h8rlty regIStraOn number 1062058 Company reglstratlon number 03339143 (England and Wale8} STEP DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
STEP DEVELOPMENT TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees J G sieOOd B Hor3nan D Pattersjn S Abrahams Key Managoment Personnel J Comer Iresigned 12 May 2023) K Hlbberd E Markham (appointed 11 April 2023) Charity number 12058 Company number 03339143 Registered offlce The Venue 650 Manchester Road Stocksbridge Sheffield Soutli Yurksl'ire S361DY Independent examiner H JonesAGA Hart Shaw LLP Europa nK Sheffield BLtsiness Park Sheffield Bankers Unity Trust Bank plc Four Brindleypla Brimingham 812JB
STEP DEVELOPMENT TRUST CONTENTS Page Trustees report Independent examin8rfs r8POrt Slalement of financial activltles Balance sheat Statement of cash fiows Notes to the financial statements 9-17
STEP DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The TrJslees. who are also directors Df the Charity foi Ihe purposes of the Companies Act 26, SLibmil theii annual report and the financial stalemerh18 for the year 8nded 31 March 2024. The accounts Comply with the Charities Act 2011. the Companie5 Act 201, the Memorandum and Articles af AssociatlDn, and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aGGoun15 in acco¥danc8 with th8 Financial Reportiig Stsndaid applicable In the UK and Republic of Ireland 'FRS 1021 (effective 1 January 2019)-. Oblectlves and activlties The principal objective uf the Charity is the o"omotion. fcr the public benefit, of urban and rural regeneralion in areas of social and Economic deprivation jparticulariy Slocksbridge). ST-P has developed a range Df regeneration aclivities to meet this objective inJuding. ChildGare and early years support lo families through a purFX)se bLJIIt $2 J.'ace day nursery and childcare centre under the Sure Start progratnm8. Learning, health social and educational activities through its programine of informal learning, community ellbeing and soc.ial activities al The VenLIe. Provision of managed workspace al the STEP Business Cent"e with 32 pUrpObu11I office and light industrial Crttalive arts piogrammes including yobng peDple"s activities al The Venue. a multi.purpose building for oininunity, perfomiance and social wellbeirg actibities. Providing opportunities for young people to petlorm and develop their rpiusical skills. Supporting local community grDJJS and offering Clunteery1g opportunities lo local residents. lacKling social isolatioii, londiness and cost of liviig 'i-Ip. offering space lo those in need of warrylh and iipporl, oiving locals a chance lo moel new people, play board ganies, aii(l join in other aclivilies. Si.ppniliiig local community g¥oup% and offeTing voluntee1.3 OPPDrtunilips to residp.nls. Public Bèneflt In selling plans and priorities for areas of worc, the Trustees of STEP Development Trust have had regard lo the guidancs frgw Ihe Charity Commi>sion of the provision of puNic beneftl. In particular, the Truste85 Gonsider iow plained aclivilies will contribute lo meeting the objeclives they have set. How STEP delivers ils principal charitable objective,. that of social and ecollomic regeneration in Stocksoridge and surroun¢Jing areas, is dèmonstrated in the above summary af STEP'S objectives and achi8V8fflen-.s against ihat Flan. Examples of activities are sel out In tris report. Thc PLJblic benefit arising fiom STEP'S ivork is implicit 11 tie services delivered and the aGGess lo Ihese by the local and sufroundlng communities thu5 assisting -.iem n their daily lives, providing oppoitunilies for personal development as well as social and econom benefits to tb.e 8rea
STEP DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achiovements and perfom)ance -overy from Ihe gltsbal pandetnic and into th The Charity continues to develop its Service offerings folloviing ils re- cost of living crisis, growing Is user base and slrenglhening 115 cash balan$ and rese-ves lost following the inipacl of Covid upon ils operations aiid the commijnily. In 2023 The Charity has furllier progressed its staled aim of financial indepenoe?ce and self-5uslainability, rerT'.oving the need "or grant and public subsidy tc lund it5 core operating cos15. The Charity allracts grants and other public funds lo deliver proi8Cts aiid services consis.enl lo its charildble ob eclives aiid ID 8UPPOrt Ilie sJslainabi1ity ol ils a%sels. The Charity's wholly oiviied trading subsidiary, SBFL lid.. generates trading income lo sJpport the Trusts operaliiig costs in order to pursue its cnarilable objects for public oanefit. SBEL has not generated a profil this year, however a plan is in place to rèturn Ihe subsidiary lo a n8t prcfil position over the next ¢?uple of years. During 2023 The trust has boTne significant in(xeasgs in staffi.ng. ulililies and olhei oper21ing costs arising from the nalioiial cost of living crisi5 which placed pressure on the ehanty's finar,ces over the p3sI year. Trustees have had no choice bul lo pa5$ cn some of Ikese increased cosls lo -Iislomers. However. li recogpilion of the impact on th8 commuiiily has conl,'nued lo keep cverall pri Increases. across ils facilrtie5 and services lo Eelow inflalion le.vels lo support service users, customers, lenanls and community o,-gani5ations. During the year the board recruited new senior staff includirg a dedicated finan ffjanager, venue manager and facilities maiiilenance staff folloiving the departure of long serving employees. In addition, dE4spile the qiiality of the rent appointments tye b¢?rd lias idèntified the need lo provide addilional senioi. execulive leadersliip and managenienl to suFport the staff and senior maragJnienl team, Irijslèes have 13ken E measured approach lo considering a rangLJ ul pulenlial recruitment ano 8rrploymenl Options given the complex range of services offered, required skillset and expertise required to effective5y pruvitje Ihe sonior Inaiiagemenl ai)d leadership role. o.lowing detailed Consideration of Ihe recruitment options Inrluding a cost benefit analysis along with the imniediale Iieeds lo support the new sanior ',eam Ilie board approached ils Iruslee, Sam Tarff, who had forillally bee.'I the CEO, prior Ic) joining Ihe board as a Iiuslee. As CEO Sam hats lod 'ie organisalion through past challengii)g limes lo lake bp the p051 on a part IiTne oasis. The boarc initially sougil Fcrinission from the Ch81ily Cornrnissiori lo enable SaiTI lo r()mairi as a TIus1ge Hoever. Sam decided that il would bp n the best intere515 01 the =harily 10 sland down and siJbser4uenlly resigned as a IrLtSiee Irh January 2024 -.u lake up the CEO role ii) March 2024. Unfortunately, Ihere was a delay In filing the parerworP with 0MpanieS house ivliich resulted in there being a crnsBover period whei"e Saiii was boll i a Iiuslee and CEO. This maltei ',ias been detailed iii note 5 to the accounts. Tlie Charity would like lo Jay tribule and thank these staff for their efforts, slewardsliip dedication and coinmilmpnl lo the ChBrily through an extended peiiod of challenye and unLLTtdirily. Despile thè pandemic falloJi and oiiyoiiig cost -f livii-g challenges, tfr.e chafity has been akle lo grow 11$ Lisor ar.d Luslomer baso al the Venue, above pre i)andeniic levels and has bu,.11 a r9pula'.iop as an events and peilormaiice cenlre for dance schools In the area induding 115 own resideit Jan¢e sLhool, the Lauren Mccaslin srhool of danLe. The Nursery conlinues lo be lull and the Business Cenire has secured an average occupanuy throiighoul the year of 84'/o. The Charity r.ontiriLies ils cJmmilment lo being a real Iwing wage employer and Iruslees recognising Ils people are the most valuable asset.
STEP DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial r¥vioW Tlie Statemeiil of Fir7ancial Activities Sel out on page 6 ieflect5 ail incorning resources receivable in the year irrespective of when income is spenl. During 11e ypar there have been significant challenges. The high level of occupancy al the Business Centre is good ve'Ns but we continue to need to ensure the level of service provided is ol a good level to existing tenants and to tli5 end there has been an ongoing programrne of refurbishment and decoration where finance allows to ensJre this. As in recent years il is anlicipaled that external fiinding opportunities will -onlinue to be scarce and competition for grants and chaiitable flsnds high. Therefcre. in common ¥vilh iecenl years where the Tfustees havè seen year-on- year decreases in charitable income, Trustees expett, to see a continued decrease in ¢harilable income. The Charily has nel assets of £904,349 (2023 as restate¢J £855.4051 and wil continue in its aim of achieving (he levels o. .'esorves as slated by the reserves palicy below. The ur)reslric:ed funds held by STEP are £904,34912023 as restated - £855,405). The designated fund rerjresenls the total of the Charty'5 tangible fiyed assets. Reserves Pollcy It is the policy of the Trustees that unrestricted funds whipth nave not been designated for a specific use should aim lo be maintained al a level equivalent to six months. expend".lure_ Tie T"us:ees consider that gen8ral resetves at this level will ensure that, IN the event Jf a significant drop in fund1ng, Ikei will be able to Continue Ihe Charity's current activilips whilst consideration is given to '3y5 in whici additlDnal funds may be 13ised. Plans for future periods l_ooking ahead, Ilie largels for the Goming year build or, pr(yJress made in 202312024 as follows.. To support, relain and develop Ilie staff and senior maiagement team given the oiitrenl and potential skills and reciuitmenl challenges 13riny the cha'i-.y sector. To cunlinue lo iiivesl in tts physical assets Ihrjugh a largel building improvement programmè usiiig Its own and additioiial external inve8linont, particblarly around eneray reduction ai)d low carbon inilialives. To seek yxlernal funding bUPPOrt and investtnent lo develoo ils crea'.ive and SOCIHI progi"affjriie incliiding removing cosl of living barriers for communi'.y. arls and health organi5alions. To conlinije lo improve the fiiiancial position ol the charity s assels by groiwing it5 reservès, sJpporling %BEL in incoino geneialion 1.roJgh iiiiproved traciiig onguirig efficiency measures ancl rediicino overheads. Tc) increase OCLuparTrcy al Ihe STEP Business Centre .0 95 /0 aveiaged over Ihe year lo procluce a nel 10QA Eonlribulion to the Charily'q r.orp nperalirig c051s. To maintain 100.kn o¢cupaiicy ac.oss all agos laking up places at the Nursery and Children, Cenlre, improviiig oli ils current 'Good"' mliiig and .oocing to sa%U[e an oulslar,ding Of51ed Rating. -ro rpview the Marketing 51,-ategy. company slruclure 31d govpniance arr3ngempnls of the Trusl and ils ITading subsidiaries including recriiilin J li evrf tru51ees tg meet identified skills gaps and provide increased comrnunily aGcounlabilily and engagement. StruGture, governance and management The charity a company limited by guaranlee: number 03339143. It is a registered charity number 1062058. It is governed by a Memorandum and Articles ef Association.
STEP DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Truste8s, who are also the directors for the purF09e of company law. and who served during the year and up lo the date of signature of the financial statements er0.. J u SilveNood B Horsrllan D ?atlerson S Tarff S Abrahams (Resigned 2 April 2024) Non& of the Trustees have any benefiGial interest r th8 company. All of the Truslees are members of the company and guaranlge to contribute £10 in the event of a winding up. On appointment, new trustees are piovided with induction training ir relation to +heir dutles and responsibilities for the Charity. Trustees are also provided viilh additional training if required and take parl in a range of activities to enable them lo update and improve their skills and k?owledge. The Trustees have delegated day to day management of Ihe Chanty's activities to a Trusl Manager with each separate project and area of chaiit8ble a*ivily being directly manaced by a project manager reporting to te TrLi$I Manager. The Senior Managemer)1 59am meets on a regula. basis and the Board meets Dn a monthly basis lo provide overslghl an4 strategic direction. SJb-committees of the Board meet, if and when required, for more detailed consideration of certain aspects of the Chatity's operalions. The Board considers monthly financial -eports, quarterly performance assessments and conducts a half year rewew o,. budgets Set against key performance indica'.ors. The Trustees regularly assess the risk to which the Charity is exposed, in particular major opeialional and finan-ial isks. arbd are satisfied that systems are in place to miligale exposur9 to the major risks. The remuneration of the key management personnel identified wtihir. th8 fjnancial statements will determined, ?nitored and reviewed by the Board of TrusLees. Factors -aken ir.lo account will include lev81 of responsibility, context and complexity ol the role, benchmarking from slmilai providers as well as current and potential business requirements. Details of the charity's transactions with its relaled partles are ir.cluded r note 12. Ref6rence and administrative details Rèference and adminislralive details for the Charity are set out s¶:ely on page 1. The Trustees report wa5 approved by the Board of Trustees. D Patlgrson Trustee 10 December 2024
STEP DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STEP DEVELOPMENT TRUST I report to the Trustees on my examination of the financial statements of STEP Development Trust {the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20C6 (the 2006 Act). Having satisfied myself that the finanaal statements of the charity are not required to be audit under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial slatements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlner's statement- matter of concern identified Since the charity's gross income exeded £250,000 your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW. which is one of the listed bodies. I have completed my examination. I have identified a matter of concern in my report a5 follows.. During the year, the charity appointed S G Tarff as CEO from 1 March 2024, in which he was paid £6,600 for CEO expenses in the year ending 31 March 2024. S G Tarff was a trustee of the charity, however, the chanty intended for S G Tarff to resign as a trustee in January 2024 (as evidenced within the charity's board minutes). Unfortunalely, the relevant resignatory paperwork was not filed with Companies House until 2 April 2024 meaning that S G Tarff didn't officially resign as a trustee until this date. As such. a trustee was technically paid albeit as a result of a documentation error. This has been appropriately disclosed as a payment to a trustee in the year within the financial statements. I confirm that no other matlers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by seth-on 386 of the 2006 Act., or the financial statements do not accord with those records-. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordafice with the Financial Reporting Slandard applicable in the UK arvj Republic of Ireland (FRS 102). I confirm that there are no other matters in connection wrth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statemenls to be reached. H JonesACA Hart Shaw LLP Europa Link Sheffield Business Park S9 1XU Dated.. 16 December 2024
STEP DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds Unrestrlctsd fund$ as reststed 2023 2024 Notes Income from: Charitabl8 activities 596,031 559,448 Expondltura on: harilable activities 547,087 518,297 Not Income 48,944 41.151 Exceptional item {516,9731 Net movemont In funds 48,944 {475,8221 Reeonclliatlon of funds: Fund balanGes al 1 April 2023 As originally reported Prior year adjustment 1,372,3T8 151e.973) 1,331,227 As restated 17 855,405 1,331,227 Fund balances at 31 March 2024 904.349 855,405 The slalemenl of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activit$. The slalgmenl of financial activities dso compli8s viith Ihe raquirements for an income and expenditure Account under the CompaniesAcl 20tx.
STEP DEVELOPMENT TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Noles Flxed asset5 Taigible assets Investments 715.775 752.395 715.776 752,396 Current assets Deblors Cash at bank and in hand 10 11,149 221407 12,877 160,294 232.556 173.171 Creditors: amounts falllng due wlthln one yoar 11 43,983 70,162 Net curr8nl assets 188.573 103,009 Total assots loss current Ilabllltles 904,349 855,405 The funds of the charlty Designated funds Uprestricled funds 12 715,775 188,574 752,395 103.010 904,349 855.405 The ¢ompany Is enlilled to the exemptian trom the audit reqiiirement contained in section 477 of the Companies AGI 2006, for the year ended 31 March 2024. The director acknowledges his respor,sibililies for complying wilh the req'jirements of the Companies Act 2006 wllh respect lo accounting fecords and the preparation of financial slalement5. The members have not required the company lo obtain an audit of its financial statements for the y8ar iii question in acOrdanCe wilh section 476. These financial statements have been prepared in aGcdanGe with the prov1510lls applicable lo companies subject ID Ihe small companies Tegime. Th8 finanttfal statements were approveé by te Trustee5 on 10 December 2024 ¢ J/arf_ D Patterson Trustee Company registration number 03339143 (England and Wales)
STEP DEVELOPMENT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated Nots$ Cash flows from operating a¢tlvltle8 Cash generated from op8ralions 15 62.307 69,657 Investing activitlg9 Purchas8 of langlble fixed assets {1.194) Net cash ugod in Investlng actlvltles (1,194) Net cash used in financlng actlvitles N8t in¢roag8 In cash and cash oqulvalents 61.113 69,687 Cash Bnd cash equivalents al beg.'nning of year 160.294 90,627 Cash and cash equlvalent5 at end of year 221,407 160,294
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie$ Charity infonnation STEP Development Trust is a private company limite(I by guaranltte incorporated in England and Wlales. The registerod office is The Venue, 65D Manchesler Road, Slocksb'id Je, Sh8ffield. South Yorkshire, S36 1 DY. 1.1 Ac¢ounting conventio The financlal statements have been prepared in accordance w.Ib. the Charilies Act 2011. the Companies Ac: 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republio of Ireland" ( FRS ". 02,1 and the Charities SORP "Acccunting and Reoorting by Charities.. Slalement of Recommended Practice applicable lo charili@s preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelaT)a IFRS 102)" leffe¢live l January 20191. The charily is a Public Benefit Enlily as defined by FRS 102. The financial slalements are prepared In sterling.. which is the functTronal currency of the charity. Monetary amounts in these financial statemeils are roLnded io the nearest £. The financial stalernen15 have been prepared unde- the histoAcal ccsi convention. The principal accour)ling policies adopted are sel out below. 1.2 Golng concern Ai the limè of approving the firarcial slalements. the TrUstaS have a reasonable ¥xpectalion that Ihe charit. has adequate re50uices lo continue in operational eXiStene for the foreseeable fuluro. Th5 the I riJs+ees continue lo adopt the going concerll basis of account.rg in preparing the financial slalemenls. 1.3 Charitable funds Unreslric'.ed funds are available for use at the d".5Cf8tion o. the TrLlStees in furiherance of their charitable objgGlives. Designaled funds comprise funds ¥vhich have been set aside al the discretion of the Tru5tee5 for spocific purposes. The purposes and uses of the designated funds are sel out in the notes to the financial slatemeiils. Reslricled funds are subject ID Specific ccndilions by donors cr granl?rs as to how they may be used. The purposes and uses ol the strIcted fund5 are set out in tbe notes to the finanual Statements. 1.4 Income Inconie resources are accounted fDf wh-I Ih- Cha.'ily is enlilled to the income and the amount can be qijanlilied with reasonable accuracy. Th_. IJllowin9 specilic polic es are 3pplied'. TLiinover is nieasured al the fair value of trye consideration received or receivable and represents amoun:s receivable for goods and 5eYvices FrOded in the normal course of business, net of di5counls. VAT ancl other sales related taxes. Granls and awards comprise amounts receivable in the UK. Grants of a revenue nature are credited lo income so as to TTTalch them with the expenditure to wh ch they rel4le. Grants for specific projects and charitable activities are included in incoming reJOUfces from chaiilabie aclivilies. Geiieral grants are sh.own as voILJnlary incorTle in the slalernonl Jf financial activ.ties_ Capital grants re1vable are recognised ifflmedialèly in the Slalemenl of Financial Activities unless they are restricted to future accounting p8riod5. Gifts in kind, donaled for distribtition are included at valuation and recogni5ed as income when dislribLilpd lo ',he projects. Donated facilities are inclijded al the value to tye Charity whero thi5 can be quantified, and a third party 15 bearing the cost. No amounts are included in the ,Inanc al statements foi services donated by vc>lunleers. Investment income represents banK intere51 reGe'ved on the Charity's cash deposits.
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Continuadl 1.5 Exp8nditure Expep.d ture is charged to the Slalement of Financial Activities on an accnJ8ls basis, excluslve of VAT where ieGoveiable, Charitable expenditure Comprisei those costs incurred in the delivery of its activiti85 and services for ils beneficiaries, induding both direct and support costs. Govomance costs include those r05ts associated viith meeting wnstilutional and statutory reqLJiremenls, In the opinion of the Truslees, all support ¢J)sts relate to cbaritable expenditure. 1.6 Cost apportionment A proportion of costs are allocated lo costs of genaratlng funds and costs of charitable aclivilles on the following bases. Staff costs- staff time spen., on each activity.. Premises costs - floor ar8 occupied by each activity- Other office rSts- staff lime spent on eacry actiw.ty. 1.7 Tangible fixed assets Tangible fixe.d aqspts are initially measured At (X)s1 and subsequently measured al cost 01 valLJalion. n8t of depreciation and any impairment losses. Deprecialion is recognised so 35 to w-. ite off the cost Jr valual-on of assets less their residual values over their useful lives on thc following bases.. Freehold prop8rty L.easehold property Office equipment over 50 years over life of lease over 3 yeais The gairj or Ios5 arising on the disposal of an asset is determined as the diffeTence beiween the sale proceeds and the carrying value of the agsel, and is recogn'.sed in -.he statement of financial 8Ctivilies. 1.8 Fixed asset investments Fixed asset investments are initially measured al transactioi price excludlng transaction costs, and are subsequenily measured at fair iialu8 al reporting dale. Chaiiges in fair value are recognised in net incomel(expendilure) for the year. Transaction costs ale exoensed as incurred. A subsidiary is an entity controlled by the charity. Control is the Power to govern the financial and operating PDlicie8 of the entity so as to obtain benefits from its aclivits"es. 1.9 Impairment of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to determine whelher there is any indication th21 those assets frave suffered an impa rment loss. If any such indicalioi) exists, the recoverable amDunt of the asset is estimated in order to determine the extelll of the irypairmenl loss lif any). 1.10 Gash and ¢a$h equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other 5hort-lerm liquid inveslmenls Wlth original malurilie5 of three mDntPs or less, and bank overdrafts. Bank overdrafts are shIn within borrowings in current liabilit es. 10-
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuedl 1.11 Flnancial instruments The charity has elecled lo apply the provis ons of Section 11 'Ba$ic Financial Inslmmenls, and Section 12 'Olher Financial Inslruments Issues, of FRS ' 02 lo all of ils financial instruments. Financial Instruments are recogniseo in the ¢har.ty's balance sheet when the charity becomes party tD the conlraclual provlsions of the instrumenL Financial assets and liabilities arg offset. wilh the nel amo.Jils prese'iLed in the financial s181otNellts, when there is a legally enlor¢eable right to sel off the recognised amoJi nts and Ihere is an Inlention to settle on a nel bas'.s or to realise Ihe asset and 5ellle the li35ility simultaneously. Baslc flnanclal assets Basic financlal as5els, which include debtors and cash and bai% balances, are initially measured at transaclion price including Iransacliop costs and are subsequently ca'ned al amortised cost using the effective inleresl method unless the artangemenl conslilules a finaycivg Iravsaclion. wherg th8 transaction is measured al the present value of the future receipls discounted al a Market rate of inleresl. Financial assets Gla55ified as receivable within one yeaf are nol arr.0sed. Basic financial liabllities Basic financial Iiabililies, including cred tors and bank loans ale ini112 ly recognised al transaction price unless the arra[igele[1I conslitules a finBPicing transactioll. where the debt instrLment is ffleasured al the present value of tho future payments discoLJnled al a maiket rate of interest. Financial liabililies dassified as payable Ivithin oiie year are not amortised. Dobl instruments are subsequenlty carried at amolised cost, using the effective interest rate method. Trade ciedilors are obligations to pay for goods or services Ihal have been acquired in the ordinary course of operations from suppliers. Amounts Fayable are dassiliee as current liabilities if payfflenl is due wllhin one year or less. If nol, they are presented as non-currenl liabilities. T'ade creditors are recognised initially at transaGliori price and subsequently measured al amortised cost using the effective inteiesl tnethod. Derecognition olfinancial liablllties Finarlcial liabilities ale derecogiiised when th8 charity's (x)nlraclual obligations expire or are discharged or cancelled. 1.12 Taxation STEP Dev&lopmenl Trust is a registered charity. and its adivilies ale not GentlY Subjacl to taxation. 1.13 Employee benefits The cost of any unused holiday ertiilement is recogi sec in the period in which the employee's services are rec8iv8d. Termination benefits are recc>gnised immediately as an expense wher. the charity is demonstrably commilled to terminate the employment of an employee or to provide lerminalioi genefils. 1.14 Rotirement benefits Payments to defined contribution rètirement be?efil schemes are charged as an expense as they fall due. 1.15 Consolidation The charity'5 accounts have not been consoli(laled ii'jth those of its subsidiary, STEP Busilless Enterprises Lin)Iled. as aguregale group Income ha5 not exceeded £1 m. 11
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng policies {Contlnuedl 1,16 Leases Rentals payable under operating leases, includipg any lease incentives received, are charged as an expense on a slraighl line basis over the temi of the relevarit lease. Income from charitable activities Unrestrlcted funds 2024 Unrg$tri¢tod funds 2023 Nursery and oiher charitable activities 596,031 559.448 Expendituro on charltablo aGtivitio• 2024 2023 Staff costs Depreciation and imp$iri)ent 322,949 37,814 355,973 27,174 360,763 393,147 Share of supwrt CO515 (see note 41 Share of governance costs (see note 4) 178,497 7,827 117,150 8,000 547,087 518 297 Support costs Support Govemance ¢o$ts costs 2024 Support fjovornance costs costs 2023 Support costs Other 51aff cogls 132,719 45.778 132,719 45,778 92.384 24,766 92,384 24,766 Governance costs 7.827 7,827 8,000 8,000 178,497 7.827 186.324 117.150 8,000 125,150 Analy5ed between Charilablo acllvilies 178,497 7.827 186,324 117.150 8,000 125,150 Governance costs includes payments of £7 SCO (2023.. £8.500) for independent examination fe8s. 12-
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Trustees Other than the payment made to S G Tarff. a5 detailed below. no Iruslees CeIVed or waived any emo'.umenls during the year {2023-. nonel. During the year expenses of £175 12023". £nill were reimbursed lo trustees .or mileage and accommodation. During the year Ihe charity appoirled S G Tartf as CEO from 1 March 2024, in which he was paid £6,600 for CEO setvicos in the year ending 31 March 2024. 0 G Tarf was a trSlee of the charity, however, the charity inlend8d for S G Tarf lo resign as a Iru8le2 in January 2024 (as evidenced within the charity's board minulesl. Unlortunalely, the relevant re51gpatory papeOrk %itas not filed with Companies House Ljnlil 2 April 2024 meaning that S G Tarff didn'l ofticially resign as a trJs:ee until this dale. As such. a Iruslee was technically paid albeit as a result of a documentation error. Employees The average monthly number of employees during the year was-. 2024 Numbor 2023 Number Marjagement and financial Chafltable activities 12 Toial 13 18 Aclniinislrdlive staff. directly supportillg projeGt5 and paid from project funds, have been included within charitabl8 activities. Employmont costs 2024 2023 Vvsges and salaries Social security costs Othor pension costs 297,773 20,422 4.754 326,118 24,002 5,853 322,949 355,973 There were no employees whose annual remuneratson was m?re than £60.000 (2023.. none). Exceptional items Unrestricted Unrestrlcted funds funds as restated 2023 2024 Exceptional il8m in relation lo piovision 516,973
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exceptlonal itom9 (Continued) The exceptional item above relates lo a PfOViSiOD for bad debt in conneyion to amounts owed from the trading subsidiary. The charity and 115 subsidiary haiie plan5 in place tg begin recouping this debt over a number of years. however it has been considered appropriate and prudent lo make a proviOn against the amount due. Tangible fixed assets Freehold Opgrty Leahold propejty Office 8quipmont Total Cost At 1 April 2023 Additions 1.152,J33 3,392.918 337,570 1.194 4,882.521 1 194 Al 31 March 2024 1.152.033 3.392,918 338,764 4,883,715 D•preclatlon and impalrmgnl Al 1 April 2023 Depreciation ¢harged in the year 543.429 3.249.127 22.739 14.942 337.570 133 4,130,126 37,814 Al 31 March 2024 566,168 3,264.069 337,703 4.167,940 Carrying amount At 31 March 2024 585,865 128,849 1,061 715,775 At 31 MarGh 2023 608,604 143,791 752.395 Fixed asset investment Other investments Cost or valuation At 1 April 2023 & 31 March 2024 Carrying amount Al 31 March 2024 Al 31 MarGh 2023 2024 2023 other investment comprises". Notes Investment in subsidiary 14 14-
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Debtors 2024 2023 as restated Amount¥ falling du8 Within one year: Trade debtors Prepayments and accrued income 3,431 7.718 1.644 11,149 12,877 11 Creditors: amounts falling due within on& year 2024 2023 Other taxation and social secuTIty Trade creditors Qlhei cT8dilors Accruals and deferred income 8.884 16.BOS 20 18,274 11,615 40,132 718 17,697 43,983 70,162 12 Dosignated funds Movement In funds Transfer Balanc¢ at l Aprfl 2022 8alance at 1 Aprll 2023 Transfer Balanco at 31 March 2024 Capital fund 789,569 137.1741 752.395 {36,620) 715.775 The capital designated fund represents that part of the Charity's funds Invested in property and related ass8ts and thus unavailable for current progr2mtne costs or futJre developmenl. Eath year a transfe. is made between the fixed asset fund and general reservas equal lo the net Novemenl on fixeLt assets afte-, allowing for any 9ranl and loan finance used for capital 8xpendrture. 13 Related party transa¢lions There were no related party transactions dL'ring tne year. Remuneratlon of key management personnel The remiineralion of key maragemenl personnel. including costs relating to the outsourd CEO, are as follows. 2024 2023 Aggregate compensats'on 70.884 88,533 IS-
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Subsidiary Details of the char ty'5 subsldiary 31 March 2024 are as folow&: Name ot undertaking Registered office Nature ol buslng$9 Class of shares hold Y• Held STEP Busin888 Enterprises England and Limiled Wales Provision of managed workspace and a mulli- purpose building SUPPOrting the local community Ordinary 100.00 15 Cash genoratad from operatlons 2024 2023 as restatsd Surpluslldefial) foi tk,e year 48,944 1475,822) Adju51menls for. Depreciation and impairr)ent of tangible fixed assels 37.174 Movernents in working capilal". Decreaso in debtor5 IDecr8aseJfincrease in creditors 1,728 (26,1791 505,598 2,717 Cash generated from operatlons 62,307 69,667 16 Analysis of changes in netfunds At 1 Aprll 2023 Cash flowgAI 31 March 2024 Cash al bank and in hand 160,294 61,113 221,407 16-
STEP DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Pr5or porlod adjustm8nt Changes to the balance sheet At 31 March 2023 A8 proviou8ty Adjustsnent rFrtSd A8 roststsd Current assets Debtors du8 within on8 year 529,850 1516,9731 12.877 Capital funds Income fvnds Unrestrtcted funds 1,372,378 (516,973) 855,405 Total equity 1.372.378 (516,973) 855.405 Chang0¥ to the profit and loss account Perlod ended 31 March 2023 As previously Adju8tmont As r8statéd reported Incomelexpenditure lor the year 41,151 41,151 ExGeptional itein (516,9731 1516,973) Nel movemenl in funds 41,151 (516,9731 1475,822} Notes to restatements Exceptional items The oxceplion21 item above relates to a provision for bad debt in conri8clion to atnoun15 owed from Ibe trading subsidiary. The charity and ils subsidiary have plar..s in place lo begin r8couping this d8bl over a number of yèars. however il has beep. considered appropriate anc prudent lo make a provision against lfr.e amount due. Management b91ieve Ike con¢Jilions exist8d a+ 31 March 2023 and therèfore a prior period adjustment has been made lo reflect Ihis. 17-