## **Charity registration number 1062058 (England and Wales)** **Company registration number 03339143** ## **STEP DEVELOPMENT TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2025** ## **STEP DEVELOPMENT TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|J G Silverwood|| |---|---|---| ||B Horsman|| ||D Patterson|| ||S Abrahams|| ||A S Law|(Appointed 23 September 2024)| |**Key Management Personnel**|K Hibberd|| ||E Markham|| |**Charity number**|1062058|| |**Company number**|03339143|| |**Registered office**|The Venue|| ||650 Manchester Road|| ||Stocksbridge|| ||Sheffield|| ||South Yorkshire|| ||S36 1DY|| |**Independent examiner**|H Jones FCA|| ||Hart Shaw LLP|| ||Europa Link|| ||Sheffield Business Park|| ||Sheffield|| ||S9 1XU|| |**Bankers**|Unity Trust Bank plc|| ||Four Brindleyplace|| ||Brimingham|| ||B1 2JB|| ## **STEP DEVELOPMENT TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Statement of cash flows|8| |Notes to the financial statements|9 - 17| ## **STEP DEVELOPMENT TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, submit their annual report and the financial statements for the year ended 31 March 2025. The accounts comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”. ## **Objectives and activities** The principal objective of the Charity is the promotion, for the public benefit, of urban and rural regeneration in areas of social and economic deprivation (particularly Stocksbridge). STEP has developed a range of regeneration activities to meet this objective including: - Early years support through a purpose built 52 place day nursery and childcare centre (originally part of the Sure Start programme). - Employment, learning, health, and wellbeing programmes delivered through informal community education, wellbeing support, and social activities at The Venue. - Business support and enterprise via the STEP Business Centre, comprising 32 managed office and light industrial business units. - Creative and performing arts programmes including opportunities for young people to perform and develop their musical and creative talents. - Community support and volunteering for local residents, including work with community groups, tackling social isolation, and offering warm spaces and inclusive activities during the cost-of-living crisis. ## **Public Benefit** The Trustees confirm they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. The charity’s impact is evident through its core programmes, which support economic and social regeneration and enhance the wellbeing of individuals and communities across Stocksbridge and surrounding areas. - 1 - ## **STEP DEVELOPMENT TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **Achievements and performance** STEP continued to strengthen its services in response to the ongoing challenges presented by the national cost of living crisis. In 2024–25, the Charity: - Expanded its user base. - Strengthened its financial resilience and community engagement. - Undertook a comprehensive strategic review, culminating in a brand refresh and relaunch in April 2025. Progress was made toward STEP’s goal of financial independence by reducing reliance on core grant funding and public subsidies. The charity continues to secure contracts and project-based grants aligned with its charitable objects, while its trading subsidiary, SBEL Ltd, generates earned income to support core operations. Although SBEL did not return a profit in the reporting year, Trustees have agreed on a plan to return the subsidiary to profitability over the next two years. Investment from reserves has been directed toward building improvements and enhanced marketing capacity, with further investment planned in digital transformation. The charity has faced significant cost pressures due to national inflation in staffing, energy, and other operating costs. While some increases were passed on to customers, Trustees ensured that all price rises remained below inflation in order to protect access for service users and community groups. Key staffing developments included the appointment of a new venue manager, deputy childcare manager, and additional facilities staff. The Chief Executive led these recruitment efforts and continues to oversee day-to-day operations across both the charity and trading company. We extend our sincere thanks to our staff team, whose dedication and professionalism have sustained the charity through a period of change and external challenge. Notable performance highlights for the year included: - Strong and growing footfall at The Venue, which is now a recognised hub for local dance schools and community events. - The Childcare Centre remained at full capacity across all age ranges. - The Business Centre achieved an average occupancy rate of 82%. - Continued commitment to being a Real Living Wage employer, recognising our staff as the charity’s most valuable asset. ## **Financial review** The Statement of Financial Activities (see page 6) includes all income receivable in the year regardless of when funds are spent. The charity faced continued financial challenges due to national economic conditions. External grant funding remains limited and competitive. While core charitable income is expected to decline, new opportunities are being explored in public service contracting, particularly in employment support The Charity has net assets of £999,378 (2024: £904,349), comprising unrestricted funds. The designated fund represents the value of tangible fixed assets. ## **Reserves Policy** The Trustees aim to maintain unrestricted reserves equivalent to six months of operating expenditure to safeguard against potential shortfalls in income. This level allows the charity to continue operations while alternative funding sources are secured. Trustees regularly review reserve levels to ensure they are adequate and proportionate - 2 - ## **STEP DEVELOPMENT TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **Plans for future periods** Building on progress made in 2024-2025, the charity's priorities for the coming year include: - Relaunching a social programme offering free access to community groups on Wednesdays at The Venue. - Supporting and developing the staff team in light of sector-wide recruitment and retention challenges. - Investing in building improvements, with a focus on energy efficiency and carbon reduction. - Tendering for public contracts to support economically inactive individuals into employment. - Increasing financial resilience by building unrestricted reserves and improving SBEL’s profitability through operational efficiencies. - Raising Business Centre occupancy to 90% average for the year. - Maintaining 100% occupancy across all ages at the Childcare Centre. - Launching a new digital marketing and online booking platform to integrate charity and trading offers. - Recruiting new Trustees to strengthen governance and increase community representation. ## **Structure, governance and management** The charity is a company limited by guarantee, number 03339143. It is a registered charity number 1062058. It is governed by a Memorandum and Articles of Association. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: J G Silverwood B Horsman D Patterson S Tarff (Resigned 2 April 2024) S Abrahams A S Law (Appointed 23 September 2024) None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up. On appointment, new trustees are provided with induction, and further training is available as required. Operational responsibility is delegated to the Chief Executive and Senior Management Team, with oversight provided by the Board of Trustees, which meets monthly. Sub-committees are convened as necessary. The Board receives regular reports including financial management, performance monitoring, and progress against KPIs. A mid-year review is conducted to ensure alignment with budget and strategy. Risk management is embedded across operations. Trustees regularly review major risks and are satisfied that appropriate mitigation systems are in place. Remuneration for key management personnel is determined by the Board, taking into account the complexity of roles, benchmarking with similar organisations, and the current and future needs of the charity. Details of the charity's transactions with its related parties are included in note 15 to the financial statements. ## **Reference and administrative details** Reference and administrative details for the Charity are set out separately on page 1. - 3 - ## **STEP DEVELOPMENT TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ The Trustees report was approved by the Board of Trustees. J G Silverwood **Trustee** 9 September 2025 - 4 - ## **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 2025. ## **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 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. H Jones FCA Hart Shaw LLP Europa Link Sheffield Business Park S9 1XU Dated: ......................... - 5 - ## **STEP DEVELOPMENT TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income and endowments from:**|||| |Charitable activities|**2**|739,537|596,031| |Other income|**3**|1,636|-| |**Total income**||741,173|596,031| |**Expenditure on:**|||| |Charitable activities|**4**|646,144|547,087| |**Total expenditure**||646,144|547,087| |**Net income and movement in funds**||95,029|48,944| |**Reconciliation of funds:**|||| |Fund balances at 1 April 2024||904,349|855,405| |**Fund balances at 31 March 2025**||999,378|904,349| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 6 - ## **STEP DEVELOPMENT TRUST** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2025**_ ||||**2025**|||**2024**|| |---|---|---|---|---|---|---|---| ||**Notes**|**£**||**£**|**£**||**£**| |**Fixed assets**|||||||| |Tangible assets|**8**|||682,994|||715,775| |Investments|**9**|||1|||1| |||||682,995|||715,776| |**Current assets**|||||||| |Debtors|**10**|26,614|||11,149||| |Cash at bank and in hand||320,886|||221,407||| |||347,500|||232,556||| |**Creditors: amounts falling due within**|**11**||||||| |**one year**||31,117|||43,983||| |Net current assets||||316,383|||188,573| |**Total assets less current liabilities**||||999,378|||904,349| |**The funds of the charity**|||||||| |Designated funds|**13**|||682,994|||715,775| |Unrestricted funds||||316,384|||188,574| |||||999,378|||904,349| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 9 September 2025 J G Silverwood ## **Trustee** Company registration number 03339143 (England and Wales) - 7 - ## **STEP DEVELOPMENT TRUST** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**Notes**
**Cash flows from operating activities**
Cash generated from operations
**16**
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Net cash generated from financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**£**
(5,306)|**£**
104,785
(5,306)
-
99,479
221,407
320,886|**2024**
**£**
(1,194)|**£**
62,307
(1,194)
-
61,113
160,294
221,407| |---|---|---|---|---| - 8 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **Charity information** STEP Development Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Venue, 650 Manchester Road, Stocksbridge, Sheffield, South Yorkshire, S36 1DY. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income resources are accounted for when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied: Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Grants and awards comprise amounts receivable in the UK. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Grants for specific projects and charitable activities are included in incoming resources from charitable activities. General grants are shown as voluntary income in the statement of financial activities. Capital grants receivable are recognised immediately in the Statement of Financial Activities unless they are restricted to future accounting periods. Gifts in kind, donated for distribution are included at valuation and recognised as income when distributed to the projects. Donated facilities are included at the value to the Charity where this can be quantified, and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Investment income represents bank interest received on the Charity's cash deposits. - 9 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is charged to the Statement of Financial Activities on an accruals basis, exclusive of VAT where recoverable. Charitable expenditure comprises those costs incurred in the delivery of its activities and services for its beneficiaries, including both direct and support costs. Governance costs include those costs associated with meeting constitutional and statutory requirements, In the opinion of the Trustees, all support costs relate to charitable expenditure. ## **1.6 Cost apportionment** A proportion of costs are allocated to costs of generating funds and costs of charitable activities on the following bases: - Staff costs - staff time spent on each activity; - Premises costs - floor are occupied by each activity; - Other office costs - staff time spent on each activity. ## **1.7 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold property over 50 years Leasehold property over life of lease Office equipment over 3 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.8 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. ## **1.9 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.10 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 10 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.11 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.12 Taxation** STEP Development Trust is a registered charity, and its activities are not currently subject to taxation. ## **1.13 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.14 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.15 Consolidation** The charity's accounts have not been consolidated with those of its subsidiary, STEP Business Enterprises Limited, as aggregate group income after consolidation adjustments has not exceeded £1m. - 11 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.16 Leases** Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. ## **2 Income from charitable activities** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Nursery and other charitable activities|739,537|596,031| |**3**|**Other income**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Bank interest received|1,636|-| ## **4 Expenditure on charitable activities** |Staff costs
Depreciation and impairment
Share of support costs (see note )
Share of governance costs (see note )|**2025**
**£**
394,900
38,087
432,987
206,940
6,217
646,144|**2024**
**£**
322,949
37,814| |---|---|---| |||360,763
178,497
7,827| |||547,087| - 12 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**5**|**Net movement in funds**|**2025**|**2024**| |---|---|---|---| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the independent examination of the charity's financial||| ||statements|6,217|7,827| ||Depreciation of owned tangible fixed assets|38,087|37,814| ## **6 Trustees** No trustees received or waived any emoluments during the year (2024: none). During the year, expenses of £391 (2024: £175) were reimbursed to trustees for mileage and accommodation. ## **7 Employees** The average monthly number of employees during the year was: |The average monthly number of employees during the year was:||| |---|---|---| |Management and financial
Charitable activities
Total|**2025**
**Number**
1
18
19|**2024**
**Number**
1
16| |||17| Administrative staff, directly supporting projects and paid from project funds, have been included within charitable activities. |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**£**
362,691
26,623
5,586
394,900|**2024**
**£**
297,773
20,422
4,754| |---|---|---| |||322,949| There were no employees whose annual remuneration was more than £60,000 (2024: none). - 13 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**8**
**Tangible fixed assets**
**Cost**
At 1 April 2024
Additions
At 31 March 2025
**Depreciation and impairment**
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024|**Freehold**
**property**
**£**
1,152,033
-
1,152,033
566,168
22,739
588,907
563,126
585,865|**Leasehold**
**property**
**£**
3,392,918
-
3,392,918
3,264,069
14,587
3,278,656
114,262
128,849|**Office**
**equipment**
**£**
338,764
5,306
344,070
337,703
761
338,464
5,606
1,061|**Total**
**£**
4,883,715
5,306| |---|---|---|---|---| |||||4,889,021| |||||4,167,940
38,087| |||||4,206,027| |||||682,994| |||||715,775| - 14 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **9 Fixed asset investment** |**Cost or valuation**
At 1 April 2024 & 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
Other investment comprises:
**Notes**
Investment in subsidiary
**15**
**10**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**12**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**Other**
**investments**
1
1
1
**2025**
**2024**
**£**
**£**
1
1
**2025**
**2024**
**£**
**£**
12,582
3,431
200
-
13,832
7,718
26,614
11,149
**2025**
**2024**
**£**
**£**
10,415
8,884
9,542
16,805
20
20
11,140
18,274
31,117
43,983
**2025**
**2024**
**£**
**£**
5,586
4,754| |---|---| - 15 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **12 Retirement benefit schemes** ## **(Continued)** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. ## **13 Designated funds** |**Designated funds**||||||| |---|---|---|---|---|---|---| ||||**Movement**|||| ||||**in funds**|||| |||**Balance at**|**Transfer**|**Balance at**|**Transfer**|**Balance at**| ||**1**|**April 2023**||**1 April 2024**|**31**|**March 2025**| |||**£**|**£**|**£**|**£**|**£**| |Capital fund||752,395|(36,620)|715,775|(32,781)|682,994| The capital designated fund represents that part of the Charity’s funds invested in property and related assets and thus unavailable for current programme costs or future development. Each year a transfer is made between the fixed asset fund and general reserves equal to the net movement on fixed assets after allowing for any grant and loan finance used for capital expenditure. ## **14 Related party transactions** Included in debtors is a balance of £nil (2024: £nil) owed from the subsidiary company Step Business Enterprises Limited. Included in expenses is an amount of £28,200 (2024: £22,724) for a provision for bad debt. The trustees have a plan in place to recoup this debt over a number of years, however it has been considered appropriate and prudent to make a provision against the amount due. ## **Remuneration of key management personnel** The remuneration of key management personnel, including costs relating to the outsourced CEO, are as follows. ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Aggregate compensation|106,890|70,884| ## **15 Subsidiary** Details of the charity's subsidiary at 31 March 2025 are as follows: |**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**| |---|---|---|---|---| ||**office**||**shares held**|| |STEP Business Enterprises|England and|Provision of managed|Ordinary|100.00| |Limited|Wales|workspace and a multi-||| |||purpose building supporting||| |||the local community||| - 16 - ## **STEP DEVELOPMENT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**16**|**Cash generated from operations**||**2025**|**2024**| |---|---|---|---|---| ||||**£**|**£**| ||Surplus for the year||95,029|48,944| ||Adjustments for:|||| ||Depreciation and impairment of tangible fixed assets||38,087|37,814| ||Movements in working capital:|||| ||(Increase)/decrease in debtors||(15,465)|1,728| ||(Decrease) in creditors||(12,866)|(26,179)| ||**Cash generated from operations**||104,785|62,307| |**17**|**Analysis of changes in net funds**|||| |||**At 1 April 2024**|**Cash flowsAt 31 March 2025**|| |||**£**|**£**|**£**| ||Cash at bank and in hand|221,407|99,479|320,886| - 17 - **Document electronically signed** ## www.fusesign.com ## **Document Details** **Document ID** 36ea0000-faf7-12d2-6fdc-08ddf2025a20 **Document Bundle ID** ad380000-bb66-3eed-c64f-08ddf202ebdd **Uploaded to FuseSign** 2025-09-12 15:44 +01:00 **FuseSign subscriber** Hart Shaw LLP **Initiator email** fern.jessop@hartshaw.co.uk **Signed by** Graham Silverwood (graham.silverwood@btinternet.com), Hart Shaw (compliance@hartshaw.co.uk), Hannah Jones (hannah.jones@hartshaw.co.uk) **System finalisation** 2025-10-02 16:19 +01:00 **Verify URL** https://app.fuse.work/fusesign/verify/36ea0000-faf7-12d2-6fdc-08ddf2025a20 ## **Document Signers** ## **Signer 1** **Name** Graham Silverwood **Email** graham.silverwood@btinterne 36ea0000-faf7-12d2-473b-08ddf201bd86_Signature t.com **Mobile** N/A OS: Ne[send] **IP Address/es** 90.207.0.216 **Signed on Pages** 7, 10 **Verification Mode** Email Code **Signer 2 Name** Hart Shaw **Email** compliance@hartshaw.co.uk 11090000-39d8-0a3d-8ec6-08dde17967bb_Signature **Mobile** N/A OL/7 O/2025 **IP Address/es** 149.107.110.148 **Signed on Pages** 8 **Verification Mode** Email Code **Signer 3 Name** Hannah Jones **Email** hannah.jones@hartshaw.co.u 0c030000-8487-9624-af3b-08ddf1229104_Signature k **Mobile** N/A 17 **IP Address/es** 149.107.99.5 **Signed on Pages** 8 **Verification Mode** Email Code ## **DOCUMENT AUDIT LOG** |**DATE TIME**|**USER**|**TRANSACTION**| |---|---|---| |2025-09-12 15:44 +01:00|FERN.JESSOP@HARTSHAW.CO.|DOCUMENT BUNDLE CREATED BY FERN JESSOP| ||UK|(FERN.JESSOP@HARTSHAW.CO.UK)| |2025-09-12 15:44 +01:00|SYSTEM|ACCESS LINK: SENDING EMAIL TO: GRAHAM.SILVERWOOD@BT.COM. 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