Regislèred number: 00393477 Charity number. 235434 STEP ONE CHARITY (A COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 .￿4H[￿V2G* 1611112W21 COMPANIES HOUSE A19 *154 Bishop Fleming STEP ONE CHARITY (A COMPANY LIMITED BY GUARAMfEE} CONTENTS Page Refernn¢o and admlnblr¥¢lv¢ dètalls of th8 wnpany. Its Tn*te¢s and advlsefs Truste•s' report 3-11 Independ¢nl audltors. roport on the financial statements 12-15 Consolldat•d stat•m•nl of finandal activltles 16 Cons¢lldated balance sheet 17-18 Company balanu she 19-20 Consolldat•d statsmtnt of cash llows 21 Notes to the financial sLitements 22-47 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE REFERENCE AND ADMINISTRATIVE DETNJLS OF THE COMPANY. rrs TRUSTEES AND PIIVISERS FOR THE YEAR ENOED 31 MARCH 2021 Dlrectors and TTu5tee$ Mr5 0 Bas Mr R Gofton Mr E Pr(*)ert r M Ta￿or Mr l Beider Mr R Williams Mr A Pocock Mrs S Sutherfand, Chair Mr P Cawihron Mrs S Brennan Company regi$t•rod number 003934TT Charlty rnglst•r•d numb•r 235434 Registered oifi¢e BoaLrfort House 51 New North Road EX4 4EP Vlco prosldents Cojowl Etrard Boktho OBE HM Lcvd L*utenanl for Comwal Sarah Rose Troughton HM Lcxd Liefutenanl for W4tsh¥e Lieutenant Colonel The Earl of M￿leY KCVO JP Rt Hon Ben Bradshaw MP Page 1 STEP ONE CHARI (A COMPANY LIMITED BY GUAIIANTEE) REFERENCE AND ADPAINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Chief •xecutive officer Mrs E Rainsford P•lron Hèr Majesty The Queen Ind•pendent auditors Bishop Fleming LLP Chartered AcccKJntants 2rKI Fh)or Stratus House Emperor Way Exeter 8usir*ss Pa Exeter EX13QS Bankers Nationd Weslminster Ba￿ pk 59 HEgh Str Exeter Dgvon EX4 30P Page 2 STEP ONE CHARITY IA COMPANY LIMITED BY GUARA14TEE) TRUSTEES. REPORT FOR THE YEAR ENOED 31 IqARCH 2021 The Trustees present annu81 rewrt logether with the audiled finanoal statements of the group for the 1 April 2020 to 31 March 2021. The Annual rewt serves ts purposes of both a TnJstees' report and a directors, report under company law. The Trustees ¢onfimi that the Annual report and finanual statements of the charitable ￿rnpanY comply with Ihe Current stalulory r¢quir8ments. the requirements of the charilable companYs ￿￿eMing document and the W0VFsr￿S of the Slatement of RepJmmended Practice ISORPI applicable to charities preparing their accounts in accordance with the Fmncial ReFwling Slandard applicable In the UK and Republic of Ireland IFRS1021 (effective 1 January 20191- Obi¢¢tiVe5 and ¥¢tlville$ a. Pollcles and objectlves The principal obj'ects of Ihe djaiity are lo provide support for peopl$ *rylh physifal, rnen￿￿ health, sensory an other disatwlitres. or those wlth long-term health conditions. in order to improve their quality of life and de9ree of independence and provKle Ihe opportunity to achteve lh8￿ potential through Pers￿￿1 devd(ynent. trainin9 and eM￿0YrnenL The Board of Trustses has given regard to Ihe legislaiive and regu￿tOry requirements for di$rJosing how its charitable objectives have prowded benefil to the publi¢ ¥nd confirrns it h8s compli¢d wsth the dut￿ as set out. This report ouuines how our athievements during the perK*J have benefited the publi Thioughoul year we have u)mpleled a rthfjew ofour strategy with a focused comrrrilment lo further drive our reputslion for hMJh quality prowsK)n and investment in cMJr staffing resource. We ¢￿tinue to plan to grow our core seNi¢es whilsl developing projects and ￿rtnersh￿S whid) wiu help u$ divorsify OUT income sources and enable us lo support wn(*e people. Slep One actsvitles during 20XF21 wefe agan ¢entred rffi EmI￿￿rt Swvh>$. Healih afKS Social Care. with Health and Social Care servi￿$ delivered t￿￿9h the CCT subgdw. In setting objectives and planriry for thbes. TnJst¥￿ gi¥¢n due considEratron to general gyidan publtshed by the Charity Commissi¢￿ relatiNJ to wblic benefft. I￿Ud￿ the guidance 'Public bengfit". n￿nIng o charity IP821'. b. Strat¢g1¢ rei>ort The fdlowng sectrons constitute the slrategic report for the puwoses ol the Companies Act 2006. This strategic report f¢)mis part of the ReiMJt of the Board. Achlevoments and pgrfomwi¢e Page 3 STEP ONE CHARITY (A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢hl•vements and porform3n¢• (CONTINUED) ¥. Intr¢duetlon Entering a T￿¥ finan￿￿ year invarith r&wwes refiec11c￿ on ow wevious yearfs ￿h1oVements and challenges. As the year started it soon became apparent that the COWt>19 pandemic would have a signTfKant effect not only upon indiwduals but also ¢Nganisations induding ourselves. As a charity affected by the pandemic we quickly needed to change Ihe way we delNered our servtces whilst al the same time adhering to all of ihe Government's ￿qUIreMents for so¢ial distsncing duriTh3 ￿ natKsnal Icthown. Through(Art a very challenging year for Slep One. we have been at4e lo demonstrate consKlerablg reS￿￿nCe and forw¥d thinking whast dèlNering am of (Mjr seryices and m(xe durir¥J the Pa￿jeM During the wr, our back office functions undetwent some significant key personnel change and new stsff dapted to intensè demands in addition to Very different ways of remole working as they supported our services. Seivices coped ￿tti varyvig waves of anxiety. uncertainty and confusion wilh except10th￿ skill and professionalism. Our natural comrThJnication methc*Js ol contact and facial exwe5sion were replaced overnight with masks and distance. The volume of leaming to work and survort drffererrfly Should be applauded and recognised. As an or9anisal¢on we look brave and creative decisicms acr055 every aspect of the charitys work and this wll be lyjill upon over the next fvrtlve months and beyond. We 8¢knowlèdge how hard everyvne w￿d in whal has been an intensely chalenging time. AJI services have been able lo conknnue lo deliver Provision and this is commended. Manager5. stsff and those behind the scenes have had a very demanding year which has been quite oven¥helming al time5. Despite this. everyone has pulled togelher and gone the extra nule arKI this is recognise¢J and #p￿Uded. b. Maln a¢hlevements Over the pasl Jear, Step One w(¥ked wilh ¢)ver 8CK) people across our wi* of specialist provision in Devoft. (i) Cypress Hospital and Granvue Crfsls House Since the beginning of the yEar the prKKity for tINs ha5 bpen to continue to deliver high standard$ of support and ongoing wovision of ho$￿al beds ar￿ this hès been achieved. As a result of COVID-19 and in order lo safeguard adequale and consistent stsffing for this service, il was agfyed earty in the year with commissioners that we close Granvue on a leM￿Tary basis. H¢)wever. as the year progressed we were gradualty able to reopen these uisis supfxwt beds. Our o¥eraW bed 0￿upar￿Y during the year at Cypress was 75trA and al Gramiue we still athiwed ove￿1 occuparw of 50% despite hawThJ to remain closed during th& first quarter of the year. . (ill Support Living and Communlty Supwt This swwtce conts'nLsed to deliver support during the year despite Ihe k)ckdown thr(wgh either face-tO•facg support or tewihone. according lo irKlividual dient preference. During Ihe year the ser￿Ce has provided people In Devon with an average of 730 WKINidual support hours each week. The seThi¢e was abte to introduce addilional support thr￿g￿ a new Torbay Community Access tFCA) pik)l from April 2020 funded through the Oevon Pafbiership Trust until March 2021. This swi¢e supthMed over 100 peO￿e were on Community Mental Health TTUSI wailing lists. Followlng Ihe success of thè TCA pilol. Devon Partnership Trust commissioned us lo deliver a similar service in Exeter IECA) from October 2020. This was funded through anolher IBCF Ilmproved Better Care Fund) unlil March 2021. Whilsl disappjrntingly there was no available funding to Cary on these services beyond April 2021. DPT have stated for further on9¢￿n9 funding shoukl the opportunty arise. During the year we relocated our Cornrnunity Suw*)rt Team lo the vacant wing on the 2nd floor of Beaulort House. Thls enabfed us to provide tsell￿ protect￿￿ tor the team and dients during lockdown with the larger Space enabling better social distarring. espectally as we relurned to provhlin9 more dwect face￿I￿ace and dawime support. During Ihe ypar bu￿di1￿j some mirKJr improvement work was c￿mpleted at the Keybery Road Page 4 STEP ONE CHARITY (A COMPANY LIMITEO BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YeAR ENDeD 31 MARCH 2021 Achiwements and perf0m￿nCe (CONTINUEO) house in ¢yder for us lo increase occupancy from S to 6 bèdrooms. Apart from the initial minor build work costs. there are no otvjoing staff cml imrAications aNI we should therefw achieve significant additional incomo through h￿sing t¢nefft ar¥J support houts. lliil Torbay Peer Support Project Due to the age of this dwt group face4￿faCe support was Suspe￿ pricff to lockdm￿. As a re￿11 staff have w(ffked extremely hard to develop onwng support groups and courses for thi5 dienl group through 50¢ial media. Wlwtsl deliverin9 ongoing suprth to llis gr admwiC￿S and were able to dose eartier Ihan onginally planned to merge staff to $UPF￿1 Cypress Thrivlng Workplace adapted to ueate soual media and identify IK3W Ihey could best create oTrline training resources Torbay P••r Support used Iheir estsblished social media platlorm5 to communic4te wth volunteers and ovKle self.hel) inftKmalion g. Golng forward and how we will deal with any future pandemlc By learning from what went T￿1, T*thal dtfficullies needed to overcome and vthat we could have done differently has helped us to infom) ¢yJr contingerw ￿an$ about how we w¢wld manage any Similar pandemic outbreak in the future. We have been able to Klentify what we need to do to sustain the work we have aehieved so that we can feel more certain that w¢ are in a better positM)n to manage thts current pandemic going forward. Flnanclal reviow . Golng COn￿M After making appropriate enquiries. the Trustees have a ￿aSOnable expe¢tatson that the company has adequate resources lo continue in operational existence the fO￿$8¢0b[e fulure. For this reason. they ￿n(Intse lo adopt the going concem basis in preparing 11)e financial statements. Further details regarding Ihe adoption of the going )ncem bays c8n be found in the accrAmting p(Aicies. b. Res¢rve$ In the Board's view, a Minim￿ level of unrpstricted reserves should be maintained to provide adequate financial stability and the means for it lo meet ils charitatde rt>jeclives for the fo￿seeable fvture. The Board reviews the amount of reserves required at le8St on an amual basis. and receives management accounts on 8 monthly basis to allow thern to monitor the likdy rrb)vement on re59Th&s in any givan year. The Board prop)ses lo maintain general urnestricted reseples al a level whth is at least equivalent to slx months. OP8Talional expenditvre. plus redundancy provisron, ￿v$ an adequate provision for lease lerminallons. The ¢LJffent target level of reserves has been set at £1.71&￿ arKI at the Jear*nd ￿ Charity hdd a balance of £1.986m. The Board are also obliged io de￿nate knKlÈng to offset pen%on liabilities as assessed by the Found8lion'5 acluary. The designated reserye shcmjld match the amoun15 held kn the estrow acwunt that cover Ihe pension scheme funding deficit and any amounts due under the ￿Then1 sc**dule of contributions. The escrow a￿ount fund had a balance of £2.4m al end axl the pension contribution commitments lund was £228k. making a total of £2.7m designated for penS￿n labdibes. The Board also desijr nate funds to 5UPPOrt olher $peufi¢ purposes with separately kdenbfiable costs and a business case demonstrating clear benefft ac¥oss the organi￿1•￿ and support for Ihe ctharilable objects. Further delarfs of these designalions are provided in the Tr)tes. Page 7 STEP ONE CHARITY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARGH 2021 c. Finan¢l41 revlew The year*nd accounts show a total ino)me of £3.315m. whtch is a decrease of £161k from 2020. The totsl income for the year a150 retlecls income from Mgoing CCT activities. CCT af*vities are shown within the restricted funds of the group. Totsl expenditu￿ lor the was £3.548m for the group compared to £3.475m in 2020. The net expersditure before investments are tsken into acGcMJnt were £281k ccwnpared ¢0 £32k expenditure in 2020. The investments aro hekl in managed portlolw l>alan￿d in order to maintain potential knger term grov•1h in capital value th81 can be invesled into (Jesignated projects. Th8 jnvestff￿nt performance reflected market conditrons 8 net gain of £1.979m on the investmenl Yaluatiort is recognised. compared to a loss of £315k in 2020. The nel movement in fvnds beforg adj'ustments for pengons is a gain of £1.699m corrpared to a loss of £347k overnll in 2020. The annual update of Ihe pension scheme for March 2021 showed an increase in the value of the scheme assets by £382k as Ihe benefft5 paid were less than the cl￿tribUtiOnS made by Step One aThJ the investment relLtms. The present value of the sCheff￿ liablilies ha5 also decreased by £1.231m as the benefits paid have exceeded the in¢xeased costs. The combined defined pension kn'abdities have reduced lo £1.139m ffom £2.752m in 2020. This results in on overal sutplus for the gyoup of £3.187m. wilh total furK15 Carr￿ fomard of £13.816m at the year end. Of this. a lotal of £10.874ffl 15 designated for speufic pwp)ses, and general unrestricted funds induding the unrealised investment revaluation. stsnd al £1.986m. d. Risks The organisation has 8 strong framework in plac¢ lo monitor and miligate moior risks to which il may become exposed. Risks are regularty rewswed by Ihe Board and its sub C¢)mmittees or Working Groups. Commercial and ffinanaal risks In particular are considered ty Ihe Finance & Auth't Committee using extemal advice where appropriate. The￿ are robust s￿terns for qualty assurance and compliance through the Quality Assurance and Improvement Committee that a￿ used to inform a W0ce￿ of wntinuous improvement and provide lurther assurancè on Id8nlifieation and management of iisk. stfucture. governance and m¥n•gement Page 8 STEP ONE CHARITY (A COMPANY LIMrrED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Structure* govomance and managgment (COP￿INuED) a. ConstltutSon Step One Chwity I"S¢ep Cffie-) is a ccrfnpany I￿lted by guarantee and 1$ registered as a charitywith ttk* Charfty Comsnission {No. 2354341. The name was changed from St LoyE's Foundation on 21 December 2016 to provide a new Iradtng name for the group following th¢ acquigbon of Communtty Care Trust (South West) Limiied as a subsidiary in 2015 8nd a of review and consultation. The trustees consblute the Board of Management of Ihe ¢harity and are also directors of the company overal responsibility for govemance. The Board meeis lo 8gr¢g Strategic and operalKJnal plans aTrJ monitor progress agwnst them. The Board delegates the day to day funning of the charity to an Executive Team. wovvjing adytce and guidance as approFHiat8. Board mombgrs may also seNe on Committees or operational groups. Community Care Trust (South Westl Lrmrted rccri is a tharrfable company linited by guarantee. wIste￿d company number 2420393 and registered ¢harity number 1007781. &ep One contro15 75#k of the voting rigms of CCT and is a wrporate member of CCT with the right lo rnminate a trustee for the CCT Board. CCT also has the right lo nominate a member to the Step Board. The Boards have agreed to joint meetings whllst retaining separate processes as required for slatutory adminkstrative purpose& Tlw follobwng Twstees swved duving the Jpar. Ms S Suthertand (Char) Ms D Bassett Mr l Beider Ms S 8r¢nnan Mr P Ca4thron Mr R Gofton Mr E Probert Mr M Taylor- CCT nominated Trustee Mr R Wimièms b. Methods of appointmont or election of Trustees The management of Ihe Group and the company is the responsibility of the Trustees who are etect¢d and eo- opted under the tem)s of the memorarnlum and artides of association. c. Flnanclal risk management The Trustee5 have assessed Ihe major risks lo which Ihe Gr(KJp and the company are exposed, in particular those related lo the operations and finances of Ihe Gr￿Sp ar￿ the company. and are sattsfied Ihat Systems and procedures are in place lo mitsgale exposure to the maior risks. d. Trustse indudion and tralning The Trustees undergo induction to biigf Ihem of their legal obligalions under company and charity law, the content of the Af1ides of Associaiion, Ihe committee and decisron rnaking processes. appfoval of the annual operating plans and budgets and review of slrakgy and perf￿r￿. Page 9 STEP ONE CHARir( IA COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Plans for luture perfod$ The Charfty plans c(￿tinuing the adrvities oullined above in the forthg)mw JEars subjed lo satisfathy funding arrangements. In line wilh our overarching strategy we continue to expand upm core delivery. Targets set for our cornmunity service in 2020 were exceeded in spite of a pan￿￿ and we continue to sel ambitious targets for the coming year. Our Small specialist emplownent ￿SOurCe will ￿ntinue to devek)p our delNery offer to prime rA)ntractors seeking delivery partners in the soulh *esL The OWP and Ministy of Justtce planned opportunities were delayed during the hel￿1 of the pandemic and we wdl continue to network and market ow specific speaalism offer to large g8neric providers. To respond lo growth and income need. several strarK15 of future vnk are summwised below:. Grow from Core Sèrvicès In￿ease community service rexh Develop additional supwied fivry mc41 Develop partners for Communtty Mental Framework OPF#Jrtunitie5 Develop employment specialist offer lo DyTbamic Frame￿W￿cAEHRs Diverslfy In¢om* slrnams Regenerate income opportur¥ties for BeaLrfc¥t House Deknver Fundraising Strategy Deliver eeWelI(&Step￿* Prqect Worlrforce Ond Infrastructur• resilience Deliver Worklorce Development Strategy Deliver IT strategy STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of the company for purposes of company law} are responsible for p￿paring the Trustees. reF￿ arKI the financ￿ statements in accordance ￿th applicable an¢J United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requwes the Trustees to Wep#￿ finanual stslements for eath financial . Under company law. the Twstee5 rnusi not approve the finanual statements unless they ale satisfied that Ihey give a true and fair view of the State of affairs of the Group and the C￿panY and of Iheir ￿COmir4j resources and aptdication of resources. induding their income and expendikne. for that peric*J. In preparing these ffinarKial statements. the TTUStees are required to: select 5Uitatrde acc￿nting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)". make ju¢Jgtrnnts and accounting estimates that are rea50nabEe ano wudefTrt'. state whelher applicable UK Accounting Standards IFRS 102> have been followed. subAect to any material departures"disdosed and explained in finanual ststements.. prepare the finanual slatements on the g￿n9 concern basis unless it is inappropriate to presLEme Ihal the Group Vlill continue in busmess. The Trustees are responsible for keeping adequate a¢counlir¥J reoNds that a￿ sufficient to show and explain Ihe Group and the companls transac1•￿ and disdose with reasonable acwracy at any time the financial positton of the Group and the company and enable th¢m to ensure that the financial stslements ¢omply with the Cornpanies Act 2r)Q6. They ale also ￿spOnsible for safeguarding Ihe assets of Ihe Group and the company and hence for tsking reasonatAe steps for the prevention and detecbon of fraud arKI ott￿r YregLtlarities. Page 10 STEP ONE CHARrrY (A COMPApff LIMITEO BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Disc105ure of Infofmatlon to audlto Eath of the person3 who are TnJstees al the timg Wh￿ this TfUStees' report is approved has confinned that: so far as that Trustee is aware, there is no relmnt •JJil infmnalion of ￿llch Ihe tharitable group's auditors are unaware. and that Tfuslee has taken all the sleps that cN4ht to have been laken as a Trustee ws order to be aware of any relevant audit infcKmation and to esiat4ish that the ctharitable group's auditws a￿ aware of thal informafion. Audito The 8udil¢ys. Bishop Fleming LLP. have irKlicaled Ih&"r V•illingness to continue in office. The designated Twslees will proFose a rn￿on reappointK4J the audit(¥5 al 8 meeting ofthe TNstee& sp Ji &plf Xoa) Approv&J by of membets of of and signed on their behalf by.. Tnjstees Mrs S Sutherfand Chair Page 11 STEP ONE CHARITY {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STEP ONE CHARITY Opinion We hgve audited the finawaal ststements of Step One Charity (the trarent charitable cLsmpanY} and its subsidrarie5 (the 'group'l f¢y the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Actiwbes. the Con$d￿ated balan¢e sheeL the Company balanL* sheet. the Consolidated stslemenl of cash IIow5 ar￿ the related noles. indudiNJ a summary of sigrmficant ac￿￿nting policies. The financial reporting framewofk Ihat has been applied in their preparati￿ is applicat4e law and United lQngdom Accountsng Standards, induding Finanoal Reporting Standard 102 The Financial Reporting Standard aPpE￿able in the UK 8n(i Republic of Ireland, (United lQngdom G￿rallY A¢￿PIed Acwintw Practice). In ow oplnion the fjnancial statements". give a true and fair ¥iew ofthe State ofthe Gr￿p.S ofthe parent charitable compan￿$ affairs as at 31 March 2021 and of the Group's incoming resources and a￿ticall0n of fesources. tncluding its income and expenditure for the year then ended.. have been properfy Prepa￿ in a¢corOance *ith Uiubj Krydom Generalty Awted A¢oyJntlng Pfactice.. and have been prepared n ac£(¥dance wilh the requiremwits of Ihe Companies Act 2LNJ6. Basis for opinion We conductèd tyjr audit in accordan￿ *iih lrtemaliwl Sthnda￿$ cm Audiling (UK) {ISAs {UK}l and applicable law. Our responybilities under those stsndards are further described in the AA￿ttOrS, responsibilities for the audit of the finanth￿ statements section of our reporL We a￿ iThlependent of the Group in ac¢ordance with the elhical requi￿rnents that are relevant lo our audil of the fwncial statements in the United lQngdom. induding the Finandal Reporting Coun(?fs Elhi(31 Slandard. and we have fulfilled our other eihical responsibililies in eeofdartee with these requwements. We believe that Ihe audit evidence we have obl8ined is sufficient and appropriate to prov￿ a b￿"5 for oplntCrfL Condusions relating to going ¢on¢ern In auditing the financial slatsments. ￿ have Cond￿ Ihat the Trustg9$' u$* of the going ¢oncem basis of accounling in the preParats"￿ of the financAal statements is appropriate. Based on the work we have perforn￿d. ￿ have not identified any materlal uncertsinties relatng to events or conditions that. individually or collectivety. may cast ￿gnificant doubl on the Group's or the parent charitable companrfs ability lo continue as a going concern for a per￿ of at least months from when the finanual statements a￿ aulhorised for issue. Our respon5ibllities artd the responsibililies of the Tn*lees ¥*ilh r9sperl to goiThJ o)n¢¢m aro dgs¢ribed In the Felevanl se¢lions of this report Olhor Inforniatlon The other irrformatson ¢¢)mprises the inf(xm3bon W￿uded in the Annual ￿pOrt other than financial statements and our Audilor5' report therety). The Twstees are r8SkX)nsÉtle for the other information contained within the Annual report. Our ownion on the financia slaternents does ￿t ￿Ver the other information and. excepl lo Ihe extent olheNise expliciuy stated in our report. we do not express any fom of assur8nce conduslon ihereon. Our responsibility 1$ lo read Ihe other information and. ￿ doing 50, consider whelher Ihe tsther information is malerialty inconsistent wth the financial statements CK ￿Jr kr*)wledge obtained in Iha eA)urse of the audit. or othe￿1$& appears to be rnaterially misstated. If we Njentify such matsrial inronsislencies or apparent material misstalemenls, we are required to determine whether this gives rise lo a mateiial rnisstslemenl in the finandal statements themselves. If, based on Ihe work we have performed. we condude that there is a material misstatem9nl of this othei informab'on. we are required to report that facL We have nothing to report in this regard. Page 12 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STEP ONE CHARITY {CONTINUEO) Oplnlon on other matters pwescTlb•d by the CompaThes Act 2006 In our opinion. based on the wot* undertaken in the coutse of the wdit lh8 inlormalion given in the Twstees. Rep￿ f(* the financial yEar for the financ4al statements are prepared is consislent with the financial statements. Ihe Tru5tees' Report has been prepared in acc4Jrdance with applicaFAe legat requirements. Mattets on Ythw¢h w• are rwulred to reptyt by •xc•pl In the light of our kno* and understsnding ol the charitable company and its en¥iroMienl obtained in the coutse of Ihe audit. V•* have not KIentif￿ material ffisslatements in ts Trustees. ReporL We have nothing to report M) respect of foA(Mirg Matte￿ in relatK￿ to whiL* Companies Act 2006 re¢¥Mres us to report to yw if. in our ¢¥inion". the parent charitable company has not kept adequ8le and sufficient accounting re¢ords. or retums adequate for our audil have not been recehved from branc1￿ not visited by us". or the parent charilable company financial slatements are nol in agreem8nl with the accountiThJ records and returns: or Certain disckjsures of Trustees. remun8ra1rt￿ speLifie(I by law are r#)1 made: we have not receNed ￿1 Ihe infcxmation and expSanatK)ns ￿ requwe fty our aud Responslbilitie# of trusleès As explained more funy tn the Trustee5' Tespjnsibli ib.es ststemenl. the Trustees (who are also the directors of the charilable company for the Purposes of company law) are responsible for the praparaknon of the finanoal statements and for being satbsfied that they 9Jve a true and fair view, and for such ￿terrtaI control as the Trusteos détgmiine is necessary to enable the preparation of financsal statements that 8￿ free from material misstatemenL whebkn the to fraud or error. In preparing the financial slatements. the Trustee5 are fes&xmsible for assessing the Group's and the parent charitable Corr￿anIS ability to continue as a goirrtJ concem. disclosing, as applFcable, matters related to going concem and using the going concem basis of accopjnting unless the Trustees eithw intend to Itquidale the Group or the parent charitat4e company or to cease ¢peratThs, or have r￿) ￿al$ti¢ atlematsve bul to do so. Page 13 STEP ONE CHARir (A COMPANY LIMITED BY GUARANTEE INOEPENDEHf AUDITORS. REPORT TO THE MEMBERS OF STEP ONE CHARifY (CONTINUED) Audltors. r¢sponslbilltl•s for the •udit ol the financlal statements Our objectiv¢s afe to obtain reasonatle assuran￿ aLhJJt whether financial slalemerts as a whole are free from material misslatement. whether due to fraud or error, 8rMI to issue an Audilots. reptrrt that indudes our opinM)n. Reasonable assurance is a high level of assuran￿. l¥Jl Is not a guarantee that an audit conducted in accordance with ISA5 IUKI w15 alYJys dele(l a material misststement whgn it exists. Misststemenls can arise from fraud or error and are considered matefial rf, irwjividualty c* in the a99regale, they could reasonably be expected lo Influen￿ the economrc deci5ion$ of Ltsers taken ￿ tr* basis of these finandal $tstemenl5. Irreguiaribes. induding fraud. a￿ instances of ncTrcompliance with laws and regUlat￿s. We design procedures in line with our rèsporTrsibiliti¢s. oudinad above. lo delect material misslalements Trn respect of Trrre9ularities. including fraud. The extent to whh* our wocedures are Capab￿ of detectiThJ irregularities. induding fraud is detaded below. In kJentsfwng arKI assessing risks of material rrMSStatement In respect of irregulariti￿, Induding fraud and noncompliance wlh laws and regulations. we conSide￿d fdlowing: the natu￿ of Ihe ¢hafity sefAor. control enwronment and charity performan￿. results of our enquiries of management and the Trustee board. indudiThJ the committees tharged with govemance over the GTWP'$ finance aThJ control. ab￿rt thw'r v•m *JentifKztion and asses5fflent of the risks of Irregularities: any matters we idenlified haviThJ obtained and reviewed Ihe Group's documentatton of their Fdicies and procedures relaling to." idenbtyng, evaluating and com&lyNw with Jaw5 and regulalwJns and whether they wero aware of any instances of non-¢ompltance' detecling and respondiThJ to the fisks of fratsd and whether Ihey have krTh￿edge of any aclval, suspected or Jleged fraud: the intemal contrds established to mikngate risks of fraud or nonco¥npltan¢e laws and wulattons". how ihe GfOUP ensured Èt Mel its obligalions arising from it beiro financed by and subject to the govemance requirements. and as such materral compliance with these obltgations is required lo ensure the Group will continue to receive its fundir@ and be a￿lh￿￿e(l to operate. including around ensuring there is no material unauthorised use of funds and ewendilurfr. As a result of these procedures. we ￿nsidered the opportunities and incentives that may exist wihin the organisation for fraud. which induded incryrect recc0n1￿On of re¥enue. management override of cortrtro5s using manual journal entrses, purchase ledger and payTcAI. and idenkn.fied Ihe greatest potential for fraud as incorrect Teccgnition ol revenue and management overrÈde ugng manuat ioumJ enth"es. In common with all audits under ISAS (UK). we a￿ also required lo perfomi speufic procedures to ￿Spond to the risk of management overrloe. We also obtained an uThkrstanding of Ihe legal and ￿gUlatOry frameworks that the Group operates in, f￿￿ng on provisiMs of those laws and regulalions that had a direct effect on the determination of material amounts and disclosures in the finaroal slatements. The key13ws and regulations we Cons￿81¢d in this context included the UK Companie5 ACL The Charilies Act arKI tax leg151ation. In addilion. we onsKlered provisions of other kn *KI regulab¢)ns that do Mt have a direct effect on the financial statements bul CoM￿lance wth vthich may be furHlamentsl lo the Group's ability lo operate or to avoid material penalty. These induded Care Oualty Commtssion Regulatlon. Health and Soual Cara Act. data protection reguEatws, occupab'onal he￿th and safety regulat￿ and eM￿0yTnent legislation. Our procedures to respond to risks identified inc*Jded the fthing". reviewTrJ the finanaal ststemènt disdwjres and testing to supporting documentation to assess rLJmpliance provislons of ￿leVant laws and regulalions described as having a dired effect on the financial ststements: reviewing the financial statement disclosures and testing to supportiig documentation to assess tt)e recogTrtion of revenue.. enquiring of Trustees and rnanagement and thDse L*arged wtth govemarKe concemlng actual and potential liligation and claims.. perfomiing procedures to confirm matwbal ctynpliance wilh Ihè requirements of the laws and re9ulalions that step One Charity are subject to: performing anal￿1£￿1 procedures to identify any wwual or un8xpected rglation$hip5 that may indicate risks of material misstatement due to fraud,. Page 14 STEP ONE CHARITY (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STEP ONE CHARITY (CONTINUED) reading minutes of meetings of those tharged with governance and reviewing intemal control rep)rts', and in addressing the risk of fraud through management override of contro15, testing the appropriateness of Journal entr￿$ and other adiustsnents," and assessing whether the judgements made in making accounbr eslimales are indicats.ve of a potenbal bias. We also communicated relevant idenb.r￿d laws and reguiaknns and potential fraud risks to all engagement team members. and remained alert to any indications of fraud or non-compliance ￿th Lgws and re9ulalions throughout the audit. Our audit procedures were designed to respond to risks of material misslalement in the financial stslemenls. recognising that the risk of not deteeting a material misslatement due lo fraud is higher than the risk of not delecling one resulting from an error. as fraud may invojve deliberate concealment by, for example, forgery. mi5Tepresentstions or through collus*)n. There are inherent limitab'ons in the audit procedures performed and the further removed non-compliance wth laws and regulations is from the events and Iransacts'ons reflected in the financial statements, the less likely we would become awa￿ of IL A furthei descriptbon of our responsibilitss for the audit of the firtartial statements is located on the Financial Reporting Counafs website at. W*4w.frc.o .uklauditorsres sibi1t1￿s. This descriptton forms part of our Auditors, report. Use of our report This rewrt is made solely to the charitable companys members, as a body, in accor¢lance Chapter 3 of Part 16 of the Companies Act 2006. Our audrt WOTk has been tjndertaken so that we might state to the tharitsble company's members those matters we are required to stale to them in an Auditors. report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume ￿SpOnsIbl1￿Y to anyone other than the charitable company and its members. as a body, for tsJr audrt work. for this rewrt. or for the opinions we have formed. TIM Borton FCA for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 2nd Floor Stratus Ho¥J$e Emperor Way Exeter 8u5iness Park Exeter EX13QS ChA (Se uditor} Page 15 STEP ONE CHARITY (A COMPANY UMrrED BY GUARANTEE) CONSOLIOATED STATEMENT OF FINANCIAL ACTMTtES UNCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 Unrestri¢tÈd Restricted funds funds 2021 2021 Total funds 2021 Total fund5 2020 Income from: Donations and 18gacie$ Chalttable activibes Investments (Xher incom8 25.391 284.461 106.336 293.396 97.279 2,S07,957 122.670 2,791418 106.336 293.396 146.588 2.754.986 140.455 433.357 709 Total Ineorne Expenfllturo on: Raising funds Charitable actiwlies 1605.236 3,314.820 3,475.386 47.415 1,504,008 47.415 3.$48.199 40.867 3.466.915 2.044.191 Total expendtture Net l¢xpenditur¢)nncomo before ft•t galnslllosse$} on investments 1.551.423 1044,191 3￿95.614 3.507.782 (841.839) 561.lJ45 (280.794) (32.396) 15.17 Net gainsl{105ses) on invesknents Actuarial Ilossesvgains ¢)n defined nefit penston 5¢hemes 1,979.424 1.979.424 (314.807) 24 1h88.000 1N88,000 {1.023,OCw)) 2,625.585 561.045 3.186.630 Net movemenl In lunds (1.370.203) Recon¢iliatlon of fvnds: Total funds brwghl forward Net movement in funds 10235.146 2,625.585 393.871 561.045 10.629.017 3.186.630 11.999.220 (1,370,203) 12.860.731 954.916 13.815,647 10,629,017 Total funds carrled forward The Conso14daled Ststement of Financial Aclivilies induts ￿ gains and losses recogntseil in ¢he year. The notes on pages 22 to 47 fomi part of these finanL¥al statements. Page 16 STEP ONE CHARITY (A COMPANY UMITED BY GUARAlaEE) REGISTERED NUMBER:00393477 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021 2021 Note Flxed ossets Tangible assets Irwestrnenls Investment property 13 15 14 1814,723 7,909.920 1,784,133 2,gc￿.783 6.312.715 1.784,133 12.508.776 11,003,631 Cuffent assets Debt¢Ns Investments Cash al bank and in hand 16 392.166 2.000.726 336,573 17 1434.376 105.325 1894,355 2.729,465 Creditors.. amounts fallro due within ona >Ear 18 (426.475) {324,526) Net current assets 2A67.8BO 2,404.939 Total *$$ets less curnnt liabllitles 14.976,656 13.408.570 Net assets excluding pension ￿abIlIty Defined benefrt pension $d]￿le liatility 14.976.656 13.408.570 24 11.161.009) (2,779,553) Total net assets 13.815.647 10,629,017 Charlty lunds RestriGted fvjnds Unrestricted funds 19 954.916 393,871 Designated fvrmts GeneJal funds 19 19 10.874,323 1.986,408 8,773.710 1,461,436 Total tsnrestricted fijnds 19 12.860,731 10.235.146 Total funds 13.815.647 10,629.017 The Trnstees ad(no* Iheir resKthsit¥￿tles for conW>iry Mith Ihe rewrements of Ihe Ad wilh respect unting rec￿(1$ and preparation offin8￿1￿ st2tements. The financial slalements awoved and authorised for issue by the Trustees arKI signed on behalf by. Mrs S Sutherfand Chair f,-(J. t Page 17 STEP ONE CHARITY IA COMPANY LIMITED BY GUfvJIANTEE) REGISTERED NUMBER..00393477 CONSOUDATED BALANCE SHEET (COMTINUED) AS AT 31 MARCH 2021 The notes on pages 22 to 47 form part of these financial slateD￿nts. Page 18 STEP ONE CHARITY (A COMPANY LIMITED BY GUARANTEE REGISTERED NUM8ER:00393477 COMPANY STATEMENT OF FINANCIAL posmoN FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Note Flx•d assets Tan9ibte 8ssels Investments Investment Fwerty 13 15 14 1814.723 7.909.920 1.7B4.133 2,906.783 6,312.715 1,784,133 12.508,YY6 11.003,631 Current assets Debtors Investments Cash at bank and in hwKI 16 17 266.931 1434.376 84119 281,748 2,CW)0.726 324.￿2 2.785.426 2.￿.976 Creditors". amounts due ￿1n year 18 (1.281.1153) (607.039) Net current assets 1.504.373 1,999.937 Totsl assets less curront liabilltles 14013,149 13.￿3,568 Net •$s•ts excluding peiision li*bility Defined benefrt pensi￿ scheme liability 14.013.149 13.(#)3.$68 24 11,139.5001 (2.752,500} Total net a$￿ts 12.873.649 10.251.068 Charity fvnds Restricted fuThJs Unrestiicted lunds 19 11922 1&922 Designated fund$ Genernl fvnds 19 19 8.874.323 3.986.404 8,947.335 1.287.811 Totsl unrestricted funds 19 11860.727 10,235.146 Total funds 11873,649 10.251,068 The Ttustees acknthvledge their fespLYwtrffit* for *ilh Ihe Tequirmnts of the Act with respect to accounting reLX)rds 8rtd sxeparalion of finarK4al statements. ) I loli The fjnancial slatenwnts were aFvov&J arKI authtiriS￿ for issue by the Trustees arKI sgr￿d on their behalf ty. Mrs S Suthertand Chair Page 19 STEP ONE CHARITY IA COMPANY UMITED BY GUARANTEE) REGISTERED 14UM8ER:00393477 COMPANY STATEMENT OF FINANc￿L posmoN (CONTINUED) AS AT 31 MARCH 2021 The notes on pages 22 to 47 foftn part ofthese ffinanciaf statements. Page 20 STEP ONE CHARITY (A COMPANY LIMITED BY GUARArirEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash ftows from operating actlvhles Net cash used in operatsng acts"vikn"es {227.9371 1270.3481 Cash flows from Invgstlng a¢tlvltles DNldends. Inte￿Sts and rents from investments Purchase of tangible rtxed assets Proceeds from sale of investments 140.455 {18,5621 250,000 Net cash (used inyprovlded by Invesllng acllvllO¢$ (4311) 371,893 Cash flows from ftnancing activities Repa￿lent$ of borrowing {24,879) Net ¢a$h wo¥lded byl(used In} flnandng actmlles {24,879) Change in c•sh and cash equlvaknts In the year Cash end cash wufvalents at the beginning of Ihe YE (231.248) 336.573 76,666 259,907 Cash and cash ¢quival•nts at the •nd of thè year 105.325 336,573 The notes on pages 22 to 47 IcThi part ofthese fin8fKaal Slatern￿ts Page 21 STEP ONE CHARI (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General inlomia¢lon step One Chartty is a registered charitable company fimiied by guarantee and was set up by a Memor8ndum of Assosicabon on 26 February 1945. The charities registered number is 235434 and Ihe registered office is BeaLrforl House. 51 New North Road. Exeter. Devon. EX4 4EP. Accounting poli¢i•s 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finanual statements have been wepared in accordance ¥rilh the Charities SORP (FRS 102) - Accounting and Repoiting by Char7bes: Ststemenl of Recommended Practice appficablè to charities preparing their accounls in a¢xonJance wth the Report5ng Starxlard applicable in the UK and ReputrAic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republtc of Ireland {FRS 102) and the COmpan￿S Act 2006. Step One Charity meets the definitv)n of a public bènefrt entity under FRS 102. Assets and Ilabilities are initially recognised at I￿storical cost or transackn value unless otherwise staled in the relevant accwnting pdicy. The Corks￿l￿at¢d statement of finantial acbvitres (SOFA) and Consolidated balance sheet consdidale the financial statements of the cornpanyarKI its 5ub5idiary underta￿n9. The results of Ihe subsidiary are consc4idaled on a line by l*ie ba5iS. The o)mpany has taken advantage of the exemption alkn¥ed under section 408 of Ihe Companies Ael 2006 and has rb)t wesenled its Statement of fmanci81 actsvities in these financial Statements. 2.2 COMPANY STATUS The company is a cc¥mpany limiled by gLwanteo. The members of the company ale the Trustees named on page 1. In the event of ihe cx)mpany being wound up. thg liatjility in respect of the guarantee is limited to £10 per member of the cornpany. 2.3 INCOME All income is ￿CognISed once the company has entiuemenl to the income, Trt is probable that the income wll be received and the arrrf)unt of income rec£ivable can be measured reliabty. The rec￿nI110n of income from legacies Is depernjent on establlshing enlltlement, lh8 probabilty of receipt and Ihe ab￿ty lo e5b.mate sufficient accuracy the amount re¢eivabte. E￿den￿ of enlitlemenl to a legacy exists when the cfynpany has suffiaeni evidence Ihat a gift has been left to them (through knovledge of the e￿Sten￿ of a valHI will aThJ the death of Ihe benelaclorl and the executor is satisfied that the in question not be requi￿d to satisfy claims in thè ¢ststo. R￿elp1 of a tegacy must be fecognised when it is wobable that ti %yifi be received arHJ the fair value of the amwnt receNable. which wim generally be the exF*rte(I cash amount lo be dislributed to the company. ￿ be rolbatdy measured. Page 22 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢countlng poll¢les Icontlnued) 2.4 EXPENDITURE Expenditure is iecognisgd On￿ there is a legal or construclive obligation to transfer economic benefit to a third party. it is wobable that a transfer of eeonoffoc benefits wiu be required in settlement and the amount of the Ot4￿ab.0n can be wsured reliabfy. Expendtiure is ciassifie(J by adNity. The costs of each activity are made up of the lotsl of direct costs and shared costs. indudFng support costs involved in undertaking each a(aiwty. Direct costs attributable to a Single acb.vity are 8llo¢aled directly lo thal aclmty. Shared costs which contribule to rn0￿ than one activity and support CQ5ts which 4r¢ not attribulable to a single aciwity are apporboned between those activibes on a basis consislent the use of resources. Central staff cnsts are allocated on the basts of time spent. and depreciation tharges allocated on the portbji of the asset's use. Expenditure on raisiryJ hjnds irdudes all expenditure incurred by the Group to raise funds for Its charitsble purp)5es and indudes of an fundraising actiwties events and DOn￿￿rI￿able trading. ExpeThJiiure on charitable aclivili&s is incurred on direcdy undertaking the actTvitsos wIMch further the Group's objectives. as well as anyaswaled support costs. 2.5 I1￿EREST RECEIVABLE Inlerest on fvnds held cffi deposit is irduded when receivable and the amount can be measured rdiably by the Group.. this is nomially upon notificatson of the interest paid or payable by the institution 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are irmtially recognised at cosL After recognition. under the cosl ryM)del. tsngiblg fixed assets are me8sured at cost less a￿UMUlated depreciation and any accumulated impaimienl losses. All costs incxjrred lo bring a 1arvJi￿e fixed asset into ils intended worklng (xydiiion should be induded in the measuremènt of cosL Deprecialion is ¢harged so as lo allocate the cost of ta￿lble fved assets less thebr resttdual value over their estirn81ed useful lives. using the Straight4￿ method. Dewttiation i8 prowded on the followirvJ bases.. Freehold propety Fixtures and equiFrfngnt - 10%- 33% straight ￿ne 2.7 INVESTMENTS Fixed asset investments are ? form of finanoal instrument and are ini¢i8]ly rrtO9nised al th¢lr Iransoction cost alKI subsequenuy measured al fair value al the 8alance sheel (iale. unless Ihe value cannot be measured reliabFy in which case it is rneasured al cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and wesented as 'GairtsllL05ses) on inveslments. in the Consoithted stslement of financial aCti￿11e$. Investments in joint venlures are staled at the amount of the Group's share of nel assets. The Consolidated ststemenl of financial ar*vitss indudes the Group's Sha￿ of the jcmnl ventuffts, nel income or expendihjre using Ihe equity accountww bas￿. As the pint venturt u% a charfty. the investsnenl Is presented wtthin restricted fijnd Investment properties rènted to third parties are measured irutiaHy at cost and subsequently at thelr fair vatue in accord8T￿e wilh FRS 102 and the SORP. Page 23 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 IAARCH 2021 Ac¢ountiny poll¢les (contlnuedj 2.8 DEBTORS Trade other debtLYS are recognisgd at the setdoment amwnt after any Irade discount offered. Prepayments are vahjed at the anv)unt wep&d netofany trade discwnts due. 2￿ CASH AT BANK AND IN HAND Cosh at bank and in hand indudes cash 8nd slv)rt-temi highly liquid investments 8 short maturity of three months or less from the dale of a¢qusition ￿ I)penti￿ of thg deptssil ty simiL4r account. 110 LIABIUTIES Liabililies and Prowsions are recognised when the￿ 6 an obligation al Ihe Balance sheet date as a result of a past evenl it is prOba￿e Ihat a transfer of ecor￿miG benefft win be ￿Uired n settlement, and the an￿nI of the settlement can be estimated relkgbly. Llabirit￿S are recognised 8t the am￿nI that the ¢orroany onticip*es tt wll pay to settte the debt or the amounl It has recelved as ad¥an¢ed pa￿nents forth& goods or swvices it must provid8. Provisions a￿ measured at the best estrmate of the ami>unts required lo setve tFie oblrgation. Where the effect of the time value of rnoney is material, the provision is based on the Pfesent value of thos amounts. Lliscounted 81 the prfrtsx disc(￿nt rdte that rgftecas the risks spKifi¢ to the liability. The unwincfing tsf Ihe disccAmt is Tel￿￿5ed in Ihe ConsOE￿ slatement of financ￿ aclivities as a finance cosL 2.11 FINANCIAL INSTRUMENTS The Group only ha5 financial assets and financsal IAbilities of a kind that qualify as basic financial instruments. Basic financial instrumenis are inilially recognised at transaction value and subsequenuy measured at their settlement value V+ilh the exception of bank loans which are subsequently measured at W￿rtIs9d cost using the effedivo intorest m?Ihod. Page 24 STEP ONE CHARITY IA COMPANY LIMITEO B Y GUARAKfEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Ac¢oufttlng po16cles (conllnued) 112 PENSIONS D•fined benefit scheme The company opefated a defined benefft scheme, whth wuired contributions to be made lo a separately administered fund. This scheme was dosed to new members with effecl from 6 April 1998, ond dosed to future benefit accrual from 1 September 2001.For a defined benefit scheme the amounts charged to operah.ng profil a￿ the cArrent sermce costs and any g8ins and losses on setttemenls and curtailrnents. They are TrndL￿d as part of staff costs. Past seNice ¢osls are tharyed to operating profit Hnmediately rf Ihe benefts have vested. If the benefits have nol vesled immediatdy, the costs are recognised by equal annual instalmenls over the period until vesting occurs. The interest cost and Ihe expected reium on assets are induded as other financial income. Aduarial gains and losses are reccgnised Nnmediateiy in the Statement of Financial Adiwties. Defined t￿nefit Pensi(￿ schemes are furKled in separate Injstee administered funds, wth the assets of the scheme held separately from those of Ihe Foundabon. FUU actuarial vaiuatw)n$ are obtained every three ye8rs and are updated 8t each balan￿ sheet date. The resulting defined i￿rit asso1 or liabl￿"ty is presented separa¢ely aftw other net assets on the fa￿ of tha balance sheet The group also has a number of emkqoyees are member5 of a multi*mployer defined benefit $¢hemg in the UK. It is not P0￿bIe to obtain sufficient information to #C￿nt for lh8 scheme as a defined benefit scheme. Thefftfore rt 8ccounts for Ihe scheme as a defined conln"butKyn scheme wilh the contributions being d)arged to ths ing)me WKI expendilure account when payable. Deflned ￿ntrIbUtIon $ch￿ne The company and its subsidiary operate defined contniJu￿0n pensicm 5c*emes. ConlritrAJksns are charged lo Ihe Statement of Financial Activrttes 8$ they beo)me payat4e in accn & Assurance S¢herne and is used to provide contributions lo the Stheme under an agreed recovery ￿an. Assets from the aCcO￿t can be Tetumed to the company when the Stheme is over-funde¥J. Since th8 yBar e￿1 and as part of the agreed recovery Flan the foM¢)wing amounts have been tran5feThed lo the Pension Tft￿tee Account- £442.698 in 2021 and £1,595.763 in June 2021. 18. Creditors: Amounts ￿rIng due within one year Group 2021 Group 2020 Company 2021 Company 2020 Trade creditor5 Am¢yJrts owed to group underlakrys Other taxation and social sewity Other creditors Accruals and deferred tn 200.095 140.947 147.043 989.995 15,7SO 122.353 374.158 15,301 41.770 5.105 179.5DS 39.369 144.202 128265 95.227 426,475 324.526 1,281.053 607.039 STEP ONE CHARITY (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Statsment of fvnds ststement of funds - ￿rreTrI year Balance at 31 Ma￿h 2021 Balance at 1 Aprll 2020 Income EX￿ndit￿re Transfers Inlo Galnsl {Loss¢s Unrestrlcttd Funds Deslgnatsd Funds PensK)n schemg escrow 2,000,n6 1.400,000 433.650 2A34.376 1AOO.000 Beaufort House Tangib￿ fixed asset reser¥e Future suslainability Pension Commitments Investment Volatility Reserve 4,690.916 (95.371) 3,311 4.598.856 (30.97n 213,591 437.$00 (210.000) 227,500 1000.000 2,000,000 8.r13,710 (95,3711 1.7V2.334 433,650 10,874,323 General Funds General after pension liability Unrealised investment revaluation 121254 709.584 11.456.0521 (1,762A34) 1033,774 646,226 1.340.182 1.340.182 1.461,436 709,584 (1.456,052) (1.762.334) 3,033.774 1.986,408 Totsl Unre$trkl•d Funds 10.235,146 709.584 11,551A23) 3,467.424 12,860.731 Restrlctsd Funds Change Maker Community Care Trust {Souih Westi 15.922 (3.000) 12,922 377,949 2.605.236 11041.1911 941.994 Page 35 STEP ONE CHARirY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. SL*ement of funds (contInU￿ Statement ol funds- ¢urTent year (contlrmwll Balance at 31 March 2021 Balance at 1 April 2020 Transfews inlout Gainsl (Losses) Incon￿ Expendithre 393.871 2,605.236 (2,044.191) 954.916 Total of Fund5 10.629.017 3.314.820 (3.59S.614) 3.467.424 13.81S.647 Page 36 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Statement of funds (continued) Oe51gnated Funds Penslon Scheme Eserow Investments refated lo the defined ber￿ pensk)n scu￿1)e are held in an e5m aLxount. managed by Legal & General on behalf of the FOur￿a￿"e￿. These inveslments are noi realisable in the short term and are to be used to meet the pension s¢heme liabilities arKI her￿ an amount equal to the liablity is designated for these purFose5. rtHo A sum of £1.4m is due lo be transferred to the Esuow account on or before 31 March 2022 in relation lo the pur¢hase of Beaufort House. under agreement th8 pension scheme Iwstees who trK)id a charge over the propety. £1.4m reserves a￿ therefore designated for this wrpose. Fixed Rese The tangible fixed asset reseNe is maintsined al an amrwnl equivalent to net book value of the assets with an amount equivalent lo the deF¥e(yalion to be expended out of the fiJnd in the ￿r. A fvnd w8s set astde to wovtde ¢osts associ8led *Thlh cryanisational changes and developments in order to support sustainability in a changing fvnding environment. This provides for essentia] restrucluring C051s and investment in lytsiness development and the ¢￿ation of new ievenue streams in line %wth the strategic plan. Pension commitments Funds have been designated to cover Ihe additional contribuiions to the dèfined benefft pèn*on scherne of £17.500 per [r￿￿th until 31 March 2022 (see note 24 for details). Invèstment Vol Fund A fund has been sel aside to help guard against any futu￿ adverse vrJalilFty in either investment valuations or moven*nt in Ihe pension fuThJ defiriL Restrl¢ted Funds. Chan e Maker A fund to enable a successfijl tsnsition of thents from tr8inwMJ into ern￿O￿ent by coverin9 the cosls of necessary licenses and eouirrfnenL muni Care T CCT As the objects of CCT Isubgdiary ¢harity) are narrower than tlw)se of Step One Charity. the funds of CCT are treated as a restrictsd fund wilhin these ca)ns￿Idated finanoal statements. Indud8d wthin the CCT funds are spe¢ifi¢ ￿$tricted funds fiy South Devon Community Housing1£56.7471 and Cyrpess Legacy (£97,200). the remaining b4an¢e ￿Ing unrestricted wilhin CCT (£788,051). Where capital items have been purchased out of restricted funds. the expenditure 1$ shown on the Statemenl of Financial Aclivities as a transfer from restrthd to unrestricted funds. Page 37 STEP ONE CHARITY IA COMPANY UMITED BY GUARApifEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Ststemenl of funds (continued) Slatemenl ol funds- wlor year Bolance al 31 March 2020 Balan￿ at 1 April 2019 Transfers inl¢wl Gainsl IL05ses) I￿oMe Expenditure Unrestrlcted Funds Deslgnated Funds Pension schème escr¢xY 2.174.351 1.41JO.000 (173.625) 2.Tr)0.726 1.400,000 Beaufort House Tangible fixed asset reserve Future suslainablity Pension Comrnitments 4.791.512 {119.158) 18.562 4.690.916 54.110 190.458 244.568 647.SOO (210.￿x)} 437.5CKI 9.067.473 {119.158) 19801 {173,625) 8,773,710 Genèral Funds General after pension liablity un￿alIsed investment revalualion 1.232,552 884.467 {1,164,203) 191.438 11.023.000) 121,2S4 1.481.364 (141.182) 1.340.182 2.713.916 884,467 (1,164.203) 191.438 (1.164.182) 1.461.436 T¢)tsl UnT•$tri¢t•d Funds 11.781,389 {1.283,3611 190.458 {1.337.807) 10,235,146 Restricted Funds Change Maker Community Care TnJst (South Wesl) 15.922 15,922 11.4S1 2.590.919 {2.224.421) 377.949 27.373 2.590,919 {2.224.421) 393.871 Page 38 STEP ONE CHARITY IA COMPANY LIMITEO BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Ststement of luTrds (continued) Totsl of Funds 11,808.762 2,5W.919 (3.507.782) 190,458 {1.337.8071 10.629.017 20. Analysls of net assets between funds Analysis of net assets belween funds- ¢urrent year Unrestricted Rgstrlcted funds funds 2021 2021 Total funds 2021 Tangbi le r￿e￿ assets Fued asset investments Investnwt property Current assets Creditors due wilhin one year Provisicms for liabilities and charges 2.814.723 2.814.723 7,909.920 7.909.920 1.784.133 1.784,133 1.782.513 1.111.842 2.894,355 (291.0581 (135.4171 1426,475) (1,139,500) (21,5091 11.161.009) TOTAL 12.860.731 954.916 13,815.647 Analysis of net assets betvRen funds - prlor year Unre5tri¢ted funds 2020 Restricted funds 2020 Totsl funds 2020 Tangible fixed assets Flxed asset investments Inveslmenl propety Ctfffent assets Creditors due within one year Pwsions for Ivabilities arKI chafges 2.SX6.783 6.312,715 1,784,133 2.216.896 1232.8811 12.752.500) 2,906.783 6,312,715 1,784,133 512,569 2.729,465 {91.6451 {324,526) 127.053) {2.779,553) TOTAL 10.235.146 393.871 10,629,017 Page 39 OFFICIAL.SENSITIVE STEP ONE CHARITY (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 21. Reconciliation of net movement in fvnds to net cash Il<>w from op&rating activities Group 2021 Group 2020 Net in¢omelexpendilure the ￿ar (as per Statement of Finanrial Activities} 1.698.630 <347.2031 ADJUSTMENTS FOR: Depreciation charges Lossesl(gains) on irNestrneDts Dividends, inleiesls and rents from investments De￿ose in debt£￿S Increaselldecrease) in credito Difference befvleen pensi(￿ charp arKI cash o￿trit￿￿1 Investment fee5 98371 (1.979.424) (106.336) 37.512 101,950 {130.544) 54.904 119.158 314.807 (140.455) 195,876 (282.639) (169.463) 39.571 NET CASH USED IN OPERATING ACTMTIES 1227.937) (270.348) Anatysls of cash and cash eqUfva￿Thts Group 2020 2021 Cash in hand 105.325 336.573 TOTAL CASH AND CASH EfXJIVALENTS 105.325 336.573 23. Analysls of changes in net debt Changes in market value and exchange At 1 ApTiI rate At 31 Marth 2020 Cash flows movements 2021 Cash al bank arKI in hand 336.573 2.000,726 1231.248) 105.325 2.434.376 Liquid investrnents 433.650 2,337399 {231.248J 433.650 2.539.701 Page 40 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Pension commTtinents Defined ¢ontrlbutl¢>n schemes A defined conlribulton group personal pension scheme is promded f¢x Step One employees. operated by stsndard life. Cost of the contributw in Ihe year wa5 £12.583 12020: £13.432). A further defined contribution scheme assets held in a separatety administ9red fund i% do￿ to members and has no CU￿011Y L>)ntributing membets. Under temis of a transfer arrangement. tOPaUP contributions may be payable Step One when an individual's benefits are vested. These ¢*ntrbbutions are charged lo income and expendrture when payable. Thè cost of contributions in the was £Nil {2019: £Nill. This stheme was dosed dvring the year. A defined contnbution group personal pension scheme is provided lo CCT employees. operated by Scottish Widows. Cost of the contritAJtions in the year was £36.587 (2020". £35,084). Soyne emF4oyees have membership of the NHS pensK)n SCI￿￿. a mLltiemployer defined benefit scherne vthich is accounted for as a defined contribution scheme as there 15 insuffielent infomRtion to account for il as defined benefit scheme. Cost of Ihe contributions in tho se8r was £3.886 (2020.. £3.447). The￿ Is no IFability lo the scheme other than for these C£￿trIbUtIor￿. Page41 STEP ONE CHARITY {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Pen3ion commltments {continued} Defined benefit stheme- Stsp One Step One operates a penskjn scheme for all qualifying employees. The assets of the Scheme are held in a Separate trustee administered fund. The Scheme dosed to future accrua on 1 September 2001. A schedule ofconlritsjtions ts agreed belween the Foundathin and the Trustee after each C￿rnprehensive actuarial valuab"on. The most recenuy eompleted full actuarial ValuabC￿ took place as at 5 April 2020. Under the agreed schedule of contriljutiorts, Step Or* shall pay ¢ontribuli)ns to the Scheme of £17,500 per month until 31 March 2022 and one-off payments of £442.698 in Aprt 2021. £1,595.762 in June 2021 and E459.000 on or before 31 March 2022. Maln IlThanclal a$sumpllons 2021 2020 smunt rate Rale of price inflation: -RPI cpi Rale of increase for pen￿OnS in defemw Rate of increase for pensions in payment 1.90% 2.25% 3.65% 185% 2.85% 5.00% 2.70% 1.90% 1.90% s.oo% Mortallty assumptions & Ilf• expaetanchs Mortality.. - Base tabFe - FLblure improvements Long term rate Expected ftjtyre lifetime from age 65: Male currentty aged 65 Female currenlly aged 65 Male currgntiy aged 45 - Female cuiTenVy aged 45 2020 110% S3PA CMI 2020 1000A S2PA CMI 2019 21.0 23.4 2ZO 24.6 21.4 23.4 24.6 2021 £'DQQs 2,473 2.854 4.945 6.768 2.983 5.731 125 2020 £'OOOs' 1.986 3.278 4.406 5.669 2.788 7.152 218 Equities Gills Corporate bond5 Absolute return I dlverstf￿d growth fvrKIs Property Insured annuitses Cash Fair value of s¢heme assets Actual rotum on scheme assets over prlod 1.529 72 The stheme does mt invesl in finanaal instrumgnts of Step One Charity or property ctcupied by Step One Chartty. Page 42 STEP ONE CHARfTY (A COMPANY LIMITED BY GUARAKtEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Penslan eommithients {¢onlinued} Totsl expense ￿C￿9n1$¢d An Stalemwbt of Finandal Athilie8 2021 £'OOOs 2020 Net interest on net defined LEnerrt1obMyllassetl Administratton expet Past service cost Profil and Ios5 charge 42 25 85 42 Total amount r•¢ognlsed In e)th¢r¢ompr¢h•rbslw In¢omg Relum less inlefe5t inrtsme on SCI￿rne assets Actuari81 ga￿￿(￿$) on liabdities 2021 2020 15391 14841 520 RerneasWe￿￿nI gainl(lossl 11,0231 st•t•ment of finan¢i#l posltion Fairvalue olsthme a558t Present value of dofined b8nefil oilyabDn 2021 2020 25.879 27,018 25.497 28,249 Net suwpluslldefy>l) in scherne 11.7391 {2.752) Changes In the talrvalue of ass•ts 2021 É'0008 25.497 561 2020 £'IJOOs 26,573 611 15391 210 11,3581 Fair value of xheme assets at stwt of Interest incorne ￿ sche￿* assets Relum l¥ss inlwest inwm• w $L**me assets Contrit￿110ns by the employer 8enefits paid lindudes esth"mat8 ofpens[￿￿ paKI lffjrn Administrative expenses FaK vak* of s¢*eme assets at end of FerKrfl 210 11.3571 25.879 25.497 Ghang¢$ In lh• defin•d b•n•fi¢ obllgallon 2021 2020 £'ODOs 28.470 Defined benefft ot41g8t1r￿ at start of period SeNce c4st Inleresl cost on definod benefit 0È4tgation 8enefits paid Past seNce o)sl Acluarial gain I Ilos$l Defined benefil obli9al•Jn at eNI ol pe1￿￿ 28,249 653 11.3581 (1.357 520 Reconclllatknn of funded sfatU5 2021 £WOs {2.7521 210 1851 1.488 1.139 2020 £'0005 11.8971 210 1421 1.023 Opening surplus I (de￿) Employer contril)utions Credit I lthargel recorded in SOFA Gain I Ilossl roti)rded Clw'ng surplus I Idefvti Page 43 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E14DED 31 MARCH 2021 24. P•nslon commitinents (¢ontinutd) Defined benefrt stheme- Ptnslons Tritst The company partKipates in the scheme. a multtomployerscheme which provTrdes benefit5 to some 950 non-a55¢Xlated participating employers. The scheme 15 a defined benefit scherne in the UK. It is not posssble for the company to obtain Sufficient information to enable it to account for the scheme as a defined benefrt scheme. 7herefore it accounts forthe scheme as a defined contribution scheme. The scheme 15 subjètt to the funding legislatjon outline(J ui the PensTron5 Att 21￿ whtch came into force on 30 December 2005. This. together vrrith documents iSSLted by the Pensions ReRulator and Technical Actuarial Stsndards issued bythe Fbnancial Reporting Council. set out the framework for fundin8 defined benefit occupational pensioft schemes in the UK. The scheme is dasstfied as a'last-man standin8 arrangernent,. Therefore the company ts potentially liable for other partiopatin8 employers. obligations if those employers a￿ unable to meet their share of the scheme deficii following WFthdr3wal from the stheme. P3rticipating employers are legally requrred to meet their share of the scheme defirit on an annuity purthase basis on wÉthdrawal from the scheme. A full attuiriol v#luatitirt forthe 5chen*was carried tyrt at 30 September2017. Thlsvaltsation showed assets of £794.9m, liabilihes of £926.4m and a defKii of E131.Sm. To eliminarethis funding shorrfall, the Trumee h•$ asked the parttcipating employefsto pay additional COntrib￿lon$t0 the scheme as follows.. Defi£lt contrlbutlons From l April 2019 to 31Janu*ry 2025.. IL143.fi>)per•inum (payable mtyithl¥aDd Intyeas1￿ by 3X each yn IsiAprdl Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. Note thatthe 5chernè's Pre￿0v5ValuaI1JttW•s carried (wjt an effeui¥e datè 0130 September 2014. Thi5 valuation Show￿ assets of £793.4m. liabilit*s of £969.9m and a deficit of £176.Sm. To eliminate thls fvnd￿8 shortfall. the Tfustee has asked the participatry employersto pay additional contributions to the scheme 8S follows.- OeficEt ￿ntributionS From l April 2016 to 30 SEptembtt 2W25'. £11945.440 Ipay•ble MOn￿¥and intreisin4 by 3% each on 151 Apiill Fwm l April 2016to 30 September 2028.. E54.W) perannwn (payab￿ monthlvand ITh¢￿•$1ng by 3%each on 1stApnll The recovery plan contributions are allocated to ezch participating employer In Itne with their estimated share of the Series l and Series 2 scheme liabilit￿$. whe￿ the schtme is in deficit and where the company has agreed to a defKit funding arrangement the company reco8nises a liability for this obligation. The amount recognised is the net present value of the deficit reductton contributions payable under the agreement that relates to the deflcit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the dlscount rate Is recognised as a finance cg5 Page 44 STEP ONE CHARITY IA COMPANY LIMITED BY GUARWEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Penslon commitinents {¢ontlnu•d) PRESENT VALUES OF PROWSION RECONCIUATION OF OPENING AND CLOSING PROVISIONS P*Tiod Endlng 31 Morth 2011 Pwlod Endin8 31 March 2020 (£51 Provisbn at stèrtof penod 26.739 32,436 Unwinding of the dist￿J￿ fxtor lintere#eNpensel 411 Defitii torti1b￿[Qn patil 15.5441 15,3831 Reme3suremeNs- Impxtofanythary in assthmptsor 772 17251 Rerneasuremerts" amendmentsto ￿ (ontrthuEKJTh schedule p￿￿s1On at end of perk)d 26.739 INCOME ANO EXPENDITURE IMPA Period Endlng 31 Marth 2021 Pèrlod Ending 31 March 2020 lrterest expen* 411 Remeasurements-impatt ofartytha￿e in •ssumptth 772 17251 RemeaSUrements-￿nlMQfftts to the￿￿trit￿￿￿ schedule Contributions patd In respect olfirture ser¥ice' CO￿ rttogrrised in ir*ome andeXPen￿￿1wQ accthmt *indudesdefinedcontribution sthernes and lu￿rese￿I(e contributions li.e. excludin8anydefiotreduction payments) to defined benefrt schemeswhich are treated as defined contribution sthemes.To be cornpleted by the companv. ASSUMPTIONS 31 Marth 2021 % p¢rannum 31 March 2020 % perxffium 31 March 2019 % perannurn Rate of discouni 2.53 1.39 The disccwjnt rates$ho￿ above are the eqthfalentsÈr¢le discountrates t*A)ich. when used to discountthe future recweryplan contribution5 duè, *wldwve the same rwtts as usér￿4 fvll AAtofpOrHtebry￿ ￿'e￿I curve to dtscouni the same recovery plan contributions. Page 45 STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR ENDED 31 MARCH 2021 Operating lease commitmefits Al 31 MaTch 2021 Ihe Group and the compafry h•J commitments to make ftrture rninimum lease poyynents under norrtancelable operatsng leases as fdfows: Gr¢Jup 2021 Group Company 2020 2021 Company 2020 Not later than 1 year Lat•r than 1 year and not lat8r than S ygars 37.139 17.068 46.497 31,476 2,975 248 2,975 3.223 207 77.973 3.223 6.198 26. Related party transaction$ Slep One charge(1 8 renlal fee of £90.000 (2020: £80.000} lo Communty Care Trust {Soulh Westl Limited. a subsidiary ¢harity of Step One. Al the year eTrJ. a balance of £971.997 {2020'. £374.158) was OW9d to CCT by Stgp fv. Steps lo Emplowftenl kn"mited I'Sleps'} is a i￿nI vetiture of wtith 33% of the shares are held by Slep Or*. Slep One prOv￿JeS specialist employinent services to Steps and during the year recognised income of £Nil (2020." £5.3161 for services provided. Step One was owed £N￿ (2020.. £Nil) at Ihe year end. 27. N•t share of joint vonture pvofrt Steps lo Emthynent LlnNteO. fegistered company number 09282877. is a company limited by shares and eslablished under a iclnt venture ogreemenl between St Loye's Foundation. Enham Trust (registered company number 00173199 and registered charity number 211235) an¢J PorUaTrJ Comege (registered Company number 004118340 aTKI registered tharity number 2143391. Step One Charity hokY$ 33% of shares of Step$ to EMplO￿ent Lrmited. which commenced trading on 1 Seplember 2015. It I￿VIde$ $peO￿ls1 training and rehabailation for disabled peopk lo help them return lo sustsinable emrAoyTnenl and may subcontract work to the sharehc4ders and other parties. STEP ONE CHARITY IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 28. Communty Care Trust (South West) Llmit Step One Charity controls 75% of the votirwJ rights of Corrniunity Care Tnjst {S(xth Wesll Lld, whlch wa5 acquired on 1 April 2015. Community Care Trust (South West) Ltd is a charitable company limited by guarantee. registered company number 2420393 and registered charity number 10077B1. 11 provides a range of services to support recovery from mental heallh wots4erns and fulfils a number of commissioned contracts from NHS organisation& Results from Communty C¥e Trust (s￿th Westl are recrynwl wIt￿n the Con$olKlated Financral Staiements and surnmaris8d belry*. SLthment of Flnanclal A¢tivilles for the year ended 31 March 2021 2021 2020 Income from: Donations arKI legacies Charitable activities 97.279 2.507.9S7 56.989 2.533,930 Total 2.605 236 2.590.919 ExpeTrditure on: Charitable artivities N•t mov8meTrt in lunds 2.041.187 564.049 2.224.421 366.498 Th• aggregate of assets, Ilabdltles and lunds of the subsldlary was: 2021 2019 Assets Liabilities 1.098.924 (135,417) 496.647 1118.6981 Total charity funds 941.998 377,949 Page 47