The Steel Charitable Trust REPORT OF THE TRUSTEES AND ACCOUNTS YEAR ENDED 31 JANUARY 2024 Contents Pa Legal and Administrative Information........................... Report of theTrustees................................._.............................................. .. Independent Auditor's Report.....................................................................8-11 Statement of Financial Activities..................................................................... 12 Balance Sheet............ .13 Statement of Cash Flows................................................................................. 14 Notes to the Accounts...............................................................................15-21
The Steel CPi3ritable Trust LEGAL ND ADMINI TIVE REGULATOR F¢egistered with The Chanty Commission in England & Wales (Charity Number 2723841 TRUSTEES Mrs W E Bailey- Chairman {until 301Q312023113 (2&3'. wll 11112120ts1 Dr M N P Briggs- Chairman {from 0111012023F3fZ frL¥n Iin2n(wi MfPDay MsVSFox Mr P C Lawfordl.2 Mr N E W Wright ADMINISTRATION Ms I Stanger Trust Manager info steelcharitabletrust.o INVEsfMENT MANAGEMENT [conL) Federated Hermes Invettment Management 150 Cheapside London EC2V 6ET PRINCIPAL ADDRL Suite 411 Jansel House Hitchin Road Luton Bedfordshire LU2 7XH Liontrust Asset Management PLC 2 Savoy Court London WC2R OEZ M&G Group plc 10 Fenchurch Street London EC3M SAG WEBSITE www.steelcharitabletrust.or INDEPENDENT AUDfroR UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent ME104B] BANKERS Bank of scotland PLC Business Banking PO Box 1984 Andover SPIO 9GZ Barclays Bank PLC 28 George Street Luton LUI 2AE INVESTMENT MANAGEMENT 81ackRock Investment Managefflent (UK) Mited 12 Throgmorton Avenue London EC2N 2DL 2 MÉmber of Riskand Audit c(mlee
The Steel Charitable Trus1 REPORT OF THE TRusfEES YEAR ENDED 31 JANUARY 2024 The Trustees present their report with financial statements of The Steel Charttable Trustfor the year ended 31 January 2024. The financial statements are prepared under the historical cost convention as modified to iriclude the revaluation of investments. The format of the financial statements has been presented to comply with the Charities Act 2011, FRS 102 ljanuary 2022) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Prartice Accounting and Reporting by Charities Isecond edition, effective l January 2019}- The Trust is a Public Benefit Entlty as defined by FRS 102. History and ObSectives The Steel CharitableTrust, which wasformed bythe late Mr& Mrsw R Steel, 15 constituted under a Trust Deed dated 15 February 1976 and is a registered charity in Eand & Wale5 (number 2723841. 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. 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 he either resigns or becomes ineligible. The terms of office of Mrs Bailey and Mr Lawford expired on 30 September 2023; they were reappointed by their fellow Trustee5 for a temi expiring on 30 September 2030. The tenn5 of office of Ms Fox. Mr Day and Dr Briggs expire on 31 December 2027. 31 December 2027 and 30 September 2029 respectively. Trustees may put themselves forward for reappointment when their term expires. Mrs 8aileqs tenure as Chaimian came to a close in September 2023. Dr Briggs was appointed as Chairman for a period of three years until 30 September 2026. When seeking new Trustees, the Trustees have placed advertisetnents on the Tru5Ys website. in national newspapers, specialist publications and on knnkedln- a candidate shortlist has been drawn up, followed by a series of interviews. New Trustees are invtted initially to serve for a 12-month probationary period. This gives 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 may be confirmed for a term of seven years Iwhich includes the 12-month probationary period). whth may be renewed. 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 documents about the Trust and how it 15 governed and managed. and a copy of the most recent Trustees, annual report and audited accounts. Initial training for new Trustees is delivered by the Chairman and the Trust Manager. The Trustees meet and consult regularlythroughout the yearto review the governance and Strategic direction of the Trust and other matters including grant applications, investment strategy and financial accounts. In addition, the Trustees may attend meetings wtth grant applicants and recipients or delegate such duties to the Trust Manager.
Th Steel Charitable Trust REPORT OF TF4E TRUSTEES GOVERNANCE & MANAGEV.£NT ¢oTrtinued There"are three standin8 committees. The Finance and InvestmentCommTttee Iwhich was reconstituted during the yearl monitors the Trusys investment portfolio. approve5 changes in asset allocation within an agreed strategy, and scrutinises the quarterly management accounts. The purp05e of the HR Committee is to advise on compliance with employment law 3nd practice. to administer the recrurtment of new Trustees. new employee5 andlor new external contracto[5 a5 the Tmstees require. and to undertake the annual appraisal of the Trust Manager. The Risk and Audit CoTnmtttee monitors the various risks to which the Trust is, or might be, exposed, manages the mitigation of such risk6 and oversees the annual audtt proces5. The Trustees delegate the tlay-to-day administration to the Trust Manager. The Trust engages a self-employed accountant. who reports to the TrLFSt Manager. The rernuneration of employees and external contractors is approved by the Trustees. The Trust is a member of the Association of Charitable Foundations IACFI. which represents the interests of charitsble foundations and grant-making trusts in the United Kingdoffl. The ACF provides information on good practice and changes Iri the law affecting charities, in particular grant-making charities. training for Trustees and charity management. and benchmarking of 5alarie5 Within the grant-making sertor. Policies and Procedures for Grant-maknng The Trust invites applications for grants fvom all parts of the United KingdoTn through its website. Only application5 submitted online via the website will be considered by the Trustees. Applications from 8edfordshire generally and Luton in particular are especial welcome. It is the policy of the Trustees to make grants to a wide range of charitsble bodies, and particularly in respect of applications supporting work in the following five categories: Arts and Heritage l Education l Environment l Health I Social or Economic Disadvantage The Trusys grant-making policies, eligibilvty criteria and application processes are clearly stated on its website. They were unchanged during the year. The Trustees have regard to the CharFty Commission's guidance on Chanty and Public Benefit. They consider that the information about the Trust's aims. policies and activitie5, 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 Tts beneficiaries, and through them to the public. that arise from carrying out those aims. The Trustees geneially meet in March. June. September and December. Ahead of these meetings, Trustees review all applications received during the previou5 threfftonth period and a shortlist of giant recommendations is created. Shortlisted applications will have been investigated by one or more of the Trustees,. additional administrative checks are made by the Trust Mana8er. At the Trustees, meetings, the shortlist is discussed and grant award decisions are taken. Payments of approved grants to successful 3pplic3nt5 are generally made as soon 35 practical after the meeting. Unsucce55ful applicants are informed accordingly.
The Steel Ch3rit2ble Trust TRdSTE-_ Activities During the year the Trust made or committed to make 87 grants totalling £1,298,260, of which 82 grants totalling £1,238,080 were made to charities registered in England & Wales. three grants totalling £32,180 were made to charities registered in Scotland, and two grants totalling £28,(KiO were made to other charitable organisations in the United Kingdom, eligible under the Trust's grant-making policy. One grant of £10,000 from year end 2019 was returned. M&G Charifund units, paid to a beneficiary in 2001 a5 a capital fund, were returned to The Trust. LOn & Bedfordshire ocial or Eeonomic Dlsadvantage 26% •rest of England &Wales ,, 26% •Scotland throughout the UK Education Arts and H •Oversea5 qNo boundary 3Y Grants awarded by category1£1. 202>24 Geo8raphi(31 areas of benefft 1£). 2023-24 The Trust receives many more applications than it has funds to support. Only 5% of the applications received in 2023-24 were successful in receiving a grant. The Trust's website lists all the grants awarded in the current year 3nd since 2019. All grant recipients are required to subTnit a report to the Trust, summarising the outputs, outcomes, successes and challenges of the work being funded, within a year of receiving a grant for core costs or within 18 months for project costs. Luton Matters, the initiative designed by the Trust in 2019 to assist organisations whose work brings significant benefits to the residents of Luton or improvements to the town, continued with two new recipient organisations this year in the categories of Arts & Heritage and Social or Economic Disadvantage. The Trustees are pleased with the Luton Matters programme to date and onvisage it continuing and developing in the foreseeable future. Full information about Luton Matters can be found on the Trust's website. The Trust's relationship with the Bedfordshire and Luton Community Foundation IBLCFI continues and grants were awarded during the year to support Windrush 75 anniversary event5 in the county, and to fund grants to grassroots organisations that fall under The Steel Charitable Trust's usual minimum of £IO,OLK). The Trust Manager regularly attends the Bedfordshire Funder5 Network meetings. faci5itated by the BLCF. No fundraising is undertaken.
The Steel Charitable Trust Financial Review The principal source of income of the Trust is from its investment portfolio. 2024 2023 Investment income and interest receivable Funds received from Joint Venture Funds paid to Joint Venture Overhead costs Net income 1.138,953 729 11.5461 {98,9201 1.039,216 11,093,075) (53,859) 1,283.592 1,065 12,8291 189,8891 1,191,939 (1,500,000) {308,0611 Grants Inet) Redurtion in unrestrirted funds Overhead costs do not include investment fund managers, costs as these are deducted at source either from capital or prior to income distribtstions or both. Further information regarding investment managers, costs is shown in Note sc to the Accounts. The income, overhead costs and net grants represent 2.36%, 0.20% and 2.27% of the unrestricted funds at the beginning of the year respectively12023- 2.48%, 0.17% and 2.89%1. On 31 january 2024, total unrestricted fund5 amounted to £50.607.70512023: £48,159,316). Investment Policy and Perforniance All investments held by the Trust have been made in accordance with the powers available to the Trustees. The current investment policy is to follow a total return strategy, the objective of which is to sustain the long- term real value of the investment fund. and hence of the real value of grants. Therefore, the majority of the portFolio is invested in global, broadly diversified funds. The Trust does not impose specific ethical investment constraints over and above those already contained within the investment managers, own ethical and socially responsible investment policies. Adjusting for additions to and disposals from the investment portfolio, its value increased during the year from £47,128,597 on 31 January 2023 to £49,565,709 on 31 January 2024. This represented an increase in the value of the portfolio of 5.17% during the year, compared with a decrease in the FTSE All Share index of 1.94% and a rise in the MSCI World index of 15.09%. The Trust's portfolio was inevitably affected by the weakness in most major asset classes in the UK. Trustees meet investment managers of the actively-managed funds at least annually. Trustees remain 5atlsfied with the composition and diversification of the portfolio. Reserve5 Poliry On 31 January 2024, the Trust had total funds of £50.607.70512023.. 48,159,3161. The Trust's reserves policy is to ensure it maintains adequate funds to meet its commitments and to hold funds to produce income to contribute towards the payment of future grants. The Trust does not currently hold any restricted funds and Iliei Efure illl fuFiLli E1W a> uiiresil iLi¥tJ ¥es¥i ves. Risk Management The Trustees regularly review the major strategic, financial. reputational and operational risks which the Trust could face and confirm that systems are established, which are kept under review. to mitigate those risks.
Steel Charitable T¥us' REPORT OF TptE Th-.=_: As the object of the Trust is to pay grants to chai¥table bodie5. the major risk facing the Trust is that the performance of its investments, in the form of income and changes in capital values. reduces the extent of its grant-making capacity. This risk is mitigated through the Trusys Investment poliry. Trustees. Responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards {Untted Kingdom Generally Accepted 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 incomin8 resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to.. select suttable accounting policies and apptheM consistently.- observe the methods and principles in the Charities SORP. make judgements and estimate5 that are reasonable and prude 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 concem basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial p05Wtion of the Trust and enable them to ensure that the financial ststements 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the rnaintenance and integrity of the Trust and financial information included on the Trust's webslte. Legislation in the United Kingdorn goveming the preparation and di5sernination 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 Tmst's auditors are unaware- and the Trustees have taken all stepsthat they oughtto have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Steel Charitable Trust Tuf TOI Plans for the Future During 2024-25. the Trustees are undertaking a strdtegic review wrth the aim5 Of: redefining the commitment to Luton and aligning with Luton Borough Council's 2040 Vision clarifying our guidance on the Trusys grant-giving focus in the rest of the country enhancing our GoVernare standards Approved by the Trustees on 24 June 2024 and Signed on their behalf by= Dr M. Natalie Briggs Chairman
Tbe Steel ChaF4table T¥u5t INDEPENDENT AUDITORS. REPORT TO THE TRuEEs OF THE STEEL CHARrrABLE TRU YEAR ENDED 31 IANUARY 2024 Opinion We have audited the financial 5tstements of The Steel Charitable Trust Ithe Trusy) for the year ended 31 January 2024 which comprise the Statement of finanaal activities. the Balance sheet, the Ststement of cash flows and the related notes, including a summary of signiFKant 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 Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting SLindards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2tK)5 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. In our opinion the financial statements: give a true and fair view of the slate of the Trust's affairs as at 31 January 2024 and of its incoming resources and application of resources for the year then ended: have been properly prepared in accordance with United fingdom Generally Accepted Accounting Practice- and have been prepared in accordan with the requirements of the Charitie5 Act 2011. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Audttors, responsibilities for the audit of the financial statements sertion of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audtt of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained 15 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identtfied any material uncertainties relating to events or conditions that, Individual or collectivety, may cast signtFicant doubt on the Trust's ability to continue as going concern for a period of at least twelve tnonths from when the financial statements are authorised for issue.
The Steel Charkt#blÈ Trust ltynFDfNTrFNIT 41 InlTnp<' QfDnpT Irnntriniix>AI Our re5ponsibilitie5 and the re5ponsibiltties of the Trustees with respect to going concem are described in the relevant sections of this report. Other inforDiation The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. TheTrustee5 are responsible forthe other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicTtly stated in our report. wè do not express any form of assurance conclusion thereon. Our responsibiltty is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial 5taternents or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. ff we identify such material inconsistencies or appat material misstatements. we are reqUId to determine whether this gives rise to a rnateri31 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is 3 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf. in our opinion: the information grven in the Trustees, report is inconsistent in any material respect with the financial statements; or suflicient accounting records have not been kept; or the financial statements are not in agreeTnent with the accounting records and returns,. or we have not received all the information and explanatiorbs we require for our audit Responsibilities of Trnstees As explained more fully in the Trustees. responsibiltties statement. the Trustees are responsible for the preparation of the financial statements which Eive 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 a55e55ing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditors. responslbllltles forthe audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from fflaterial misstatement, whether due to fraud or error, and to issue an Auditors. report thar includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee ihat an audit conducLed in accordance with 15As IUKI will always detect a material mi55tatement when tt exists. Mi55tatements can arise from fraud or error and are considered material rf. indNidually or in the aggregate,
Tb. Steel Charitabl¢ iius- INDEPENDE14T AUDITORS. REPDRT Icontinu they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial Statements. Irregularitie5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregulartties. including fraud. The extent to which our predureS are capable of detecting iriegularities, including fraud is detailed below= How the audit w(Js considered capable of detecting irregularities includingfroud." Our approach to identifying and assessing the risks of material mi55tatement in respect of irregulafities, including fraud and non-compliance with laws and regulations. was as follows= we identified the laws and regulations applicable to the Trust through discusSiOn5 Wlth management. and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the Trust. including the Charities Act 2011; we assessed the extent of compliance with the laws and regulation5 identffjed above through making enquiries of management and inspecting correspondence,- and identified laws and regulations were communicatedwf(hin the auditteam and theteam remained alert to instances of non-compliance throughout the audtt. We assessed the susceptibility of the Trusys accounts to material misstatemen¢ including obtaining an understanding of how fraud might occur. by.. making enquiries of management as to where they considered there wa5 SU5ceptibility to fraud, their knowledge of actual. suspected and alleged fraud: and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we: perfof med analytical procedures to identify any unusual or unexperted relationships: tested journal entries to identify unusual transactions,. assessed whether judgement5 and assumptions made in deterniining the accounting estimates set out in the accounting policies were indicative of potential bias- and investigated the rationale behind signthcant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to- agreeing financial statement disclosures to undedying supporting documentation- reading minutes of meetings of those charged with governan. and enquiring of management and representatives of Trustees as to actual and potential litigation and claims. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at.. Vv.frC.or8.uVaudit0rsresponsibIlitie5. This description forms part of our Auditors, reE>ort io
The Steel Char4table Trust IAinrTrcktThl*lT AI IThITnD<' 4EPORT (Continuettl Use of our report This report is made solely to theTrust's Trustees. as 3 body, in accordance with P3rt 4 of the Charitie5 (Accounts and Reports) Regulations 2008. Our audr( work has been undertaken so that we might state to the Trust's Trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilrty to anyone other than the Trust and its Trustees, a5 a body, for our audit work, for this report, or for the opinions we have formed. UHY UHY Hacker Young Chartered Accountants Statutory Auditors Thames House Roman Square Sittingbourne Kent MEIO 4BJ Date.. 24 kn &z4 UHY Hacker Young 15 eliEÈble to act as auditors in terms of section 1212 of the Companie5 Art 2(X)6. li
STA TEMENT OF FINANCIAL AcfiviTIES YEAR ENDED31 JANIIARY 2024 r#ti• Ille•De diture Aeeount 2024 21123 Ir4coME FROM: InNes¢meS Other 3&) 3b) 1,13&953 729% 1283,592 1,065 1284.657 EXPENDITURE ON: Joint Venture Charitable acttYitic5 1.546 1.191.995 2.829 1589.889 Total Expthdithre .592.718 NET EXPENDITURE FOR THE YEAR (53A59f. {308.06I} changes in value of investments 2J02248 (3.390,0531 NET INCOMEI(EXPENDITURE) AND NET MOVEMENf IN FUNDS 2,448J89. 13,698,114) Unr¢5trict¢d fi]nds brought foTh4YEd 48,li9J16 51,857.430 IJNRESTRICTED FUNDS AT 31 JANUARY £51ffj07,705." £48,159a16 All inwme and ex¥111 in the yeArslo 31 2024 s131 Janw 2023 UDrestra. The Tr)t¢s on g¢S 15 to 21 forw of thr5¢ finla1 12
rtst BALANCE SHEET AT 31 JANUARY 2(124 202 2023 FIXED ASSffS Investments 49.565.709 47.128.597 CURRENT ASSETS 13 ¥40,713 316.429 843J47 3T8,657 Debtors TOTAL CURRENT ASSETS 1_.157.142,. 1,162.004 LIABILITIES Crcdtts)rs. Amounts fatling within oDeye4r 1101,6461 154285) NET CURRENT A&SETS 1.055.496 1,107.719 TOTAL ASSETS LESS CURREKf LIABILITIES 50,621205 48236J16 CffditoTs- Amounts falling due after nNYethan 0year {13J¢J)I (77.000) NET ASSETS £4&159J16 Repre5entin8: TOTAL UNRESTRicfED TRU FUNDS I £w07.7031 £48,159J16 The iKJtrS on pages 15 to 21 forn] rArtofthtse fiwoal statem Approved by the Trust50 24 2024 atMI sI8d oll their bdthlf lry: Dr M. Natalie Bri 13
STATEMENT OF CASH FLOWS YEAR ENDED I JANUARY 2024 2023 C9sh flows from opentiTrg adivttits: Net cash used in operdting acliviti&s 12 1.952.031) Cash Ihv45 frow iuvcstillg adivitt¢S: 3aI&12 3b) 1.13&953k 729 (1,546 1,684.864 1,750.000, 1283.592 1.065 {2.829 16,832 Funds ld th JoÈnt Venture Purchase of investnnts Sale of tyeS(mO] Nd cash prnvided by invesiing &xiviii¢s 03 72 1.298,660 Change in cash and ¢x%h equivaknts in theyf4r l4 (1634) (653J711 C&sh and c&sh 1¥alents at l Fetr ,496,718 C&sh and cash at 31 January 13 £843J47 f4
Steel NOTESTOThEACCOUPIT5 YEAR ENDED 31JAIIUARV 2024 I GEIIERAL INFORWITION The Sted Charitable Trust is a tharity lstered tAath the Charity Comrni590n Et¥latKJ and Wales re$tration ThuMr 272384. Tru5Vs priwpal address is&Jite41LJan5d Hou% Httthin Road. Luton. Bedfordshire. LU2 7XH. al Basis ol preparaticm of accJnts The flnancial statements are rryyarÈd utwjer the historKal c05t COMEnts vAth retwised * cost or trarwrtion value unless otherwise Oated in the renE rote(sl to these filn[la[ 5tatementL The financlal statements have been PTepaTed ift acCordar with the OMrtbe5 SCP IFRS 1021 IsecorHJ ethtionl knounting and RepDrtin8 by CharStées." Statement of RecomrrEnded PRcbce aOtrA to dfities weparing their aCcOts in 8ccordall¢e the Fiaanaal Reporring Stsndard in UK arKI Re1t of Ireland leffecti%t l January 20191 Finantial Re)rtir Standard in the UK and Republlc of Ilelar IFRS 1021 Vanuary 20221 aThl the (JoriliÉ% Att 201L The 15 a Puuic Benefft Entity as defined by FRS 101 The finanaal been wepared to a or1 fatr vi have departed frorn the Choitties IAccouTrts an¢J Re[K1 ReationS 2(Nontytotheexlent requi to wowde a'tr and fair e%<.ThiSePartUre has Rewrting Starmlèrd applicat4e in the IIK and RylAi£ of Ireknd IFRS 1021 rather than the Acc(xJnting and Rewrting by CharleS.. Statement of ReCOrn Pfacbceeffeth" from IA.12¢)5luch ho5 sie been wttlthwm. bl Capital Addltlons to cawtsl relyrrt thÈ thstribuborts recefved from intwts in lanlkming itiirt ventures whlch intere5t5 had iEen asggrEd totheTrust by Or0fthe Settkn4 arKI a indLthd * the Val recwved by the Tru5tee5. cl Investments l investments. managed Iyextut¢lfw#l m)•ps.are unlistedand are rerun * ¢oM valued attheyear end at price5 tNJblished bythe reJevantfL¥xI The Trustees are aware that the fail value of fixed asset Investmts. as qu try the Énvestment managers, may include an elem¥rt of a(£rued Ilme at the 8olarKe 9) date. The value of a(c¥ued income is uftable to be reliably measured and 50 no adju5ttnellt has W made to the rnarket value wed by the managers in respect of dl Ir Income is recoEni5ed whÈn thecharity hasenetttothfms. arry rerf0rnre cor#ions attathedto the income have bew rnet, it is wobable that the irKorne will bo receiVedand can measured reliablv. The Trust not ptyln¥eStTr ma1$ thrtty to any of its appointed fvnd However. the fund maoageT5 do make charges Managi tts fwxts trry eithu de(knbng fee5 frorn distribub.ons when rnad< or from capttal, orfTom IoMeth$Ibutl0rsandthe caFxtal luwKI. el Grarrts paydb Grants p6yable are payments made to thF¥d parties if furtheran of the tharitsble objecttves of the Tw5t. Single or mulb-year grants are accowrted forin ttyear ¥r¢ whsch the reukmerrt I5 a rea53be expeaation that they will retsive a grontaNlthe Trusrees ha¥ ayeedto PBytsEgrantwlthcrtmnditi 15
Steel fj Expen¢ffture Expenthture 15 iud in the Sttsnsrt of Alti ¢)n an a(uuals basls aThl Is recognised when there f5 a lerdl or coTrstructi%t OlEation to pay. All c05t5 have ithre¢Uy atbSlxrted to 0 of the fiCt(Cl catewries of re1r£e$ expended In the5tatement of Finarrial ACtity lknrhead costs bew and 8o¥ernaKe based on b.me usage. Governance c05t5 relyesertal costs Invo$ the Wc accountslyTrty of theTryt arKI its ri)mpfiae th regulation and good pra. These costs ide wsts reted to StatOry athyii ar1 1 fee5 tOgetr wtlh an 3ptx)rtiQnmt of overhead and h) Funds l of the of the TnJ5t are UnrEts T1 in arxovdan with thÈ tharitsble obiectrves Jt the disuetionof theTnJ5t 11 VAT The Trust is rewstered forVAT. All i5tsvefore I1OfvATWhereappllcab1e. jl Going tontem Taking into accourt the fina]81 thronnrt the Trustees ha¥e a reaSOnae expeciation that the 7rusl hs adequate resource5to conknnve tts a(11@$forthe1ore$eeable future. kl &gnificant judgements aTrJsowces of eslim0 The preparation of flnanoal statements in mlll ilh FRS 102 rewires the use of certain critical accounting estimate& Italy) require5 rnanagementto exerDseiLxtimtiK in aF"E theTru5t'saccowktinEwSKi 11 Cash and cash equlwa1ts Cash and cash equwaients irKIth held at bank4 other 5th)rt.teffli fiquid inve5tmet)ts wlth orlglnal maturilies of three months w less and Bank oVrafi5. when 8OicaNe. are shown withtTr current t)ebtor5 and uÈrfrtors ère measwed at the ts3rsactb be55 ary Dls fty irnpa1rnL Any losses arfslng from impairment are recogn£5al a5 expdiE¥r n) Employee benefrts i. Short tÈmi beneftts }ndfInI)lIdaV payare reccy¥SaS anee try0[0d inwlmth the5swr¢e is red. . Contributy0Tr5. based on a percwrta8eof salary.arepad In e'spSoTra1 Wi0 ar ol Operating lease Rentals paid underan operatirgleaseare chor8oJtO WKornein arc0Fd*ith the terrnsof the pl Financial Instrumwrts The Trust only has fillancial a55ets arxl firwrKiJl liabdities of a that QUafy as b•( finantial Insirtme Basic nanclal in5twments are¥nri&lyrff(yused attJarwkn Wdluearwl 5Ub5eqLIYTrwred attheii 5ettlementWdlue. f6
3 INVESTMENT INCOME al Unlisted investment income frthn: WackR(KkiShaTe5 tloped Wth1d Fuel5Creerjth Fujd ILIK) D I Federated HerTnes Propprty Unrt Tnjst ontwst 5uStsnae Fuiure FN10a8 21 M & G cnts0nd Cha¥itses Fixed Interest Fu1 (Charil1) M & G Equttleslnthent FuThJ ForO¥riti25lCharifw 209.912 196.748 253.574 264.2ai 227.974 83.350 450.816 1.279345 3.647 o. 352.104 I.1232 15.121 Banklnterest £1 £1,13853 593 bl Other trKome reestsaddrt1Nt0(atiI of£729I20.. £1.11. The Trust undLYtake5 tts chartktAe actithrough the award of 8rantsto a numberof instibjlto. GraThts pro¥ided in previou5 year5 Grants pa in the year Grants payaeinfUWrÈ)èrs Grantstotrl Grants retumed SupFK)rt and Govemarte costs 8&9 1153,6631 1.537.413 116.250 1.5M.Om 1.315? 98,6(ti"" 1.298.260 1205,1851 98,920 8&9 17 Sal 89.889 £L191 £1.589M9 Thegrants paYae iDfLthyea15 wdl asaThlwhen the¥arfouscoThrtlonS attachinE tothwn have ljeen satlsfied. 5 SUPPORT ANO GO¥ERf4AT4CE C05rs al loCation of 5UPP)rttostsand (r•erhead5- 2024 Total Staff 7.178 28.771 23.111 28,889 Audttorfs reMneratIon.alUoryaU¢lt Gerra1 3.910 23.332 27.242 17
al Allocation ofsUPPQrt tosts cNEtheats. 2023 2A283 2Q737 32.791 25,921 6,606 24,571 SJ84 Auditor's remunerat1c-st3tut0ry audtt General 21.449 £89W9 bl Al¥S5$ ofstsff CO5ts,Tree remunera)31 er. aNI the costof key management Salary Benefits National 1nsuTrn(on1ritrtADr6 Pension contribuborts Trainin8 33.3LKS 507 71 30.240 390 56 1.512 250 343 £31791 There was part-tirne durirq thear. equiyaknt to 0.6fv11-time em0¥eel2O23. 0.61. All ernployee time vTas involved in wowthnRswwrtto thego¥ernaNaThJ charitabiextfjthoftheTnl The Trustees did )t re any remunerabon in thear{2023. £Nill. under General expens, the expen5e5 ftsf travel and rtain offitr COS vknith were reimtKwsed to paid on bew of the Yntsee5, mlnted to £1,658 12023." £1,402). cl InTrStment Fur>J Managers. Costs Not all of the investrrEnt fi4KI manager5 wowde e*¥lkit èifomth 0fin%E5tMt management Costs charged during the year. Based on the information W0ded ty the 1rNetht fLd fflanager5. the Trust has tèlculated its best estimate of total irwe5tThtht management costs for the year eThJed 31 Jarsuary 2024 to be £221.72812023: £232.2051. whÉch represents 0.45% of the investment Fwttolio at 31 January 202412023: OA%1. These costs are not Included in the8bo%EfiBure& 18
Th ZD23 Valuatiorkat l Ftary AddttionsllReductionson equafisaticfflsl Disp05a15 Net changes In the valueof inve5tmvrts 47.128,597 1.684.864 I1.750.0]I 2.502,248 50,535,482 116B321 13.390.053) Valuatiall at31JaMy 149J65.7(YJ £47.12897 comS1." Rod( iSharÈs Worfd F(s%l Fuel Screened lTrJex jnd IUK) D I Federated Herrnes Property Unit Trust Liontru5t Su5tsin?ble Future mar1 F08s% 21Th£ M & G charIr5 Owttties W ItrtW l(harxwfj M & G Eque5 lrwe5lt FU FotOtiliÈsllhrif 1425925F 12.246,058 4.904.1 5.493.520 2L254.1 19,374,290 3.796.355 2.3,162 5351*gJ 7.111567 £495ts.7 £47.128.597 I trwe5trnentsare madein the UK aare unfstedat31Jarthry2024and31 January202 16.169 299.308 952 20,083 297.632 942 Accrued loc£ Other debtors £316 29 £318.657 Grants payoble tnjed exronditure Tax4F)d Social Se£ur£ty PeOn£0ntnlNrtjns ottrr creditors 39,250 6.666 495 2r/ 7.597 £54.Z85 GTrntspayable 19
2024 2023 At 31 Janry 2024. the TEUSt Vd5 romrnÈtt& to make lMated payments respett of an operating Rent due urT LÈa'. Not laterthan one year Laier than oneyear and knterthan Laterthanfiveyears 7.418 7.270 17,142 £24,412 11 FUTURE GRANTCOMMITMEpirs At 31 Jar#Jary 2024 thue were rortirwrt lial"Itlies reL4n8 to conortional grarts PaYae of income ad. rf necessary. the cèpital of the TrusL It s (dered thatthe IFK(Tre a1 cattrl oftheTfU514re adEqUate to meet these liabilities if they iEcome urKondib(x¥l tsfolh)ws: Not laterthan Or iaterthan oneyear and not Lerthan 256,YA) 201,228 253.284 £559W3 458.128 Netexpendtturefor theyear Adjustment5for'. InvestrDeryt ir<orne arwl interest Funds recei¥aJ from jDtVeTr Funds paidtojoint VentLwe Decrea5elllrueasel iri (lelt(K5 Oeuease in creditor5 153.8591 I30&(1} 3a) 3bl IL138.9531 17291 L54 11.283,YJ21 I1.[5} 2,829 1303.5191 158,6231 116.1391 Net cash Ltsed In operatsr¥ alli7les 1,952.031 13 ANALYSISOF CiSH AND CASH EqUIVALEP4TS Cash at bank 843.347 14 ANALY515OF (YANGES IN DE Cash at l FeL¥uary Cashflows 1.496.718 1653.3711 12,6341 Cash at 31JanL¥ry £843347
2023 Financial assets". Measurej at fairyd1lhr irawarKI eX1[e 49,565.709 47.128.597 £49565.7trJ £47.128.597 Financial instTuments mealatfaIrVlhllW0h irome w&)thrturecomwiof unlisted investmen au managed by Indend InS Institut and tsHdsJ in Enarket5 arour¥t the wwld. The tsis of faÈr value is the Ul¥alent of marka value. USI bid Asset 5ale5 aThJ purdw5e5 are retwwl at the date of tradE at their transattion value. The gnificae of hnarKial illStyuttntstDthe AL%tsinabdity oftheTru5t iSC0Tr5Nkned inthe finaocial The main rfsk to the Trust fwm finarKial in5tTumwts in the w1r)n of wKertain invÈtttnent markets and volatility in vid. The In?Stm i1tIOn$ managethese r4sks by retasnine exFert advisers and oper4tin8 an investment poliry that provides for a high ¢Jegree of dl¥e¢gfi¢ati( of hd(finKs within investment assets that are q4JOted on ¥ohal malkets. The Tfust does rJt make use of derivative5 arKI similar cornplex financial IrtruMents as it tskes the TrAewthat (Trvestmentsarehdd forllw knw.tenn totsl YettJnL 16 RELATED PARTYTRAN&4cfioNS There wete llo related wiy transacknsin theyeaended3IjOIwry?Q24and 2023. A Ilsi of the 8fantsmade in tsyearserxled 31Jat)uary2024arJ 2023 can t fouThJon theTru5Vsweb5tte: 21