2024-03-31-accounts

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Trust Annual report and financial statements for 1 April 2023 to 31 March 2024 Registered charity number 1145916 Submitted by Local Trust as the corporate trustee for Big Local Trust COMMUNITY FUND

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 Table of contents Introduction........................................................................................................................... Overview of 2023-24............................................................................................................. Our areas of work................................................................................................................. Our strategy...........................-.........-.......................-.-...-.-...-...-.-...-...................................... Progress report 2023-24....................................................................................................... Plans for the future . .10 Response to the Charity Governance Code........................................................................ 12 Financial review...........................................................................................,.......,..............13 Principal risks...................................................................................................................... 17 Governance and committees..............................................................................................20 Statement of trustee's responsibilities. .21 Independent auditor's report to the trustees of Big Local Trust . .22 Statement of financial activities...........................................................................................26 Balance sheet.....................................................................................................................27 Statement of cash flows......................................................................................................28 Notes to the accounts.........................................................................................................29 Charity details.....................................................................................................................48 Annual statement by the Protector for Big Local Trust........................................................51

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Introduction Big Local Trust was established in 2012 to deliver Big Local. a National Lottery Community Fund programme which committed more than £1m of grant funding to each of 150 communities and neighbourhoods across England. The areas selected by the National Lottery Community Fund to benefit from Big Local funding were, typically, communities that were seen to have missed out on their 'fair share, of National Lottery and other funding. With a significant number located on the edges of towns and cities that themselves faced problems associated with long-temi economic decline and loss of social infrastructure. 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, and as a consequence of the growth delivered by the careful management of our endowment, some £275m will have been committed in support of our mission. Big Local, from the outset, 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 was provided on a 'no strings, basis - there was no application process, and the funds were made available to be spent over 10-15 years at communities. own chosen pace, and on their own plans and priorities. By supporting local residents to take the lead in making decisions on how funds were spent in their areas, the Big Local programme aimed to build the confidence and skills of local people, strengthening local civic life and the social infrastructure that supports it. In April 2024 we entered the final phase of Big Local and Local Trust ahead of our final closedown, currently planned for February 2027. There will be two years left to support Big Local areas to spend out the funds committed to them and successfully secure their local legacies. In the further year after that, Local Trust will.. complete work documenting and accounting for the Big Local programme,. publish final research and evaluation reports. and wind down rts operations, achieving a successful closure. Increasingly, over this period, Local Trust will also look towards securing its own organisational legacy, and that of the Big Local programme as a whole. Reflecting our founding deed, we have always sought to share learning from the Big Local programme to influence and inform policymakers, funders and others seeking to work with communities and place. We were pleased that learning from Big Local helped inform the case made by the Community Wealth Fund Alliance, a cross-sectoral campaign which successfully made the case to government for substantial new investment in rebuilding the social infrastructure of 'left behind, communities. We will continue to focus on sharing insight and knowledge with others over the remaining years of Local Trust's operation.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Overview of 2023-24 Over the past year, Big Local Trust has initiated and embedded work to support the final phase of the Big Local programme. We have set out how we will approach these challenges under new strategies and plans, which we published in this year: our Programme Delivery Framework: how we support remaining Big Local areas as they and the programme come to an end our Closure Strategy: how we plan to wind up Local Trust (with a detailed Closure Plan approved by trustees in November 2023) our Legacy Strategy.. how our work will have impact beyond the end of the Big Local programme our Equality, Diversity and Inclusion Strategy.. how we will embed diversity and inclusion within both the final phase of the programme and our legacy. Our annual Business Plans for both 202>24 and 2024-25 have been based on these new strategies, which repla￿ our previous Strategic Framework 2020-26. Big Local Trust remains well-equipped to deliver the ambitions set out in these plans. Careful management of our endowment means that we are fortunate to have long-term and secure funds to sustain activities through to the end of 2026-27, alongside scope to increase resourcing of our legacy ambitions. Inflationary pressures appear to be easing. Increases in bank base rates have provided some limited financial headroom for moderate additional investment in legacy activities alongside continued and increased investment in support for Big Local areas. Big Local areas are, in general, progressing towards spend out at a rate consistent with our current workforce and support planning. We continue to plan for full spend-out of the £275.8m provided by the Big Local Trust endowment fund by February 2027. Over 2023-24, almost a third of the 150 Big Local areas have successfully spent the £1.15m funds committed to them. A further 20 areas are already on a pathway that will see them spending out their allocated funds during 2024-25, with around 25 more also expected to spend out during 2024-25. The remainder- around S￿0 Big Local areas - are expected to exit the programme during 2025-26, its final year. There remains a risk that a relatively small number will require much greater than expected support to help them spend out to target. In 2023-24, we drew up a framework to identify and support those falling into this category. At present, our assessment is that any flexibility we need for this can be met from currently allocated contingency resources. During 2023-24, we carried out a Governance Review. Its particular focus was ensuring that our governance structures provide appropriate trustee engagement with and oversight of the Closure Plan, including monitoring of its implementation. The Review included an audit of trustee skills and expertise relevant to closure and related issues. We wanted to identify whether further recruitment of trustees would be of benefit with overseeing the closure process. This audit led to the recruitment of three new trustees in November 2023. We also reviewed and updated our board Committee structures. From March 2024, our previous commrttee structure of four has been streamlined to two - Finance and Audit, and People and Culture. The trustees will focus on policies and procedures related to programme delivery, risk and legacy, with day-to-day running delegated to the Chief Executive and Senior Management Team. As we approach closure, we accept that we may need to adapt these new governance arrangements further to reflect the changing needs and demands of the organisation as we run down our operational capacity whilst maintaining proper oversight of the delivery of the last stages of Big

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Local and our key legacy projects. We will therefore keep governan￿ arrangements under review, with the aim of ensuring that throughout our remaining period of operation we continue to demonstrate best practice in everything that we do. During 2023-24, we consolidated previous upgrades to our core business systems to ensure they are ready for the final phase of the Big Local programme. We also initiated some organisational restructuring, reflecting both changing demands as we prepare to close and our renewed focus on supporting those Big Local areas which still have furthest to go. Further adjustments in staffing will take place periodically over the remainder of Big Local Trust's lifespan. as increasing numbers of Big Local areas exit the programme, in turn reducing demands on some areas of our business. We recognise that organisational change has an emotional as well as practical impact. We have put into place plans to support our staff during these transitions and as they move forrfrfard as individuals. In particular, we have developed a staff closure communications plan and are moving to appoint a Head of Human Resources to support the organisation to manage processes effectively. As a means of continuing our reach and Influen￿ both before and after Big Local Trust finishes its work, we have established the Local Trusters, a 'diaspora' group aimed at maintaining connections between former employees and trustees once they have left the organisation. Those directly involved in Big Local areas share our ambition to sustain the relationships they have created. Amazing Communities Together- led by Big Local workers and partnership members - was launched in Autumn 2023. This network will build on the knowledge, experience and connections formed through Big Local, so that communities can continue to benefit long after the programme's formal conclusion. In January 2024, Trustees reviewed progress in delivering our legacy and updated our plans and priorities for the remainder of the programme. This included.. further developing our evidence base, with plans to commission a major synthesis of evidence from Big Local and other, similar, neighbourhood-focused programmes extending our partnership working with local government, health ServI￿S and others to share knowledge further. ensuring that our forward business planning includes provision for staff resource to support policy-focused knowledge sharing activity through to the end of December 2026 Big Local Trust now enters the final two years of delivery of the Big Local programme. This will be followed by a further year during which it winds up remaining operations, finishes documenting what it - and Big Local areas - have delivered and achieved over almost a decade and a half of activity and effort, and completes any remaining work identified as critical to securing its legacy. Crucially, we maintain the capacity to respond to new opportunities and challenges as they emerge. We continue to retain a talented and well-motivated staff team and a forward-looking trustee group. Our external relationships - with Big Locals, delivery partners, and external stakeholders - are positive and value-generating. We continue to invest in policy and influencing, at both the national and local level, to highlight the importance of community-led neighbourhood regeneration. With an election in the offing, we are ready to brief new cohorts of decision makers. And our knowledge and research base continues to grow, reflecting our long-term investment in learning from Big Local over the whole of the programme.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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, but without limitation, in the localities in each region specified in Schedule 6. 5.2. Objects 5.1 (a) 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 better able: (a) to identify, and help meet, their needs., and (b) to participate more fully in society. Our main activities are described below. All our activities focus on developing the capacity and skills of members of socially and economically, or socially disadvantaged, communities, as described in our objects, and are undertaken to further our charitable purposes for the public benefit. The trustees confirm that they have referred to the Charity Commission's guidance on the Public Benefit requirement under the Charities Act 2011 when reviewing the Trust's aims, objectives, policies, in planning future activities and setting their grant-making policies.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Our areas of work Local Trust is the corporate trustee of Big Local Trust, and the Big Local programme is at the centre of our work. The Big Local programme is funded from the Big Local Trust endowment created by the National Lottery Community Fund in 2012. Big Local seeks to put power, resources and decision-making into the hands of local communities. Central to the design of the programme is a belief that when resources and decision-making are transferred to local communities, they have the most impact where they reflect the following key principles.. Long-temi - providing certainty and continuity, over a decade or more where possible Resident-led - building confidence and capacity among those wanting to make a difference to their 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 the time and opportunity to learn, make mistakes, resolve disagreements and overcome challenges for themselves, on their way to achieving their ambitions Accompanied by light-touch support- to help communities to build the confidence and capability to make the most of the opportunities available to them, while not constraining their own ambition and initiative. One of the key legacy ambitions from the Big Local programme, reflecting the wishes of our Founder, the National Lottery Community Fund, is that others should benefit from the learning it generates. As a consequence, Local Twst seeks to share insight and learning gained from Big Local as widely as possible to inform and influence policymakers, funders and other organisations working with communities. This includes learning around the design and delivery of the programme; insight generated from the data we collect and have access to; and, importantly, the experiences and voices of residents in Big Local areas themselves. The four outcomes set by the National Lottery Community Fund for the Big Local programme are: communities will be better able to identify local needs and take action in response to them people will have increased skills and confidence so that they can continue to identify and respond to local needs in the future the community will make a difference to the needs it prioritises people will feel that their area is an even better place to live.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Our strategy In 2023, we published three new strategy documents on.. Closure, Legacy, and Equality, Diversity and Inclusion. These strategies were developed over 2022-23 in a planning process led by the trustees. They are informed by but supersede the 2020-26 Strategic Framework approved by trustees in 2020. As we move into this final phase of our work. our three key organisational priorities are.. supporting Big Local areas to achieve their ambitions securing a sustainable legacy for both Local Trust and Big Local areas achieving a suc￿Ssful closure. The way we will approach these challenges over the period 2023-27 is outlined in the following strategies. Our Programme Delivery Framework sets out how we support Big Local areas as they progress through the programme. Local Trust was established to deliver the Big Local programme; it sits at the heart of everything we do. Supporting residents to successfully deliver Big Local in their neighbourhoods helps ensure the programme's long-term legacy at local level, whilst providing the evidence, insight and credibility that underpins the policy and approaches we promote more widely as part of Local Trust's national legacy. Right through to the end of the programme, we will continue to commit whatever resources are needed towards effectively delivering the Big Local programme at a local level. We will refine and improve our information systems and management tools to identify where and how Big Local areas would benefit from support, advice and assistance. Where areas appear at risk of not spending out, we will take timely action as necessary to address this. We will seek to learn from and continuously improve and develop our approaches to supporting Big Local areas. Our Closure Strategy sets out how we plan to wind up Local Trust by the scheduled end date of 13 February 2027. It is supported by a detailed Closure Plan, approved by Trustees in November 2023. In closing Local Trust, we will be guided by eight core principles. Closure will be= well-planned and managed; transparent and clearly communicated., fair, equitable and inclusive; delivering on our promises to others,. responsive, pragmatic and reflective" aligned with our other strategies and plans., focused on the future., and recognising that closure is not simply an administrative task but has an emotional impact. Our planning for closure will focus on: governan￿., financial management., programme delivery,. staffing" and communications. Our Legacy Strategy defines our ambitions for the long-term impact of Local Trust's work over 15 years and the effort and achievement of residents of the 150 Big Local areas we have supported. Across the Big Local areas we want to see.. community-owned and -led assets and organisations continue to thrive, and maintain strong, balanced partnerships with key local stakeholders; Big Local communities with greater confidence and fairer aC￿sS to funding; and, residents who choose to remain active and able to create change. We want our legacy work to be: long-term and transformational" focused where we can have most influence" committed to inclusivity. built on all of our assets, national and local,. and, eViden￿-baSed and transparent. Our vision is that: robust locally-led infrastructure is widely understood to be the foundation for powerful communities and successful neighbourhoods,. this insight is embedded into how public, private and civil society organisations work; placing money and assets into the hands of local people becomes a well- established principle., and a clear eviden￿ base- demonstrated by the Suc￿sS of Big Local - upholds such approaches.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Our Equality, Diversity and Inclusion (EDI) Strategy captures the range of work Local Trust has championed through and alongside the Big Local programme, and how we will embed diversity and inclusion in the final phase of the programme and within our legacy. We have reviewed our practice and its strategic thinking to ensure our approach to equality, diversity and inclusion- aligns with our changing operational context. is integrated with our developing plans for programme delivery and organisational closure,. and, reflects our increasing focus on the legacy of Big Local and Local Trust. Our ambitions stretch across.. challenging discrimination and inequality- embracing diversity- and, promoting inclusion. Our focus will be.. our relationship with Big Local partnerships,. our external narrative, advocacy and partnership work" and. our culture, the way we work, and how we might carry this into a future beyond Big Local. Progress report 2023-24 Our planning and review from this year until the end of our activity in 2026-27 is grounded in the three new strategies we published in 2023, supported by our ongoing Programme Delivery Framework. These focus on.. supporting Big Local areas and helping them achieve their legacies securing Local Trust's own legacy preparing for a successful closure promoting inclusivity and diversity navigating uncertainty and risk governance and organisation. Supporting Big Local areas and helping them achieve their legacies Local Trust's primary role has always been to support all 150 Big Local communities to make a success of the funds allocated to them. We want to ensure residents, time and energy are spent on things that make a lasting difference. We are committed to maintaining this core ethos, right to the end of the programme. But we recognise that we must adapt our support as the Big Local approaches its end and as timescales narrow. Our priority remains one of working patiently with communities to help them achieve their ambitions and exit from the formal programme in a well- managed way. In Summer 2023, we introduced a new approach to help Big Locals manage moving on from the programme. This approach.. supports Big Local partnerships to deliver the final parts of their plan and formally 'close out reduces the administrative and reporting burden., and, frees up time and resource for partnerships to prepare for what comes next. Where necessary, it provides for: direct support from an identified local Area Coordinator or Advisor additional support in following our closure planning guidan signposting to 'next steps,, including brokering bespoke legacy support and continued advi￿ from Local Trust's delivery partners highlighting opportunities for participating in ongoing Local Trust legacy and support programmes, even after closing out, and capturing key achievements and experiences for inclusion in our Learning from Big Local project.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Increasingly, we are offering tailored support to enable Big Locals to achieve their legacy ambitions. This includes.. setting up and running legacy bodies" fundraising to sustain and maintain activities, projects and servI￿s. and, asset ownership and management. During 2023-24, just over 50 areas entered the 'close out. phase, and more than 30 areas had left the programme. We expect another 40 to enter the close out phase during 2024-25. At the end of January 2024. only four Big Local areas had more than £1 Ook of their allocation uncommitted. However, 35 Big Local areas had over £300k and a further 42 between £150-£300k to spend before March 2026. In 2023-24, Trustees approved a framework for initiating alternative approaches in areas judged to be at risk of not spending out. We will actively engage with these areas to agree action plans, with clear milestones, to meet their expenditure targets. Agreed actions might include amending plans, taking up additional delivery support, or resolving any points of dispute. Securing Local Trust's own legacy We want the legacy of Local Trust's work to last well beyond the end of the Big Local programme. Local Trust's Legacy Strategy sets out how we aim to deliver on this. In 2023-24 we have.. Made significant new investment in storytelling, website content, podcasts and other vehicles to showcase the achievements of Big Local areas and the residents leading this work. Extended the scope of the Learning from Big Local project, which seeks to document the achievements and challenges of every Big Local partnership and the programme as a whole. This now includes practical content aimed at funderslstatutory agencies and community groups. The first three 'How to, guides were published by March 2024., over 20 more are in the pipeline. Supported a range of campaigns promoting the potential and power of community, including the successful conclusion of our campaign for a Community Wealth Fund. Continued to support the All-Party Parliamentary Group (APPG) for 'left behind, neighbourhoods. In October 2023, the APPG published its major Inquiry into Levelling Up report, which benefited from significant input from Big Local residents. Produced a range of submissions, case studies and research reports, including publication of the methodology for the latest iteration of the Community Needs Index created in collaboration with OCSI. Participated in bids from consortiums seeking to deliver the new ESRC Centre In Community Participation and Social Connectedness. (A decision is due in May 2024.) Piloted a 3NI a network-based initiative sharing relevant learning within and across local government. Launched Local Twsters, a network to maintain connections between Local Trust staff, both before and after Local Trust finishes its work. We will continue to support the group's growth and development. Facilitated the launch of Amazing Communities Together, a network led by Big Local workers and partnership members to support one another and reach out to other communities. Over 130 people from 55 Big Locals signed up at the launch event in March 2024. We have appointed a Development Manager to support this group.

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Preparing for a successful closure Achieving a successful closure at the end of 2026-27 is a critically important part of Local Trust's work. We published our Closure Strategy in March 2023 and have built on this over the past year: In June 2023, we published a public statement setting out our approach to closure. to ensure that our key stakeholders and partners are aware of and engaged with our initial plans. In November 2023, trustees approved a Closure Plan, developed in collaboration between staff, trustees and external advisors. It sets out how we will responsibly prepare for close down of Local Trust by February 2027 in a way that maintains our ability to support Big Local areas and deliver our wider legacy ambitions, while downsizing. In the second half of 2023-24, we reviewed our approach to retention and redundancy, identified mission-critical staff and organisational capabilities, put in place support for staff as they face the future, created and implemented a communications plan for staff, and made first redundancies. Promoting inclusivity and diversity In March 2023, Local Trust's Board agreed a new Equality, Diversity and Inclusion (EDI) Strategy and Action Plan. The strategy commrts Local Trust to action across three domains: our relationship with Big Local partnerships, our external narrative, and the way we work. During 2023-24, we have taken forward the EDI Action Plan, making progress on a range of fronts, including.. developing and implementing an internal EDI communications and engagement plan removing barriers to event and course attendance (including providing childcare provision) commissioning action research on community-led approaches to addressing racial injustice providing tailored training for our Area Co-ordinators introducing focused sessions for new staff as part of induction piloting a cultural competence course for staff undertaking a communications audit. Navigating uncertainty and risk We regularly review the risks facing Local Trust and Big Local, with all operational risks considered at least once a quarter and shared with relevant trustee committees and our Board. In 2022-23, we developed a simple scenarios model, to help us navigate changes in our operating environment as we move towards closure. Entering 2024-25, our assessment is that we are securely operating within the lowest risk scenario. The chief programme delivery risk would see low spending Big Locals fall further behind on targets. This could challenge our ability to deliver Big Local by March 2026. We are closely monitoring this. A review of the 30 lowest spending areas, identifying actions at area and programme level, has informed our 2024-25 business plan. We have moved to a more bespoke and intensive approach to supporting these areas, including additional Area Co- Ordinator coverage, and ensuring advisor and expert support partners have relevant skills. A strategic legacy risk would be reduced policy impact after the July 2024 UK general election. In January 2024, trustees agreed to further extend the policy function within Local

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Trust to the end of 2026. We continue to highlight the Importan￿ of community-led neighbourhood regeneration. We have increased our engagement with policymakers and opinion formers in Westminster and Whitehall and across political parties. We have also pla￿d greater focus on the local public sector as a means of influencing national as well as local policy. Governance and organisation We have adapted our governan￿ arrangements to reflect the changing needs and demands of the organisation as we run down our operational capacity whilst maintaining proper oversight of the delivery of the last stages of Big Local and our key legacy projects. We accept we may need to adapt further as we move towards closure. Further details are available in the Local Trust group accounts. Plans for the future Our 2024-25 Business Plan reflects our new strategies and plans, as well as work taken forward by trustees and staff over the last twelve months, to further consider how we might complete delivery and consolidate our organisational legacy over our remaining period of operation. We have set targets for our three priority areas: supporting Big Local areas; securing our legacy. and promoting equality, inclusivity and diversity. Supporting Big Local areas As we enter 2024-25, almost all Big Local funds are now committed, with approval of just one final significant spending plan outstanding. By the end of December 2024, more Big Locals will have exited the programme than remain. As the number of active Big Local areas decreases, we are planning for a parallel reduction in our own programme management and area support capacity. Our priority is ensuring we commit resources to help Big Local areas successfully complete their Big Local journey, so as to: continue to support progression of Big Local areas through to the end of their time in the programme; and, provide increased and more focused support to those areas with furthest to go, particularly those at risk of not spending out their Big Local funds by March 2026. Our Big Local delivery targets for 2024-25 are: at least £14m is released to Big Local areas during 2024-25, reducing outstanding grant fund to be distributed during our final year of the Big Local programme to £1 Om in 2025-26 no more than 30 areas have an outstanding balance of more than £200k by March 2025 at least 90 areas have closed out or are in the close out phase by March 2025 provide support to 50 areas seeking to strengthen and ensure local legacy from Big Local. Securing Local Trust's legacy We plan to build on Local Trust's significant investment in influencing and informing policy and practi￿ across policymakers, funders and others with an interest in hamessing the power of communities to improve their local areas. We will draw on evidence and insight from the Big Local programme, as a key element of our organisational legacy. 10

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 We will continue to undertake research, hold events and produ￿ papers which: focus attention on the learning generated by Big Local,. pla￿ it in the context of current needs, past government neighbourhood-based initiatives, and future opportunities; and, help set out options for improving outcomes in the most 'left behind, and deprived neighbourhoods. Whilst continuing to seek to influence and inform existing government policy, we will also ramp up our work to contribute to pre-election planning by both major parties and to post-election engagement with what new agendas emerge. We will continue to engage with and influence a broader range of stakeholders to promote learning from Big Local, and to build a wider commitment to addressing decline and deprivation at a neighbourhood level through long-term funding for community-led change. We have a new project lead in post to develop these key areas of work. Over the coming year, we expect to focus primarily on engaging with the local government and health sectors. This is where we have gained most initial interest and engagement, and where there appears the most potential for achieving traction and impact. Our legacy targets for 2024-25 are: expand our local authority network, recruiting to it 12 local authorities seeking to build stronger communities in their areas, by the end of 2024125 develop and roll out a programme of work to influence the NHS to support community-led initiatives, by the end of 2024125 commission an evidence synthesis examining how we createlmaintain strong communities in the most deprived areas by October 2024 soft launch the Learning from Big Local website in November 2024, alongside a broader initiative to promote awareness of our large stock of research, evaluation and other learning Brief prospective parliamentary candidates and new MPS representing seats with Big Locals or 'left behind, neighbourhoods; build links with a new cohort of MPS, particularly Ministers; and start to implement a plan to influence the next government's policy programme, by the end of 2024125 scope new projects for consideration by trustees, including.. a national inquiry into neighbourhoods and a larger scale project with local authorities, by July 2024; and a review of 'carrying the flame, options, by September 2024. Preparing for a successful closure We have defined the principles that will guide our closure prO￿sS and the key actions for the coming year in our Closure Strategy and Plan. In early 2024-25, we will develop a more comprehensive stakeholder communication plan, setting out how we will build on that initial statement and keep partners and others updated on our progress over the next three years. We will take a dynamic approach to monitoring and managing our staffing profile, ensuring that we have the skills and people required to achieve the objectives set out in our strategy and business plan. Exact timings will be dictated by the number of Big Local areas exiting the programme, the support needs of areas with remaining funds to spend, and the skills required to achieve our legacy ambitions. Our targets on closure for 2024-25 are: prepare a revised stakeholder communications plan by July 2024 update staff on plans for closure twice during 2024-25 so that they understand the strategy, their role now, and implications moving forward

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 agree - in principle - which organisations will be responsible for residuary functions following the closure of Local Trust, and the budget (if any) required to facilitate this, by March 2025. Promoting inclusion and diversity We have consistently sought to provide space and a plafform for residents of our areas whose vol￿S are not normally heard, and to support them in challenging existing centres of power. We also accept that we need to be willing to challenge ourselves, and subject our own assumptions, beliefs and actions to the same degree of scrutiny that we choose to apply to others. Our Equality, Diversity and Inclusion (EDI) Strategy and Action Plan were published in March 2023. In 2024-25, we will seek to build this work, review progress on the first year of the strategy, and deliver an updated action plan for the next year aligned to the priorities and opportunities in our business plan. This will include support for Big Local area legacy bodies, building EDI considerations into key legacy projects. and ensuring faimess in delivery of the closure plan. Our targets on equality, diversity and inclusion for 2024-25 are: implement a second annual action plan to continue implementation of the EDI strategy. report on progress, learning and present a forward plan for 2025-6 to board in March 2025. 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 continues to focus on good governance with its work supported by our independent Protector, Rosie Chapman, appointed in September 2018. Her role includes ensuring the integrity of the administration of the charity and the propriety of its pr0￿dUreS. Local Trust is the corporate trustee for Big Local Trust and governs the Big Local programme. Over the last year, Local Trust has continued to address the seven key areas of governance outlined in the Charity Governance Code. Details of action undertaken during the year are outlined in the Local Trust group annual report and accounts for the year ended 31 March 2024. 12

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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 £2.9m (2023.. £1.6m). There were net gains on investments of £413k (2023.. £778k). The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Total expenditure for the year was £17.4m (2023.. £20.3m). The reduction in expenditure reflects a 34 % decrease in direct funding committed to Big Local areas of £8.8m (2023.. £13.2m). The cost of delivery to areas increased by 20 % to £5.1 m (2023.. £4.3m) and the cost of learning to support the programme increased by 28 % to £3.4m (2023.. £2.7m). A full list of the funding to Big Local areas is included in note 5. The net reduction in funds for the year was £14.1 m {2023'. £17.8m) and total funds held at the year- end were £24.Om (2023: £38.1 m). Big Local Trust's investments Investsnent strategy Big Local Trust's original investment strategy objectives were: for the investment assets of the Big Local Trust (the fund) to provide the reSoUr￿S required by Big Local, and to manage the assets in a manner that maximises the impact of the funds to enable Big Local areas to extend the life of Big Local beyond 10 years and £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 return 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 controlling risks. This reflected the fact that the fund had achieved good investment returns in the years since it was established, enabling Big Local Trust to fulfil its original investment 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, in the summer of 2020 and the consequent uncertainties and potential for further volatility led the Trustees to revisit the strategy, with the aim of ensuring as much certainty and stability as possible. This led to a shift in strategy from controlling to minimising risk in order to preserve the value of the investment (above generating returns), in order to have as much ￿rtaintY as possible as Big Local spends out. The trustees reviewed the investment strategy again in November 2023 and agreed to transition from direct cash investments in the money market to investing realised cash into a CCLA managed COIF deposit fund. This will enable better liquidity of funds to closure in 2026. The transition out of money market investments will mark the end of Big Local Trust's custodian relationship with HSBC. It is anticipated that this relationship will end by March 2025. The investment strategy has been revised to: 13

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 As of 1 April 2024 there will be no further direct cash investments. Cash realised on the maturity of investments in the portfolio will be invested in a CCLA managed Deposit Fund account. The portfolio referen￿ currency will be Brrtish Pounds (GBP). Investsnent management CCLA is the investment manager for Big Local Trust and works with the Local Trust's finance and audit 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 and audit committee have a voluntary co-opted member, 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 2024 was £46.Om (2023.. £69.2m). 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 2024 was +5.05 % (2023.. +2.25 % ), and the overall returns for the year were +5.060/0 (2023: +2.10 % ). The financial year to 31 March 2024 started with subdued growth in the investment market due to indications of an impending recession. With a continued commrtment to meet its 20/0 inflation target by early 2025, the Bank of England maintained the official Bank Rate at 5.25 % throughout the year, whilst inflation (CPI) steadily declined from 8.7 % in April 2023 to 3.2 % in March 2024. Throughout the year, our investment managers focussed on preseNing 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. They took advantage of the improvement in the rate environment as yields responded to tightening monetary policy, resulting in significant growth in investment returns, when compared to the previous financial year. These provided a buffer against increased non-grant costs due to increases in inflation. CCLA were able to protect the nominal value of our portfolio assets in line with our investment strategy, also making a reasonable return, just slightly below the benchmark. Ethical and responsible investment Trustees reviewed Big Local Trust's ethical and responsible investment policy in March 2024. Local Trust, acting as the corporate trustee of Big Local Twst, 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 (CC14), and trustees believe it represents an appropriate balan 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 to 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 practices where needed. The finance and investment committee meet regularly with CCLA to assess their approach to managing the charity's money responsibly and review this policy annually. 14

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Despite our holding of only cash and near-cash investment assets, Big Local Trust's Finance and Audit 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 CCL4's wider stewardship work. Big Local Trust is keen to invest in accordance with the 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 performance of the investment, trustees decided each Big Local area would receive an additional £105k from the retums 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 As part of the accounts, the trustees, annual report must explain any policy for grant making. The policy reads as follows: 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 to hold and be responsible for the funding. When plan funding is drawn down, locally trusted organisations re￿1ve 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. Locally trusted organisations 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 administration (50h of the total spend) available On￿ their Big Local plan is endorsed a fair proportion of net investment returns earned by the fund (an 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 marketpla￿), now available through the plan funding process travel and carer costs for residents to attend networking and leaming events. By exception, and in line with policy framework agreed by trustees, Local Trust may agree to vary arrangements for the distribution of funds in Big Local areas where the local partnership (as the vehicle through which Local Trust seeks assuran￿ of local residents, priorities) is unable to meet 15

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 the minimum criteria re uired of artnershi s over a sustained period. Local Trust will seek to ensure distribution of such funds reflects priorities identified by people in the area. Local Trust as a locally trusted organisation Local Trust acted as the LTO for five Big Local areas that have been unable to identify a suitable organisation to fulfil this role during (or part ofj the year to March 2024: North Brixton, Gateshead, NW Ipswich, Worle and Dewsbury Moor Big Locals. Big Local Trust retains the administration contribution of 5 % for Local Trust acting as the LTO, and in 2023-24 this totalled £5.3k (2023.. £0.8k). 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 2023-24, Big Local Trust made £184k (2023: £147k) 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 2023-24 and have found none of the active social investments to be impaired. Irrecoverable impairments of £19k have been written off in previous years, and no further active social investments have since been deemed impaired. After repayments in the period of £22k, the value of the social investments at 31 March 2024 is therefore £163k. 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 to determine the extent, if any, to which Big Local Trust's social investments have been impaired (reduced in value), to ensure that their value has not been overstated. Constructive obligations A constructive obligation 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 decreased from £32.8m as at 31 March 2023 to £24.4m as at 31 March 2024. This reflects a decrease in new commitments and an increase in grant cash payments made during the year as Big Local area delivery their plans locally. 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 year with actual spend and income and re-forecasted annually. It includes estimates of constructive obligations (funding committed) to Big Local areas as we make funding available for delivery of Big Local plans. The updated 15-year budget informs the investment strategy and a rolling two-year cash flow forecast is provided to CCLA to enable them to manage cashflow requirements of the programme. The 16

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 cashflow proved to be accurate for 2023-24 as rt has been every year since it was first prepared in 2012. Reserves policy Big Local Trust has an expendable endowment, received from the National Lottery Community Fund in 2012 and 2013, to be spent by 13 February 2027. All of Big Local Trust's funds are unrestricted. No funds had been designated or other#vise committed as at 31 March 2024 other than those identified elsewhere in the accounts. Trustees consider that it is not necessary for Big Local Trust to specify a level of reserves beyond the significant level of funds held. The trust has processes in place to manage its funding over the period of the endowment, to ensure that the support costs, delivery costs and funding allocated to the 150 areas are spent in line with the requirements of the programme and the trust deed. It is in the nature of an expendable endowment that funds are spent out over time. In the final years of Big Local, it may require a reserves policy to ensure sufficient funds are held to manage the close down of the programme in a managed and prudent way; however, this is not currently the case. As at 31 March 2024, Big Local Trust held total funds of £24.Om (2023.. £38.1m). 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 Trust reserves policy annually. Principal risks Big Local Trust has a detailed risk register, which is reviewed and update regularly by the Executive and on a quarterly basis by the board and the Finance and Audit commrttee. Significant new strategic and operational risks are brought to the attention of the Finance Audit and Risk committee and the board as necessary. The business planning process carried out during the yearto March 2024 identified the following major risks that would need to be monitored and managed over the year ahead.. The key risks Failure of low spend areas to meet spend forecast: This would result in these areas falling further behind targets and in capacity challenges (both intensity and overall timeline) and could challenge our ability to deliver Big Local by March 2026. A review of the 30 lowest spending areas was carried out during the year, identifying actions at area and programme level and outlined in the 2024-25 Business Plan. We have moved to a more bespoke and intensive approach to supporting these areas, including additional Area Co-ordinator coverage, and ensuring Advisor and expert support partners have relevant skills. Risk of Lower spend by a majority of Big Local areas remaining in the programme than expected. This would also result in capacity challenges, including our ability to focus on lower spending areas. In response we regularly review programme data to assess level of risks., including ensuring monitoring of progress and challenges in areas with more moderate balances, and visits and touch points between Local Trust staff and areas. The revised approach to area close-out is significantly reducing this risk. freeing up resources to deploy in lower spend areas. whilst moving to alternative delivery approach in some areas also reduces the risk. 17

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Risk that areas close to spend out (holding less than £150k) exit the programme slowly than expected: This would divert resources away from areas with high needs and put a strain on capacity. We are ensuring focus on maintaining momentum with close-outs in team workplans and will look to improve and adapt the close out process based on early learning. Local Trust support fails to effectively address needs and requirements of areas at greatest risk: This could result in areas not spending out by 2026 in a timely and effective manner., require changes in how Local Trust supports Big Local areas and manages the closure of the programme, additional funding and staff changes. We are tracking the impact of support by area with regular reviews, including a renegotiation of expert support contracts which focuses on the support that will most likely assist in accelerating effective spend. We are also ensuring clearer internal responsibilities for leading on each BL area. Significant number of individually small negative media stories around low spendlchallenging BL area leads to questioning of Local Trust competency and the Big Local model: This could lead to reputational damage, and impact on our credibility and influence. A dedicated press risk register is regularly reviewed, with leadership from the Head of External Affairs and reviewed monthly by the Senior Management Team and quarterly by the trustees. We are improving management information on areas" whilst increased in-house provision of support to areas enables problems to be surfacedlexposed, and responsive action implemented, more quickly. Failure to influence the next government: We recognise that a failure to share insight and leaving to policy makers and politicians and could result in reduced policy impact post*lection which erodes our legacy potential. We will continue to invest in policy and influencing to highlight the importance of community led neighbourhood regeneration. A programme of work is in place to influence the Labour party to promote the importance of communitylneighbourhoods, alongside greater focus on the local public sector as a means of influencing national as well as local policy. Delays In Implementing legacy projects: This could lead to a lack of impact, with Local Trust failing to achieve optimal outcomes from remaining time and resources. Initial trustee decisions made in January 2024 have resulted in clear positive action to initiate work on key projects, and allocation of resources in the business plan. Trustees will receive reports on progress against that initial wave of projects in March 2024,. with larger project scoped by the summer,. and 'carrying the flame, options appraised in September. A breakdown of relationship with leadership of NLCF andlor key senior officialslministers within government" Resulting in criticism of Bing Local programme andlor tensions over CVVF implementation affecting our relationships and reputation. This is mitigated by a COn￿rted focus on strong relationships built up with officials in key departments, and prompt responses to MPS where concerns are raised. We are increasing our focus on 'good news, story outputs. Loss of key stsff, and challenges in recruiting talented staff, as we get closer to the proposed end date of the organisation: A resultant lack of capacity and skills in the organisation to deliver strategy and business. Local Trust has reviewed remuneration in this 18

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 context, implementing a new policy, and is putting increased emphasis on secondments. Our resourcing priorities are reviewed every 6 months as part of the closure plan. Failure to adequately plan organisational closure: This could result in poor administration of Local Trust and Big Local during final years. low staff morale, loss of efficiency, and challenges in resourcing closure effectively. Critical in addressing this risk is the published Closure Strategy, and associated Closure Plan. The forward budget has been updated to take account of closure costs, and Trustees receive regular reports on progress. Structure, governance and management Staffing Staff remuneration Trustees consider remuneration, including the remuneration of the senior management team, annually. During 2023-24 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 in the pay policy. The pay policy was initially agreed in May 2019, and most recently reviewed in May 2023. Trustees consider a cost-of-living increase for existing salaries, on an annual basis, after reviewing the consumer price index (CPI). A cost-of-living increase of 10.40/0 was agreed for 2023-24. 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 contractslgrants of those delivering national support, research and evaluation. Staff are jointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 63 {FTE) (2023.. 55). Pensions and auto enrolment Big Local Trust operates a group pension scheme with Scottish Widows and contributes the equivalent of 10% of salary for each member of staff into scheme. This is more than the minimum legal requirement under auto-enrolment. Staff are encouraged to make a voluntary personal contribution. During 2023-24, all Big Local Trust staff were enrolled in the group personal pension scheme. Volunteers Big Local relies on people getting involved in making their areas better places to live. Just over 1000 people directly participate as partnership members across the 101 Big Local areas, the other 49 Big Local areas either already closed or on the closure path. Partnership members include representatives from local organisations, councils and businesses however, a vast majority are volunteer residents (69 % ) who give of their own time to help lead the Big Local programme in their local areas. 19

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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 Following a review of governance in 2023-24, a new board committee structure was introduced in April 2024. which saw the closure of the Legacy and Learning and Programme Delivery committees. The ensures trustees are able to continue to effectively exercise oversight of both Big Local Trust as an organisation and the programmes it delivers. The two remaining committees are.. Finance and Audit (formerly Finance, Audit and Risk),. and People and Culture (formerly Governance and Remuneration). New 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 Big Local Trust's business. The purpose of the Finance and Audit Committee is to support the Board in the overall management and monitoring of finan￿, investment, and audit matters at Local Trust and Big Local Trust. It does this by providing an appropriate level of scrutiny of finances, investment policies and procedures of Local Trust and Big Local Trust, as well as the audit process and outcome, and by supporting the Board and management in managing its finances effectively, prior to making recommendations on these matters to the trustees for their decision. The purpose of People and Culture Committee is to" ensure the effective governance of Local Trust and Big Local Trust., make recommendations as to the organisation's overall staff. remuneration policy. and support the successful closure of Local Trust and Big Local Trust. The Protector The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duty to ensure the integrity of the administration of the Big Local Trust and the propriety of its procedures, and if ne￿Ssary, 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. Trustees delegate responsibility for the day-to-day running of the charity to the chief executive. 20

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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 2024 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 102) 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 concem 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 hen￿ 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 otherjurisdictions. The trustee has confirmed that so far as it is aware, there is no relevant audit information of which the charity's auditors are unaware, and that it has taken all the steps that it ought to have taken as a trustee in order to make itself aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors A resolution to appoint Moore Kingston Smith was proposed at the last annual general meeting. Approved by the corporate trustee on 28 November 2024 and signed on their behalf by.. Signed David Warner Chair Date 16 December 2024 21

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 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 2024 which comprise 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 2024, and of its incoming resources and application of resources, for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) 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. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S 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 to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 22

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 misstatement 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 to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion- the information 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 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the audit of the financial statements We have been appointed as auditor under section 1442 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 whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional s￿ptiCIsM 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 23

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 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 resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit prO￿dureS that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report 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 auditor's 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 other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 procedures 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 audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material 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 responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity- Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are [the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council] We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 24

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local T￿st annual report and financial statements 1 Apnl 2023 - 31 March 2024 We inquired of management and those charged with governance as to any known instances of non-complian￿ or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit prO￿dureS to identify instances of non-complian￿ with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit prO￿dureS described above. We are less likely to become aware of InStan￿S 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 concealment by, for example, forgery or intentional 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 fonned. Ilq 16 December 2024 Statutory auditor Date 6th Floor, 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 25

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 Statement of financial activities for the year ended 31 March 2024 Restricted Unrestricted 2024 2024 £000 £000 Totsl 2024 £000 Total 2023 £000 Notes Income from: Investments Reimbursements from Local Trust Other sources Total income 2,888 15 2,888 15 1,570 139 2,906 2,906 1,713 Expenditure on: Raising funds.. Investment management charges Charitable activities: Grants payable Delivery to areas Learning to support the programme Total expenditure 85 85 124 8,758 5,107 3,447 17,397 8,758 5,107 3,447 17,397 13,194 4,268 2,693 20,279 Net operating expenditure (14,491) (14,491) (18,566) 413 413 778 Net gainsl(losses) on investments Net Incomel (expendlture) (14,078) (14,078) (17,788) Loss on disposal Net movement in funds (14,080) (14,080) (17,788) Reconciliation of funds: Total funds brought forward 1 April 2023 38,069 38,069 55,857 Total funds carried forward 31 March 2024 23,989 23,989 38,069 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 29 to 47, form part of these financial statements. 26

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local T￿st annual report and financial statements 1 Apnl 2023 - 31 March 2024 Balance sheet as at 31 March 2024 2024 £000 2023 £000 Notes Fixed assets Tangible assets Intangible assets Investments Social Investments 30 132 46,018 163 48 240 69,241 64 10&11 12 46,343 69,593 Current assets Debtors Investments 13 1,546 206 1,315 3,067 1,145 193 627 1,965 Cash at bank and in hand Total current assets Llabllltles Creditors.. amounts falling due within one year Net current liabilities 14 {22,322) (19,255) (25,005) (23,040) Creditors: amounts falling due after one year 15 (3,099) <8,484) Net assets 23,989 38,069 Funds Unrestricted funds 23,989 23,989 38,069 38,069 Totsl funds The accompanying notes, on pages 29 to 47, form part of these financial statements. Approved by the corporate trustee, authorised for issue on 28 November 2024 and signed on behalf of the trustee.. Docusigned by: Signed David Warner Chair Date 16 December 2024 27

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 Statement of cash flows for the year to 31 March 2024 2024 2023 Cash (oufflow)linflow from operating activities: Notes £000 £000 Net operating expenditure Investment and other income re￿iVed 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 (14,489) (2,478) 165 (401) (8,068) (84) (9) (25,363) (18,566) (787) 135 (661) (3,641) (124) {8) (23,652) 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 2,478 787 124 (13) (206) (17) (24) (2) (120) 22 (45,000) (356) 69,000 26,065 (20) 63 (140,999) 368 Receipts from sale of fixed asset investments Net cash provided by investing activities 162,990 23,094 Change in cash and cash equivalents in the year 701 558 Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2023 Cash and cash equivalents at 31 March 2024 820 701 1,378 558 17 1,521 820 2024 £000 1,315 206 1,521 2023 £000 627 193 820 Analysis of cash and cash equivalents: Cash in hand Noti￿ deposits 28

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 Notes to the accounts for year to 31 March 2024 1. Accounting policies a) Administrative information Big Local Trust is a public benefit entity registered as a charity in England and Wales on 15 February 2012 {charity number 1145916). The ultimate controlling party of Big Local Trust is Local Trust, corporate trustee. Local Trust is a registered company (number 07833396) and registered charity (number 1147511). The charity was established under its 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. b) Basis of preparation The financial statements are prepared on a going concern basis which assumes the charity will continue in operational existence for the foreseeable future. The trustees have considered the impact of the prevailing external environment on the financial position of the charity and are aware that the charity is able to draw down on its expendable endowment to provide an appropriate response to additional needs where necessary. After reviewing the charity's forecast and projections, the trustees have concluded 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, with the exception that fixed asset investments are stated at market value, and in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared to give a 'true and fairf 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 Sin￿ 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 carying 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. 29

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 d) 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 rt 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. 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 of staff 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 2024 was across delivery to areas and learning to support the programme. g) 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 re￿1vable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease temi. h) Expenditure on raising funds Expenditure on raising funds include investment management fees which are charged at 0.15 % of the market value of the portfolio and as they fall due to the statement of financial activities. The fee reduced from 0.20 /0 to 0.15 % from 1 July 2020. i) Tangible fixed assets depreciation and intangible fixed assets amortisation All assets costing more than £1,000 are capitalised. Depreciation on tangible fixed assets (IT equipment and office furniture). and amortisation of 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. 30

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 k) Social investments Big Local Trust makes programme-related social investments on behalf of Big Local areas. Big Local Trust receives annual dividends from the credit unions on behalf of the Big Local areas, at the same rate as the annual dividend paid to other corporate members. Social investments are initially recognised at cost and are assessed for impaimient on an annual basis. k) Pension Local Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions. l) Grants payable A 'constructive obligation. be￿een Big Local Trust and a locally trusted organisation is triggered when a grant (or funding) offer letter is sent to a locally trusted organisation to notify them that a specified amount of funding has been endorsed for a stated 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 cost) and are subsequently re-measured where applicable at amortised cost except for investments, which are subsequently measured at fair value with gains and losses recognised in the statement of financial activities. Assets and liabilities held in a foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate. At 31 March 2024, revenue cash of USD3,416.01 (equivalent GBP 2,704) was held within Big Local Trust's investment portfolio. This was the result of class action proceeds issued on previously held equities. n) Cash Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of 90 days or less, and bank overdrafts. Deposits with maturity greaterthan 90 days from the year end are classified within investments. 31

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements 1 Apnl 2023 - 31 March 2024 2. Investment income 2024 £000 2,360 519 2023 £000 1,329 217 24 Income on investments Bank interest Tax refunds Total 2,888 1,570 3. Other income 2024 £000 2023 £000 Contribution to US fact finding trip Total Big Local Trust received no grant income during the year ended 31 March 2024. 32

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Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 5. Grants payable New grants £000 Repayment of unspent grants £000 Closed grants £000 2024 Total £000 2023 Total £000 Big Local area Locally trusted organisation 3 Together Aberfeldy Allenton Arches Local (Central Chatham, Luton Arches) Groundwork North East Quaker Social Action Enthusiasm Trust (2011 (2691 1201) 1269) 565 567 50 Starlings Support CIC Warwickshire Community and Volunlary Action (WCAVA) Quaker Social Action Greenwich Ccpoperative Devt Agency Barrow Island Communty Sports Trust Community Foundations for Lancashire and Merseyside Community Allian￿ Broxboume and East Herts {formerty CVSBEH) Asian Resource Cenlre Birmingham Voluntary Service Council Lincolnshire Cooperative Limited Blackpool Coastal Housing Community Alliance Broxboume and East Herts (fom)erty Bounlagu (Bounces-montagu) CVSBEH) Bounlagu (Bounces-montagu) Enfield Voluntary Aclion Bournemouth Churches Housing Association IBCHA) Pendle Borough Council Brereton Big Local CIO Support Staffordshire Cannock Chase Brookside Central CIO Stirchley and Brookside Parish Council Canvey Island Town Counal {CITCI Canvey Island Youth Project Trust Links (23) {23} 386 Arley and Ansley Barnfield (402) 144 (172) {28) Barnfield Barrow Island Beechwood, Ballantyne And Bidston Village 33 {1041 1104) {73) Big Local Broad Green Big Local Broad Green 491 (18) 473 62 18) Birchfield Birchwood Blackpool Revoe 306 100 350 (12) 1991 239 (2421 1242) 330 111 330 Bourne Estate Bradley Brerelon 110 110 27 418 (301 {30) Brerelon Brookside (192) 227 359 359 Brookside (36) (2271 1263) Canvey Island Big Local Canvey Island Big Local Canvey Island Big Local 50 27 592 (10) (891 (72) 592 Cars Estate CELL- Lynemoulh, Cresswell, Ellington and Linton Colebridge Trust 235 (27) 208 Cresswell Age UK Lincoln & South Lincolnshire Groundwork South and North Tyneside Groundwork South Tyneside & Newcastle Shared Assets Ltd Community Allian￿ Broxboume and East Herts Iformedy CVSBEH} Chades Lovell & Co Limited Central Boston (29) (371 (66) 198 Central Boston Central Jarrow Central Jarrow {10) (1) Chinbrook Estate Church Hill 254 (16) (31) 207 48 35

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Clapham Junction, West Battersea (Big Local SW11) Clarksfield, Greenacres and Littlemoor providen￿ House {65) Action Together CIO Liverpool CVS Charity and Volunlary Services Manchesler Communicab'on Academy Great Linford Parish Council SJ Mellish Accountancy Services Ltd Milton Keynes Community Foundation Red Zebra Community Solutions (previously East Kent Voluntary Action Support) Community Links Bromley Local Trust 3VA Local Trust One Community Birmingham Voluntary Service Council (BVSC) Groundwork North East Dover Big Local CIC Red Zebra Community Solutions The ￿artOn Trust Dudley CVS Swale Community and Voluntary Services Bassellaw Community and Voluntary servi￿ IBCVSI Caxton House Community Centre Cumbria CVS The Cenlre, Wesl Cumbria Ltd Age Concern Luton Birmingham Voluntary Service Council {BVSC) Worth Unlimited Action Hampshire Community Action Hampshire Burnley, Pendle & Rossendale cvs Groundwork North East Local Trust Sl Chad's Communty Project H.C. Horizons CIC South Durham Enterprise Agency 106 Clubmoor (178) Collyhurst Conniburrow 115 283 283 Conniburrow (43) (1801 1223) 454 Conniburrow {92) Dartford Dartford Dartford Devonshire West Dewsbury Moor Dewsbury Moor (2431 1243) 25 {8) {81 15 15 15 355 355 Dislingion Dislinglon Dover Big Local Dover Big Local Dyke House East Coseley (10) 13} (10) 81 174 (901 152 99 17) 461 204 (157) 1157) Eastern Sheppey Elmton, Creswell and Hodthorpe {199} 1199) 288 Elthorne Estates Ewanrigg Ewanrigg Farley Hill 359 243 {37) (2541 1291) 178 95 178 599 18) (4961 Firs and Bromford Firs and Bromford Fralton Fralton {5) (3161 1321) 340 {43) 340 (431 276 Gannow Gateshead Gateshead Gateshead Gaunless Gateway 17 17 447 75 158 447 25 50 303 303 Gaunless Gateway Goldthorpe with Bolton-on- Dearne (41) (2511 1291) The Snap Tin CIC Sandwell Council of Voluntary Organisations ISCVO) COMMUNITY Barnet Indusion Bamet Grassland Hasmoor Futures Ltd Probe (Hull) Ltd Better Communities Bradford (19) (261 (45) 155 Grace Mary to Lion Farm Grange Estate Grange Estate Grassland Hasmoor Grearfield Greenmoor 255 255 (253) 423 (15) (206) 203 (127) 278 59

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Growing Together (Northampton East) Hackney Wick Harefield, Midanbury and Townhill Park {Big Local S0181 Harefield, Midanbury and Townhill Park {Big Local S0181 Hateley Cross (Hateley Heath and Stone Cross) Hawksworth Wood Estate, the Abbeydales and Ihe Vespers Hawksworth Wood Estate. the Abbeydales and the Vespers Heart of Sidley Heart of Sidley Heart of Sidley Growing Together (Northampton) CREST Waltham Forest (271 {27) (122) Salford CVS TWCS (Training for Work in Communities) Sandwell Community Info & Participalion Service (SCIPS) Kirkslall Valley Development Trust 141 (141 127 (177) (35) {35} 393 (3> (241 102 The Cardigan Centre Optivo (form. AmicusHorrzon) Rolher Voluntary Aclion Southern Housing Parochial Church Council of Uttoxeler Uttoxeler Knights Berkeley Academy C-change West London Wa￿ickshire Community and Voluntary Action (WCAVA) (473) (10) (125) (10) 266 95 {881 125 95 Heath Big Local Heath Big Local Heston Wesl Heston Wesl 174 (15) (1011 58 (152) {1) (451 (1601 (46) 1160) 274 Hill Top and Caldwell Horsefair, Broadwaters and Greenhill18ig Local DY101 Inner East Preston Inner East Preston Inner East Preston Inner East Preston Keighley Valley Kingsbrook and Cauldwell 262 Parish of Kidderninster East (8) {81 (149) 18) 72 (143) (19) University of Central Lancashire Preston City Council Groundwork Northamplonshire Airedale Enterprise Services CVS Bedfordshire Community Voluntary Service Bedfordshire Groundwork Northamplonshire Mansfield CVS Kirk Hallam Community Academy (211 (21) 420 Kingsbrook and Cauldwell Kingswood and Hazel Leys Kirk Hallam 17} 134 260 (411 {41) Kirk Hallam Langold, Costhorpe and Carlton Lawrence Weslon Leecliffe {Leeming and Aycliffe) Leigh West Little Hulton Little Hulton Littlemoor Mossley Mottingham Newington, Ramsgale Noel Park Estate {65) Hodsock Parish Council Ambition Lawrence Weston {5} (251 {28) 70 166 70 Clarion Futures Leigh Neighbours Project CIO COMMUNITY Lithe Hulton Salford CVS Dorsel Community Action One Walsall Community Links Bromley Stsrlings Support CIC CREST Waltham Forest Community Allian￿ Broxboume and East Herts Big Local Impact Volunlary Action North East Lincolnshire (VANEL) Hastings Voluntary Action CREST Waltham Forest 439 439 120 48 177 177 385 55 385 {17) (481 344 {25) (147) {8} {61 (171 (141) 257 Noel Park Estate North Brixton 792 {3) {3) North Cleethorpes North East Hastings North meets South 51 51 123 97 151 (1) 150 37

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 North Ormesby Neighbourhood Development Trust Castle Hill Community Centre Trust Easlem Region Training Ltd Local Trust Rural Community Council of Essex North West Kent Council for Volunlary Service Community Foundation for Merseyside Community Foundations for Lancashire and Merseyside One Walsall Walsall Council Par Bay Community Tnjst North Ormesby {22) North West Ipswich North West Ipswich North West Ipswich {1) (1381 (911 1139) 91 20 20 North West Ipswich 91 91 Northfleet North 119 Northwood 61 61 {30) Northwood Palfrey Palfrey Par Bay Peabody Avenue and Churchill Gardens Estate (Big Local SW11 People's Empowemient Alliance of Custom House (PEACHI Plaistow South 13 {3) (2401 10 1240) 458 (10) 458 (101 41 Quaker Social Action 440 (921 348 Ascension Church Centre Quaker Social Aclion Rights and Equalitses in Newham (REIN) Blackbridge Charitable Community Benefit Society GL Communities Gloucestershire Credit Union Rushmoor Borough Council Radstock and Westfield Big Local CIC The Carers Centre Community Foundation for Rastrick Calderdale R8vensthorpe and Westwood Cross Keys Homes Roseworth Ward Catalyst Stockton on Tees Rudheath and Witton Groundwork CLM Irwell Valley Housing Association Selby District AVS Up For Yorkshire (previously Selby District AVS) Blackburn with Darwen Heallhy Living The Big Local Community Shop Ltd Bexley Voluntary Servi Slade Green Council Somers Town CREST Waltham Forest Somers Town Working Mens College Sompting Community Works South Bermondsey United Sl Saviourfs Charity st James Street Area CREST Wallham Foresl St Oswald and Netherton {L30 Sefton Metropolitan Borough Million Project} Council St Oswald and Netherton {L30 Million Project} 265 328 {3) 1241 302 Plaistow South (355) Podsmead Podsmead Podsmead Prospect Estate 228 228 82 (150) 308 (17) (631 (80) Radstock and Wesffield Radslock and Westfield 222 222 1210) (32) (1781 335 335 166 479 (291 (28) Sale West Selby Town (178) Selby Town 115 115 Shadsworth with Whitebirk (811 (81) Shadsworth with Vvhitebirk 15 15 725 (1741 1174) 415 16 (47) (554) Asian Resour￿ Centre {97) 38

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 St Oswald and Netherton L30 Million Proj St Peter's and the Moors Stoke North Tang Hall Three Parishes- Gobowen, St Martins and Weslon Rhyn Groundwork Cheshire, Lancashire & Merseyside Cheltenham Borough Council YMCA North Staffordshire Balance sheet check 337 536 (12) (1721 (125) 153 411 125 369 {24) Oswestry Community Action Rotherham Federation of Communities Ltd Station House Community Association Ltd Bollon al Home Swindon Borough Council COMMUNITY Barnet Groundwork Cheshire, Lancashire & Merseyside Torus Foundation Nova Wakefield District Citizens Advice Havant Birmingham Voluntary Service Council Community Alliance Broxboume & East Hert COMMUNITY Barnel Lancaster Districl CVS Beighlon Village Development Trust Whitleigh Primary and Sir John Hunt Community Sports College {CSC) Federation Whitley Community Development Association Berkshire Communty Foundation Whitley Bay Big Local CREST Wallham Forest Groundwork Cheshire, Lancashire & Merseyside Voluntary Action North Lincolnshire (VANL) Shores Centre {Southem Holderness Resource Cenlre) SHAL Housing Ltd Community Alliance Broxboume and East Herts (formerly CVSBEHY Local Trust NSAH (Alliance Homes) Limrted Rother Voluntsry Aclion Weston-super-mare Town Council Community Allian￿ Broxboume and East Herts 30 Thurcroft Thurnscoe Tonge with the Haulgh Toothill W12 Together 124 270 270 92 272 161 (481 {54) Wargrave Wargrave Wamick Ahead Wecock Farm 95 95 488 17 276 (429) 13 13 Welsh House Farm 551 Wembley Central Wembley Central West End, Morecambe 661 12) 684 Wesffield Estate 294 Whitleigh 37 37 (213) Whitley 172 172 40 Vvhitley Vvhitley Bay William Morris {2) {11 124 (208) Windmill Hill 248 248 Winterton 283 Wilhemsea Woolavington Puriton 206 420 (100) (25) (411 (191 65 376 Wodd's End Estate and Lots Road Area Worle Wode Wode 599 12 12 1209) {89} (209) (89) Wode 236 236 Wormley and Tumford 27 Subtotal of Big Local grants 15.078 (811) (6,426) 7,841 12,030 39

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 5. Grants payable {continued) Subtotal of Big Local grants Icarried fo￿ard) Other grants Community travel and childcare Area admin contribution Social Investment returns to areas Grant bad debtsl Sl impairments ort and overnance cosls 7,841 12,030 112 74 394 37 597 80 32 374 381 Total rants able 8.758 13.194 In April 2019, Palfrey Community Association, the locally trusted organisation for Palfrey Big Local, went into administration while holding up to an estimated £75k cash of Big Local funds. In November 2019 this estimate was reduced to £38k upon receiving further spend information from Palfrey Community Association. Big Local Trust is an unsecured creditor for the funding and the administration process is ongoing. At the time of writing, we expect to re￿1ve a report from the liquidator in June 2024. 40

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 6. Governance costs Total governance costs of £251 k (2023.. £305k) consist of direct governance costs of £134k (2023.. £177k) and indirect costs of £117k (2023: £128k). 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: 2024 £000 165 2023 £000 131 Depreciation and amortisation Impairment of social investments Auditor's remuneration (including VAT).. in respect of current year audit in respect of current year non-audit in respect of prior year Financial advice Investment manager's fees Legal and professional fees Licence fees 31 31 85 124 105 152 156 8. Tangible fixed assets 2024 2023 Office refurbishment IT equipment Total Total Cost Balance brought forward Additions Disposals Balance carried forward £000 85 £000 191 17 27 181 £000 276 17 27 266 £000 263 13 85 276 Depreciation Balance brought fop4vard Disposals Charge for year Balance carried fonNard 52 176 (26) 14 164 228 (26) 34 236 191 20 72 37 228 Net book value Brought forward Carried forward 33 13 15 17 48 30 72 48 41

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 9. Intangible fixed assets 2024 2023 Total Total Cost Balance brought forward Additions Disposals Balance carried forward £000 506 24 12 518 £000 300 206 506 Amortisation Balance brought fopNard Disposals Charge for year Balance carried for¥vard 266 (11) 131 386 172 94 266 Net book value Brought forward Carried forward 240 132 128 240 Intangible fixed assets include development of Big Local Trust's grant management system, finance system and the Big Local Compendium website. 10. Investments 2024 2023 £000 £000 68,883 90,088 42,000 141,999 (69,000) (162,990) 3,000 (1,000) At 1 April 2023 Purchases at cost Disposal proceeds Movements in investment creditors Accrued management charges Net investment gainsl(loss) At 31 March 2024 413 45,305 778 68,883 Capital and revenue cash balance Total 713 46,018 358 69,241 11. Investments by type and location of fund 2024 2024 UK Overseas £000 £000 46,018 46,018 2024 Total £000 46,018 46.018 2023 2023 UK Overseas £000 £000 69,241 69,241 2023 Total £000 69,241 69,241 Cash Total The total book cost of investments held at 31 March 2024 was £44.696k (2023: £68,331 k). 42

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 12. Social investment assets Blg Local area Credit unlon Type of Inve$tment Funds at 31 March 2023 Funds at ImpaSmient 31 March 2024 Addltlons Repaymentsl Di$¢harge$ £000 £000 £000 £000 £000 2015-16 East Coseley Castle and Crystal Corporate Credit Union deposit 15 (15) North West Ipswich Eastern Savings and Loans Credit Union Subordinated Loan 20 20 Subtotsl 35 115) 20 2016-17 St Oswald and Nelherton Sublolal Knowsley Mulual Corporate Credit Union osil 13 13 13 2023-23 Bourne Estate Sublolal Key Fund loan Loan 17 17 10 10 171 2023-24 Radstock and Wesffield Sublolal Key Fund loan Loan 120 120 120 120 Cumulative totals 65 120 122) 163 Total Key Fund loan balance 17 120 (71 130 13. Debtors 2024 £000 18 36 2023 £000 Trade debtors Other debtors Amounts due from Local Trust Prepayments Accrued income Total 36 167 1,322 1,546 191 909 1,145 43

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 14. Creditors: amounts falling due within one year 2024 £000 21,259 875 68 83 37 2023 £000 24,293 522 66 69 30 25 25,005 Grant commitments Trade creditors Accruals Social security and other taxation Pension payments due Intercompany creditors Total 22,322 15. Creditors: amounts falling due after one year 2024 £000 3,099 3,099 2023 £000 8,484 8,484 Grant commitments Total 16. Grant commitments 2024 £000 32,777 15,078 394 (16,654) (7,237) 24,358 2023 £000 36,059 20,973 597 (15,909) (8,943) 32,777 Grant commitments bl￿d New commitments in the year Area admin contribution Commitments settled in the year Commitments reversed in the year Grant commitments cl￿d Note: Grant commitments include a £67k research grant commitment, payable to NHS Confederation. This falls due within one year. (2023.. £nil) 17. Analysis of changes in net debt At 31 March 2023 £000 627 193 At 31 March 2024 £000 1,315 206 Cash flows £000 688 13 Cash Cash equivalents Overdraft facility repayable on demand Total 820 701 1,521

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 18. Operating leases 2024 £000 78 2023 £000 76 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 licence to occupy office Spa￿ at CAN Mezzanine, Borough. Future commitments in relation to this lease are noted above. 19. Staff costs and numbers 2024 £000 3,032 315 454 402 4,204 2023 £000 2,418 233 350 284 3,285 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 contractslgrants of those delivering national support, research and evaluation. Staff are jointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 63 (FTE) (2023. 55). During the year, four roles (2023: two) were made redundant. Redundancy payments of £78k (2023.. £38k) were made to the members of staff who left during the year. There were nine key management personnel who were remunerated over £60k in the year (2023: 8 employees) and comprised the Chief Executive, Director of Policy, Director of Partnerships and Learning, Director of Delivery, Head of Finan￿ and Resources, Head of Support to Areas, Head of Programme Delivery, Head of Learning and Research, and Senior Finance Manager. The total remuneration and benefits, including salary and employerfs National Insurance and employer's pension contributions, of the key management personnel was £972k (2023: £783k). Senior salaries Number of employees 2024 2023 £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £110,000- £119,999 £130,000- £139,999 As at 31 March 2024, the median full time gross salary was £41 k (2023.. £38k) (ratio 3.3 to 1 between highest and median) and the lowest full-time salary was £25k {2023: £22k) (ratio 5.4 to 1 between highest and lowest). 45

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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. Just over 1000 people directly participate as partnership members across the 101 Big Local areas, the other 49 Big Local areas either already closed or on the closure path. Partnership members include representatives from local organisations, councils and businesses however, a vast majority are volunteer residents (69 % ) who give of their own time to help lead the Big Local programme in their local areas. 21. Pension Staff are offered the opportunity to join a defined contribution Group Personal Pension Plan ('the scheme,) 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 10 % 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 Insuran￿ contribution. There is no minimum contribution for staff although they are encouraged to contribute. Pension contributions made by Big Local Trust to the scheme during the year were £324k (2023.. £269k) for 63 employees (2023.. 55). Employee contributions, made through our salary exchange scheme, were £124k (2023: £81 k). As at 31 March 2024, Big Local Trust owed £37k (2023: £30k) to the scheme relating to March pension payments: the amount due was settled during April 2024. 22. Trustees, remuneration, benefits and expenses Trustees received no remuneration Trustees are reimbursed for their incidental expenses in attending board, executive and other meetings. During the year Trustees received £10k in reimbursements for travel costs (or provision of travel) (2023: £9k). Trustee training expenses during the year were £9k (2023.. £nil). Trustee recruitment costs during the year were £32k (2023.. £nil). A full Governance review was carried out during the year at a cost of £19k (2023: £1 k). 23. Big Local Trust protector Protector fees and expenses of £16k were payable during the period {2023: £15k). 24. Related party transactions During the year to March 2024, Local Trust paid Big Local Trust £15k for expenses spent on Local Trust activities, that were initially paid for through Big Local Trust (2023: 139k). This included £3k owed to Big Local Trust as at 31 March 2024 (2023.. £nil). Chartotte Pickles is a trustee of Local Trust and executive Director of Reform Research Trust. Reform Research Trust was commissioned, via a competitive tender, to be the policy partner for the APPG for Left Behind Neighbourhoods, funded by Big Local Trust. During the year to 31 March 2024, Big Local Trust paid Reform Research Trust £1 Ok for APPG policy support during the period. Jessica Studdert is a trustee of Local Trust and Interim Chief Executive of New Local Ltd. During the year ended 31 March 2024, New Local is a delivery partner with Big Local Trust. Big Local Trust paid New Local £12k for annual membership and £15k as a final payment towards the Communities and Health project. Kate Hainsworth is a trustee of Local Trust and The Young Foundation. During the year ended 31 March 2024, Big Local paid The Young Foundation £13k for writing and editing Big Local case studies. 46

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 25. Financial instruments Carrying values of financial assets and liabilities at 31 March= 2024 £000 2,900 46,180 25,338 2023 £000 1,775 69,304 33,403 Financial assets measured at amortised cost (a) Financial assets measured at fair value (b) Financial liabilities measured at amortised cost (c) (a) Financial assets measured at amortised cost include all debtors (excluding prepayments), cash in hand, and notice deposits. (b) Financial assets measured at fair value include all fixed asset investments (including social investments). (c) Financial liabilities measured at amortised cost include all liabilities excluding amounts due for tax and social security. (d) Interest recognised in the statement of financial activities on assets held at amortised cost during 2024 was £494k (2023.. £208k). Dividends and interest recognised in the statement of financial activities on assets held at fair value was £1,956k (2023.. £565k). 47

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Charity details Big Local Trust Big Local Trust is registered charity number 1145916. Local Trust Local Trust is the corporate trustee (parent entity) of Big Local Trust. Local Trust is registered company number 07833396 and registered charity number 1147511. Copies of the consolidated accounts for Local Trust, including Big Local Trust, are available from the Local Trust website at htt =Illocaltrust.or .uklabout-uslfinancel Principal address of Big Local Trust and Local Trust Canopi, 7-14 Great Dover Street, London SE14YR All trustees of Local Trust are independent and nonryexecutive. The trustees of Local Trust are: Stephen Aldridge (from November 2023) Matt Bell Chris Catterall Kate Hainsworth (from November 2023) Sahil Khan Caroline Macfarland Patrick Melia Charlotte Pickles (until January 2024) Nicola Pollock Jessica Studdert (from November 2023) David Warner (chair) Rich Wilson Finance and audit committee (fom?erly Finance, audit and risk committee) Matt Bell Matthew Brumsen (c(>OPtee with investment expertise) Chris Catterall (chair) Sahil Khan (until 31 March 2024) Serena Loudon (co-optee with investment expertise until 15 May 2023) Caroline Macfarland (until 31 March 2024) Patrick Melia Jess Studdert (from 1 April 2024) David Warner (Ex officio as board chair) People and Culture committee (formerty Govemance and remuneration Comm￿ee) Chris Catterall Kate Hainsworth (from 1 April 2024) Caroline Macfarland (Chair from 1 April 2024) Nicola Pollock {Chair until 31 March 2024) David Warner (Ex officio as board chair) 48

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Legacy and leaming committee (to 31 March 2024) Matt Bell Patrick Melia (chair) Charlotte Pickles David Warner Rich Wilson Programme delivery committee (to 31 March 2024) Sahil Khan (chair) Caroline Macfarland Charlotte Pickles Nicola Pollock David Warner Chief executive of Local Trust Matt Leach Protector of Big Local Trust Rosie Chapman 49

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Advisors Auditor Moore Kingston Smith LLP 6th Floor 9 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 One Angel Lane London EC4R 3AB Custodian HSBC Bank PIC 8 Canada Square London E14 5HQ 50

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 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 (NLCF). The founder 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 communities spend it over 10 to 15 years at their 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 tum controlled by a Board of directors (trustees). The Board delegates the day-to-day running of the Trust to the chief executive. Big Local operates in accordance with a Trust Deed between the Fund and Local Trust, made originally in 2012, amended in 2021-22. and reviewed in 2022-23. The Trust Deed provides that Big Local must have a Protector with their appointment made in consultation with NLCF. Local Trust appointed me to this role in 2018 and subsequently extended the appointment to February 2027, or when the programme ends if sooner. Purpose and functions The function of the Protector is set out in the Trust Deed. The Protector role is quite specific and limited - the primary purpose is to ensure that Big Local's decisions are within the scope of the Trust Deed and are reached in accordance with the principles of good governance. Big Local is required to get the Protector's consent in some limited circumstances primarily relating to procurement limits and amendments to the Trust Deed. While I receive papers for all Board and committee meetings and have a right to attend any of those meetings, l am not involved in Big Local's decision-making nor am l a trustee of either Big Local or Local Trust. The role does require me to: report any matters of serious concem that I come across to NLCF or to the Charity Commission; and produce 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 Big Local might take in response. How I discharged the Protector fvnction during the year During the year I visited two Big Local areas and associated locally trusted organisations (LTO): One Palfrey Big Local (Walsall) Svale CVS and Eastern Sheppey Big Local (Sittingbourne, Kent) I received papers for all Board and committee meetings held during the period, reading, and commenting on these papers either in person or in writing. Attendance included: three of the four Board meetings, and the Board away day. four meetings of the finance, audit, and risk committee., one of the two meetings of the programme delivery committee; and two governance and remuneration committee meetings. 51

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 In October 2023, Local Trust met the Trust Deed requirement for Big Locals to have spent at least £220m by February 2027. 1 noted that, by the year end, all but £1.6m of the remaining Big Local funds were committed for expenditure. A further 34 Big Local partnerships, in 'low risk. areas closed out in 2023-24 increasing the overall total of areas which have spent out by the year end to 37. During the year I noted the Board's agreement to a closure pathway and criteria for the remaining local areas, with criteria based on- remaining monies to be spent ongoing resident leadership a final plan in place with the local area making clear progress against it the LTOS performance and stability, and assurances regarding future protection of any land or property assets l also noted Local Trust's interventions within those low spending Big Local partnerships they identified as, realistically, not in a position to spend out their funds. These interventions included drawing up plans to ensure spending the monies took place within the local areas. Overall, l am satisfied that the Board remains focussed on securing Big Local spend consistent with the Trust Deed, and the Big Local funding programme and its legacy remains central to the Trust's work. Protectorfs Consent I was not asked to give specific consent to any changes to Big Local's articles in 2023-24, nor requested to approve any disapplication of procedures in Local Trust's Finance Manual. I did review the organisation's Finan￿ Manual during the year, including the reasoning behind changes to the trustee signatory levels. Local Trust has agreed a closure strategy for the organisation, including governance, administrative and staffing issues. I have reviewed and advised on the plans underpinning this strategy where they overlap with my role and function, and I will continue to do so towards closure. Specifically, on the closure strategy and related planning, I noted the Board's agreement of criteria and plans for the first planned redundancies and for retention of staff in selected cases, with the new process for both implemented during the year. I have been impressed by the organisation's work on its closure strategy which appears well planned and thought through. Governance and administration of the Big Local Trust Local Trust had 11 directorsltrustees in post as of 1 July 2024. (During the year one trustee resigned and three new trustees appointed.) The Trust commissioned a governan￿ and board effectiveness review during the year to support the development of Big Local's closure strategy (see above). This work included a review of the Board and committee responsibilities and delegations, the Board's and committees, relationship to the Executive, Board behaviours and dynamics. Subsequently I commented on a review of Local Trust's committees which saw a realignment and rationalisation to reflect Board and committee changing priorities as overall spend out draws closer. Overall, from attending various meetings, regular discussion with the Chair, vice Chair and Chief Executive and from reading key documents my view is that the governan￿ of the Big Local fund continues to be effective. I have noted and seen that the Board is aware of its role, of the relationship between Local Trust and Big Local, and that it acts accordingly. 52

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 l am satisfied that the administration of Big Local was in accordance with the terms of the Trust Deed in the period 1 April 2023 to 31 March 2024. Future priorities For the next year. my primary focus will continue to be overseeing that Big Local programme delivery and spend out occurs in a managed and orderly way. As part of this process, I have noted the governance changes placing a focus on the Board now directly overseeing delivery of that programme, which will be increasingly important for mitigating the risks of areas not spending out. I have noted that Local Trust has identified additional income because of higher than anticipated interest rates during the year and consider additional options for using this unallocated additional funding in 2024-25. As Protector I have a limited role in these considerations, to ensure that the monies.. are spent on areas consistent with Big Local's purposes (which are wide in scope) do not undermine delivery of the overall programme take account of the Founder's wishes (NLCF) to promote learning from the programme. Local Trust deferred its review of the regulations accompanying the Trust Deed from 2023-24 to 2024-25. 1 will take part in this review to ensure that the regulations are consistent with the grant making approach in relation to closure. I remain interested in seeing Local Trust.. assembling evidence that demonstrates the transparency of the Big Local legacy in individual areas, and the overall fvnd, to give visibility at all levels on how the money was spent developing and displaying the Big Local asset register. Finally, my ongoing priorrties include: Visits, including finance reviews, to Big Local areas, Reviewing complaints and concerns where relevant Continuing to oversee how the Trust manages, presents, and delineates Big Local and Local Trust's respective roles and functions Reviewing the plans for a planned and successful closure of the Big Local programme, including related plans for staffing numbers and profiles over the remaining period. Rosie Chapman Protector, Big Local Trust November 2024 53

Docusign Envelope ID.. Bl6236B￿DB3￿7B0-944>BS18BF38Ec94 Big Local Tmst annual report and financial statements l April 2023 - 31 March 2024 Local Trust T: 020 3588 0565 W: www.localtrust.org.uk [e-mail] 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 l 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. MC SA