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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

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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

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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

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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

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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.
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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:
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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.
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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
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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
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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.
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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
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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.
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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.
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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
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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

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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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11 I
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< Ci Li (g CJ

MO Ln-
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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
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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.
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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.
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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
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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
info@localtrust.org.uk
Twitter: @LocalTrust #biglocal
The endowment for the Big Local programme is held by the Big Local Trust and overseen by Local
Trust. The Big Local Trust was established by the National Lottery Community Fund with a National
Lottery grant of £196,873,499.
Registered in England and Wales 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