DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust Annual report and financial statements for 1 April 2021 to 31 March 2022 Registered charity number 1145916 Submitted by Local Trust as the corporate trustee for Big Local Trust COMMUNITY FUND DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Table of contents Introduction. Overview of2021-22............................................................................................................ Objects of Big Local Trust..................................................................................................... Ourareas ofwork................................................................................................................. Ourstrategy.......................................................................................................................... Progress report 2020-21 Response to the Charity Governance Code.......................................................................... Financial review..................................................................................................................10 Principal risks. -15 Governance and committees. -17 Statemenl of trustee's responsibilities.................................................................................19 Independent auditor's report to the trustees of Big Local Trust .20 statement of financial activities...........................................................................................24 Balan￿ sheet.....................................................................................................................25 Statement of cash flows......................................................................................................26 Notes to the accounts.........................................................................................................27 Charity details..................................................................................................................... Annual statement by the Protector for Big Local Trust . .47 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 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, communilies thal were seen to have missed out on their'fair share, of National Loltery and other funding. With a significant number of them located on the edges of towns and cities that themselvesfaced problems associated with long-term economic decline, many Big Local areas have much in common with pla￿S 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 of the growth delivered by the careful management of our endowment, some £270m will have been Gommitted 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 top-down, time-limited or project-led funding, the money awarded to each Big Local area is provided on a 'no strings, basis - there was no applicalion 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, strengthening local civic life and the social infrastructure that supports it. Big Local sits al 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. Overview of 2021-22 The past two years have demonstrated the remarkable resilience of local communities in the face of incredible challenge and disruption. Despite the Covid-19 crisis, most Big Local partnerships continued to operate successfully over this period, with many bouncing back significantly in 2021- 22 as restrictions lifted. There continues to be a huge amount of enthusiasm and energy locally in Big Local areas. As the first wave of Covid-19 hit, we shifted operations online. Over the past year, as disruption caused by the pandemic has gradually eased, we have again sought to reimagine how we support local people to deliver their Big Local ambitions. We have reviewed and refreshed our support to areas. This includes delivering addrtional bespoke support for areas needing it most., and a programme of direct support for areas seeking to relaunch and reboot following the end of lockdown. We have also sought to consolidate and further improve on changes to our model of programme delivery originally developed in response to the pandemic. During 2021-22, we moved to a model of hybrid working which mixes the newer online approaches, which have extended our reach, with DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 a return to in-person meetings and events. We have refreshed how we monitor funding and have set up a new approach to partnership reviews, which better enables us to identify and respond to partnerships, support needs, now and in the future. We also completed a Review of Board Governance in 2021 and have implemented its recommendations. This includes establishing a revised Committee structure, including new Committees on Legacy and Learning, Governance and Remuneration, and FinanceAudit and Risks, alongside the Programme Delivery Committee which was already in place. Consistent wth the provision in our trust deed that Local Trust should promote learning and insight from Big Local to policymakers, funders and others involved in similar efforts to deliver community- led change at a local level, we continued to actively share research, policy perspectives and direct experience from Big Local communilies to an increasing audience. Our research and evaluation work not only informs how we support Big Local areas, but also provides information and reSoUr￿S to a wider community of policymakers, funders and practitioners. Key projects from this year include.. Community Responses to Crisis, real-time research led by Third Sector Research Centre ITSRCI in 26 communities, seeking to rApture and understand the hyperlocal impact of Covid-19', and Power in Big Local Partnerships, research by Kent University on the practice of decision making, power sharing and participation in Big Local areas. We engaged brap, a charity which helps organisations think about diversity, to carry out research into how equality, diversity and inclusion is understood, defined and practised across Big Local areas. This has contributed to an ongoing, wider programme of support for Big Local areas on these issues. We continued to work actively with other funders and delivery agencies to share our ideas and approaches in a practical way, and build awareness of the potential of putting communities in control. This includes collaborations with Spirit of 2012 and UK Youth, the Design Council, Sport England, and Friends of the Earth. We continued to make the case that shifting decision-making power and resource to neighbourhood level is an essential component of our collective response to the climate crisis and to making communilies more ready to face the climate emergency. Publication of The Climate Commons, a report with IPPR'S Environmental Justice Commission, led to several events, including one at COP26 in Glasgow (November 20211. We continue to participate in conversations with other funders helping to integrate support for community-led change within climate strategy. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Objects of Big Local Trust The Big Local Trust deed was amended in 2018. The revised objects of the 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, bul without limilalion, in the localities in each region specified in Schedule 6. 5.2. Objects 5.1 {al and 5.1 {b) 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 capacity and skills of the members of socially and economically disadvantaged communities, for the benefit of the public, in such a way that they are belter 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, communities, as described in our objects, and are undertaken to further our charitable purposes for Ihe public benefit. The trustees confirm that they have referred to the Charity Commission's guidan￿ 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." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 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, reSoUr￿S 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 Confiden￿ and capacity among those wanting to make a difference lo Iheir community 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 lo 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 ofthe key legacy ambitionsfrom the Big Local programme, reflecting the wishes ofour Founder, The National Lottery Community Fund, is that others should benefit from the learning it generates. As a consequence, Local Trust is sharing insight and learning gained from Big Local as widely as possible to infomi and influence policymakers, funders and other organisations working wth ommunilies. This includes learning around the design and delivery of the programme,. insight generated from thedata we collect and have accesslo., 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 belter 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." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Our strategy In March 2020 a new Local Trust strategic plan for 2020-26 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 2026-27. 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, place-based, non-judgemental - 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 Gommunity-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 programrne, the learning we draw from it, and the credibility it lends us as an organisation. Progress report 2020-21 Our Strategic Plan for 2020-26 set out a number of priorities for Local Trust, grouped into three broad levels.. Level 1.. People and communities Providing practical and financial support to people and communities - reflecting the extent to which our work is rooted in our existing relationship with Big Local areas, although we will increasingly look to stretch and connect the impact of that work beyond Big Local. Level 2.. Enablers of change Working on Ihe enablers of change - building on and expanding our work to influence and inform, and investing resources into establishing Local Trust's contribution to a much bigger shift in the place of communities in our society. Level 3.. Sustaining our impact into the longer term Exploring ways to support our impact beyond the end of the Big Local Trust Deed in 2026- 27. We review and report against annually to our trustees as part of our business planning process. Our progress to date is set out below.. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 People and communities Priority I.. Ensure the effective delivery of Big Local through to its conclusion In 2021, we reviewed resource allocation and budgets over the remainder of the programme, and tested our assumptions and financial models. We are confident that.. sufficient resources are allocated where they are needed,. all areas remain on track to spend out by March 2026,. and we are on track to meet the overarching obligation in our founding Deed to spend £220m within the lifespan of the programme. Priority 2.. Support all our Big Local areas to build sustainable legacies All Big Locals with a functioning partnership submitted draft Legacy Statements in 2021-22. These will help inform Area Sustainability Plans we will put in Pla￿ for all 150 areas to ensure they receive appropriate support to achieve their ambitions. Priority 3.. Support Big Local areas to strenglhen links with each other al an individual and community level We continued to support leaming and networking within the Big Local programme through both online and in-person events as pandemic restrictions eased. Priority 4.. Support Big Local areas to strengthen links with people, places and institutions not directly involved in the Big Local programme We continued to create opportunities for Big Local areas to connect with others outside of Big Local, both within and beyond their locality. We are placing even greater emphasis on supporting Big Local areas to build their own skills and capacity for collaboration. It remains our ambition to build international connections as we move toward the end of the programme. Priority 5.. Significantly increase the number of people and communities benefiting from our experience capacity and learning We have published research and insight that has been picked up by opinion formers and people working beyond Big Local. The move to digital-only events during the pandemic widened our audien￿ significantly., we have retained online events as part of our model. We have been able to open up opportunities to people from communities outside of the programme, notably through the Community Leadership Academy and our built environment netwo￿. Enablers of change Priority 6.. Promote a compelling narrative of thriving. powerful communities and use it to influence, shift mindsets and change behaviour We have increased our engagement with policymakers and opinion formers. Through our support for the APPG on Left Behind Neighbourhoods, we have provided a new platform for Big Local residents to engage directly with decision makers on a public stage. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Priority 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 impact, and achieve influence beyond their own boundaries Evidence sessions for the APPG on Left Behind Neighbourhoods enabled community representatives to present on and discuss the issues that most impact on their lives with parliamentarians, and to have their say on what government should be doing. During 2021-22, Big Local areas also fed into national discussions on issues including digital inclusion, the climate crisis, and local food systems. Priority 8." Strengthen relationships wth the people and organisations who are most critical in enabling an increase in community power Our work on 'left behind, areas and our engagement with and support for the Community Wealth Fund has gained visibility and impact for these and related issues with the people and organisations that can enable wider change. Priority 9.. Experiment with different ways to enable change, learn and continually improve our practice We comprehensively rethought our approach to managing the programme and supporting Big Local areas through the crisis of the pandemic. We continue to draw lessons and insights for our practi as Big Local areas have emerged from the pandemic, and will remain open to new ways of working accordingly. Sustaining our impact into th8 long term Priority 11.. Build a sustained body of research, practice and knowledge capable of influencing beyond the end of Big Local We are committed to disseminating what we learn from Big Local. We will launch the next iteration of our research and evaluation plan eady in 2022-23. Plans for the future It is too early to be certain that the worst of the pandemic is over. However, we have written our 2022-23 Business Plan, and the budget that underpins it, in the expectation that this is the case., if it is not, we will adjust our plans, as we have over the last two years. However, we recognise that there are new sour￿$ of uncertainty. The state of the economy may have a significant impact on both Local Trust and Big Local areas, plans. Inflation and supply chain disruption may impact on the deliverability of some Big Local plans, particularly larger capital projects. The growing cost of living crisis is likely to affect many residents in Big Local areas, which are, in general, already more socially and economically deprived. War in eastern Europe may raise the prospect of threats that cannot yet be fully defined. These pressures may lead to some Big Local areas choosing to further review and revise their existing plans and legacy ambitions,. where that is the case, we will be ready to support them in doing so. Local Trust has reviewed its medium-term budget lo ensure that, at lime of writing, we remain confident of our ability to support Big Local areas effectively over the remainder of the programme. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Over the next ￿e1ve months our intention is to focus energy and effort on providing local residents with the support and expertise they need to maximise their impact across all 150 neighbourhoods that make up the programme. In doing so we want to ensure that we help Big Local areas achieve their legacy ambitions for their areas,. in the same way, by effectively sharing learning and insight from the programme, Big Local Trust aims to secure its own legacy through informing policy and practice across sectors long into the future. Priorities for 2022-23 Over the course of 2022-23 we will be reviewing and updating our Strategic Plan to make sure it is frt for purpose in the run-up to the programme Completion deadline of March 2026. The new Legacy and Learning Committee will take the lead in drafting a Legacy Strategy for organisation. Looking forward over the coming year, our strategic direction will remain the same as in 2021-22. To achieve this, our Business Plan for 2022-23 focuses on the following priorities.. Supporting delivery of Big Local The Big Local programme has been successfully delivered and Local Trust has provided the support necessary for Big Local partnerships to put in pla￿ their plans for legacy and sustainability. Priority 1.. Continue to create energy and enthusiasm across the programme, both nationally and locally. Provide the support needed to ensure areas spend out by programme end in ways that reflect local communities, ambitions. Ensure all areas have a defined approach to legacy and clear plans to achieve it. Priority 2.. Priority 3.. Building partnerships and sharing our learning The approach and principles that underpin Big Local that funding for communities should be long-term, resident-led, patient, place-based, non-judgemenlal - are mainstream across civil society, private and public sectors. Priority 4.. Further develop our evidence base - building on our growing reputation as a source of knowledge and insight. Priority 5.. Continue to invest in strengthening our core relationshipslpartnerships. Priority 6.. Explore where we can use our growing profile as a source of evidence, insightand expertise to achieve even more long-term impart. 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 change. Priority 7.. Continue to strengthen and deepen political engagement across both main political parties. Focus efforts on achieving a positive outcome to the dormant assets onsultation. Priority 8.. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Priority 9.. Engage positively to the development of Levelling Up White Paper policies, and start to prepare for policy development initiatives in the run up to expected 2024 elections. Reviewing and reassessing plans In drafting our Business Plan for 2022-23, we have continued to draw on the strategic objectives in our 2020-26 Strategy. Although the preparation of that strategy pre-dated the pandemic, it has provided a strong framework against which to set priorities during a period of considerable uncertainty. We recognise, however, that as we enter the final third of the programme we will need to review and revise our strategic approach, moving to a focus on defining our organisational legacy. To support this, trustees have established a new Legacy and Learning Committee which will take the lead in drafting a Legacy Strategy for the organisation. This will set out what impact we hope to leave behind us after the Big Local programme is completed in 2026. That prO￿$S will begin in Summer 2022, in time for it to inform the drafting of the revised Strategy and the Business Plan for 2023-24. Response to the Charity Governance Code The Local Trust board chose to adopt and apply the Charity Governance Code published in December 2020. 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 Ihe 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 2022. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 Financial review Overview of income and expenditure Big Local Trust is funded through an expendable endowment from the National Lottery Community Fund. The Big Local Trust endowment is invested and income on the investment for the year was £0.3m12021'. £0.9m). There were net losses on investments of £66k12021.' £226kl. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Total expenditure during the year was £25.1 m12021'. £21.1 ml. The increase in expenditure reflects a 19 % increase in direct funding committed to Big Local areas of £18.Om {2021'. £15.1 m). The cost of delivery to areas increased by 14 % to £4.2m {2021. £3.7ml and the cost of learning to support the programme increased by 250/0 to £2.8m12021'. £2.2ml. A full list of the funding lo Big Local areas is included in note 5. The net decrease in funds for the year was £24.8m {2021'. £20.3ml and total funds held at the year- end were £55.9m {2021. £80.6m). 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) to provide the resources required by Big Local, and to manage the assets in a manner that maximises the impact of the funds to enable Big Local areas lo extend the life of Big Local beyond 10 years and £1 m for each area. Making use of the scale and duration of Big Local, the original investment strategy aimed to provide a reasonable medium-term retum while ensuring that at all times sufficient 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 a focus on investment returns to focusing on controlling risks. This reflected the fact that the fund had achieved good investment returns in the years Sin￿ it was established, enabling Big Local Trust to fulfil its original investment strategic objectives. The key driver for this decision was the need for financial certainty to allow Local Trust and Big Local areas to plan,. and related to this was the ever-reducing amount of time for the fund to recover from the downsides of market volatility as Big Local moves towards the latter stages of the programme. 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. 10 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 Investment management CCLA is the investment manager for Big Local Trust and works with the Local Trust's finan￿ audit and risks committee to manage investments in line with the investment strategy, as agreed by the board. The committee formally reviews the investment strategy annually in line with the trust deed. The finance audit and risks committee have two voluntary co-opted members, Serena Loudon and Matthew Brumsen, who provides independent investment expertise to discussions. Investment performance Big Local Trust commenced the year with an investment portfolio of cash and near-cash assets. The total value of Big Local Trust's investments, including income, as at 31 March 2022 was £90.8m12021.' £112.7ml. The performance benchmark of the fund was Sterling Overnight Index Average (UK SONIA) from 1 January 2021 onward. The benchmark for the year ended 31 March 2022 was +0.140/0 {2021'. LIBOFU UK SONIA combined benchmark of-0.040/0l, and the overall returns for the year were +0.26 % (2021.. +1.01 % At the start of the financial year to 31 March 2022, there was Optimism in the investment market for global economic growth as the trend of recovery activity accelerated following an increasingly effective vaccination programme. The mood Ghanged by the end of the second quarter as growth slowed and inflation rates rose. By the third quarter, inflation had risen far above expectations and the recovery experienced at the beginning of the year came under threat from another wave of infections. In December 2021, in response to rising inflation, the Bank of England made the decision to increase the Official Bank Rate by 0.150/0 from 0.10 % to 0.25°/o. Despite this, inflation continued to rise during the last quarter of the year. This was further compounded by unrest in Ukraine and its likely effect on economic activity in Europe and beyond. At the time of writing, inflation (CPI) had risen to 10.10/0 and the official bank rate stood at 3.0°k. It is expected that interest rates will increase further in response to rising inflation. Throughout the year, our investment managers focussed on preserving the value of the investment, using segregated exposures in the money market to minimise risk whilst ensuring access to liquidity and creating scope to augment returns. In the latter part of the year, they took advantage of the improvement in the rate environment as yields responded to tightening monetary policy. Despite challenging year, CCLA were able lo protecl the nominal value of our portfolio assets in line with our investment strategy, also making a reasonable return above the benchmark. Ethical and responsible investment Trustees reviewed Big Local Trust's ethical and responsible investment policy in May 2022. 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 accordance 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 returns. As all our assets are now invested in cash deposits with banks and building societies, Big Local Trust has agreed lo follow the responsible investment policy adopted by CCLA'S COIF Charities 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 praCtI￿S where needed. DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 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 finance 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 its investment manager to be a signatory to these principles. Distribution of returns on the investment Under Big Local, 150 Big Local areas were each allocated £1 m 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 perf0rnan￿ 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 £1 m. A further distribution of investment returns, 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. When planned funding is drawn down, LTOS receive an administration contribution of 50/0 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 administration150A of the total spend) available once their Big Local plan is endorsed a fair proportion of net investment returns earned by the fund lan additional £105k per area was agreed by trustees 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 leaming events. Local Trust as a locally trusted organisation Local Trust aded as the LTO for two Big Local areas that have been unable to identify a suitable organisation to fulfil this role during (or part ofj the year to March 2022.. Dartford Big Local and Distington Big Local. 12 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 Big Local Trust retains the administration contribution of 50h for Local Trust acting as the LTO, and in 2021-22 this totalled £1 k (2021.. £9k}. 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 access 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 2021-22, Big Local Trust made £135k12021.' £115kl available for social investment. These programme-related investments are listed under note 12 and disclosed as a separate line on the face of the balance sheet. We have reviewed all social investments held during 2021-22 and have found one oflhe loans held with Key Fund to be impaired. An estimated £14.6k impairment was recorded in the accounts. In addition, one of the previously impaired social investments held by Eastern Savings and Loans Credrt Union was found to be no longer impaired. The previously written off impairment value of £1 Ok has been reversed in the accounts. The £5k net impact of impairment has reduced the value of the social investments to £120k at 31 March 2022. After repayments in the period of £8k, the value of the social investments as at 31 March 2022 is therefore £112k. Big Local Trust's social investments and impairment policy is reviewed on an annual basis. An assessment is undertaken at the end of each financial year lo determine the extent, if any, to which Big Local Trust's social investments have been impaired (reduced in value), to ensure thal their value has not been overstated. Constructive obligations A constructive obligation between Big Local Trust and a locally trusted organisation {LTO) is triggered when a grant (or other funding) offer letter is sent to 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 increased from £34.2m as at 31 March 2021 to £36.1 m as at 31 March 2022. This reflects an increase in new grant funding commitments made during the year as Big Local area plans for delivery post-covid activities were approved. Financial planning We undertake annual reviews of the budget to inform Big Local development, how funding is allocated and how areas are supported. The budget to 2027 is updated each yearwith 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 infomis the investment strategy and a rolling two-year cash flow forecast is provided to CCLA lo enable them to manage cashflow requirements of the programme. The cashflow proved to be accurate for 2021-22 as it has been every year Sin￿ it was first prepared in 2012. 13 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 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 othetwise committed as at 31 March 2022 other than those identified elsewhere in the accounts. Trustees consider that it is not ne￿$Sary 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 ofthe programme in a managed and prudent way,. however, this is not currently the case. As at 31 March 2022, Big Local Trust held total funds of £55.9m {2021.' £80.7m). It has sufficient contingencies within this to cover any unforeseen costs,. therefore, it is not currently appropriate for the trust to specify a reserves level. Trustees review the Big Local Trusl reserves policy annually. Staff remuneration Trustees consider remuneration, including the remuneration of the senior management team, annually. During 2021-22 trustees carried out a review of staff salaries, including the salaries of key management personnel, taking into consideration the organisation's financial health, what peer organisations are generally choosing to pay, and other factors outlined in the pay policy agreed in May 2019. Trustees consider a cost-of-living increase for existing salaries, on an annual basis, after reviewing the consumer price index {CPII, retail price index IRPII and new CPIH index for the previous ￿e1ve months and applying a median. A cost-of-living increase of 0.9% was agreed for 2021-22. Pensions and auto enrolment Local Trust operates a group pension scheme with Scottish Widows and contributes the equivalent of 100/0 of salaryfor each member ofstaff into scheme. This is more than the minimum legal requirement under auto-enrolment. Staff are encouraged to make a voluntary personal contribution. During 2021-22, all Big Local Trust slaff were auto-enrolled in the group personal pension scheme. Two staff opted out of the scheme after auto*nrolment. 14 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 Principal risks Big Local Trust has a detailed risk register, which is reviewed on a quarterly basis by the board, and the Finance Audit and Risk committee. Significant new strategic and operational risks are brought to the attention of the Finance Audit and Risk committee and the board as ne￿Ssary. Big Local Trust's risk register is also reviewed and updated by senior managers regularly during the year. The business planning prO￿$S carried out in March 2022 identified the following major risks that would need to be monitored and managed over the year ahead.. The key risks Year on year funding slippage: Budgets and cashflow continue to be planned 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 refleds the very limited scope for funding any extension of staffing or support for areas beyond 2026-27 out of remaining budgets. Big Local area plans are assessed to ensure they are deliverable before they are approved, and delivery and spend is carefully monitored by Local Trust to ensure that any problems are identified early and appropriate support measures put in pla￿. Progress is regularly reported to the Programme Delivery Committee. Where significant problems are fa￿d in a Big Local area, remediation plans are prepared and agreed with the partnership and are subject to regular review. In early 2022-23 Local Trust launched "Make It Happen" a significant new programme of activity aimed at providing a range of resources, advice and support to partnership to assist all Big Local areas with delivery of their ambitions over the final years of the programme. Turnover of key senior stafflposts and inability to recruit suitable replacements: During 2021-22 recruitment was been a particular issue for Local Trust, particularly for some teams and at more senior levels of the organisation. Whilst this had eased somewhat by the end of the year, Local Trust is aware that as it approaches the end of Big Local Trust's trust deed it may fa￿ issues relating to recruitment and retention. In the longer term, Local Trust recognises that it may need to take action to mitigate the risk of not having the experience, organisational memory or skills within the organisation through to the end of the programme. To that end, in 2021-22 Local Trust commissioned a review of its approach to staff reward and retention, which included consideration of issues associated with retention over the final years of the programme, to inform any future work on approaches to retention in the future. An additional Director level post was created - the new Director of Delivery to increase the capacity and resilience of the senior team responsible for programme delivery. Finally, advice has been commissioned on wider issues relating to managing the closedown of the Big Local, which will include consideration of key areas of the business which will need protecting through the closedown process. Rising inflation: The original Big Local fifteen-year budget assumes an inflation rate of 3 /0. The mid-point of CPI and RPI at the time ofthe March 2022 business planning round was 6.35°A, and an assumption of a period of 60/0 per annum inflation sustained for three years was built into the most recent Local Trust budgets. Inflation has since risen further, which may impact on the ability of Big Local partnerships to deliver as planned, as well as adding pressure to Local Trust central costs. Programme Delivery Committee regularly reviews risks to delivery in Big Local areas, including those posed by changes in the inflation rate. These include impacts on the affordability of Big Local plans and the delivery and fundability of large capilal projecls. Vvhere necessary Local Trust provides support to Big Local partnerships in revising or changing delivery plans in the light of those pressures. The Finan￿ and Audit Committee reviews the economic outlook regularly at its quarterly meetings and any impacts this may have on Local Trust's future budgeting decisions. The 2022-23 Business Plan included consideration of a range of possible planning scenarios set out in our Business Plan, including pressures arising from inflation, to assist trustees in assessing potential impacts on Local Trust's financial strength and delivery capacity. 15 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 Local delivery challenges.. It is possible that a significant number of Big Local partnerships may struggle to deliver all or some aspects of their plan, as a result of the challenges in tems of capacity, rising inflation affecting costs of activities and viability of plans, andlor changes to the circumstances of partner organisations which means they can no longer deliver as planned. As noted above, progress is Big Local areas is carefully monitored on the basis of direct engagement with areas, reports from reps, plan assessments and expenditure reports, and where significant issues occur, they are reported to the Programme Delivery Committee. Where significant problems are faced in a Big Local area, remediation plans are prepared and agreed with the partnership and are subject to regular review. In early 2022-23 Local Trust launched "Make It Happen" a significant new programme of activity aimed at providing a range of resources, advice and support to partnership to assist all Big Local areas with delivery of their ambitions over the final years ofthe programme. LTO capacity.. Local Trust has successfully managed the risks relating lo LTO financial viability over the years associated with the pandemic, with no funds being lost lo LTO failure during that period. While we believe the risk of LTOS running into financial difficulty is starting lo diminish, we remain concerned about the capacity of LTOS to provide appropnate support to Big Local partnerships in all instances. By this we mean the amount of additional time many give to supporting partnerships, possible burn out of staff who have been delivering frontline services in the last years., and managing increasing demands on their time and organisation in relation to other challenges. We commissioned research on LTOS which reported in early 2022-23, and onlinue to carefully monitor LTO perfomiance, including regular assessment of their financial viability, including visits to review financial performance. Where necessary we are active in supporting Big Local partnerships in retendering for LTO services, as part of a continued focus on ensuring partnerships are getting the service that they commission and require from LTOS as key to supporting effective delivery of plans in many areas. Changes to our local support model.. In order to meet the needs of Big Local partnerships as effectively as possible through lo the end of the programme, Local Trust has changed the model through which it provides direct support to areas. This has included changes to contractual arrangements with 'reps" the locally based contractors providing light touch advice and support to areas and the creation of new in-house resource lo provide direct support to some partnerships. We know from previous changes to how we deliver the rep services to areas that these changes will need lo be managed intensively and carefully to ensure that the disruption to both Big Local partnerships and Local Trust is minimal, that all partnerships continue to receive high quality support, and that the changes introduced create additional value and benefit to the programme. To ensure this is the case we have focused in particular on managing communications with reps through the process of change, and with Big Local areas that might see hanges in their day-to-day contact with Local Trust as a result of those changes. We have also sought legal advice to ensure that any changes to contracting arrangementwith reps are managed in a way which ensure an effective shift to new working arrangements and minimise any potential liabilities associated with that change. 16 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 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 Followng a review ofgovernance in 2020-21, a new board committee structure was introduced during 2021-22 which ensures trustees are able to continue to effectively exercise oversight of both Big Local Trust as an organisation and the programmes it delivers. The four committees are.. finance, audit and risk., governance and remuneration., legacy and learning,. and programme delivery. New terms of terms of reference explaining the responsibilities of each committee were approved and will be periodically reviewed and updated to ensure continued effective oversight and decision making across all aspects of Local Trust's business. 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 adminislration of the Big Local Trust and the propriety of its procedures, and if necessary report matters of serious concern to the National Lottery Community Fund as the Founder or to the Charity Commission. Rosie Chapman has been the Protector since September 2018. Trustèes delegate responsibility for the day-to-day running of the charity to the chief executive. Governance review During 2020-21 the Local Trust board commissioned a review of governance in the organisation. This concluded that governance of the organisation was good. Excellent g0Veman￿ 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 quality of company secretary support,. and strong fiduciary governan￿ and engagement in shaping the strategic direction. The review concluded that the committee structure is effective, providing adequate time and spa for assurance related governance. However, it also made a number of recommendations for further 17 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 improving governance within Local Trust, including but not limited to, the introduction of trustee appraisal, the creation of the post of vice-chair,. the introduction of a legacy committee to support thinking and direction in this important area of focus,. and the creation of a governance committee to support continued excellence in governance within the organisation. During 2021-22, the board implemented 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. In parallel, work was initiated to support the executive team in ensuring that executive level governance arrangements were effective and complemented those being implemented by trustees. The recommendations of that review, which included updated tems of reference for meetings of the Senior Management Team and the creation of a new oversight group to coordinate cross- organisational support for the Big Local programme were implemented during 2021-22. 18 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 202f 3f March 2022 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 consideration to Charity Commission guidance on the operation of the 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) that 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 to.. 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 the 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 confimied that so far as it is aware, there is no relevant audit information of which the charity's auditors are unaware, and that il 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 23 November 2022 and signed on their behalf by-. Dowslgned by.. 05 December 2022 Signed Date David Warner Chair 19 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 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 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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 2022, and of its incoming resources and application of reSoUr￿s, 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 International Standards on Auditing (UK) IISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. Vve are independent of the charity in accordance wilh the ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical 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 lo continue as a going concern for a period of at least twelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. 20 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislent with the financial slatemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslatemenl in the financial statements themselves. 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 lo report in this regard. Matters on which we are required to report by exception We have nothing to report in respect ofthe 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 not in agreement with the accounting 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 19, 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 detemiine is ne￿SSary to enable the preparation of finanaal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charily's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Gharity 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 assuran￿ 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 delect 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. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that 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 21 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit Pro￿dureS that are appropriate in the circUmstan￿s, 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 doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to 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 date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure 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 governance regarding, among othèr 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audil in respecl of fraud, are," to identify and assess Ihe risks of malerial misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks., and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibilily 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 slatemenls, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance. We inquired of management and those charged with govemance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 22 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Tmsl annual rgport and financial statements l April 2021- 31 March 2022 Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governan￿ and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate COn￿alment by, for example, forgery or inlentional misrepresentations, or through collusion. Use of our report This report is made solely to the charity'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 formed. riort k*" LLF Date.. 6. December 2022 statutory auditor Devonshire House 6th Floor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in tems of Section 1212 of the Companies Act 2006. 23 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Statement of financial activities for the year ended 31 March 2021 Restricted Unrestricted Total 2022 £000 Total 2021 £000 2022 £000 2022 £000 Notes Income from: Investments Reimbursements from Local Trust Other SoUr￿S Total income 253 122 253 122 911 111 375 380 1,022 Expenditure on: Raising funds.. Investment managemenl charges Charitable activities.. Grants payable Delivery to areas Learning to support the programme Total expenditure 122 122 154 18,002 4,188 2,791 25,103 18,002 4,193 2,791 25,108 15,084 3,671 2,236 21,145 Net operating expenditure (24,7491 {24,749) 120,123) {661 1661 1226) Net gainsll105ses} on investments Net incornel (expenditure) (24,7941 {24,794) 120,349) Loss on disposal Net movement in funds (24,7961 {24,796} 120,349) Reconclllatlon of funds: Total funds brought forward 1 April 2021 Total funds carried forward 31 March 2022 80,653 55,857 80,653 55,857 101,002 80,653 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 27 to 43, form part oflhese financial statements. 24 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements l April 2021- 31 March 2022 Balance sheet as at 31 March 2022 2022 £000 2021 £000 Notes Fixed assets Tangible assets Intangible assets Investments Social Investments 72 128 90,813 112 29 50 112,684 105 10&11 12 91,125 112,868 Current assets Debtors Investments Cash at bank and in hand Total current assets 13 484 188 1,190 1,862 467 1,188 1,832 3,487 Liabilities Creditors.. amounts falling due within one year Net current liabilities 14 124,0041 122,1421 {28,095) {24,608) Creditors.. amounts falling due after one year 15 (13,1261 17,607) Net assets 55,857 80,653 Funds Restricted funds Unrestricted funds 55,857 55,857 80,653 80,653 Total funds The accompanying notes, on pages 27 to 44, form part ofthese financial statements. Approved by the corporate trustee, authorised for issue on 23 November 2022 and signed on behalf of the trustee.. DoCuS￿ned W. 05 December 2022 Signed David Warner Chair Date 25 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements t April 2021- 31 March 2022 Statement of cash flows for the year to 31 March 2022 2022 2021 Cash {oufflow)linflow from operating activities: Notes £000 £000 Net operating expenditure Investment and other income received Depreciationlamortisation of fixed assets Increase in debtors Increase in creditors Investment management fees Increase in investment management fee accrual Net cash {used in) operating activities 124,728) {323) 106 (17) 1,428 {122) 12 123,644) 120,123) (1,624) 74 889 326 {154) 24 120,588) 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 Loss on disposal of tangible fixed assets Payments to acquire social investments Repayments of social investments Payments to acquire fixed asset investments Movements in investment cash balances 323 122 (69) {155) 12) (20) 1,624 154 117) (17) 12 (206,002) (32) 225,612 21,334 (175,000) {204) 196,999 22,002 Receipts from sale of fixed asset investments Net cash provided by investing activities Change in cash and cash equivalents in the year 1,642 746 Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2021 Cash and cash equivalents at 31 March 2022 3,020 1,642 1,378 2,274 746 17 3,020 2022 £000 1,190 188 1,378 2021 £000 1,832 1,188 3,020 Analysis of cash and cash equivalents: Cash in hand Notice deposits 26 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements t April 2021- 31 March 2022 Notes to the accounts for year to 31 March 2022 1. Accounting policies a) Administrative infomiation Big Local Trusl 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 078333961 and registered charity (number 1147511). The charity was established under its trust deed dated 13 February 2012. The registered office of Big Local Trust and Local Trust is.. Canopi, 7 - 14 Great Dover Street, London SE14YR. bl Basis of preparation The financial statements are prepared on a going Gon￿rn basis which assumes the charitable company will continue in operational existen￿ for the foreseeable future. The trustees have considered the current cost of living crisis as well as the lasting impact of the Covid-19 pandemic on the financial position of the group and are aware that the group 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 it 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 statements. 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 IFRS 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 IFRS 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 fair, 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 sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 27 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Tmsl annual rgport and financial statements f April 2021- 31 March 2022 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. e) 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. fj 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 include 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 ofstaff time spent undertaking an activity. Direct governance costs are allocated on the basis of staff time spent undertaking an activity. 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 in￿ntiVe to sign an operating lease are similarly spread on a slraight-line basis over the lease temi. h) Expenditure on raising funds Expenditure on raising funds include investment management fees which are charged at 0.200A 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 fixèd 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 development), is provided to write off assets on a straight-line basis over their estimated useful economic life (three years). j) Investments Investments are included at their bid-prI￿ 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. 28 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual rgport and financial statements t April 2021- 31 March 2022 k) Social investments Big Local Trusl 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. kl 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 conlributions payable under Ihe scheme by the charity lo the fund. The charity has no liability under the scheme other than for the payment of those contributions. l) Grants payable 'constructive obligation, between Big Local Trust and a locally trusted organisation is triggered when a grant lor funding) offer letter is sent to 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. m) 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 into. Financial assets and liabilities are initially measured at transaction price (including transaction costl and are subsequently re-measured where applicable at amortised cost eX￿pt 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 Cu￿encY are translated to GBP at the balance sheet date at an appropriate year-end exchange rate. There were no assets or liabililies held in foreign currency at 31 March 2022. 2. Investment income 2022 £000 203 36 14 253 2021 £000 851 60 Income on investments Bank interest Tax refunds Total 911 3. Other income 2022 £000 2021 £000 Contribution to Community Leadership Academy Total Big Local Trust received no grant income during the year ended 31 March 2022. 29 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 4. Expenditure Charltable actlvltles Grant expenditure directly to areas Delivery to area5 Learning to support the programme Expenditure on rJi5ing fvnds 2022 Total 2021 Total Governance Support £000 £000 £000 £000 £000 £000 £000 £000 Direct eosts Staff 1,178 855 690 2,723 2,271 Giant5 to 8rea5 Gettin started Local fundin 16,791 80 16,791 80 13,970 Communi travel and childcare Aiea admin contribution 839 839 710 Reboot M Communit rants 30 website 50 Partnershi rants 37 S iritof2012 25 2,155 945 Area deliver costs 2,329 2,329 1,172 122 Pro ramtne develo ment 1,172 Finance cha es 122 Govemance cost5 73 73 32 Audit and financial advice 29 al and rofessional fees 33 33 14 Communications and markets'n 210 210 124 IT and Consultanc Rent and office costs lincl. recharged staff costs 302 302 275 294 294 250 Grant bad debtsl lrn De reaation airment loss 101 101 74 Total costs 17,710 3,512 2,027 122 140 1,597 25.108 21,145 Allocated to charitable activities Su ort Costs Governance costs 247 575 106 645 119 130 270 1.597 note 6 45 Total ax anditure 2022 18,002 15,084 4,193 3.671 2,791 2,236 122 25,108 21,145 21,145 20.237 Total ex ndItU￿ 2021 154 30 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 4. Expenditure (continued) Charltable actlvltles Grant expenditure directly to areas Delivery to area5 Learning to support the programme Expenditure on raising funds 2021 Totsl 2020 Totsl Governance Support £000 Prior-year comparative £000 £000 £000 £000 £000 £000 £000 Direct Costs Staff excludin iechai es 908 726 637 2,271 1,787 Grants lo areas Gettin started Local fundin Communi travel and childcare 118 Area admin contribution 710 30 710 Reboot rants 30 M Comrnunil website 50 50 50 Partnershi rant5 37 37 iritof2012 Area delive 25 25 C05t5 2,155 2,155 945 2,507 445 Pro ramme develo ment FinanTr chai es 154 295 Governance costs 32 32 34 Audit and financial advice 29 29 31 Le al and rofession81 fees 14 14 22 Communications and marketin 124 124 254 IT and Consultan¢ Rent and office costs lincl. recharged staff costs De reciation 275 275 246 250 74 250 74 322 80 Total costs 14,822 3,063 1,671 154 75 1,360 21.145 20.347 Allocated to charitable activities ort Costs 224 520 132 1,360 Governance costs note 6 38 88 81 20 Total ax 8ndlturg 2021 15,084 14,625 3,671 3.850 2,236 1,577 154 295 21,145 20.237 20,347 32,530 Total ex enditure 2020 31 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 5. Grants payable New grants £000 Repayment of unspent grants £000 181 191 141 Closed grants £000 2022 Total £000 2021 Total £000 Blg Local area Locally trusted oryanisation Aiches Local Arley and Ansley Barnlield Stallings Support CIC WCAVA 187 692 429 1391 140 683 308 39 Greenwich Cooperative Development Agency IGCDAI Plurncroft Primary School Barrow Island Community Sports Trust Limited Cumbria CVS Local Trust Community First Credit Union Ltd Community Foundations for Lancs & Merseyside Birmingham Voluntary Service Council Blackpool Coastal Housing Blackpool FC Community Trust Boumemouth Churches Housing Association Groundwork Manchester, Salford. Stockport and Trafford Limited Asian Resource Centre Stirchley & Brookside Parish Council Canvey Island Youth Project Essex Boys and Gids Clubs Colebridge Trust Oak Grove Community Church Groundwork South and North Tyneside Groundwork South Tyneside & Newcastle Shared Assets Ltd Community Voluntary Services lor Broxboutne & East Herts Voluntary Services Association Ltd Voluntary Services Lewsham B8rnfield Barlow Island 151 Barlow Island Barrow Island 88riowcliff 201 1231 {51 173 95 Beechwood & Ballantyne 430 430 Birchfield 1511 Blackpool Revoe Blackpool Revoe 327 327 13441 121 13441 Bourne Estate 671 1541 617 Brinnington 467 181 459 Broad Green Big Local 8iookside 332 297 1241 11641 109 C8Nvey Island Big Lo Canvey Island Big Local Cars Estate Catttsn Grove Central Boslon 244 244 87 1751 222 222 497 374 1121 1121 Central Jarrow 271 {61 265 1421 Central Jairow Chinbrook Est 371 371 Chinbrook Est Chinbrook Est Church Hill Chailes Lovell and Company Limited Providence House Clapharn Junction. West Battersea (Big Local SW111 Clarksfield Greenacres Clubmoor Collyhurst 651 651 Action Together CIO Livetpool CVS Manchester Communication Academy Milton Keynes Community Found8tion Community ￿nkS Brotnley Local Trust 3VA 1321 1711 11031 490 483 11231 59 490 Conniburrow Est 75 75 Dartford Dartford Devonshiie West 10 10 212 32 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Dewsbury Moor Dewsbury Moor Rugby League Club Local Trust Dislinglon Big Local Lirniled Local Trust Dover Big LcKal CIC Red Zebra Solutions Limited Tees Valley Rural Comr Dudley Community Voluntary Service Bassetlaw Cotllrnunity and Voluntary Service Caxton House Community Centre Cumbria CVS IEwanriggl Shared Assets Ltd Age Concern Lulon Vvorth Unlimited Behavioural Insights Team Burnley. Pendle and Rossendale Community Voluntary Service SoLrth Duiham Ent8rprise Agency Barnsley GomTnunity Build 13151 Dewsbury Moor Dislington Distington Dover Big Local Dover Big Local E8St Cleveland Villages East Coseley 40 264 10 10 155 1921 211 1531 11441 11441 Elmton, Cre5W8118nd Hodthorpe Elthome Estates 234 26 26 Ewanrigg Ewanrigg 1121 121 417 1( 191 50 Fir5 & Brornford Gannow Gannow 572 1441 528 G8unle55 Gat8W8y 644 1151 629 Goldthorpe with Bolton on Deame Goldlhorpe with Bolton-on- Dear Grace Mary lo Lion Farm Grange Eslale Grassland Hasm Gr8ssland Hasmoor 1761 The Snap Tin CIC 48 Sandwell CVO Inclusion Batnel Grassland Hasmoor Future Ltd North Easlem Derbyshire Business Devts Ltd Probe Hull Limited Better Communit185 Br8dft>id CNET- Bradford and District Community Empowerment Network Limited Growing Together INorthamptonl Hackney Wick Crest Wahham Forest Harefield, Midanbury & Thill Pk Salford CVS Harefield, Midanbury & Thill Pk Training lor Wod( in communities ITVVICSI Sandwell Community Info & Partiapation Service ISCIPSI Cardigan Centre Basildon, Billericay & Wickford cvs Optivo Rolher Voluntary Action Parochial Church Council of Uttoxeter Uttoxeler Knights Berkeley Academy Parish of Kiddermin5ter E8s1 279 274 235 12061 309 232 309 232 Grealfield GreenTnoor Greenmoor 125 1481 Growing Together 63 513 513 118 118 Hateley Heath 633 1231 610 Hawksworth Wood Heart of Pitsea 1141 11331 11451 11471 196 533 342 Heart of Sidley Heart of Sidley Heath 83 93 59 11541 1471 1791 127 175 Heath Heston West Hor5efaii. Broadwateis and 1221 1221 29 297 297 50 Greenhill IDY101 Inner East Preston Keighley Valley Preston City Council Airedale Enterprise Services 655 481 655 447 1341 33 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Kingswood & H82el Leys Kirk Hallam Kirk Hallam Kirkho Langold, Costhorpe &Carllon Leediffe Leediffe Groundwork Northamptonshire Nova Education Trust Street Games The Big Life Cornp8ny Hodsock Parish Council Media Trust Clarion Futures (nee Affinity Sutton) Shared Assets Ltd Salford CVS Dorset Community Action Cresswell Lincolnshire Cotnrnunity Foundation 154 169 372 30 1291 343 30 86 so 533 1671 12241 242 Leediffe Little Hulton Littlemooi Lynemouth Mablethoipe, Trusthoipe and Sutton on Sea (Coastal Communities) Marsh & Micklefield Mossley Mottingham Newington, Ramsgate North Brixton North East Hastings North rneets South North Omesby 171 171 319 60 227 116 319 215 331 1201 1431 11351 1611 Chiltern Rangers CIC One Walsall Community Links Bromley Starlings Support CIC Big Local Impact Haslings Voluntary Action CREST Middlebrough Enviornment City Castle Hill Community Centre Trust Council ft)r Voluntary Service North West Kent Community Foundations for Merseyside and Lancashire Manor Fami Community AsSOCi8tion Palfrey One Walsall P8r Bay Par Bay Community Trust Par Bay Eden Project campaigns Ltd Par Bay Shared Assets Ltd Peabody Avenue and Churchill Quaker Social Action Gardens Estate IBig Local SW11 Peabody Avenue and Churchill Thamesbank Centre Gardens Estate IBig Local SW11 PEACH 473 272 663 147 1221 1191 13541 287 128 70 230 318 North West Ipswich 223 1231 200 40 Northfleet North Northwood 422 1501 354 Paltrey 1811 509 191 1701 430 124 80 50 1261 1271 409 141 405 40 Custom House & Canning Town Renewal Project PEACH Inc Rights & Equalities in Newh8m Gltsucestershi￿ Credit Union Rushrnoor Borough Council Bath & North East Somerset Carers. Centre Campaign foi Better Tr8n5POrt Ramsey Neighbourhoods Trust Shared Assets Ltd Community Foundation for Calderdale Cross Keys Homes Jigsaw Homes Iformerly New Charter Housing Trust) 1281 PEACH Plaislow South Podsmead Prospect Estate Radstock & Wesffield 258 165 175 175 1281 1221 1541 11091 1821 199 265 330 Ramsey Ramsey 41 Ramsey Rastrick 1441 Ravensthorpe and Wes￿00d Ridge Hill le11 601 1431 447 34 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Riverside Community Roseworth Ward Rudheath & Witton Sale Wesl Thurrock Lifestyle Soluts'ons Catalyst Groundwork CLM Itwell Valley Housing Association Bushbury Hill Estate Management Board Selby District AVS Blackbum with Darwen CVS Blackbum with Darwen Healthy Living Bexley Voluntary Service Council Howbury Friends Community Works United St S8viou¢s Ch81ty St Matthew's BL Sefton Metiopolitan Council Cheltenham Borough Counal T8ng H811 BL CIO Oswestry Community Action Rolherham Feder81ion of Communities Ltd Barnsley Community Build Swindon Borough Counal CommUNif( Barnet Local Trust Media Trust Mansfield CVS Campaign for Better Transport Havant Borough council Citizens Advice Havant Birmingham VSG Haven Cotmtnunity Project Community Barnet Local Trust Lancaster CVS Whitleigh Prirnary and Sir John Hunt Community Sports College Whitley Community Development Assoaation New Prospects AssO￿ation 561 130 181 1181 171 12231 11801 1441 330 1681 1511 476 325 476 Scotlands & Bushbury Hill 211 {21 208 Selby Town Shadsworth with Whrtebirk Shadsworth with Whitebirk 69 1211 1401 1611 252 252 Slade Green 322 Slade Green Sompling SoLrth Beirnondsey St Matthews Est St Oswald & Netherton St Peters Moors T8ng H811 Three Parishes Thurcroft 305 1591 109 92 359 585 171 (71 452 153 1121 452 252 1791 1201 1121 456 323 169 Thurnscoe Toothill W12 Together W12 Together W12 Together Warsop Parish Warwick Ahead Wecock F81rn Wecock Farm Welsh House Farm Welsh House Fatm Wernbley Central Wembley Central West End Morecambe Whitleigh 1271 1271 69 1101 69 227 1181 105 1151 1421 48 246 1771 499 28 254 134 30 1491 595 149 151 590 149 11791 141 11751 252 252 Whitley 160 160 Whitley Bay 193 1371 11851 1291 Ltd CREST Waltham Forest Groundwork CLM Shores Centre Vvoodlands Speaks SHAL Housing Ltd Quaker Social Action William Morris Windmill Hill Wilhernsea Woodlands Speaks Woolavington Purilon Wodd's End Estate and Lots Road Area Worfd's End Estate and Lols Road Area Worfe Womley & Turnford 452 452 401 386 50 50 15861 43 11831 171 14031 522 50 st Mary Abbots Reh8bi1it8tion and Training ISMARTI NSAH (Allian￿ Homes) Ltd CommLJnity Voluntary Service for Broxbourne and East Herts Subtotal of Big Local grants 536 245 21,854 11,1991 13,8641 16,791 13,970 35 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 5. Grants payable (continued) Sublolal of Big Local grants (carried forward) Other grants Getting Started Reboot grants Mycommunily website Other Partnership grants Spirit of 2012 Community travel and childcare Area admin Contribution 16,791 13,970 30 50 37 25 80 710 Support and govemance Costs Totsl grants payable 292 262 18,002 15,084 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. The liquidator's progress report of June 2022 stated that preferential creditors had been paid in full and non-preferential unsecured creditors may be paid a small dividend. Big Local Trust is an unsecured creditor for the funding and we await word from the liquidator on the dividend receivable. 36 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 6. Governance costs Total governance costs of £270k (2021.. £207k) consist of direct governance costs of £140k 12021.. £75k) and indirect costs of £130k {2021.' £132k). 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.. 2022 £000 101 2021 £000 74 Depreciation and amortisation Impairment of social investments Auditor's remuneration (including VAT).. in respect of cuffent 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 23 22 122 33 149 154 14 149 8. Tangible fixed assets 2022 2021 Office refurblshment IT equipmont Total Total Cost Balance brought forward Additions Disposals Balance carried forward £000 25 58 £000 178 £000 203 69 £000 186 17 83 180 263 203 Depreciation Balance brought forward Disposals Charge for year Balance carried forward 22 152 (91 16 159 174 (91 26 191 156 10 32 18 174 Nel book value Brought fonNard Carried foward 26 21 29 72 30 29 51 37 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 9. Intangible fixed assets 2022 2021 Total Total Cost Balance brought fomard Additions Disposals Balance carried fO￿ard £000 342 155 197 300 £000 325 17 342 Amortisation Balance brought fO￿ard Disposals Charge for year Balance carried forward 292 11951 75 172 236 56 292 Net book value Brought forward Carried forward 50 128 89 50 Intangible fixed assets include development of Big Local Trust's grant management system, website and area assessment tool. 10. Investments 2022 2021 £000 £000 112,163 132,023 174,000 215,002 (196,999) {225,6121 1,000 19,0001 110) {241 167) 12261 90,087 112,163 At 1 April 2021 Purchases at cost Disposal proceeds Movements in investment creditors Accrued management charges Net investment gainsl(lossl At 31 March 2022 Capital and revenue cash balance Total 726 90,813 521 112,684 11. Investments by type and location of fund 2022 2022 UK Overseas £000 £000 90,813 90,813 2022 Totsl £000 90,813 90,813 2021 2021 UK Overseas £000 £000 112,684 112,684 2021 Total £000 112,684 112,684 Cash Total The total book cost of investments held at 31 March 2022 was £90,691k {2020'. £112,499kl. 38 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 12. Social investhient assets Fund5 at 31 March 2021 Fund5 at Repayments Impairment 31 March 2022 Big Local area Credit union Type of Investment Additions £000 Èooo Èooo £000 £000 201>16 East Coseley Castle and Crystal Corporate Credit Union de osit Eastein Savings Suboidinaled and Loans Credit Loan Union 15 15 North West Ipswich 10 20 Subtotal 25 35 201￿17 RLJdheath and Witton St Oswald and Netherton Subtotal K8y Fund loan Lo8n Knowsley MLrtual Credit Union Corporate de osit 13 13 2017-18 Three Parishes (for Oswestry Station Trust Subtotal Key Fund loan Loan 37 181 29 37 181 29 2018-19 Withernsea Hull & East Yorkshire Credit Union Subordinated Loan 30 30 Subtotal 2021-22 30 30 Beechwood, Ballantyne and Bidston Subtotal Key Fund loan Loan 20 20 Cumulative totals 105 20 181 151 112 Total Key Fund loan balance 37 20 181 13. Debtors 2022 £000 146 36 19 161 122 484 2021 £000 71 36 Trade debtors Other debtors Amounts due from Local Trust Prepayments Accrued income Total 168 187 467 39 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 14. Creditors: amounts falling due within one year 2022 £000 22,933 913 53 58 47 24,004 2021 £000 26,560 1,411 48 52 23 28,094 Grant commitments Trade creditors Accruals Social security and other taxation Pension payments due Total 15. Creditors: amounts falling due after one year 2022 £000 13,126 13,126 2021 £000 7,607 7,607 Grant commitments Total 16. Grant commitments 2022 £000 34,167 21,854 839 {15,7381 (5,0631 36,059 2021 £000 34,392 19,501 710 (14,905) 15,5311 34,167 Grant commitments blfwd New commitments in the year Area admin contribution Commitments settled in the year Commitments reversed in the year Grant commitments cl 17. Analysis of changes in net debt At 1 April 2021 £000 1,832 1,188 At 31 March 2022 £000 1,190 188 Cash flows £000 16421 {1,000) Cash Cash equivalents Overdraft facility repayable on demand Total 3,020 1,642 1,378 18. Operating leases 2022 £000 2021 £000 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 Offi￿ space at CAN Mezzanine, Borough. Future commitments in relation to this lease are noted above. 74 74 40 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 19. Staff costs and numbers 2022 £000 1,988 196 284 255 2,723 2021 £000 1,729 172 248 122 2,271 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 to effectively and appropriately manage the endowment, the programme, grants and social investment into 150 areas and the contractslgranls 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 50 (2021.. 41). In line with NCVO'S Inquiry into Senior Executive Pay {2014), 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 year12021.' six employees)., Matt Leach (Chief Executive), Rachel Rowney (Chief Operating Officer), Margaret Bolton (Director of Policy), James Goodman {Director of partnerships and learning), Jayne Entwistle (Head of area support), Chris Falconer (Head af programme delivery). Senior salaries Number of employees 2022 2021 £60,000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 £100,000-£110,000 As at 31 March 2022, aggregate remuneration and employer pension contributions of key management personnel was £462k12021.' £450kl and £66k12021'. 64k), respectively. The highest full lime gross salary was £107k12021.' £106kl, the median was £37k (2021.. £35kl (ratio 2.9 to 1 between highest and median) and the lowest full-time salary was £21 k {2020: £20kl (ratio 5.2 to 1 between highest and lowest}. 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. Over 1500 people directly participate as partnership members across the 150 Big Local areas. Partnership members include representatives from local organisations, councils and businesses however, a vast majority are volunteer residents (74 % I who give of their own time to help lead the Big Local programme in their local areas. 21. Pension 41 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 staff are offered the opportunity to join a defined contribution Group Personal Pension Plan ('the scheme'l and monthly contributions to the scheme are invested in the Scottish Widows personal pension plans. 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 lo the scheme during the year were £211 k {2021: £182k) for 57 employees {2021.' 48). Employee contributions, made through our salary exchange scheme, were £73k12021.' £64kl. As at 31 March 2022, Big Local Trust owed £47k12020.' £23kl lo the scheme relating to February and March pension payments.. the amount due was settled during April 2022. 22. Trustees, remuneration, benefits and expenses Trustees received no remuneration. Twelve trustees received £9k for travel and subsistence costs, either in reimbursements or paid directly to a third party on their behalf during the period12021.' £nill. Trustee training expenses during the period were £nil12021'. £nill. Trustee training expenses during the period were £nil (2021.. £nil). Trustee recruitment costs during the period were £35k12021'. £nil). G0Veman￿ review costs were £15k12020'. £19k). 23. Big Local Trust protector Protector fees and expenses of £14k were payable during the period {2021'. £12k). 24. Related party transactions During the period April 2021 to March 2022, Local Trust paid Big Local Trust £122k for staff time and expenses spent on Local Trust activities, that were initially paid for through Big Local Trust12020: 111 kl. Big Local Trust had an outstanding debtor balance with Local Trust of £19k as at 31 March 2022 (2021. £5k). Caroline MacFarland is a trustee of Local Trust and an executive director of Common Vision UK, which is a delivery partner of Big Local Trust. During the year, Big Local Trust paid Common Vision £20k for carrying out research and stakeholder engagement as part of the 'Towards resilience, synthesis. Peter Mills was a trustee of Local Trust during the period {until 25 November 2021) 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. During the year ended 31 March 2022, Big Local Trust paid Sheila McKechnie Foundation £1.4k for Chairing an APPG consultation event. David Warner is a trustee of Local Trust and an associate of IVAR, but did not undertake any assignments during the year ended 31 March 2022. Local Trust 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 2022, Big Local Trust paid IVAR £63k for evaluation and learning support during the period {2021'. £24kl. 42 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 25. Financial instruments Carrying values of financial assets and liabilities at 31 March.. 2022 £000 1,701 90,925 37,047 2021 £000 3,319 112,789 35,649 Financial assets measured at amortised cost (al Financial assets measured at fair value {b) Financial liabilities measured at amortised cost Ic) {a) Financial assets measured at amortised cost include all debtors (excluding prepayments), cash in hand, and notice deposits. Ib) Financial assets measured at fair value include all fixed asset investments (including social investments). Ic) Financial liabilities measured at amortised cost include all liabilities excluding amounts due for tax and social security. Id) Interest recognised in the statement of financial activities on assets held at amortised cost during 2022 was £36k (2021.. £58k). Dividends and interest recognised in the statement of financial activities on assets held at fair value was £281 k (2021.. £1.6m). 43 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 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 '.Illocallrust.or .uklabout-uslfinancel Principal address of Big Local Trust and Local Trust Canopi, 7-14 Great Dover Street, London SE14YR The trustees of Local Trust are: Matt Bell (from 25 November 2021) Chris Catterall (from 25 November 20211 Miatta Fahnbulleh Sahil Khan Jeannette Lichner Caroline Macfarland Karen Mellanby (until 26 January 2022) Patrick Melia (from 25 November 2021} Peter Mills (until 25 November 20211 Charlotte Pickles (from 25 November 2021) Nicola Pollock Bob Thust (until 27 May 20211 David Warner {chairl Rich Wilson Audit and risk committee (until 25 November 2021J Jeannette Lichner (chair) Peter Mills David Warner (ex officio member) Finance and investment committee (until 25 November 2021) Malthew Brumsen Ico-optee with investment expertise} Serena Loudon {co-optee with investment expertise) Nicola Pollock (chair) Bob Thust (until 27 May 20211 David Warner (ex officio member) Richard Wilson 44 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Firlance audit and risk committee (from 25 November 2021) Matthew Brumsen (c￿Optee wth investment expertise} Serena Loudon {co-optee with investment expertise) Chris Catterall (chair) Sahil Khan Caroline Macfarland Patrick Melia David Warner {ex officio member) Governance and remuneration Gommittee (from 25 November 2021) Chris Catterall Jeannetle Lichner Nicola Pollock (Chair) David Warner Legacy and leaming committee (from 25 November 2021) Matt Bell Miatta Fahnbulleh Jeanette Lichner Patrick Melia Ichairl. Charlotte Pickles Nicola Pollock David Warner Rich Wilson Nominations and ren7uneration committee n7embers (until 25 November 2021) Miatta Fahnbulleh Jeannette Lichner David Warner {¢hair} Programme delivery committee Sahil Khan (chairl (from 25 November 2021) Karen Mellanby (until 26 January 2022) Peter Mills (chair) {until 25 November 2021) Caroline Macfarland Charlotte Pickles (from 25 November 2021 } Nicola Pollock (from 25 November 20211 David Warner {ex officio member) Chief executive of Local Trust Matt Leach Protector of Big Local Trust Rosie Chapman 45 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Advisors Auditor Moore Kingston Smith LLP 6 Floor Appold Street London EC2A 2AP 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 Street London EC4V 4ET Custodian HSBC Bank PIC 8 Canada Square London E14 5HQ 46 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Annual statement by the Protector for Big Local Trust Protectorfs Ststement Background Big Local Trust (Big Local) is an unincorporated charity, established in 2012. Its founder is the National Lottery Community Fund INLCFI. NLCF invested £217m in setting up and endowing Big Local to commit over £1 m to 150 neighbourhoods across England, with this funding provided on the basis that il 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 {Irustees). The Board delegales the day-to4ay 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 in 2012 and subsequently amended, most recently in July 2018. The Trust Deed provides that Big Local must have a Protector with their appointment made in consultation with NLCF. Having been appointed by Local Trust to this role in September 2018 for an initial three-year period, my contract was extended in September 2021 for a further two 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 laken by Big Local are wilhin the scope of the Trust Deed and are reached in accordance with the principles of good governan￿. 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 to attend any of those meetings. I must report any matters of serious concem that I come across to the Fund or to the Charity Commission. Big Local are required to get the Protector's wnsent in some limited circumstances to proposed changes which primarily relate to procurement limits and amendments to the Trust Deed. l am also asked to produ￿ a statement each year in relation to my work for inclusion 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 during the year As Covid restrictions eased during 2021122 1 was able to resume some visits to Big Local areas, namely.. Collyhursl Big Local (Manchester) with Local Trust's Board Wormley and Turnford Big Local (Broxbournel with Local Trust's Board Wembley Big Local (London) Bountagu Big Local (London) l also attended the Big Local Connects event held in Nottingham in September 2021 which brought together people from amongstthe 150 Big Local areas. As with previous yearsthe event was expertly organised, inspiring, and productive. I received papers for all of the Board and committee meetings held during the period. I commented on these papers either in person or in writing. l attended all four Board meetings and the Board away day. Committee meetings were held online during the year and l attended three meetings of, 47 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 respectively, the finance and investment committee and programme delivery committee., two meetings of the audit and risk committee and governance and nominations committee., and one meeting of the legacy committee. NLCF held a meeting of the various Protectors in early July. This was extremely helpful, and it was pleasing to hear NLCF'S enthusiasm for convening such events on an annual basis. While there have since been various personnel changes at NLCF, l am optimistic that NLCF'S new staff will engage with me regarding the review of Big Local's Trust Deed and more generally. It was good to see Local Trust's strategy, business plan and work for the year focus on seeing the Big Local funding programmes as central to the Trust's work until the programme's conclusion and on ensuring the legacy of the Big Local programme. As the pandemic abated and restrictions eased, l obseNed an increase in spend by Big Local areas. At the same time, l also welcomed Local Trust's approach to working with those Big Local areas that are risk of not spending out, accompanying Local Trust staff on a visit to one such area. Protector's consent Clause 4.1 of the Big Local deed stales thal "In the lenth year of the Trust Deed the Trustee will idenlify the local area plans for sustainability (as approved by the Protector and the Founder} and which may require the Trust Deed to be amended accordingly. As Protector, I was asked and gave consent to a change of dale so that it is now the eleventh year li.e., by February 20231 for identifying and approving such plans. During ihe year, I discussed with Local Trusl's slaff how Ihey propose to go about this work and my role in thai process. Wilh the first Big Local partnership ending in 2022123 that work is now imminent and I know that Local Trust will shortly be presenting their final approach for approval. I was not asked to give specific consent to any changes to Big Local's artides during the period. Just outside the year end, and in line with the procedures in Local Trust's Finance Manual, I was consulted on and gave my approval to varying a contract with a supplierwithout going through a new tender exercise. Governance and administration of the Big Local Trust Local Trust had 11 directorsnrustees in post as of 1 July 2022. (During the year four new trustees were recruited and appointed in line with the eadier governance review's recommendations., one trustee's temi of office came to an end,. and two trustees resigned.) In line with the March 2021 governance review recommendations, Local Trust's Board established a new committee structure during the year. As part of my work providing additional assurance to support Local Trust manage the risks associated with the Big Local funding programme I reviewed the draft terms of referen￿ for the existing and new committees and made various suggestions to ensure a consistency in approach. l also commented on the Local Trust's scheme of delegation and advised on changes to the conflicts of interest policy to clarify its application. Overall, from attending various meetings, regular discussion with the Chair, vice Chair and Chief Executive 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 belween Local Trust and Big Local, and that it acts accordingly. l am satisfied that Big Local has been administered in accordan￿ with the terms of the Trust Deed in the period 1 April 2021 to 31 March 2022. 48 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 Future priorities As the Big Local programme is scheduled to end in 2026127, my primary focus continues to be on the delivery and close-out to the end of the programme, and on approving the local area sustainability plans as the Big Local partnerships approach the end of their funding. (Largely as a result of the pandemic-related delay only one area is now expected to spend out in 2022123.) As part ofthis work, l am also interested in Local Trust's legacy plans, and archive arrangements for ensuring the legacy is retained and available. 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, risk not spending out, andlor run out of momentum towards the end of the programme. Followng the amendments to the Trust Deed in 2018, there is now more scope for Big Local to engage in wider dissemination of research and learning and this is now reflected in its strategy. The Deed also provides that money spend outside of BL Trust's "areas of benefit" {i.e., Big Local areas) may only amount to what trustees reasonably consider might be "minor. when compared to respectively - the total value of the fund and total income accrued to the fund. I will continue to review whether this requirement is being met as Local Trust carries out its work. Related priorities are.. Continuing a programme of visits, including finance reviews, to Big Local areas, Engaging with Local Trust and NLCF regarding the scheduled Deed review Building the relationship with the new NCLF staff Continuing to provide additional assurance work in supporting Local Trust manage the risks associated wilh the Big Local funding programme, and in its approach to winding down, particularfy concerning the legacy of charitable assets (and in this regard I was pleased to see the work during 2021122 to establish an assets register) Continuing to oversee how the Trust manages, presents, and delineates Big Local and Local Trust's respective reputational and presenlalional risks. Rosie Chapman Protector, Big Local Trust August 2022 49 DoGuSvJn Envelope ID." DBMC48fkFBBF4774.8DC8-OFD9F3FFB35C Big Local Trust annual report and financial statements l April 2021- 31 March 2022 L•cal Trust T: 020 3588 0565 E: info@localtrust.org.uk 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 a 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. 50