THE GRIMMITt TRUST Annual Report Ih Year Ended: 5 Aprll 2023 Charity Number: 801975 The Grimmltt Trust Index Trustees, Annual Report Reference and Admlnlstratlve Infomiatlon Report of the Independent Auditor Statement of Flnanclal Actlvltles Balance Sheet io Statement of Cash Flows li Notes to the Flnanclal Statements 12 The Grimmitt Trust TRUSfEES' ANNUAL REPORT The Trustees p￿ÈnttheIr annual report and flnanclal statemènts of the charity for the year ended S Aprll 2023. The flnanclal statements have been prepa￿ Sn accordance with the Statement Df Recommended Practlce.. Accountin8 and Reportlng by Char￿1*$ prepzrin8 their accounts In accordance with FRS 102-. Financi31 Reportin8 Standard applicable in the UK and Republic ol Ireland Iseptember 20151 and the Charitles Act 2011. Obhttlws and Aetlvttlèsft•r the Publk Benefft The objective of the Trust Is the encouragln8 and Stren￿henInI of local communltles, together wlth an awarenes5 of natlonal and Internatlonal responslbllllles partl¢ularly those wrthln ihe aaive Interests and geographlcal area5 of the Trustees, and of the Klte Connemlon group empl¢)yees. The geographlcal areas are determined by the Board of Trustees and reviewed periodkalty. cUrren￿V the areas covered 3re Blrmin8ham, Dudley, Wolverhampton and Walsall postcode are85, The Trust does not nom￿lty sYPPQrt n?tlonal charltles, CICS or soclal enterpris•5. The Trust's actNitles are grant maklng and thls Is achleved by Beneratln8 investment Income from both quoted and unquoted Èndowment investments. The Trustees alm to dlstrlbute the Income receSved net of qovernan¢e and support tosts in each reporting perlod, and su¢tess is rne•sured on thls basls. The alms of the Trust are to contlnue grant maklng act5vttles and to 8rowthe Income 8eneratèd from Investments to malntaln the future monetary value of grants pa¢d In real terms. The Trustees have refe￿ed to the ¥uldance contslned In the Charlty Comm1551on's 8eneral Buldance on publ1¢ beneflt when revlewlng the Trusvs alms and oblettlve5 In 5ettln8 ihe 8rant maklng pollcy lorthe yeAr. Grjht M•kln8 Polkv The Trust has establlshed a grant makln8 polltyto achleve Its oblectlves for the public beneflt. The beneflclarles are charltles, organisatlons and Indlvlduals who seèk funding for prolects or actlvitles In the followln6 areas.. Communltvi Chlldren & Youth, & Educatlon, Medlcal. Elderly and Over5ea5, TheTrust welcomes Inltlal contact from any oT8anlsatlon or Indlvldua15 Interested In makln8 appllcatlon5. The Setretary wlll advlse on the best way to make a 8rant request and to ensure the necessary Inforniatlon Is Included. Appllcatlons from organlsatlons must demonstfate that the uses to whl¢h any8rants recelved are forthe beneflt of projects and activStles In the areas outllntd above. Where they are not the ultlmate beneflclarles, or8anlsatlon5 apptylng must also confirm that they adhere to the Current 8uldance on publlc beneflt. Achlevements •nd Perfomi•n The Trust proce55ed 233 appllcatlons durln8 the year12022.' 2131 and made 192 grant 3ward$12022.' 1691 totalllng £331,IixI. an Incre?5e of 7.5% from 20221£308,IWI. See note 6 for analysls of the grants awarded. TheTrustees have malntalned grants In Ilne wlth net Income for 2023 and alm to do so for tht forè5ee3ble future. TheTrust supports a varlety of dlfferent ¢harltle5 where the core activstles and geographlcal f¢xus meet the objective5 of the Trust. Detalls of grants above £2,0￿ are set out In note 7. The Trustees conslder this to provide good representation of the or8anisations 5UPPOrted durin8 the reportln8 perlod. The COVID-19 pandernK 518nlfScantly impa¢ted the a¢tivltSe5 of many of the charltles the Trust supports, with many charitles having to look for alternatlve ways to dellver seNlces and support, or substantialfy reduce the 5ervlces they offered. Whllst the number of 8rant requests and awards made durlng the year were Still below pre- pandemlc levels, the Trusree5 CODslder It a major achlevement to have dlstrlbuted the hlghest total annu81 grant distrlbutlon on record. The Grimmltt Trust Flnanclal Revlèw The Trust's total Ineomlng resource5 have decreased by 11.5% from the previous year to £328,26612022.. £371,244). This was due to no divldend belng received from the unquoted Investment In Klte Connexion Holdlngs Ltd in 202312022.. £50,000). The quoted Inv￿tmentS achleved an average incorne yleld of 3.0%12022: 3.3%) and the value of the quoted Investments decreased by 4.6% over the reportin8 perlod to £12.024,45712022'. £12,601,8151. The Trust also holds accumulatlon unlts wlthln the qu¢)ted lnvestTh￿nt where income is reinvested In the fund rather than paid out. Based on the valuation and yield at the reporting period end, additSonal Income In the re8lon of £51.00012022.. £55.3551 could be recelved by convertlng these units to income payin8 units. Admlnistration and governance costs Increased by 11.5% to £37,3%12022.. £33.5401 durlng thè financial year. Thls was due to hi8her administration costs resultln8 Irom an increase in appllcations and actlvltles (previous year lower due to reduced appll¢atlons and artlvities durin8 the COVID-19 pandemic), and Increased 8ovefnance costs. Overall. there werè net out8oln8 resources of £40,23012022: £29,584 Incomln81, whlch, wlth the decrease In value of Investments of £555,3S8, resulted in an overall decrease In funds of £595.588. See note 8 for Investments breakdown. Inv•stm•nt poll¢v The Trusvs overall Investment poll¢y Is to protect the feal value of capltal overthè long term and to 8enerate Income sufflclent to be able to malntaln a broadly conslstent level of grant gtvlng. Day to day investment re5ponslblllty Is delegated to CCLA Investment Mana8ement Ltd uslng pooled Investmènt vehlcles, which alm to maximlse total return5 and protect the lon8-term value of the Investment In real terms. CCLA operate a ¢learlv d*flned ethl¢•l pollcy, detalls of whlch c•n be obt•lned from thelf webslte. R•MMs poII¢v Th* Endowment fund represents capltal funds establlshed by the founder wlth the glft of 50% of the Issued ordlnary share capltal of Welcon5truct Group Llmlted. whl¢h was sold In 2rxJ6. As a result of a demerger of part ol that company, It also recelved a 50% holdin8 In Klte Connexlon Holdings Limlted, the non-tradSn8 holdln8 company of Klte Connexlon Ilmlted and Irs subsldlary. The value ol the Endowment lund 15 £12,255,50712022'. £12,810,865). The Income arfslTrg from the re5ultin8 Investments Is transferred to unrèstrltted funds. Tho Truste•s annually rtviw the level of re$eTras retaln•d In unreStrIct￿ fund5, whl¢h are retalned to the èxtènt consldered necè55ary to ensure that adequate funds are 3vaSlable to cover future unforeseen eventualltles. The value of unrestricted funds Is £487,48912022'. £527,719). Rb5k Manaiement The Trustees have ￿nSIdered the malor rlsks to whl¢h the ¢harity1s exposed and have revlewed those risks and e5tab115hed approprlate systems and procedufes to mana8e those rlsk5. The Trustees conslder the varlablllly of Investment returns and divldend Inwme on the endowrnent to constltuie the charltrfs major financlal rlsk. Th• Trustees ha¥e appolnted professlonal investment managers and adopt well-dlversified portfolio to mltlgate th55 rlsk. The quoted Investment Is an actlvely managed multl-asset fund and Is dlverslfied by asset type, geography and by sector. The rlsk to Income Is mltlgated bythe TrusV5 quoted Investments being mana8ed on a total return ba515 pr(widing the Investment Managers flexibility to mairbtain and 8row Income. Only a small amount of the Trusfs grants awarded are multi-year grants, therefore the Trust has the flexlblllty to malntsin grants In line with inwme received. The Trustee5 have e5tabllshed the Flnance and Investment Sub Commlttee IFISCI comprlslng Trustees and others with relevant expertise to oversee Investment performance and advlse the Trustees. Plans for the Fytyr• The Trustees plan to contlnue the grant giving a¢tlvbtles and malntain the current objectivès and grant makin8 pollcv. The Grlmmltt Trust Structure, Govern•n￿ and Management frust is a charitable trusl estsbllshed under a trust deed ori8Snally dated 24 January 1986 and amended by deed of Vaflatlon dated 28 June 2CK17. The Trust wa$ •stabllshèd to perpetuate the Founderfs famlly and companvs tradition5 of tithin8. The initlal endowment comprised 50% of the share capital of the Welconstruct Cornpany Limited, whlch wa5 501d In 21J06. The Trust does not a¢tivelyfunilraise and seeks to contlnue the charltsble work desired by the Founderthrough the careful 5tewardshSp of Its exlstlnl resources. The ex15tln8 Trustees appolnt new Trustee5 for an Initial perlod ol five years after which they may put themselves forward for re-appointment. The TTUStees glve of thelr tlme freely and no Trustee remuneration was paid in the veaT. Detalls of Trustee expenses and related party transactioni are disclosed in note 13 to the accounts. Trustee5 are requlred to dlsdose all relevant interests and reglsterthem with the Secretsry. At the Trustee meetln85 held three times a year, the TTu5tees agree the broad strategy and areas of actlvlty for Ihe Trust, Includln8 conslderatlon of grant makln6, Investment, reserves, r15k manaBement pollcles and performance. The Trust has established the followin8 Sub commlttees.. Grants Sub Commlttee IGSCI. Thls com￿ttee meets three tlmes a year prlor to the m?ID Trustee meetln8S to on51der 8rant appllcatlons that have been researched by the 5e¢retary and to make recommendatlons for fvjndlng. The GSC are authorlsed to a8reÈ 8rantS UP to the value of £1.200 without Board of TTUStee approval prlor to payment. A full list of these 8rants Is reported to the Board of Trustee5 Meetlng. Grants above £1,200 requlre a(rthorlsatlon by the Board of Trustees. Flnance and Investment Sub Commlttee IFISCI. Thbs commlttee oversees the financlal stablllty of the Trust, Includln8 mana8ement of the endowment investments, rèvlèwln8 the level ol reserves, scrutlny of Its operatln8 fvnds, revenue5 and expenses. The Board keep5 the sklll requ1￿MentS of the Trustees under revlew and provldes Inductlon procedures relevani to the new Trustees, Indlvidual knowled8e and understandSn8. Trustee tTalnln8 Is made avallable to all Trustees. Thè Trustees are responslble for overall Bovernance and revlew the Pollcle5 and Practlces of the Trust annuallv. The Grimmitt Trust Reference and Admlnlstratl¥é Infomi•iiorh Charlty Re6lstratlon Number 801975 Prlnclpal Offlc• 151b All Saints Road Kln8s Heath 8irmin8ham 814 6AT Emall.. admln@8rlmmltt-trust.or8.uk Enqulrles should be made to the Secretsry at the prlnclpal office orvla email. Founder Pwwelth TruA••i C E Chase SLDay T L lones ADOwènOBE E Pardoe PGPSmlth T N P Welch- Chalrman S J Wllkey 5¢Gret•ry V Welch TMasur•r M P W1150n ACMA, CGMA Audltor Maiars LLP 2 Chamberlaln Square. Blmilngham. B3 3AX 8•nkers CAF Bank Llmlted 25 Kln8s Hill Avenue. Kings Hlll, West Mallln8. Kent. ME19 4TA Soll¢ltor$ Shakespearé Martlneau No I Colrnore Square. 8lrmlngham. 84 6AA Investmenl M4nager5 CCLA Investment Management Ltd One ATr8el Lane. London. EC4R 3AB The Grfmmitt Trust Regponslblllfles of the Triisiees Charity law requires the Trvstees to prepart financial statements for each flnanclal year, whlch glve a true and falr vlew of the dssposition of the fund at the ènd of the financial year and of the financial transactions for the year. In preparin8 those financial statements. the Tru5tee5 are requlred to.. select SU￿ble accountln8 pollcles and then applythem conslstentfy makeludgements and estlmate5 that are Teasonable and prudent state whether applicable accounting stsndards have been followed, 5ublert to any rnaterial departures dlsclosed and explaln*d in the financial ststementS prepare thè flnanclal statements on the basls that the Trust wlll contlnue In operatlon unless It15 Inappropriate to presume thls The Trustee5 are respon51ble for keepSng proper a¢countln8 records to enable them to ensure that the financlal statements comply wlth the Statement of Recommended Proctice and the Charities Act. They are also responslble for safe8uardln8 the assets of the Trust, en5urfng thelr proper appllcatlon under charlty law. and hen¢e for takln6 Step5 for the preventlon and detectlon ol fraud and ot￿r irr4ularltleg. Slgned on behalf of the Tnjstees on (tr.1. 23 TNPWelch Chalm)an The Grirnmitt Trust Ihdependeht •udliorfs reportto the Trurtees of The Grlmmltt Trust Opinlon We have audited the financial statements of The Grimmltt Trust lthe'charlty'l for the year ended 5th April 2023 whlch comprlse the Statement of Flnanclal Actlvltles, the Balance Sheet. the Statement of Cash Flows and notesto thè financial statements. Includln8 a summary of significant accountlng polkles. The financial reporting framework that has been applled In thelr preparatlon Is appllcable 18w and Untted Klngdom Accountlng Standards, Includln8 FRS 102'The Flnanclal Reportlng Standard applicable in the LIX and Republlc of Ireland" Iunlted Klngdom Generally Accepted Accountlng Practlcel. In our oplnlon, the flnancSal ststements.. glve a true and falr vlew of the State of the charbty's affalrs a5 at 5th Aprll 2023 and of Its Income and expendlture for the year then ended; havè been properly prepared In accordance wlth Unlted Klngdom GenerJlly Accepted Attountlng Prartl¢e; and have been prepared In accordance wlth the requlrements of the Charftles Art 2011, 8J5h for oplnlon We conduded our audlt In accordance wlth Internatlonal stsndard5 on Audltin8 IUKI11SA5 IUKII and appllcable law. Our responslbllltles under those standaTds are further descrlbed In the Audltor's responslbllltles for the audlt of the flnanc5al statements sectlon of our report. We are Independent of the charSty In accordance wlth the ethlcal requlrements that #re relevant to our audlt of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard and we have fulfllled our other ethlcal re5ponslbllltles In accordance wSth these requlTements. We belleve that the audli evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon, Concluslons io 8obni cfjnc•rn In audltln8 the financlal statement5. we have concluded that the Trustees. use of the 8oln¥ ¢on¢ern basls of accountln8 In the pieparatlon of the flnanclal statements Is approprlate. Based on the work we have performèd, we have not Identffled any materlal uncertalntles relatlng to events or condltlons that, Indlvldually or ¢ollectlvely. may cast sl8nlflcant dovbt on the charlty'5 gblllty to contlnue a5 • 8oln8 concern for a perlod of at least twelve month5 from when the flnanclal ststements are authorlsed for Issue. Our responslbllltlèi and the respon51bllltSes of the Trustees wlth rèspett to 8olng ¢oncem are dexribed in the relevant section5 of thls report. Oth•r Inlormltbon The Trustees are responslble for the other inforrnatlon. The other Informatlon comprlses the Informatlon Included In the annual report, other than the flnanclal statements and our audltorfs report thereon. Our oplnlon on the flnanelal statements does not cover the other Informatlon and we do not expre$s anyform of a$5urance ¢onclvslon thereon. In connection with our audit of the financial statements, our responsibility is tD read the other inform?tion and, in doing 50, consider whether thp i)ther information is materially inconsistent w5th the hnan¢lal st•temgnts, or our knowledBe obtained in the audit or otherwlse appears to be materlally misststed. If we Identify such Material Inconslstencles or apparent material misstatements, we are requSred to determlne whether there Is a materlal mlsstatement In the financial statements or a matèrlal mlsstatemÈnt of the othèr Information. If, based on the work we have perfomied. we conclude that there Is a materlal misstatement of thls other Infoimatlon, we are requlrèd to report that fact. We have nothlngto report In thls regard. The Grlmmltt Trust Matters on whl¢h we are requlredlo report by extewion In Ilght of the kDgwled8e and understanding of the charity and its environment obtalned In the tourse of the audit, we have not Identified material Misstatements in the Trustees, Report. We have nothing to report In respert of the following matters in relation to whith the Charltie5 (Accounts and Reports) Regulations 2008 require us to report to you If, In our opinlon= thè Informatlon glven In the financlal statements Is Snconslstent In any materlal respect wbth the Trustees, Report,. or sufflclent acco¢Jntln8 records have not been kept.. or the fingn¢lal Statements are not In agreement with the accountlng records.. or we have not retefved all the Informatlon and explanatlons we require for our audlt. R•sp¢nslbllStl¢s of Trust• As explalned more fully In the Tru5tee5' re5pon51bllltles statement set out on page 5. the Trust￿ are responslbl• for the preparatlon of the flnanclal statements and for belng satlsfled that they 81ve a true and falr vlew, and for suth Internal control as theTru5tees determSne Is necessary to enablethe P￿paratIon of financlal ststemenls that are free fiom materlal mlsstat*m*nt, whether due to fraud or error. In preparlnB the flnanclal ststements. the Tru5tee5 are responsible for asses51n8 the charlvs abllity to continue as • golng ￿n￿rn, dlsclosln8, as ippllcable, matters related to golnl concern and uslng the 8olng concern basls of accountlng unless the Trustees elther Intend to Ilquldate the charity or to ￿se operatlons, or have no realistlc alternative but to do 50. Audltorfs M%ponslbllttkn lorth• •udft of th• fln•nclal Mai•m•nts We have been appolnted as aud6tor under ge¢rlon 144 of the CharFtles Art 2011 and report In accordance wlth the Act and relevant regulatlons made or havln8 effect thereunder. Our oblectlve5 are toobtaln reasonable assuranu about whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to15sue an audltorfs report that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurante but Is not a 8uarantee that an audit conducted In accordance wSth ISAS IUKI wlll always detect a materlal m15Statement when it exists. Misstatements can arise from fraud or error and are consldefed maierlal If, Indivlduallyorln the a8gre8ate, theycould reasonably beexpected to Influence the economic declslons of users taken on the ba519 of the financlal statements. Irre8ularltles, Includlng fraud, a￿ Insiances of non-compllance wtth laws and Tegulatlons. We de51gn procedures In Ilne wlth our responslbllltles, outlined abovt. todetect material misstatements in respect of Irre8ularltle5, Includlng fraud. Based on our understandln8 of the charity and Its a¢tlvitie5, we identified that the principal rfsk5 of non- compllance wlth laws and regulation5 related to fraud and money launderln& and we consldered the extent to whlch non-compllance mlght have a Mate￿al effert on the flnanclal statements. We also consldered those laws and re8ulations that have a dlrect impart on the preparatlon of the flnancial statements, such as the Charltles Act 2011. We evaluated the Trustees, and mana8emenVs intÈntl¥es and opportvnltles for fraudulent manlpulatlon of the financial statements lindudin8 the riskof overrlde of controls) and dEtermined thatthe principal ri5k5 were related to management boas throu8h lud8ements and assumptions In significant accounting estimates, in partlcular In The Grimmitt Trust relatlon to Investment valuatlon. the rlsk of fraud In revenue recognlti¢)n In relatlon to cut off, and 518nlflcant one- off or unusual transactlons. Our audit procedures were deslgned to respond to those identffied risks, Sncluding non.compllance wlth law5 and regulatlons Ilrregularttbesl and fraud that are mateilal to the finanu31 statements. Our audit procedures included but were not Ilmlted to= Dlscussing with the Trusttes and management thelr pollcSes and procedurès TÈ8ardin8 compllance with laws and re8ulatlons,' Communlcating identified laws and regulatlons throughout ourengagement team and remaining alert to any indlcaiions of non-compliance throughout our audlt,. and Con51dering the rlsk of acts by the charity whlch were contrary to applTr¢able law5 and reoulatlons, Includln8 fraud. Our audlt procedures In relatlon to fraud included but were not Ilmlted to: Maklng enqvlrles of the Trustees and management on whetherthey had knowledge of any actual, suspected or alleged fraud; Galning an understsndlng Of the intemal controls establlshed to mltl8ate ri5k5 related to fraud,. Dlscussln8 amon8St the engagement team the rfsks of fraud,. and Addresslng thè rlsks of fraud throu8h management overrlde of controls by performln8 lovrnal entry testlng. There are Inherent 1Smltatlons In the audbt prOodu￿9 descrlbed above and the prlrnary responslblllty for the preventlon and detettlon of Irregularltles Includlng fraud rests wlth m4na8ernent. A5 wlth any èudlt, there remalned a rlsk of non-detectlon of irregulaTltle5, as these may In*KJlve colluslon, forgery, Intentlonal omlssSons, m15representailon$, or the ovtrrlde of Internal controls. A further descrlptlon of our responslbllltl*s for the audit of the financlal statements Is located on the Flnafttlal Reportlng Councll'5 webslte at vnyw.frc.or8.uvaudltoisresponslbllltles. Thls descrlptlon forms part of our audltor's report. use of th• avdlt rnport Th15 report Is made solely to the charlty's Trustees. as a body* In a¢¢ord4nce with Part 4 of the ChaT6tles IAccounts and Reports) Regulatlon5 2008. OUT audlt work has been undertaken so that we miaht state to the charlty's Trustees those matters we are requlred to State to them In an audltorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibillty to anyone other than the charlty and the charws Trustees as a body, for our audlt work, for thls repor¢ orfof ihè oplnlons we have formed. 518ned.. David Hoose lJul J, 2023 17..01 GMT+ll Mazars LLP Chartered Accountsnts and Ststutory Audltor First Floor 2 Chamberfaln Square 8irmln8ham 83 3AX Date: Jul 5, 2023 Mazar5 LLP is eliglble for appointment as auditor of the charity byvlrtue of its eligibility for appointment as audltor of a company under 5eEtioD 1212 of the Companie5 Act 2006. The Grimmitt Trust STATEMEKf OF FINANCIAL ACTIVITIES (INCORPOIIATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5-APRIL2023 Unr•strfct•d Endowment Tot•1 Fund5 Totsl Funds Funds Funds 2023 202Z INote 21 Income Investment Income Transfer between funds Total In¢ome 328,266 328,266 328266 371,224 328,266 328,266 328.266 J71,214 Expendlture on charltable actlvltles Chlldren and Youth Communlty Cultural and Educatlon Elderly Medlcal and Health Ovelseas Total expandltur• 62,317 172,603 66,522 15,848 32,427 18,779 368,496 62J17 1716Q> 66.522 15I48 31427 18,779 368096 66,255 131,575 54.856 17,087 28,080 43,787 341,640 Net Incom•ll•xp•ndltur•l b•for• Ins Jnd loM•g on In￿stMents 140,2301 140,2301 29,584 Net loss on Investments Met exPendI￿re and net movement In funds 555,358 555.351 1 114,111 140,2301 155S,3581 IS9SJ881 L143,695 Reconclllatlon of fund5 Total funds bought fO￿ard Totsl funds carrled forw*ttl 527,719 12,810,865 487,489 12,255,507 15.338.584 12.742 996 12,194.889 13.338,584 The Siaternent of Flnanclal Actlvbtles Includès all 8alns and losses In the year. All actlvitles relate to ¢ontinuln8 operatlons. The Grirnmitt Trust BALANCE SHEEr ASAT5- APRIL2023 Totsl Funds 2023 Prlor year 2022 Funds Endo¥fflient Flxed Assqts Investments 385,950 12.255,507 12.641N57 13,196,815 Currant Ass•ts Oebtors 80,739 31,262 40,739 00.942 70,020 Cash at bank and in hand Tothl Current AsBets I12,￿1 112.001 150,961 Ll•bllltles Credltors fallln8 due wllhln one year io 110,4621 110,4621 19,1931 Net Curr•nt AM•ts 101,539 104539 141,769 N•tAsi•ts 487,489 12,255,507 12.741996 11.338.584 Fundi Expendable endowment Vnrestrlcted Income funds li 12,255,507 112SS,507 11810.865 487,489 527,719 487,489 Totgl Chorlty Fwi 487,489 12,255,507 11741996 13J38.584 Approved by theTrustees on and 518ned on thelT behati (k.7.2 Wel -rrusteÈ PGPSmlth -TrustÈè M P Wllson -Treasurer io The Grlmmltt Trust STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023 Tgtsl funds 1023 Prforyear 2022 Cosh fiowsfrom 0￿￿tIn8 arti¥5tles: Not ¢•sh US￿ In Operati￿ artlvltles 12 1367,0241 1345AuI Cash flows from In¥•stinB •rtfvhl•s: Inte￿st and dlvlden*Js Proceeds from sale of Investfflents Purchase of Investments N•t (ash provlded by Snv•stlni acthiltl•s 328,266 371.224 12N77.128 111,477,128) 971,224 328266 Chani• In cwh and c•sh ffjufv•lents In thE￿ar {38,7581 25J06 Cash and eash equlvalent bought fopward 70mO 44214 C•sh and ush •qulval•nl¥ ¢•rrfed lorw•rd 70,020 li The Grlmmitt Trust NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5- APRIL2023 ACCOUNTING PIXICIES The flnanclal statement5 have been prepared under the historical cost conventlon wlth Items recognlsed at ¢05t or transaction value unles5 Otherwlse ststed In the relevant notelsl to these accounts. The financial statements have been prepared In accordance with the Statement of Recommended Praetite.. Attountln8 and reportin8 by charltle5 preparing their accounts In accordance wlth FRS 102.. Financlal Reportin8 Standard appllcable the UK and Republic of Ireland 2015 and the Charities Act 2011. The trust constltutes a pvbllc benellt entlty ￿ detlned by FRS 102. The Trustees conslder that thère are no materlal uncertalntles aboui the Trust'5 ablltty to contlnue a5 a golng concern. Wlth respect to the next reportlnl perlod, 2023-24, the most slgnlflcant areas ol uncertalnty that affect the cariyln8 value of assets held by thè Trust are the level of Investment return and the performance of Investment markets (see the Investment pollcy and performance and risk management sectlons of the Trustees, annual report for more Inlormatlonl. Ibl Thè endowment fund, whlchls expendable, comprises the shares In Klte Connexlon Holdlngs Llmlted. whlch were Inltlally glfted to the Tfust, together wlth the proceed5 of sale of the shares In Welconstru¢¢ Group Urnlted, also gifted to thè Trust but whlch were Subsequently sold. Income arlslng from the endowment Investments Is transferred to unrestrlcted fund5 unles5 applled for relnvestment purposes. The endowment fund Is not restrlcted. The Vnrestrlrted funds comprlse thosefunds that the TTu5tees are free to use for any purpose In furtherance of the charltable oblettives. Further detalls of each fund are d15c105ed In note 11. nc rec nltlon All Income Is retO8n15ed once the trust has entltlement to the Income, It Is probable that the Income wlll be re¢elved, and the amount of Income recelvable can be measured rellablv. Interest on funds held on deposlt 55 Included when recelvable and the Bmount can be measured rellabty by the charlty.. thls Is normally upon notlikatlon of the Interest pald or payable by the bank. Dlvldends are reco8nis•d once the dlvldend ha5 been declared and notificatlon has been received ol the dividend due. Thls Is nom)ally upon notlflcatlon by our Investment advlsor. 12 The Grimrnitt Trust Idl Ex nd(tU￿ reco nltlon Liabilities are recognised as expenditure as 500n as there is a legal or con5tfuctlve obligation committing the trust to that expenditure. it is probable that settl•ment will be required, and the amount of the obll8atlon EfAILED STATEMENTOF FINANCIAL Acrivm Unrestrlrted Endowment Total Fund5 Funds 2022 Intome Investmènt Income Transfer between lunds Totsl Income 371.224 371.2241 37L224 371,224 371,224 37L224 Expenditure on charltable actlvltles Chlldren and yO￿h Communlty Cultural and Eduatlon Elderlv edlcal and Health Overseas Tot•1 exp¢ndl￿rn 66,255 131,575 54,856 17.087 28.080 43.787 341,640 66,255 131.575 54,856 17.087 .080 43.787 341,640 Net Inwrnell•xp•ndltur•l and nqt movem•nl In lundi b•for• ylns *nd1055os on Irwestffl•nts 29,584 29,584 Net 8alns on Investments N•t movem•nt Sn funds 1,114,111 1,114,111 I IN,111 1.143.695 29,584 Reconclllatlon of fund5 Total funds bought forward Total funds ¢•rrl•d foTw•rd 498,135 11,696.754 S27 719 12 810,865 Il194 889 15 The Grlmmltt Trust PREVIOUS YEAR DEfAILED 8ALANCE SHEET Unrestrkt•d Fund5 Endowmqnt Total Funds 2022 Flx•d AH•ts Investments 385,950 12.810,865 13,196,815 Current A55•ts Oèbtors 80,942 70.020 .942 70,020 Investments Cash at bank and In hand 150,962 150,962 Totsl Curr•nt ￿1•11 UJbllltle5 Credltors falllng due wlthln one year 19,1931 19.1931 Net Curront As%•ts 141,769 141.769 527.719 12,810,86S 13,338.S84 Funds Expendable endowment Unrestri¢tèd Income funds 12,810,865 12,810,865 $27,719 527,719 Tot•1 Charlty Funds 527,719 12,810,86S 13,338,584 INVESTME14T INCOME 2023 2022 Accrued Income at 5 Aprll 2022 ncome recelved In r8portin8 perl(Nl Accrued Income at S, Aprll 2023 Income reCO￿lIed In th• St•t•merrt of FlTr•n¢hl Actlvhlqs 180,9421 328.289 80,739 328,086 176.5771 366,859 80,942 371,224 Inter•st on ¢•sh d•poslts r•c•lwd other Income rgcelwd Totsl Incom• 328.266 371,224 16 The Grfmmitt Trust GOVERNANCE AND SUPPORT COSTS 2023 2022 Audlt fee and related costs Trustee meetlngs Trustee expenses Totsl 7.800 173 604 46 7.973 None of the Trustees re¢elved any remuneration in thelr capaclty as Trustee. E¥penses totallin8 £46 were pald to 3 Tru5tee5 202312022: 01. support Costs 2025 2022 Secr*tarlal lee Treasurer fee Other 5UPPOrt costs Tot•1 20,037 5,848 1,861 17,438 5,570 2,559 25.567 Other support costs comprlse 8•neral day-to4ay expenses Incurred In the op•ration of the trust and grant qlvln8 ctlvltles. Tot•1 Costs 2023 2022 Governance costs Support Costs Totsl Costs 9,650 27,746 7,973 22,567 ANALYSIS OF EKPÉNDITUftE ON CHARITABLE AcnvtnES Grants awarded are analysed by the followlng actlvltles. The actlvSty to whlch a 8rant Is allouted Is determlned by the Trustees, assessment of where the reclpient's core actlvStles most closely matches the actlvlty selected. 2023 2023 T¢)tsl 2022 2022 Total Number of Grants Number of Gr•Thts Grants Grants P• Pald Children and Youth Communlty Culture and Educatlon Elderlv Medlc81 Overseas Total 35 95 34 io 14 55,5CKJ 154,IC#J 59,900 13,900 29.700 18.000 29 81 29 f4),500 115,500 49,100 15,500 25,500 13 192 17 The Grfmmitt Trust Anatysls of Expendhure on tharftable AcU¥ltles Grnnt Governancè Fundln8 of Costs Adl¥ltl•s Support 2023 Total Costs 2022 Total Children and Youth Communlty Culture and Education Elderly Medical Overseas Tot•1 55,500 154,100 59,900 13,9)0 29,700 18,L 331,1110 1,759 4.774 1,709 503 704 201 9,650 5,058 13,729 4,913 1,445 2,023 578 27.746 62,317 172,603 66,522 15,848 32,427 18,779 36B.496 66.255 131,575 54,856 17,087 28.080 43.787 141.640 No costs Incvrred are dlrtrtly *tiibutsble to a sIn￿e actlvlty. All cost5 are apportloned on the basls of number of grants awarded. ANALYSIS OF GRANTS S•Jmm•ry Grnnts Pald by R•clpl•nt Ty 2023 2022 Instltutlonal Individual lotol 131,100 307,LlXJ I,ioo 308,100 53 loo Mldl•ndsArt Centré Chd5tlan Aid StreetToa All We Can rmln¥him HlppodrthmeThEJtr?Tn*t SIAnnds Hostel The Hospke tharlty PArtnershlp Blrmin&fvam SEttlement '.Mus ComptoThC•M Ara￿9 All SalntsYou¢h Project An￿￿M-B￿nl￿8harn'5 C•ntrelorWome Beyont1 the Horlion Charfty 8lrmlntham thUrtheSTcwher-Re￿It BUDS Chan8e Br￿ Therapy DBrfastr•n Yoth Centre Entrakklmutual Aldl Father Hudson's Caie GeeseTheatre coM￿n¥ Blrm*4h4m G¢xJdShophord Mln15try HLsrne FrLvn HOSP￿•1 Home Start Birminiham North and NJrthex5parkhHI io,%x) I￿￿￿) 7,5L 4,51 3,fNJO J,5Tr1 3.srKI 3.urrf) 3.oc¥) 3,orK> 3,000 2,OOD 6,￿0 2mO 3,0 3,OC 3.oc 3,OiK) 2,000 18 The Grimmitt Trust Rryal SfvakespEareComp Ryders Green MÈthodtst O•yCehtfe S¢v*m volley8a1￿￿char1t1bhe Spitfire Adwce& 5uppDrr5erylce The Chambertaln Htshbtsry The fjap The HavenW£knrharttp VnlversityofWofvethamptUD WeltomEGroup HalESOW•Tr Acoms Chlldrgn's Hospke glotktountyy m￿seum HopE Projects Klds Tru# Klnlstsndlni Ae8ener&Yon Trust Seventh DayAdvfjntlit Churth Sudden Pr￿1￿￿0￿5 Thecotterldiecthurch ThtShaktspeai Hosp*É St Frinds Youth & ComrnuntyCMtr• J&all Hoaih CATS IRCH Irrnln4hém Chlldien'$ Hosp4t41 Ch•tlty Bltmln8hwm PHA8 Camps 81rmln$him Aepertory The•tr• Blrmin8ham Sthm4rltan5 Carr5 Lane Coun5•111n8 C•ntr• D1sgtrll￿ty￿lsOurt& C•ntr• O¢dford Chlldren's Firm EdwardsTru¥r E¥t Brook Schol¥￿h1P Futhd Karls Nelihbour5theme KlnqswoDd Trust Lane51ield Méthodlstchurth MarUn•au Garden5 Mos•l•y Ao•d &ths ICE-The Centrefor Mobwm•nt DIS¢￿0[$ Peacvmakers QueEn 5alote Col*Ton8• ftape Ind Se%uil Vk)kn¢eProfr&* 5an(tr*ell Hornele551nd Res￿*m*nt Prol•ct S•ndwell Youth In Actlon nllni Medl£ln• IEMththedral Smethwlth H￿￿￿c•￿￿•T1ult Sport4Llfe StG•rmaln's Church Stfjlles Hospl¢o 5t MirfsHanthYorth 5tsPPOrtThiou8fv CourteirrnlTr8ty•m The Doroth¥PirkJCentr• The Feast Tht GlvlnRw4ny Mthslon The Mary 5té¥ensHosplc• The RetoveryFtyJndation Un￿YrS5ty Df Blrrnln8ham Women andThe•tre LE8m1￿￿￿ Muslc BlmilnBharn WowD'>wnd ChI￿ren5 H05pltal Ch•rfty Frlendsof Chr15tthurth Garéens 3,OLh) 3,OLY> 3,OLKI 2.000 3.C¥)O 1,500 I,SOD 2.SCK) I5L¥J 2,5CQ 2,5 2,2C 2.000 2.OOD 2.000 2.DPP 2.000 2,000 io 2,000 2,000 2,000 2,000 2,000 IC4JD I,￿0 1000 2.fXIO 1.000 7,QOD 5.000 S.[￿0 Ovmin¢trOmCEn￿fDrArtsTherd Inun MH4 comM￿nIt￿5 MWNUK Reddltth Wheels Prolect St M4rtln5 Youth Contro TheAders WE'ARE- Wornen'$EmpowErmEnt& Aecuvery Educ*ors CBSO Llfe5prl 3,OQ) 3,000 3,000 3.000 2.500 19 The Grlmmltt Trust L0zelLsMcth￿1 thurth Better Pathways HALOW18lrmlwhaml Ifakara 8BkeryProJeLt Leop5 & e￿ndSTruSt Newbl¥ln CamrDunNyTruJt Oaortommwty Found•tton SIFAFiruWe 5T Rl¢h¥d's PCC The Cotterld8e Churdl Thejeilcho Found￿t￿)n Th•Sprfn8ndd Prolett ThrNe WAII Heath Ev¥n8ellcal Free thurch WqllSnnon Methothtst Church C•ntr• Wofverhampton¥outhZorto WomEn Actlnl InToday'sSodoty fjr•Thtsoll•¥th•n £2,fyX)Mtd•tsii•d TotsiGI*its 2.5(K) I,ofyJ 2,0 2,0 2,oriJ 2.oc 2.0 2.000 2,000 2,000 97JOO 33 100 The Trustees consider grants of £2,LIJO and above as materlal for Indlvldual dlsc105ure. The Trust ha5 authorised f￿Ure grants, which are 5ublert to the reclplent fulfllllng certaln condltlons. The Trust'5 pollcy Is thai these fvture Irants are reco8filsed In the year pald followln8 receipt of an appllcatSon for payment and a pro8res5 report demonstratln8 satlsfactory performance to date. Payment of the Brant Is sublett to authorSsatSon by the Tru$iees. The total amount authorlsed but not provlded for as expendSture at 5 Aprll 202315 £41,CQ)12022: £30,000). FIXEO ASSET INVESTMENTS 2023 2012 Cojt Quoted inve51ments'. 4,029.928.99 Units COIF chaT￿leS Ethlcal Investment Fund 12.477,128 12,477,IZ8 Unquoted Investmènis.. 25,OtKI Ordlnary Ip shares In Klte Connèxlon Holdln85 Llmlted 250 2SO Tot•1 Inwstments at co 12 773n 12 77.578 2023 2022 Marktt Valu• Quoted Investmènts.. CDIF Charltie5 Investment Fund Income Unlts 12.024,457 12,601,815 Unquoted Investments: At valuation (See belowl 617,CXyJ s95,￿0 T*)tsl matht ￿lue of hMstm•nts 12 641A57 13,196AIS 20 The Grlmmltt Trust The unquoted Inve5tmeni represents the TNsf$ 51YA hold1￿ In Kfjte Connexlon Holdlngs Umlted and Its tradlnB subsldlarles Klte Connexion Limlted and Statlc Safe Envlronments Llmfjted. Thls has been Included at Trustees, valuation. The consolldated net assets in Kite Connexron HoldlnBs Llmlted at 31 January 2023 amounted to £1,543,OCQ131 January 2022.. £1,488,000). The Trustees do not ¢onslderthe Investment constitutes th* of an associated undertakin& as they do not exert 5t8nificant influence over thls company. fteconclllatlon In mo¥em•nt otmwknl Value ol InY•slm•nts Quoted Investments 2023 2021 Valuatlon bl￿d Investment5 purchased Investments sold Rèallsed 8ain on Sale of Investments Revaluatlo V•lu•tlon otV•ar End 12,601,815 11.552,704 12,477,128 112,477,128) 924.424 124.687 12,601.815 1577.3581 12J)24A57 Un4yot•d Investments Valuatlon bl￿d Revaluation V•lu•tlDn •t Ye•r End 595,CQO 22,CXIO 617JJOO 530,01)J 65,(￿K$ DEaTOft$ 2023 20 Accru•d Incom• from InTMrtffl•nts 10,739 OOJ42 Investment Income declared on 31" March 2023. payable In May 2023. io CREDITORS FAWNG DUE WITHIN ONE YEAR 2022 Accruals 10,462 9.193 21 The Grimmitt Trust li ANALYSIS OF CHARITABLE FUNDS An•Fysis ot Fund Movements Balance BIFwd 6•lns Balan CIFwd In¢om• Exp¢ndllure Tran51ws Expendable endowmenr Unrestrirted fund5 Total 12,810,865 527,719 13 338 584 328,266 1328,2661 1555,3581 12,255.507 1368,4961 328.266 487,489 11741996 321.266 555 358 The Trustee5 have the powerto spend the capital of thè expendable endowment and there Is n festrlctlon placed on the funds or income 8enerated. The unre5trlrted funds are avallable to be Spent for any of the purposes of thè charlty. bl 12 RECONCILIATION OF NET MOVEMENYS IN FUNDS TO NET CASH FLOW FRQM OPERATING AcfivmES 2023 2022 Net movement Sn funds Investmént dlvldends and Interest recelved Deduct18bln51 l add back losses on Investments Decrease I Ilncrea5el In debtors Increasè I Ide¢reasel In credltors 1595,5881 1328,2661 555,358 203 1,269 1,143,695 1371,2241 11,114,111) 14,3651 587 N•tush u*d In operntlnl •ctlvStSes 13 RELATED PARTY TRAIISAcnoNS The foundlng dlrector of Wel¢onstrurt Group Umlted formed the Trust and 50%of that company's share capital was glfted to the Twst as an endowment. Followlng a dè-rnerger In 2￿4 the Trust acqulred a 50% holdln8 Iri Klte Connexlon Holdlngs Umtted. the non-trading holdlng company of Klte Connexlon Llmlted and Static Safe Envlronment5 Limited. TwoTrustee5 are dirertors of Klte Connexion Holdin8s timited and Its tradin8subsldlaries. Three Tru5tee5 are shareholders of Klte Connexion Holdln85 Ltd. No dlvidend was declared or pald In the reportlng perlod from Klte Connexlort Holdln8s Llmlted12022: £50.ODJI. In the reportln8 perfod expenses payments to 3 Trustees totallÈd £4612022.. £01. Trustee expenses In¢urred but not claimed In the flnanclal year totalled £13312022.. £01. ertaln Trustees of The Grlmmitt Trust are also Trustee5 of other charltles to which the Trust make5 grants. Procedures are in place to ensure these Trustees are not unduly Influential in the decision to award 8rants to these chèrltles. 22