2022-09-30-accounts

Sutton Coldfield Charitable Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2022 Charity No. 218627

Sutton Coldfield Charitable Trust TRUSTEES AND PRINCIPAL ADVISORS for the year ended 30 September 2022 Constitutlon Sutton Coldfield Charitable Trust I'lhe TrusV'I is ￿gUlated by a Scheme of the Charity Commissioner5 (revised and updated dated 25 February 20211 I￿giStered number 2186271 I'the Scheme"). The Trust is a registered charity and complies with the Charities Act 2D11. The financial slalemenls have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Statement of Recommended Practice applicable to charities preparing their ac￿Unts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Trusteos The Trustees who served during the year were.. Board of Trustoes Grants Committee Property Cornmlttge Almshouse Committee Flnance Commlttoe Nominatod By: Birrningham City Council Royal Sutton Coldfield Town Council Keith Dudley (Chair from 9 Februarv 20221 Inge Kettner {Vice Chair from 9 February 2022) "IChair} 'lfrom9 February 2022 . Ifrom 9 February 2022 Chair (until 9 February 20221 Neil Andrews Andrew Burley (Chair until 9 February 20221 Malcolm Cornish Iresiqned 20 May 20221 Councillor Diane Donaldson Ranjan Hoath resi ned 18 Ma Ja ne Luckett Dr Sle hen Martin Andrew Morris Councillor Jane Mosson 'IChairl (until 9 February 20221 2022 '{from 10 Auoust 2022) Dr Francis Murra Councillor David Pears (appointed 18 August 2022 John Routh (resigned I January 20231 Councillor Simon Ward Amarjit Singh (resigned 25 October 2022 Chair 'Ifrom 11 August 2021 until 25 Octobei 20221 "lfrom 11 November 2021 until 25 October 20221 Page I

Sutton Coldfield Charitable Trust TRUSTEES AND PRINCIPAL ADVISORS (continued) for the year ended 30 Septernber 2022 Principal officers rina Swani MBA FCIM (Chief Execulivel Rob Semple ACMA (Financial Controller) Pamela Johnston MBE JP (Almshouse Manager) David Cole ACIB (Grants Manager until 15 December 20221 Clare Haines BA (Grants Manager from 15 November 20221 Helen Kimmet (Administration Manager) Reglstered address Lingard House Fox Hollies Road Sutton Coldfield West Midlands B76 2RJ Telephone number." 0121 794 0970 Advisovs Auditor Bankers Sayer Vincent LLP Chartered Accountants Invicta House 108-114 Golden Lane London EC1YOTL HSBC Bank plc 67 The Parade Sutton Coldfield West Midland$ 872 1PD Investment Managers Propety M8n8gers Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Johnson Fellows LLP Charter House 163 Newhall Street Birmingham B3 1SW CCLA Investment Management Senator House 85 Queen Street London EC4V 4ET EOS Surveyors Ltd Arion Business Centre Harriet House 118A High Street Birmingham B23 SBG Investment Consuttants Stsnhope Consulting LLP 35 Portman Square London W1H6LR Nick Russell Associates Lavender Cottage Lucton Leominster Herefordshire HR6 9PH Insurance Brokers Solicitors Endsleigh Insurance {Brokers) Ltd Shurdington Road Cheltenham Gloucestershire GL514UE Gowling WLG IUKI LLP Two Snowhill Birmingham B4 6WR Page 2

Sutton Coldfield Charitable Trust TRUSTEES. REPORT for the year ended 30 September 2022 The Trustee$ present their annual ￿port and audited financial statements for the year ended 30 September 2022. History of the Trust The Trust's origins go diwtly back to Bishop Vesey, an inhabitant of Sutton Coldfielé, born in the town. who persuaded Henry Vlll to grant a Charter in 1528 establishing a Warden and Society {Corporationl to govern the Town. The Corporation was obliged to use Tental and other income to provide poor relief and improve the locality. Over the next four centuries, other bequests and endowments carne within the Corporation's oversight These included charities in memory of Thomas Jesson in the 1700s to provide apprenticeships for boys and to distribute b￿ad lo Sutton's poor. After a long and famous legal action, the Corporation's charities were reorganised in the 1820$ and enriched by lands acquired in the 1825 Enclosu￿ Award. From this time, Almshouses were built and the charities provided elementary schools lineluding teaching and uniforms) for Sutton's child￿n. Practical necessities such as coal, blankets and boots were widely distributed. In pre-welfare slate days, the charities financed nursing and medical care for people in need and made grants lo widows In 1886, the Town became a Borough and the Trust took over the Corporation and various related charities within one body. This operated closely alongside the Council and was administered by the Town Clerk. New Almshouses were built, including in the 1890s from a bequest by Fran￿ Lingard. When Sutton Coldfield became part of Bimiingham in 1974, the independence of the Trust was safeguarded which ensured the continuing provision of benefits for individuals and organisab'ons within the foTrner Borough boundaries. Although the separate historic charities have been consolidated into one charty, the Trustees, fundamental aims and priorities are stsll very similar to those pursued by Bishop Vesey and his successors over nearly five centuries. Vlslon The wsion of Sutton Coldfield Charitable Trust is to enhance the qualty of life for all in Sutton Coldfiekl. Mission statoment Sutton Coldfield Charitable Trust aims lo alleviate hardship and improve the quality of life for residents of the Royal Town of Sutton Coldfield through the provision of housing and grant awards to support indwiduals and community organisations. Value8 The Trust strives to be responsible,. inclusive,. earing,. transparent and sustsinable in all our activities. What ourvalues moan Responsible applies lo all matters including being a good employer. caring for the environment. protecting our assets and good govemance. In¢luslve relates to our operations, beneficiaries. staff and all those we work wrth.. embracing equality, diversity and inclusion. Caring reflects the helping nature of the Trust and ils core purpose. Transparont demonstrates our commitsment to openness and sharing. Sustainable ensures the Trust continues to make a lasting contribution and remains in good shape for the centuries ahead. Objectives and actlviti88 for th8 public benefit The principal objectives of the Trust a￿ the provision of Almshouses and the distribution of funds and other measures for the alleviation of hardship and other needs for inhabitants and organisations within the boundaries of the former Borough of Sutton Coldfield. Page 3

Sutton Coldfield Charitable Trust TRUSTEES. REPORT (continued) for the year ended 30 September 2022 Objectives and activities for the publlc benaflt {contlnuedl The Trustee5 confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trusvs aims and objects.ves and in planning future activities and setting grant making policies. They consider the information which is contained in this report about the Trusvs obJe¢tives, activities and achievements demonstrates the benefits to its beneficiaries and, through them to Ihe public, that arise from those activities. Grant maklng poll¢y The Trustees apply surplus income to benefit the residents of the former Borough of Sutton Coldfield by making awards to individuals, institutions or organisations in the following ways- The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage," Making awards to institutions or organisations for the-. prevenbon or relief of povety., advancement of education., advancement of religion., advancement of health or the saving of lives., advan￿ment of citizenship or community development.. advancement of the arts, culture. heritage or sctence., repair of historic buildings., advancement of amateur sportr, advancement of environmental protects'on or improvement., other purposes that are currenfjy recognised as charitable or are in the spirit of any purposes currenuy recognised a5 charitable. Grnnt appliution process The Trust deals with all grant applications as quickly as possible and without unnecessary bureaucracy. An email, a telephone call, or 8ven an answer-phone message. is all that is needed to make contact. Applicants receive clear written guidelines, helping them to assemble the information required by the Trustees. The Grant5 Committee meets regularfy lat least eight bmes each yearl and receives carefvlly researched ￿pOrtS from the Trust's staff. who present evidence from meetings, visits, documents and accounts. Applicants usually meet Trust staff, either virtually, at the Trust's offices, or at their own locations. Risk management The Trustees are committed to the identification, assessment and management of the major risks to which the Trust may be exposed. This is a continuous obloation involving all Trustees and staff. A risk register is used for Ihe on-going review of risks and controls, by the Risk Management Sub- Committee. which meets al least ￿lce a year, Finance Committee and the Board of Trustees, to ensure that the risk management process is operating satisfactorily. The risks are recorded and assessed in tems of impact and probability and a traffic light system is employed to highlight areas of particular concem. The Trustees adopt a flexible approach, responding to newly identsfied areas of risk as well as evaluating progress in mitigating risks previously identth'ed. The Trustees have identified the following key strategic risks to the charity. Actions to mitigate against these risks a￿ also detailed.. Risk: Loss of key staff. resulling in loss of corporate knowledge and delay to operational projects and priorities. Page 4

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Risk man•goment Icontinuod Mltlgatlon.. This risk is managed by operating flexible working practices (in¢luding cover as needed). appropriate nob-ce periods for all staff, written procedures and electron storage and sharing of key records Financial risks including high inf121ion, loss of capital and income on the permanent endowment and over dependence on key income sources. Risk: Mitigation.. This risk is managed by appropriate investment pOI￿leS. management of the Tnjsts assets by professional advisers, scrutiny of advisers via Board and Committees, having a suitable reserves policy and regular budgeting, monitoring and reporting on financial perf0mlan￿. Risk: COVID-19 pandemic with associated risk to Almshouse Tesidenls, staff and visitors as well as an operational and financial impact on the Trust. Although this is having a lower impact than before, it is still a significant risk to the Trust. Mltigatlon.. This risk is man8ged by planning le.g. Disaster Recovery Plan), risk assessment and guidance lo staff and residents and implementing COVID-19 protocols and pr￿du￿$, including input from extemal advisors and insurers where appropriate. The financial impact is managed through budgeting. forecasting. in-year monitorsng of financial results and reports from investment advisers. Pay and remuneratlon of Key Management Personnel The pay and remuneration of key management personnel are set wrth reference to published pay market data, including the Xpert HR Voluntary Sector Annual Salary Survey. A Remuneration Su Committee of the Board appraises pay annu211y and makes recommendattons to the Finance Committee and the full Board. Structure, governance and manag•m•nt lnfornats.on relating to referen￿ and administrative matters are set out above {pages 1-21. The Board comprises a minimum of 12 and a maximum of 16 Trustees, made up of 8 to 12 co-opted Trustees. who are appointed for terms of five years, and 4 nominated Trustees, who are put forward by 8irmingh2m City Council and Royal Sutton Coldfield Town Council for terms of four years. Trustees may serve a maximum of three terms, following wh￿h at least 12 months must expire before reappointment The Board seeks Trustees who will diversify, baLqnce and complement the range of skills and experience among their members wrth the qualities and expertise fftquired for the attainment of its charitable and strategic objectives. That expertise has included medicine, law, property, industy, faith, education, engineering. human resources. science, sheltered housing, town planning, marketing, accountancy and Local Govemment. Trustees have an inducb'on to familiarise them wth their responsibilities and the purpose of the Trust. Al Trustees have a ts¥o-yearly review with the Chair or Vice Chair. New Trustees also have a review in their first year. The Board of Trustees is responsible fcr all of the TrusV5 activities and rneets quarterly to receive report5, make decisions, and determine strategy. The aim is lo hold a strategy day at least every hvo years, suppSemenled by regular reports on Progress against the agreed action areas. The Board also identifies and manages any risks to ensure the efficient and safe undertaking of ils responsibilit￿s. The Board oversees the financial health of the Trust, ensuring that management of its investments and accounts are robust, effective controls are in place and funding is sufficient to meet the demands of the Almshouses and grant-making programmes as the tsvo core purposes of the Trusl. Page 5

Sutton Coldfield Charitable Trust TRUSTEES, REPORT {continued) for the year ended 30 September 2022 Structure, govemancg and management Icontinuedl Every Trustee is a member of one or mor8 of the following Committees.. Almshouse Committee Grants Committee Finance Committee Property Committee Remuneration Sub-committee Risk Management Sub-committee Whilst each Committee has ils approved membership, all Trustees may attend any Committee meeting at any time and have access to all agendas and papers through an on-line Trustee portal. Advisors join Committees lo provide guidance on Complian￿ matters such as safety requirements and other specialist expertj'se. Working groups may be sel up for spe¢ifi¢ purposes. Over the past year, these have included a Social Needs Review Group. a Grants Strategy Working Group, a Governance Working Group and a Strategic Planning Group. An extensive review of governance and Complian￿ was undertaken in 2019, with many action points already addre55ed. This review was refreshed in 2021122 following the publication of the revised Charity Governance Code late in 2020 with all aGlion5 in progress. This has included act￿}nS relating lo equality, diversity and inclusion IEDII. Trustees have also made EDI an embedded theme throughout the SCCT Five Year Plan. Progress againsl the actions is regularly reported to the Board of Trustees. The Strateg￿ planning process and g0Veman￿ reviews have supwrted cLqrity of planning to enhance charitable benefil al a time of continued and increasing adversity and uncertainty. The Trust wll continue to work collaboratively with local stakeholders. including the NHS and Town Council to build an ongoing understanding of changing needs in the Royal Town during a time of extensive and escalating hardship. Trustees will also explore how the Trust can improve its environmental impact. Fundralslng The Trust (Joes not undertake any fundraising activities in its own right or through third parties and so does not consider it necessary lo register wth the Fundraising Regulator or comply with any voluntary code of practice related to fundraising. The Trust has not received any complaints relating to fundraising. Review of actlvltles and achievements During the past year. the Trust has conb'nued lo put in place measures to prepare for what will be a turbulent year for many. As ever, the Trust's focus is on making a pcsibve impact during ongoing Un￿rtaInty and hardship. especially as the energy crisis and rising costs make it so hard for many people to make ends meet. During the year, the Trust continued lo make grants for communty purposes, individual, educational and personal needs. and for school clothing. In 2022 Trustees awarded £1,083.000 in grants (2021.. £1,092,000). Page 6

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Review of activltles and achievements (continued) A full list of grants made by the Trust is included in its Annual Review, available on the Trust's website www.suttoncoldfieldcharilabletrust.com or from the registe￿d address. A summary of the grants awarded by the Trust for community and individual purposes during the year can be found below.. 2022 £000 224 258 59 103 226 53 140 20 2021 £000 133 364 77 266 Relief of those in need Advancement of education Advancement of religion Advancement of health or the saving of lives Advancement of citizenship or communty development Advancement of the art5, cUttU￿, heritage and science Advancement of amateur sp)rt Advancement of environmentsl protection or improvement 130 58 Total grants awarded Awarded grants unclaimed or cancelled 1,083 11271 1,093 1152) Net grants awarded (note 7 to the financial statements) 956 941 As awards have remained al thi8 level over the past 10 years, Trustees were Con￿rned to ensure that the Trust budgeted for at gmnts totalling £1,000,DOO. This resulted in a cash deficit budget in 2021122. which was funded from unrestricted reserves. The Trust has worked with other agencies to improve the Trust's impact and extend our ability to meet growing need. For example, some Almshouse residents have learned to use digital communication and IT devices through Age UK'S digital inclusion project As reported previously, the Trust commissioned a university research team {originally from the University of Bimiingham. now novated to the University of Nottinghaml to review the social needs aGr05s Sutton Coldfield {Ihe °Social Needs Revie￿1. Over 600 Sutton Coldfield residents Pa￿'e1PaleJ. The Trust's Chief Executive has shared pre-launch findings of the research with stakeholders in the NHS and Town Council. so that the results may infomi local health and wellbeing plans. The final reFJOrt will be published in 2023. The Trust has conbnued to maintain, improve and modemise its Almshouse accommodation. In 2021122 the Trust completed the refurbishment of kitchens and bathrooms of 24 Almshouses, with the furbishment of the remaining Almshouse5 already underway for eomplelion in 2023. Trustees consider that social isolation is hugely detrimental to the mental health of older people. Regular Almshouse social activities are held throughout the year and this year the residents also celebrated the Queen's Platinum Jubilee with a Special lunch. Alongside adversity, the past year has also been one of celebration. Trustees and stsff joined teachers and pupils of Little Sutton School. the local police cadets, and the Chair of Sutton in Bloom, to plant a yew tree in the centre of Manorial Woods, to celebrate the Queen's 70th Jubilee. Trustee annual visits to grant beneficiaries took place in October 2022. This was an opportunity for Trustees to see at first hand, the diverse impact grants are making such as the improvement of g￿en spaces,. access to sports.. extending welfare guidan￿ and adviGe,' suslaining food banks,. upgrading early years play facilities: and addressing loneline$5. Page 7

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Rèview of actlvltles and aehigvements (conlinued) Following the sad death of Her Majesty Queen Elizabeth 11, it was an honour for SCCT Trustee, Councillor Jane Mosson in her role as Deputy Mayor of Sutton Coldfield, io read the proclamation of the accession of King Charle$111, at Holy Trinity SC. Cllr Mosson was joined al the dais by R8vd Canon John Routh, Rector of Holy Trinity Sutton Coldfield and Trustee of SCCT. The Trustees would like to thank Malcolm Cornish, who stepped down after long Servi￿ on the Board of Trustees and to welcome new Trustee, Councillor David Pears who was nominated to the Board by Birmingham City Courlcil in August 2022. This year also saw the departure of Ranjan Hoath and Amafjil Singh from the Board and Trustees would like lo thank them for their service and support to the Trust. They also thank the Chief Executive and all staff for their hard work and achievements during such a challenging year. Following almost five years. serviGe as the Trust's Grants Manager, the Trustees wish David Cole a long and happy retirement and welcome his successor. Clare Haines. Monltoring achlevemenl Payment of grants is carefully managed and the Trust operates a robust forrnal monitoring process. The Trust maintains close contact with organisab'ons lo ensure that the anlicipaled benefits from the grant have been achieved. For example, has the purchase of a minibus been effective in transporting the elderly to events or $¢out groups to camp? Has investment in supporbng children wrth auts'sm met the needs of both children and parents? Has investment in the local primary school outdoor education facilities provided benefit to the school? A formal monitoring pr(xess is also in place. Dependent on the value of the award, this is achieved by completion of a Monitoring Fomi al the conclusion of the Proje¢L Where necessary, further interim reports are produced. Trust officers also evaluate impaGI through meetings, telephone discussions and visits to grant beneficiaries. Grants Committee receive regular monitoring reports on larger projects. In-person visits to beneficiaries recommenced this year following the COVID-19 Lockdowns. However, a number of other monitoring methods remained in place for overseeing projects i.e. online video meetings, virtual tours and photographs that show progress and completion of projecls. A review wa5 undertaken in the year lo enable the grants programme lo evolve in line with the outcomes identified in the recent Social Needs Review. Forward planning is undernay for the next five years. Financial revlew The year under review saw a marked improvement in the Trusys operating income as the COVID-19 pandemic subsided, resutting in fewer void properties and higher rental income and investment income. Total income in the last year was £2,344,000 (2021.. £1,756,OOOJ and total expenditure was £1,916,000 (2021.- 2,237,000) including granls (net of cancelled grants) of £956.000 (2021.. £94t,000) This resultsd in net income of £428,000 (2021.. net 8xpenditure £481.OOOJ. The Trust spent over £450,000 in capital expenditure on the first of phases of new kitchens and bathrooms for our Almshouses. The second phase is underway and is due for completion in 2022123. The Trust's work is dependent on income and investmenl returns from its endowment. Th8 past year saw a decrease in non-propety investh)enl asset values due to challenging world market conditions. The Trust reported a loss on investment assets of £3,197,000 (2021.. gain of £11.016.000), which in bjrn gave rise to an overall net decrease in the tolal fund$ of the Trust of £2.769,000 (2021.. increase of £10,535,000). At 30 September 2022, totsl Trust Funds amounted lo £72,081,000 (2021.. £74, 850,000). In the year the Trust sold its site at Brockhurst fam) as part of the Lan95ey Sustainable Urban Extension {Langley SUE). Poge 8

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Finan¢ial roviow l¢ontinu¢d) Following a detailed review the Trust changed its acGounting policy to include all the Almshouse built estate within the Pemianent Endowment fund as 'funclional permanent endowment, rather than within the Unreslricled Charitable Fund. This has no impact on the total assets of the TrusL bul changes the allocation be￿een funds. Details of this accounting poli¢y change and its impact on the financial statements are set out in note 2110 the accounts. Continuing with carefvl financial management and disciplines, combined with appropriate support from the Trusys advisors, the Trust is confident of fulfilling its dual obligations of the provision of Almshouses and Community grant giving. Investment policy and performance The Trust's assets a￿ invested in property, UK and overseas equities. government stocks. unit trusts and cash deposits to generate income to meet current and future charitable objectives whilst seeking to manage investment risk. The Twsl's investment objectives are lo generate an a￿pIable level of income to facilitate grant giving and maintenance of the Almshouses, whilst also seeking to preserve capitsl values in real terms. Both the Finance Committee and the Board of Trustees receive quarterly reports from the investment managers, considering the Trust's income requirements, the risk profile and propety managers, views of market prospects in the medium term. This strategy is set within an overall policy which states that the Endowment Fund is to be invested long term to maximise income lo meet current and future ¢haritsble objeth.ves whilst seeking preservats.on of Capital in real terms. The restricted and unrestricted funds may be invested in any type of investment except direct investrnents in tobacco. The major part of the Trust's investment portfolio ha5 been rnanaged over a number of years by Rathbone Investment Management Limited. A smaller portfolio Ithe Charitable Funds} has been invested in the CCLA COIF Charities Investment Fund Since April 2021. During the last ￿e1ve months, global investment markets have fallen due lo concerns about surging inflabon, rising interest rates and slowing economic growth, particularly in the Context of Russia's invasion of Ukraine in February 2022. The Trustees are supported by Stsnhope Con$ulting, the appointed investment advisers, in their assessment and monitoring of the investment managers. According to Slanhope's calculations. the total investment portfolio generated retums of -8.4°h over the year to 301h September 2022. reflecting the weakness in bond and equity marf(ets over the period. Given the surge in UK inflation over the year, the portft)lio ￿tUrn has heavily lagged the long term objectNe of CPI +4Vo which returned 14.5Vo over the same period. The main Ralhbones portfolio generated a negative return of -9.2% Inet of fees) in the year to September 2022 compared to the CPI +4% benchmark return of 14.50h12021.' 17.2¥0 vs 7.3%). The Charitable Funds portfolio Iwhich is invested in the CCLA COIF Charities Investment Fund) generated a negative return of -2.8% Inel of fees) over the year but outperformed the COIF Fund's composite benchmark relum of -5.5%. The Trustees have reduced manager specific risk by having two managers who have different investment approaches and are aware that the increase in inflation has distorted the long term objective in the short term. Reserves pollcy and going con¢em The Endowment Fund represents capital funds which the Trustees have no power to convert into income. At 30 September 2022, this fvjnd amounted to £63,714,000 12021.. £66,644.000 re-stated) The income generated from this fund is utilised to fvrther the Trust's chantable objectives and is included as unrestricted income. The Trustees periodically review the level of reserves ￿taIned in un￿str￿ted funds. The Trustees tain these reserves to the extent considered necessary to ensure that adequate funds are available lo cover future expenditure items, which may not otherwise be ¢overed by incoming resources. During the year, Trustees have reviewed the level of these reserves and ¢onsider that they shoukl not, other than in exceptional circumstances. drop below £750,00012021." £750,000), which would be regarded as a contingency reserve to meet ongoing revenue commitments. Page 9

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Regerves policy •nd going concern Iconlinuodl The Trustees are mindful that inveslmenl income, wh￿h is the Trusys main source of incorne. is suscepts'ble to variation through market changes. Trustees therefore wnsider it appropriate to hold free funds to meet both the Trusys ¢ommilment to oulstsnding grants, which can be over £1,000.000 at any one lime and to cover its obligation5 to support the Almshouses, administratson and govemance costs. In addition, Trustee5 hold fre8 funds in anticipation of significant spe¢ial projects for the benefit of the public. The undesignated Charitable Fund at 30 September 2022 amounted lo £7,685.000 (2021.- £4,808, 000 -statedJ, which the Trustees believe is sufficient given the Trust's foreseeable commitments and fund strategic initiatives in future as required. In 2021 the Trust was holding I￿0 unrestricted designated reserves as follows.. Extraordinary Repair Fund (for exlraordinary repair, improvement or re•building}. It is requirement of the Trusfs Scheme to maintain this reserve. Cyclical Maintenance Fund (for ordinary repair and maintenance of the Almshouses and other property of the charity). This is an optional reserve under the Trust's Scheme. Because all Almshouses assets are now within the Endowment Fund (see note 211, the cost of all future enhancement51 capitsl improvements will also be within the Endowment Fund. The Trustees therefore agreed that the Extraordinary Repair fund shoukl be used for future planned maintenance and should at least cover the estimated value of the Amshouse planned maintenance programme for the next 5 years (including Irr￿)verable VAT and inflation). Trustees will review this annually and adjust the reserve as appropriate. The Extraordinary Repair Fund al 30 September 2022 amounted lo £640,000 which represents estimated planned mainlenance cosls for the next five years, 12021.. £3.109,000- including rebuildl capital costs, which will now be met from within the Endowment Fund}. The Cyclical Maintenance Fund is an optional reserve in accordance wth the Scheme clause 261211. This is no longer necessary and Trustees have decided to merge it into the Extraordinary Repair Fund. In 2021 the balance was £289,000. In 2022 Trustees established a new unrestrthd designated Environment Management Fund. of £42,00012021.' £nill to be used for maintaining the Trusys rural and woodland eslale. Tnjstees have a rolling fwe-year financial plan. Based on this plan, Trustees ￿VIeW the reserves to ensure appropriate amounts are set aside. Based on this work. the Trustees consider thal the￿ are no material uncertainties about the Trust's ability to continue as a going con￿rn. Future plans and objectives The Soaal Needs Review of Sutton Coldfield has continued lo guide the Trust's long-term strategic decisKins and plans. The Trust has published a summary of the Review and has held dissemination in the past year. The full report will be published in 2023. Based on the emergin9 Outcomes of the Social Needs Review and the prospect of financial returns from land sales within the Langley Sustainable Urban Extension area, the Trust has produced its new SCCT Five Year Plan I'Looking forward to 2028"}, with an updated vision, rnission and values (see above). The Fwe-year Plan sets out the Trust's 5 strategic aims to set the direction for the planning period.. 1. Almshouses research and a55essrnent of future need., 2. Grants programme expansion.. 3. Supporting heritage, green spaces and community., 4. Being well run, efficient, ac￿Ssible and inclusive., 5. Good managemenl of assets and their use. Page 10

Sutton Coldfield Charitable Trust TRUSTEES, REPORT (continued) for the year ended 30 September 2022 Future plans and objectives leontlnuedl SCCT staff and Trustees will now work through the 5 strategic aims to fomi long-lerm delivery plans that maintain longewty of the Trust and enhance its support for residents of Sutton Coldfield. The Trustees have approved a budget for the current finanaal year, 2022123, and plan to award grants at a similar or increased level lo previous years goin9 fomard. Audltor Sayer Vincent LLP was re-appointed as the Trusfs auditor during the year and has indicated its willingness to continue in that capacity. On behalf of the board Keith Dudley Chair 8 February 2023 Page 11

Sutton Coldfield Charitable Trust TRUSTEES. RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS The Trustees are ￿spOnSible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountsng Practice). The law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the Trust's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view. the Trustees should foltow besl Practi￿ and.. select surtable accounting policies and then apply them consistently- observe tho methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and ststements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial ststements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any b'me the financial position of the Trust and enable them tu ensure that the financial statements comply wtth the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and provisions of the Trust's Scheme. They are also responsible for safeguarding the assets of the Trust and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees a￿ responsible for the maintenance and integrity of the financial information included on the Trust's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements rnay diff8r from legislation in other jurisdi¢tions. Page 12

Sutton Coldfield Charitable Trust INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SUTTON COLDFIELD CHARITABLE TRUST Opinion We have audited the financial statements of Sutton Coldfield Charitable Trust Ithe'charity'l for the year ended 30 September 2022 which comprise the statement of financial activities, balance shee( statement of cash flows and notes to the financial stslements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United ngdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial ststements.. Give a true and fair view of the stste of the eharity's affairs as al 30 September 2022 and of its incoming resources and application of resources, for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Charities Aot 2011. Bas15 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {1ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethi¢al 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 concem In auditing the financial statements, we have concluded that the trustees, use ofthe going concem basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significanl doubt on Sutton Coldfield Charitable TnJsl's ability to eontinue as a going coneem for a period of at least ￿1Ve months from when the financial ststemenls are authorised for i$5ue. Our responsibilities and the reswnsibilib'es of the trustees with respect to going concem are described in the relevant sections of this report. other informatlon The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expli¢itly staled in our report, we do not express any form of assurance ¢on¢lusion Ihereon. Our responsibility is to read the other information and, in doing 50, ¢onsider whether the other information is materially inconsistent with the finanGial statements or our knowwge obtained in the course of the audit or otherwise appears to be materially mi55tsted. If we identify such material inconsisiencies or apparent material misstatements, we are required to determine whether this gives rise to a material rni5Statemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Page 13

Sutton Coldfield Charitable Trust INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF su￿ON COLDFIELD CHARITABLE TRUST (continued) Mattors on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. The infomation gnien in the trustees, annual report is inconsislenl in any material re$pectwith the financial Statements., Sufficient accounting records have not been kept,. or The financial statements are not in agreement with the accounting records and returns,. or We have not received all the information and expLqnations we require for our audit. Responslblliiie$ of trustees As explained more fully in the stalement of Irustee$' responsibilities set out in the trustees, reF>Ort, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control a5 the Iru5tees delermine is necessary to enable the preparation of financial ststements that are free from material mis5tstement, whether due to fraud or error. In preparing the financial statements, the twslees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic altemative bul to do so. Auditor's re8ponslblllties for the audft of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objects'ves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to ISSU8 an auditorfs report that includes our opinion. Reasonable assurance 1$ a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and a￿ considered material if, individually or in the aggregate. they could reasonably be expected to influence the e¢onomi¢ decisions of users taken on the basis of these financial ststements. Irregularrf(ies, including fraud, are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstalemen15 in respect of ir￿guIants.es, including fraud. The extent to which our prO￿dureS are Gapable of detects'ng irregularities, including fraud are set out below. Capability of Ihe audlt In detectlng irrogularilios In idenlrfying and assessing risks of material misstatement in respect of irregularibes, including fraud and non-compliance with laws and regulatsons, our procedu￿$ included the following.. We enquired of management and the Finance Commrttee, which included obtaining and reviewing supporting documentstion, conceming th8 Trusfs policies and procedures relating to: Idenlfying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non<ompliance', Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspe¢led, or alleged fraud. The internal controls established to mitigate risks retated to fraud or non-compliance with Lqws and regulations. We inspected the minutss of meeb'ngs of those charged with govemance. Page 14

Sutton Coldfield Charitable Trust INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF SUTTON COLDFIELD CHARITABLE TRUST (continued) Capability of the audil in dgtOGting irregularltles Icontinuod) We obtained an understanding of the legal and regulatory framework that the Trust operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the Tnjst frorn our professional and sector experIen￿. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supportj.ng dtscumentalion to assess compliance with applicable laws and ￿gulatiOns. We performed analyttcal procedures to ￿entIfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whelhef the judgements made in making accounting eslimales are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent limitats'ons of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulatson. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the finanaal statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularittes occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website al. www frc.or uklauditorsres nsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees as a bcx1y, in accordance with seth.on 144 of the Charities Act 2011 and regulations mad8 under seCt￿n 154 of that Act. Our audit work has been undertaken so that we might stats to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinion5 we have fomed. Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y OTL Date.. 14 February 2023 Sayer Vincent LLP is eligible to act a5 an audrtor in temis of section 1212 of the Companies Act 2006. Page 15

Sutton Coldfield Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2022 Unfostrlcted Endowment funds fund 2022 2022 £000 £000 Totsl fund$ 2022 £000 Totsl fvnds 2021 £000 RE-STA TED (Note 21) Notes Incorno from: Inveslm8nts.' Income from investment properties Income from investments Short term deposit interest 1,006 1,111 11 1,006 506 1,023 11 2,128 2,128 1,529 charitab￿ activits'es 216 216 227 Total in¢omg 2,344 2,344 1,756 Expenditur¢ Expendrture on raising fvnds.. Investment property expenses Investment management costs 196 20 196 157 352 161 137 Total cost of ralslng funds 216 137 353 513 Exp8nditure on chantable 8ctivifies.' Cost of running Almshouses Grant funding Community purposes Individual educational personal School clothing 335 383 621 1,029 38 1,029 980 20 and 113 113 103 Totsl charitable actrvities 1.515 1,563 1,724 Total expendi￿re 1,731 185 1,916 2.237 Net incomellexpenditurel before gains or losses on investments 613 1185) 428 (481) (Lossesll Gains on investment assets 13 14521 12,745) 13,197) 11,016 Nel lexpenditur811 income and net movement in funds 161 12,930) (2,769) 10,535 Poge 16

Sutton Coldfield Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2022 Unrestricted Endowment funds fund 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 £000 RE-STATED Notes Reconclllatlon of Funds Fund balances brought forward at 1 October as p￿vioUSlY reported 18 6,742 68,108 74￿50 64,315 Prior year adjustment.. To record all Almshouse fixed assets within the Endowment Fund 21 1864 11,4641 Fund balances brought forward al l October as re-ststed 18 8,206 66,644 74,850 64.315 Net lexpendilurel l income and net movement in funds labovel 12,930) 12,7691 10.535 Fund balances carried forward al 30 September 18 8,367 63.714 72.081 74,850 The incoming resources, resources expended and resulting net movement in fvnds arise from the Trust's continuing operations. The Trust has no wognised gains or losses other than the nel movement in fvnds for the year or pre¢eding year. Page17

Sutton Coldfield Charitable Trust BALANCE SHEET 30 September 2022 Charity Registration No. 218627 2022 £000 2021 (Re-stated) £000 £000 Notss £000 Flxed assgts: Tangible assets Investment propertie5 Listed and other investments 12 13 13 1,046 2S,586 36,676 640 33,330 41,927 Tolal fix@d assets 63,308 75,897 Debtors.. Amounts falling due after more than one year 14 8.735 Current assets: Debtors Cash at bank and in hand 14 15 320 1,303 167 499 Total current assets 1,623 Liabilities: Creditors.. Amounts falling due within one year 16 (1,4361 (1.515) Net current ass8ts /(liabilities) 187 Totsl assets less current liabilities 72.230 75,048 Creditors.. Amounts falling due after more than one year 16 1149 11981 Total n•t ass•ts 72.081 74.850 The funds of the Trust.. Endowment fund Unrestricted funds.. Charitabb fvnd Extraordinary repair fund Cyclical Maintenance Fund Environmental Management Fund 18 63,714 66,644 18 18 18 18 7,685 4,808 3,109 289 42 Total unrestncted funds 8,367 8,206 TOTAL TRUST FUNDS 18 72,081 74,850 The finanrial statement5 were approved by the Trustees on 8 February 2023 and were signed on their behalf by.. Keith Dudley Chair Inge Kettner VI￿ Chair Page 18

Sutton Coldfield Charitable Trust STATEMENT OF CASH FLOWS For the year ended 30 September 2022 Charity Registration No. 218627 Note 2022 £000 2021 £000 Cash flows from operating activities.. Net cash used in operating activities 20 110.2751 (1,622} Cash flows fmm inv•stirJg activitles.. Dividends. interest and rents from investments A￿umuEatson income Pr¢xeeds frorn sale of investment property Funds transferred Iloll from investments Purchase of fixed assets 2,128 1.529 (94) 15 1513} 9,012 393 {454) Nel cash provided by inve8tlng activities 11,079 937 Change In cash and cash •quival•nts in the year 804 {6851 Cash and cash equivalent brought forward 499 1.184 Cash and cash equlvalent carrfed forward 1,303 Page 19

Sutton Coldfield Charitable Trust ACCOUNTING POLICIES BASIS OF ACCOUNTING Sutton Coldfield Charitable Trust I'the Trusf'l is regulated by a Scheme of the Charty Commissioners I'the Scheme") (revised and updated 25 February 20211. The finanual slalements are drawn up in accordance with the accounting policies detailed below and in compliance wf(h the relevant sect￿n$ of the Charities Act 2011. The financial statements have been prepared under the historical cost accounting rules as amended for the revaluation of investment assets and in accordan¢e with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. The Trust constrtutes a public tenefit entsty as defined by FRS 102. GOING CONCERN The Trustees have prepared budgets and forecasts and considered the period of a minimum of 12 months from the dale of approval of these financial statements in making its assessment that the going con￿rn basis remains an appropriate basis of preparation of Ihe financial ststements. Mindful of the net current liability PoSIt￿1n reeorded on the balance sheet, the Trustees note that, after considering the level of cash reserves and unrestn'cted investrnents held in Fixed Assets and the capacty of the Trust lo flex its activities rf income levels fall signfficanlly. there are no materi81 uncertainties to the availability of sufficient unrestricted resour￿$ available to meet the Trusfs comm(fments. FUNDS STRUCTURE The Tnjst has a pemanent endowTnent. This prov'Kles for the Trustees to invest the capital in perpetuity, the income from which is wholly unrestricted. un￿StrICted inGome funds comprise those funds which the Trustees are free to use for any purpose in furtheonce of the Charitable objectives. They are retained lo the extentthatthey are conS￿ered necessary to ensure Ihatadequate fvnds are available lo cover future expenditure items. both ofa capital nature and revenue costs, which may not be covered by incoming resources. Unrestricted funds include deSIgnat￿j funds where Ihe Trustee5, at their discretion, have created a fund for a S￿cIr￿ purpose. The Trust is required in accordance with the Scheme lo maintain a fvnd for the extraordinary repair, improvement or re-building of the Almshouses and other property belonging lo the Trust. The level of this designated fund is regularly rev￿Wed by the Trustees and is sufficient to cover at least five years, planned maintenance expenditure (including irrecoverable VAT and inflab'on}. Amounts are transferred to meet expenditure which may be required in the future. The Trust may maintain a Cyclical Maintenance Fund as an optional reserve in accordance wrth its Scheme. The Trust has decmyed in 2022 to merge it into the Extraordinary Repair Fund. Further detsils of e&h fund a￿ disclosed in notes 18 and 19. STATEMENT OF FINANCIAL ACTIVITIES The incoming ￿sOUrceS and resources exFended by the Trust are detailed below, togelher with the respective accounting treatments.. INCOME All income is recognised On￿ the Trust ha5 entitlement to the resources, it is probable that the resources will be r￿1Ved and Ihe mongtary value of incoming resources can be measured wrth SUff￿￿￿t reliability. Page 20

Sutton Coldfield Charitable Trust ACCOUNTING POLICIES (continued) Income from investfflent properties Income indudes property income receivable provision where the eventual receipt of income is )ns¥Jered doubthjl. Income from other Investments Dividends from quoted investments are recognised once the dividend has been dedared and not￿￿atIon has been received ofthe dividend due. This is normally upon notsfication by the Trusys investment advi59r of the dividend y￿Id of the investment portfolio. Other investsment income is accounted for on an accruals basis. DNidends and interest are shown as gross amounts prior lo any lax deduction which is ￿cOverable. Income from charitable activities Incoming resouros from Gharitable activities relates to fund5 re￿iVed in respect of Amshouse Weekly Maintenance Charges and any donations received by the Trust. EXPENDITURE Liabilities are recognised as resources expended as soon as there is a legal or constructNe obligalion committing the Trust to the expenditure, it is probable that Sett￿rnent will be required and the amount of obligation can be measured reliably. All expenditure is accounted for on an 8ternals basis. Grant fundlng Grants payable a￿ payments made to third parties in the fvrtheran￿ of the charitable objectives of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has LEen notified of the grant award. The nottficalion gives the recipient a reasonable expectation that they will receive the one- year or mu￿1-year grant or the reupienl has a reasonable expectstion that they will weive a grant and any ¢ondib'on attaGhing to the grant is outside of the control of the Trust. Condltlonal grants Vvhere payment of a grant is subject to a condition which L8 under the o)ntrol of the Trust no commitment is recognised until the condition has been fulfilled. Contingent grants A contingent liabilrty Is disclosed for those grants, which do not represent liabilities. where the F<)ssible obligab"on, which arises trom past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees, control. EXPENDITURE ON RAISING FUNDS The costs of generating funds consist of investment management fees and propety expenses, all￿ated in proportion lo funds invested. All￿atiOn of governance and support costs Support costs are allocated first betsveen'charrtable Activitie5" and"Goveman￿" using a combination of staff bme and activity cost drivers. Govemance costs comprise all expendrture involving the publi¢ accountability of the Trust and ils Complian￿ wf(h regulation and good practitt. These indude costs related to ststutory audit and legal Govefflar￿e and support costs relating to charitable activtti'es are then apportioned be￿een Amshouses and grant funding using a combination of allooalion. staff time and activity cost drivers (see note 8 for details). Page 21

Sutton Coldfield Charitable Trust ACCOUNTING POLICIES (continued) FIXED ASSETS Amshouses are stated atcost. However. the construction cost ofthe older block5 which were completed btheen 1896 and 1974 Icontsining 38 units} are not included within Ihe balance sheet due to the age of the properties and the conwuent unavailability of reliable costing information. Security and other equipment are stated al cost although Offi￿ equipment and IT are normally written off in the year of acquisitKin. A re-inspeclion carr￿d out in June 2018 detemiined that the Ajmshouses had a minimum remaining life of al least 20 years, subject to regular and routine maintenance being undertaken. The depreciation policy was amended accordingly so that assets are de?￿clated over their esb"mated usefijl lrfe, as follows.. Almshouses 20 years- straight line on net book value 8t 30 June 2018 Security and other equipment 5 years- straight line Almshouses improvements poliGy Where capital additions lo the Almshouses are made, they are depreciated over the shorter of the remaining useful life of the propety to which they relate and the life of the individual building component on a stra￿ht-l1ne basis. Where necessary, the Trust makes an impairment charge for assets when they are {a) due for repl2￿ment within the planning period and Ibl there is clear Trustee approval to the repla￿ment programme. Following a detailed review in 2022, all Almshouse assets and capital improvements are recorded as part of the Endowment Fund as 'fvnctional pemianent endowmeny, wth associated depreciation and impaimient also being charged to the Endowmenl Fund. FIXED ASSETS- VALUATION OF INVESTMENTS Investments are included in the balance sheet al their fair values at 30 Septemter vthich a￿ deterrnined as follows.. lil Freehold properties are independently valued every five years on the basis of open market value for existing use. Intermediate annual valuations are carried out and incorporated on the basis of an extemal desktop review. {ii) UK listed securib'es are quoted at the recognised Stock Exchange bid pric8 ruling at the year end. crued interestls included in the value of fixed interest securitie5. {iii} Unit trust and managed fund investments are stated at the average value quoted by the investment managers at the year end. All movements in value arising from investsnent changes or revaluats'on are recognised in the Statement of Financial Activrties. REALISED GAINS AND LOSSES All gains and losses are taken lo the Statement of Financial Activikn'es as they arise. Realised gains and losses on investments are calculated as the difference behveen sales proceeds and opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference belween the market value al the year end and opening market value or purchase cost rf purohased during the year. Realised and unrealised investment gains are not separated in the Statement of Financial AclNlties. PENSIONS Contn'butions a￿ paid into Personal Pension Plans operated by Aviva. Pension costs charged in the statement of Financial Activities represent the contributions payable by the Trust in the year. Page 22

Sutton Coldfield Charitable Trust ACCOUNTING POLICIES (continued) TAXATION The Trust is exempt from taxation on its income and gains wher8 they are applied for charitable purposes. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS The Trust make$ estimates and assumptions conceming the future. The resulting estimates and assumption$ will, by definition, seldom equal the related actual results. The Trustees do not consider there to be any estimates and assumptions that have a swJnificanl I￿k of causing a materrdl adjustment to the carrying amounts of assets and liabilities within the next financial year. The Trust carries its investment properties at fair value, with changes in fair value being recognised through the Statement of Financial Activities. The Trust engages independent valuation specialists to determine fair value Df these properties each year. Some of the key assumptions used to detemine the fairvalue of these assets are based on the valuers, knowledge and experience ofthe market and values of similar PrOpert￿S. which could be deemed subjective. Where the Trust has entered into Development Agreements (see belowl, the liming and amount of income receivable can vary. The Trust has an accounting policy to cover this, bul this necessarily depends on estimates and judgements. FINANCIAL INSTRUMENTS The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102, in full, to all of its financial instruments. Financ￿1 assets and financial liabilities are recognised when the Trust becomes a paty to the contractual provisions of the instrument, and are offset only when the Trust ha$ a legally enforceable right to set off the recognised arnounts and intends either to settk on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets Rental and other debtot Rental and other debtors lincluding accrued income} which are receivable within one year and vthich do not constitute a financing transaction are initia15y measured al the transaction price and subsequendy measured at amortlsed cost. being the transaction price less any amounts setued and any impairment losses. Where the arrangement wth a debtor constitutes a financing transaction, the debtor is initially measured at the present value of fvture payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost A provision for impairment of rental debtors is estsblished when there is objective evidence that the amounts due will not be ¢olle¢tsd a¢¢ording to the original temis of the contract. Impaiment losses are recogni5ed in the Ststemenl of Financial Activitie5 for the ex¢ess of the Carrying value of the rental debtor over the present value of the future cash flows discounted using the original effects've interest rate. Subsequent reversals of an impairment loss that objectively relate lo an event occurring after the impairment loss was recognised. are recognised immediately in the Statement of Financial Activities. Long tenn debto Where the Trust enters into transactions for the sale of landl other investment properties, the amount receivable is initially recognised as a debtor al the invoiced I contracted value. Amounts due to the Trust after MO￿ than one year are disclosed accordingly. From kn'me to lime, the Trust enters into Development Agreements, where the arrangements with the third paty includes deferred payments al key project milestones {e.g. planning consent, compleb'on of the scheme). In these cases, the Trust can be virtually certain of receiving economic benefits. but the final sums and timing can vary. In these cases, the debtor carried in the balance sheet is measured at the lower of.. Page 23

Sutton Coldfield Charitable Trust ACCOUNTING POLICIES (continued) Financial assets Icontlnuedl the present value of the estimated fvture receipts Inet of fees and associated costs) discounted at the Trust's cost of capital., and the market value of the undeAying a55et (based on the last professional valuatsonl less net amounts already ￿(eiVed in respect of the transaction. This calcuiation 1$ ￿vieWed annually. Wheie the timing of future cash flows is uncertain, the amount expected to be received is disclosed as a debtor falling due after more than one year, even where the Trust anticipates receiving payment eadier The Twsl only recognises a debtor as a current asset when it is Gontraclually entitled to payment within one year. Investments Investments are equity investments over which the Trust has no significant influence, joint Gontrol or control and are initially measured al transaction price. Financial liabilities Financial instruments are classified as liabilities according to the substsn¢e of the contractual arrangements entered into. Tr8d8 8nd other c￿d￿OrS Trade and other creditors lincluding accruals) payable within one year that do not constitute a financing transaction are initsally measured at the transaction price and subsequenuy measured at amorti5ed cost, being the transaction price less any amounts settled. Where the arrangement with a credrtor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a martet rate of interest for a sirnilar instrument and subsequently measured al amortised cost. Der8cognition of financial assets and liabilit￿S A finanGial a55el is derecognised only when the contractual rights to cash flows expire or are settled, or 5ub5tsntially all the risks and rewards of ownership are transferred to another paty. or if some Significant risks and rewards of ownership are fetained but control of the asset has transferred to another party that is able lo sell the asset in its entirety to an unrelated third paty. A financial liability lor part thereofj is derecognised when the obligation specified in the contract is discharged, cancelled or expires. Page 24

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES (RESTATED) Unrestrfcted Endowment funds fund 2021 2021 £000 £000 Total funds 2021 £000 Income from: Investmants." Income from investment properties Income from investments 506 1,023 1,023 1,529 1,529 Charitable aGtivrties 227 227 Totsl incom& 1,756 1,756 Expondlture Expenditure on Trising funds.. Investment property expenses Investment management costs 352 19 3S2 161 142 Total cost of raising funds 371 142 513 Expgnditure on charitable actiwlies.. Cost of running Almshouses Grant funding Community purposes Individual educational and personal School clothing 418 203 621 20 103 20 103 Total charitable activrties 1,521 203 1.724 Total expenditure 1,892 2,237 Nel eXpenditu￿)before gains or losses on investments 11361 14811 Gains on investment assets 1.153 9.863 11.016 Net in¢ome and net movement in funds 1,017 9,518 10.535 Page 25

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES (RESTATED) (continued) Unrestricted Endowment funds fund 2021 2021 £000 £000 Total funds 2021 £000 Rg¢on¢lllalion of funds Trust fund balances brought foward at 1 October as previously reported 5.922 58.393 64.315 Prior year adjustment". To record all Almshouse fixed assets within the Endowment Fund 1,267 {1.267 Trust fund balances brought forward at 1 October as re-stated 7,189 57,126 64,315 Net income and net movement in fvnds labovel 1,017 9,518 10,535 Fund balances carried forward at 30 September 8.206 66.644 74,850 Page 26

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 INCOME FROM INVESTMENT PROPERTIES 2022 2021 £000 £000 £000 £000 Rents and property income receivable 1,006 506 Less.. Agents, commission and Expenses Propety expenses" Valuation fee VAT irrecoverable 13 162 12 318 1S 13 {196) 1352) Net income from investment properties 810 154 Propety Expenses include dilapidations works and additional security and maintenance costs. associated with empty commercial properties INCOME FROM INVESTMENTS 2022 £000 2021 £000 Dividends and fixed interest income receivab 1,111 1,023 INCOME FROM CHARITABLE ACTIVITIES 2022 £000 2021 £000 Almshouse Weekly Maintenance Charges Donations 216 215 12 Total 216 227 P¢ige 27

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 5a ANALYSIS OF CHARITABLE EXPENDITURE (20221 The Trust undertook direct charitable activities in the provision of Almshouses and awarded grants to individuals and institutions in furtherance of its charitable activities. 2022 2021 Actlvltles undertaken directly £000 Grant funded activity Support osts £000 Total £000 Total £000 £000 Almshouses 200 183 383 621 Grants.. Grants for¢ommunity purposes to institutions Individual grants for Fersonal and educational needs School clothing grants to individuals 876 153 1,029 980 32 38 20 74 39 103 956 224 1,180 1,103 200 956 407 1,563 1,724 Note 6 Note 7 Note 8 Statement of financial activities ststement of financial acb'vities Page 28

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 5b ANALYSIS OF CHARITABLE EXPENDITURE120211 Comparative figures for the prior year are as follows". 2021 Activities undertakgn dir•¢tly £000 Grant funded aetl¥lty £000 Support costs £000 Total £000 Almshouses 436 185 621 Grants". Grants for community purposes to institub'ons Indwidual grants for personal and edu¢ats"onal need$ School clothing grants to individuals 869 980 22 20 74 29 103 941 162 1,103 436 941 347 1,724 COST OF RUNNING ALMSHOUSES 2022 £000 2021 £ooJ Staff costs Rates, water and insurance Heat and light Maintenance of lawns and gardens Repairs Sundries VAT irrecoverable 56 22 10 58 20 38 106 13 18 152 233 Depreciatson (note 12) Impairment (note 12} 48 153 200 436 Note 5 Page 29

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 GFiANTS 2022 2021 Number of grants Number of grants £000 £000 Grants for community purposes lo inslitub.ons 76 985 53 1,008 Grants lo individuals for personal and educational needs 18 12 11 School clothing grants to individuals 741 74 737 74 Total grants awarded 835 1,083 802 1,093 Awarded grants unclaimed or cancelled {1271 1152} Net grants awarded 835 956 802 941 Note 5 Grants for community purposes cemprise.. Numbor of grants Number of grants £000 £000 Grants awarded.. Greater than £1.000 £1.000 or less 54 22 973 12 33 20 995 12 76 985 53 1.007 A full summary of grants made by the Trust is included in rts Annual Review, available on the Trust's websrte www.suttoncoldfieldcharitabletrust.com Page 30

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 8a ALLOCATION OF SUPPORT COSTS {20221 A breakd¢Jwn of govemance and support costs for 2022 is shown below, together with the way in whiGh these have been allo¢aled between charitable and governance activities.. Total allocated £000 Charitsblo activiti £000 Governance £000 Basls of allocation Staff c05ts IT and advertising Office costs Sundry and irrecoverable VAT Auditor's remuneration (note 11 } Legal fees Costs of meetings 255 65 30 33 15 122 43 15 16 133 22 15 17 15 Staff time Activity Staff time Staff time 407 196 Note 5 8b ALLOCATION OF SUPPORT COSTS12021} Comparats've figure5 for the prior year a￿ as follows". Total allocated £000 Charitable activitie$ £000 Govornance Basi$ of allocation £000 staff costs IT and advertising Office costs Sundry and Irrecoverab￿ VAT Auditor's remuneration {note 111 Legal fees Costs of meets'ngs 212 114 36 15 19 98 28 Stsff b'me Aelivity Staff time Staff bme 23 31 15 12 15 347 163 Page 31

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 8c ALLOCATION OF GOVERNANCE AND SUPPORT COSTS IGontinued} The total governance and support costs attributable to charitable activities is then apportioned befvfftn Almshouses Ispeclficl and grant funding Ipro rata to staff timel as shown in the table below.. 2022 £000 2021 £000 Almshouses 183 185 Grants". Grants for communty purposes to inslitub'ons Individual grants for personal needs School Clothing grants to individuals 153 32 39 111 29 224 162 Total 407 347 Note 5 Page 32

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The average number of slaff employed during the year was as follows.. Number of employges 2022 2021 Almshouses staff offi￿ staff 10 The total emoluments of these persons were as follows.. 2022 £000 2021 £000 Wages and salaries Social security costs Pension costs 227 16 27 19 32 311 270 The Trust consKlers its key management personnel comprise the Chief Executive and the Financial Controller. The total employment benefits including employer National Insurance and pension contributions of the key management personnel were £106,000 12021.. £100,000). There were no employees who earned more than £60,000 in the year12027.- None). Page 33

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 10 RELATED PARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION The Trustees all give freely of their time and expertise without any form of ￿MUneration or other benefft in cash or kind12027.' £nill. Expenses paid to 2 Trustees for training and development in the year totalled £15412021.. £ni4. Trustee indemnity insurance. to protect the Trust from loss and indemnify the Trustees and Officers against the consequences of any neglect or default on their part, is taken out by the Trust. During the ffinan¢ial year, the following related paty transa¢bons were recorded and, in all cases, the related parties took no part in the discussion or decision of grants approved and played no part in the payment process of grants.. RELATIONSHIP TO.. SUTTON COLDFIELD CHARITABLE TRUST Trustee TRANSACTION TYPE Grant approved & part paid Grant approved & part paid Grant approved RELATED PARTY S Martin BENEFICIARY CPR Counts BENEFICIARY A friend of the founder A friend of the founder Trustee (Learning Trust for Ex¢ellencel Trustee IRector of Holy Trinity Parish church Employee of academy trust Former Trustee 1.350 2,000 CPR Counts S Martin Trustee 25,200 Four Oaks Primary School J Luckett Trustee Grant approved & part paKI 43,500 Holy Trinity Parish Church J Routh Trustee Grant approved 25,020 Mere Green Primary School Salus Fatigue Foundation R Hoath Trustee (until 18 May 20221 Trustee Grant approved & part paid 15,000 l Kellner (Chair until 30 November 2021 K Dudley Grant approved 36,810 Sutton Coldfield Grammar School for Girls Sutton Coldfield Grammar School for Girls Sutton Coldfield Baptist Church - Healinq Sutton Coldfield Baptist Church - Food Town Junior School Trustee Family connections Grant approved 36,810 S Ward Trustee Family connections Grant approved & part paid 21.009 J Routh Tnjstee Rector of Holy Trinty Parish Church Rector of Holy Trinity Parish Church Trustee (Learning Trust for Excellen￿) Family connecb'ons Grant approved & part paid 30,000 J Routh Trustee Grant approved 14.400 J Luckett Trustee Grant approved & completed 26,000 Sutton Coldfield Community Games Sutton Coldfield Methodist Church Centre M Cornish Trustee luntil 20 May 20221 Grant approved & completed 33,680 J Routh Trustee Rector of Holy Trinity Parish Church Page 34

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 10 RELATED PARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION Iconlinuedl RELATIONSHIP TO.. SUTTON COLDFIELD CHARITABLE TRUST Trustee TRANSACTION TYPE Grant approved & completed RELATED PARTY J Routh BENEFICIARY Sutton Coldfiel¢J Baptist Church BENEFICIARY Rector of Holy Trinity Parish Church Trustee (Learning Trust for Excellence) Family Connection 20,000 Grant approved & completed 45,000 Wylde Green Primary School J Luckett Trustee Grant approved & completed Grant approved & completed Grant approved & completed 45,000 Wylde Green Pllmary School Sl Giles Hospice Salus Fatigue Foundation K Dudley Tru5te8 92,298 F Murray Trustee Family connections 35,000 l Kettner lunlil 30 November 2021 J Luckett Trustee Former Trustee Grant approved & completed 45,000 Whitehouse Common Prima School Trustee Trustee (Learning Trust for Excellence 11 NET INCOMEI EXPENDITURE FOR THE YEAR This is stated after chargingl Icreditingl.. 2022 £000 2021 £000 Depreciation Impaimient Operating lease rentals receivable.. Property Auditor's remunerab'on (excluding VATI Audit Other services 50 153 747 506 11 14 Page 35

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 12 TANGIBLE FIXED ASSETS Freehold Almshouses Improvement Securltyl safety equipment £000 Assets In the course of construction £000 Freehold Almshouses £000 Total £000 £000 Cost.. At 1 October 2021 Additions 1.901 434 101 2,498 454 20 At 30 September 2022 496 2.335 101 20 2,952 Depreclatlon: At 1 October 2021 Charge for year 3g4 1,373 38 91 1,858 48 At 30 September 2022 400 1,411 95 1,906 Net tjook value: At 30 Septembor 2022 96 924 1,046 At 30 September 2021 102 528 10 The freehold Almshouses comprise seven blocks on the Trusvs main site in Walmley. The cost of constructing the most modem block (containing 8 units, completed in 19951 is included within the balance sheet. The conslructs.on cost of the older blocks which were completed belN4een 1896 and 1974 (containing 38 units) are not included within the balance sheet due to the age of the properties and the consequent unavailability of reliable costing information. As it was the Trusys policy to initially depreciate freehold Almshouses over 25 years, and the most recent of the non-capitalised assets were acquired in 1974, the assets, rf they were included. would be fully depreciated at 30 September 2021 and would therefore have £Nil 12021.. £Nill impact on the balance sheet. However, the cost of subsequent improvement and renovation works is included. During the year the Trust frtted new kitchens and bathrooms in 24 Almshouses (Phase 11- these new assets are included in the account5 as Fixed Asset additions. The Trust also paid fees in respect of awarding the contrad for Phase 2 of the project (now underway and due for completion in 2022123). These costs are recorded as Assets in the Course of Construction. In the prior year there was an impairment charge of £153,000 on the old kitchens and bathrooms as they were lo be replaced by new ones. Page 36

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 13 INVESTMENTS (HELD AS FIXED ASSETS) Investments (held as fixed assetsl comprise the following.. 2022 £000 2021 £000 Investments in Endowment Fund Investment properties Govemmenl stocks Listed companies Ordinary stocks and shares Unit trus15 Cash held for ￿InVeStMent 25,586 5,299 33.330 5.434 7N75 16.124 1,914 9,172 18,403 1,851 56.398 68,190 Investments In Charitable Fund Unit trusts COIF Charibes Investment Fund 1.184 3.998 2,121 1,548 5.182 3.669 Investments in Extraordinary Repalr Fund COIF Charities Investment Fund 3,109 Investments in the Cycllcal MalntenanGe Fund COIF Charities Investment Fund 289 Investments In Environrnenl Management Fund COIF Charities Investment Fund 42 Total investments 62,262 75,257 Analy$ed a8: Investment properties at fair value 25,586 33.330 Listed and other investments at fair value.. UK Other 27,491 7,271 23.964 16.112 34.762 40,076 Cash held for re-investment 1,914 1,851 62,262 75,257 Page37

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 13 INVESTMENTS (HELD AS FIXED ASSETS} (continued} Cash held for re-investment is held for short term as a matter of timing difference whilst funds are re- invested and also as part of the portfolio's strategic management Movement In fixed asso1 investmonts {2022} Frèohold investment properties £000 Listed and other Investments £000 Cash held for r•- Investment £000 Total £000 Market value at 1 October Add.. Addit￿nS at cost Less.. Disposal proceeds Inetl Net {bssesllgains for year 33,330 40,076 5,519 1,851 63 75,257 5,582 {9.012) 1,268 {6.368) {4.4651 115,3801 {3,1971 Market value at 30 September 25,586 34.762 1.914 62,262 Movement In Ilxed asset invostmonts (20211 Comparative figures for the prior year are as follows.. Freehold investment properties £000 Lislod and other investments £000 Cash held for re- investmgnt £000 Total £000 Market value at 1 O¢tober Add.. Additions at cost Less.. Disposal proceeds Ineti Net gains for year 26,383 1,815 36.719 8.699 687 63,789 11,678 115) 5,149 {11.2111 5,867 {11,2261 11,016 Market valu• at 30 Septsmbor 33,330 40,076 1,851 75,257 The properties a￿ independently valued every year on the basis of open market value. In the year, Johnson Fellows and Nick Russell Associates undertook a full revaluation of the Trusys properties as at 30 September 2021 and a desklop revaluation as at 30 September 2022. Page 38

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 14 DEBTORS 2022 £000 2021 £000 Rentals receivable Interest and dividends receivable Prepayments and accmed income Other debtors 163 97 56 82 55 320 167 DEBTORS AFTER MORE THAN ONE YEAR Langley SUE Land Disposal 8.735 The Debtor after more than one year is in respect of proceeds from the sale of a parcel of land at Brockhursl Farm within the Langley Sustainable Urban Extension {SUE}. The sale agreement includes deferred payfflents at key project milestones le.g. planning consent, completion of the scheme). This land sale Gornpleted in De￿rnber 2021 and the amount held in the balanc8 sheet represents an estimale of the amounts re￿1vable from the developer in the next 5 years net of fees and associated expenses. 15 BANK BALANCES AND SHORT-TERM DEPOSITS 2022 £000 2021 £000 Short-temi deposits CutTenl accounts Petty cash 655 647 208 1,303 499 Page 39

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 16 ANALYSIS OF CURRENT LIABILITIES AND LONG-TERM CREDITORS 2022 £000 2021 £000 Creditors under one year Charitable grants payable Rental income invoiced and payable in advance Accruals Taxab'on and social security Other creditors 998 166 128 24 120 1,030 160 217 16 92 1A36 1,515 2022 £000 2021 £000 Creditors due after one year Retentions Charitable grants payable 10 139 149 198 FINANCIAL INSTRuME￿[s 2022 £000 2021 £000 Financial assets.. Fixed Ass&t Investments at fair value Debt instruments measured al arnortised cost 34.762 40,075 137 35.026 40,212 Financial lialilities meaSU￿d at amorbsed cost 1.396 1,537 Page 40

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 Restricted Unrestricted Endowment Charitable Fund Fund Designated Cyclical Envlronment Repair Management Fund Fund £000 £000 18a FUNDS12022) Extraordinary Repalr Fund Total £000 £000 £000 £000 Balanc8 at 1 October 2021 Restated Income Expenditure Gains I (Losses) on investments Tfansfers 66,644 4,808 3,109 289 74,850 2,344 (1,7311 2,344 11851 (2,7451 14521 2,716 13.1971 (2,469) 1289} 42 Balance at 30 Septsmber 2022 63,714 7,685 42 72.081 Restricted Endowrnont Fund UnrestriGted Charftable Fund Designated Extraordinary Cyclical Repair Fund Ropair Fund 18b FUNDS120211 Re-stated Totsl £000 £000 £000 £000 £000 Balance at 1 October 2020 In¢ome Expenditure Gains on investments Transfers 57,127 3,988 2,912 289 64,316 1.756 {1,8921 1.153 1,756 {2,2371 11,016 1345) 9.863 11971 197 Balance at 30 September 2021 66.644 4.808 3,109 289 74.850 The Ersdowment Fund represents those assets which rnust be held pemianently by the Trust. principally investments. Income arising on the Endowment Fund can be used in a¢¢ordan¢e with the objects of the Trust and is included as Unrestrict￿ income. Any capital gains or losses arising on the investmenls form part of the Endowment Fund. Investment management charges relating lo the Endowment Fund have been Charged agaillst the Endov4rnent Fund. The Endowment Fund includes Almshouse fixed assets as a 'functional permanent endowmenf, and depreciation and impairment of these assets has also been charged against the Endowment Fund. The Charity'5 Almshouses, in¢luded at a value of £1,046,00012021.' £640,ODOI within the permanent endowment, are regarded as fvn¢tional endowmenl assets. The Trust is required in accordance with the Scheme to maintain a fund for the extraordinary repair, improvement or re-building of the Almshouses and other property belonging to the Trust. The level of this designated fund is regulady reviewed by the Trustees and is set at a level to cover al least five years, planned maintenance expenditure (including irrecoverable VAT and inflation). Amounts are transferred to meet expenditure which may be required in the future. The Trust may maintain a Cycl￿al Maintenance Fund as an optsonal reserve in accordance with its Scheme. The Trust agreed in 2022 to merge this into the Extraordinary Repair Fund. In 2022 the Trust also established a designated Environment management Fund to be used for maintaining the Trust's rural and woodland estate Page 41

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 19a ANALYSIS OF NET ASSETS BETWEEN FUNDS120221 Restricted Endowment Fund Unrestricted Charitable Fund D85ignated Extraordinary Environment Repair Fund Management Fund Total £000 £000 £000 £000 £000 Tangible assets Investments Current assets Long tem assets Current liabilities Long term liabilities 1,046 56.398 24 6.289 (33) (10) 1,046 62,262 1,623 8,735 {1,436) 1149} 5,182 1.599 2.446 11.403) 11391 42 Total net assets 63,714 7,685 640 42 72.081 19b ANALYSIS OF NET ASSETS BETVVEEN FUNDS12021 re stated) ComparatDye figures for the prior year are as follows.. Restricted Unrestricted Endowment Charitable Fund Fund Designated Extraordlnary Cycllcal Repalr Fund Malntenance Fund Re-stated Totsl £000 £000 £000 £000 £000 Tangible assets Investments Current assets Current liabilities Long temi liabilities 640 75,257 666 11,5161 {198) 68,190 11471 {2,039 3.669 814 523 {1981 3,109 289 Total nel a$set$ 66,644 4,808 3.109 289 74,850 Page 42

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 20 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET G4SH FLOW FROM OPERATING ACTIVITIES 2022 £000 2021 £000 Net {expenditure) l Inc(￿8 (pgr SOFA) Adjustments for: Depreciation and impaimient charges Investment managers, fees Losses l {gains) on investments Dividends, interest and rents from investsnents Ilncrease) In debtors Increas8 in creditors 12.7691 10,535 48 137 3,197 12,128) 18,888) 128 203 140 (11,0161 {1.529) 1231 Net cash used in operating a¢tivilies 1102751 {1,6221 Page 43

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 21 PRIOR YEAR ADJUSTMENT Following a detailed review in the year, including specialist financial and legal advice the Trust changed ils accounb'ng policy to include all the Almshouse built estate within the Permanent Endowment fund as 'functional pemianent endowment, rather than within the Unrestricted Charitsble Fund with associat&J depreciation and impairment also being charged lo the Endowment Fund. The Prior year adiuslment to record this policy change has no impact on the overall assets of the Trust, but changes the allocation of assets and reserves be￿een funds as sel out below.. At 30 September 2021 At 1 October 2020 Restricted un￿strICted Endowmenl Charitable Fund Fund £000 £000 Restricted Unrestricted Endowment Charitable Fund Fund £000 £000 Totsl £000 Total £000 Reserves positlon Funds prevlougly reported Adlustments on restatement: Record Almshouse assets as functional Endowment Assets 68,108 6.742 74,850 58,393 5.922 64.315 (1,4641 (1,2671 1.267 Fund8 re-3tated 66,644 8.206 74,850 57,126 7.189 64.315 The effect of this accounting policy change is that Almshouse Improvement and Security Equipment asset5 with a value of £2,446,000 {2021'. £2.002,0001 were transferred from the Endowment Fund to the Charitable Fund. This transfer was matched by an equivalent transfer of long-temi assets from the Endowment Fund to the Charitsble Fund. Restricted Endowmenl Fund £000 Unrestricted Charitable Fund £000 Impa¢t on income and expenditurg Year to 30 September 2021 Totsl £000 Net income as previousty reported 9,715 820 10,535 Adjustmonts on restatemgnt Depreciation on Almshouse Fixed Assets Charged lo Endowment Fund instead of Charitable Fund Impairment of Almshouse Fixed Assets Charged to Endowment Fund Rather Than Charitable Fund {441 {153) 153 Nol in¢omo a6 ro4tstgd 9,518 1,017 10,535 Page 44

Sutton Coldfield Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2022 22 CAPITAL COMMITMENTS 2022 £000 2021 £000 Authorised and ￿ntracted for but not provided for in the financial statements. 443 17 The ￿MMItsDent for capital projects of £443,000 at 30 September 2022 is in respect of Phase 2 of the Trust's Almshouse wind¢)w, bathroom and kitchen replacement programme. 23 OPERATING LEASES At 30 September 2022 the future minimum lease payments due to the Trust under non4ancellable operating leases are as follows.. 2022 £000 2021 £000 Expiry date: Due within 1 year.. Land and buildings 701 694 Be￿een 2 and 5 years.. Land and buildings 1,400 1,581 More than S years.. Land and buildings 41,234 41,404 The above figures include rental income from 2 properties, both with lease terms of 999 years. The total due to the Trust in respect of these properties is £40,305,00012021." £40.347,000) Page 45