The Steel Charitable Trust REPORT OF THE TRUSTEESAND ACCOUNTS YEAR ENDED 31 JANUARY 2025 Contents Legal and Administrative Information. Report of the Trustees.....................................-..... .... 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 Charitable Tru5[ INF REGULATOR Registered with The Charity Commission in England & Wales (Charity Number 272384) TRUSTEES Mrs W E Bailey3 Ifram 16K¥Jr20241 Dr M N P Briggs- Chairman MrPDay Ms V S Fox.. resigned 05 a Trustee on 20 August 202431urfl re5W*>)I Mr P C LawFordl. 2 Mr N E W Wright ADMINISTRATION Ms I Stanger Trust Manager info steelcharitabletrust.or INVE￿MENT MANAGEMENT (conL) Federated Hermes Investment Management ISO Cheapside London EC2V 6ET PRINCIPAL ADDRESS Suite 411 Jan5el 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 AUDITOR UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent MEIO 4BJ BANKERS Bank of Scotland PLC Business Banking PO Box 1984 Andover SPIO 9GZ Barclays Bank PLC 28 George Street Luton LUI 2AE INVESTMENT MANAGEMENT BlackRock Investment Management IUKI Limited 12 Throgmorton Avenue London EC2N 2DL l Member of Flnance & Investment Committee Z Metnber of Risk and Auditcryllrnittee 3 Member of the Human lie50urce5 IHRI Commitee The Steel Charitable Trust REPORT OF THE TRUSTEES YEAR ENDED 31 JANUARY 2025 The Trustees present their report with financial statements of The Steel Charitable Trust for the year ended 31 January 2025. 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 (January 20221 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities 15econd edition, effective l January 20191. The Trust is a Public Benefit Entity as defined by FRS 102. Hlstory and Oblertlves The Steel Charitable Trust. which wasformed bythe late Mr & Mrs W R Steel, is constituted undera Trust Deed dated 15 February 1976 and is a registered charity in England & Wales (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. Other Trustees have been appointed for a period of seven years, renewable by agreement of fellow Trustees. The reappointment dates for Mr Day, Dr Briggs. Mrs Bailey and Mr Lawford are 31 December 2027, 30 September 2029, 30 September 2030 and 30 September 2030 respectively. Ms Fox resigned as a Trustee on 20 Au8USt 2024. Trustees reviewed the tenure arran8ements durin8the yearand a8reed on a different model for newTrustees. This will be an initial appointment of four years, the first of which is probationary, giving both new and existin8 Trustees the opportunity to evaluate their decision. On completion of the probationary year, and with the mutual agreement of both parties. the position may be confirmed for the remaining three years. At the end of the four-year term, a Trustee may be reappointed for two further periods of three year5 each110 year5 in totall. Current Trustees were invited to move onto this model if they so wished. Mr Day opted to do this. When seekin8 new Trustees, the Trust places notifications and advertisements in a broad range of media, a candidate shortlist is drawn up which Is then followed by a series of interviews. New Trustees are supplied with a history of the Trust, a copy of the Trust Deed. information published by the Charity Commission outlining the re5ponsibilitie5 of charity Trustees, Several additional documents about the Trust and how it is governed and anaged, and a copy of the m05t recent Trustee5' annual report and audited accounts. Initlal training for new Trustees is delivered by the Chairman and the Trust Manager. There are threestandingcommittees. The Finante3nd Investmentcommittee monitors theTrusYs investment portFolio, approves changes in asset allocation within ari agreed strategy, and scrutinises the quarterly management accounts. The purpose of the HR Committee is to advise on compliance with employment law and practice, to administer the recruitment of newTrustees. new employees and/or new extern31 contractors The Steel Chafjtable Trust REPORT OF THE TRUSTEES as the Trustees require, and to undertake the annual appraisal of the Trust Manager. An additional responsibility to lead on governance reviews was added in March 2025. The Risk and Audit Committee monitors the various risks to which the Trust is. or might be, exposed. manages the mitigation of such risks and oversees the annual audit process. The Trustees delegate the day-to-day administration to the Trust Manager. Trustees may attend meeting5 Wlth grant applicants and recipients, but such duties are often delegated to the Trust Manager. The Trust engages a self-employed accountant, who reports 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 IACFI. which represents the interests of charitable foundations and grant-making trusts in the United Kingdom. The ACF provides information on good practice and changes in the law affecting charities, in particular grant-makin8 charities, trainin8 for Trustees and charity management, and benchmarking of salaries within the grant-makin8 sector. The Trust Manager attended three training sessions on Dlversity. Equity and Inclusion IDEII during the year. The Trust remains committed to good governance standards. The Trustees have regard to the Charity Commission's guidance on Charity and Public Benefit. They consider that the 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 carrying out those aims. The Trustees reported in their 2023-24 annual report that they would be undertakin8 a strategic review with the aims of.. redefining the commitment to Luton and aligning Wlth Luton Borou8h Council's 2040 Vision clarifying the Trust's guidance on the Trusys grant-giving focus in the rest of the country enhancing the Trusys Governance standards A workshop was held in March 2024 to set the agenda for the year with some input invited from external sources to both inform and inspire. As a result of this and the various discussions that resulted from it throughout the year, new grant-making policies were a8reed as detailed below. Trustees will continue their review of the Trust's governance standards during 2025. Policies and Procedures for Grant-maklng The Trust invites applications for 8rants from a wide range of charitable bodies from all parts of the United Kingdom through its website. Only applications submitted online via the website will be considered by the Trustees. The Trust's grant-making policies, eligibility criteria and application processes are clearly stated on its website. The Trustees senerally meet in March, June, Septetnber December. Ahead of these meetlnS5, Trustees review all applications received during the previous three-month period and a shortlist of grant recommendations is created. Shortlisted applications will have been investigated by one or more of the TrLSStees,' additional administrative checks are made by the Trust Manager. At the Trustee5' meetings, the The Steel Charitable TTUSI REPORT OF Ti"IF. TRUSTEES POLICIES & PRaciDIIRI.S FOR GRANT-MAKING roniinued shortlist is discussed, and grant award decisions are taken. Payments of approved grants to successful applicants are generally made as soon as practical after the meeting. Unsuccessful applicants are informed accordingly. All grant recipients are required to submit 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 C05t5. During the year, Trustees made grants to support work in the five categories that have been the basis of the 8rant-making policy for some years, namely Arts and Heritage, Education, Environment, Health, and Social or Economic Disadvantage. New grant-making policles were agreed during the year which, although there will be no awards made under them until 2025-26, were announced on the Trust's website durin8 the latter part of this year and applications opened in mid-November 2024. From 2025-26 for the foreseeable future, the Trust will be focusing on two strands of grant-making.. The NEW Luton Matters Fund., broadly 50% of the Trust's grant-making budget will be to charitable bodies delivering work in Luton. Applications to this fund will 80 through a two-stage application proce55.' a short Expression of Interest open to all eligible candidates, from which a selection of applicants will be invited to make a full application. Trustees are aiming to deepen the Trusys connection with organisation5 working in the town by offering more multi-year grants. The Unlted Klngdom Under-26 Fund.. the remaining annual grants budget will be awarded to registered charities providing opportunities for children and young people in other parts of the UK. This will operate on a similar basis to grant-making thus far, with a one stage application proce55 open to eli8ible candidates. The flrst year will be a pilot year from which lessons can be learned and refinements to policy and processes made. Activities During the year the Trust made or committed to make 81 grants totalling £1,349,724, of which grants totalling £1,233,818 were made to charities registered in England & Wales, one grant of £13,500 was made to a charity registered in Scotland, and four grants totalling £102,406 were made to three other charitable organisations in the United Kingdom, eligible under the Trust's grant-making policy. So¢lèl or Etonoml¢ DisadvantaRè 23% Arts •nd Herft4K• 19% 52% rest Df England & Wale& Scotland edutatlon Health 34% ,throu8hout the UK overseas Envlronment ., Grants awarded by category (£1, 2024-25 Geographlcal areas of benefit l£1, 202425 The Steel Charitable Trust REPORT OF THE TRUSTEES The Trust has, for many year5, been receiving many more applications than it has funds to support. Since the COVID-19 pandemic, the application success rate has hovered at around 5% with the number of applications received having settled at just over double pre-pandemic numbers. This was a major impetus behind the Trustees, declsion to hold a strategic review. However, by July, it became apparent that application numbers were surging and had almost doubled again, a phenomenon seen sector-wide. Trustees took the unusual decisior) to close to new applications for a period of 11 weeks from I September until 18 November 2024 to allow the large number of applications that had already been submitted to be reviewed, and to finalise the new grant-makin8 policies. In 2024-25, only 3% of the new applications received were successful in receiving a grant. The Trust's website lists all the grants awarded in the current year and since 2019. 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, formed the basis of the N EW Luton Matters Fund starting in 2025-26. The last round in it5 original format was opened to applicants in July 2024 in the Education and Environment categories. Luton Council was consulted to align the focus of potential projects with its Luton 2040 aims. The Trust moved its management of grants onto a new web-based system during the year, with applications being taken on it from March 2025. The Trust closed to new applications for a period of eight weeks to facilitate this, but that did not cause an interruption in grant-giving. The Trusys relationship with the Bedfordshire and Luton Community Foundation IBLCFI continues with funding to support organisations seeking grants that fall under the Trust's usual minimum of £10,000. The Trust Manager regularly meet5 the CEO of the BLCF and attends the Bedfordshire Funders Network meetin8S, facilitated by the YLCF. No fundraising is undertaken. Financlal Revlew The principal source of income of the Trust is from its investment portfollo. 2025 2024 Investment income and interest receivable Funds received from Joint Venture Funds paid to Joint Venture Overhead costs Net income Grants Inetl Redurtlon In unrestrlrted funds 1,094,291 1,116 1,138,953 729 {1,5461 (98.9201 1,039,216 1093 075 £153,859) 1106,079) 989,328 1 349 724 £1360,396) The Steel Charitable Trust RF.PORT OF THE TRUSTEES FINANCIAL REVIFW rnntiniJed Overhead costs do not include investment fund managers. costs as these are deducted at source either from capital or prior to income distributions or both. Further information regarding investment managers, costs is shown in Note sc to the Accounts. The income. overhead costs and net grants represent 2.16%, 0.21% and 2.67% of the unrestricted funds at the beginning of the year respectively12024: 2.36%, 0.20% and 2.27%). On 31 January 2025. total unrestricted funds amounted to £56,333,38412024: £50,607,705). Investment Pollcy and Performance All investments held by the Trust have been made in accordance wrth the power5 available to the Trustees. The current investment policy is to follow a total return strate8V. the objective of which is to sustain the long- term real value of the investment fund, and hence the real value of grants. Therefore, the majority of the portfolio is invested in global, broadly diversified funds. Within this policy, some rebalancing of the portfollo was Initiated towards the end of the year,. this was completed in February 2025. 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 durlng the year from £49,565,709 on 31 January 2024 to £55,335,533 on 31 January 2025. This represented an increase in the value of the portfolio of 11.64% during the year, compared with an increase in the FTSE All Share index of 12.88% and a rise in the MSCI World index of 19.69%. Trustees meet investment managers of the actively-managed funds at least annually. Trustees remain satisfied with the composition and diverslfication of the portfolio. Reserves Polficy On 31 January 2025, theTrust had total funds of£56,333.38412024= £50,607,705). The Trust's reserves policv is to ensure it maintains liquid funds sufficient to meet all known commitments. The Trust does not currently hold any restricted funds and therefore all fund5 are treated as unrestricted reserves. Rlsk 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. As the object of the Trust is to pay grants to charitable bodies. 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 throu8h the Trusys investment policy. Trustees, Responslbllltles The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 incoming The Steel Charitable fyusl REPORT OF THE TRUSTEES resources and application of resources 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 princlples 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 ba515 unles5 It is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keepin8 proper accountin8 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) Regulation5 and the provisions of the Trust Deed. They are also responsible for safe8uardin8 the a55ets of the Trust and hence for tskin8 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 flnancial information included on the Trust's website. Legislation in the United Kingdom governing the preparation and dissemination of flnancial 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 • theTrustees have taken all steps thattheyou8htto have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Plans for the Future During 2025-26. the Trustee5 will.. monitor the recent changes to the grant-making policies and make necessary adjustments implement a new grants management system continue the review and development of the Trusys governance standards through the HR Committee Approved by the Trustees on 23 June 2025 and signed on their behalf by.. vrKJkn 8,, Dr M. Natalle Brlggs Chairman The Steel Charitable Tvu5t INDEPENDENT AUDITORS. REPORT TO THE TRu￿EEs OF THE sfEEL CHARITABLE TRusr YEAR ENDED 31 JANUARY 2025 Oplnfion We have audited the financial statements of The Steel Charitable Trust (the TrusV} for the year ended 31 January 2025 which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and the related notes. 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, includin8 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 Charitie5 preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Pfactice issued on l April 2005 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 beginnin8 on or after l January 2015. In our opinion the financial statements: give a true and fair view of the state of the Trust's affairs as at 31 January 2025 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Bas15 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial Statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the finar)cial 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 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 concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or conditions that. individually or collettively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at 5east twelve morbths from when the financial statements are authorised for issue. The Steel Charitable Trust INDEPENDENT AUDITORS. REPORT Icontinuedl Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant section5 of this report. Other infomation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the 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 explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent material misstatements. we are required to determine whether this gives rise to a material mi55tatement in the financial statements themselves. 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 whfjch we are required to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports} Re8ulalion5 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept,. or the financial statements are not in a8reement with the accounting records and return5,' or we have not received all the information and explanations we require for our audit. Re5ponslbllltle5 of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 355essing the Trust'5 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 for the audfit 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 havin8 effect thereunder. Our objertive5 are to obtain reasonable assurance about whetherthe financial statement5 as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materi31 misstatement when it exists. Misstatements can arisè from fraud or error and are considered material if, individually or in the a8gregate, The Steel Charitablè Trust INDEPENDENT AUDITORS, REpoKf Icontsnuedl they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non￿oMplI3nce with laws and regulations. We design procedures 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: How the audit was considered copable of deterting irregulorities includingfraud.. Our approach to identifyin8 and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulatlOn5, was as follows: we identified the laws and regulations applicable to the Trust through discussions with 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 regulations identified above through making enquiries of management and inspecting correspondence,. and identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throu8hout the audit. We assessed the susceptibility of the Trusys accounts to material misstatement, including obtaining an understanding of how fraud might occur, by- making enquiries of management as to where they considered there was susceptibility 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: performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transadions,. assessed whetherjudgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and nonn prfce ie55 any provlslon ft>r Impalrment. Anylosses arlsln8 from impaimient are recognised as expenditure. ml Employee beneflts Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. 11. Contributions. based on a percentage of salary. are paid into the employee's personal pension plan. n) Operating lease Rentals pald under an operatlng lease are charged to Income In accordance wtth the terms of the lease. ol Financial Instruments The Trust only has finanaal assets and financial liabllltle5 of a klnd that quallfy as basic financial instruments. Basic financial instruments are initially reco8nised at transaction ￿ltse and subsoquÈntly mÈasured at thetr Settlement value. p} Significant judgements and sources of estimatton uncertsinty The preparatlon of financial statements in compliance with FRS 102 requires the use of certaln crltital accounting estimates. It also requires management to exercise judgement in applying the Trust's accountin8 policies. 16 The Steel ESTOTHtACCOVNTS nth￿￿ed Notes 2024 3 INVEsTmEP￿ INCOME al Unlisted investment income from.. BlackRock ishares Developed World Fossll Fuel Scseened Index Fund IUKI D Ir Federated Herme5 Property Unit Trust Llontrust Sustsinable FLrture Managed Fund aass 2 Inc M & G Charlbond Charltles Fixed Interest Fund Icharibond) M & G Equities Investment Fund For Charitle5 Icharifundl 145,555 208,042 252,687 180,275 291.431 1,077,990 16.301 209,912 196,748 244,262 120,806 352,104 1,123,832 15,121 Bank interest £1.094.291 £1,138,953 bl Other income represents addFtlons to cèpftal of £1,11612024.' £7291. 4 ANALYSIS OF CHARITABLE EXPENDITURE The Trust undertakes its charitsble actmtles through the award of grants to a number of irtstitution& Grants provlded in previous years Grant5 paid in the year Grants payable Sn future years Grantstotsl Grants returned Support and Governance costs 8&9 198,6001 1.351.218 97.106 1.349.724 1116,2501 1.315,910 98,600 1,298,260 1205,1851 98,920 8&9 17 Sal 106,079 £1.455.803 £L191,995 The grants payable in future years wlll be pald as and when the varlous condltions attaching to them have been satisfied. 5 SUPPORT AND GOVERNANCE COSTS al Allocatlon of support costs and overheads- 2025 Charltable Aclivltles Total stsff Accounting & consultancy serwces Auditor's remuneration- ststutory audit General 7.679 6,942 7,014 3,897 30.835 25.770 38.514 32.712 7,014 27.839 23,942 £25.532 £80.$47 £106.079 17 Steel NOTESTOTME ACCOUNTS conunued SUPPORT ANDGOVERN4NCE COSTS 2024 5 allcondnuqd) al Allocation of support costs and overheads- 2024 Charltable Acthiltles Gv4ernance Total Staff Accounting Services Auditor's remuneratlon- statutory audlt General 7,178 5,778 28.771 23,111 35,949 28,889 6.840 27,242 3,910 23,332 £23,706 £75,214 £98,920 bl Analysls of staff costs, Trustee remuneratlon and expense5. and Salary Benefits National Insurance contrlbut5ons Pension contributions Tralnln8 Expen5e5 3S,532 33.300 507 71 1,665 96 1.777 120 291 346 £38,514 £35,949 There was one part-tlme employee durlng the year. equlvalent to 0.6 full-tlme employee12024.' 0.61. All employee tlme was Involved In provldlng support to the 8overnance and charltable actlvities of the TrusL No employee had total salaries and beneffts In excess of £60.(th in elther year. The Trustees ¢onslder the board of trustees to comprise the key management of the charity. The Trustees dld not receNe ony remuneration in the year 12024.. £Nill. Included under General expenses is an amount of £1.06012024.. £1.6581 to cover travel expenses and certain office costs. paid by all six Trustees and subsequendy reimbLsrsed to them. cl Investment Fund Managers, Costs Not all of the irwestment fund managers provSde explIC￿ 5nformatlon about the value of Investment mana8ement costs charged during the year. Based on the Informatlon provided by the Investment fund managers. the Trust has calculated its best estimate of total investment management costs for the year ended 31 January 2025 to be £231,94912024.. £221.7281. which represents 0.42% of the investment portfolio at 31 January 202512024: 0.45%). These costs are not Included In the above figures. 18 Thè Steel THE Notes 2024 6 INVESTMENTS Valuation at l February AdditionsllReductions on equalisationsl Disposals Net changes in the value of investments 49.565,709 7,732,356 {8,048.6071 6.086.075 47,128,597 1,684,864 {l.750,1)￿l 2,502,248 Valuatlon at 31 January £55335￿33 £49,565.709 Comprislng: BlackRock Ishares Developed World F0s511 Fuel Screened Indem Fund IUKI D Inc Fedèrated Hermes Property Unit Trust Llontrust Sustainable Future Managed Fund Class 2 IrK M & G Charlbond Charltles Flxed Interest Fund Icharibondl M & G Equities Investment Fund For Charities Icharifundl 23,805,685 4.984.928 21,197,472 5.347.448 14,259,253 4,904,1(K) 21.254,111 3,796,355 5,351,890 £55,335.533 £49,565,709 All Investments are made In the UK and are unlisted at 31 January 2025 and 31 January 2024. 7 DEBTORS Prepayment5 Accrued Income Other debtors 10.735 203,148 963 16,169 299.308 952 £214,846 £316,429 8 CREDITORS PAYABLE WITHIN ONE YEAR Grants payable Accrued expenditure Tax and Social Security Pension contributions Other C￿drtors 97.106 7.080 85,10) 7,683 361 7,962 10,094 £115,312 £iOi.fA6 9 CREDITORS PAYABLE AFTER MORE THAN ONE YEAR Grants payable £13,5(10 19 Steel ccouK 2025 Z024 10 OPÉRATING LEASE COMMITMENTS At 31 January 2025. the Trust was committed to make the following estimated payments in respect of an operatlng lease. Rent due under Lease.. Not laterthan one year Later than one year and not later than five years 7.527 1.443 7,418 8.999 £8,970 £16N17 11 FimlRE GRApif COMMtrMEPITS At 31 January 2025 there were contingent liabilities relatin8 to condltional grants payable out of income and, if ne¢essary* the capltal of the Trust. It Is COn￿dered that the Income and capltal of the are adequate to meet these liabilities if they become unconditional as follows: Not later than one year Later than one year and not later than five year5 326.401 306,874 306.609 253,284 £633,275 £559.893 12 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACYIVITIES Net expendtture for the year Adjustments for.. Investment income and Interest recelvable Funds received from Joint Venture Funds paid to Joint Verrture Decrease In debtors Decreaselllncreasel in credrtors 1360.396) 153.8591 391 3bl 11.094.291) 11,116) 11.138,9531 17291 1,546 2,228 116,1391 101,583 166 Net cash used In operatlng actlvltles iJ54.054 1,205,906 13 ANALYSIS OF CASH AND CASH EQUIVALEr Cash at bank 898,317 840.713 £898￿17 £840,713 14 ANALYSIS OF CHANGES IN DEBT Cash at l February Cash flows 840,713 57,604 843.347 12.6341 Cash at 31 January £898,317 £840,713 20 rh• Steel NOTESTOTHEACCOUNT5 2025 2024 15 FINANCIAL INSTrUMEKrs Financial assets". Measured at fair value through income and expenditure 55.335.533 49,565.709 £55335,533 £49.565.709 Flnancial instruments measured at falr value thmu8h Income and expendlture ¢omprlse unllsted Investments. All Investments are carrled at their fair value. Investments In bonds. equltles. property and alternatlve Investment5 are all managed by independent investment instrtutions and traded in markets around the world. The basis of fair value is the equtvalent of market value. using bid price. Asset sales and purchases are recognlsed at the date of trade at their transaction value. The significance of financial instruments to the on8oin8 financial sustainability of the Trust is considered In the Flnanclal Revlew and Investment Pollry and Performano 5ertlons of the Trustee5' Report. The maln risk to the Trust from finan¢lal instruments lies in the comlynation of uncertain investment markets and volatility In yleld. The Investment Instrtutions manage these Investment risks by retsining expert adviser5 and operatlng an investment policy that provides for a high degree of dp4ersification of holdin85 Within investment assets that are quoted on global markets. The Trust does not make use of derNatives and slmllar complex financlal Instruments as It tskes the view that Investmènts are held fortheir I￿ger-terM totsl retum. 16 RELATED PARTYTRAP45AcnoNS There were no related party transartlons in the years ended 31 January 2025 and 2024. 17 GRArirs MADE A115t of the grants made In the years ended 31 January 2025 and 2024 can be found on the Tru5t'5 webslte: '.ii 21