9ml. The total funds held at the year- end were £80.6m {2020.' £101.Om}. Big Local Trust's investments Investment strategy Big Local Trust's original investment strategy objectives were.. for the investment assets of the Big Local Trust {the fund) lo provide the resour￿$ required by Big Local, and to manage the assets in a manner that maximises the impact of the funds to enable Big Local areas to extend the life of Big Local beyond 10 years and £1m for each area. Making use of the scale and duration of Big Local, the original investment strategy aimèd to provide a reasonable medium-term return while ensuring that al all times sufficienl short-term funds were available to support spending. After careful consideration, in November 2019, trustees agreed to change the implementation of the Big Local Trust investment strategy, from focusing on investment returns, lo focusing on controlling risks. This reflected Ihe fact that the fund had achieved good investment returns in the years since it was established, enabling Big Local Trust to fulfil its original investment strategy objectives. The key driver for this decision was the need for financial ￿rtaInty to allow Local Trust and Big Local areas lo plan,. and related to was the ever reducing amount of time as Big Local moves towards the latter stages of the programme, for the fund lo recover from the downsides of market volalilily. However, the summer of 2020 and the consequent uncertainties and potential for further volatility led the Trustees to revisit the strategy in the summer, with the aim of ensuring as much certainty and stability as possible. This led to a shift from controlling to minimising risk, and the investment strategy became.. The trustees, wish to minimise risk as much as possible and to preserve the value of the investment (above generating returns), in order to have as much certainty as possible as Big Local spends out. 12

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Investment management CCLA is the investment manager for Big Local Trust and works with the Local Trust's finance and investment committee to manage investments in line with the investment strategy, as agreed by the board. The committee fonnally reviews the investment strategy once a year in line with the trust deed. The finance and investment committee includes voluntary co-opted members, Serena Loudon and Matthew Brumsen. who bring independent investment expertise to discussions. Investment performance Big Local Trust commenced the year with an investment portfolio of fixed interest and cash and near-cash assets. By the end of June 2020, in line with the revised investment strategy, the manager disinvested from fixed interest assets and the portfolio is now invested solely in cash and near-cash assets. The total value of Big Local Trust's investments, including income, as at 31 March 2021 was £112.5m (2020.. £132.5m}. The performance benchmark of the fund was seven-day LIBID until 31 December 2020. On 1 January 2021 this was changed to Sterling Ovemight Index Average {UK SONIA), reflecting an early transition to the Bank of England's preferred replacement benchmark (in place of LIBID which comes to an end in December 2021). The combined benchmark for the year ended 31 March 2021 was-0.04% 12020.. +1.42OA}, and the overall returns for the year were +1.010A (2020.. +3.000/0 2021 proved to be a challenging year for the investment market overall. Multiple lock-downs as result of the COVID-19 pandemic paired with indications from the Bank of England that it was reviewing the implications of the adoption of a negative interest rate regime, had a negative impact on the money markets, quickly eroding the premium income available on cash and near-cash deposits. Our investment managers focussed on preserving the value of the investment, taking advantage of any longer dated opportunities where they could to protect the retums from a lower rate environment. In the latter half of the year, investment markets became more optimistic, focussing not on the immediate challenges but instead on growth lo come. Key factors were the apparent success of the vaccination programme and the election of a new US president. Despite a challenging year, CCLA were able to protect the nominal value of our portfolio assets in line with our investment strategy, also making a small return above the benchmark. As fixed interest holdings were disinvested in the first quarter, returns figures for this asset class are not available for the full year. Full year returns figures for cash and near-cash were +1.01 % (2020.. +0.800/01, and represented 1000fi of the investment portfolio {2020'. 70.690/0 of portfolio) In the three months to June 2020, fixed interest returns were +2.00 % (June 2019.. +0.800k), and represented 28.820/0 of the portfolio before they were sold (June 2019.. 32.190kn of portfolio). Ethical and responsible investment Trustees reviewed Big Local Trust's ethical and responsible investment policy in May 2021. Local Trust, acting as the corporate trustee of Big Local Trust, agreed to use CCLA'S ethical investment policy in the management of its investments. This policy has been developed in accordan￿ with Charity Commission guidance {CC141, and trustees believe it represents an appropriate balance between aligning Big Local Trust's investments with its purposes and the delivery of good investment retums. As all our assets are now invested in cash deposits with banks and building societies, Big Local Trust has agreed to follow the responsible investment policy adopted by CCLA'S COIF Charities 13

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Deposit Fund. This assesses the banks on a broad range of subjects including climate change, corporate governance and how they treat their workforce. CCLA also leads engagement with the banks to push for more responsible business practices where needed. The finance and investment committee meet regularly with CCLA to assess their approach to managing the charity's money responsibly and review this policy annually. Despite our holding of only cash and near-cash investment assets, Big Local Trust's finan￿ and investment committee will still consider participation in appropriate CCLA ethical engagement programmes that may result in divestments on a case-by-case basis. As a responsible investor, Big Local Trust supports CCLA'S wider stewardship work. Big Local Trust is keen to invest in accordance with the UN Principles for Responsible Investment, and expects ils investment manager lo be a signatory to these principles. Distribution of returns on the investment Under Big Local, 150 Big Local areas were each allocated £1m to spend over a 10-year period, based on each area's Big Local plan. The fund that provides these allocations and supports the delivery of the programme is managed centrally, with areas accessing funds over time as plans are delivered locally. Beyond providing £1 m plan funding to each area, Local Trust has committed to ensure that each area will also receive a proportion of the net investment returns earned by the fund. In September 2017, with several Big Local areas approaching full spend of their £1 m, trustees made the decision to bring forward the distribution of that proportion of the returns that could be guaranteed at that date. Having considered the performan￿ of the investment, trustees decided each Big Local area would receive an additional £105k from the returns generated from the original investment of £150m. This was added to the balance of each area's £1m. A further distribution of investment retums, of £50k per area, was agreed by the board in March 2020. Grant-making policy Each Big Local area draws down funding by presenting plans to Local Trust for endorsement, setting out how they intend to address priorities identified by people in the area. Big Local areas appoint a locally trusted organisation ILTO) to hold and be responsible for the funding. Vvhen plan funding is drawn down, LTOS receive an administration contribution of 50A of the grant. Each grant we award is only to be used for the charitable purpose for which it is made, as described in each proposal or plan, and all grants are to help Big Local areas meet the Big Local outcomes. LTOS are required to record all Big Local grants in their accounts as restricted funds. Each area will receive.. £1 million plus a contribution towards partnership running costs or grant administration150/0 of the total spend) available once their Big Local plan is endorsed a fair proportion of net investment returns eamed by the fund (an additional £105k per area was agreed by Iruslees in September 2017 and £50k in March 2020) any underspent or unused grant funding from the funds we offered to areas in the early years of Big Local (called Getting People InvolvedlGetting Started, Creating your Big Local plan and Marketplace), now available through the plan funding process travel and carer costs for residents to attend networking and learning events. 14

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Local Trust as a locally trusted organisation Local Trust acted as the LTO for four Big Local areas that have been unable to identify a suitable organisation to fulfil this role during lor part ofj the year to March 2021.. Barrow Island, Dewsbury Moor, Wembley Central and W12 Together Palfrey. Big Local Trust retains the administration contribution of 5 % for Local Trust acting as the LTO, and in 2020-21 this totalled £0.9k (2020.. £0.7k). Social investments Big Local areas are encouraged to be innovative in the ways they create positive social change and economic growth within their local areas through the use of social investment. Big Local partnerships team up with credit unions and other social investors within their local areas, opening up a¢￿$S to new funding for individuals and small organisations. These initiatives are presented as part of the Big Local partnership plans, and funding made available for delivery. During 202tk21, Big Local Trust made £11 Sk (2020.. £127k) available for social investment. These programme-relaled investments are listed under note 12 and disclosed as a separate line on the face of the balance sheel. During 201&20 one of the social investments held by Big Local Trust with Eastern Savings and Loans Credit Union, was found to be impaired. An estimated £10k impairment was recorded in the accounts, reducing the value of the social investments to £117k at 31 March 2020. We have reviewed all social investments held during 202[￿21 and have found thal the investment held with Eastern Savings and Loans remains impaired. After repayments in the period of £12k, the value of the social investments as at 31 March 2021 is therefore £105k. Big Local Trust's social investments and impaiment policy is reviewed on an annual basis. An assessment is undertaken at the end of each financial year to determine the extent, if any, to which Big Local Trust's social investments have been impaired (reduced in value), to ensure that their value has not been overstated. Constructive obligations A constructive obligation be￿een Big Local Trust and a locally trusted organisation {LTOI is triggered when a grant lor other funding) offer letter is sent lo an LTO to notify them that a specific amount of funding has been endorsed for a stated period of time. We record these constructive obligations, or grant Commitments as creditors in the balance sheet of these accounts. Big Local Trust's constructive obligations decreased from £34.4m as at 31 March 2020 to £34.2m as at 31 March 2021. This reflects a decrease in new grant funding commitments made during the year as a resull of the effects of the pandemic on area spending plans. 15

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Financial planning We undertake annual reviews ofthe budget to infom Big Local development, how funding is allocated and how areas are supported. The budget to 2027 is updated each year with actual spend and income and reforecasted annually. It includes estimates of constructive obligations {funding committed) to Big Local areas as we make funding available for delivery of Big Local plans. The updated 15-year budget informs the investment strategy and a rolling two-year cash flow forecast is provided lo CCLA to enable them to manage cashflow requirements oflhe programme. The ca5hflow proved to be accurate for 2021>21 as it has been every year since it was first prepared in 2012. Reserves policy Big Local Trust has an expendable endowment, received from the National Lottery Community Fund in 2012 and 2013, to be spent by 13 February 2027. All of Big Local Trust's funds are unrestricted. No funds had been designated or othenmise committed as at 31 March 2021 other than those identified elsewhere in the accounts. Trustees consider that it is not necessary for Big Local Trust to specify a level of reserves beyond the significant level of funds held. The trust has processes in place to manage its funding over the period of the endowment, to ensure that the support costs, delivery costs and funding allocated to the 150 areas are spent in line with the requirements of the programme and the trust deed. It is in the nature of an expendable endowment that funds are spent out over time. In the final years of Big Local, it may require a reserves policy to ensure sufficient funds are held to manage the close down of the programme in a managed and prudent way., however, this is not currently the case. As at 31 March 2021, Big Local Trust held total funds of £80.7m12020'. £101.Om}. Within this, it has sufficient contingencies to cover any unforeseen costs,. therefore, it is not currently appropriate for the trust to specify a reserves level. Trustees review the Big Local Trust reseNes policy annually. Staff remuneration Trustees consider remuneration, including the remuneration of the senior management team, annually. During 201 ￿20, Local Trust used an external consultancy to carry out benchmarking research, and to inform the pay policy approved in May 2019. During 202[￿21 trustees used this information as part of a review of staff salaries, including the salaries of key management personnel. Trustees consider a cost-of-living increase for existing salaries, on an annual basis, after reviewing the consumer price index (CPI), retail price index IRPII and new CPIH index for the previous ￿e1ve months and applying a median. A cost-of-living increase of 2.25 % was agreed for 2020-21. Pensions and auto enrolment During 202[￿21, all Big Local Trust staff were enrolled in the group personal pension scheme. Local Trust currently contributes the equivalent of 100/0 of salary for each member of staff, which is more than the minimum legal requirement under auto*nrolment. staff are encouraged to make a voluntary personal contribution. 16

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Principal risks Big Local Trust has a detailed risk register, which is reviewed on a quarterly basis by the board, and every six months by the audit and risk committee. Significant new strategic and operational risks are brought lo the attention ofthe audit and risk committee and the board as necessary. Big Local Trust's risk register is also reviewed and updated by senior managers regularly during the year. The risk assessment process identified the following major risks during the year.. The strategic risks year￿n-Year funding slippage: Budgets and cashflow continue to be drafted on the basis of full spend-out of the £273m provided by the Big Local Trust endowment fund by 2026-27, with the intention that we should have a zero balance remaining at that point. This reflects the very limited scope for funding any extension of staffing or support for areas beyond 2026-27 out of remaining budgets. If we do not commit a significant proportion of our remaining reSoUr￿S to support areas to deliver over the next two to three years, we risk Big Local areas, plan delivery slipping further towards the end of the programme, al which point we will have less or no resource available to support them (or ensure proper stewardship of grant funding or compliance with grant terms and conditions). However, by committing additional funds to supporting areas now, we redu￿ the available resour￿ to support areas (or other artivities and priorities) in the last two years of the programme should that slippage in any event occur. Long-temi impact of the pandemic: The long-temi ramifications ofthe pandemic are still unknown. We will continue to monitor the impact of the pandemic and its aftermath, in particular the challenges facing Big Local areas and their residents - including the possibility of increased unemploymenl, health and wellbeing challenges, including mental health issues, and loss of community institutions and facilities. We will support them in understanding these risks and ensuring their plans take account of these as they prepare for the final five years of the Big Local programme. Operational risks Another lockdown: Our assumption is that some face-to-face contact and engagement between Big Local Trust, our partners and Big Local areas can and will be able to resume by September 2021. Should we experience another wave of infections or further lockdown restrictions our ability to re-energise, reboot and support areas reflect and reconfigure their plans will be disrupted to such an extent that half of what we have planned would have to be redesigned in-year. Local delivery- We have also identified the risk that a significant number of Big Local partnerships will struggle to deliver all or some aspects of their plan, as Big Local areas run out of energy andl or momentum, which will result in an increasing number of areas struggling to spend out by 2026 as planned. Additional capacrty and support is being be made available by Local Trust. Locally trusted organisations (LTOsl: We are activitely managing the risk that a significant number of LTOS close or go into administration, as the longer-term effects ofthe pandemic are felt by small community charities and organisations. Our scrutiny of and support for LTOS will continue. Big Local Trust has measures in place lo manage and monitor the likelihood of all risks identified, to minimise the financial and reputational impact they could have on Local Trust and Big Local Trust. 17

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Governance and committees Local Trust acts as the corporate trustee of Big Local Trust, in line with the Big Local Trust deed. Local Trust was registered as a charity in England and Wales on 30 May 2012 {charity number 1147511). Local Trust is also registered as private limited company by guarantee (company number 07833396). Local Trust's work is overseen by a board of trustees who meet on a quarterly basis. Our approach to governance is led by the chair of the Local Trust board and is based on.. ensuring delivery of organisational purpose working effectively as individuals and as a team exercising effective control behaving with integrity being open and accountable. Trustees receive regular, timely reports which provide updates on Local Trust programmes of work, and inform decision-making. Trustees delegate responsibility for the day-to-day running of the charity to the chief executive. Committees During the year, we operated four trustee committees.. finance and investment, audit and risk, programme delivery, and nominations and remuneration, to enable appropriate governance and oversight of these functions. For a period of time during the early stages of the pandemic a committee made up of the chairs of each of the committees of the board mel regularly to receive reports on the management of the organisation's response to the crisis. In November 2020, the board agreed to disband the committee. Matters relating to Local Trust's COVID-19 response are now reported into regular board meetings. The Protector The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duty to ensure the integrity of the administration of the Big Local Trust and the propriety of ils pr0￿dureS, and if necessary report matters of serious concern lo the National Lottery Community Fund as the Founder or to the Charity Commission. Rosie Chapman has been the Protector since September 2018. Trustees delegate responsibility for the day-to-day running of the charity to the chief executive. Governance review During 202￿21 the Local Trust board commissioned a review of governance in the organisation. This concluded that governance of the organisation was good. Excellent governance was highlighted, in particular, in relation to oversight of the Big Local programme., oversight of financial and investment matters,. the capability of the trustees individually and collectively., excellent diversity of skills and experience amongst trustees,. the valued role of the Protector and her ongoing independent perspective, the qualily of company secretary support, and slrong fiduciary governan and engagement in shaping the strategic direction. The review concluded that the committee structure is effective, providing adequate time and space for assurance related governance. However, it also made a number of recommendations for further 18

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 improving governan￿ within Local Trust, including but not limited to, the introduction of trustee appraisal, the creation of the post of vi￿chaIr., the introduction of a legacy committee to support thinking and direction in this important area of focus., and the creation of a governan￿ committee to support continued excellence in governance within the organisation. During 2021-22, the board will take forward implementation of key elements of the review's conclusions, with the aim that Local Trust continues to benefit from the highest quality standards of governance to underpin its work. It will also recruit a number of new trustees to fill vacancies where they have arisen. In parallel, work has been initiated to support the executive team in ensuring that executive level governance arrangements are effective and complement those being implemented by trustees. This work is likely to be concluded and implemented during 2021-22. 19

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Statement of trustee's responsibilities In respect of the trustee's annual report and the financial statements Focus of activities The trustee has given due Gonsideration to Charity Commission guidan￿ on the operation oflhe public benefit requirement and is satisfied that the work of Big Local Trust meets that requirement. Big Local Trust's work in the year to 31 March 2021 focused on supporting the 150 Big Local areas to identify their priorities and to develop and deliver plans to address these priorities. Responsibilities of the corporate trustee Local Trust is corporate trustee of Big Local Trust and is responsible for preparing the trustee annual report and financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice} thai gives a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the net income or expenditure, for the year. In preparing the financial statements, the corporate trustee is required lo.. select suitable accounting policies and then apply them consistently observe the methods and principles in the charities Statement of Recommended Practice Charities SORP {FRS 1021 make judgments and estimates that are reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the charity will continue in business. The corporate trustee is responsible for keeping accounting records that disclose, with reasonable accuracy at any time, the financial position of the charity. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The corporate trustee is responsible for the maintenance and integrity of the financial information included on Ihe charity website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions. The trustee has confimed that so far as it is aware, there is no relevant audit information of which the charity's auditors are unaware, and that it has taken all the steps that it ought to have taken as a trustee in order to make itself aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors A resolution to appoint Moore Kingston Smith was proposed at the last annual general meeting. Approved by the corporate trustee on 25 November 2021 and signed on their behalf by: 29 November 2021 Signed Date David Warner Chair 20

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Independent auditor's report to the trustees of Big Local Trust Opinion We have audited the financial statements of Big Local Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2021, and of its incoming resources and application of resources, 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK} (ISAslUK)I and applicable law. Our responsibilities under those slandards are further described in the Audilor's Responsibililies for the audil of the financial slatemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going con￿rn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infom)ation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slatemenls 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. 21

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the infomiation given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements., or the charity has not kept adequate accounting records., or the financial statements are nol in agreemenl with the accounling records and returns., or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going con￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above, to detect malerial misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is delailed below. 22

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately lo instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance ofthe charity. Our approach was as follows= We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired ofmanagement and those charged with governance asto any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify InStan￿S of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professionaljudgement and maintain professional scepticism throughout the audit. We also.. Identify and asses5 the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive to those risks, and obtain audit evidence thal is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charity's ability 23

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Tmsl annu81 report and financial statements f April 202Q- 31 March 2021 to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, slructure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governan￿ regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charrty's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have fomied. Date: 29 November 2021 statutory auditor Devonshire House 60 Goswell Road London EC1M 7AD Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 of the Companies Act 2006. 24

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Statement of financial activities for the year ended 31 March 2021 Restrlcted Unre$trl¢ted 2021 2021 £000 £000 Total 2021 £000 Total 2020 £000 Notes Income from: Investments Grants Reimbursements from Local Trust Other sources 911 911 3,563 111 111 66 Total income Expenditure on: Raising funds". inveslment management charges Charitable activities.. grants payable delivery to areas learning to support the programme Total expenditure Net operating expenditure 154 154 295 15,084 15,084 14,625 3,671 3,671 3,850 2,236 2,236 1,577 21,145 21,145 20,347 120,123) (20,1231 {16,717) {226) 12261 810 Net gainslllosses} on inveslments Net incornel (expenditure) Reconciliation of funds: Total funds brought forward 1 April 2020 Total funds carried forward 31 March 2021 120,349) (20,3491 {15,907) 101,002 101,002 80,653 80,653 116,909 101,002 All amounts are related to continuing activities. All gains and losses recognised are included in the statement of financial activities. The accompanying notes, on pages 28 to 46, form part ofthese financial statements. 25

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Balance sheet as at 31 March 2021 2021 £000 2020 £000 Notes Fixed assets Tangible assels Intangible assets Investments Social Investments 29 50 112,684 105 30 89 132,512 117 10&11 12 112,868 132,748 Current assets Debtors Investments Cash at bank and in hand Total current assets 13 467 1,188 1,832 3.487 1,356 1,187 1,087 3,630 Liabilities Creditors.. amounts falling due within one year Net current liabilities 14 {28,095) {24,608) 128,8611 125,2311 Creditors.. amounts falling due after one year 15 17,607) (6,5151 Net assets 80,653 101,002 Funds Restricted funds Unrestricted funds 80,653 80,653 101,002 101,002 Total funds The accompanying notes, on pages 28 to 46, form part ofthese financial statements. Approved by the corporate trustee, authorised for issue on 25 November 2021 and signed on behalf of the trustee.. tlorusiyned by. 29 November 2021 Signed Date David Warner Chair 26

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Statement of cash flows for the year to 31 March 2021 2021 2020 Cash {oufflowyinflow from operating activities: Notes £000 £000 Net operating expendrture Investment and other income re￿iVed Depreciationlamortisation of fixed assets Decrease in debtors Increase in creditors Investment management fees Increase in investment management fee accrual Net cash (used in) operating activities {20,123} (1,6241 74 889 326 (1541 24 {20,5881 (16,7171 13,7081 90 466 15,4441 12951 {25,6081 Cash flows from investing activities: Investment and other income received Investment management fees Payments to acquire tangible fixed assets Payments to acquire intangible fixed assets Repayments of social investments Payments to acquire fixed asset investments Movements in investment cash balances 1,624 154 {171 {17} 12 1206,0021 1321 225,612 21,334 3,708 295 {171 (421 12 1223,2101 1,415 244,393 26,554 Receipts from sale of fixed asset investments Net cash provided by investing activities Change in cash and cash equivalents in the year 746 946 Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2020 Cash and cash equivalents at 31 March 2021 2,274 746 3,020 1,328 946 2,274 17 2021 £000 1,832 1,188 2020 £000 1,087 1,187 Analysis of cash and cash equivalents: Cash in hand Notice deposits 27

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 Notes to the accounts for year to 31 March 2021 1. Accounting policies a) Administrative infomiation Big Local Trust is a public benefit entity registered as a charity in England and Wales on 15 February 2012 (charity number 11459161. The ultimate controlling party of Big Local Trust is Local Trust, corporate trustee. Local Trust is a registered company (number 07833396) and registered Charity (number 1147511). The charity was established under its trusl deed dated 13 February 2012. The registered office of Big Local Trust and Local Trust is= CAN Mezzanine, 7- 14 Great Dover street, London SE14YR. bl Basis of preparation The financial statements are prepared on a going concern basis which assumes the charity will continue in operational existence for the foreseeable future. The trustees have considered the impact of the Covid-19 pandemic on the financial position of the charity and are aware that the charity is able to draw down on its expendable endowment to provide an appropriate response to the additional needs resulting from the pandemic where necessary. After reviewing the charity's forecast and projections, the trustees have a reasonable expectation that il has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial slalements. The financial statements have been prepared under the historical cost convention, except that fixed asset investments are stated at market value, and in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Charities Act 2011 and the statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared to give a 'true and fail view and departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved preparing accounts in accordance with FRS102 rather than SORP 2005 which has since been withdrawn. c) Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other Sour￿$. The estimates and underlying assumptions are based on histori experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 28

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 dl Income Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and receipt is probable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. el Expenditure Expenditure is included on an accruals basis for charitable activities and expenditure on raising funds. Expenditure is allocated to a particular activity where the cost relates directly to that activity. Grants payable are accounted for in full as liabilities when approved and notified to locally trusted organisations and Big Local areas, because Big Local areas would have a valid expectation that they would receive the grant as offered and accepted. Allocation of support costs Support costs are those costs which enable the raising of funds and which enable charitable activities to be carried out. These costs indude finance, human resources and information technology. Support costs are allocated across grant expenditure directly to areas, delivery to areas, learning to support the programme and governance on the basis of staff time spent undertaking an activity. Direct governance costs are allocated on the basis of staff time spent undertaking an artivity. The direct staff cost allocation for the period to 31 March 2021 was across delivery to areas and learning to support the programme. gl Operating leases Rentals under operating leases are charged on a straight-line basis over the lease term to the statement of financial activities, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. h) Expenditure on raising funds Expenditure on raising funds include investment management fees which are charged at 0.20° of the market value of the portfolio and are charged as they fall due to the statement of financial activities. The fee reduced to 0.15 % from 1 July 2020. i) Tangible fixed assets depreciation and intangible fixed assets amortisation All assets costing more than £1,000 are Capitalised. Depreciation on tangible fixed assets (IT equipment and office furniture), and amortisation on intangible fixed assets {website and grant management system developmenll, is provided to wrile off assets on a slraight-line basis over their estimated useful economic life (three years). j) Investments Investments are included at their bid-price at the year-end. Gains and losses arising on the disposal of investments and the revaluation to market value are charged or credited to the statement of financial activities in the year. 29

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Local Trust annual report and financial statements l April 202Q- 31 March 2021 k) Social investments Big Local Trust makes programme-related social investments on behalf of Big Local areas. Big Local Trust receives annual dividends from the credit unions on behalf of the Big Local areas, at the same rate as the annual dividend paid to other corporate members. Social investments are initially recognised at cost and are assessed for impairment on an annual basis. l) Pension Local Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions. m) Grants payable A 'construclive obligation, be￿een Big Local Trusl and a locally trusted organisation is triggered when a grant lor funding) offer letter is sent lo a locally trusted organisation to notify them that a specified amount of funding has been endorsed for a staled period of time. Big Local Trust records these constructive obligations, or grants payable, as creditors in these accounts. n) Financial instruments Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arrangements entered inlo. Financial assets and liabilities are initially measured at transaction price (including transaction costl and are subsequently re-measured where applicable at amortised cost except for investments, which are subsequently measured at fair value with gains and losses recognised in the statement of financial activities. Assets and liabilities held in a foreign currency are translated to GBP at the balance sheet date at an appropriate year*nd exchange rate. There were no assets or liabilities held in foreign currency at 31 March 2021. 2. Investment income 2021 £000 851 60 2020 £000 3,438 99 26 3,563 Income on investments Bank interest Tax refunds Total 911 3. Grant income 2021 £000 2020 £000 Total Big Local Trust received no grant income during the year ended 31 March 2021. 30

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 5. Grants payable New grants £000 Repayment of unspent grants £000 Closed grants £000 2021 Totsl £000 2020 Totsl £000 Blg Local area Locally trusted oryanlsatlon 3 Together Aberfeldy Allenton Ansley Village, New Arley and Old Arley (Leys Millionaires) Arches Local Groundwork North East Quaker Social Action Enthusiasm Trust Watwickshire Community and Voluntary Action 496 442 starlings Support cic Red Zebra Community Solutions Limited Greenwich Cooperative Development Agency IGCDAI Plumcroft Primary School Cumbria CVS Local Trust Community First Credit Union UnLld Groundwork North Yorkshire Beechwood, Ballantyne and Community Foundation for Bidston Village Lancashire and Merseyside Community Action WThrral Bimiingham Voluntsry Service Council UnLtd Lincolnshire Co-operative Ltd Bla¢kpool FC Community Trust Enfield Children & Young People Service CVS Broxboume & East Herts UnLtd Bournemouth Churches Housing Association Pendle Borough Council Support Slaffordshirè Groundwork Manchester, Salford, Stockport and Trafford Limited Asian Resource Centre Stir¢hley and Brookside Parish Council Essex Boys and Girls Clubs Canvey Island Youth Project Colebridge Trust Oak Grove Community Church Voluntary Norfolk 187 1341 11141 39 280 1911 Barnfield 151 151 {1911 Barrow Island Barrowcliff 117 1221 95 12001 350 1621 302 Birchfield 1511 Birchwood Blackpool Revoe 121 121 470 Bounlagu 171 460 Bourne Estsle {1051 Bradley Brerelon Brinninglon Broad Green Big Local Brookside 357 1251 332 67 Canvey Island Big Local 1751 1751 87 {2151 87 Cars Area Catton Grove 264 512 1151 497 12821 33

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 CELL- Lynemoulh, Cresswell, Ellington and Linton Central Bosltsn YMCA Northumberland 342 Age UK Lincoln & South Lincolnshire Groundwork South and North Tyneside UnLtd Voluntary Services Lewisham Lewisham Disability Coalition Local Trust Charles Lovell and Company Limited Providence House 374 374 1161 Central Jarrow 1321 1101 1421 124 Chinbrook Estate 192 {1751 Church Hill 208 Clapham Junction, Wesl Battersea IBig Local SW111 Clarksfield, Greenacres and Littlemoor Clubmoor Action Together CIO 463 463 Liverpool CVS St Andrew's Community Nelwork Shared Assets Ltd Manchester Communication Academy UnLtd Milton Keynes Community Foundation Community Links Bromley Red Zebra Community Solutions St Marys Greenhilhe 3VA Dewsbury M¢x)r Rugby League Club Local TrLJSt Distington Big Local Limited Red Zebra Solutions Limited UnLtd Dover Big Local CIC Wharton Trust Tees Valley Rural Action Dudley Community Voluntary Service Swale Community and Voluntary Services Bassedaw Community and Voluntary Service Caxton House Community Centre Cumbria CVS IEwanriggl Shared Assets Limited Age Concern Luton Worth Unlimited Community Action Hampshire 1231 11001 11231 435 1561 161 13 Collyhurst 61 {21 59 Conniburrow Estate 12031 Dartlord 44 {1081 75 Devonshire West Dewsbury Moor 300 1391 1491 13151 212 13151 40 428 40 264 1921 Distinglon Dover Big Local 11 $41 1921 50 155 155 Dyke House East Cleveland Villages East Coseley 211 211 1531 1531 510 Eastern Sheppey 200 Elmton, Creswell and Hodthorpe Ellhorne Estates 595 1321 13291 234 366 330 Ewanrigg 1121 1121 423 Farley Hill Firs and 8romford Fratton 769 122 11131 1161 12391 417 106 73 1611

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Gannow Burnley, Pendle and Rossendale Community Voluntary Service Behavioural Insights Team St Chad's Community Project South Durham Enterprise Agency Barnsley Community Build 50 50 375 191 191 Gateshead Gaunless Gateway 197 Goldlhorpe with Bolton on Dearn& 1761 1761 The Snap Tin CIC Sandwell CVO Community Barnet Grassland Hasmoor Futures Limited North Eastern Derbyshire Business Devts LTd Probe Hull Limited UnLtd Begbie Traynor Icentrall LLP Local Trust CNET- Bradford and District Community Empowerment Network Limited Better Communities Bradford Growing Together (Northamplonl Crest Waltham Forest Hackney Community Voluntary Services E.A.S.E IEmpowering Action and Social Esteem) Limiled Training for Work in communities ITWICSI Southampton Voluntsry Services SCIPS Limited Cardigan Centre 48 430 463 235 48 278 274 235 Grace Mary lo Lion Farm Grange Eslale Grassland Hasmoor 1511 11381 1511 338 121 12041 12061 Greaffield 121 11131 384 1151 G￿enMoor 140 11881 1481 125 71 125 63 Growng Together 181 54 Hackney Imck 13571 Hanwell. Copley Close 525 Harefield, Midanbury andThomhill Park IS0181 1861 Hateley Heath Hawksworth Wood, Abbeydales, Vespers Area IHAVAI Heart of Pitsea 533 533 Basildon, Billericay & Wickford CVS Optivo Rother Voluntary Action Ulloexler Knights Paro¢hial Church Council of uttoexter Berkelèy Academy Groundwork South Warwickshire CVA PCC of Kiddermister East Heart of Sidley 83 169 29 59 83 93 29 59 1351 {1051 1761 Heath Big Local Heston West 163 1131 1561 94 226 1771 505 478 Hill Top and Caldwell Horsefair, Broadwaters and Greenhill (Big Local DY101 Inner East Preston 50 50 Emmaus Preston Preston City Council Airedale Enterprise Services UnLld 1301 Keighley Valley 35

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Kingsbrook & Cauldwell Community Voluntary SeNice Bedfordshire Groundwork Northamplonshire Nova Education Trust Street Games The Big Life Company Local Trust Hodsock Parish Council {1361 Kingswood & H￿e1 Leys 315 1191 11421 154 Kirk Hallam 281 {41 11081 169 Kirkholl 86 86 371 1431 Langold. Coslhorpe & Carlton Latch Ford 50 50 Gioundwork CLM Torus 62 Ambition Lawrence Weston Clarion Futures Iformerfy Affinity Sutton) Media Trust Shared Assets Limited Leigh Neighbours Partnership Board Salford CVS UnLtd Shared Assets Dorset Community Action Groundwork South Mablethorpe, Truslhorpe and Lincolnshire Community Sutton on Sea Icoastal Foundation Comm Marsh & Micklefield 635 51 378 1631 Lawrence Weston Leecliffe 141 Leigh West Little Hullon 116 116 Littlemoor 11541 11411 Chillern Rangers CIC Bu¢kinghamshire Community Foundation One Vvalsall Community Links Bromley Starlings Support CIC Red Zebra Community Solutions Crest Wallham Forest Shared Assets Big Local Impact London Community Foundation Voluntary Action NE Lincolnshire Haslings Voluntsry Action CREST London Borough of Dagenham North Ormesby Development Company Limited Middlebrough Enviornmenl City Community Action Suffolk Castle Hill Community Centre Trust Council for Voluntary Service North West Kent 571 1481 1501 473 {3121 Mossley Mollingham Newington. Ramsgale 358 1861 272 210 149 1271 1521 70 202 1831 Noel Park Eslale 444 141 North Brixlon 46 46 1311 North Cleelhorpes 418 North East Hastings North meets South 230 431 230 318 1291 1841 1121 North Ormesby 181 348 348 North West Ipswich 11091 91 65 1251 40 Northfleet North 208 208 1191 36

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Northwood Community Foundations for Merseyside and Lancashire Optivo Manor Farm Community Association UnLtd One Walsall Local Trust Eden Projed Campaigns Ltd UnLtd Shared Assets Limited Par Bay Community Trust Quaker Social Action 314 11051 145 Palfrey 191 1721 1811 200 1161 1601 124 93 Par Bay 50 50 76 141 80 40 80 40 Peabody Avenue and Churchill Gardens Estate (Big Local SW11 93 Thamesbank Centre Custom House & Canning Town Renewal Project PEACH Inc Rights & Equalities in Newham GL Communities GIoLJcestershire Credit Union Rushmoor Borough Council Bath and North East Somerset Carers, Centre Ramsey Neighbourhoods Trust Campaign for Better Transport Shared Assets Limited Community Foundation for Calderdale Cross Keys Homes 12761 86 PEACH 1251 131 1281 258 165 258 165 Plaistow South Podsmead 108 241 277 48 Prospect Estate Radslock and Westfield 265 265 Ramsey 41 41 443 Raslrick 1441 1441 478 Ravensthorpe and Westwood Ridge Hill 145 (41 12021 1611 New Charter Housing Trust Group Thurrock Lifestyle Solutions UnLtd Catslyst Slocklon Groundwork CLM Irwell Valley Housing Association UnLtd Bushbury Hill Estate Management Board Selby District AVS Blackbum with Darwen Community Voluntary Service Blackbum with Darwen Healthy Living Howbury Friends Bexley Voluntary Service Council Working Men's College Riverside Cornmunity 1371 Roseworth Ward Rudheath and Witton Sale West 1441 325 325 280 Scotlands and Bushbury Hill Selby Town Shadsworth with Whitebirf( 162 1301 1631 69 1771 1241 Slade Green 21 322 322 Somers Town 37

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Sompting Community Works Adur volLJntary Action United St Saviour's Charity UnLtd Crest Waltham Forest UnLtd St Matthew's BL Sefton Metropolitan Council Cheltenham BC UnLtd YMCA North Stsffs Tang Hall Big Local CIO UnLtd Oswestry Community Action Rotherham Federation of Communities Ltd Barnsley Community Build station House Community Association Limited Bolton al Home Swindon Borough Council CommUNif( Barnet Local Trust Helena Partnerships Limited Torus Foundation Mansfield CVS Nova Wakefield District Limited Campaign for Better Transport Local Trust Havant Borough council Citizens Advice Havant Haven Community Project Bimiingham Voluntary Service Council Community Barnet Local TrLJSt Landau Morley LLP Lancaster CVS Beighton Village Development Trust UnLtd Whilleigh Primary and Sir John Hunt Community Sports College Berkshire Community Foundation New Prospects Association Ltd CREST Wallham Forest UnLtd Groundwork CLM Voluntary Action North Lincolnshire 178 1691 109 {1521 South Bermondsey 1421 92 st James St 438 St Matthews Eslale St Oswald & Netherton st Peter's & the Moors 1431 1191 1821 1441 359 585 648 Stoke North Tang Hall 456 456 Three Parishes Thurcroft 353 234 1301 1121 323 169 87 1531 Thurnscoe 1101 1101 11291 464 Tonge with the Haulgh Toolhill W12 Together 227 227 1181 212 1181 Wargrave 1541 357 Warsop Parish Warwick Ahead 295 1281 1211 246 Wecock Fami 1771 1771 499 254 28 499 255 28 Vvelsh House Farm Wembley Central 185 30 181 1231 134 30 83 1791 283 West End More¢ambe Wesffield Estate 1491 1491 Whilleigh 255 Whitley 1761 Imhilley Bay 462 William Morris Windmill Hill Winlerton 412 401 1481 342 38

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Wilhernsea Hull and East Yorkshire Credit Union Shores Centre Begbie Traynor Icenlrall LLP Local Trust Woodlands Speaks SHAL Housing Ltd 388 386 131 1351 283 Woodlands Speaks Woolavinglon and Purilon Villages Together Worfd's End Eslale and Lots Road Area 522 522 Quaker Social Action 186 St MaryAbbots Rehabilitation and Training ISMARTI NSAH (Alliance Homes) Ltd Community Voluntary SeNi¢e for Broxboume and East Herts Sublotsl of Big Local grants 1911 Worle Womiley & Turnford 766 650 12301 13871 536 245 1181 (2741 19,501 11,0581 14,4731 13,970 13,477 Other grants Getting Started Reboot grants Mycommunity website Other Partnership grants Spirit 012012 Residents. travel and childcare 151 30 50 50 37 25 118 Area admin contributions Support and govemance costs Total grants payable 710 262 684 301 15,084 14,625 In April 2019, Palfrey Community Association, the locally trusted organisation for Palfrey Big Local, went into administration while holding up to an estimated £75k cash of Big Local funds. In November 2019 this estimate was reduced to £38k upon receiving further spend information from Palfrey Community Association. Big Local Trust is an unsecured creditor for the funding and the administration process is ongoing. 39

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 6. Governance costs Total governance costs of £207k12020: £236k) consist of direct governance costs of £75k {2020.' £87k) and indirect costs of £132k12020.' £149kl. Indirect governance costs are an apportionment of staffing and other support costs, calculated on the basis of staff time spent. This is in accordance with our accounting policies as outlined in note 1 {fj to the accounts. 7. Net operating expenditure for the year This is stated after charging.. 2021 £000 74 2020 £000 80 10 Depreciation and amortisation Impairment of social investments Auditor's remuneration (including VAT).. in respect of current year audit in respect of current year non-audit in respect of prioryear Financial advice Investment manager's fees Legal and professional fees Licence fees 22 19 295 22 146 14 149 8. Tangible fixed assets 2021 2020 Offlce refurbishment IT equipment Total Total Cost Balance brought forward Additions Balance carried forward £000 24 £000 162 16 178 £000 186 17 203 £000 169 17 186 25 Depreciation Balance brought fomard Charge for year Balance carried fO￿ard 18 138 14 152 156 18 174 137 19 156 22 Net book value Brought fO￿ard Carried fonmard 24 26 30 29 32 30 40

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 9. Intangible fixed assets 2021 2020 Total Total Cost Balance brought forward Additions Balance carried forward £000 325 17 342 £000 282 43 325 Amortisation Balance brought forward Charge for year Balance carried forward 236 56 292 175 61 236 Nel book value Brought fotward Carried foNard 89 50 107 89 Intangible fixed assets include development of Big Local Trust's grant management system, website and area assessment tool. 10. Investments 2021 2020 £000 £000 132,023 152,395 215,002 223,210 1225,6121 (244,393) 19,0001 {241 12261 112,163 At 1 April 2020 Purchases at cost Disposal prO￿edS Amounts due at year end re settlement of purchases Accrued management charges Net investment gainsl(lossl At 31 March 2021 809 132,022 Capital and revenue cash balance Total 521 112,684 490 132,512 11. Investments by type and location of fund 2021 2021 UK Overseas £000 £000 2021 Total £000 2020 2020 UK Overseas £000 £000 2020 Total £000 Equity Fixed interest Propety Cash Multi-asset fund Total 38,837 38,837 112,684 112,684 93,675 93,675 112,684 112,684 132,512 132,512 The total book cost of investments held at 31 March 2021 was £112,499k12020.' £133,622k). 41

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 12. Social investment assets Type of investmant Funds at 31 March Repayments 2020 £000 Funds at 31 March 2021 £000 Big Local area Credit union Impairments £000 £000 2015-16 East Coseley Castle and Crystal Credit Union North Wesl Ipswich Eastern Savings and Loans Credit Union Corporate de osit Subordinated Loan 15 15 10 10 Subtotal 25 25 2016-17 Rudheath and Witton st Oswald and Nelherlon Subtotal Key Fund loan Loan (1) Knowsley Mutual Credit Union Corporate de osit 13 13 14 (1) 13 2017-18 Three Parishes (for Osweslry Station Trust Subtotal Key Fund loan Loan 48 (11) 37 48 37 2018-19 Wilhemsea Hull & East Yorkshire Credit Union Subordinated Loan 30 30 Subtotal 30 30 Cumulative totals 117 112) 105 Total Key Fund loan balance 49 112) 37 13. Debtors 2021 £000 71 36 2020 £000 259 36 Trade debtors Other debtors Amounts due from Local Trust Prepayments Accrued income Total 168 187 467 155 900 1,356 42

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 14. Creditors: amounts falling due within one year 2021 £000 26,560 1,411 48 52 23 28,094 2020 £000 27,877 833 90 44 17 28,861 Grant commitments Trade creditors Accruals Social security and other taxation Pension payments due Total 15. Creditors: amounts falling due after one year 2021 £000 7,607 7,607 2020 £000 6,515 6,515 Grant commitments Total 16. Grant commitments 2021 £000 34,392 19,501 710 (14,9051 15,5311 34,167 2020 £000 39,902 22,006 684 (19,671) {8,529) 34,392 Grant commitments bliknd New commitments in the year Area admin contribution Commitments settled in the year Commitments reversed in the year Grant commitments 17. Analysis of changes in net debt At 1 April 2020 £000 1,087 1,187 Al 31 March 2021 £000 1,832 1,188 Cash flows £000 745 Cash Cash equivalents Overdraft facility repayable on demand Total 2,274 746 3,020 18. Operating leases 2021 £000 74 2020 £000 74 Land and buildings, due in less than 1 year Land and buildings, due in 2 to 5 years Land and buildings, due after 5 years Big Local Trust has a licen￿ to occupy office space at CAN Mezzanine, Borough. Future commitments in relation to this lease are noted above. 43

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 19. Staff costs and numbers 2021 £000 1,729 172 248 122 2,271 2020 £000 1,308 127 208 199 1,842 Wages and salaries Social security and other taxes Pension Other staff costs Total Trustees are responsible for setting overall remuneration levels for staff, with recommendations being made to Board as part of the budget approval process. Trustees recognise the importance of valuing staff that need lo effectively and appropriately manage the endowment, the programme, grants and social investment inlo 150 areas and the contractslgrants of those delivering national support, research and evaluation. staff are jointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 41 (2020.. 31). In line with NCVO'S Inquiry into Senior Executive Pay12014), we publish details of our senior management's pay and the ratio between the highest, median and lowest salaries as detailed below. Six employees, who were also the key management personnel, were remunerated over £60k in the year (2020.. four employees)., Matt Leach (chief executive), three directors and heads ofteam. Total Total gmployer's amployer's National pension Insurance incl salary exchange 2021 Total cost Annual salary £000 Total pay before tax Senior salaries £000 £000 £000 £000 2021 Margaret Bolton Jayne Entwislle Chris Falconer James Goodman Matt Leach Rachel Rowney 79 61 60 70 106 83 72 63 61 72 102 80 450 17 98 77 74 88 135 101 573 16 10 59 17 64 2020 Margaret Bolton Jayne Entwislle James Goodman Matt Leach 77 59 77 103 69 61 71 99 300 17 75 87 127 383 12 36 16 47 As at 31 March 2021, the highest full time gross salary was £106k12020'. £103k}, the median was £35k (2020.. £36kl (ratio 2.4 to 1 between highest and median) and the lowest full-time salary was £20k {2020'. £20kl (ratio 4.1 to 1 be￿een highest and lowest).

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Big Local Trust is a London Living Wage accredited employer, and all our staff and contractors are paid at least the London Living Wage. 20. Volunteers Big Local relies on people getting involved in making their areas better places to live. Almost 1500 people directly participate as partnership members across the 150 Big Local areas. Partnership members include representatives from local organisations, councils and businesses but a vast majority are volunteer residents {73￿￿) who give of their own time to help lead the Big Local programme in their local areas. 21. Pension We offer staff the opportunity to join a defined contribution Group Personal Pension Plan ('the scheme'l. Monthly contributions to the scheme are invested in personal pension plans with an insurance company {Scottish Widows). Big Local Trust's contribution to the scheme is based on 100/0 of the employee's basic annual salary, plus an amount equal to the saving Big Local Trust makes under the salary exchange system from the employer National Insurance contribution., there is no minimum contribution for staff although they are encouraged to contribute. Pension contributions made by Big Local Trust to the scheme during the year were £173k12020'. £146k) for 48 employees12020.' 40). Employee contributions, made through our salary exchange scheme, were £64k {2020.' £55k}. As at 31 March 2021, Big Local Trust owed £23k {2020.' £17k) to the scheme relating to March pension payments.. the amount due was settled on time during April 2021 22. Trustees, remuneration, benefits and expenses Trustees received no remuneration. No trustees received reimbursements for travel costs during the period12020'. 12 trustees received £15kl. Trustee training expenses during the period were £nil {2020.' £3kl. Trustee recruitment costs during the period were nil {2020.' £nil}. Governance review costs were £19k12020.' £nil) 23. Big Local Trust protector Protector fees and expenses of £12k were payable during the period {2020'. £16kl. Fees were lower during the year to 31 March 2021 due to reduced programme activity as a result of the COVID-19 pandemic. 24. Related party transactions During the period April 2020 to March 2021, Local Trust paid Big Local Trust £111 k for staff time and expenses spent on Local Trust activilies, thal were initially paid for through Big Local Trust {2020'. £66k). Big Local Trust had an outstanding debtor balance with Local Trust of £5k as at 31 March 2021 12020.. £6kl. Bob Thust is a trustee of Local Trust and co-founder of Practical Governance. Practical Governan￿ together with the Social Change Agency jointly formed the Losing Control network. During the year, Local Trust paid the Social Change Agency £2,400 (2020: £nil} as sponsorship for the Losing Control in Funding & Commissioning event hosted by the Losing Control network. 45

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 David Warner is a trustee of Local Trust and an associate of IVAR. Local Trust has contracted IVAR and Just Ideas to work on evaluation and learning support for the Community Leadership Academy, between October 2019 and April 2022, with a total contract value of£179.6k. During the year to 31 March 2021, Big Local Trust paid IVAR £24k for evaluation and learning support during the period and owed IVAR a balance of £7k (2020.. £12kl at the year end. David has worked as consultant for the National Lottery Community Fund, which established Big Local Trust with its endowment. David is also a trustee of CaVCA in Scarborough, who have done some work for Selby Big Local during the reporting period. David is also a voluntary non-execulive director of Toynbee Hall Trading Ltd. At the end of the year, Big Local Trust owed Toynbee Hall £1k (2020.. £2k} Peter Mills is a trustee of Local Trust and is a director of Brand Ethos Limited which has contracts for work with Sheila McKechnie Foundation (SMKI, which is delivery partner of Local Trust, although this activity is unrelated to his role as trustee at Local Trust. Local Trust has a service agreement with SMK for £26k for the delivery of the first phase of a policy and advocacy panel, which is accounted for under the Local Trust company. 25. Financial instruments Carrying values of financial assets and liabilities at 31 March.. 2021 £000 3,319 112,789 35,649 2020 £000 3,475 132,630 35,332 Financial assets measured at amortised cost (al Financial assets measured at fair value {b) Financial liabilities measured at amortised cost (cl {a) Financial assets measured al amortised cost include all debtors (excluding prepayments), cash in hand, and notice deposits. {b) Financial assets measured at fair value include all fixed asset investments (including social investments). {c) Financial liabilities measured al amortised cost include all liabilities excluding amounts due for lax and social security. {d) Interest recognised in the statement of financial activities on assets held at amortised cost during 2021 was £58k12020'. £901. Dividends and interest recognised in the statement of financial activities on assets held at fair value was £1.6m12020'. £3.5m}. 46

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Charity details Big Local Trust Big Local Trust is registered charity number 1145916. Local Trust Local Trust is the corporate trustee (parent entity} of Big Local Trust. Local Trust is registered company number 07833396 and registered charity number 1147511. Copies of the consolidated accounts for Local Trust, including Big Local Trust, are available from the Local Trust website at htt '.Illocaltrust.or .uklaboUt-uslfinan￿I Principal address of Big Local Trust and Local Trust CAN Mezzanine, 7-14 Great Dover Street, London SE14YR The trustees of Local Trust are: Miatta Fahnbulleh Sahil Khan Benjamin Lee (until 25 Nov 2020) Jeannette Lichner Caroline Macfarland Karen Mellanby Peter Mills Nicola Pollock John Kevin Sugrue (until 25 Nov 2020) Bob Thust David Warner {chair) Rich Wilson Programme delivery committee Sahil Khan Benjamin Lee (until 25 Nov 2020) Karen Mellanby Peter Mills (chair) Caroline Macfadand John Kevin Sugrue (ex officio member until 21 Nov 2019} David Warner {ex officio member) Finance and investm8lPt committeè Matthew Brumsen (c￿Optee with investment expertise} Benjamin Lee (until 25 Nov 20201 Serena Loudon {co-optee with investment expertise) Nicola Pollock (chair) John Kevin Sugrue (ex officio member until 21 Nov 2019} Bob Thust David Warner (ex officio member) Richard Wilson Audit and risk committee 47

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Jeannette Lichner (chair) Peter Mills David Warner {ex officio member) Nominations and ren7uneration con7mittee members Miatta Fahnbulleh Jeannetle Lichner John Kevin Sugrue (ex officio member to 21 November 2019} David Warner {chair) Chairs Covid-19 response committee (from March 2020 to 25 November 2020) Jeannette Lichner Peter Mills Nicola Pollock David Warner {chair) Chief executive of Local Trust Matt Leach Protector of Big Local Trust Rosie Chapman 48

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Advisors Auditor Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Solicitor Withers LLP 16 Old Bailey London EC4M 7EG Banker National Westminster Bank PLC 250 Regent Street London W1 B 3BN Investment manager CCLA Senator House 85 Queen Victoria Streel London EC4V 4ET Custodian HSBC Bank PIC 8 Canada Square London E14 5HQ 49

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Annual statement by the Protector for Big Local Trust Protector's Statement Background Big Local Trust (Big Locall is an unincorporated charity, established in 2012. Its founder is the National Lottery Community Fund (NLCF). The Fund invested £217m in setting up and endowing Big Local to commit over £1m lo 150 neighbourhoods across England, and this funding was provided on the basis that it is spent over 10 to 15 years at the communities, own chosen pace, and on their own plans and priorities. Local Trust (the Trust) is the sole corporate trustee of Big Local, which is in turn controlled by a Board of directors Itrusteesl who meet regularly. The Board delegates the day-to-day running of the Trust to the chief executive. Big Local operates in accordance with a Trust Deed between the Fund and Local Trust made originally on 13 February 2012 land subsequently amended, most recently on 23 July 20181. The Trust Deed provides that Big Local must have a Protector. I was appointed by Local Trust to this role in September 2018, in consultation with NLCF, for an initial period of three years. Purpose and functions The function of the Protector is set out in the Trust Deed. The role's primary purpose is to ensure that decisions taken by Big Local are within the scope of the Trust Deed and are reached in accordance with the principles of good governance. As Protector, l am not involved in Big Local's decision-making and l am not a trustee of either Big Local or Local Trust. I receive papers for all Board and committee meetings, and I have a right lo attend any of those meetings. I musl report any matters of serious concern Ihat I come across to the Fund or to the Charity Commission. Big Local are also required to get the Protector's consent, which can also be withheld, in some limited circUmstan￿s. Such circumstances primarily relate to procurement limits and amendments to the Trust Deed. l am required lo Produ￿ an annual statement in relation lo the Protector's work each year in the Trust's annual report. Where appropriate, this statement identifies any areas of administration, which require improvement and the steps that might be taken by Big Local in response. How I discharged the Protector function This year, the COVID-19 pandemic continued to affect how I went about carrying out the role and it precluded any visits to Big Local areas. I hope to resume visits in early autumn 2021 as the restrictions ease. All of Local Trust's meetings were held online in 202c￿21. 1 received papers for all of the Board and committee meetings held during the period and, where appropriate, I commented on these papers either in person or in writing. l attended five Board meetings (giving apologies for one meeting) and the Board online away day. l also attended various committee meetings, including four meetings, respectively, of the finance and investment committee and programme delivery committee and three meetings of the audit and risk committee. I was pleased to meet with Maggie Jones, a member of NLCF'S England Committee and Elly De Decker, NLCF'S England Director during the year to discuss NLCF'S overall approach and its expected relationship with the various Protector roles. At the time of writing a meeting with fellow Protectors is due to take place in early July. 50

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 COVID-19 I have been impressed by the way in which Local Trust has planned for and dealt with COVID-19 in its operations and relationships with the Big Local areas. Local Trust's staff have risen to the challenges and are to be commended in maintaining their effectiveness, morale, and motivation. The Trust implemented an effective COVID-19 response plan. For an initial period, it also convened a weekly meeting of the Committee Chairs to consider transitional organisational issues specifically related to the pandemic. The organisation provided a helpful detailed briefing regarding some 'high risk, partnerships. It also adapted the way in which it carried out financial reviews, given the cessation of on-site visits. 143 of 150 Big Local areas continued work to deliver Big Local in some form during the first lockdown, with many areas adapting their plans to provide specific support in response to the pandemic. COVID-19 did thwart or slow plans for other areas. I commended the Trust's systematic exercise to identify those Big Locals at risk of not spending out by the end of the funding programme in 202Er27 and identifying possible remedial action to address this. Local Trust's strategy Local Trust's current strategy runs from 2020 to 202er27 and was largely drafted prior to COVID- 19. It declares the Big Local funding programmes as central to the Trust's work until the programme's conclusion. Protectorfs consent Clause 4.1 of the Big Local deed states that "In the tenth year of the Trust Deed the Trustee will identify the local area plans for sustainabiltiy las approved by the Protector and the Founder) and which may require the Trust Deed to be amended accordingly. During the year, l agreed to Local Trust approaching the NLCF to make an amendment to the date in Big Local's Trust Deed, in effect changing the review of local area plans from 2021-22 to 2022- 23, to lake account oflhe delays caused by COVID-19 and work required to undertake the review. I was not asked to give any other specific consents to changes to Big Local's articles or trust deed during the period. Assessment of Local Trust's handling of fomial complaints In May 2020, Local Trust asked me to review how they had responded lo formal complaints made by a Big Local area in May 2020 about the Trust's treatment of the Big Local and an associated ompany. Having reviewed the documentation I was satisfied that the Trust had arted appropriately in its dealings with the Big Local partnership and in line with its published approach to how it deals with complaints. In particular I saw evidence that the Trust.. assigned members of its senior management team unconnected with the complaint to carry out a review of the complaint., b. spoke on various occasions to the individuallsl who made the compliant, and spoke to relevant other people such as the Locally Trusted Organisation, and the Big Local Rep., and. c. provided a written response to the various complaints within 20 working days. l also noted that the complaint was labelled as a 'stage 2, complaint, even though the Trust's published prO￿sS does not provide for any escalation 'stage' or appeal mechanisms if the individual or partnership concerned is not satisfied with how their compliant has been dealt with. I agree with the Trust that it would not be a proportionate use of resources to adopt an appeals mechanism. I have, however, recommended that the Trust clarifies in its complaints policy that 51

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 there are no appeal or escalation arrangements in place. The Trust has ac￿pted this recommendation and it has amended the policy accordingly. It has also amended its whistleblowing policy to sel out the circumstances in which the Trust will take forward an anonymous concern. Governance and administration of the Big Local Trust Local Trust had nine directors {trustees) in post as of 1 July 2021. (Two of the trustees, terms came lo an end in 202(k21 and a third trustee resigned after the year end.) During the year Local Trust commissioned an extemal governance review which concluded in March 2021.1 was interviewed as part of that pro￿sS. I concur with the review's conclusion that the governance of Local Trust is good, and I was assured by the review's comments commending the oversight ofthe Big Local Programme. As reported elsewhere, in Local Trust's Annual Report, the governance review recommended that the Trust update its trustee skills, audit. I fed into the subsequent exercise to implement the recommendation, which has also informed the current trustee recruitment exercise to fill the three vacancies. I have also noted that the review's other recommendations and suggestions are either being implemented or are timetabled for consideration during the year alongside other priorities. Overall, from attending various meetings, regular discussion wilh Ihe Chair and Chief Execulive and from reading key documents my sense is that Big Local is being governed effectively. I have noted and seen that the Board is aware of its role, of the relationship be￿een Local Trust and Big Local, and that it acts accordingly. l am satisfied that Big Local has been administered in accordance with the terms of the Trust Deed in the period 1 April 2020 to 31 March 2021. Future priorities As the Big Local programme is scheduled to end in 2026-27 , my primary focus continues to be on the delivery and close-out to the end of the programme, and on approving partnerships individual legacy statements as they approach the end of their funding. Largely as a result of the pandemic related delay a reduced number of areas (now around five} will spend out in 2021-22. I will continue to assess how Local Trust monitors and addresses the risk that a significant number of Big Local partnerships struggle to deliver all or some aspects of their plan (for example should Covid cases increase in a fourth wave of the pandemic), risk not spending out, andlor run out of momentum towards the end of the programme. Following the amendments to the Trust Deed in 2018, there is now more scope for Big Local to engage in wider dissemination of research and leaming and this is reflected in its current strategy. The current Deed also provides that money spend outside of BL Trust's "areas of benefit. li.e. Big Local areas) may only amount to what trustees reasonably consider might be "minorf, when compared to - respectively- the total value of the fund and total income accrued to the fund. I will review whether this requirement is being met as Local Trust delivers its strategy. Related priorities are.. Resuming visits to Big Local areas, particularly those at risk of not spending out. Building the relationship with NCLF, slaying abreast of its preparations for its next triennial review l The nometorthe ￿e$$the In vthich theGovemmentundertakes a Sub*Bntlve ￿￿¥0(al NotrDepatnentd Put41¢ Bodies gtleastonce everythrte year 52

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 Exploring with Local Trust what additional assurance work the Protector role might fulfil in supporting Local Trust manage the risks associated with the Big Local funding programme Continuing to oversee how the Trust manages, presents and delineates Big Local and Local Trust's respective reputational and presentational risks. Rosie Chapman Protector, Big Local Trust August 2021 53

DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Big Loc81 Trust annual report and financial statements l April 2020- 31 March 2021 L•cal Trust T: 020 3588 0565 [e-mail] W: www.localtrust.org.uk Twitter: @LocalTrust #biglocal The endowment for the Big Local programme is held by the Big Local Trust and overseen by Local Trust. The Big Local Trust was established by the National Lottery Community Fund with National Lottery grant of £196,873,499. Registered in England and Wales | Big Local Trust registered charity number 1145916 Local Trust registered company number 07833396, registered charity number 1147511 You are free to share or adapt this material under certain conditions of the Creative Commons licence. PIC gA