DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust Annual report and financial statements for 1 April 2020 to 31 March 2021 Registered charity number 1147511 COMMUNITY FUND DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report and financial statements l April 2020- 31 March 2021 Table of contents Introduction. Overview of2020-21.............................................................................................................. Objectives and activities for public benefit............................................................................... Ourareas ofwork................................................................................................................... Ourstrategy.......................................................................................................................... 10 Achievements and performance 202¢>21............................................................................. 10 Plans for the future .14 Response to the Charity Governance Code.......................................................................... 17 Financial review....................................................................................................................21 Principal risks........................................................................................................................26 Governan￿ and committees................................................................................................28 Statement of trustees, responsibilities................................................................................... 30 Independent auditor's report to the trustees of Local Trust . .31 Consolidated statement of financial activities........................................................................35 Consolidated and company balance sheets... .36 Consolidated statement of cashflows. .37 Notes to the accounls...........................................................................................................38 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Introduction Local Trust was established in 2012 to deliver Big Local, a National Lottery Community Fund programme which committed more than £1 m of grant funding to each of 150 communities and neighbourhoods across England. The areas selected by the National Lottery Community Fund to benefit from Big Local funding were, typically, communities that were seen to have missed out on their 'fair share, of National Lottery and other funding. With a significant number of them located on the edges of towns and cities that themselves fa￿d problems associated with long-term economic decline, many Big Local areas have much in common with places which current govemment policy initiatives are hoping to 'level up,. The scale of the investment matched the challenge., the £217m originally provided to establish the Big Local programme is the biggest ever single-purpose National Lottery-funded endowment, and the largest ever investment by a UK granl-funder in pla￿-based, resident-led change. Over the course ofthe programme, as a Consequen￿ of the growth delivered by the careful management of our endowment, some £270m will have been committed in support of our mission. Matching the scale of that ambition, from the outset Big Local was designed to be radically different from other funding programmes. In contrast to conventional top-down, time-limited or project-led funding, the money awarded to each Big Local area is provided on a 'no strings, basis- there was no application prO￿$s, and the funds can be spent over 1(k15 years at Communities, own Chosen pace, and on their own plans and priorities. By effectively supporting local residents to take the lead in making decisions on how Big Local is delivered in their areas, Local Trust aims to build the confidence and skills of local people, strengthening local civic life and the social infrastructure that supports it. Big Local sits at the heart of Local Trust's mission and is the major programme that we deliver as an organisation. Reflecting the Big Local Trust deed, our ambition extends beyond simply delivering the Big Local programme. Seeing how communities are using Big Local funding to make their neighbourhoods into better places to live, we aim to share learning from the programme, and promote a wider transformation in the way policymakers, funders and others engage with ommunities and place. Alongside Big Local we deliver the Creative Civic Change (CCC) programme- a fund aimed at demonstrating the value of community-led creativity and arts-based activity to achieve change in local communities. Local Trust is a founding member of and hosts the Community Wealth Fund Alliance {CWFAI, a cross-sectoral alliance calling for substantial new investment in rebuilding the social infrastructure of 'left behind, communities, making use of the new wave of domant assets released by financial institutions. Overview of 2020-21 The Big Local programme continued to be successfully delivered through 2020-21, despite the pandemic. During the pandemic many of the Big Locals were exemplars of resilience, ingenuity and altruism and continued to operate in the fa￿ of all the challenges that COVID brought. Many partnerships were the focal point for community action to address the challenges of lockdown, helping organise volunteers, food deliveries, and connecting people across their neighbourhoods. Some Big Locals became involved in wider coordination work, working with local partners to plan both the immediate response to the crisis and start to define what comes next. DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 During the year, our research and learning programme helped us build a strong understanding of how Big Local areas were responding to the challenges they fa￿d, ensuring we were able to provide them with support and assistance throughout a difficult year. At the start of the pandemic we commissioned a major research initiative led by Third Sector Research Centre (TSRC) to study close-up the impact of Covid in 26 communities. The monthly briefings generated by that project, as well as longer term analysis, provided consistent and high- quality insight to help us support Big Local areas during different phases of the crisis and also helped Local Trust contribute to wider planning responses to COVID. including those led by other funders and government. In 2021>21, £15m was drawn down by local areas, with a significant part of that funding supporting aclivities associated with local responses to COVID-19. The release in March 2020 of Ihe final tranche of additional funds to areas from the growth of the Big Local endowment enabled Big Local communities to commit money without the need to significantly revise or reappraise their longer-term plans or commitments. Programme management and support activity was scaled up over the year to ensure funds continued lo be effectively administered at a local level and Big Local grant agreements were complied with. Big Local is not simply a funding programme. Alongside the funds committed lo local areas, Big Local residents are able to access a wide range of networking, learning, coaching, partnering and mentoring activities. To maintain that level of support through a year of travel restrictions and limits on public meetings, we reimagined and redesigned the way we engage with and support Big Local partnerships and workers, creating an extensive new resource of online events, activities and networking opportunities for Big Local partnership members and workers. Early in the pandemic, Local Trust published a sel of possible scenarios for post-COVID futures aimed at providing a resource for Big Local areas to use to stimulate thinking around what they might need to plan and prepare for after the pandemic. However, at the time of writing this review, the long-term cost of the pandemic is still unknown, and the full impact may not become clear for some lime. We know that by the end of 202￿21 some Big Local and CCC partnerships that have contributed hugely to their local COVID response were exhausted, while others were thinking about how they might maintain the momentum and positivity that emerged in their communities at a time of crisis. Several areas have initiated work to adapt their plans to reflect changed circumstances or new opportunities, something we will continue to support them with during 2021-22. Beyond COVID-19, a notable addilion to our work this year has been supporting the establishment of the All-Party Parliamentary Group {APPGI for'left behind, neighbourhoods, which was founded in July 2020. Through it we shared learning from our work with parliamentarians from across parties and provided new opportunities for Big Local residents to engage directly with decision- makers. Subjects discussed wilhin the APPG included social infrastructure, jobs and skills, transport and the impact of Cov1￿19 on 'left behind, areas. DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Objectives and activities for public benefit Local Trust is a charitable company limited by guarantee. It is operated under the rules of its memorandum and artides of association dated 3 November 2011 and amended by written resolution dated 27 March 2012 and 9 October 2014. It has no share capital and the liability of each member in the evenl of winding-up is limited to £1. Local Trust was registered with the Charity Commission on 30 May 2012. The relationship between Big Local Trust, Local Trust and The National Lottery Community Fund Local Trust is the corporate trustee of the Big Local Trust. Local Trust and the National Lottery Community Fund (formerly Big Lottery Fund) established Big Local Trust. Big Local Trust is an unincorporated charity governed by a trust deed dated 13 February 2012 and deeds of amendment dated 5 June 2013 and 23 July 2018. Big Local Trust was registered with the Charity Commission on 15 February 2012. Big Local is Local Trust's first and major initiative. All the activities of Big Local Trust are promoted under the Local Trust and Big Local brands. Objects of Local Trust The objects as stipulated in Local Trust's articles of association are.. 'to undertake, do and perform all things the company shall consider expedient to develop the capacity and skills {including the enterprise skills) of members of socially and economically or socially disadvantaged communities in the United Kingdom in such a way that they are better able to identify, and help meet, their needs as individuals and to improve the communities in which they live, in particular by (but not limited tol local action projects, research, evaluation and policy analysis, making grants and social investments lo individuals, local enterprises and communities, thereby promoting short tem and long term change and the relief of unemployment., 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 51, as follows.. '5.1. The Objects of the charity are.. la) the advancement of community development., and Ib) 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 la) and 5.1 (bl are to be achieved in particular, but wilhout limitation, by.. lal making Distributions to Recipients., and Ibl 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. lal to identify, and help meet, their needs., and Ibl to participate more fully in society. DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 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 guidan￿ on the Public Benefit requirement under the Charities Act 2011 when reviewing the Trust's aims and objectives and in planning future activities and setting their grant-making policies. 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, resour￿$ 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 ￿rtaintY 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 with the time and opportunity to learn, make mistakes, resolve disagreements and overcome challenges for themselves, on their way to achieving their ambitions Accompanied by light-touch support- to help communrties 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 thal others should benefit from the learning it generates. As a consequence, Local Trust is sharing insight and learning gained from Big Local as widely as possible to 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 dala 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 lo them people will have increased skills and Confiden￿ 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. In addition to delivering Big Local, we delivered two other projects during 202￿21. Community Wealth Fund Alliance: Local Trust is a founding member and provides the secretariat lo Community Wealth Fund Alliance ICWFAI, which makes the case for the creation of a Community Wealth Fund ICWF)- a long-term endowment to support the development of DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 communrty-led infrastructure in 'left behind, areas. The CWFA is funded by a coalition of trusts, foundations and civil society organisations. Creative Civic Change: Creative Civic Change (CCC) is a place-based programme created in partnership with and Cowfunded by The National Lottery Community Fund, Esmée Fairbairn Foundation, Calouste Gulbenkian Foundation and Big Local Trust. Launched in July 2018, it is a response to the Inquiry into the Civic Role of Arts Organisations and aims to explore a new approach to funding community4riven projects and share experience and learning to inspire others to use the arts and creativity to make positive local change. The programme provides grant funds and support to 15 Big Local and non-Big Local areas and is managed by Local Trust outside of the Big Local Trust. This annual review for Local Trust reports on all three areas of work. Our strategy In March 2020 a new Local Trust strategic plan for 2020-26 was approved by trustees. This set some ambitious long-term goals for the remainder of the Big Local programme, which concludes in 2025-26, and the Big Local Trust deed, which concludes in 2026-27. The strategy identified the following four overarching strategic goals.. 1. The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in place their plans for legacy and sustainability. 2. The approach and principles that underpin Big Local - thal funding for communities should be long-term, re5ident-led, patient, place-based, non-judgmental- are mainstream across civil society, private and public sectors. 3. There is a tangible improvement in the social and economic capacity of 'left behind, areas, as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic change. 4. There is a structural change in our economy, society and politics, leading to greater devolution of power, with local people and communities having more control over resources and decision-making. The strategy is clear that Local Trust's primary role in achieving these long-lerm goals is to successfully deliver the Big Local programme. Beyond the opportunity to achieve positive outcomes in 150 Big Local areas, the programme also offers a powerful example of a community-led approach operating at a large scale. Our intention to achieve wider systems-change rests on the scale of the current programme, the learning we draw from it, and the credibility it lends us as an organisation. Achievements and performance 202(k21 The strategy sets out how, in working to achieve those goals, Local Trust would focus activity at three levels in 2020-21.. Level 1: Providing practical and financial support to people and communities Recognising that our work is rooted in our existing relationship with Big Local areas, we are also seeking to connect the impact of that work beyond Big Local. Level 2: Working on the enablers of Change 10 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Building on our previously small-scale work to influence and inform, we are investing resour￿$ in establishing Local Trust as an organisation seeking to shift power towards communrties. Level 3: Sustaining our impact into the long tem) Committing ourselves to exploring ways to support our impact beyond the end of the Big Local Trust Deed in 202etr27. Measures of success Owing to the pandemic, our performance differed from the expectations we set out in our business plan for 2020-21. During the year we prioritised adapting our support to meet the needs of Big Local areas as they responded to the pandemic. At the same time, we recognised the Importan￿ of keeping track of our long-term and strategic objectives during a significant period of disruplion and change for Local Trust and the communities it supports. The strategic framework accepted that some of the measurements of progress would not necessarily be straightfO￿ard, and we committed to iteratively identifying and developing our measures of progress as we moved fonmard. This document seeks to report on our progress over the first year of our strategy period against the measures we set ourselves in March 2020, where possible highlighting measures of evidence where this is available. Report on targets 2020-21 Level 1.. People and communities Target 1: Ensure the effective delivery of Big Local through to its conclusion While levels of spend were higher in 2020-21 than in the previous year, much of this reflected additional expenditure by areas to fund responses to the COVID pandemic. Delivery of previously planned activities was significantly disrupted in many Big Local areas., we will keep delivery of planned activities by Big Local areas closely under review over the coming years and take action to support areas where necessary. Despite the challenges, our survey ofthose involved in the Big Local programme carried out in summer 2020 showed that levels of confidence were high among partnership members, who are groups of local residents responsible for setting the direction of Big Local in an area.. 87 % are confident that they can identify what is needed to make their area feel like an even better place to live 840/0 feel confident that they will achieve their goals in the long term. Target 2: Support all our Big Local areas to build sustainable legacies The pandemic encouraged many areas to r&appraise their priorities and intended legacy and to challenge some assumptions. Our surveys showed that the majority of areas felt sufficiently supported to deliver their visions and legacy for Big Local. Our survey found that 770A thought they have re￿iVed the kind of help and support they wanted from Local Trust. 11 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Target 3: Support Big Local areas to strengthen links with each other at an individual and community level During the year, we had to radically transform every aspect of the delivery of our work to respond lo the challenges of the pandemic. Despite that, overall numbers of Big Local residents and workers participating in our online networking, training and other activities increased compared to attendance levels at face-to-face events in previous years and survey feedback indicated most partnership members felt belter equipped than ever to deliver the Big Local outcomes and Big Local plan in their areas. Our survey of Big Local partnership members showed that 86°h learned new things from people involved in their Big Local. We held six Zoom training sessions, with 261 attendees from Big Local areas. Over three months we hosted weekly drop-in COVID conversations, with more than 100 people attending to access informal support and share experiences. We moved our series of learning clusters online and ran multiple sessions on sports, mental health, loneliness, digital inclusion and environment. Togelher Ihese provided regular, facilitated support to 178 participants. Target 4: Support Big Local areas to strengthen links with people, places and institutions not directly involved in the Big Local programme We significantly expanded the range of organisation5 we invited lo support Big Local areas, and helped Big Local areas access more place-based collaborations. Our surveys showed partnership members broadly fell confident in their work and able to Influen￿ decision-making in their area. 890A said their partnership has a good understanding of who to work with to help them get things done 71°A said their partnership is able to influence decision-making in their area Target 5: Significantly increase the number of people and communities benefiting from our experience, capacity and learning Much of our work this year focused on providing crisis support to Big Local areas. Nonetheless, Big Local areas reported feeling more connected with people and organisations in their communities beyond the programme. Notably, the shift to online working opened our workshops and seminars to wider audiences, with 568 signups to our first four online events (May-July 20201 aimed al our partner networks- significanlly higher than in person events would allow. We also worked in partnership with other funders this year, building the next generation of community leaders through Community Leadership Academy (CLA), which provides support for the people making Big Local happen, helping them to develop and share skills and knowledge that can benefit the whole community. Activities during 2020-21 were delivered online. Level 2.. Enablers of change Target 6: Promote a compelling narrative of thriving, powerful communities and use it to influence, shift mindsets and change behaviour Over the last 12 months we significantly increased our engagement with policymakers and opinion- formers, grew our media coverage, and our publications had impact beyond our usual ne￿OrkS. The Big Local programme was recognised as a valuable example of community-led change and our 12 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 wider research and partnership activities helped promote positive dialogue around the power and potential of local residents working to transform their communities. 7. Actively connect Big Local areas and the programme as a whole to wider issues and campaigns, enabling local communities to demonstrate their relevance and impact, and achieve influence beyond their own boundaries While ensuring that Big Local partnerships were supported through the pandemic, we also built relationships with organisations that can support Big Local areas to influence wider issues. These included partnering with the Good Things Foundation to help improve access to digital tools and networks., working on community-led climate action in partnership with the Institute for Public Policy Research {IPPR)', and making it possible for Big Local areas to contribute to various areas of policy development, such as helping the Food Farming and Countryside Commission (FFCC) make the case for community-led food activily as an important part of the UK'S national food strategy. 8. Strengthen relationships with the people and organisations who are most critical in enabling an increase in community power We continued lo grow a network of organisations and individuals who are engaged with and supportive of our work and the learning generated by it. Our work with the APPG for'left behind, areas enabled discussion of community within parliament, whilst providing a platform for Big Local areas to share their experiences and ideas with policy and decision makers. Our support for the Community Wealth Fund campaign also helped us engage positively with an increasing range of organisations and decision-makers, and broadened conversations about the power and potential of local communities. 9. Experiment with different ways to enable change. learn and continually improve our practice The challenges posed by the pandemic required us to radically rethink our approach to delivering our work. While the bulk of our activity was focused on supporting Big Local areas through the immediate challenges of the crisis, we embraced a new online presence, broadened our external relationships, piloted new resour￿ and support offers for areas, and significantly grew our audiences. Level 3.. Sustaining our impact into the long term 10. Make the cas8 for major, long-tem) initiatives to shift power and rèsources to communities We continued to work with partners to make the case for a Community Wealth Fund (CWF) and made significant steps towards mainstreaming the proposal and growing the CWF Alliance membership this year, resulting in 370 organisational members by year end. Alongside this we sought to engage with and provide support to departmental officials and policy advisors, as they developed plans to 'level up, communities, providing them with access to research, data and learning from our work to support policy development and programme design. 11. Build a sustained body of research, practice and knowledge capable of influencing beyond the end of Big Local We published 21 research reports in 2020-21, and 10 rapid research briefings with TSRC. Key research publications included.. 13 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 The Power in our hands series.. 980 views, 446 downloads, 11,300 Twitter impressions. Measuring change Rapid research series into community responses COVID-19 (led by Third Sector Research Centre).. 3,300 views, 1,300 downloads, 47,350 Twitter impressions. Long crisis scenarios The future is ours Preparing the ground ICCC) Left behind? Understanding Gomnyunities on the edge (Update on 'left behind, areas}.' 4,000 views, 324 downloads, 4,000 Twitter impressions. Plans for the future We have kept the 2021-22 business plan relatively focused, recognising there may be a need for pragmatic adaptation over the course ofthe next 12 months as the pandemic, continues to have an impact. In particular we will look to prioritise supporting Big Local areas as they seek to restart, re- energise and in some cases reconnect with their communities. To guide us over the coming year, we will continue to focus on the fundamental priorities and ambitions set out in our 2020-26 strategy, drawing in particular on the three of the four strategic goals we set ourselves,. that.. 1. The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in place their plans for legacy and sustainability. 2. The approach and principles that underpin Big Local - that funding for communities should be long-term, residenl-led, patient, place-based, non-judgmental - are mainstream across civil society, private and public sectors. 3. There is a tangible improvement in the social and economic capacity of 'lefi behind, areas, as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic change. At the same time, we will not lose track of the fourth goal of our strategy- of helping achieve.. 4. A structural change in our economy, society and politics, which leads to greater devolution of power, with local people and communities having more control over resour￿$ and decision- making. Targets for 2021-22 1. Supporting delivery of Big Local The Big Local programme is successfully delivered and Local Trust provides the support necessary for Big Local partnerships to put in place theirplans for legacy and sustainability. Target 1: Effectively managing our funding Target 2: Updating our approach to Partnership and Plan reviews Target 3: Supporting areas to plan their legacy Target 4: Maintaining excellent rep support to all our areas 14 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Target 5: Helping areas reboot post-COVID, with a particular focus on areas at risk of not spending out Target 6: Providing a great learning, networking and support offer to Big Local areas Target 7: Re-eslablish face-towface contact with Big Local areas 2. Building partnerships and sharing our learning The approaGh and piTnciples that unde￿In Big Local- that funding for Gommunities should be long- term, resident-led, patient, place-based, non-judgemental- are mainstream across civil society, private and public sectors. Target 8: Connect Big Local to national ￿lebratiOn events planned for 2022 Target 9: Continue to build on the success of the Community Leadership Academy Target 10: Strengthen further links between Big Local areas and others who Gan provide insight, support and resources to help deliver change in their local areas Target 11: Continue to actively connect Big Local areas and the programme as a whole to wider issues and campaigns Target 12: strengthen relationships with the people and organisations who are most critical in enabling an increase in community power Target 13: Continue to successfully deliver Creative Civic Change (CCCI, with increasing focus on maximising its long-term legacy Target 14: Build a sustained body of research, practice and knowledge capable of influencing beyond the end of Big Local Target 15: Support Big Local areas to demonstrate their own impact 3. Extending our influence There has been a tangible improvement in the social and economic capacity of 'left behind, areas as a result of new community-led investment in rebuilding social capital and civic infrastructure, alongside the increase in public investment to deliver economic change. Target 16: Develop our campaign for the Community Wealth Fund Target 17: Contribute effectively to policy development, building on learning from Big Local Target 18: Raise awareness and promote the value and importance of community power Target 19: Influence and inform government spending plans Target 20: Continue to deliver the highest possible quality communications both inside and outside Big Local Target 21: Successfully develop and implement new post pandemic working arrangements Target 22: Ensure our funding, finance and other support systems are effective and fil for purpose Target 23: Continue to demonstrate the highest quality standards of governance Target 24: Ensure that principles of Equality, Diversity and Inclusion remain embedded in our work and practi￿$ 15 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Reviewing and reassessing plans Vvhile we are confident that we will suc￿SsfUllY guide Local Trust and support Big Local areas through 2021-22, we will seek to make an early start on planning for a future beyond that. Halfvjay through the year to Gome, in September, trustees will embark on a significant review of the slate of the programme, looking in particular at.. post-COVID delivery, including early assessment ofthe effectiveness of efforts to support reboot and relaunch spend-out, including an in-depth assessment of how we support those areas al risk of not spending out by 202>26 legacy, focusing on how both local areas and the programme as a whole can leave an impact beyond the 15 years. Our goal will be to ensure we are on track to support Big Local areas move on from the pandemic, and are Gonlinuing to support Big Local areas in the most effective way possible in the longer lerm. More generally - in a post-pandemic era - we will want to check that our strategy continues to provide a robust foundation to provide guidance and direction over the remainder of the trust deed period. 16 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Response to the Charity Governance Code An updated Charity Governance Code was published in December 2020. A review ofthe code has been undertaken, and the Local Trust board have chosen to adopt and apply the code. Local Trust continues lo focus on good governance. Its work in this area is also supported by our current independent Prolector, Rosie Chapman, appointed in September 2018, whose role includes ensuring the integrity of the administration of the charity and the propriety of its procedures. Over the last year, Local Trust has continued to address the seven key areas of governan outlined in the Charity Govemance Code and the board intend to publish more detailed information on Local Trust's response to the code on the website over the course of 2021-22. Action already undertaken during the year includes.. 1. Organisational purpose The board is clear about the charity's aims and ensures that these are being delivered effectively and sustainably. Local Trust delivers the Big Local programme in accordance with the provisions of the Big Local Trust deed, of which it is sole corporate trustee, and which was last updated in July 2018. Consistent with the provisions of the deed, the next review of the Big Local Trust deed is expected to be undertaken in partnership with The National Lottery Community Fund during 2022. In March 2020, following a year-long review, trustees approved a strategic framework for the period leading up to the conclusion of the Big Local Trust deed in 2026-27. This included a fundamental review of purpose and priorities and consideration of range of future scenarios. The framework was reviewed again by trustees in spring 2020 following the emergence of the COVID-19 crisis, who were content that it continued to provide a robust basis for Local Trust's business planning. Local Trust's strategic framework feeds directly into its annual business planning process. Trustees receive regular briefings and information on the charity's work and on progress towards annual business plan targets and are able to demonstrate that the charity is effective in delivering its plans. During the current COVID-19 crisis, governance arrangements have been enhanced to provide trustees with additional oversight of organisational performance, including regular reporting against our COVID-19 response plan, setting out how Local Trust is managing its work during the crisis. A chairs, COVID-19 response committee was set up in March 2020. 2. Leadership Every charity is headed by an effective board that provides strategic leadership in line with the charity's aims and values. The Local Trust board had an experienced chair in 2020-21 who provided leadership lo the board. Board and committee meetings are well attended, and trustees participate actively. In November 2020 trustees, one being a former chair, retired from the board oftrustees having served since 2011. Recruitment for new trustees is taking place in 2021. There are appropriate arrangements in place for the appointment, supervision, support and appraisal of the chief executive by the board (through the nominations and remuneration committee) and of staff, through the chief executive and senior management team. The arrangements for supervision, support and appraisal were reviewed and changes will be implernented to this process in the future. 17 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 A revised delegation scheme introduced during 2018-19 has strengthened and consolidated a board committee structure which provides trustees with the capacity needed to exercise oversight of both Local Trust as an organisation and the programmes it delivers. 3. Integrity The board acts with integnty. It adopts values, applies ethical principles to decisions and creates a welcoming and supportive culture which helps achieve the charitys purposes. The board is aware of the significance of the public's confidence and trust in charities. It reflects the charity's ethics and values in everything it does. Trustees undertake their duties with this in mind. Local Trust's trustees agree to abide by a code of conduct when they join the board. Local Trust has a conflicl-of-interest policy to ensure that potential conflicts of interest are declared and managed appropriately. Trustees declare any potential conflicts of interest at the start of each board and committee meeting, and these are recorded in the minutes. Local Trust has a gifl and hospitality policy that explains what is acceptable and unacceptable, and there is a register where trustees and staff must declare any hospitality or gifts re￿ived. Trustees and the senior management team also complete related party declarations on an annual basis to declare any potential conflict of interest. The board takes legal, financial and investment advice from suitably qualified professionals as appropriate. 4. Decision4naking, risk and control The board makes sure that its decision-m8king processes are infom7ed, rigorous and timely and that effective delegation. control and risk assessment and management systems are set up and monitored. There is a clear scheme of delegation for board decision-making. Decisions and actions are appropriately recorded and followed up at subsequent meetings. All board-level decisions are shared on the Local Trust website. As part ofthe governance review that took place in 2017-18, a new committee structure was established, so that committees have appropriate opportunities to scrutinise reports in detail, enabling the board to focus on strategic decision-making and risk management. To ensure this structure remains fit for purpose lo oversee the organisation and programmes to their completion in 2026, Local Trust undertook a govemance review in 202￿21 and recommendations will be implemented in 2021-22. The four committees are". programme delivery, finance and investment, audil and risk, and nominations and remuneration. Terms of referen￿ explaining the responsibilities of each committee are periodically reviewed and updated to ensure continued effective oversight and decision making across all aspects of Local Trust's business. Additional changes to governance made during 202￿21 included the temporary establishment of a new committee made up of the chairs of each board committee, which supported the organisation in its management of its response to the crisis arising from the COVID-19 pandemic. A policy sounding board was established so that Iruslees Gould feed into and support the development of work in this relatively new area of the business. 18 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 In October 2020 the trustees agreed a special resolution to amend the articles of association to ensure that governance operations could continue to function as required within the ongoing remote environment created as a response to COVID-19. 5. Board effectiveness The board works as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make infonned decisions. The chair plans the board's work and meetings, with trustees and staff, making sure trustees have the information, time and space they need to explore key issues and reach well-considered decisions. The board regularly discusses the effectiveness of its meetings and makes changes where it believes improvements can be made. New trustees are given comprehensive inductions into Local Trust, to enable them to be effeclive as possible. Trustees take advantage of a range of opportunities for training and development, including attendance at relevant conferences and networking events, and visits to Big Local areas. In January of each year, trustees attend an annual away-day to enable them to work together on issues that are of strategic importance to the charity. Once a year, in addition to her contribution to the annual report, the Protector is invited to provide direct feedback to the board on her perceptions of its strengths and weaknesses, as a prompt to ollective discussion on improving its performance. As part of the governance review in 2020-21 trustees completed a skills audit, the results of which would feed into trustee recruitment in 2021, ensuring the board remains balanced with a diverse range of expertise and experience. 6. Equality, diversity and inclusion The board has a Glear, agreed and effective approaGh to supporting equality, diversity and inclusion throughout the organisation and in its own practi￿. This approach supports good govemance and the delivery of the organisation s charitable purposes. Local Trust is committed to ensuring that its work does not discriminate and offers equality of opportunity to all. Local Trust's governan￿ review undertaken in 2017 induded consideration of issues of diversity, including the need to ensure a diversity of skills, background and experience on the board to enable the board to fulfil its role effectively. This has been reflected in our approach to board recruitment, which has led to a trustee group that is now more diverse than at the time of the review. Local Trust is committed to providing equal opportunities in employment and to avoiding unlawful discrimination. Local Trust's staff handbook includes our policy on equality and diversity in employment. An updated version of our equality and diversity policy was published during 2019-20 and matters of equality, diversity and inclusion are defined in the business plan in the context of delivery of the programme and aims of the charity. 7. Openness and accountability The board leads the organisation in being transparent and accountable. The charity is open in its work, unless there is good reason for it not to be. 19 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Local Trust aims to be transparent and accountable in its work. There is regular communication with stakeholders through the Local Trust newsletter, website and events. Key policies and procedures are published on the charity s website. There is a clear, published process for making and handling complaints, to ensure that any complaints are handled constructively, impartially and effectively. Local Trust has engaged the services of mediators to help with the resolution of complaints that result from disputes within Big Local areas and partnerships. This policy has been further reviewed and updated during 2019-20 with the support of Rosie Chapman, Protector of Big Local Trust. The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duty to ensure the integrity of the administration of the Big Local Trust and the propriety of ils pr0￿dureS, and, if necessary, report matters of serious concern to the National Lottery Community Fund as the Founder or to the Charity Commission. Our current Protector was appointed in September 2018. The board carried out an extensive stakeholder mapping exercise as part of 2020-26 strategy development, and all major activities taken forward by Local Trust include consideration of stakeholders and beneficiaries and, wherever possible, we include them in co-design and delivery. 20 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Financial review During the year ended 31 March 2021, Local Trust's primary responsibility was to deliver Big Local using funds from the Big Local Trust. Local Trust also delivered activity related to additional projects.. Creative Civic Change.. A place-based programme created in partnership with and co- funded by the National Lottery Community Fund, the Esmée Fairbairn Foundation and the Calouste Gulbenkian Foundation. Community Wealth Fund Alliance.. Local Trust has worked with a wide partnership of groups to establish the Community Wealth Fund Alliance to promote long-temi thinking about how best to support investment in communities that have suffered from economic decline and the withdrawal of public and social infrastructure. Overview of income and expenditure During the period, Local Trust continued to manage the activities of Big Local Trust, which is funded through an expendable endowment from the National Lottery Community Fund. Income on the investment was £0.9m for the year12020'. £3.6m}. There were net losses on the investment of £0.2m (2020.. net gains of £0.8m). The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Consolidated expenditure during the year was £22.2m12020.' £21.5m)- The increase in expenditure reflects a 20/0 increase in direct funding to £15.9m {2020.' £15.6m}. This includes £15.1 m in direct funding to Big Local areas and £0.8m to CCC programme partnerships. The cost of delivery to areas decreased by 5 % to £3.7m (2020.. £3.9m) and the cost of learning activities increased by 420/0 to £2.4m (2020.. £1.7m). A full list of the funding to Big Local areas is included in note 5. In Local Trust's consolidated accounts, the net decrease in funds for the year was £21.1 m (2020.. £16.7ml. The total funds held at the year-end were £82.6m12020.' £103.7m). Big Local Trust's investments Investment strategy Big Local Trust's original investment strategy objectives were.. for the investment assets of the Big Local Trust {the fund) lo provide the resources required by Big Local, and to manage the assets in a manner that maximises the impact of the funds to enable Big Local areas to extend the life of Big Local beyond 10 years and £1m for each area. Making use of the scale and duration of Big Local, the original investment strategy 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 focusing on investment returns, lo focusing on controlling risks. This reflected the facl that the fund had achieved good investmenl returns in the years since it was established, enabling Big Local Trust to fulfil its original investment strategy objectives. 21 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 The key driver for this decision was the need for financial certainty to allow Local Trust and Big Local areas lo plan,. and related to this was the ever reducing amount of time as Big Local moves towards the latter stages of the programme, for the fund to recover from the downsides of market volatility. However, the summer of 2020 and the consequent Un￿rtaIntieS and potential for further volalilily led the Trustees to revisit the strategy in the summer, with the aim of ensuring as much certainty and stability as possible. This led to a shift from controlling to minimising risk, and the investment strategy became.. The trustees, wish to minimise risk as much as possible and to preserve the value of the investment {above generating returns), in order to have as much certainty as possible as Big Local spends out. Investment management CCLA is the investment manager for Big Local Trust and works with the Local Trust's finance and investment committee to manage investments in line with the investment strategy, as agreed by the board. The committee fomially reviews the investment strategy once a year in line with the trust deed. The finance and investment committee includes two voluntary co-opted members, Serena Loudon and Matthew Brumsen, who bring independent investment expertise to discussions. Investment performance Big Local Trust commenced the year with an investment porttolio of fixed interest and cash and near-cash assets. By the end of June 2020, in line with the revised investment strategy, the manager disinvested from fixed interest assets and the portfolio is now invested solely in cash and near-cash assets. The total value of Big Local Trust's investments, including income, as at 31 March 2021 was £112.5m (2020.. £132.5m}. The performan￿ benchmark of the fund was seven-day LIBID until 31 December 2020. On 1 January 2021 this was changed to Sterling Ovemight Index Average {UK SONIA), reflecting an early transition to the Bank of England's preferred replacement benchmark (in Pla￿ of LIBID which comes to an end in December 2021). The combined benchmark for the year ended 31 March 2021 was-0.040A12020'. +1.42OA), and the overall returns for the year were +1.010k (2020.. +3.00 %). 2021 proved to be a challenging year for the investmenl market overall. Multiple lockdowns as a result of the COVID-19 pandemic, paired with indications from the Bank of England that it was reviewing the implications of the adoption of a negative interest rate regime, had a negative impact on the money markets, quickly eroding the premium income available on cash and near-cash deposits. Our investment managers focussed on preserving the value of the investment, taking advantage of any longer dated opportunities where they could to protect the returns from a lower rate environment. In the latter half of the year, investment markets became more optimistic, focusing not on the immediate challenges but instead on growth to come. Key factors were the apparent success of the vaccination programme and the election of a new US president. Despite a challenging year, CCLA were able to protect the nominal value of our portfolio assets in line with our investment strategy, also making a small return above the benchmark. As fixed interest holdings were disinvested in the first quarter, returns figures for this asset class are not available for the full year. Full year returns figures for cash and near-cash were +1.01 % 12020.. +0.800AI, and represented 100 % of the investment portfolio {2020'. 70.690/0 of portfolio) In the three months to June 2020, fixed interest returns were +2.000/0 (June 2019.. +0.800/0) and represented 28.82 % of the portfolio before they were sold (June 2019.. 32.19 % of portfolio). 22 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Ethical and responsible investment Trustees reviewed Big Local Trust's ethical and responsible investment policy in May 2021. Local Trust, arting as the corporate trustee of Big Local Trust, agreed to use CCLA'S ethical investment policy in the management of its investments. This policy has been developed in accordance with Charity Commission guidance {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 retums. As all our assets are now invested in cash deposits with banks and building societies, Big Local Trust has agreed to follow the responsible investment policy adopted by CCLA'S COIF Charities Deposit Fund. This assesses the banks on a broad range of subjects including climate change, corporate govemance and how they Ireat their workforce. CCLA also leads engagement with the banks to push for more responsible business practices where needed. The finance and investment committee meet regularly with CCLA to assess their approach to managing the charity's money responsibly and review this policy annually. Despite our holding of only cash and near-cash investment assets, Big Local Trust's finan￿ and investment committee will still consider participation in appropriate CCLA ethical engagement programmes that may result in divestments on a case-by21 as it has been every year since it was first prepared in 2012. Reserves policies Local Trust was established as the corporate trustee for Big Local Trust and, in practice, undertakes limited activities apart from delivering Big Local. Local Trust currently manages projects funded through restricted funds.. these are the Creative Civic Change and the Community Wealth Fund. Staff are jointly employed by Local Trust and Big Local Trust. Big Local Trust pays all staff and overhead costs, and charges Local Trust for all costs associated with its activities. Local Trust (the company) had net funds of £2.Om at 31 March 2021 (2020.. £2.7m), of which £316k was unreslricted12020'. £438k}. There has been no change to the previous policy that a reserve of £25k should be retained lo cover any unexpected costs. Truslees judge thal this is appropriate, given that Local Trust has no direct staff or overhead liabilities, no direct beneficiaries, and is able to tailor its expenditure to fit its circumstances. Big Local Trust has an expendable endowment, re￿iVed 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 restricted under Local Trust {group). No funds had been designated or otherwise committed as at 31 March 2021, other Ihan 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 losedown of the programme in a managed and prudent way,. however, this is not currently the 25 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 case. As at 31 March 2021, Big Local Trust held total funds of £82.6m {2020.' £101.Oml. Within this, il has sufficient contingencies to cover any unforeseen costs., therefore, it is not currently appropriate for the trust to specify a reserves level. Trustees review the Local Trust and the Big Local Trust reserves policies annually. Staff remuneration Trustees consider remuneration, including the remuneration of the senior management team, annually. During 201 ￿20, Local Trust used an external Gonsullancy to carry out benchmarking research, and to inform the pay policy approved in May 2019. During 202CF21 trustees used this information as part of a review of staff salaries, including the salaries of key management personnel. Trustees consider a cost-of-living increase for existing salaries, on an annual basis, after reviewing the consumer price index (CPI), retail price index IRPII and new CPIH index for the previous twelve months and applying a median. A cost-of-living increase of 2.250￿ was agreed for 2020-21. Pensions and auto enrolment During 2020-21, all Local Trust staff were enrolled in the group personal pension scheme. Local Trust currently contributes the equivalent of 100/0 of salary for each member of staff, which is more than the minimum legal requirement under aulo*nrolment. Staff are encouraged to make a voluntary personal contribution. Principal risks Local Trust has a detailed risk register, which is reviewed on a quarterly basis by the board, and every six months by the audit and risk committee. Significant new strategic and operational risks are brought to the attention of the audit and risk committee and the board as necessary. Local Trust's risk register is also reviewed and updated by senior managers regularfy during the year. The risk assessment process identified the following major risks during the year.. The strategic risks Yearwon-year funding slippage: Budgets and cashflow continue to be drafted on the basis of full spend-out of the £273m provided by the Big Local Trust endowment fund by 2026-27, with the intention that we should have a zero balance remaining at that point. This reflects the very limited scope for funding any extension of staffing or support for areas beyond 2026-27 out of remaining budgets. If we do not commit a significant proportion of our remaining resources to support areas to deliver over the next two to three years, we risk area plans slipping further towards the end of the programme, at which point we will have less or no resource available to support them lor ensure proper stewardship of grant money or compliance wilh grant lerms and conditions). However, by committing additional funds to supporting areas now, we reduce the available resource to support areas {or other activities and priorities) in the last two years of the programme should that slippage in any event occur. Long-term impact of the pandemic: The long-term ramifications ofthe pandemic are still unknown. We will continue to monitor the impact of the pandemic and its aftermath, in particular the challenges facing Big Local areas and their residents- including the possibility of increased unemployment., health and wellbeing challenges, including mental health issues,. and loss of community institutions and facilities. We will support them in understanding these risks and 26 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 ensuring their plans take account of these as they prepare for the final five years of the Big Local programme. Operational risks Another lockdown: Our assumption is that some fa￿-to-faCe contact and engagement between Local Trust, our partners and Big Local areas can and will be able to resume by September 2021. Should we experience another wave of infections or further lockdown restrictions our ability to re-energise, reboot and support areas reflect and reconfigure their plans will be disrupted to such an extent that half of what we have planned would have to be redesigned in-year. Local delivery- We have also identified the risk that a significant number of Big Local partnerships will struggle to deliver all or some aspects of their plan, as Big Local areas run out of energy andl or momentum, which will result in an increasing number of areas struggling to spend out by 2026 as planned. Additional capacrty and support is being be made available by Local Trust. Locally trusted organisations (LTOsl: A significant number of LTOS close or go into administration, as the longer-term effects of the pandemic are felt by small community charities and organisations. Our scrutiny of and support for LTOS will continue. Local Trust has measures in place to manage and monitor the likelihood of all risks identified, to minimise the financial and reputational impact they could have on Local Trust and Big Local Trust. 27 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Governance and committees Local Trust acts as the corporate trustee of Big Local Trust, in line with the Big Local Trust deed. Local Trust was registered as a charity in England and Wales on 30 May 2012 {charity number 1147511). Local Trust is also registered as private limited company by guarantee (company number 07833396). Local Trust's work is overseen by a board of trustees who meet on a quarterly basis. Our approach to governance is led by the chair of the Local Trust board and is based on.. ensuring delivery of organisational purpose working effectively as individuals and as a team exercising effective control behaving with integrity being open and accountable. Trustees receive regular, timely reports which provide updates on Local Trust programmes of work, and inform decision-making. Trustees delegate responsibility for the day-to-day running of the charity to the chief executive. Committees During the year, we operated four trustee committees.. finance and investment, audit and risk, programme delivery, and nominations and remuneralion, to enable appropriate governance and oversight of these functions. For a period of time during the early stages of the pandemic a committee made up of the chairs of each of the committees of the board met regularly to receive reports on the management of the organisation's response to the crisis. In November 2020, the board agreed lo disband the committee. Matters relating to Local Trusl's COVID-19 response are now reported into regular board meetings. The Protector The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duly to ensure the integrity of the administration of the Big Local Trust and the propriety of its procedures, and if necessary report matters of serious concern to the National Lottery Community Fund as the Founder or to the Charity Commission. Rosie Chapman has been the Protector since September 2018. Trustees delegate responsibility for the day-to-day running of the Gharity to the chief executive. Governance review During 202[￿21 the Local Trust board commissioned a review of governance in the organisation. This concluded that governance of the organisation was good. Excellent governance was highlighted, in particular, in relation to oversight of the Big Local programme., oversight of financial and investment matters,. the capability of Ihe truslees individually and colleclively", excellent diversity of skills and experience amongst trustees,. the valued role of the Protector and her ongoing independent perspective., the quality of company secretary support., and strong fiduciary governan and engagement in shaping the strategic direction. The review concluded that the committee structure is effective, providing adequate time and space for assurance related governance. However, it also made a number of recommendations for further 28 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 improving governan￿ within Local Trust, including but not limited to, the introduction of trustee appraisal, the creation of the post of vi￿chaIr., the introduction of a legacy committee to support thinking and direction in this important area of focus., and the creation of a governan￿ committee to support continued excellence in governance within the organisation. During 2021-22, the board will take forward implementation of key elements of the review's conclusions, with the aim that Local Trust continues to benefit from the highest quality standards of governance to underpin its work. It will also recruit a number of new trustees to fill vacancies where they have arisen. In parallel, work has been initiated to support the executive team in ensuring that executive level governance arrangements are effective and complement those being implemented by trustees. This work is likely to be concluded and implemented during 2021-22. 29 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Statement of trustees, responsibilities In respect of the trustees, annual report and the financial statements The trustees (who are also directors of Local Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice)- Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit informalion of which the charitable company's auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The truslees are responsible for the maintenance and integrity of the corporate and financial informalion included on the charitable company's website. Legislalion in the United Kingdom governing the preparation and disseminalion of financial stalements may differ from legislation in other jurisdictions. Auditors A re501ution to appoint Moore Kingston Smith was proposed at the last annual general meeting. Approved by the board on 25 November 2021 and signed on their behalf by: Docuslgned ty.. 29 November 2021 Signed David Warner Chair ,w Date 30 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Independent auditor's report to the trustees of Local Trust Opinion We have audited the financial statements of Local Trust for the year ended 31 March 2021 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally AC￿pted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the group's and the parent charitable company's affairs as al 31 March 2021 and of the group's incoming resources and application of resources. including its income and expenditure, 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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAs(UK)l 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 charitable company 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 charitable ompany's ability to continue as a going ¢onGern 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 Gon￿rn are described in the relevant sections of this report. Other infomiation The other information comprises the infomation induded in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial 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 assuran￿ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or 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 or a material 31 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the strategic report and the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the trustees, annual report has been prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not re￿iVed all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 31, the trustees {who are also the directors of the charitable company for the purposes of company lawl 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 detemine 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 group and parent charitable company'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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or e￿Or, 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 Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect 32 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 of irregularities, including fraud. The extent to which our prO￿dureS are capable of detecting irregularities, including fraud is detailed below. Explanation as to what extent the audit was Considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl 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 charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the Gharitable company and considered that the most significant are the Companies Act 2006, 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 charitable company 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 il might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governan￿ as to any known instances of nOn￿ompliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit prO￿dureS to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged wilh governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional S￿pti¢l$M throughout the audit. We also.. Identify and assess the risks of material misslalement of the financial statements, whether due to fraud or error, design and perfomi audit prO￿dureS responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an underslanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company'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 un￿rtainlY exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a going COn￿rn. If we conclude that a material uncertainty exists, we are required to draw attention in our audilor's report to the relaled 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. 33 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 However, future events or conditions may cause the group or parent charitable company to ase 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. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supeNision and perfomiance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which 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 charitable company and charilable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Ilort LLF Andrew Stickland {Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Date: 29 November 2021 Devonshire House 60 Goswell Road London EC1M 7AD 34 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Consolidated statement of financial activities (incorporating an income and expenditure account) for the year ended 31 March 2021 Group Group Restricted Unrestrieted 2021 2021 £000 £000 Group 2021 £000 Group 2020 £000 Notes Income from: Investments Grants Other SoUr￿S 911 353 915 353 3,566 344 Total income 1,264 1,268 3,911 Expenditure on: Raising funds investment management charges Charitable activities.. grants payable delivery lo areas learning to support the programme Total expenditure Nel operating expenditure 154 154 295 15,884 3,708 15,884 3,708 15,552 3,904 2,314 117 2,431 117 120,7961 11131 120,9091 117,5491 Nel gainslllossesl on investments 226 226 810 Net incomel (expenditure) 121,022} 11131 121,1351 {16,7391 Transfers between funds 17 Net movement in funds 121,0131 11221 121, 1351 {16,7391 Reconciliation of funds: Total funds brought forward at 1 April 2020 Total funds carried forward at 31 March 2021 103,307 82,294 438 103,745 82,610 120,484 103,745 316 All gains and losses recognised are included in the ststemenl of financial aclivilies. All funds presented in the ststement of financial activities are reslricled. The accompanying notes, on pages 38 to 60, form part of these financial statements. 35 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Consolidated and company balance sheets as at 31 March 2021 Company number.. 07833396 2021 2021 Local Trust £000 2020 2020 Local Trust £000 Group £000 Group £000 Notes Fixed assets Tangible assets Intangible assets Investments Social investments 31 57 112,684 105 30 89 132,512 117 10&11 12 112,877 132,748 Current assets Debtors Investments Cash at bank and in hand Total current assets 13 940 2,564 1,971 5,475 477 1,376 140 1,993 2,901 1,659 1,856 6,416 1,550 472 770 2,792 Liabilities Creditors.. amounts falling due within one year 14 128,1351 1451 128,9041 1491 Net current Iliabilities}I assets 122,6601 1,948 {22,4881 2,743 Creditors.. amounts falling due after one year 15 17,6071 16,5151 Net assets 17 82,610 1,957 103,745 2,743 Funds Restricted funds Unreslricled funds Total funds 82,294 316 1,641 316 103,307 438 2,305 438 82,610 1,957 103,745 2,743 The accompanying notes, on pages 38 10 60, form part of these financial stalemenls. Local Trust generated a deficit of £0.8M12020.' £0.8ml before consolidation within the group financial stalemenls. Approved by the Iruslees, authorised for issue on 25 November 2021 and signed on behalf of the board of trustees.. Do¢us*n•dbY.' Signed David Warner Chair Dale 29 November 2021 36 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual report 8nd financial statements l April 2020- 31 March 2021 Consolidated statement of cashflows for the year ended 31 March 2021 2021 2020 Cash loutflowllinflow from operating activities: Notes £000 £000 Net operating expenditure Investment and other income received Depreciationlamortisation of fixed assets Decreasel{Increasel in debtors Increase in creditors Investment management fees Increase in investment management fee accrual Net cash (used in) operating activities (20,909) 11,981) 75 1,961 323 11541 24 117,549) (4,056) 92 1,673 {5,424) {295) (20,661) 125,559) 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 Payments to acquire social investments Repayments of social investments Payments to acquire fixed asset investments Movements in investment cash balances 1,981 154 (20) (24) 4,056 295 (17) (42) 12 (206,002) (32) 225,612 21,681 12 (223,210) 1,415 244,393 26,902 Receipts from the sale of fixed asset investments Net cash required by investing activities Change in cash and cash equivalents in the year 1,020 1,343 Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2020 Cash and cash equivalents at 31 March 2021 1,020 3,515 4,535 1,343 2,172 3,515 19 2021 £000 1,971 2,564 4,535 2020 £000 1,856 1,659 3,515 Analysis of cash and cash equivalents: Cash in hand Notice deposits 37 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 Notes to the accounts for the year ended 31 March 2021 1. Accounting policies al Administrative infomiation Local Trust is a public benefit entity and the corporate trustee of Big Local Trust, registered charity number 1145916. Local Trust is a charitable company limited by guarantee. It is operated under the rules of its memorandum and articles of association dated 3 November 2011 and amended by written resolution dated 27 March 2012 and 9 Odober 2014. It has no share capital and the liability of each member in the event of winding-up is limited lo £1. Local Trust was registered with the Charity Commission on 30 May 2012. Local Trust.. registered company number registered charity number 07833396 1147511 The registered office is.. CAN Mezzanine, 7- 14 Great Dover Street, London SE14YR. bl Basis of preparation The financial statements are prepared on a going con￿rn basis which assumes the charitable company will continue in operational existence for the foreseeable future. The trustees have considered the impact of the Covid-19 pandemic on the financial position of the group and are aware that the group is able to draw down on its expendable endowmenl to provide an appropriate response to the additional needs resulting from the pandemic where necessary. After reviewing the group's forecast and projections, the trustees have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. The financial statements have been prepared under the historical cost convention, except that fixed asset investments are stated at market value, and in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (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)- effective 1 January 2019. The functional currency is Pound Sterling. cl Group accounts These financial statements consolidate the results of Local Trust (company limited by guarantee and charity), and Big Local Trust {charityl on a line-by-line basis. They are prepared on the basis that Local Trust will remain as sole corporate trustee of Big Local Trust in perpetuity. Should this change, the basis on which these financial statements are prepared will be reconsidered. dl Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 38 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 e) Statement of financial activities Local Trust has taken exemption from presenting its unconsolidated statement of financial activities under section 408 of the Companies Act 2006. fj Income Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and receipt is probable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. gl Fund accounting Restricted funds are funds that have been given for particular purposes and projects. Restricted funds must be used in accordance with the funders or donors, wishes. h) 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. i) Allocation of support costs Support costs are those costs which enable the raising of funds and which enable charitable activities to be carried out. These costs indude finance, human resources and information technology. Support costs are allocated across grant expenditure directly to areas, delivery to areas, learning to support the programme and governance, on the basis of staff time spent undertaking an activity. Direct governance costs are allocated on the basis of staff time spent undertaking an artivity. The direct staff cost allocation for the period to 31 March 2021 was across delivery to areas and learning to support the programme. j) Operating leases Rentals under operating leases are charged on a straight-line basis over the lease term to the Statement of Financial Activities, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease tem. kl Expenditure on raising funds Expenditure on raising funds include investment management fees which are charged at 0.20° of the market value of the portfolio, and are charged as they fall due to the statement of financial activities. The fee reduced to 0.15 % from July 2020. 39 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 l) 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 Offi￿ furniture), and amortisation on intangible fixed assets (website and grant management system development), is provided to write off assets on a straight-line basis over their estimated useful economic life (three years). m) 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. n) Social investments Big Local Trust makes programme-related social investments on behalf of Big Local areas. Big Local Trust receives annual dividends from the credit unions on behalf of the Big Local areas, at the same rate as the annual dividend paid to other corporate members. Social investments are initially recognised at cost and are assessed for impairment on an annual basis. ol 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. pl Grants payable A 'constructive obligation, be￿een Big Local Trust and a locally trusted organisation is triggered when a grant lor funding) offer letter is sent to a locally trusted organisation to notify them that a specified amount of funding has been endorsed for a staled period of time. Big Local Trust records these constructive obligations, or grants payable, as creditors in Ihese accounts. ql Financial instruments Financial assets and financial liabilities are recognised when the Charity becomes a party to Ihe 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 (induding transaction costl and are subsequently re-measured where applicable at amortised cost except for investments which are subsequently measured at fair value with gains and losses recognised in the Stalemenl of Financial Aclivities. Assets and liabilities held in a foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate. There were no assets or liabilities held in foreign currency at 31 March 2021. 2. Investment income 2021 £000 851 64 2020 £000 3,438 102 26 3,566 Income on investments Bank interest Tax refunds Total 915 40 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 3. Grant income 2021 £000 2020 £000 Barrow Cadbury Trust Big Local Trust Esmée Fairbairn Foundation Friends Provident Foundation John Ellerman Foundation Joseph Rowntree Foundation Lloyds Bank Foundation NCVO Open Society Foundation People's Health Trust Power to Change Tudor Trust Total 281 20 220 15 10 15 90 353 344 41 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 5. Grants payable New grants £000 Repayment of unspent grants £000 Closed grants £000 2021 Total £000 2020 Total £000 Blg Local area Locally trusted oryanSsatlon 3 Together Aberfeldy Allenton Ansley Village, New Arfey and Old Arley (Leys Millionnairesl Arches Local Groundwork North East Quaker Social Action Enthusiam Trust Warwickshire Community and Voluntary Action 496 442 Starlings Support CIC Red Zebra Community Solutions Limited Greenwich Cooperative Development Agency IGCDAI Plumcroft Primary School Cumbria CVS Local Tiust Community First Credit Union UnLtd Groundwork North Yorkshire Community Foundation for Lancashire and Merseyside Community Action Wirral Birmingham Voluntsry Service Council UnLtd Lincolnshire c￿Operative Ltd Blackpool FC Community Trust Enlield Children & Young People Servi CVS Broxbourne & East Herts UnLtd 187 1341 39 280 1911 Barnfield 151 151 11911 Barrow Island 18 95 Barrowcliff 117 1221 12001 350 Beechwood. Ballantyne and Bidston Village 1621 302 Birchfield 1511 1511 Birchwood Blackpool Revoe 121 121 470 Bounlagu 171 460 Boume Estate 8ournetnouth Churches Housing Association Pendle Borough Council Support Staffordshire Groundwork Manchester, Salford. Stockport and Trafford Limrted Asian Resource Centre stirohley and Brookside Parish Council Essex Boys and Girfs Clubs Canvey Island Youth Project Colebridge Trust Oak Grove Community Church Voluntary Norfolk YMCA Northumbedand 11051 Bradley Brereton Brinninglon Broad Green Big Local Brookside 357 1251 332 67 Canvey Island Big Local 1751 1751 87 12151 87 Cars Area Catton Grove 512 1151 497 12621 342 CELL- Lynemouth. Cresswell, Ellington and Linton Central Boslon Age UK Lincoln & South Lincolnshire Groundwork South and North Tyneside UnLtd 374 374 1161 Central Jarrow 1321 1101 1421 124 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Chinbrook Estate Voluntary Services Lewisham Lewisham Disability Coalition Local Trust Charfes Lovell and Cornpany Limited Providence House 192 11751 10 208 Church Hill Clapham Jundion, Wesl Batlersea (Big Local SW111 Clarksfield, Greenacres and Littlemoor Clubmoor Action Together CIO 463 Liverpool CVS St Andrevls Community Network Shared Assets Ltd Manchester Communication Academy UnLtd Milton Keynes Community Found8tion Community Links Bromley Red Zebra Community Solutions St Marys Greenhithe 3VA Dewsbury Moor Rugby League Club Local TIu5t Distington Big Local Limited Red Zebra Solutions Limited UnLtd Dover Big L￿81 CIC Wharton Trust Tees Valley Rural Action Dudley Community Voluntary Service Swale Community and Voluntary Services Bassetlaw Community and Voluntary Service Caxton House Community Centre Cumbria CVS IEwanriggl Shared Assets Limited Age Concern Lulon Worth Unlimited Community Adion Hampshire Burnley, Pendle and Rossendale Communty Voluntary Service Behavioural Insights Team St Chad's Cornrnunity Project South Durham Enterprise Agency Barnsley Community Build 1231 11001 11231 435 1561 161 13 Collyhursl 61 121 59 Conniburrow Eslale 12031 Dartford 44 11081 75 Devonshire Wesl Dewsbury Moor 300 1391 1491 13151 212 13151 40 428 40 264 1921 Dislington Dover Big Local 11641 1921 155 155 Dyke House East Cleveland Villages East Coseley 211 211 1531 1531 510 Eastern Sheppey 200 Elmlon, Creswell and Hodlhorpe Ellhorne Estates 595 1321 13291 234 3e6 330 Ewanrigg 1121 1121 423 Farley Hill Firs and Bromford Frallon Gannow 769 122 11131 1161 12391 417 106 73 1611 375 50 50 191 191 Gateshead Gaunless Gateway 197 Goldthorpe with Bolton on Dearne 1761 1761 The Snap Tin CIC Sandwell CVO Community Barnet 48 278 274 Grace Mary to Lion Farm Grange Estsle 430 463 1511 11381 1511 45 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Grassland Hasmoor Grassland Hasmoor Futures Limrted North Eastern Derbyshire Business Oevts LTd Probe Hull Limited UnLtd 8egbie Traynor (Centrall LLP Local Trust CNEf- Bradford and District Community Empowerment Network Limited Better Communities Bradford Growing Together INorthamptonl Crest Wattham Forest Hackney Community Voluntary Services E.A.S.E (Empowering Acts'on and Soci81 Esteem) Limited Training lor Work in cornrnunities ITWICSI SoLrtharnplon Voluntary Services SCIPS Limited Cardigan Centre 235 235 338 121 12Q41 12061 Greaffield 121 11131 384 1151 Greenmoor 140 11881 1481 125 71 125 63 Growing Together 18} Hackney Wick 13571 Hanwell, Copley Close 525 Harefield, Midanbury andThornhill Park IS0181 1861 Haleley Heath Hawksworth Wood, Abbeydales, Vespers Area IHAVAI Heart of Pitsea 533 533 Basildon, Billericay & Wickford cvs Optivo Rolher Voluntary Action Uttoexter Knights Parochial Church Council of Uttoexter Berkeley Academy Groundwork South Watwickshire CVA PCC of Kiddermister East Heart of Sidley 83 169 29 59 83 93 29 59 1351 11051 1761 Heath Big Local Heston West 163 1131 1561 94 226 1771 505 478 Hill Top and Caldwell Horsefair, Broadwalers and Greenhill (Big Local DY101 Inner East Preston 50 50 EmmaLJS Preston Preston City Council Airedale Enterprise Services UnLtd Community Voluntary Setvice Bedfordshire Groundwork Northamptonshire Nova Education Trust Street Games The Big Life Cornpany Local Tiusl Hodsock Parish council 1301 Keighley Valley Kingsbrook & Cauldwell 11361 Kingswood & Hazel Leys Kirk Hallam 315 281 10 1191 141 11421 11081 154 169 10 86 Kirkholt 371 1431 Langold, Coslhorpe & Carlton Latch Ford 50 50 Groundwork CLM Torus 62 Ambition Lawrence Weston Claiion Futures Ifoimeily Affinity Sutton) Media Trust 635 51 378 1631 Lawren￿ Weston Leecliffe 46 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Shared Assets Limited Leigh Neighbouis Partnership Board S81ford CVS UnLtd Shared Assets Dorset Cotntnunity Action Groundwork South Mablethorpe, Trusthorpe and Lincolnshire Cornmunity Sutton on Sea (Coastal Foundation Comm Marsh & Mi¢klefield 141 Leigh West Little Hulton 116 116 Littlemoor 11541 11411 Chiltern Rangers CIC Buckingh8mshire Cotntnunity Foundation One Walsall Community Links Bromley Starlings Support CIC Red Zebra Community Solutions Crest Waltham Forest Sh8red Assets Big Local Impact London Comrnunity Foundation Voluntary Action NE Lincolnshire Hastings Voluntary Action CREST London Borough of Dagenh8 North Omesby Development Company Limited Middlebrough Enviornment City Community Action Suffolk Casde Hill Community Centre Trust Council for Voluntary Service North West Kent Community Foundations for Merseyside and Lancashire Oplivo Manor Farm Community Association UnLtd One Walsall Local Tiust Eden Project campaigns Ltd UnLld Shared Assets Limited Par Bay Community Trust Quaker Social Athtsn 571 1481 1501 473 13121 Mossley Mottingham Newinglon, Ramsgale 358 1861 272 210 149 1271 1521 70 202 1831 Noel Park Eslale 444 141 North Brixlon 46 1311 North Cleethorpes 418 North East Hastings North meets South 230 431 230 318 1291 1841 1121 181 North Ormesby 348 North Wesl Ipswich 11091 91 65 1251 40 Northfleet North 208 1191 Northwood 314 11051 Palfrey 191 1721 1811 200 1161 1601 124 93 Par Bay 50 76 141 80 80 40 Peabody Avenue and Churchill Gardens Estate IBig Local SW11 93 Th8mesb8nk Centre Custom House & Canning Town Renewal Project PEACH Inc Rights & Equalities in Newha 12761 86 PEACH 1251 131 1281 258 165 258 165 Plaislow South 47 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Podsmead GL Communities Gloucestershire Credit Union Rushrnoor Borough Council Bath and North East Somersel Carers, Centre Ramsey Neighbourhoods Tiusl Campaign for Better Transport Shared Assets Limited Community Foundation for Calderdale Cross Keys Homes 108 241 277 48 Prospect Estate Radstock and Westfield 265 265 Ramsey 41 41 443 Raslrick 1441 1441 478 Ravenslhorpe and Westwood Ridge Hill 145 141 12021 1611 New Charter Housing Trust Group Thurrock Lifestyle Solutions UnLtd Catalyst Stod(ton Groundwork CLM Irwell V8lley Housing Association Riverside Community 1371 Roseworth Ward Rudheath and Wilton Sale West 1441 325 325 280 UnLtd 8ushbLJry Hill Estate Management Board Selby District AVS 8lackbutn with Darwen Community Voluntary Setwice Blackburn with Darwen Healthy Living Howbury Friends exley Voluntary Service Council Working Men's College Community Works Adur voluntary Action United St Savioui's Charity UnLtd Crest Waltham Forest UnLtd St Malthevls BL Sefton Metropolit8n Council Cheltenham BC UnLtd YMCA North Stafls Tang Hall Big Local CIO UnLtd Oswestry Community Action Rotherham Federation of Communities Ltd Barnsley Community Build Station House Community Association Limited Bolton at Home Swindon Borough Council COMMUNITY Bainet Local Trust Helena Partnerships Limited Scotlands and Bushbury Hill Selby Town Shadsworth with Whitebirk 162 1301 1631 69 1771 1241 Slade Green 21 322 322 Somers Town Sompling 178 1691 109 11521 South Bermondsey 134 1421 92 St James St 438 Sl Matthews Estsle St Oswald & Netherton Sl Peter's & the Moors 1431 1191 1821 1441 359 585 648 Stoke North Tang Hall 45e 456 Three Parishes Thurcroft 353 234 1301 1121 323 169 87 1531 Thurnscoe 1101 1101 11291 Tong& with the Haulgh Toolhill W12 Together 227 227 1181 212 1181 Wargrave 1541 48 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Torus Foundation M8n5field CVS Nova Wakefield District Limited Campaign for Better Transport Local Trust Havant Borough council Citizens Advice Havant H8ven Cornmunity Proj￿1 Birmingham Voluntary Service Council Community Bainet Local Trust Landau Morley LLP Lancaster CVS Beighton Village Development TtU5t UnLtd Vlthitleigh Prirnary and Sir John Hunt Community Sports College Berkshire Cotnmunity Foundation New Prospects Association Ltd CREST Waltham Forest UnLld Groundwork CLM Voluntary Action North Lincoln5hir8 Hull and East Yorkshire Credit Union Shores Centre Begbie Traynor (Genlrall LLP Local Tiust Woodlands Speaks SHAL Housing Ltd 357 Warsop Parish Warwck Ahead 295 1281 1211 246 Wecock Farm 1771 1771 499 254 28 499 255 28 Welsh House Farm Wembley Central 165 30 1231 134 30 83 10 1791 283 Wesl End Morecambe Wesffield Estate 1491 1491 Vvhilleigh 255 Vvhitley 1761 Vvhitley Bay 462 William Morris Windmill Hill Winterton 412 401 1481 342 Wilhernsea 386 131 1351 283 Woodlands Speaks Woolavington and Puriton Villages Together World's End Eslale and Lols Road Area 522 522 Quaker Social Action 186 St Mary Abbots Rehabilrt8tion and Training ISMARTI NSAH (Alliance Homes) Ltd Community Voluntary Servi for Broxboume and East Herts Subtotal of Big Local grants 1911 Worle Wormley & Tumford 766 650 12301 13871 536 245 1181 12741 19,501 11,0581 14,4731 13,970 13,477 49 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 N8W grants £000 Repayment of unspent grants £000 121 Closèd grants £000 2021 Total £000 2020 Total £000 Creative Civic Change Locally trusted organisation H8rd Times Require Furious Dancing CCC Partnership Haven Community Project 56 29 Biirningh8m Voluntary Servioe Council East Marsh United 37 37 East Marsh United CCC P8rtner5hip Fihvood Centre CCC Partnership 61 61 Community in Partnership Knowle West Home Live Art Kensington Vision CIC 73 73 101 Home Live Art CCC Partnership Kensington Vision CCC P8rtnership Kingswood and Hazel Leys Big Local Newington Big Local Nudge Comrnunity Builders CCC Partnership Par Bay Big Local Peckh8Tn Platform CCC Partnership Platform Thirty1 GCC Partnership Portland Inn Project CCC Partnership Tees Valley Arts CCC Partnership Tees Valley Arts Creative Wesl End CCC Lancaster District CVS Vthitley Bay Big Loc81 Whitley Bay Big Local Woods Street Wall and Wlliam Crest Waltham Forest Morris Big Local 68 68 68 68 Groundwork Northamptonshire 31 31 59 Statlings Support CIC Nudge Community Builders Limited Par Bay Community Trust Peokham P18tfortn Ltd 40 81 40 81 77 65 52 37 52 37 70 71 Platform Thity1 Limited Portland Inn Project CIC 50 32 50 32 55 77 58 76 58 76 38 71 70 Subtotal of CCC grants Grants to local are8S 820 20.321 121 11.CfjOI 818 14.788 938 14.415 14,473} Other grants Getting Started Reboot grants Mycommunity website Othei Partnership grants Spirit of 2012 Residents. travel and childcare 151 30 50 50 37 25 118 Area admin contributions 710 Support and governance costs Totsl gr8nt5 P8yable 244 290 15.884 14.825 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 re￿Iving further spend information from Palfrey Community Association. Big Local Trust is an unsecured creditor for the funding and the administration process is ongoing. 50 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 6. Governance Costs Total governance costs of £196k {2020.' £229kl consist of direct governance costs of £74k {2020.' £87k) and indirect costs of £122k12020.' £142kl. 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 accounling policies as oullined in note 1 lil to the accounls. 7. Net incomelexpenditure for the year This is stated after charging.. 2021 £000 75 2020 £000 82 10 Depreciation and amortisation Impairment of social investments Auditor's remuneration (including VAT}'. in respect of current year audit in respect of current year non-audit in respect of prior year audit Financial advice Investment manager's fees Legal and professional fees Li￿nCe fees 22 19 295 22 146 14 149 8. Group and company tsngible fixed assets 2021 2020 Office refurbishment IT equipment Total Total Cost Balance brought forward Additions Disposals Balance carried forward £000 24 £000 162 19 £000 186 20 £000 169 17 25 181 206 186 Depreciation Balan￿ brought fotward Disposals Charge for year Balan￿ carried forward 18 138 156 137 15 153 19 175 19 156 22 Net book value Brought forward Carried foward 24 28 30 31 32 30 Included in these amounts is £2k {2020.' £nil) in IT equipment relating to Local Trust. 51 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 9. Group and company intangible fixed assets 2021 2020 Total Total Cost Balan￿ brought fO￿ard Additions Balan￿ carried forward £000 330 24 354 £000 287 43 330 Amortisation Balance brought forward Charge for year Balance carried forward 241 56 297 178 63 241 Net book value Brought foward Carried foward 89 57 109 89 Intangible fixed assets include the development of Big Local Trust's grant management system, website and area assessment tool,. included in these amounts is £7k12020: £nill relating to Local Trust. 10. Group and company investments 2021 2020 £000 £000 132,023 152,395 215,002 223,210 1225,6121 {244,3931 19,0001 {241 226 112,163 At 1 April 2020 Purchases at cost Disposal proceeds Amounts due at year end re settlement of purchases Accrued management charges Net investment gainsl{loss) At 31 March 2021 809 132,022 Capital and revenue cash balan Total 521 112,684 490 132,512 11. Investrnents by type and location of fund 2021 2021 UK Overseas £000 £000 2021 Totsl £000 2020 2020 UK Overseas £000 £000 2020 Total £000 Equity Fixed interest Property Cash Mumi-asset fund Total 38,837 38,837 112,684 112,684 93,675 93,675 112,684 112,684 132,512 132,512 The total book cost of investments held at 31 March 2021 was £112,499k (2020.. £133,662k). 52 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 12. Social investment assets Funds at 31 March Repayments Impairments 2020 Funds at 31 March 2021 Big Local araa Crèdit union Typa of Investment £000 £000 £000 £000 2015-16 East Coseley Castle and Crystal Credit Union North Wesl Ipswich Eastern Savings and Loans Credit Union Corporate de osil Subordinated Loan 15 15 10 10 Subtotal 25 25 2016-17 Rudheath and Witton St Oswald and Nelherton Subtotal Key Fund loan Loan (1) Knowsley Mutual Credit Union Corporate osit 13 13 14 (1) 13 2017-18 Three Parishes (for Key Fund loan Osweslry Station Trust Subtotal Loan 48 (11) 37 48 (11} 37 2018-19 Wilhemsea Hull & East Yorkshire Credit Union Subordinated Loan 30 30 Subtotal 30 30 Cumulative totals 117 (12} 105 Total Key Fund loan balance 49 112) 37 13. Debtors 2021 Group £000 549 36 168 187 940 2021 Local Trust £000 477 2020 Group £000 1,780 36 185 900 2,901 2020 Local Trust £000 1,520 Trade deblors Other debtors Prepayments Accrued income Total 30 477 1,550 53 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 14. Creditors: amounts falling due within one year 2021 2021 Local Trust £000 39 2020 2020 Local Trust £000 43 Group Group £000 1,451 £000 876 Trade creditors Amounts due to Big Local Trust Grant commitments Social security and other taxation Accruals Pension payments due Total 26,560 52 49 23 28,135 27,877 90 17 28,904 45 49 15. Creditors: amounts falling due after one year 2021 2021 Local Trust £000 2020 2020 Local Trust £000 Group £000 7,607 7,607 Group £000 6,515 6,515 Grant commitments Total 16. Grant commitments 2021 £000 34,392 20,321 710 (15,723) 15,533) 34,167 2020 £000 39,902 22,944 684 (20,6091 18,5291 34,392 Grant commitments bl￿d New commitments in the year Area admin conlribution Commitments settled in the year Commitments reversed in the year Grant commitments DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 17. Movemènt in funds Balance at 31 March 2020 £000 Balancè at 31 March 2021 Èooo Loeal Trust Group Incornin9 rèsourees Outgoing resourees Gainsl lossès £000 Transfers £000 Restricted funds £000 £000 National Lottery Communty Fund Big Local investment incotn8 Big Local other incotne Giealive Civic Change Community Wealth Fund Community Wealth Building Total restricted funds 44,981 55,963 25 120,8791 11541 32 24,134 56,494 25 911 12261 2,309 220 19481 1681 1231 1,558 82 133 12 103,307 1,264 122,0601 12281 82,294 Unrestricted funds Local Trust CDF legacy fund Local Trust inveslrnent income 253 (gi 244 12 16 Total unrestricted funds 265 191 260 Designated funds Policy fund Community Wealth Fund Total designated funds 91 1801 1371 82 45 173 56 Total funds 103.745 1,268 122,1771 12261 82,610 Restricted funds In Local Trust's consolidated accounts, the net decrease in funds for the year was £21.1 m {2020'. £16.7m). Total funds held at the year-end were £82.6m12020'. £103.7m). National Lottery Community Fund established Big Local Trust with a National Lottery grant of £196,873,499 in 2012. This is an expendable endowment to be to be spent by 13 February 2027. Funding of £20.9m12020: £20.Om) was expended during the year, and was used for delivery of Big Local Trust's charitable activities. Big Local investment income is made up of returns on the Big Local TTrJst endowment, which is managed on behalf of Big Local Trust by charity fund managers, CCLA. During the year ended 31 March 2021, Local Trust delivered the following projects.. Creative Civic Change which was funded by the Creative Civic Change Partnership, consisting of the National Lottery Community Fund, Calousle Gulbenkian Foundation, Esmée Fairbairn and Big Local Trust. £0.2m12020'. £0.3m} was received during the year for work on the Creative Civic Change programme. The Community Wealth Fund was funded by a consortium offunders including Local Trust. During the year, restricted funds were re￿iVed from John Ellerman Foundation, Lloyds Bank Foundation and the Tudor Trust in the sum of £133k {2020'. £20k}. During the year £68k was spent from restricted funds12020'. £5kl and £37k from match funding designated by the Board in November 201912020.. £8kl on delivery of the CWF Alliance campaign. It is anticipated that designated funds will be fully spenl by 31 March 2022. The Community Wealth Building tour of events was funded by a consortium of funders. The Community Wealth Fund tour of events ended in November 2019, and residual funds of £12k 55 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 were carried forward in accordance with the funders, wishes. During the year to 31 March 2021, £11 k of the residual funds were spent to develop and implement a community led strategy for Community Wealth Building in Morecambe. Policy Fund- During the year ended 31 March 2021 £80k12020.' £67k) was spent to deliver policy and influencing work that extends beyond the Big Local programme. This was funded from unrestricted funds designated by trustees for this purpose. It is anticipated that these designated funds will be fully spenl by 31 March 2022. 18. Analysis of net assets between funds Restricted Unrestricted funds funds Mar-21 Mar-21 £000 £000 Restricted Unrestricted funds funds Mar-20 Mar-20 £000 £000 Local Trust Fund balances as at 31 March 2021 are represented by: Tangible assets Intangible assets Investments 31 57 112,684 105 5,144 (28,1201 17,6071 82,294 30 89 132,512 117 5,944 (28,870) 16,5151 103,307 Social investments Current assets Current liabilities Long-term liabilities Net assets 331 115} 472 {341 316 438 19. Analysis of changes in net debt At 1 April 2020 £000 1,856 1,659 At 31 March 2021 £000 1,971 2,564 Cash flows £000 115 905 Cash Cash equivalents Overdraft facility repayable on demand Total 3,515 1,020 4,535 20. Operating leases 2021 £000 74 2020 £000 74 Land and buildings, due in less than 1 year Land and buildings, due in 2 to 5 years Land and buildings, due after 5 years Local Trust has a li￿nCe to occupy office space at CAN Mezzanine, Borough. Future commitments in relation to this lease are noted above. 56 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 21. Staff costs and numbers 2021 £000 1,729 172 248 122 2,271 2020 £000 1,308 127 208 199 1,842 Wages and salaries Social security and other taxes Pension Other staff costs Total Trustees are responsible for setting remuneration levels for staff, making informed judgments in line with governing documents each year, via the nominations and remuneration committee who make recommendations to the board. 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 arejointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 41 {2020'. 311. In line with NCVO'S Inquiry into Senior Executive Pay {20141, we publish details of our senior management's pay and the ratio between the highest, median and lowest salaries as detailed below. 57 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 Six employees, who were also the key management personnel, were remunerated over £60k in the year {2020.' four employees)., Matt Leach {Ghief executive), three directors and Iwo heads of team. Totsl Total employerfs employer's Natlonal penslon Insurance Incl salary exchange £000 2021 Total cost £000 Annual salary £000 Totsl pay before tsx £000 Senlor salarles £000 2021 Margaret Bolton Jayne Entwistle Chris Falconer James Goodman Matt Leach Rachel Rowney 79 61 60 70 106 83 72 63 61 72 102 80 450 17 98 77 74 88 135 101 573 16 10 59 17 2020 Margaret Bolton Jayne Entwistle James Goodman Matt Leach 77 59 77 103 69 61 71 99 300 17 94 75 87 127 383 12 36 16 47 As at 31 March 2021, the highest full time gross salary was £106k (2020.. £103k), the median was £35k12020'. £36k) (ratio 2.4 to 1 between highest and median) and the lowest full-time salary was £20k12020'. £20k) (ratio 4.1 to 1 between highest and lowest). Local Trust is a London Living Wage accredited employer, and all our staff and contractors are paid at least the London Living Wage. 22. Volunteers Local Trust relies on people getting involved in making their areas better places to live. Almost 1,500 people directly participate as partnership members across the 150 Big Local areas. Partnership members include representatives from local organisations, councils and businesses but a vast majority are volunteer residents173 % I who give of their own time to help lead the Big Local programme in their local areas. 23. Pension We offer staff the opportunity to join a defined contribution Group Personal Pension Plan I'the scheme,). Monthly contributions to the scheme are invested in personal pension plans with an insurance company (Scottish Widows). Local Trust group's contribution to the scheme is based on 100A of the employee's basic annual salary, plus an amount equal to the saving Big Local Trust makes under the salary exchange system from the employer National Insurance contribution.. there is no minimum contribution for staff although they are encouraged to contribute. Pension contributions made by Local Trust (group) to the scheme during the year were £182k (2020.. £150kl for 51 employees {2020'.401. Employee contributions, made through our salary exchange scheme, were £66k (2020.. £57k). As at 31 March 2021, Local Trust (group) owed £33k (2020.. £17k) 58 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 to the scheme relating to March pension payments.. the amount due was settled on time during April 2021. 24. Trustees, remuneration, benefits and expenses Trustees received no remuneration. No trustees received reimbursements for travel costs during the period {2020. 12 Irustees received £15k). Trustee Iraining expenses during the period were £nil (2020.. £3k). Trustee recruitment costs during the period were nil12020.' £nill. Governance review costs were £19k {2020.' £nill 25. Big Local Trust protector Protector fees and expenses of £12k were payable during the period12020'. £16k). Fees were lower during the year to 31 March 2021 due to redU￿d programme activity as a result of the COVID-19 pandemic. 26. Related paty transactions During the period April 2020 to March 2021, Local Trust paid Big Local Trust £111 k for staff time and expenses spent on Local Trust activities, that were initially paid for through Big Local Trust {2020'. £66k}. Big Local Trust had an outstanding debtor balance wilh Local Trust 01 £5k as at 31 March 2021 (2020.. £6k}. Bob Thust is a trustee of Local Trust and Cowfounder of Practical Governance. Practical Governan together with the Social Change Agency jointly formed the Losing Control network. During the year, Local Trust paid the Social Change Agency £2,400 (2020.. £nil) as sponsorship for the Losing Control in Funding & Commissioning event hosted by the Losing Control network. David Warner is a trustee of Local Trust and an associate of IVAR. Local Trust has contracted IVAR and Just Ideas lo work on evaluation and learning support for the Community Leadership Academy, between October 2019 and April 2022, with a total contract value of £179.6k. During the year to 31 March 2021, Big Local Trust paid IVAR £24k for evaluation and learning support during the period and owed IVAR a balan￿ of £7k {2020.' £12k} at the year end. David has worked as a consultant for the National Lottery Community Fund, which established Big Local Trust with its endowment. David is also a trustee of CaVCA in Scarborough, who have done some work for Selby Big Local during the reporting period. David is also a voluntary non-executive director of Toynbee Hall Trading Ltd. At the end ofthe year, Big Local Trust owed Toynbee Hall £1 k12020.' £2k) Peter Mills is a trustee of Local Trust and is a director of Brand Ethos Limited which has contracts for work with Sheila McKechnie Foundation ISMK), which is delivery partner of Local Trust, although this activity is unrelated to his role as trustee at Local Trust. Local Trust has a se￿1￿ agreement with SMK for £26k for the delivery of the first phase of a policy and advocacy panel. During the year ended 31 March 2021 £26k was paid to SMK (2020. £13kl. 59 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿POrt and financial statements 1 April 2020- 31 March 2021 27. Financial instruments Carrying values of financial assets and liabilities at 31 March.. 2021 £000 5,307 112,789 35,688 2020 £000 6,231 132,630 35,375 Financial assets measured at amortised cost (a) Financial assets measured at fair value Ib) Financial liabilities measured at amortised cost (c) (al Financial assets measured at amortised cost include all debtors (excluding prepayments), cash in hand, and notice deposits. (bl Financial assets measured at fair value include all fixed asset investments (including social investments). (cl Financial liabilities measured at amortised cost include all liabilities excluding amounts due for tax and social security. Idl Interest recognised in the statement of financial activities on assets held at amortised cost during 2021 was £62k {2020.' £93kl. Dividends and interest recognised in the statement of financial activities on assets held at fair value was £1.6 m (2020.. £3.5ml. 60 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 Charity details Local Trust registered company number 07833396 Local Trust registered charity number 1147511 Principal address CAN Mezzanine- Borough, 7-14 Great Dover Street, London SE14YR Local Trust is the corporate trustee of Big Local Trust, registered charity number 1145918. Trustees The trustees of Local Trust are.. Miatta Fahnbulleh Sahil Khan Benjamin Lee (until 25 Nov 2020} Jeannette Lichner Caroline Macfarland Karen Mellanby Peter Mills Nicola Pollock John Kevin Sugrue (until 25 Nov 2020) Bob Thust David Warner (chairl Rich Wilson Programme delivery committee Sahil Khan Benjamin Lee (until 25 Nov 2020} Karen Mellanby Peter Mills Ichairl Caroline Macfarland John Kevin Sugrue lex officio member until 21 Nov 2019) David Warner (ex officio member} Finance and investment CoMm￿ee Matthew Brumsen {co-optee with investment expertise) Benjamin Lee (until 25 Nov 2020} Serena Loudon (COwOPtee with investment expertise) Nicola Pollock (chairl John Kevin Sugrue lex officio member until 21 Nov 20191 Bob Thust David Warner (ex officio member) Richard Wilson Audit and risk committee Jeannette Lichner (chairl Peter Mills David Warner (ex offiGio member) 61 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 Nominations and remuneration committee members Miatta Fahnbulleh Jeannette Lichner John Kevin Sugrue lex officio member to 21 November 20191 David Warner (chairl Chairs Covid-19 response committee (from 25 March 2020 to 25 November 2020) Jeannette Lichner Peter Mills Nicola Pollock David Warner (chairl Chief executive of Local Trust Matt Leach Protector of Big Local Trust Rosie Chapman 62 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 Advisors Auditor Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Solicitor Withers LLP 16 Old Bailey London EC4M 7EG Bankers National Westminster Bank plc 250 Regent street London W1 B 3BN Investment manager CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Custodian HSBC Bank PIC 8 Canada Square London E14 5HQ 63 DoGuSvJn Envelope ID". 38CF8933-D53248AO-8340-2FC5E82CEOD6 Local Trust annual ￿pOrt and financial statements 1 April 2020- 31 March 2021 L•cal Trust T: 020 3588 0565 info@localtrust.org.uk www.localtrust.org.uk Twitter: @LocalTrust #biglocal The endowment for the Big Local programme is held by the Big Local Trust and overseen by Local Trust. The Big Local Trust was established by the National Lottery Community Fund with a National Lottery grant of £196,873,499. Registered in England and Wales | Big Local Trust registered charity number 1145916 Local Trust registered company number 07833396, registered charity number 1147511 You are free to share or adapt this material under certain conditions of the Creative Commons licence. cc