2025-03-31-accounts

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust Annual report and financial statements for 1 April 2024 to 31 March 2025 Registered charity number 1147511 COMMUNITY FUND

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Table of contents Introduction............................................................................................................................. Overview of 2024-25.. Objects of 8ig Local Trust....................................................................................................... Our areas ofwork.. Ourstrategy.......................................................................................................................... Progress report2024-25...................................................................................................... Plans for the future 15 Financial review....................................................................................................................22 Principal risks........................................................................................................................27 Governance and committees . .30 Statementof trustees, responsibilities................................................................................... 31 Independent auditor's reportto the trustees of Lccal Trust...................................................30 Consolidated statement of financial activities... .34 Consolidated and ccinpany balance sheets..........................................................................35 Consolidated statement of cashflows... .36 Notes to the accounts.. .37

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Introduction Local Trust was established in 2012 to deliver Big Local. a National Lottery Community Fund programme which committed more than £1m of grant funding to each of 150 communities and neighbourhoods across England. The areas selected by the National Lottery Community Fund to benefit froffl Big Local funding were, typically, communib'es that were seen to have missed out on their'fair share, of National Lottery and other funding A significant number were localed on the edges of lowns and cities that themselves faced problems associated with lon￿terM economic decline and loss of social infrastructure. The scale of the investment matched the challenge,. the £217m originally provided to establish the Big Local programme is the biggest ever single-purpose National Lottery-fvnded endowment, and the largest ever investment by a UK grant-funder in place-based, resident-led change. Over the course of the programme, and as a Consequen￿ of the growth delivered by the careful management of our endowment, some £280ffl will have been committed in support of our mission. Big Local, from the outset, was designed to be radically different from other funding prografflmes. In contrast to conventional top-down, time•limited or project-led funding, the money awarded to each Big Local area was provided on a 'no strings, basis - there was no application pro￿sS, and the funds were rnade available to be spent over 10-15 years at communities, own chosen pa￿, and on their own plans and priorities. By supporting local residents to take the lead in making decisions on how funds were spent in their areas, the Big Local programme aimed to build the confidence and skills of local people, strengthening local civic life and the soual 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. In April 2024 we entered the final phase of Big Local and Local Trust ahead of our final dosedown, currently planned for February 2027. This left years to support Big Local areas to spend out the funds committed to them and successfully secure their local legacies. In the final year {202&27), Local Trust will.. complete work documenting and accounting for the Big Local programme., publish final research and evaluation reports- and wind down its operations, achieving a successful closure. Increasingly, over this period, Local Trust is also looking towards securing its own organisational legacy. and that of the Big Local programme as a whole. Reflecting our founding deed, we have always sought to share learning from the Big Local programme to influence and inform policymakers, funders and others seeking to work with communities and pla￿. We were pleased that leaming from Big Local helped inform the case made by the Community Wealth Fund Alliance, a cross-sectoral campaign which suc￿SsfUllY made the case to government for substantial new investment in rebuilding the social infrastructure of 'left behind, communities. We will continue to focus on sharing insight and knowledge with others over the remaining years of Local Trust's operation.

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Overview of 2024-25 April 2025 marks the beginning of the Big Local programme's final operational year. A further year follows, during which Local Trust will wind up its remaining operations, finish documenting what it- and Big Local areas- have achieved over almost a decade and a half of acts'vity, and complete any remaining work ideth'fied as critical to securing its legacy. During the last 18 months, we have planned in detail for the successful dosure of both Big Local Trust and Local Trust in 2027. In November 2023, our Closure Plan set out how we would responsibly prepare for dissolution, whilst maintaining our ability to support Big Local areas and deliver our wider legacy ambitions. The Closure Plan was complemented by a Programme Delivery Framework and specific strategies on Legacy and on Equality. Diversity and Inclusion (EDI). We also streamlined our governance structures and organisational systems in 2023-24, in preparation for our closure activities. Our Business Plan for 2024-25 was fimily rooted in all these strategies. Local Trust's primary role has always been to support the 150 Big Local communities to make success of the funds allocated to them. This has consistently been the focus of our business plans Sin￿ 2012. Over the past year, this work has received sustsined attention across the team and has resulted in considerable momentum in the numbers of Big Local areas 'closing out,. The year 202 25 saw 49 areas closing out, bringing the overall total to 86 Big Local areas thich have closed out of the programme. Together with 20 areas on track to close out, this put us ahead of our target of having 90 areas closed or in the close out phase by March 2025. The number of areas with over £2CK)k still to spend fell from 53 to 9 over 2024-25, ex￿edIng our target decrease of 30 such areas for the year. With just 12 months left in the Big Local programme. we expect 100 areas to be closed out by June 2025. Furthemiore, over 90 areas have re￿iVed support to strengthen and ensure their lo&il legacy., this eX￿edS both our base target for the year of 50 areas, and our 'stretch' tsrget of 70. At the end of 2024-25, we estimated that 40 areas will still be active by September 2025. Many of these have faced specific challenges. In the past year, we have offered such areas bespoke support, undertook dedicated site visits and reviewed individual plans, and through area coordinators working closely with the funding team, area advisors and other partners who can help deliver key projects and activities. The close-out process introduced in 2023 has served areas and Local Trust well. However, given that the time to spend any remaining funds is narrowing, and those Big Locals still to close have less of a track record for achieving Iheir plans, we are reviewing the thresholds and process for areas to close out. We will continue to refine our approach and the support available for these areas, recognising that increasingly tailored interventions will be required. We planned to release at least £14.8m to Big Local areas during 2024-25. Be￿een April 2024 and the end of March 2025, we paid out £16.Om. puth.ng us ahead of our business target. We are required by the Trust Deed to spend a minimum of £220m by the end of the programme and we have already passed this milestone in terms of committed funds and cash spent. We continue to plan for full spend-OLrt by February 2027 of the £280m realised by the Big Local Trust endowment

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 fund. We are confident that we can comfortably meet the demands associated with support costs for Big Locals and organisational and area closure costs, whilst resourcing organisalional legacy ambitions and retaining scope to respond to unexpected events. With a surprise general election in July 2024, for example, we were able lo invest time and resources briefing the new government and connecting with new MPS across Parliament. Such wider impact as an organisation has only been possible because of the scale of the Big Local programme. the learning we draw from i( and the credibility we gain from our effeth've support of its delivery One of our goals is to influence those with power to effect change and make improvements now and in the future- Ihrough the sharing of evidence, resources and insight drawn from our experien￿ in neighbourhood and community renewal. We want the legacy of Local Trust's work to last well beyond the end of the Big Local programme. As we move towards closure, we are focused on consolidating our learning, ensuring our materials are accessible, evergreen and faithfully capture the entirety of the programme and its outPLrts. As part of our closure planning process, at the start of 2024-25 we began to consider how activities initialed as part of our legacy would be maintained and continue to have impacl following Ihe end of Local Trust. We know that we have a better Chan￿ of embedding such impact if we work with and through others. Many projects have been developed with partners that can continue to realise the Local Trust ambition beyond 2027. Notable initiatives this year have included.. our partriership with the NHS Confederation, exploring radical transformation of health and soaal care through community-led actions- our support for 3ni, a new national ne￿Ork for local authority offi￿rS dedicated to community-led, place-based regeneration,. our backing for the Independent Commission on Neighbourhoods (ICON), to build evidence for a governmenl focus on the country's most deprived neighbourhoods,. and, our involvement with the consortium behind a new research centre, the Centre for Collaboration in Community Connectedness IC4). Across this wcfk, we continue to build on our strong track record of amplifying the voices and experiences of those who are marginalised and have the least power. Local Trust's research team has been meekn'ng with each area to PLrt together their individual profile for our online repository, Learning from Big Local. This new website will capture evidence so that academics, community development workers and policymakers can continue to build on and learn from Big Local principles well into the fLrture'. C4 has already agreed to host the site on an ongoing basis. These stories are the culmination of years of hard work and the dedication of committed volunteers. They are also the best evidence that can be marshalled in favour of community-led neighbourhood regeneration. Big Local remains one of a kind= the only large•scale community-led regenerakn'on programme to provide long-term, non-prescriptive funding direct to the neighbourhoods that need it most The context of a planned and purpose￿1 closure is also unusual, and it is likely we will need to respond to a range of unforeseen events. Our grealest resource at Local Trusl is our people, and we continue to invest in good communications, support and training as roles change. We are detemiined to maintain a high performing and engaged team, and an inclusive and positive culture that can deliver on our ambitions through to the end. As we move towards closure. we will remain anchored to our values, confident in the range of skills, expertise and eXperIen￿S across the organisation, fleet-of-foot in terms of our capacity and attention, and focused on our ultimate goals.

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Objects 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 resolutions dated 27 March 2012 and 9 October 2014. It has no share capital and the liability of each member in the event 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 amendfflent 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 artides of association are.. 'to undertake, do and tErform all things the company shall consider expedient to develop the capacity and skills (including the enterprise skills) of members of sctially 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 to) local actson projects, research, evaluation and policy analysis, making grants and social inveslments to individuals, local enterprises and communities, thereby promoting short term 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.. (a) the advancement of community development,. and {b} the relief of unemployment.. for the benefit of the public, in particular, but without limitation, in the localities in each region specified in Schedule 6. 5.2. Objects 5.1{a} and 5.1 Ib) are to be achieved in particular, but without limrtation. by.. {a} making Distributions to Reapients., and (b) conducting research and disseminating the useful results of such research. 5. 3. The Distributions referred to in clause 5.2 should be made so as to develop the capacity and skills of the members of socially and economically disadvantaged communities, for the benefit of the public. in such a way that they are better able.. {a} to identify, and help meet, their needs., and {b} to participate more fully in society.,

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Our main activities are described below. All our activities focus on developing Ihe capacity and skills of members of socially and economically, or socially disadvantaged, communities, as described in our objects, and are undertaken to further our charitable purposes for the public benefit. The trustees confirm that they have referred to the Charity Commission's guidance on the Public Benefit requirement under the Charities Act 2011 when reviewing the Trust's aims. objectives, policies, in planning future activities and setting Iheir 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 programrne is funded from the Big Local Trust endowment created by the National Lottery Community Fund in 2012. Big Local seeks to put power, resources and decisiorFmaking into the hands of local communities. Cenlral to the design of the programme is a belief that when resources and decision-making are transferred to local communities, they have the most impact where they reflect the following key principles.. Long-term- providing certainty and continuity, over a decade or more where FX)ssible 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 temis and in their own time. on the projects they judge to be most important to them Patient and non-judgemental- giving communities 10 years + and opportunity to learn, make mistakes. resolve disagreements and overcome challenges for themselves, on their way to achieving their ambitions Accompanied by support- to help communities to build the confidence and capability to make the most of the opportunities available to them, while nol constraining their own ambits'on and initiative. One of the key legacy ambikn'ons from the Big Local programme, reflecb'ng the wishes of our Founder, the National Lottery Community Fund, is that others should benefit from the learning it generates. As a consequen￿, Local Trust seeks to share insight and leaming gained from Big Local as widely as possible to inform and influence policymakers. funders and other organisations working with communities. This includes.. learning around the design and delivery of the programme.. insight generated from the data we collect and have access to, and, importantly, the experiences and voices of residents in Big Local areas themselves. The four outcomes set by the National Lottery Community Fund for the Big Local programme are.. communities will be better able to identify local needs and take action in response to them people will have increased skills and confidence so that they can continue to identify and respond to local needs in the future the community wll make a difference to the needs it prioritises people will feel that their area is an even better place to live. 10

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Our strategy As we move into this final phase of our work, our three key organisats'onal priorities are.. supporting Big Local areas to achieve their ambitions securing a sustainable legacy for both Local Trust and Big Local areas achieving a successful closure. The way we will approach these challenges over the period 202&27 is outlined in the following strategies. our Legacy Strategy. which sets out Local Trust's approach to defining its long- term organisational impact, with an intention that our work should have impact beyond the end of the Big Local programme the latest iteralion of our Programme Delivery Framework, which sets out how we support Big Local areas as they progress through the programme our Closure Strategy, setting out how we plan to wind up Local Trust, now supported by detailed Closure Plan that was approved by Trustees in November 2023 Our Diversity and Inclusion Strategy, which captures the range of work in support of diversity and inclusion Local Trust has championed through and alongside the Big Local programme, and how we will embed diversity and inclusion in the final phase of the programme and within our legacy Progress report 2024-25 Our Business Plan and aclivities for 2024-25 reflected these slrategies and plans, as well as work taken forward by trustees to further consider how we might consolidate our organisational legacy over our remaining period of operation. Our planning and review during this year focused on.. Supporting Big Local areas and helping thern achieve their legacies. Securing Local Trust's own legacy. Preparing for a successful closure. Promoting inclusivity and diversity. Navigating uncertainty and risk. Governance and organisation. Supporting Big Local areas and helping them achieve their legacies This past year has seen increased momentum in the number of areas closing out. Our priority remains one of working patiently with communities to help thern achieve their ambitions and exit from the formal prograrnme in a well-managed way. As tirnescales narrow, this has meant becoming more flexible and providing more tailored support to enable Big Locals to achieve their ambitions. We also actively engaged with at-risk areas to agr￿ action plans, wilh clear milestones, to meet their expenditure targets. Be￿een April 2024 and March 2025, we paid out £16.Om in grants, exceeding our larget of releasing at least £14.8m to Big Local areas during 2024-25. This reduces the outstanding grant to be distributed during 2025-26 (Big Local's final year} to £7.6m.

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 By March 2025, 86 areas had closed out of the programme. A further 20 areas were in the close-out phase Iwilh 5 holding less than £75k of local fvnding). The total number of areas closed or in the close out phase therefore exceeded our target of 90 areas closed or closing by the end of March 2025. We expect all these areas to be closed by August 2025. By March 2025, only 9 areas sbll held a balance of over £200k, down from 53 at the start of 2024-25. At the end of 2024-25, 13 areas remained above the £150k threshold. We implemented a programme of delivery review visils to the 36 areas classed as 'high need, (having at least £150k remaining andlor with specific concerns around progression). Visits covered a detailed review and discussion of plans and finances, potential risks, and support needs. This work has enabled us to ensure that expectations and requirements are agreed. viable delivery plans and realistic budgets are in place, the right support is made available, and all our funding processes have been adhered to. In eady 2025, we reviewed potential support needs across all remaining active areas plus those closed in the preceding six months. This will inform regional and sul>regional support and ath'on plans for a new strand ofwork called 'building local connections, in 202&26. Action to ensure the local legacies of individual Big Locals included.. offering all areas membership of Locality la ne￿rk supporting local community organisations), speedy suppory tailored to areas closing out,. and assigning specialist advisors to particular areas. Tailored support has been given around= seth'ng up and running legacy bodies, fundraising to maintain activities, projects and serVi￿s,. and, owning and managing community assets. We also piloted legacy activities, including a 'meet the funders, event, and communicab'ons events for areas approaching closing out. Securing Local Trust's own legacy This year, we began considering how our legacy activities might be maintained and continue to have impact following closure. Many partnerships projects have already been developed. spinning out such activities to organisations that can continue to realise the Local Trust ambition beyond 2027. In April 2024, we launched a new partnership with the NHS Confederation. This is exploring the importance of community-led health in the Big Local programme and the need for radical transformation in health and care across the UK. The central aim is to improve population health and reduce inequalities through joined-up, community-led approaches at a hyper-local level. This will be achieved through the creation of practical partnerships between Big Local areas and NHS partners to share learning and drive change. The partnership will disseminate new evidence about successful integrated approaches, with the goal of influencing health and care at a national level. We helped establish the Independent Commission on Neighbourhoods (ICON}, which launched in September. ICON aims to Influen￿ government to address the significant challenges faced by the country's most disadvantaged neighbourhoods. It will build on existing research (including by Local Trust's policy and research teams), generate new insights, and propose actions to improve the prospects of residents. The Commission's work is funded by Local Trust but is run by an independent secretariat. In October, we launched 3ni, a new learning ne￿Ork designed specifically for local govemment offi￿rS dedicated to community-led neighbourhood regeneration. Developed by Local Trust, supported by New Local and delivered by Capacity, 3ni offers a platform for collaboration and innovation in Iccal government efforts to transform neighbouthcods across 12

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 the country. We will maintain a dose, collaborative working relationship wth the team delivering the programme. We are mernbersof a consortium of universities, voluntary and community sector organisations behind a new research body, the Centre for Collaboration in Community Connectedness IC4). Launched in December. and primarily funded by the ESRC, C4 will focus on strengthening connectedness and participation in place-based communities across the UK. Local Trust has committed to investing £1m and providing staff time to manage and support the work. We will feed in knowledge gained through Big Local. We have been developing Learning from Big Local, our new website bringing together the key research. learning and stories from across the programme. Our soft launch will take place in autumn 2025, once we take account of user testing and internal feedback, and to upload more content. C4 will host the website as an 'eVIden￿ repository, after the Big Local programrne ends. We conlinued to produce a range of submissions, case studies and research reports. Breaking the Cycle (published with the Centre for Progressive Policy) explores how to bnng growih and opportunity to areas stuck in a trap of'no jobs or bad jobs,; Young People's Wellbeing in Doubly Disadvantaged Neighbourhoods in Greater Manchester (with #Beewell and the Centre for Education and Youth) investigates Ihe experiences of young people,. Neighbouthoods in Action.. Achieving big results by working hypertocally {wth 3ni) examines how local authorities in England are using neighbourhood approaches to support their most disadvantaged areas. We commissioned a synthesis of evidence on how to create and maintain strong communities in the most deprived areas. Frontier Economics completed the initial phase and are now reorientating the project to answer ICON'S core research quesb'ons. We partnered with Demos and 3ni to produce a series of policy papers, exploring how strong social capital can irnprove social and economic outcomes at the neighbourhood level. Our series of research seminars which covered a range of topics like community leadership, health and Pride in Place ran throughout the year. We continued to support Amazing Communities Together to establish itself as a credible, inclusive and suslainable network providing a national forum for practitioners and champions of resident-led renewal. Grown out of the Big Local programme, a priority for ACT'S independent Board now is establishing an effective business model beyond Big Local and Local Trust funding. Preparing for a successful closure In November 2023, trustses approved a Closure Plan, setting out how we will responsibly prepare for close down of Local Trust by February 2027. This Closure Plan underpins all our activities, but also incorporates measures around core functions. In 202425, we agreed in principle thich organisations we want to take responsibility for residuary functions following closure and the budget lif any) required to facilitate this. We took advice from Withers (solicitors) and Moore Kingston Smith (auditors} on these proposals. 13

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 By March 2025, we had reached agreement with C4 on holding some of these fiJnctions. We are in negotiation with a separate organisation about other functsonal support post-closure. We have set ourselves a deadline of September 2025 for these discussions. Thereafter, if ne￿ssary, we will complete an appraisal of alternative options by November 2025. We have updated staff ￿lce during 2024-25 so that they understand the strategy, their role now, and the implications moving forward. In July 2024, we revised our stakeholders communications plan to ensure our partners at all levels remain fully informed. Pmmoting inclusivity and divetsity In March 2023, our new Equality, Diversity and Inclusion IEDII Strategy commrtted us to action across three domains.. our relationship with Big Local partrierships, our external narrative, and the way we work. After a raft of new initiatives in 2023-24. 2024-25 has been largely a year of maintaining energy and momentum. The action plan for the year included.. Brokering tailored support to Big Local partnerships in areas such as Mottingham around their approach to issues of equality in the final phases of their local plan. Sharing findings from the action learning projecl, based on work with two Big Local areas seeking to addressing systemic racial inequality and discrimination in their work. Development and dissemination of a community action plan focusing on youth engagement. Assurance regarding the equalities impacts of our approach to dosure planning Progress against commitments has been regularly reviewed by a Senior Management Team lead, with an annual report on progress and leaming to the Board in March 2025. Navigating uncertainty and risk We regularly review the nsks facing Local Trust and Big Local, with all operational risks considered at least On￿ a quarter and shared with relevant trustee committees and our Board. One strategic risk in 2024-25 was that of redU￿d policy impact after the July 2024 UK general election. We have taken particular action to establish relationships with the new government. In the run-up to the general election, we published our own neighbourhoods 'manifesto' calling on the next government to commit to improving the prospects of 'doubly disadvantaged, neighbourhoods (those with both the highest levels of deprivakn'on and weakest social infrastructure). Immediately afterthe election, we produced a series of papers exploring how learning from the Big Local programme might inform Labour's five 'missions', and the importance ofthe neighbourhood level in having the greatest impact here. On 22 July, the Community Wealth Fund ICWF) campaign was r&launched with a parliamentary event for new MPS. As a founding member of the Community Wealth Fund Alliance, we asked the new government to commit to an immediate review and expansion of the proposed CWF, alongside a broader realignment towards the campaign's original principles. In December, a further £87.5m was committed. 14

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 We have met with over dozen new MPS across the three main parties, arranging for some to visit their or other Big L¢xals. We have met with relevant ministers and key advisors. Other ministerial engagement has corne through work with ICON and the NHS Confederation, including with the Secretary of State for Health and his senior offiaals. Organisationally, we identified the risk that mishandling closure could result in low staff morale and loss of efficiency. We have mitigated this by increasing staff capacity focused on effecb've closure and updating the budget to take account of closure costs. Another significant risk approaching closure is the loss of key staff and challenges recruiting talented staff. In this context. we implemented a new rernuneration policy and have been putting increased emphasis on secondments. So far, we have seen relatively few unplanned exits., where this happens, we review how this interacts with our longer-term planning for closure. Governance and organisation We have adapted our governance arrangemenls to reflect changing needs and demands as we run down our operational capacity whilst maintaining proper oversight of the delivery of the last stages of Big Local and our key legacy projects. The recommendations from the Governance review carried out in 202&24- including a streamlined Board Committee structure- are now well embedded. We accept we may need to adapt further as we move towards closure. As part of planned downsizing. Matt Leach exited the post of Chief Executive Officer at the end of 2024-25. He was succeeded by Rachel Rowney, who has been part of the team at Local Trust responsible for delivering Big Local since 2012, most recently as chief operating Offi￿r. Staff surveys carried out during 2024-25 showed that.. People feel posib've about working for Local Trust. o People feel passionately about the mission and vision of the organisation. People feel that they are treated fairly and well. Colleagues respect and enjoy working together, believing Local Trust to be competent and strong organisation. Motivation levels continue to be high across the organisab'on. Plans for the future 202&26 is the final operational year of the Big Local programme, with 2027 marking the last year of the Big Local Trust Deed and the planned closure of Local Trust. These deadlines form the conlext for the ambiknons and focus of our 2025-26 Business Plan. We have set realistic priorities to maximise impact. Wrth limited lime remaining, we view our Business Plan as'live,. We musl be able to respond to a dynamic operating environrnent within a reducing budget envelope. We will regularly monitor our progress, including review with trustees every quarter. 15

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Our overall priorities for 202&26 are.. Supporting the remaining Big Local areas to achieve their ambitions and secure a legacy Ihrough their final plans. Influencing those with power to change policy and practice, through the sharing of evidence, resources and insight on neighbourhood and community renewal. Managing the dissolution of Big Local Trust and closure of Local Trust effectively, ensuring we meet our legal and fiduciary dLrties. Maintaining and supporting a high performing and engaged team that can deliver on our mission and ambitions through to the end. These priorities remain underpinned by our four strategies and plans on performance delivery, legacy. closure, and equalrty, diversity and inclusion, published in 2023. For each priority, we have set ourselves goals, pinned to measurable targets. Delivering the Big Local programme Local Trust will continue to priorilise support for around 60 active Big Local areas due to close out across 2025-26. This means helping all remaining areas to suc￿SsfUllY deliver their final plans and rnake best use of their full funding. We will also assist partnerships to plan for their own legacy. Our goals are to.. Support all Big Local areas to achieve their ambitions, through direct intervention informed by a risk-based approach. We are keeping our close-out thresholds and processes under review. We will work closely wrth those facing the biggest challenges and look to resolve issues quickly and proactively. We will also ￿lebrate endings, both locally and nationally. Our targets are.. to have all areas in their close-out phase by De￿mber 2025, wth £8m of grant cash spent by March 2026. Provide the best platform for Big Locals to secure their legacy, by facililating access lo relevant support, connection and learning opportunities. We will continue to offer bespoke support, enhancing our ne￿ork of local and national providers. We will be more active in building local connections be￿een Big Locals and potential partners, including sukiregional and regional action plans focused on brokering relationships with broader voluntary, community and funding organisations and ne￿orkS. Our targets are.. for 85¥0 of those receiving support to feel more confident about achieving their legacy,. and, to see at least 10 Big Locals access support around equalities and inclusion. Complete all our funding fully and accurately. We will dose grant agreements and complete administration of those grants still open. This includes closing relevant contracts for supporting organisations and individuals, ensuring no oulslanding liabilities. Our target is to close 125 grants by De￿mber 2025. Our legacy 16

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 We will develop an oU￿ard-facing campaign highlighting the principles of both the Big Local programme and Local Trust, aiming to secure broad-based understanding of their success. We will ensure we have both in-house capacity and management informab'on to respond to any negative Media and develop a detailed crisis response plan, ensuring we have the resour￿$ to respond appropriately to potential issues. Throughout, we will continue to build on our strong record of providing a platform for those who are most marginalised. Our goals are to.. Demonstrate a clear, relevant and ac￿sSible evidence base that shows the importance of long-term, flexible and supported funding for resident- and community-led decision-making. We are focused on consolidating our learning. Our targets are to.. launch the Leaming from Big Local website to positive feedback and gain increased engagement with key audiences. Establish wider understanding within the funding system that locally led inskn'tutions and infrastrudure form the foundation of successful neighbourhoods. We will champion the Importan￿ of ftjnding that values resident-led initiatives in achieving lasting change. We will lead a new programme of leaming for funders in London and run a series of dissemination events with partners. We will seek to embed Big Local learning within ne￿rkS around community-led renewal. A new strand of activity, 'building local connections,, will assist Big Locals in forging relationships that will outlive the programme. Our targets are to see.. 90¥0 of areas engaged in our new strand saying they have developed local connections which will help them sustain impact.. 15 London funders participating in our new prograrnme. Embed our insights with public and civil society organisations and those working directly with communities. Local Trust's policy leam will continue to provide briefings on policy or delivery. As a lead institution behind C4, L￿al Trust will ensure it builds on our evidence base to bring value to current and future policy makers, civil society organisats'ons, academics, and practitioners of cornmunity development. Wth TCPA and Sovereign Ne￿Ork Group, we will publish a playbook for private developers on creating strong communities in new housing developments. Our targets are to see.. 5 key funding programmes lor equivalenl) align with Local Trust's leaming and principles., and for Local Trust's influence to be evident in the 'what works,, methods and community engagement strands of delivery. Closure During 2025-26 we will continue to prepare and plan for successful organisational closure. This will include.. Progressing discussions with organisations that might hold the residuary functions of Local Trust after closure. Establishing agreements with organisations that will 'carry the Local Trust flame, through our legacy projects and activities. Reviewing any and all legal requirements to ensure they are understood and planned for. Ensuring that our staffing profile reflects what's needed to achieve our objectives. We are not planning significant changes to core business systems. However, we are considering when systems might no longer be required, any GDPR implications, and the PrO￿sS for phasing out their use. Our goal is to manage the closure of Local Trust and dissolLrtion of Big Local Trust. in line with our legal and fiduciary duties. Our targets are. to have team closure plans by October 2025., to have completed a 'systems stocktake, by December 2025, with an exit plan for each system by 17

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 March 2026., by September 2025, to have concluded current discussions with one organisation over holding residuary functions and, if necessary, to have carried out an appraisal of alternatives by November 2025; to have agreed a financial exitlclosure plan by March 2026. Our people, culture and perf0rn7ance Maintaining a high performing and engaged team, and an inclusive and positive culture that can deliver on our ambitions through to closure of the Big Local programme and organisation, is crucial. Our approach to budget management will become more dynamic to ensure funds are fully and appropriately allocated. Our expected expenditure during 2025-26 is.. £400k new grant ccfflmitments199Vo of all grant funding available to areas). £8.8m spent on grants. £9.7m spent on support and delivery. Our goals are to.. Ensure Lccal Trust is governed, led and managed effeclively. Our targels are to meet our legal and fiduciary duties, and to achieve a clean audit. Maintain a confident, resilient, and motivated staff team. Our targets are to= achieve 80¥0 of quarterfy development objectives,. see staff satisfaction maintained or improved in the 2025 staff survey., offer 200 InStan￿S of training. Deploy our skills, resources and capacily in line with organisational priorities and risks. Our overall target15 to meet 90Yo of detailed Business Plan targets. Response to the Charity Governance Code The Local Trust board chose to adopt and apply the Charity Governance Code published in December 2020. Over the last year, Local Trust has continued to address the seven key areas of governance outlined in the Charity Governance Code. Action undertaken includes.. 1. Organisational purpose The boany is clear about the charity's aims and ensures that these are being delivered effectively and sustainably. 18

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 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 and September 2021. The Big Local Trust deed was reviewed in 2022 and no immediate need fcf further amendment was identified. In March 2020. following a year-long review, trustees approved a Strategy Framework for the period leading up to the conclusion of the Big Local Trust deed in 2026-27. The three years since the Strategy Framework was developed were very different from what was expected when it was originally created. In 2023, a planning prO￿sS led by Trustees helped create three new strategic documents that now replace the 2020-26 framework. These are.. the Legacy Strategy, defining our ambitions for achieving long-term irnpact,. the Closure Strategy, oudining our plans to wind up Local Trust by the current scheduled end date of February 2027 (with a more detailed Closure Plan, published in 2023),. and the Equality, Diversity and Inclusion Strategy land Action Plan), intended to underpin all our work. The three Strategies, alongside the latest update of our Programme Delivery Framework, reflect changing priorities and increased focus on preparing for both organisab'onal and programme close- down, as Local Trust moves into the last four years of Big Local. They will feed directly into our annual business planning process over the period 2023-27. and ft)rm the basis of our annual reports on progress. 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 charily is effective in delivering its plans. 2. Leadership Every Gharity is headed by an eff￿tIVe board that prowdes strategic leadership in line wtth the charity s aims and values. The Local Trust board had an eXperIen￿d chair in 2024-25 who provided leadership to the board. Board and committee meetings are well attended, and trustees participate actively. During 2023-24, a governance review took pla￿ to ensure the Board is able to effeth'vely fulfil its role. This included an audit of what skills and experien￿ Irustees might need as Local Trust approaches closure. This review led to the recruitment of three new trustees in 202>24. There are appropriate arrangements in place for the appointment. supervision. support and appraisal of the chief executive by the board (through the People and Culture Committee) and of staff, through the chief executive and senior management team. 3. Integrity The boa￿1 acts with integrity. It adopts values, applies ethical principles to decisions and creates a welcoming and supportive culture which helps achieve the charity's purposes. The boaKI is aware of the significance of the pUbl￿'S confi'dence and trust in charities. It reflects the chartys 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 conflict-of-interesl policy to ensure that potential conflicts of interest are declared and managed appropriately. Truslees declare any potential conflicts of interest at the start of each board and cornmittee meeting, and these are recorded in the minutes. 19

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Lo&il Trust has a gift and hospitality policy that explains what is ac￿ptable and unaC￿Ptab1e, and there is a register where trustees and staff must declare any hospitality or gifts received. Trustees and the senior management team also complete related party declarations on an annual basis to declare any potents'al conflict of interest. The board takes legal, financial and investment advice from suitably qualified professionals as appropriate. 4. Decision•making, risk and control The board makes sure that its decision-making processes are infom7ed, rigorous and timely and that effective delegation, control and risk assessment and management systems set up and monitored. There is a clear scheme of delegation for board decision-making which was reviewed and updated during 2022-23 to ensure it conts'nued to be fit for purpose. Decisions and actions are appropriately recorded and followed up at subsequent meetings. All board-level decisions are shared on the Local Trust website. Following a review of govemance in 202&24. a new board committee structure was introduced from April 2024 which ensures trustees are able to continue to effectively exercise oversight of both Local Trust as an organisation and the programmes it delivers. The two new committees are.. Finan￿ and Audit, and People and Culture. New terms of reference explaining the responsibilities of each committee were approved and will be periodically reviewed and updated to ensure continued effecb've oversight and decision making across all aspects of Local Trusys business. Risks are regularly revi￿ed and updated by the executive and reported on to the board, with scrutiny and oversight of risk reports taking place on a quarterly basis by the board. Further detsils of the committees, roles and responsibilities are outlined under the governance section of this report on page 28. 5. Board effectiveness The boany works as an effective team, using the appn)priate balance of skills, experience, backgrounds and knowledge to make infomied decisions. The chair plans the board's work and meetings, with trustees and staff, making sure truslees 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 effective as possible. Trustees take advantage of a range of opportunities for training and developrnent, including attendance at relevant conferences and ne￿OrkIng 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 per￿pIlOnS of its strengths and weaknesses, as a prompt to collective discussion on improving its performance. Regular assessment of Chair and trustee Performan￿ is carried out by the People and Culture committee to ensure the board continues lo be fit for purpose. I n 202>24, an audit of trustee skills was carried out to assess whether further recruitment would be of benefit. This has led to the recruitment of three new trustees. 20

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 6. Equality, diversity and indusion The board has a clear, agreed and effective app￿aGh to supporting equality, diversity and inclusion throughout the organisation and in its own practi￿. This appmach supports good governan￿ and the delivery of the organisation's charitable pu￿OseS. Local Trust is committed to ensuring that its work does not discriminate and offers equality of opportunity to all.11 seeks through its approach to recruitment lo ensure a diversity of skills, background and experience amongst trustees to enable the board to fulfil its role effectively. Local Trust is committed to providing equal opportunities in employment and to avoiding unlawful discrimination. In 2022-23, Local Trust developed a new Equality, Diversity and Inclusion Strategy to inform future revisions of its strategic approach to these issues. The Strategy is underpinned by an Equality, Diversity and Inclusion Action Plan. Progress in implementing the strategy and action plan will be tracked across the year, with an annual report to Trustees. Equality, diversity and inclusion are defined in the business plan in the context of the EDI Strategy. delivery of the programme and aims of the charity. Local Trust's staff handbook includes our policy on equality and diversity in employment. Induction for new staff includes covering the EDI Strategy. 7. Openness and accountability The board leads the organisation in being transparent and accountable. The charity is open in its wort(, unless there is good reason for it not to be. 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. The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duly to ensure the integrity of the administrab'on of the Big Local Trust and the propriety of its Pro￿dures, and, if necessary, report matters of serious concem to the National Lottery Comrnunity Fund as the Founder or to the Charity Commission. Our current Protector was appointed in September 2018. There is a clear. published process for making and handling complaints, to ensure that any complaints are handled constructively, impartially and effectively. Where necessary, Local Trust engages the services of mediators to help with the resolution of complaints that result from disputes within Big Local areas and partnerships. ￿ere appropriate, the advice of Rosie Chaprnan, Protector of Big Local Trust, is sought to provide advice on the organisation's handling of issues to ensure that appropriate learning is gathered and. where appropriate, systems and pr￿eSSeS improved. 21

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Financial review Local Trust's primary responsibility during the year to 31 March 2025 was to deliver Big Local using funds from the Big Local Trust. Overview of income and expenditure During the year, Local Trust continued to manage the activities of Big Local Trust, thich is funded through an expendable endowment from the National Lottery Community Fund. Income on the investment was £1.9m for the year {2024'. £2.9m). There were net losses on the investment of £1,322k {2024= net gains of £413kl. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Consolidated expenditure for the year was £8.6m {2024'. £17.5m). The decrease in expenditure reflects a 103¥0 decrease in direct grant funding to-£0.3m {2024= £8.8ml. All direct funding was to Big Local areas. The cost of delivery to areas decreased by 22010 to £4.Om12024'. £5.1ml and the cost of leaming activities increased by 37010 to £4.8m (2024.. £3.5m}. 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 £8.Om (2024.. £14.2m). The total funds held at the year-end were £16.2m12024. £24.2m) Big Local Trust's investments Investment strategy Big Local Trust's original investment strategy objectives were.. for the investment assets of the Big Local Trust (the fund) to provide the resources required by Big Local, and to manage the assets in a manner that maximises the impact of the funds to enable Big Local areas to extend the life of Big Local beyond 10 years and £1 m for each area. Making use of the scale and duration of Big Local, the original investment strategy aimed to provide a reasonable mediurn-tem return while ensuring that at all times sufficient short-term ￿ndS were available to support spending. In November 2019. the trustees agreed to change the implementstion of the Big Local Trust investment strategy, from a focus on investment retums to focusing on controlling risks. This reflected the fact that the fund had achieved good investment returns in the years since it was established, enabling Big Local Trust lo fulfil its original investmenl strategic objectives. The key driver for this decision was the need for financial certainty to allow Local Trust and Big Local areas to plan,. and related to this was the ever-reducing amount of b'me for the fund to recover from the downsides of market volatilrty as Big Local moves towards the latter stages of the programme. However, the summer of 2020 and the consequent Un￿rtaIntieS and potential for fvrther volatility led the Trustees to revisit the strategy in the summer, with the aim of ensuring as much ￿rtaInty 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 retumsl, in order to have as much certainty as possible as Big Local spends out. The trustees reviewed the investment strategy again in November 2023 and agreed to transition from direct cash investments in the money market to invesb'ng realised cash into a CCLA managed 22

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 COIF deposit fund. This will enable better liquidity of funds to closure in 2026. The transition out of money market investments will mark the end of Big Local Trust's custodian relationship with HS8C. It is anticipated that this relationship will end by March 2025. The investment strategy has been revised to.. As of1 April 2024 there will be no further direct cash investments. Cash realised on the maturity of investments in the portfolio will be invested in a CCLA managed Deposit Fund account. The portfolio reference currency will be British Pounds {GBPI. During the year, the revised investment strategy was implemented and direct cash investments in the money market were transitioned overto the COIF charities deposit fund upon maturity. The Big Local Trust discretionary investment management agreement with CCLA was temiinated in November 2024, the segregated fund closed. Remaining funds continue to be held in a COIF charities deposit fund, managed directly by Big Local Trust. Investment management CCLA is the investment manager for Big Local Trust and over the life of the charity, has worked with the Local Trust's finance and audit committee to manage investments in line with the investment strategy, as agreed by the board. November 2024 marked the closure of the discrets'onary investment management agreemenl between Big Local Trust and CCLA. Remaining funds from Ihe portfolio are held in CCLA'S COIF charities deposit fund and continue to re￿1ve support from our investment managers. albeit on a smaller scale. Investment perforniance Big Local Trust ComMen￿d the year with an investment portfolio of cash and near-cash assets. There were no fixed asset investments held as at 31 March 2025 {2024.' £46.Om), as the segregated investment portfolio was closed in November 2024 and remaining fvnds transferred to the charity's COIF deposit fund as short-term investmenls. Funds held in the COIF deposit fund at 31 March 2025 were £22.9m (2024." £206k) The performance benchmark of the fund was Sterling Ovemight Index Average (UK SONIA} from 1 January 2021 onward. The benchmark for the period ended 31 Dec 2024 when the portfolio closed was +5.23 % (Dec 2023.. +4.69¥01, and the overall retums for the period were +5.64Ok (Dec 2023.. +4.58 % ). During the three months to 31 March 2025 when the remaining investment funds were transferred to the COIF charities deposit fund, the average yield for the fund was 4.560/014.66010 AEY). This compares with the benchmark of +4.46 % (UK SONIA) Ethical and responsible investment Trustees reviewed Big Local Trust's ethical and responsible investment policy in March 2025. Local Trust, acting as the corporate trustee of Big Local Trust, agreed to use CCLA'S ethical investment policy in the management of its investments. This policy has been developed in accordance with Charity Commission guidan￿ (CC141, and trustees believe it represents an appropriate balan between aligning Big Local Trust's inveslments wilh ils purposes and the delivery of good investment returns. As all our assets are now invested in CCLA'S COIF charities deposit fund. Big Local Trust has agreed to follow the responsible investment policy adopted by CCLA. This assesses the banks on a broad range of subjects including climate change. corporate governance and how they treat their workforce. 23

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 CCN also leads engagement with the banks lo push for more responsible business practi￿5 where needed. The finan￿ and investment committee meet regularly to assess their approach to managing the charity's money responsibly and review this policy annually. Despite our holding of only cash investment assets, Big Local Trust's Finance and Audit comrnittee will still consider participation in appropriate CCLA ethical engagement programmes. As a responsible investor, Big Local Trust supports CCLA'S wider slewardship worl(. Big Local Trust is keen to invest in accordan￿ with the Prinaples for Responsible Investment and expects its investment manager to be a signatory to these principles. Distribution of returns on the investment Under Big Local, 150 Big Local areas were each allocated £1m to spend over a 10-year period, based on each area's Big Local plan. The fund that provides these allocations and supports the delivery of the programme is managed centrally, with areas accessing funds over ts'me as plans are delivered locally. Beyond providing £1m plan funding to each area, Local Trust has committed to ensure that each area will also receive a proportion of the net investment retums earned by the fvnd. In September 2017. with several Big Local areas approaching full spend of their £1 m, trustees made the decision to bring forward the distribution of that proportion of the returns that could be guaranteed at that date. Having considered the performance of the investment, Irustees decided each Big Local area would receive an additional £105k from the returns generated from the original investment of £150m. This was added to the balance ofeach area's £1m. A further distribution ofinvestment returns, of £50k per area, was agreed by the board in March 2020. Grant-making policy As part of the accounts, the trustees, annual report must explain any policy for grant making. The policy reads as follows.. Each Big Local area draws down funding by presenting plans to Local Trust for endorsement, setting out how they intend to address priorities identified by people in the area. Big Local areas appoint a locally trusted organisation to hold and be responsible for the funding. When plan funding is drawn down, locally trusted organisations receive an administration contribub'on of 50/0 of the grant. Each grant we award is only to be used for the charitable purpose for which it is made, as described in each proposal or plan, and all grants are to help Big Local areas meet the Big Local outcomes. Locally trusted organisations are required to record all Big Local grants in theii accounts as restricted funds. Each area will receive.. £1 million plus a contribution towards partnership running costs or grant administration {50/0 of the total spend) available On￿ their Big Local plan is endorsed a fair proportion of net investment retums earned by the fund lan additional £105k per area was agreed by trustees in September 2017 and £50k in March 20201 any underspent or unused grant funding from the funds we offered to areas in the early years of Big Local (called Getting People InvolvedlGetting Started, Creating your Big Local plan and Marketplace}, now available through the plan funding prO￿sS travel and carer costs for residents to attend ne￿OrkIng and leaming events. 24

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 By exception, and in line with policy framework agreed by trustees, Local Trust may agree to vary arrangements for the distribution of funds in Big Local areas where the local partnership {as the vehicle through which Local Trust seeks assurance of local residents, priorities) is unable to meet the mini mum criteria re uired of artnershi s over a sustained period. L￿al Trust wll seek to ensure distribution of such funds reflects priorities identified by people in the area. Local Trust as a locally trusted organisation Local Trust acted as the LTO for one Big Local area that had been unable to identify a suitable organisation to fulfil this role during {or part OO the year to March 2025.. Worle Big Local. Big Local Trust retains the administration contribution of 50k for Local Trust acting as the LTO, and in 2024-25 this totslled £0.1 k {2024'. £5.3k) Social investments Big Local areas have been encouraged to be innovative in the ways they create positive social change and economic growth within their local areas through the use of social investment. Big Local partnerships team up with credit unions and other social investors within their local areas, opening up access to new funding for individuals and small organisations. These initiats'ves ale presented as part of the Big Local partnership plans, and funding made available for delivery. During 2024-25, Big Local Trusl made £163k (2024.. £184k) available for social investrnent. These programme-related investments are listed under note 12 and disclosed as a separale line on the face of the balance sheeL We have reviewed all social investments held during 2024-25 and have found none of the active social investments to be impaired. I￿eCOVerable impairrnents of £19k have been written off in previous years, and no further active social investments have Sin￿ been deerned impaired. After repayments in the period of £40k, Ihe value of the social investments at 31 March 2025 is therefore £123k. Big Lccal Trust's social investments and impairment policy is reviewed on an annual basis. An assessment is undertaken at the end of each financial year to delermine Ihe extent, if any, to whith Big Local Trust's social investments have been impaired {reduced in value), to ensure that their value has not been overstated. Constructive obligations A constructive obligation be￿een Big Local Trust and a locally trusted organisation (LTOI is triggered when a grant lor other funding) offer letter is sent to an LTO to notify them that a specific amount of funding has been endorsed for a stated period of time. We record these constructive obligations, or grant commitments as creditors in the balance sheet of these accounts. Big Local Trust's construclive obligations decreased from £24.4m as at 31 March 2024 to £7.8m as at 31 March 2025. This reflects a significant decrease in new commitments and an increase in grant cash payments made during the year as Big Local areas deliver their plans locally and more areas close successfvlly. Financial planning Financial planning for Local Trust incorporates planning for Big Local Trust as well as other L￿al Trust projects. 25

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 We undertake annual reviews of the budget and cashflow forecast to inform Big Local delivery, how funding is allocated and spent, and how areas are supported. The budget and cashflow forecast to 2027 is updated each year with actual spend and income and r&forecasted annually. We revisit the budget and cashflow forecast on a quarterty basis tracking spend against plan and r&forecasting where required. Whilst planning for the 2024-27 budget period, we carried out a thorough review of our budget and cashflow forecast to ensure they are sufficiently robust to support delivery of the Big Local programme over the remaining years, which a specific focus on closure planning to February 2027. This includes considerations for the remuneration of staff upon redundancy as well as any costs associated with winding down the charity. The updated 15-year budget informs the investment strategy and a rolling two-year cash flow forecast is provided to CCLA lo enable them to manage cashflow requirements of the prcgramme. The cashflow proved to be accurate for 202425 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 pracb'ce, undertakes limited activities apart from delivering Big Local. 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. There were no separate activities other than Big Local during the reporting year. Local Trust (the company) had net funds of £196k at 31 March 202412024.. £188kl, of which £196k was unrestricted12024'. £188kl. Local Trust maintains a reserve of £32,300 to cover any unexpected costs. Trustees judge that this is appropriate, given that Local Trust has no direct staff or overhead liabilits'es, no direct beneficiaries, and is able to tailor its expenditure to fit its circumstances. Big Local Trust has an expendable endowment, received from the National Lottery Community Fund in 2012 and 2013, to be spent by 13 February 2027. All of Big Local Trust's funds are unrestricted. During the year, trustees designated £1,072k of funds to be spent on the development and delivery of an Independent Commission on Neighbourhoods (ICON) as part of Big Local Trust's legacy work. No funds had been otherwise designated or committed as at 31 March 2025 otherthan 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 Pla￿ to rnanage 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 wth the requirements of the programme and the trust deed. This indudes planning and managing closure in 2027. It is in the nature of an expendable endowment that funds are spent out over ts'me. In the final years of Big Local, il may require a reserves policy to ensure sufficient funds are held to manage the close down of the programme in a rnanaged and prudent way., however, this is not currently the case. As at 31 March 2025, Big Local Trust held total funds of £16.Om {2024'. £24.Om). It has sufficient contingencies within this to cover any unforeseen costs- therefore, it is not currently appropriate for the trust to specify a reserves level. Trustees review the reserves policies annually.

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Structure, governance and management Stsffing Staff remuneration Trustees consider remuneration, induding the remuneration of the senior management team, annually. During 2024-25 trustees carried OLrt a review of staff salaries, including the salaries of key rnanagement personnel, taking into consideration the organisakn'on's financial health. what peer organisations are generally choosing to pay, and other factors in the pay policy. The pay policy was initially agreed in May 2019, and most recently reviewed in February 2025. Trustees consider a cost-of-living increase for existing salaries, on an annual basis, after reviewing the consumer price index (CPI). A cost-of-living increase of 3.4010 was agreed for 2024-25. Trustees are responsible for setting overall remuneration levels for staff, with recommendations being made to Board as part of the budget approval process. Trustees recognise the importance of valuing staff that need to effectively and appropriately manage the endowment, the programme, grants and social investment into 150 areas and the contractslgrants of those delivering national support, research and evaluation. Staff are jointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 62 (FTE) (2024.. 63). Pensions and auto enrolment Big Local Trust operates a group pension scheme with Scottish Widows and contributes the equivalent of 10010 of salary for each member of staff into scheme. This is more than the minimum legal requirement under auto-enrolment. Staff are encouraged to make a voluntary personal contribution. During 2024-25, all Big Local Trust staff were enrolled in the group personal pension scheme. Volunteers Big Local relies on people getting involved in making their areas better places to live. Around 400 people directly participate as partnership members across the 44 Big Local areas, the other 1 C6 Big Local areas eilher already closed or on the closure path. Partnership members include representatives from local organisations. councils and businesses however, a vast majority are volunteer residents {690k) who give of their own time to help lead the Big Local programme in their local areas. 27

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Principal risks Big Local Trust has a detailed risk register, which is reviewed and update regularly by the Executive and on a quarterly basis by the board and the Finance and Audit committee. Significant new strategic and operational risks are brought lo the attention of the Finance Audit and Risk committee and the board as ne￿Ssary. The business planning process carried out during the year to March 2025 identified the following major risks thal would need to be monitored and managed over Ihe year ahead.. The key risks Failure of low spend areas to meet spend forecast: This would result in these areas falling further behind targets and in capacity challenges (both intensity and overall timeline) and could challenge our ability to complete delivery of Big Local by March 2026. Over the course of the year, we revised our approach to risk assessment. to take better account of available dats and intelligence, and ensured work to support and intervene where ne￿SSary in these areas was team priority. A programme of visits to all higher risk areas towards the end of the year, and involving all relevant slakeholders resulted in agreed milestones and fO￿ard review points, with additional support or changes to delivery arrangements where considered necessary. Risk of Lower spend by a majority of Big Local areas remaining in the programme than expected. This would also result in capacity challenges, including our ability to focus on lower spending areas. In response we regularly review programme data to assess level of risks., including ensuring monitoring of progress and challenges in areas with more moderate balances, and visits and touch points be￿een Local Trust staff and areas, including a greater proportion of areas with a named Area Co-ordinator. The revised approach to area clos&out significantly reduced this risk, freeing up resources to deploy in lower spend areas,. whilst moving to alternative delivery approach in some areas also reduces the risk. Risk that areas close to spend out (holding less than £150k) exit the programme slowly than expected.. This would divert resources away from areas with high needs and put a strain on capacity. Embedding the revised approach introduced in 2023 reduced this risk significantly, and ensured clear responsibility within the team for moving areas through the close out pathway in a timely manner, and some additional flexibility applied to standard thresholds for close out {e.g. where balance is above £75k but there is high Conffiden￿ in the trajectory of local spend). Local Trust support fails to effectively address needs and requirements of areas at greatest risk. This could result in areas not spending out by 2026 in a timely and effective rnanner., require changes in how Local Trust supports Big Local areas and manages the closure of the programme. additional funding and staff changes. We continue to track the impact of support by area with regular reviews, including a review of expert support contracts which focuses on the support that will most likely assist in moving local plans towards completion, with the Delivery Review Visits offering the opportunity to take stock of potential additional support requirements. More flexibility to deploy a range of support providers - including local organisations - is being introduced. 28

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Significant number of individually small negative media stories around low spendlchallenging BL area leads to questioning of Local Trust ¢ompeten¢y and the Big Local model: This could lead to reputational darnage, and impact on our credibility and influence. A dedicated press risk register is regularly reviewed, with leadership from the Head of Policy and Communications and reviewed monthly by the Senior Management Team and quarterfy by the trustees. We are improving management infomiation on areas.. whilst increased in-house provision of support to areas enables problems to be surfacedlexposed, and responsive action implemented, more quickly. Delays in implementing legacy projects: This could lead to a lack of impact, wth Local Trust failing to achieve optimal outcomes from remaining lime and resources. Trustee decisions have resulted in clear positive action to initiate work on key projects, and allocation of resources in the business plan. Loss of key staff, and challenges in recruiting talented staff, as we get closer to the proposed end date of the organisation: A resultant lack of capacity and skills in the organisalion to deliver strategy and business. Local Trust has reviewed remuneration in this context. implementing a new policy, and is putting increased emphasis on secondments. Our resourcing priorities are reviewed every 6 months as part of the closure plan. Failure to adequately plan organisational closure: This could result in poor administration of Local Trust and Big Local during final years, low staff morale, loss of efficiency, and challenges in resourcing closure effectively. Critical in addressing this risk is the published Closure Strategy, and associated Closure Plan. The forward budget has been updated to lake account of closure costs, and Trustees receive regular reports on progress. 29

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Governance and committees Local Trust acts as the corporate trustee of Big Local Trust, in line with the Big Local Trust deed. Lo&il 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 nUM￿r 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 ￿ceIve regular, timely reports which provide updates on L￿al Trust prcgrammes of work and inform decision-making. Trustees delegate responsibility for the day-to-day running of the charity to the chief execLrtive. Committees Following a review of govemance in 2022-23, a new board committee structure was introduced in April 2024. which saw the closure of the Legacy and Leaming and Programme Delivery committees. This ensures trustees are able to conlinue to effectively exercise oversight of Big Local Trust both as an organisation and the programmes it delivers. The remaining committees are.. Finance and Audit {formerly Finance. Audit and Risk),. and People and Culture lft)rmerly Governance and Remuneration). New terms of reference explaining the responsibilities of each committee were approved and will be periodically reviewed and updated to ensure continued effective oversight and decision making across all aspects of Big Local Trust's business. The purpose of the Finance and Audit Committee is to support the Board in the overall managemenl and monitonng of finance, investment, and audit matters at Local Trust and Big Local Trust. It dcEs this by providing an appropriate level of scrutiny of finances. investment policies and prO￿dureS of Local Trust and Big Local Trust, as well as the audit process and outcome, and by supporting the Board and management in managing its finances effectively, prior to making recommendations on these matters to the trustees for their decision. The purpose of People and Culture Committee is to.. ensure the effective governance of Local Trust and Big Local Trust. make recommendations as to the organisation's overall staff. remuneration policy,. and support the successful closure of Local Trust and Big Local Trust. The Protector The Big Local Trust deed provides for the appointment of a Protector who has a fiduciary duty to ensure the integrity of the administration of the Big Local Trust and the propriety of its Pro￿dures, and if necessary, report matters of serious concem to the National Lottery Community Fund as Ihe Founder or to the Charity Commission. Rosie Chapman has been the Prolector since September 2018. Trustees delegate responsibility for the day-to-day running of the charity to the chief execLrtive. 30

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 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 Stratsgic Report) and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Stsndards (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 incorning resources and application of reSoUr￿s, including the income and expenditure, of the charitable group for that period. In preparing these financial stalements. Ihe trustees are required to.. selecl suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., makejudgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going con￿rn 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 ofthe charitable company and enable them to ensure that the financial statements comply with the Companies Act 20C£. 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 information of which the charilable 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 Ihat the audilor is aware of Ihat inforrnation. The trustees are responsible for the rnaintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors A resolution to appoint Moore lfj'ngston Smith was proposed at the last annual general meeting. Approved by the board on 27 November 2025 and signed on their behalf by.. DocuSvJned ty. Signed David Warner Chair Date 05 December 2025 31

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Independent auditor's report to the trustees of Local Trust Opinion We have audited the financial statements of Local Trust (the 'parent charilable company'l and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise Group Statement of Financial Activibes, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial slatements, including significanl accounting policies. The financial reporting frameworti 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 ￿'ngdoM Generally A￿pted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2025 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) IISAs{UK}) and applicable law. Our reS￿nSIbIlitieS 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 wilh the ethical requirements th* are relevant lo our audit of the fi'nancial slatements 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 conduded that the trustees, use ofthe going concern basis of accounting in the preparation of the financial statements is appropnate. Based on the work we have performed, we have not identified any material Un￿rtainty'eS relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infonnation The other information comprises the infomiation induded in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assuran￿ conclusion thereon. 30

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the fi'nancial statements themselves. If. based on the work we have perfO￿ed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to rep)rt 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 Istrategic report and Ihe] Irustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial slatements., and the strategic report and the trustees, annual report have been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light ofthe knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not idents'fied material misstatements in the strategic report or the trustees, annual report. We have nothing to report in respect of the following malters where the Companies Act 20C6 requires us to report to you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been re￿iVed from branches not visited by us- or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or ertain 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, responsibilrties 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanaal 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 con￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the group or parent charitsble company or to ￿ase operations, or have no realistic alternative bul to do so. 31

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Auditorfs responsibilities forthe audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether Ihe financial statemenls as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordan￿ with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the 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 truslees, use ofthe going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists relateé to events or conditions that may cast significant doubt on the group and parent charilable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the fi'nancial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charitable cofflpany to cease to continue as a going Con￿￿. 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 infomation of the entrties or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction. supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate wth Ihose charged wth governance regarding, among other matters, the planned scope and timing of the audit and significant audit fi'ndings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, OLrtlined above, to detect material misstatements in respect of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are- to identify and assess the risks of material misstatement of the financial statements due to fraud., to obtain sufficient appropriate audit eviden 32

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are Ithe Companies Act 20C6, the Charit'es Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Councill 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 staternents, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governan￿. We inquired of management and those charged wilh govemance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulalions. This included making enquiries of rnanagemenl and those charged with governance and obtaining additional corrob)rats've evidence as required. There are inherent limitations in the audit Pro￿dureS described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material rnisstatement due to fraud is higher than the risk of not detects'ng one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the 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 stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not aC￿pt or assume responsibilrty to any party other than the charitable company and charitable company's members as a body, for our audit work, for this reporL or for the opinions we have formed. oor Lzin £ £.,k4 LL P Date.. 8 December 2025 Samir Chandoo (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor. 9 Appold Street London EC2A 2AP 33

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual rewprt and financAal ststements l April 2024- 31 March 2025 Consolidated statement of financial activities (incorporating an income and expenditure account) for the year ended 31 March 2025 Group Group Group Restricted Deslgnated Unrestricted Group 2025 2025 2025 2025 £000 £000 £000 £0 Group 2024 £o(w) Income from: Investments Other sources 1,863 1,872 2,898 Total income Expenditure on: Raising funds. investment management charges Charrtable aclivilies.. grants payable delivery lo areas learning lo support the pr￿ramme Total expenditure 15 15 85 12691 3,962 12691 3,962 8,758 5,107 291 291 4843 3530 8259 17480 Nel operating expenditure 16,3951 12911 8 16,6781 114,5791 Nel gainslllossesl on investments 1322 413 Net Incomel lexpendlturel 17,7171 12911 8 18,0001 114,1661 Loss on disposal 121 Transfers be￿een funds Net movements between furKIs 18.7891 781 8 18,0001 114,1681 Reconciliation of funds- Total funds brought forward al 1 April 2024 Total funds Carried forward 8131 March 2025 23 989 188 24177 38 345 17 15 200 781 196 16 177 All gains and losses recognised are included in the statement of financial activities. During the year, trustees designated £1,072k from iestricted funds lo be spent on delivering the Independenl Commission on Neightx)urhood5. Designated funds remaining at the end of the year were £781 k The accompanying notes, on pages 37 to 56, form part of these financial statement5. 34

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual report and financlal statements l April 2024- 31 March 2025 Consolidated and company balance sheets as at 31 March 2025 Company number.. 07833396 2025 2025 Local Trust £000 2024 2024 Local Trust £000 Group £000 Group £000 Fixed assets Tangible assets Intangible a55ets Inveslments Social investmenls 24 69 30 132 46,018 163 10&11 12 123 216 Current assets Deblors Investments Cash at bank and in hand Total current assets 13 437 23,136 1,145 24,718 1,545 388 1,322 3,255 191 182 196 191 Liabilities Creditors.. amounts falling due within one year 14 {8,7571 (22,3221 (31 Net current Iliabilitiesll assets 196 19,066 188 Creditors.. amounts falling due after one year 15 {3,099) Net assets 17 196 188 Funds Restricted funds Designated funds Unrestricted funds Total funds 15,200 781 196 23,989 196 196 188 188 188 The accompanying notes, on pages 37 to 56, form part of these financial ststements. Loc81 Trust generaled a surplus of £8k (2024.. _£88k) before consolidalion within the group financi81 slalements. Approved by the trustees, authorised for issue on 27 November 2025 and signed on behalf of the board of trustees.. DQGuSlgTh￿ty. Signed David Warner Chair Dale 05 December 2025 35

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annu81 rep)rt and finan￿81 statements l April 2024- 31 March 2025 Consolidated statement of cashflows for the year ended 31 March 2025 2025 2024 Cash {outflow)linflow from operating activities: Notes £000 £000 Net operating expenditure Investment and other income receiv8 Depreciationlamortisation of fixed assets Decreasel(Increase) in debtors Increase in creditors Investment management fees Increase in investsnent management fee 8c¢rual Net cash (used inl operating activities (6,678) (3,195) 120 1,108 (16,664) 1151 17 (14,5771 {2,4881 172 {399) (8,0451 (85) 25,431 Cash flov￿ from investing activities: Investment and other income received Investment management fees Payments to acquire tangible fixed assets Payments to acquire intangible fixed assets Payments lo acquire social investments Repayments of social investments Payments to acquire fixed asset investments Net payments to acquire fixed asset investments Movements in investment cash balances Receipts from the sale of fixed asset investments 3,195 15 1201 1311 2,488 85 (17) (24) {2) (120) 39 9,000 714 {45,000) (356) Change in cash and cash equivalents in Ihe year 645 Change in cash and cash equivalents in Ihe year Cash and cash equivalents at 1 April 2024 Cash and cash equivalents at 31 March 2025 22,571 645 19 2025 £000 2024 £000 Analysis of cash and cash equivalents: Cash in hand Notice depH)5its 1,145 23,136 1 ,322 388 36

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual report and financial statements l Apnl 2024- 31 March 2025 Notes to the accounts for the year ended 31 March 2025 1. Accounting policies a) Administrative inforniation Local Trust is a public benefit entity and the corporate trustee of Big Local Trust, registered chanty number 1145916. 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 capitsl 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. Local Trust.. registered company number registered charity number The registered office is= Canopi, Arc House, 82 Tanner Street, London SE13GN. b) Basis of preparation The finanaal statements are prepared on a going con￿￿ basis which assumes the charity will continue in operational existence for the foreseeable future. The trustees have considered the impact of the prevailing external environment on the financial position of the charity and are aware tha the charity is able to draw down on its expendable endowment to provide an appropriate response to the addib'onal needs resulting fr¢Jm the pandemic where necessary. After reviewing the charity's forecast and projections, the trustees have a reasonable expeclats'on that it has adequate resources to continue in operalional existence for the foreseeable future. The group therefore continues to adopt the going concem basis in preparing its consolidated financial stalements. 078333 1147511 The financial statements have been prepared under the historical cost convenb'on, 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 Charib'es Act 2011 and the Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021- effective 1 January 2019. The functional currency is Pound Sterling. c) 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. d) 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. 37

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual report and financial statements l Apnl 2024- 31 March 2025 e) Statement of financial activities Local Trust has taken exefflption from presenting its unconsolidated statement of financial activities under section 408 ofthe Companies Act 2006. fl 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 enlitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. g) Fund accounting Restricted funds are funds that have been given for parbcular purposes and projects. Restncted funds must be used in accordan￿ 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 lo locally trusted organisations and Big Local areas, because Big Local areas would have a valid expectats'on that they would receive the grant as offered and accepted. i) Allocalion of support costs Support costs are those costs which enable the raising of funds and which enable charitable activitses to be carried out. These costs include finance, human resources and information technology. Support costs are allocated across grant expenditure directly to areas, delivery to areas, leaming to support the programme and govemance, on the basis of staff time spent undertaking an activity. Direct govemance costs are all¢xated on the basis of staff time spent undertaking an activity. The direct staff cost allocation for the period to 31 March 2025 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 tenn to the Statement of Financial Activities, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term. k) Expenditure on raising funds Expenditure on raising funds include investment rnanagement fees which are charged at 0.15Yo of the market value of the portFolio, and are charged as they fall due to the statement of financial activitses. The fee reduced from 0.20 % to 0.15 % from 1 July 2020. l) Tangible fixed assets depreciation and intangible fixed assets amortisation All assets costing more than £1,OW are capitalised. Depreciation on tangible fixed assets (IT equipment and office furniture), and amortisation on intangible fixed assets (website and grant management system development), is provided to write off assets on a straight-line basis over their estimated useful economic life (three years). 38

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual report and financial statements l Apnl 2024- 31 March 2025 m) Investments Investments are included at their bid-price at the year-end. Gains and losses arising on the disposal of investments and the revaluation to market value are charged or credited to the statement of financial activities in the year. n) Social investments Big Local Trust makes programme-related social investrnents on behalf of Big Local areas. Big Local Trust receives annual dividends from Ihe 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. o) Pension Local Trust operates a defined contribLrtion 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 contnbutions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the paymenl of those contributions. p) Grants payable A 'construclive obligation, between Big Local Trust and a locally trusted organisation is triggered when a grant (or funding) offer letter is sent to a locally trusted organisation to nob'fy them that a specified amount of funding has been endorsed for a stated period of time. Big Local Trust records these constructive obligations, or grants payable, as creditors in these accounts. ql Financial instruments Financial assets and financial liabilities are recognised when the Charity becomes a party to Ihe ontractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the subslance of the contractual arrangements entered into. Financial assets and liabilities are initially measured at transaction Pri￿ {including transaction cost) and are subsequently r&measured where applicable at amorbsed cost except for investments which are subsequently measured at fair value with gains and losses recognised in the Statement of Financial Activities. Assets and liabilities held in a foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate. r) Cash Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments wth original maturities of g) days or less. and bank overdrafts. Deposits with maturity greater than 90 days from the year end are classified within investments. 2. Investment income 2025 £000 655 1,217 2024 £000 2,360 529 Income on investments Bank interest Tax refunds Total 1,872 2,898 39

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust annual report and financial statements l Apnl 2024- 31 March 2025 3. Other income 2025 £000 2024 £000 Contribution to event costs Total There was no grant income in the year ended 31 March 202512024.. £nil) 40

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Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 5. Grants payable New grants £000 Repaymenl of unspent grants £000 Closed grants £000 2025 Total £000 2024 Total £CN)O Big Local area Locally trusted organisation 3 Together Aberfelty Aberfeldy Arches Local (Central Chalham, Lulon Aichesl Barnfield Bairowcliff Beechwood. Ballantyne And Bidslon Village Gioundwoik North East Bromley by Bow Centre Quaker S￿181 Action 12011 315 315 13091 13091 12691 Starlings Support CIC Quaker Social Action Community Fitsl Ciedil Union Ltd Community Foundations for Lancashire and Merseyside Community Alliance Broxbourne and East Herts Ilormerly CVSBEHI Birmingham Voluntary Servi¢e Coun￿1 Lincolnshire Community Foundation Lincolnshire Cooperative Limited Blackpool Coastal Housing Community Alliance Broxbourne and East Herts Ilormerly Bounlagu IBoun¢es-Montsgul CVSBEHI Bounlagu (Bounces-montsgul Enfield Voluntary A¢b'on Bournemouth Churches Housing Association IBCHAI Pendle Borough Council Brereton Big Local CIO Grounthvork Greater Manchester Brookside Central CIO Stirchley and Brookside Parish Counol Canvey Island Town Council ICITCI Canvey Island Youth Project Canvey Island Youth Project (Yellow Door) Trust Links 1231 1281 1121 1141 11041 Big Local Broad Green 121 473 Bir¢hfield 11151 Birchwood Birchwood Blackpool Revoe 439 439 14401 14401 239 12421 330 Bourne Estate Bradley Biereton Biinnington Biookside 1561 110 157 1391 1641 1301 11261 11221 359 Brookside 12631 Canvey Island Big Local Canvey Island Big Local 13 1301 1301 1721 Canvey Island Big Local Canvey Island Big Local 592 Cars Estate Catton Grove Colebridge Trust Oak Grove Community Church Age UK Lincoln & South 'n¢olnshire Community Alliance Broxbourne and East Herts (formerly CVSBEHI 1151 35 208 35 Central Boslon 1681 Chinbiook Estate Clapham Juncbon, West Battetsea IBig Local SW111 207 Providence House 'verwol CVS Ch81ity and Voluntary SeNi¢es Manchester Communicatr'on Academy Great Linlord Parish Council SJ Mellish Accountsncy Services Ltd Community Links Bromley Clubrnoor 1261 1261 Collyhurst Conniburrow 283 Conniburrow Dartford 161 11351 12231 171 43

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Dartford Dartford Borough Council Red Zebra Community solub.ons (previously East Kent Voluntary Acb'on Support) 3VA Local Trust One Comrnunity Birmingham Voluntary Service Council IBVSCI Distington Big Local Ltd Groun(Iwoik North East Local Trust The V)thaiton TILEt 379 379 Dartrord Devonshire Wesl Dewsbury Moor Dewsbury Moor 12431 15 1121 355 Dislington Distington Dislinglon Dislinglon Dyke House East Cleveland Good Neighbours E2St Coseley 12341 12341 81 1101 25 25 Tees Valley Rural Action ITVRAI Dudley CVS Swale Community and Voluntary Services Caxton House Community Centre Cumbria CVS The Cenlie, Wesl Cumbria Ltd Age Concern Lulon Birmingham Voluntary Service Council IBVSCI Firs and Biomlord Community Development Tiusl CIC Worth Unlimited Action Hampshire Burnley, Pendle & Rossendale cvs Gioundwoik North East Local Trust H.C. Horyzons CIC South Durharn Enterprise Agency 213 1481 165 11571 Eastern Sheppey Elthorne Estates Ewanrigg Ewanrigg 1251 1251 25 11991 25 12911 178 95 17 17 Firs and Bromford 13211 Firs and Bromford Firs and Biomford Fratton 193 193 340 1431 Gannow Gateshead Gateshead Gaunless Gateway Gaunless Gateway Goldlhorpe with BoVcon-on- Dearne 17 447 75 303 12911 1281 1281 251 12631 1121 The Snap Tin CIC Santhell Council of Voluntary Organisations ISCVOI CommUNif( Bainel Indusion Barnet Grassland Ha£moor Futures Ltd Probe IHulll Ltd CREST Waltham Forest Rur21 Community Council of Essex 1451 Grace Mary to Lion Farm Grange Eslale Grange Eslale Grassland Hasmoor Greatfield Hackney Wick 11161 255 121 121 203 1211 1271 Hackney Wick H2refield. Midanbury and Townhill Park IBig Local TWCS (Training for Work in S0181 Communities) Hateley Cross (Haleley Heath San(fvrfell Community Info & and Stone Crossl Part'Cl￿AlI0n SeNice ISCIPSI Hawksworth Wood Eslale, the Abbeydales and the Vespers 151 151 127 24 24 1351 Kirkstall Valley Development Trust Basildon, Billericay and Wickford Counol for Voluntary SeNice Basildon, Billeiicay and Wickford Counol for Voluntary SeNice Opt'vo (form. Ami¢usHorizonl Rolher Voluntsiy Ath"on Southern Housing 366 Heart of Pitsea Heart of Sidley Heart of Sidley Heart of Sidley Heart of Sidley 141 141 181 54 95

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Parochial Church CounThl of Uttoxeter Berkeley Academy C-change West London Warwickshire Community and Voluntary Act'on IWCAVAI Heath Big Local Heston Wesl Heston West 161 58 1461 11601 83 83 Hill Top and Caldwell Horsefair, Br02(fvrf2ters and Greenhill (Big Local DY101 23 23 Parish of Kiddeiminsler East University of Central Lancashire IUCLanl "redale Entsrprise SeNices Bedfordshire and Lulon Community Foundation Community Voluntary Setvice Bedfordshire Groundwork Northamplonshire Mansfidd CVS Inner East Preston Keighley Valley Kingsbrook and Cauldwell 193 193 Kingsbrook and Cauldwell Kingswood and Hazel Leys Kirk Hallam Langold, Coslhorpe and Carlton 11861 11861 171 171 Hodsock Parish Council Groundwork Cheshire, Lancashire & Merseyside Ambition Lawrence Weston 12ei Latch Ford Lawrence Weston Leediffe ILeeming and Ay¢liffel Leigh Wesl Little Hullon ttle Hullon Littlemooi ma￿eth0[[￿, Tiuslhorpe and Sutton on Sea Icoaslal Cornmunities Challenge) Marsh and Micklefield Mossley Mottingham Newington, Rarnsgale 70 Clarion Futures Leigh Neighbours Project CIO COMMUNITY Little Hullon Sallord CVS Dorsel Community Action 12881 12881 1181 1751 439 1751 177 385 Lincolnshire Community Foundation Chillern Rangers CIC One Walsall Community Links Bromley Starlings Support CIC Community Alliance Broxbourne and E8s1 Herts Ifoirnerly CVSBEHI CREST Waltham Forest Angell Town RMO Resdent Management Organisation Limited Big Local Impact Local Trust The Integiale Agency CIC Voluntary Acton North East 'n¢olnshire IVANELI Haslings Voluntary Action CREST Waltham Forest North Ormesby Neighbourhood Development Tiusl Castle Hill Community Centre Tiusl Local Trust Rur21 Community Council of Essex North Wesl Kent Council for Voluntary SeNi¢e Community Foundation for Merseyside 1201 12031 1201 263 35 1551 1351 11531 11541 1251 Noel Park Estste Noel Park Estste 1141 11471 North Brixlon North Brixton North Brixton North Brixlon 299 299 456 North c1eeth0r￿S North East Haslings North meets South 51 150 North Ormes 22 22 Noth Wesl Ipswch North West Ipswch 11391 20 141 141 Noth Wesl Ipswch 177 177 91 Northfleel North Northwood 61 45

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Community Foundations for Lancashire and Merseyside One Walsall Palfrey Community Association Walsall Council Par Bay Community Trust Northwood Palfrey Palfrey Palfrey Par Bay Peabody Avenue and Churchill Gardens Estate (Big Local SW11 Plaislow South 12401 131 458 Quaker Social Action Quaker Social Action Blackbridge CharilatAe Community Benefit Society Rushmoor Borough Council Radslock and Westfield &'g Lccal cic The Carers Centre Community Foundation for Calderdale Jigsaw Homes Ilormerfy New Charter Housing Trust Group) Thurrock Lifestyle Solutions Calalysl Stockton on Tees Groun(Iwoik CLM Irwell Valley Housing Association Bushbury Hill Estate Management Board Up For Yorkshire (previously Selby District AVSI Blackburn with Daiwen Healthy 'ving The Big Local Community Shop Ltd Bexley Voluntsry Setvice Council CREST Wallham Forest Community Works Camden Giving CREST Wallham Forest 161 161 348 302 Podsmead Prospect Estate 151 1161 18 228 1801 Radslock and Wesffield Radstock and Wesffield 37 37 222 12101 Rastrick 12401 12401 335 Ridge Hill Riverside Community Rosewoilh Ward Rudhealh and Witton Sale Wesl 25 270 10 25 12621 10 12ei 86 Scotlands and Bushbury Hill 97 97 Selby Town 115 Shadsworth with Whitebirk Shadsworth with Whitebirk Slade Green Sorneis Town Sompting Sl James Street Area St James Street Area Sl Oswald and Nelherton IL30 Million Projecti Sl Oswald and Netherton L30 84 15 10 27 207 10 27 207 141 11741 141 Knowsley Mutual Credit Union Groundwork Cheshire, Lancashire & Merseyside Cheltenham Borough Counal YMCA North Staffordshire Slalion House Community Association Ltd Bolton al Home Swndon Borough Council COMMUNITY Barnet Sobus Groundwork Cheshire, Lancashire & Merseyside Toius Foundats'on Nova Wakefield District Citizens Advice Havanl Birmingham Voluntary Service Councal COMMUNITY Barnet Local Trust Lancaster District CVS 181 153 411 St Peter's and the Moors Stoke North 181 1131 1221 1131 Trurnscoe Tonge vAth the Haulgh 270 W12 Together W12 Together 11281 126 1541 126 Wargrave W2rgrave WapNick Ahead Wecock Farm 308 308 14851 95 488 1171 14681 13 Welsh House Farm Wembley Central Wembley Central West End, More(ambe 12 12 1401 171 1401 171

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Beighton Village Development Tiusl WhiJeigh Primary and Sir John Hunt Communty Sports College ICSCI Federation WhiJey Community Development Association Whitley Bay Big Local Groundwork Cheshire, Lancashire & Merseyside Groundwork Cheshire, Lancashire & Merseyside Voluntary Action North 'n¢olnshire IVANLI Shores Centre (Southern Holderness Resource Cenlrel SHAL Housing Ltd Local Trust Local Trust NSAH IAlliance Homes) Limited Rolher Voluntary Acb"on Weslon-super-mare Town Council Westfield Estate 11801 11791 thileigh 37 Whitley WhiJey Bay 172 findmill Hill 28 28 findmill Hill 1501 1501 248 nterton 11361 11361 Wilhernsea Woolavington Puriton Worle Worle Worle Worle Worle 1821 1621 65 376 12 121 121 12091 1891 236 Subtotal of Big Local grants 4,499 12501 14,9291 16801 7,841 5. Grants payable {continued) Subtotal of Bi Local carried forward Communi travel and childcare rants 680 44 112 394 37 Area admin contribution Social Investment returns lo areas 28 Grant bad debtsl Sl im irrnents Su ort and overnance costs 322 374 Total rants able 269 In April 2019, Palfrey Community Association, the locally trusted organisation for Palfrey Big Local. went into administration while holding up to an estimated £75k cash of Big Local funds. In November 2019 this estimate was reduced to £38k upon receiving further spend informats'on from Palfrey Community Association. In October 2024 Big Local Trust received £2.6k from the liquidators, which has been allocated to Palfrey Big Local. 6. Governance Costs Total governan￿ costs of £212k (2024. £251 k) consist of direct governance cosls of £80k {2024.' £134kl and indirect costs of £132k12024.' £117kl. Indirect governance cosls are an apportionment of staffing and other support costs, calculated on the basis of staff time spent. This is in accordance with our accounting Folicies as outlined in nole 1 (i) to the accounts. 47

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 7. Net incomelexpenditure forthe year This is stated after charging.. 2025 £000 120 2024 £000 172 Depreciation and amorb'sation Grant bad debts 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 Licence fees 32 31 15 {81 147 85 156 8. Group and company tangible fixed assets 2025 Office refurbishment IT equipment Totsl Cost Balance brought fO￿ard Additions Disposals Balance carried fomard £000 85 £000 £000 269 20 (81 281 16 (81 192 89 Depreciation Balance brought forward Disposals Charge for year Balance carried fomard 72 167 (81 14 173 239 (81 26 257 12 84 Net book value Brought forward Carried forward 13 17 19 30 24 48

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 9. Group and company intangible fixed assets 2025 Total Cost Balance brought fO￿ard Additions Disposal Balance carried fomard £000 541 31 572 Amorts'sation Balance brought forward Disposal Charge for year Balance carried fomard 409 94 503 Net book value Brought forward Carried fomard 132 69 Intangible fixed assets include the development of Big Local Trust's grant management system, website and area assessment tool.. recent additions were from development of the Leaming from Big Local legacy website. 10. Group and company investments 2025 £000 45,305 2024 £000 68,883 42,000 (35,000) {69,0001 {9,0001 3,000 17 1,322 At 1 April 2024 Purchases al cost Disposal proceeds Movements in investment creditors A￿rUed management charges Net investment gainsl(loss) At 31 March 2025 413 45,305 Capital and revenue cash balan Total 713 The Big Local Trust discretionary investrnent fund with CCLA was temiinated in November 2024, and funds of £31.4m transferred to a COIF Chanty Deposit Fund, which is being managed in-house. 11. Investments by type and location of fund 2025 2025 UK Overseas £000 £000 2025 Total £000 2024 2024 UK Overseas £O(M) £000 2024 Total £000 Cash Total The total book cost of investments held at 31 March 2025 was £nil12024. £44.696kl 49

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 12. Social investment assets Blg Local area Credlt unlon Type of investment Funds at 31 March 2024 Funds at Impalrnient 31 March 2025 Additions Repaymentsl Dlscharges £000 £000 £000 £000 £000 201>16 East Coseley CasJe and Crystsl Corporate Credit Union deposit North West IkEwich Eastern Savings and Loans Credit Union Subordinated Loan 20 1201 Subtotsl 20 1201 2016-17 Sl Oswald and Netherton Sublolal Knowsley Mutual Credit Union Corporate de osit 13 2023-23 Bourne Estate Subtotal Key Fund loan Loan 171 171 10 2024-25 Radstock and Wesffield Subtotal Key Fund loan Loan 120 120 120 120 Cumulative totals 163 1391 123 Total Key Fund loan balance 130 171 123 13. Debtors 2025 Group £000 2025 Local Trust £000 2024 Group £000 19 2024 Local Trust £000 Trade debtors Other debtors Prepayments Accrued income Total 45 204 168 1,322 1,545 437 50

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 14. Creditors: amounts falling due within one year 2025 2025 Local Trust £000 2024 2024 Local Trust £000 Group Group £000 £000 875 Trade creditors Amounts due to Big Local Trust Grant commitments Social security and other taxation Accruals Pension payments due Total 7,761 80 68 21,259 83 68 37 22,322 8,757 15. Creditors: amounts falling due after one year 2025 2025 Local Trust £O(M) 2024 2024 Local Trust £000 Group £000 Group £000 3,099 3,099 Grant commitments Total 16. Grant commitments 2025 £000 24,358 4,499 {28) {15,889) (5,179) 7,761 2024 £000 32,777 15,078 394 (16,6541 (7,2371 24,358 Grant commitments bl￿d New commitments in the year Area admin contribution Commitrnents settled in the year Commitrnents reversed in the year Grant commitments cl￿d Note.. Grant commitments include a £25k programme delivery grant commitment payable to Community Alliance for Broxboume and East Herts , and a £46k capacity support grant payable to Amazing Communities Together (ACT) {2024 non-BL plan grant commitments= £67kl 51

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 17. Movement in funds Balance at 31 March Incoming 2024 resources Balance at Gain￿ 31 March losse5 2025 Outyoing resources Local Trust Group Restricted funds National Lottery Community Fund lincluding investment income) Big Local other income Total reslricled funds Transfers £￿0 £000 £000 £000 £000 £000 23,959 1.863 18,2591 11,0721 11,3221 15,189 32 33 23,991 1,864 18,2591 11,0721 11,3221 15,202 Designated restricted funds Independent Commission on Neighborhoods IICONI Total designated restricted funds 12911 1,072 781 12911 1,072 781 Deslgnated unrestrICt￿ funds Community Wealth Fund Total designated fun( Unrestricted funds Local Trust CDF legacy fund Local Trust investment income 144 147 38 47 Total uniestricted funds 182 194 Total funds 24,177 1,873 18.5511 11,3221 16,177 Restricted funds In Local Trust's consolidated accounts, the net decrease in funds for the year was £8.Om {2024.' £14.2m). T¢)tal funds held at the year-end were £16.2m {2024'. £24.2m). 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 £8.3m12024'. £17.4ml was expended during the year, and £1.1m designated. Funds were used for delivery of Big Local Trust's chantable activities. As mentioned above, during the year, trustees designaled £1,072k from Big Local funds to be spent on delivery of the Independent Commission on Neighbourhoods (ICON). Designated funds remaining at the end of the year were £781k. Big Local investment income is made up of retums on the Big Local Trust endowment, which until November 2024 was managed on behalf of Big Local Trust by charity fund managers, CCLA. In November 2024, the discretionary investment fund held with CCLA was temiinated and funds of £31.4m transferred to a COIF Charity Deposit Fund. which is being managed in-house. There were no projects delivered by Local Trust company during the year to 31 March 2025 52

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 18. Analysis of net assets between funds Reslricted Designated Unrestricted Restricted Unrestricted funds funds funds funds funds Mar45 Mar45 Mar45 Mar.24 MarQ4 £000 £000 £000 £000 £000 Local Trust Fund balances as at 31 March 2025 are represented by: Tangible assets Intangible assets Investments Social investments Current assets Current liabilities Long-term liabilities Net assets 24 69 30 132 46,018 163 3,067 122,3221 (3,0991 23,989 123 23,741 (8,7571 781 196 15,200 781 196 188 19. Analysis of changes in net debt At 31 March 2024 £000 1,322 388 At Cash 31 March flows 2025 £000 £000 (177) 1,145 22,748 23,136 Cash Cash equivalents Overdraft facility repayable on demand Total 20. Operating leases 2025 £000 99 2024 £000 78 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￿n￿ to occupy Offi￿ space at Canopi {formerly CAN Mezzanine), Tanner Street, London SE1. Future commitments in relation to this lease are noted above. 53

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 21. Staff costs and numbers 2025 £000 3,145 315 554 412 4,426 2024 £000 3,032 315 454 402 4,204 Wages and salaries Social security and other taxes Pension Other staff costs Total Trustees are responsible for setts'ng overall remuneration levels for staff, with recommendations being made to Board as part of the budget approval process. Trustees recognise the importance of valuing staff that need to effectively and appropriately manage the endowment, the programme, grants and social investment into 150 areas and the contractslgrants of those delivering national support, research and evaluation. Staff are jointly employed by Big Local Trust and Local Trust. The average number of employees during the year was 62 {FTE)12023.' 63) During the year, 11 roles {2024'. four) were made redundant. Redundancy payments of £198k (2024.. £78k} were made to the members of staff who left during the year. There were 19 employees who were remunerated over £60k in the year12024'. 9 employees} and comprised the Chief Executive, senior managers and middle managers. The total remunerth'on and benefits, including salary and employerfs national insurance and employerfs pension contributions, of the key management personnel was £1,151k {2024: £972k). Senior salaries Number of employees 2025 2024 £60,000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 £130,000- £139,999 £140,000- £149,999 £170,000- £179,999 As at 31 March 2025, the median full time gross salary was £44k12024= £41k) (ratio 3.2 to 1 be￿een highest and median) and the lowest full-time salary was £26k {2024= £25k) (ratio 5.4 to 1 be￿een highest and lowest). Big Local Trust is a London Living Wage accredited employer. and all our staff and contractors are paid at least the London Living Wage. 22. Volunteers Big Local relies on people getting involved in making their areas better places to live. Around 400 people direcily participate as partnership members across the 44 Big Local areas, the other 1 CE Big Local areas either already dosed or on the closure path. Partnership members include representatives from local organisations, councils and businesses however, a vast majority are volunteer residents {69010) who give of their own time to help lead the Big Local programme in their local areas. 54

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 23. Pension Staff are offered the opportunity to join a defined contribution Group Personal Pension Plan {'the scheme,) and monthly contributions to Ihe scheme are invested in the Scottish Widows personal pension plans. Big Local Trust's contribution to the scheme is based on 10010 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 minimuffl contribution for staff although they are encouraged to contribute. Pension contributions made by Big Local Trust to the scheme during the year were £523k (2024.. £324k} for 82 employees {2024.' 72}. Employee contributions, made through our salary exchange scheme, were £194k (2024. £124kl. As at 31 March 2025, Big Local Trust owed £nil (2024.. £37k) to the scheme relating to March pension payments. 24. Trustees, remuneration, benefits and expenses Trustees received no remuneration Trustees are reimbursed for their incidental expenses in attending board, executive and other meetings. During the year Trustees received £11 k in reimbursements for travel costs {or provision of travel) {2024'. £1 Ok). Trustee training expenses during the year were £25k {2024= £9k). Trustee recruitment costs during the year were £nil12024'. £32k). 25. Big Local Trust prolector Protector fees and expenses of £15k were payable during the period (2024.. £16k). 26. Related party transactions There were no transactions be￿en Local Trust and Big Local during the year to 31 March 2025, Chris Catt8rall is a trustee of Lo&?1 Trust and Chief ExecLrtive of This is Capacity CIC (Capacity). During the year, Capacity was commissioned by Big Local Trust to support the incubation and development of 3ni.' the National Network for Neighbourhood improvement. Big Local Trust entered into an £800k grant agreement with Capacity, £200k of which was paid during the final year. The remaining grant award will be payable in instalments over the next 18 months to December 2026, subject to satisfactorily meeting agreed milestones. Jessica Studdert is a trustee of Local Trust and Chief Executive of New Local Ltd. During the year ended 31 March 2025, New Local has been a delivery partner with Big Local Trust. This involved contrad to deliver a workshop at the annual Conferen￿ Stronger Things June 2025., a fringe at LGA Conferen￿. an action learning set for members of 3ni and an annual membership of New Local's membership network. The partnership involves 3ni branding but the contractual relationship is with Big Local Trust. Big Local Trust paid New Local £55k during the year., this included £12k for annual membership. 55

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 27. Financial instruments Carying values of financ4al assets and liabilities at 31 March.. 2025 £000 24,515 123 8,678 2024 £000 3,087 46,180 25,338 Financial assets measured at amortised cost (al Financial assets measured at fair value (bl Financial liabilities measured at amortised cost (cl {a} Financial assets measured at amortised cost include all debtors (excluding prepayfflentsl, cash in hand, and noti￿ deposits. {b} Financial assets measured at fair value include all fixed asset investrnents (including social investments). {c} Financial liabilities measured at amorb'sed cost include all liabilities excluding amounts due for tsx and social security. {d} Interest recognised in the statement of financial activities on assets held at amortised cost during 2024 was £791 k {2024'. £504kl. Dividends and interest recognised in the statement of financial activities on assets held at fair value was £1,955k (2024. £1,956k) 56

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Charity details Local Trust registered company number 078333 Local Trust registered charity number 1147511 Principal address Canopi, 7-14 Great Dover Street, London SE14YR Local Trust is the corporate trustee of Big Local Trust, registered charity number 1145916. Trustees All trustees of Local Trust are independent and non-executive. The trustees are." Stephen Aldridge Matt Bell Chris Catterall Kate Hainsworth Sahil Khan (until 28 November 20241 Caroline Macfarfand Patrick Melia Nicola Pollock {vice chairl Jessica Studdert David Wamer (chairl Rich Wilson Finants and audit committee (fom7erfy Finance, audit and risk commrftee) Matt Bell (unlil 24 March 20241 Matthew Brumsen {CO•OPtee with investment expertise) Chris Catterall (chairl Patrick Melia Jess Studdert (from 1 April 2024) David Wamer (Ex officio as board chairl People and Culture committee (fom7erfy Governan￿ and ￿MUneratIon COMM￿ee) Matt Bell (from April 20241 Chris Catterall (until 19 October 20231 Kate Hainsworth {from 1 April 20241 Caroline Macfarland (Chair from 1 April 20241 David Warner (Ex officio as board chairl Chief executive of Local Trust Matt Leach luntil April 20251 Rachel Rowney (from April 20251 Protector of Big Local Trust Rosie Chapman 57

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 Advisors Auditor Moore Kingslon Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Solicitor Withers LLP 16 Old Bailey London EC4M 7EG Bankers National Westminster Bank plc 250 Regent Street London W1 B 3BN Investment manager CCLA One Angel Lane London EC4R 3AB Custodian {until 27 November 20241 SEI Inveslments (Europe) Limited 1 st Floor Alphabeta 14-18 Finsbury Square London EC2A 1BR 58

Docusgn EnveloFe ID 3DF4532A.998146734748.2628F0859FE9 Local Trust 8nrJual rewrt andfinancial st8tements l AprFI 2024- 31 March 2025 L•cal Trust T: 020 3588 0565 E: [e-mail] W: www.localtrust.org.uk Twitter: @LocalTrust #biglocal The endowment for the Big Local programme is held by the Big Local Trust and overseen by Local Trust. The Big Local Trust was established by the National Lottery Community Fund wilh 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 li￿nCe. 59