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 banl<ruptcy of Birmiiigham City Council,
lili the associatod dilficultios that iiiaiiy local cliaritios now faco. Whilst the number of grant requests and
am'ards made durinE tIILTr yoar wore still below pre-pa ridoinic levels, Trustees consider it a Major achievement to
hci¥e maintainod yraiil giviiiF IL'vels iii tho lace of tJdvo>rsily.

-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.. admin@grimmitt-trust.org. 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