THE STEEL CHARITABLE TRUST
Chari
Commission Re
istered Number 272384
REPORT OF THE TRUSTEES AND ACCOUNTS
YEAR ENDED 31 JANUARY 2021
Contents
Pa
Legal and Administrative Information
Report of the Trustees
Independent Auditor's Report
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
10
Notes to the Accounts
11

IrHE STEEL CHARITABLE TRUST
istered In En
land & Wales
Chari
Number 272384
LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES
Mrs W E Bailey - Chairman (from 21 September 2020)
DrMNPBriggs'
Mr P Day (appointed 8 December 2020) '
Ms V S Fox (appointed 8 De￿mber 2020)
Mr P C Lawford - (Chairman until 21 September 2020) '
MrNEWWright'
Member of Investment Committee
Member of Risk and Audit Committee
Member of the Human Resources (HR) Committee
ADMINISTRATION
Ms I Stanger
Trust Manager
istan
er
steelcharitabletrust.or
PRINCIPAL ADDRESS
Suite 411
Jansel House
Hitchin Road
Luton
Bedfordshire
LU2 7XH
INDEPENDENT AUDITOR
Haysmacintyre LLP
Chartered Accountants
10 Queen Street Place
London
EC4R 1AG
PROPERTY ADVISER
Knight Frank LLP
55 Baker Street
London
W1U8AN
FINANCIAL ADVISER
Robey Warshaw LLP
9 Grosvenor Square
London
W1K5AE
SOLICITOR
Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
BANKERS
Bank of Scotland PLC
Central Banking Branch Hobs
Bank of Scotland PO Box 17235
Edinburgh
EH111TH
Barclays Bank PLC
28 George Street
Luton
LU12AE
WEBSITE
www.steelcharitabletrust.or
.uk

,THE STEEL CHARITABLE TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31 JANUARY 2021
The Trustees present their report with financial statements of the Trust for the year ended 31 January 2021. The financial
statements are prepared under the historical cost convention as modified to include the revaluation of investments. The format
of the financial statements has been presented to comply with the Charities Act 2011, FRS 102 The Financial Reporting
Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities
(second edition, effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
HISTORY AND OBJECTIVES
The Steel Charitable Trust, which was formed by the late Mr & Mrs W R Steel, is constituted under a Trust Deed dated 15
February 1976 and is a registered charity in England & Wales (number 272384).
As stated in the Deed, the object of the Trust is to pay the income and, in so far as the Trustees think fit, the capital of the Trust
Fund to such charitable bodies or for such other purposes as shall be exclusively charitable as the Trustees may from time to
time decide.
It is the policy of the Trustees to distribute the net income generated in the year by way of grants to a wide range of charitable
bodies. The Trustees do not make grants to individuals, expeditions or any entity registered or incorporated outside the United
Kingdom. No fundraising is undertaken. There were no policy changes in the year.
GOVERNANCE AND MANAGEMENT
The power of appointment of new and additional trustees is held by the present Trustees.
Mr Wright was appointed by the Settlors and is eligible to serve for life or until either he resigns or becomes ineligible. Mrs Bailey
had been appointed by the Trustees until 22 September 2021: in September 2020 Mr Lawford's term as Chairman came to an
end and the Trustees invited Mrs Bailey to take on the Chairmanship for a three-year period which she accepted; therefore, the
Trustees re-appointed Mrs Bailey as a Trustee (and as Chainnan) until 30 September 2023, at which time she may put herself
forward for re-appointment. Dr Briggs and Mr Lawford were appointed by the Trustees until 30 September 2022 and 2023
respectively and may put themselves forward for re-appointment at such times.
New Trustees are invited initially to serve for a 12-month probationary period. This allows both a new Trustee and the Trustees
the opportunity to evaluate their decision. On completion of the 12-month period and, with the mutual agreement of both parties,
the position will be confirmed for a term of seven years (which includes the 12-month probationary period), which may be
renewable. New Trustees are supplied with a history of the Trust, a copy of the Trust Deed, information published by the Charity
Commission outlining the responsibilities of charity Trustees, several additional papers about the Trust and how it is run and a
copy of the most recent audited accounts. In De￿mber 2020, having undertaken a careful recruitment process, the Trustees
appointed Mr Peter Day and Ms Vanessa S Fox as Trustees.
The Trustees meet and consult regularly throughout the year to consider the strategic direction of the Trust and relevant matters
including grant applications, investment strategy and financial accounts. In addition the Trustees may attend meetings with grant
applicants and recipients.
There are three standing committees. The purpose of the Investment Committee is to monitor the investments and to approve
changes in the asset allocation within an agreed strategy. The purpose of the HR Committee is to advise on Complian￿ with
employment law and practice, to administer the recruitment of new Trustees, new employees andlor new external contractors as
the Trustees require, and for one member of the Committee, with the Chairman, to undertake the annual appraisal of the Trust
Manager. During the year the Trustees agreed to change the Risk Committee to a Risk and Audit Committee. The purpose of
this Committee is to monitor the various risks to which the Trust is exposed, to manage the mitigation of such risks and to
monitor and oversee the annual audit.
The Trustees delegate the day-to4ay administration to the Trust Manager. The remuneration of employees and external
contractors is approved by the Trustees.
The Trust is a member of the Association of Charitable Foundations. The Association represents the interests of charitable
foundations and grant-making trusts in the United Kingdom and provides information on good practice and changes in the law
affecting charities and in particular grant-making charities.
POLICIES AND PROCEDURES FOR GRANT MAKING
The Trust invites applications for grants through its website. Only applications submitted on-line via the website will be
considered by the Trustees.
It is the policy of the Trustees to make grants to a wide range of charitable bodies, and particularly in respect of applications
supporting the following five categories:
Arts and Heritage
Education
Environment
Health
Social or Economic Disadvantage

rrHE STEEL CHARITABLE TRUST
REPORT OF THE TRUSTEES
continued
YEAR ENDED 31 JANUARY 2021
POLICIES AND PROCEDURES FOR GRANT MAKING (continued)
The Trustees do not make grants to individuals, to political parties, for expeditions. for the promotion of religion or to any entity
registered or incorporated outside the United Kingdom. Applications from Bedfordshire generally and Luton in particular are
welcome. There were no policy changes in the year.
The Trustees have regard to the Charity Commission's guidan￿ on Charity and Public Benefit. They consider that the very full
information about the Trust's aims. policies and activities, in the many areas of interest that the Trust supports which are set out
in this report and on its website, demonstrate the benefit to its beneficiaries, and through them to the public, that arise from
carying out those aims.
The Trustees generally meet in March, June, September and De￿rnber. At these meetings, having reviewed all applications
re￿IVed during a previous three-month period, the Trustees approve the grants to be made to the successful applicants.
Payment is then made as soon as practical after the meeting. Unsu￿SsfUl applicants are informed accordingly.
ACTIVITIES
During the year the Trust made or committed to make 93 grants totalling £1,168,785, of which grants totalling £1,120,673 were
made to 88 charities registered in England & Wales (one charity received two separate grants), one grant of £25,000 was made
to a charity registered in Scotland, one grant of £14,612 was made to a charity in Northern Ireland and grants totalling £8,500
were made to two other charitable organisations in the United Kingdom, eligible under the Trust's grant-making policy (such as
Exempt Charities, Community Interest Companies, etc.).
The Trust receives many more applications than it has funds to support. 4.9 % of the applications re￿iVed were successful in
receiving a grant. Each successful application is investigated by the Trust Manager and by one or more of the Trustees, and is
approved by the Trustees as a whole. As the Trust makes a considerable number of grants during the year, details of which may
be found on our website, the Trustees rely primarily upon their beneficiaries to ensure that such grants are used for their
intended purposes. However, for single or multiple grants of £20,000 or more, it is a condition that the Trustees require, within
ten months of the grant being paid, a report summarising the outputs and outcomes of the grant.
As reported in last yearfs Report of the Trustees, the Trustees launched in 2020 a new initiative - Luton Matters - designed to
assist organisations whose work brings significant benefits to residents of Luton, Bedfordshire or improvements to the town.
The first grant was awarded in April 2020 in the category of Social or Economic Disadvantage; the award in Arts and Heritage
was made in June 2020. Full details of the Luton Matters scheme are available on the Trust's website under Grants.
FINANCIAL REVIEW
The principal source of income of the Trust is from its investment portfolio. It is the policy of the Trustees to distribute the net
income, which may be summarised as follows:
2021
2020
Net income available for distribution
Grants
1,267,520
(1,168,785)
1,407,892
(1,252,673)
Undistributed income at 31 January
£98,735
£155,219
At 31 January 2021, capital funds amounted to £50,877,727 (2020: £36,044,722) and undistributed income amounted to
£98,735 (2020: £155,219)-
INVESTMENT POLICY AND PERFORMANCE
The aims are to continue to maximise the income available for distribution to charitable bodies while still aiming for some capital
growth over the longer term. All investments held by the Trust have been made in accordan￿ with the powers available to the
Trustees.
Investment income received during the year, net of fund managers, fees deducted at sour￿, represented a yield of 3.99 % on
the value of the investments at 31 January 2021, compared with 4.98 % for the previous year.
The outbreak of Coronavirus was declared a global pandemic on 11 March 2020 by the World Health Organisation. The
pandemic has impacted the global financial markets and, as a result, the investment income received by the Trust was lower
than anticipated. Consequently, the Trustees made the decision in June 2020 to redu￿ the grants budget for the year.
The investments held at 31 January 2020, excluding Toddington Road Properties Limited, decreased in value over the year by
11.43 %. This compared with the decrease of 10.24 % in the FfsE All-share Index over the same period. However since 31
October 2020 the investments increased by 17.51 % compared with 15.57 % in the FfsE All-share Index over the same period.
As set out in Note 5 of the accounts, the land owned by Toddington Road Properties Limited (a wholly owned subsidiary
company of the Trust) was sold on 11 March 2021 and the surplus arising from the sale has been gifted to the Trust.
RESERVES POLICY
The assets that make up the funds of the Trust are unrestricted, fully expendable and are available as the Reserve Fund of the
Trust. However, the Trustees distinguish between capital and income. As indicated above, it is the policy of the Trustees to
distribute the net income generated each year by way of grants, while aiming for growth over the longer term in respect of
capital.

THE STEEL CHARITABLE TRUST
REPORT OF THE TRUSTEES
continued
YEAR ENDED 31 JANUARY 2021
RISK MANAGEMENT
The Trustees review the major strategic, financial and operational risks which the Trust fa￿S and confirm that systems have
been established, andlor are under review, to mitigate those risks.
As the principal object of the Trust is to pay its net income to charitable bodies in the form of grants, the major risk facing the
Trust is that the income received from its investments might significantly fall, thereby reducing the extent of its grant-making
capacity. As a consequen￿, the policy of the Trustees is that the majority of the investments should be held in unit trusts and/or
common investment funds, managed by well respected investment fund managers. The Trustees meet the fund managers on a
regular basis.
POTENTIAL RISKS AND RISK MANAGEMENT IN RELATION TO THE CORONAVIRUS PANDEMIC
Operationally, there was minimal impact on the Trust. The IT systems are such that working from home could be instigated as
soon as the government gave the first stay-at-home order in March 2020. Clear messaging on the website and through IT
systems was used so that no break in communications with potential applicants and grant awardees was experienced. The
Offi￿ is visited occasionally for essential purposes.
The Trust Manager prepared a COVID-19 contingency plan which identified essential processes/transactions that would need to
be covered should either or both the Trust Manager and the Financial Controller became seriously ill. A Trustee was assigned
to each process/transaction as a back-up and trained accordingly,
During the first three months of the pandemic, enquiries about emergency grants and applications for new grants soared. Many
grant awardees requested waivers of conditions or change of use or reported delays to projects. The Trustees took a
sympathetic approach to these requests, authorising pragmatic requests and agreeing new timescales where appropriate. By
the end of March 2020, the Trust Manager had set up a system whereby Trustees could consider emergency grants outside the
normal application window. 24 such requests were considered over a period of five weeks and, as a result, several eX￿ptIOnal
grants were awarded within two to three weeks of the request being received. Several applicants had the 12-month gap usually
required between applications waived so that they could be granted eX￿ptIOnal awards at the June meeting. An award of
£20,000 was made to the Bedfordshire and Luton Community Foundation, which led the way in providing emergency support to
the local Luton community by securing grants from a number of local fvnders. In September 2020 the Trust approved a further
grant of £50,000, payable over two years to the Foundation, to assist in the creation of a Post-COVID-19 Stability Fund.
Approximately 500 grant applications are now received in each quarter, approximately double the rate of two years ago but, as
noted above, less than 5 % of applications were Suc￿sSfUl.
TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan￿ with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the Trust and of the incoming reSoUr￿S and application of reSoUr￿S
of the Trust for that period. In preparing these financial statements, the Trustees are required to=
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will
continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial
position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable
Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding
the assets of the Trust and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust's
website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
So far as each of the Trustees is aware at the time the report is approved=
there is no relevant audit information of which the Trust's auditors are unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information
and to establish that the auditors are aware of that information.
GENERAL DATA PROTECTION REGULATION (GDPR)
The Trust's Complian￿ with the GDPR is kept under review.

HE STEEL CHARITABLE TRUST
REPORT OF THE TRUSTEES
continued
YEAR ENDED 31 JANUARY 2021
PLANS FOR THE FUTURE
The Trustees will continue to develop the Trust by:
distributing the net undistributed income to charitable organisations-
making changes to the investment portfolio whenever considered appropriate-
forming a Grant-making Policy Review Committee;
continuing with the Luton Matters programme, making the third award (health category) in March 2021 and inviting applications
for the remaining categories in the summer of 2021.
INDEPENDENT AUDITORS
The Trustees have re-appointed Haysmacintyre LLP, Chartered Accountants, to act as Independent Auditors to The Steel
Charitable Trust.
Approved by the Trustees on 21 June 2021 and signed on their behalf by:

THE STEEL CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
YEAR ENDED 31 JANUARY 2021
Opinion
We have audited the financial statements of The Steel Charitable Trust for the year ended 31 January 2021 which comprise
Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally AC￿pted Accounting Practice).
In our opinion, the financial statements=
give a true and fair view of the state of the charity's affairs as at 31 January 2021 and of the charity's net movement in
funds for the year then ended;
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice" and
have been prepared in accordan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan￿ with the Act and
relevant regulations made or having effect thereunder. We conducted our audit in accordan￿ with International Standards on
Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going con￿rn basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Charitys ability to continue as a going con￿rn for a period of at
least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections
of this report.
Other information
The Trustees are responsible for the other information. The other infomation comprises the information included in the
Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulations 2008 require us to report to you if, in our opinion:
adequate accounting records have not been kept by the charity; or
sufficient accounting records have not been kept; or
the charity financial statements are not in agreement with the accounting records and returns; or
we have not received all the infonnation and explanations we require for our audit.
Responsibilities of Trustees for the financial statements
As explained more fully in the Trustees, responsibilities statement set out on page 4, the Trustees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as
the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going
COn￿rn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Trustees either intend to liquidate the charity or to ￿ase operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial ststements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran￿ is
a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.

THE STEEL CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES - CONTINUED
YEAR ENDED 31 JANUARY 2021
Auditor's responsibilities for the audit of the financial ststements (continued)
Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design prO￿dureS in line with our
responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-
compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the
extent to which non-complian￿ might have a material effect on the financial statements. We also considered those laws and
regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and payroll
taxes.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the
risk of override of controls. Audit prO￿dureS performed by the engagement team included=
Discussions with management including consideration of known or suspected instances of non-compliance with laws and
regulations and fraud;
Reviewing the controls and procedures of the Charity to ensure these were in pla￿ throughout the year, including during
the Covid-19 remote working period;
Evaluating management's controls designed to prevent and detect irregularities;
Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting
process;
Challenging assumptions and judgements made by management in their critical accounting estimates.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at: www.frc.or
.uldauditorsres
onsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and
regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's
Trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charity's Trustees as a body for our audit
work, for this report, or for the opinions we have formed.
LLF
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
29
June 2021
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE STEEL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 JANUARY 2021
Notes
.2021
2020
INCOME FROM:
Investments
Other
2a)
2b)
1,190,093
6,702
1,389,317
6,422
Total Income
1,196,795
1,395,739
EXPENDITURE ON:
Charitable activities
1,252,445
1,339,782
Total Expenditure
1,252,445
1,339,782
NET (LOSS)IINCOME, before net (losses)Igains on investments
(55,650)
55,957
Net gains on investments
5a)
14,832,171
5,237,183
NET INCOME AND NET MOVEMENT IN FUNDS
14.776,521
5,293,140
Unrestricted funds brought forward
36,199,941
30,906,801
UNRESTRICTED FUNDS AT 31 JANUARY
£50,976,462
£36,199,941
All income and expenditure in the years to 31 January 2021 and 31 January 2020 was unrestricted.
The notes on pages 11 to 14 form part of these financial statements

THE STEEL CHARITABLE TRUST
BALANCE SHEET
AT 31 JANUARY 2021
Notes
2021
2020
FIXED ASSETS
Investments
5a)
50,152,196
35,359,943
CURRENT ASSETS
Cash at bank
Debtors
1,079,875
12,782
998,522
8,761
TOTAL CURRENT ASSETS
1,092,657
1,007,283
LIABILITIES
Creditors - Amounts falling due within one year
(187,391)
(105,285)
NET CURRENT ASSETS
905,266
901,998
TOTAL ASSETS LESS CURRENT LIABILITIES
51,057,462
36,261,941
Creditors - Amounts falling due after more than one year
(81,000)
(62,000)
NET ASSETS
£50 976 462
£36,199,941
Representing:
TRUST FUNDS
Balan￿ at 1 February
Capital additions
Net gains on investments
36,044,722
834
14,832,171
30,807,002
537
5,237,183
2b)
5a)
Balance at 31 January
50,877,727
36,044,722
Undistributed income
98,735
155,219
UNRESTRICTED FUND BALANCES AT 31 JANUARY
£50,976,462
£36,199,941
Approved by the Trustees on 21 June 2021 and signed on their behalf by:
L 6cTrML
The notes on pages 11 to 14 form part of these financial statements

THE STEEL CHARITABLE TRUST
10
STATEMENT OF CASH FLOWS
YEAR ENDED 31 JANUARY 2021
Notes
2021
2020
Cash flows from operating activities:
Net cash provided by operating activities
13
1,154,526
1,228,972
Cash flows from investing activities:
Investment income and interest
Purchase of investments
Sale of investments
2a)&b)
5a)
5a)
1,195,961
(2,960,082)
3.000.000
1,395,202
(990,827)
1,000,000
Net cash provided by investing activities
1235,879
1,404,375
Change in cash and cash equivalents in the year
81,353
175,403
Cash and cash equivalents at 1 February
998,522
823,119
Cash and cash equivalents at 31 January
£1,079,875
£998,522
The notes on pages 11 to 14 form part of these financial statements

,THE STEEL CHARITABLE TRUST
11
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
1 ACCOUNTING POLICIES
a) Statement of complian
The financial statements are prepared under the historical cost convention as modified to include the revaluation of
investments. The format of the financial statements has been presented to comply with the Charities Act 2011, FRS 102
The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practi
Accounting and Reporting by Chan"ties (second edition, effective 1 January 2019). The Charity is a Public Benefit Entity as
defined by FRS 102.
The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts
and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view. This departure has involved
following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities:
Statement of Recommended Practice effective from 1 April 2005 which has Sin￿ been withdrawn.
The results of the subsidiary company have not been consolidated. Further information is disclosed in Note 5 b).
b) Capital
Additions to capital representing realisations of interest assigned to the Trust in land-owning joint ventures are included at
the values received by the Trustees.
c) Investments
All investments are unlisted and are recorded at cost and valued at market value or the Trustees, estimate of market value
at the year end.
Holdings in unit trusts and common investment funds, managed by the fund managers, are valued at the bid price.
d) Income
Dividend income and Income Distributions are recorded when receivable. Interest is recorded when received.
e) Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or
multi-year grants are accounted for in the year in which the recipient has a reasonable expectation that they will receive a
grant and the Trustees have agr￿d to pay the grant without condition.
fj Expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis and is recognised when there is a legal
or constructive obligation to pay. All costs have been directly attributed to one of the functional categories of resources
expended in the Statement of Financial Activities.
g) Allocation of overheads and support costs
Overhead costs have been allocated between support and governan￿ based on time and usage. Governance costs
represent all costs involving the public accountability of the Trust and its Complian￿ with regulation and good practice.
These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support
costs.
h) Funds
All of the funds of the Trust are unrestricted. These may be used in accordan￿ with the charitable objectives at the
discretion of the Trustees.
i) VAT
The Trust is not registered for VAT. All expenditure is therefore stated inclusive of VAT where applicable.
j) Going concern
Taking into account the current financial environment, including the impact of Covid-19, the Trustees have a reasonable
expectation that the Trust has adequate reSoUr￿S to continue its activities for the foreseeable future.
k) Significant judgments and sources estimation uncertainty
The preparation of financial statements in Complian￿ with FRS 102 requires the use of certain critical accounting
estimates. It also requires management to exercise judgment in applying the Trust's accounting policies. The key
judgements that have been applied by management relate to the value of the freehold land owned by Toddington Road
Properties Limited.
l) Cash and cash equivalents
Cash and cash equivalents includes deposits held at banks, other short-term highly liquid investments with original
maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current
liabilities.
m) Debtors and creditors
Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from
impairment are recognised as expenditure.

THE STEEL CHARITABLE TRUST
12
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
1 ACCOUNTING POLICIES (continued)
n) Employee benefits
i. Short term benefits including holiday pay are recognised as an expense in the period in which the Servi￿ is received.
ii. Contributions, based on a per￿ntage of salary, are paid into the employee's personal pension plan.
o) Operating lease
Rentals paid under an operating lease are charged to income in accordance with the terms of the lease.
p) Financial Instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Notes
2021
2020
2 INVESTMENT INCOME
a) Unlisted
Bank interest
1,188,751 L
1,342
1,384,009
5,308
£1,190,093
£1,389,317
All income is from investments made in the UK.
b) Other income represents a distribution of income by the wholly owned unlisted company of £5,868 (2020: £5,885) and
additions to capital of £834 (2020: £537).
3 ANALYSIS OF CHARITABLE EXPENDITURE
The Trust undertakes its charitable activities by grant making and awarded grants to a number of institutions in furtheran
of its charitable activities. All grants were made to institutions.
Grants provided in previous years
Grants paid in the year
Grants payable in future years
Grants total
Support and Governan￿ costs
7&8
(152,250)
1,069,035
252,000
1,168,785
83,660
(50,500)
1,150,923
152,250
1,252,673
87,109
7&8
14
4a)
£1252,445
£1,339,782
The grants payable in future years will be paid as and when the various conditions attaching to them have been satisfied.
4 SUPPORT AND GOVERNANCE COSTS
a) Allocation of support costs and overheads - 2021
Charitable
Activities
Governance
Total
Staff costs
Consultant's costs
Audit
Trustees, recruitment costs
General expenses
6,063
4,873
6,780
2,356
1,072
24,251
19,492
30,314
24,365
6,780
2,356
19,845
18,773
£21,144
£62,516
£83,660
a) Allocation of support costs and overheads - 2020
Charitable
Activities
Governance
Total
Staff costs
Consultants, costs
Audit
General expenses
5,821
5,728
6,480
1,653
23,285
26,154
29,106
31,882
6,480
19,641
17,988
£19 682
£67,427
£87,109

rHE STEEL CHARITABLE TRUST
13
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
Notes
2021
2020
4 SUPPORT AND GOVERNANCE COSTS (continued)
b) Analysis of staff costs, Trustee remuneration and expenses,
and the cost of key management personnel:
Salary
Pension Contributions
Expenses
28,800
1,440
74
28,000
840
266
£30,314
£29,106
There was one part-time employee during the year, equivalent to 0.6 full-time employee (2020: 0.6). All employee time was
involved in providing support to the governan￿ and charitable activities of the Trust.
No employee had emoluments in excess of £60,000 in either year.
The Trustees did not re￿1ve any remuneration in the year (2020= £Nil). Included under General expenses, the expenses for
travel, accommodation and certain office costs, which were reimbursed to or paid on behalf of 4 Trustees, amounted to
£479 (2020: 4 Trustees £1,644).
5 INVESTMENTS
a) At valuation 1 February
Additions
Disposals
Net gains on investments
35,359,943
2,960,082
(3,000,000)
14,832,171
30,131,933
990,827
(1,000,000)
5,237,183
At valuation 31 January
£50 152,196
£35,359.943
Comprising:
M & G Equities Investment Fund for Charities (Charifund) Income units
M & G Charibond Income shares
Federated Hermes Property Unit Trust units
Wholly owned unlisted company
23,696,230
725,390
1,980,576,:
23,750,000;,
24,987,499
2,737,348
2,085,096
5,550,000
5b)&c)
£50,152,196
£35,359,943
All investments are made in the UK and are unlisted at 31 January 2021 and 31 January 2020.
b) Wholl
owned unlisted com
an
- Toddin
ton Road Pro
erties Limited
The registered address of the subsidiary company is Suite 411, Jansel House, Hitchin Road, Luton, Bedfordshire, LU2
7XH' its company number is 00561005.
The main asset owned by the subsidiary company is freehold land, which was let under a 99-year lease with effect from 1
March 1966 at a fixed rent. On 23 November 2020 the company entered into an Option Agreement under which the tenant
had the right to purchase the freehold land at an agreed fixed price on or before 31 March 2021. On 18 December 2020
and, under the terms of the Option Agreement, the tenant assigned the Option Agreement (and the lease) to a third party.
Consolidated accounts have not been prepared, as the group and charity accounts would not be materially different and the
income and expenditure of the company is not material.
c) Post Balance Sheet Event
Under the terms of the Option Agreement, referred to in Note 5 b) above, on 11 March 2021 the company sold the land for
a consideration of £24,000,000. Following the re￿Ipt of the prO￿edS and the payment of professional fees incurred in
connection with the sale, the company made qualifying charitable donations of the net surplus to the Trust.
6 DEBTORS
Prepayments and Accrued Income
Other debtors
11,844
938
7,825
936
£12,782
£8.761

.THE STEEL CHARITABLE TRUST
14
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
Notes
2021
2020
7 CREDITORS PAYABLE WITHIN ONE YEAR
Independent Auditorfs fees
Tax and Social Security
Pension Contributions
Other creditors
Grants payable
6,780
436
264
8,911
171,000
6,480
424
210
7,921
90,250
£187,391
£105,285
8 CREDITORS PAYABLE AFTER MORE THAN ONE YEAR
Grants payable
£81000
£62 000
9 UNRESTRICTED INCOME AVAILABLE FOR DISTRIBUTION
Investment income
Income from wholly owned unlisted company
2a)
2b)
1,190,093
5,868
1,195,961
83,660
1,112,301
155,219
1,267,520
(1,168,785)
1,389,317
5,885
1,395,202
87,109
1,308,093
99,799
1,407,892
(1,252,673)
Support and Governance costs
4a)
Undistributed income at 1 February
Distributable income available for the year
Grants total
Undistributed income at 31 January
£98,735
£155,219
10 OPERATING LEASE COMMITMENTS
At 31 January 2021, the Trust was committed to make the following estimated payments in respect of an operating lease.
Rent due under Lease
Within one year
Within two to five years
Greater than five years
6,839
27,641
1,353
6,587
1,326
£35,833
£7.913
11 FUTURE GRANT COMMITMENTS
At 31 January 2021 there were contingent liabilities relating to total conditional grants of £415,400 (2020: £195,400)
payable over the next six years out of income and, if ne￿Ssary, the capital of the Trust. It is considered that the income
and capital of the Trust are adequate to meet these liabilities if they become unconditional.
12 RELATED PARTY TRANSACTIONS
There were no related party transactions in the years ended 31 January 2021 and 2020.
13 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES
Net (loss)/income, before net (losses)/gains on investments
Investment income and interest
(Increase)/decrease in debtors
Increase in creditors
(55,650)
(1,195,961)
(4,021)
101,106
55,957
(1,395,202)
9,374
100,899
2a)&b)
Net cash provided by operating activities
1 154 526
1,228,972
14 GRANTS MADE
A list of the grants made in the years ended 31 January 2021 and 2020 can be found on our website on the link below:
htt s:l/steelcharitabletrust.or
rants/
revious
rantsl