h8rlty regIStra￿On 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 si￿e￿OOd
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
1￿2058
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 2￿6, 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 pUrpO￿bu11I 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 voluntee￿1.3 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 re￿nt 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 Ho￿ever. 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 t￿e 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&para: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 ex￿eded £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
a￿cOrdanCe wilh section 476.
These financial statements have been prepared in aGc￿danGe with the prov1510lls applicable lo companies subject
ID Ihe small companies Tegime.
Th8 finanttfal statements were approveé by t￿e 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 TrUst￿aS have a reasonable ¥xpectalion that Ihe charit￿.
has adequate re50uices lo continue in operational eXiSten￿e for the foreseeable fuluro. Th￿5 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 FrO￿ded 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 re￿1vable 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 r￿Sts- 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 sh￿In
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.0￿sed.
Basic financial liabllities
Basic financial Iiabililies, including cred tors and bank loans ale ini112 ly recognised al transaction price unless
the arra[ige￿le[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 G￿￿entlY 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 tr￿Slee 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 pape￿￿Ork %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 provi￿On against the amount due.
Tangible fixed assets
Freehold
Opgrty
Lea￿hold
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 outsour￿d 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
r￿F￿rtSd
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-