2024-04-05-accounts

THE GRIMMITTTRUST Annual Report Year Ended.. 5th April 2024 Charity Number.. 801975

The Grimmitt Trust Index Trustees, Annual Report Reference and Administrative Information Report of the Independent Auditor )tatement of Financial Activities 3alance Sheet 10 Statement of Cash Flows 11 Notes to the Financial Statements 12

The Grimmitt Trust TRUSTEES, ANNUAL REPORT TF eTrustÈes prosent thoir aniiual report and linJncial stJtements of the charityfor the year ended sih April 2024, TF e financial stateinents have been propared in (iccordance with the Statoment of Recommended Practice: A( counting and Ileporting by Charities preparing tlioir accounts in accordance with FRS 102,. Fi nancial Reporting Stindard applicable in tlie UK and Republic of Ireland and the Charities Act 2011. Objectives and Activities for the Ptjblic Benef it TF e objective of the Trust is tlie encouraging and strengthening of local communities, together with an awareness of national and i nternational I'osponsibilities particularly thoso within the active interests and geo8raphic31 areas of the Trustees, and of tho l<ite Connexion group om ployees. The goographical areas are determined by the Board of Trustees and reviowed periodically. Curreiitly the areas covered a re Birmingham, Dudley, Wolverhampton and Walsall postcode areas. The Trust does not normally support national charities, CICS or social enterprises. Tk e Trust's activitios aro grant maliing and this is achieved by generating investment income from both quoted ar d unquoted endowiTrent invostnieiits. The Trustees aiin to distribute the income received net of governance ar d support costs in each reportlllE period, and succcss is measured oli this basis. Tke aiins of tho Trust aro to coiiliiiLie yi'dllt makine ijclivities Lind to grow the income Eenerated from investments to maintain the future moni)t,'Iry vJlue ol grants paid iii roal terms. Ttr e Trustees have referred to the guidance containLd iii tho Charity Commission's general guidance on public bc nofit when reviewing Ilio'l'rust's aiims and objectlVQs in setting tho grant malcing policy for the year. Grant Making Policy Tke Trust has establishod a grilllt making policy to acliievo its objectives for tho public benefit. The benoficiaries ar 3 charities, orgèiiisations and individuals who seek funding for projects or activities in the following areas.. Ccmmunity, Children & Youth, Culturo & Education, Modical, Elderly and Ovorse3S. Tke Trust wèlcomes initial coiitact from aiiy organisatlDn or iiidividuals interosted in mal(ing applications. The Serretary will advise on thÈ best way to mal<e a grant request and to ensure the necessary information is included. AF plications from orEanis¢ltlOlls must demonstrate that the uses to which any grants received are for the benefit of projects and activitlL'5 in tlic) IL i-ecls Outlined above. Where they are not the ultimate beneficiarie5, organisations awlyii)g must also con fi riii tliolt tl)oy ddli?I'o to tlie curi'ojnt guidance cin public benefit. Athievements and Perforillance Trust proce55ed 227 a pplicatioiis during the year12023.. 2331 and made 185 grant awards12023.. 1921 to-.alliiig £324,510, a decrease of 2.0°A from 20231£331, 1001. See note 6 for analysis of the grants awarded. rk¢ Trustees have maintained grants in lino with not income for 2023 and aim to do so for the foreseeable future. Tl Trust supports a variety of differont charities where the core activities and geographical focus meet the ?Ljectives of the Trust. Details of graiits above £2,000 are Set out in note 7. Tlie Trustees consider this to provide 3 [,ood represoiitatior) of tlic orgonisations supported during the reporting period. Tl COVID-19 pandemic sigiii licantly ii'npacted the Jclivities of many of the charities the Trust supports, with many charities havi n6 to loo1< for altornative ways to deliver sorvices and support, or substantially reduce the e-vices they offered. Tliis lia5 been furtlier impacted by the effective banlrsily.

-he Grimmitt Trust Financial Review The Trust's total incoming resources have increased by 31.20/, from the previous year to £430,78612023'. £328,266). This was largely due to £IOO,000 dividend being recoived from the unquoted investment in Kite Connexion Holdings Ltd in 202412023.. £01. The quoted investments achieved an avera£e income yield of 2.5% 17023.. 3.kl and the value of the quoted investments increased by 8. Iyo over the reporting period to £12,998,543 7023.. £12,024,457). The Trust holds accumulation units within the quoted invostment where income is reinvested in the fund rather than paid out. Based on the valuation and yield at the reporting period end, a Jditional income in the region of £53,00012023.. £51,000) could be received by converting these units to income paying units. Administration and govcrnance costs increasod by 23.5Yo to £46,13712023'. £37,396) during tho financial year. This was due to higher administration costs resulting from increasod Socrctary and Treasurer fees due to handover of these roles, and increased governance costs. Overall, thoro wore not incoming resources of £60,139 12023.. £40,230 outgoing), which, with tho increaso in valuo of investm?nts of £1,039,086 resulted in an overall irKre2se in funds of £1,099,225. See note 8 for investmo.nts breal(down. Investment policy TF e Trust's overall invostment policy is to protect the real valuo of capital over the long term and to generate ome sufficient to be able to maintain a broadly consistent level of grant giving. Day to day investment reiponsibility is delegatod to CCLA Investment Management Ltd using poolod invostment vehicles, which aim to maximise total return5 and protoct tho long-term value of the investment in real terms. CCLA operate a clearly defined ethical policy, details of which can be obtained from their website. R￿erVeS policy Th J Endowment fund represents capital funds established by the founder with tho gift of 50°A of tho i5suod ordinary share capital of Welconstruci Group Limited, which was sold in 2006. As a rosult of a demergor of part of thdt company, it also received a 50Yo holding in l<ito Connexion HoldinB5 Limited, the non-trèding holding company of Kite Connexion Limited 2nd its subsidiary. The value of the Indowmont fund is £13,294,59312023.. £17 255,5071. The income arising from the resulting investments IS transferrod to unrestricted funds. The Trustees annually review the level of reserves retained in unrestrictod funds, which aro retained to the extent corisidered necessary to ensure that adeqLJate funds aro available to cover future unforeseen eventualities. The valije of unrestricted funds is £547,62812023-. £487,489). Risk Management ThE Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established appropriate systems and procedures to manage those risks. The Trustees consider the variability of investment returns and dividond income on the endowment to constitute the charity's major financial risk. The Trustees have appointed professional investment managers and adopt a wel -diversified portfolio to mitigate this risk. The quoted investment is an actively managed multi-asset fund and is diversified by asset type, geography and by sector. The risk to income is mitigated by the Trust's quoted invE5tments being managed on a total return basis providing the Investment Managers flexibility to maintain and groiv income. Only a small amount of the Trust's grants awarded are multi-year grants, thcrefore the Trust has the Floxibility to maintain grants in line with income received. The Trustees have established the Finance and Investment Sub Committee IF15CI comprising Trustees and others wittr relevant expertise to oversee investment porformance and advise the Trustees. Plans for the Future The Trustees plan to continue the grant giving activities and maintain the current objectives and grant making policy.

The Grimmitt Trust Structure, Gove¥nance and Management Tkie Trust is a charitable trust esta blished under a trust deed originally dated 24 January 1986 and amended by deed of variation dalod 28 June 2007. The Trust was ostablished to perpetU2te the Founder's family and cc mpany's traditioiis of tithinE. Tl)e initial endowinent comprised 500/0 of the share capital of the Welconstruct C(Impany Limitod, wliich was sold i i) 2006. Tlie Trust does not actively fundraise and seeks to continue the ctrarilable worl( desired by tho Founder through tlie careful stewardship of its existing resources. TF o existing Trustoes appoint iiow Trustees for an init131 period of five years after which they may put themselves fo-ward for re-appointni2iit. Tlio I'i'ustpes give of tlieir tiime freely and no Trustee remuneration was paid in the yEar. Dotails of Trustpe expeiises aiid related party transactions are disclosod in note 13 to tho 2ccounts. Trustèes ap required to d isclose all rLiIc'viL nt iiilerosts and register therm with the Secretary. At the Trustee nieetiiiLJs held threo timi's a yoar, tho Truslces aEree the bi-oad strategy and aroas of activity for th 2 Trust, including consideration of gi-ant makiiig, investment, rostrrves, ris1( ma nagemont policies and pcrformance. Tho I'rust has LsILiblisliL>d the followiiiE sub com Inittoes.. Grants Sub Committee IGSCI. This comm itteo meets three times a ycar prior to the main Trustee meetings to C￿SIder grant applications th<lt liave been researched by the Secrotary and to mal(e recommendations for fu iding. The GSC are authorised to agroe grants up to the value of £1,200 without Board of Trustee approval pr or to paymont. A full list of Iliese grants is roported to the Board of Trustees Meeting. Grantr above £1,200 re ]uire authorisation by tlie 13oard of 7'rustees. Firiance and Investment Sul) Coniinittee I IISCI. This committee ovorsees the financial stability of the Trust, including management of tho ondowinent invostiments, reviewinE the level of reserves, scrutiny of its operating funds, revenues and expensL'S. Tli- Board keei)s the 51(ill I'pquirenieiits of tlie TrusteLJ5 under review and provides induction procedures relevant to the new Trustees, individLllr I l(nowlodge and und('.rstandinE. Trustee training is made available to all Trustee5. Th- Trustees are rosponsi blL. fo)r ovorall govei-nance ènd review the Policies and Practices of the Trust annually.

The Grimmitt Trust Pieference and Administrative Information Charity Registration Number E01975 F rincipal Office 151b All Saints Road Kings Heath Eirmingham B14 6AT Email.. [e-mail]. uk Eiquiries should be made to the Secretary at tho correspondence addross= PO Box 18605, Birmingham B37 9ES o" via email. F¢)under P W Welch Trustees C E Chase SLDav P Hynan E Pardoe PJPSmith T N P Welch-chair V Welch S. Wilkey Secretary K lirice TrJasurer A'Neir ACMA, CGMA ALditor Fo-vis Mazars LLP 30 Old Bailey. London. EC4M 7AU Bankers Bank Limited 25 Kings Hill Avenue. Kings Hill, West Malling. Kent. ME19 4TA S0￿cItors Shakespeare Martineau No I Colmore Square. Birmingham. B4 6AA Investment Managers CCLA Investment Management Ltd On• Angel Lane. London. ECLR 3AB

Tie Grimmitt Trust Responsibilities of the Trustees Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fa r view of the disposition of the fuiid èt the end of tl)e financial year and of the financial transactions for the yÉar. In preparing those fiiiancial statemonts, the Trustees are required to: select suitable accouiiting policies and then apply them consistently make judgements and estimates that are reasonable and prudent state whether applicablo accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the finaiicial statements on tho basis that the Trust will contin ue in operation unless it is inappropriate to presuine this Trustees are responsi ble for Iieeping propor accouiitiiig records to enable them to ensure that the financial stc tements comply willi Ikio SIEltement of IlecomniL'nded Practico and tlie Cliarities Act. They are also responsible for safeguarding the asslits ol Ilie 'frusi, eiisuri ng IhL'iI' propor application under charity law, and hence for taking stc ps for the pi'evention aiid dctoction of fi.aud and other irreEularitios. Siyed on behalf of tho Trustees on I li t. kj L( LL._ 02 0.?. 2Q- TN Pwelch Chair

The Grirnmitt Trust Ir dependent auditor's report to the Trustees of The Grimmitt Trust Cljinion irt'e have audited the financial statements of The Grimmitt Trust Ithe 'charity'l for the year ended 5th April 2024 ich comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to tk e financial statements, including a summary ol Slgnif icant accounting policies. The financial reporting framowork ttr at has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includirlg FP,S 102 "The Financial Reporting Standard applicable in the Ul( and Ropublic of Ireland" (United Kingdom Generally Ai=cepted Accounting Practicel. In our opinion, the financial statemonts.. gi rfe a true and fair view of the stato of the charity's affairs as at 5th April 2024 and of its income and expenditure for tho year then endod,. hcve been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and hcve been prepared in accordance with the requiroments of tho Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statemonts section of our report. We aro independont of the charity in accordance with the ethical reluirements that are rolevant to our aLJdit of the financial statemonts in the UK, including the FRC'S Ethical Standard and we havo fulfilled our othor ethical responsibilities in accordance with tliesp requirements. We believo th 3t the audit evidonce we have obtained is sufficient and appropriate to provido a basis for our opinion. Ccnclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of ac.=ounting in the preparation of the financial statements is appropriate. 8aied on the work we have performed, we have not identifiod any material uncertainties relating to events or coiditions that, individually or collectively, may cast signiticant doubt on tho charity's ability to continue as a going co icern for a period of at least twelve months f rom when the financial statements aro authori5ed for issue. OLr responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Ot1er Information Th i Trustees are responsible for thc other inforniation. The other information comprises the information included in the annual report, othcr than the f inancial statcments and our auditor's report thcreon. Our opinion on the fin3ncial statements does not covcr the other information and we do not oxpre55 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in do., ng so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially m isstated. If we identify such material incJnsistencies or apparent material mi55tatements, we are required to determine whether there is a material miJStatement in the financial statements or a material misstatement of the other information. If, based on the w￿k we have performed, we conclude that there is a material misstatement of this other information, we are rec uired to report that fact. Wf have nothing to report in this regard.

Tie Grimmitt Trust atters on which we are roquired to roport by exception In light of the knowlodgo a nd understandir)g of the charity and its environment obtained in the course of the audit, w? have not identified material misstcltemeiits in tho Trustees, Report. e have notliing to roijort iii respect of the following matters in relation to which the Charities IAccounts and Reports) Regulatioiis 2.008 require us to report to you if, in our opinion.. tFt information given in tlie li nancial statements is inconsistent in any material respect with the Trustees, Report,. or S￿fIcIent accounting records liave not been l<ept,' or th. financial statements are not in agreement with the accounting records,. or we have not received all the iiiformation and explanat'ions we require for our audit. Responsibilities of Trustoes As explained mor'e fully in tlie Trustees, responsibilities statement set out on page 5, the Trustees are responsible fo- the preparation of tho fiiiancial statements and for boing satisfied that thoy give a true and fair view, and for su-h internal coiitrol as tho Triistops dolermine is no'cessary to eiiablo the preparation of financial statements that ar+3 free from material misstatemeiit, whetlier due to fraud or error. In Jreparing tlie fiiiaiicial statL)InentS, tlie Trustees are responsible for assessing the charity's ability to continue as a [.oing concerii, disclosinE, as ai)plicable, matters relatod to going concern and using the going concern basis of aci=OUllting unless the Trustoes either intend to liquidato the charity or to co3se operations, or have no realistic altsrnative but to do 50. Al￿lItOr'S responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Ac- and relevèiit regLilation5 made or having effect thereunder. Our objectives are to obtaiii reasonable assurance about whether the financial statements as a whole aro free from material misstatement, whethL'r due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a liigli lovel of assuraiice but is not a guarantee that an audit conducted in accordance with ISAS IUI<I will always dctect a niatcrial misstalenient whcn it exists. Misstatements can arise from fra ud or err)r and are considered material if, iiidividually or iii the ciggregato, thoy could reasonably be expected to influence the economic decisioiis of users Icil(eii on tlie bJ5is (Jf tlie financial statements. rrf gularities, including fi-aud, are iiistances of non-compli2nco with laws and regulations. We desi8n procodures in , inc with our responsibilitie5, OLltlined abovo, to dotoct Inaterial misstatements in respect of irregularities, including raud. Based on our understandiiig of the charity and its activities, we identified that the principal risl<s of non- conpliance with laws and rLBulations related to fraud and money laundering, and we considered the extent to vvhLch non-compliance might have a material effect oli the financial statements. We also considered those laws anc regulations that have a diroct impact on the propriration of the financial statements, such as the Charitie5 4ct Ive evaluated the Trustees, and manic Eemont's incontivo's and opportuiiitics for fraudulent manipulation of the f ncncial statements lincludi ng Ilio risk of override ol controls) and determ i ned that the principal risks were related tj Fnanagement bias tl)I'ough jud8oiTroiits and assumptions in significant accounting estiinates, in particular in

Signed: ~~— Drise~~ David Hoose (Sep 23, 2024 15:28 GMT+1)

David Hoose

09/23/2024

The Grimmitt Trust STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE A£COUNT) TH FI)R THE YEAR ENDED 5 APRIL 2024 Unrestricted Endowment Funds Funds Total Funds 2024 Note Total Funds 2023 Income (Note 21 Investiment incoine Transfer between fuiicls Total income 430,786 1430, 7861 430,786 328,266 420,786 430,786 430,786 328,266 Expenditure on charitable activities Children and Youth Community Cultural and Education Elderly Individual Medical and Health Jversea5 rotal expenditure 82,324 167,108 56,632 15,444 851 24,541 23,747 370,647 82,324 167,108 56,632 15,444 851 62,317 172,603 66,522 15,848 24,541 23,747 370,647 32,427 18,779 368,496 ot income/lexpenditurel before .iains and1055es on investmLnts 60,139 60.139 140.2301 et Eain oli i nvestinents et expenditure and net ovement in funds 1,039,086 1.039,086 1555,358) 60,139 1,039,086 1,099,225 1595,588) Pieconciliation of funds Total funds bought forward Total funds carried forward 487,489 12,255,507 547,628 13,294,593 12,742,996 13,842,221 13,338,584 12,742,996 The Stoteiment of Fi nancial Activities includes all gains and10ssos in the year. All activitles relate to continuing c pErations.

The Grimmitt Trust BALANCE SHEET TH AS AT S APRIL 2024 Note Unrestricted Endowment Funds Total Funds 2024 Prior year 2023 Fixed Assets Investments 385,950 13,294,593 13,680,543 12,641,457 Current Assets Debtors Cash at bank and in hand 83,394 88,483 83,394 88,483 80,739 31,262 Total Current Assets 171,877 171,877 112,001 Liabilitie5 Creditors falling due within one year io 110,2001 110,2001 {10,462} Net Current Assets 161,677 161,677 101,539 Net Assets 547,627 13,294,593 13,842,221 12,742,996 Funds li Expendable endowment Unrestrictod incomo funds 13,294.593 13,294,593 547,627 12,255,507 487,489 547,627 Total Charity Funds 547,627 13,294,593 13,842,221 12,742,996 .pproved by the Trustees on C)2 . 07 . and SIEned on their behalf l.(J .f. bull LL TNPWelch -Trustee ?oOfy PGPSmith -Trustee A Weir -Treasurer io

T1e Grimmitt Trust STATEMENT OF CASH FLOWS FI)R THE YEAR ENDED 5 APRIL 2024 Note Total funds 2024 Ptior year 2023 Cash flows from oporatiny activitios: Net Cash used in opor2tinE activitios 12 1373,56SI {367,024) Cash flows from investing activities,. Interest and dividends Proceeds from sèle of investments Purchase of Investments Net cash provided by investin£ activities 430,786 328,266 430,786 328,266 Change in casl) and cash oq uiva lents in the year 57.222 (38.7581 Casli and cash eqLiivalent bouglTrt forward 31,262 70,020 Cash and cash equivaloiits carried forward 88.483 31,262 li

The Grimmitt Trust NOTES TO THE FINANCIAL STATEMENTS TH FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES lal Basis of re aration and assessment of oin concern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction valuo unless otherwise statod in tho relevant notolsl to theso accounts. The financial statements have been prepared in accordance with tho Statoment of Recommended Practico.. Accounting and reporting by charities preparing their accounts in accordance with FRS 102.. linancial Reporting Standard applicable in the UK and Republic of Ireland (September 20151 and the Charities Act 2011. The trust constitutes a public benefit entity as dpfined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next roporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust aro the level of investment return and the performance of investment markets Isee the investment policy and performance and risk management sections of the Trustees, annual report for more informationl. Funds structure Tho endowment fund, which 15 expendable, comprises the shares in Kito Connexion Holdings Limited, which 'Jwere initially gifted to tho Trust, together with the proceeds of Sale of the sharos in Welconstruct Group Limited, also gifted to the Trust bLJt which wero sub5equpntly sold. Incomo arising from the endowment investments is transferred to unrestrictod f unds unless applied for reinvestment purposes. The endowment fund is not restricted. -he Unrestricted funds comprise those funds that the Trustees are froe to use for any purpose in furthorance of the charitable objectives. Further details of each fund are disclosed in note 11. Income reco nition .11 income is recognised once the trust has entitlement to the income, it is probable that the income will be r3ceived, and the amount of income receivable can be measured reliably. Intore5t on funds held on deposit is included when receivable and the amount can be measured reliably by the 4arity,' this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised c￿ce the dividend has been declared and notification has been received of the dividend due. This is normally Lyon notification by our investment advisor. 12

The Grimmitt Trust endituro reco nition Lijbilities aro recognised as expenditure as soon as tliere is a legal or cor)structive obligation committing the trust tc that expenditure, it is probable that sottlemont will bo required, and the amount of the obligation can be rr. easured reliablv. All expenditure is accounted for on an accruals hasis. All exponses including support costs and govornance costs are allocated or apportioiied to tlie applicable expeiiditure headings. For more information on this attribution rEfer to If) below. G,-ants payable are paymonts Inado to third partio.q in the furtherance of the charitable objects of the trust. Grants are recognised wlicn & uiliorisod by tlie TrLlStoLis and paid. Multi-year grants Ipledgesl are subject to the r￿lpI￿nt fulfi Iling conditions I'or future payments. Futuro pledged payments are recognisèd in the period that the future payment is aLlthorised by the Trustees following receipt of a satisfactory progress report. Irrecovera ble VAT Irrecovorablo VAT is cliargod against the expenditure heading for which it was incurred. Allocation of su porl Liiid . aovernance costs Swport costs have beon alloc,Ited between govorncliice costs and othor support costs. Governance costs comprise all costs involvinby tlie public <)ccountability of the charity and its compliance witli regulation and good practice. Those costs iiicludo tlTrose related to statutory audit and any legal fe@5 together with an apportionment of overhead and suppoi't Costs. Gcvernance costs and support Costs relating to charitrjble activities have boen apportioned based on the number of individual grant awards macle in recognition tliat tho administrative costs of aw3rdin& monitoring and as: essing grants Ji-e broadly equiviE lent. The allocation of support and governance costs is an21ysed in note 6. Igl Charitcible activities "ts of charitable activitios i nclLJde grants made, governance costs and an apportionment of support Costs as shown in note 6. Ihl Fixed assot invostmpiits np5tment5 are a form of basic fin3ncial instrumont aiid aro initially recoEnis¢d at their transaction value and uk 5equently measured at tlieir fair value as at the balance sheet date using the closing quoted market price I mKI-pricel from tlie Investmont Managers, nearest v3 l uation prior to lor atl year end. The Investment MMagprs prepare weolcly investinent valuations and a calendar month end valuation. The statement of financial act vities includes the net Earn5 and losses arising oli revaluJtiDn and disposals throughout the year. pic. Trust doe5 iiol ocqui I"0 iiut 01)Ii01is, derivatives or other complex financial instruments. The main form of finc ncial risk facod by tlic, cli¢Jrily is tliat of volatility i n equity marl<ets and investment marl<ets due to wider E ccnomic coiidi lioiis, the <lttilLide of investors to investment risl<, and chaiiges in sentiment concerning equities nc within particular sectors or SLib sectors. Gains and lossos 11 gains and losses are taken to the Statement of Fiiiancial Activitie5 as tliey arise. Realised gains and losses on investments are calculatL)d as tho diff'orencc betweoii salos procoeds and tlioir opening carrying value or tl)eir pur-hase value if acquirod SLibso'queiit to tho first day of the financial year. Unrealised gains and105ses are cilculated as the differoiice betwoen tlie fair va l ue Jt trie yoar eiid a nd thcir carrying value. Realised and u ir3alised investmcnl gciins ancl10sSLbS (ire coinbinod in the Statement of Financial Activities. 13

The Grimmitt Trust Basis of consolidation The Trustees do not consider the Trust's 500A investment in Kite Connexion Holdings Limited to constitute that of an associated undertaking or subsidiary, as they do not exert signif icant influer)ce or control over the company. Ikl Critical mana ement ud ements and estimates When preparing the financial statements, the Trustees and management make a number of judgements, estimates and assumptions on the way in which assets, liabilities, income and expenditure is recognised and measured. These include the valuation of unquoted investments in Kite Connexion Holdings Limited which are recognised at a valuation based on the estimated share of net assets. 14

The Grimmitt Trust PREVIOUS YEAR DETAILED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment Funds Funds Total Funds 2023 Income Investment incomo Transfer between funds Total income 328,266 1328,2661 328,266 328,266 3?.8,266 328,266 Expenditure on charitable LlCtivitiÈs Children and Youtli Community Cultural and Education Elderly Medical and Health Overseas Total expenditure 62,317 172,603 66,522 15,848 32,427 18,779 368,496 62,317 172,603 66,522 15,848 32,427 18,779 368,496 Not income/lexponditure} and net movement in funds bofore gains and losses on investments 140,2301 140.230) Not gains on invLJStmonts Net movement in funds 1555,3581 140,2301 1555,3581 1555,358} {595,588) qeconciliation of funds rotal fuiids bought foi-ward Total funds carried forward 527,719 12,810,865 481,489 12,25.5,507 13,338,584 12,742,996 15

The Grimmitt Trust PREVIOUS YEAR DETAILED BALANCE SHEET Unrestricted Funds Total Funds 2023 Endowment Fixed Assets Investments 38J,950 13,924,865 14,310,815 Current Assets Debtors Investments Cash at bank and in hand 80,535 31,262 80,535 31,262 111,797 111,797 Total Current Assets Liabilities Creditors falling due within one year 111,7321 111,732} Net Current A55ets 100,065 100,065 Net Assets 486,015 13,924,865 14,410,880 Funds Expendable endowment Unrestricted income funds 13,924.976 13,924,976 557,303 557,303 Total Charity Fund5 557,303 13,924,976 14,482,279 INVESTMENT INCOME 2024 2023 qccrued income at 5, April 2023 ncome received in reporting period .Iccrued income at 5 April 2024 I ncome retognised in the Statement of Financial Activities Interest on cash deposits received Other income received otal Income -80,739 428,010 83,394 80,942 328,289 80,739 430,665 328,086 121 180 430,786 328,266 16

The Grimmitt Trust GOVERNANCE AND SUPPORT COSTS Governanco Costs 2024 2023 Audit fee and related costs Trustee moeti ngs Trustee expensQS Total 10,200 493 9,000 604 46 10,693 None of the Trustees received any remuneration in their capacity as Trustee, No expenses were p2id to Trustees in 202412023.. £461. Support Costs 2024 2023 Seeretarial fee Treasuror fee Otlier support costs Total 26,370 6,200 2,874 35,444 20,037 5,848 1,861 27,746 Ot ier support C05ts comprise [Jonoral dèy-to-day expenses incurred in the operation of the trust and grant giving aclivities. Total Costs 2024 2023 overnance costs upport cost5 otal Costs 10,693 35,444 46,137 9.650 27,746 37,396 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Grwts awardod aro analyscd by tl)e following activitie.£. The activity to wliich a grant is allocated 15 determined ty the Trustoes, a55essmoiit of wliere the recipieiit's core activities most closely matches the activity selected. 2024 2024 Total Numborof Grant5 Grants Paid 2023 2023 Total Number of Grants Grants Pald Ciildren and Youth C)mmunitv CJlture and Education E derly Irdividual edical ersea5 Total 41 87 29 72,100 145,410 49,400 13,200 600 21,300 22,500 324,510 35 95 34 io 55,500 154,100 59,900 13,900 13 14 29,700 18,000 331,100 185 192 17

The Grimmitt Trust Analysis of Expenditure on Charitable Artivities Grant Funding of Governance ActivitiL's Costs Support Costs 2024 Total 2023 Total Children and Youth Community Culture and Education Elderly Individual Medical Overseas Total 72,100 145,410 49,400 13,200 600 21,300 22,500 324.510 2,369 5,030 1,676 520 7,855 16,668 82,324 167,108 56,632 15,444 851 24,541 23,747 370,647 62,317 172,603 66,522 15,848 1,724 193 2,490 958 35,444 751 289 10,693 32,427 18,779 368,496 Wo costs incurred are diroctly attributable to a single activity. All costs are apportioned on the basis of number of grants awarded. ANALYSIS OF GRANTS Summary Grants Paid by Recipient Type 2024 2023 Institutional Individual 323,910 600 331,100 Total 324,510 331,100 Recipients ot Institutional Grants 2024 2023 Emmanuel Church Bentloy PCC Christian Aid t Martins Youth Centre <treet Teams 1,11 We Can ids UK Trust rk Comminity Church SC Eirmingham Ilippodrome Theatre Trust A TTrne's Hostel irmingham PHAB Carnps Tie H05pice Charity Partnership <3cia Tie Haven Wolverhampton B!yond the Horizon Charity B rmingham Churches Together- Restore BJDS Cian8e Brlef Therapy Dirlaston Youth Centre G Jese Theatre Company N.3rthoK Sparkhill Royal Shakespeare Company 10.000 10,000 9.000 7,500 7,500 7,500 5,000 5,000 5,000 4,Jroo 4,000 4,000 3,500 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3.000 10,000 7,500 5,000 2.500 5,000 5,000 2,000 5,000 3,000 3,000 3,000 3,000 3.000 3,000 3,000 3.000 3,000 3,000 18

The Grimmitt Trust qydors Green MLJtliodlst Day ConliL' ipiilire Advice & Svpport Service ve Drook Scholarship Fund 3irmliigham Contrc lor Arts Tlierapy nunity HA Communities leddiicli Whoels Projecr lakara Bakory Projoct -he Gap .Icorns Childron's Hospice I"entre lor Movomcnt Disordors NICI ,4omostart Birmiiigliani Tanieside 3,000 3,000 3,000 3,000 3,000 3,000 3.000 3,000 2.500 2,500 2,500 2,500 3,000 3,000 2,000 3,000 2.500 liii85taiidins ftet'eneraiion Trusi uddeii Produclioi)5 andwoll HomtslL'ss aiid Rosottlomoni ProjL'ct riie Giving Hangs Mlssion C850 nowbi8in Commtiiiily frust 2,500 2,500 2,500 2,500 2,000 2,000 2,500 2,500 2.UOO 2,000 2,000 2,000 2,000 2.000 2,000 2,000 2,000 2,OUO 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,UOO 2,000 ?.,000 2,000 2,ODO 2,000 2,000 2.000 2,000 I'onbridge Gorge Musourn Friory Pork iloxiiig Cltib Ealsall Heath CATS EIftCH LirminBham Sainariian5 lartinoau Gardens rrs Lane CotsTrselliDg Contre Eodford Childron's Farm Edwards Trust ris Neiglibour Scheme K nEswood Trust 8 O Services Paacemake15 ￿j￿ell Saloto Colloge Toi)Lya Suiging Medicine Ilx Carliedral Spvr14Lifo 51 Gilos Horpiie 2,000 2,000 2,000 2.000 2,000 2.000 2.000 2,000 2.000 2,000 2,000 2,000 2,000 2,000 2,000 Tho Dorotliy P3rks CL Tltro Tlpe Miiry StevL'liS H05PICQ Tl e RL'covor¥ FoundJlioii Tk o Wompii & F4milies Rc50urie Coiilre Bi-mlnEliair Womon'5 ènd Cliililrcns >lospit31 Charity Tk o Jericho Foun¢l3tion M dlanils Art Centrc Bi-minEham Sottlcmei)t O.. IAusic Ccmpton Care Al Saints Youtli Project Arawiin- Flirminehaiii's CLJntre for Woincn CrrtraidE (Mutual Aid) 2,000 2,000 2,000 10,500 4.000 3,500 3,500 3.000 3,000 3,900 3,000 3,000 3,000 3,000 3.000 3,000 3.000 3,000 3.000 3,000 2,500 2.500 2,500 2,500 2,500 2,200 2,000 Fa_'lier Fludson's Caro Gi gal Birrningliam Gcud Sliepherd Ministry Hcme from H05piIIE I N&v5tarts Se'i¢rn VJllL'y ft4ilway Chariic1ble Uriver511y of WolvorliEiniproii Wplcome Group Fl3lc)sowen Blcck Couiiiry LIvi1i8 Muscuni klcoo Projects 5ei'Èi)th Day Advciilisi Church The Shakespear 14ospic Sl Fraiicis Youih & Coinmunity Contre 19

The Grimmitt Trust Birmingham ftepertory Theatre Di53bility Resource Centre L3neslield Mothodist Church Moseley Road Baths NICE- The Centre lor Moverment Disordors Rape and Sexual Violence Project Sandwell Youth in Action Smethwich Horitage Centre Trust St Germain's Church St Maiws Handworth The Feast Univ&rsity of Birmingham Women and Theatre Grants of less than £2,000 not detailed Total Grants 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2.000 2,000 2,000 2,000 2,000 2,000 97.400 331.100 109.510 324,510 The Trustees consider grants of £2,000 and above as material for individual disclosure. The Trust has authorised future grants, which are subject to the recipient fulfilling certain conditions. The Trust's oolicy is that these future grants are recognised in the yoar paid following roceipt of an application for payment and a progress roport domonstrati ng satlsfactory performance to date. Payment of tho grant is subject to authorisation by the Trustees. Tho total amount authorised bL4t not providod for as expenditure at 5 April 2024 is --012023.' £41,000). FIXED ASSET INVESTMENTS 2024 2023 Cost Quoted investments.. 4,029,928.99 Units COIF Charities Ethical Investment Fund 12,477,128 12,477,128 Unquoted investments.. 25,000 Ordinary Ip shares in Kite Connexion Holdings Limited 250 250 Total investments at cost 12,477,378 12,477,378 2024 2023 arket Value Quoted investments.. COIF Charities Investment Fund Income Units 12,998,543 12,024,457 Unqvoted investments: At valuation (See below) 682,000 617,000 Total market value of Investments 13,680,543 13,196,815 The unquoted investment represents the Trust's 50°A holding in Kite Collnoxion Holdings Limited and its trading SL"bsidiaries Kite Connexion Lim ited and Static Safe Environment5 Limited. This has been included at Trustee5 Vc luation. The consolidated net assets in Kite Connexion Holdings Limited at 31 January 2024 amounted to £",705,000131 January 2023,. £1,543,000). 20

The Grimmitt Trust T he Trustees do not consider tlie invLJstinent constitutes that of ali associated undertaking, as they do not exert s'gnificant influence over this com paiiy. B econciliation in movement of Market Value of Invostmonts Quoted Invostments 2024 2023 Valuation b/fwd Investments purchased '.nvestments sold lealised gain on sale of investinonts levaluation daluation at Year End 12,024,457 12,601,815 974,086 1577,3581 12,998,543 12,024,457 Jnquoted Investments '/aluation blfwd Revciluation Ilaluation at Year E nd 617,000 65,000 682,000 595,000 22,000 617,000 DEBTORS 2024 2023 A=crued income from investments 83,394 80,739 Inwestment income cleclai-i¥d on 3 1, Mèrch 2024, payablo in May 2024. io CREDITORS FALLING DUE WITHIN ONE YEAR 2024 2023 .Iccruals 10.200 10.462 21

The Grimmitt Trust li ANALYSIS OF CHARITABLE FUNDS Analysis of Fund Movements Balance IncomL> Exponditure Gains and Losses Transfers Balance B/Fwd C/Fwd Expendablo endowment Unrestricted fund5 Total 12,255, Jf07 430,786 1430,7861 1,039,086 13,294,593 487,489 1370,6471 430,786 547,628 12,742,996 430,786 1370,6471 1,039,086 13,842,221 The Trustees have the power to spend tho capital of the expendable endowment and there is no restriction placed on the funds or incomo gonerated. The unrestricted funds are available to be spent for any of tho purposes of tho charity- bl 12 RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movoment in funds Investment dividends and interost received Deduct Igainsl l add back losses on investments Decrease / lincreasel in debtors Increase / Idecreasel in creditors 1,099,225 1430,7861 11,039,086) 12.6551 12621 1595,5881 1328,2661 555,358 203 1,269 Net cash used in operating activities {373,5651 {367,0241 13 RELATED PARTY TRANSACTIONS The founding director of Wolconstruct Group Limitod formed the Trust and JO°A of that company's share capital was gifted to the Trust as an endowment. Following a de-merger in 2004 the Trust acquired a 500A holding in Kite Connexion Holdings Limited, the non-trading holding Company of Kite Connexion Limited and Static Safe Environments Limited. Two Trustees are directors of Kite Connexion Holdings Limited and its trading subsidiarie5. Three Trustees are shareholders of Kite Connexion Holdings Ltd. £IOO,000 dividend was paid in the reporting period from Kite Connexion Holdings Limited12023'. £01. In the reporting period expenses payments to Trustees totalled £012023: £461. Trustee expenses incurred but not claimed in the financial year totalled £012023: £01. Certain Trustees of The Grimmitt Trust are also Trustees of other charities to which the Trust makes grants. Procedures are in place to ensure these Trustees are not unduly influential in the decision to award grants to these charities. 22