OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

NORFOLK PARK (KNOWN AS NORFOLK HERITAGE PARK) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

REGISTERED CHARITY NUMBER 1040354

NORFOLK HERITAGE PARK

CONTENTS

Page
Reference and administrative details 1
Trustees’ report 2 - 7
Independent examiner’s report 8
Statement of financial activities 9 - 10
Balance sheet 11
Accounting Policies 12 - 15
Notes to the financial statements 16 - 20

NORFOLK HERITAGE PARK REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NO: 1040354

TRUSTEES

Sheffield City Council is the sole Trustee of the charity, acting through the Charity Trustee Sub Committee.

Charity Sub-Committee Members:

Cllr Ian Auckland (Chair) Cllr Zahira Naz (Deputy Chair) Cllr Douglas Johnson (Spokesperson) Cllr Richard Williams Cllr Fran Belbin

PRINCIPAL ADDRESS

Sheffield City Council Parks and Countryside Centre in the Park Guildford Avenue Sheffield S2 2PL

INDEPENDENT EXAMINER

Melvin Bailey FCCA DChA for and on behalf of Rogers Spencer Chartered Accountants Newstead House Pelham Road Nottingham NG5 1AP

1

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

The trustees present their report together with the financial statements of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, ‘Accounting and Reporting by Charities’ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective on 1 January 2019 (Updated second edition – October 19).

DESCRIPTION OF CHARITY’S TRUSTS AND OBJECTS

The City Council acquired Norfolk Park by virtue of a conveyance dated 18 April 1910 from the Duke of Norfolk. The City Council holds the land acquired on trust for charitable purposes. The governing document is the scheme dated 24 August 1998.

The park is held on trust as a public park, recreation ground and community centre. There is further provision that access to the park will be at no charge and there are restrictions on the sort of public meetings that can be held.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Norfolk Heritage Park is a charity and the sole Trustee is Sheffield City Council. The Charity Trustee Sub Committee is a standing sub committee of the Strategy and Resources Policy Committee. It has been established to take all decisions of the Council, including but not limited to disposal of and other dealings with charitable land.

Management of the park is the responsibility of the Councils’ Parks and Countryside service. Management and administrative decisions are not decisions of the Council as Trustee, and are made by the Executive Director of Neighbourhood Services, the Director of Parks, Leisure and Libraries, or the Head of Parks and Countryside service in accordance with the Arrangements for the Delegation of Functions To Officers, under part 3 of the Council’s constitution.

The park is managed on a day-to-day basis by the Parks Area Team Leader & gardeners with the centre managed via Parks & Property & Facility Management. Overall, this is overseen by the Area Manager Andy Mumford.

PUBLIC BENEFIT

The Trustees have complied with the duty in s. 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Details of how the charity has carried out its activities for the public benefit are given in the section below.

2

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

ACTIVITIES AND ACHIEVEMENTS

Norfolk Heritage Park is classed as a City Park and is one of the oldest parks in the country. From 1999-2005 the park has been regenerated through a national lottery restoration project. New visitor facilities have been constructed including the Centre in the Park, a multi-purpose community building. The park landscape has been restored to its original Victorian character. A new sports pavilion and car park were opened in March 2005 and then later in 2011 the redeveloped Sports Pitches were officially opened.

More recently in 2018 the renovation and renewal of new Playground facilities was completed. Then in 2019 a new footpath link between Jervis Lum & Beeches Drive was installed creating better access links into the park. To allow controlled entry to the park a new rising arm barrier was fitted at the entrance off Guildford Avenue.

Norfolk Heritage Park has the following facilities for park visitors:

Summary of activities

3

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2022

Centre in the Park

During winter 2022- spring 2023 SCC Parks & Countryside relocated its office based operational services to Norfolk Pk following the impending closure of the Moorfoot Building in Sheffield City Centre.

Several rooms have now been converted into office space for Parks & Countryside Officers to utilise. The centre can still be hired out for meetings for external clients.

Groups with an interest in the park

A new Friends of Norfolk Pk were formed in the year 22/23 with a view to enhancing the park & working with other stakeholders. Whilst the group is still in its infancy regular meetings are planned to assist the group moving forward.

A new Café operator has now been given a lease to run the café within the Centre. Trading commenced March 2023 & to date has been very successful & provided a much needed facility for the local community & park users.

Events

A number of events were undertaken during 22/23:

4

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2022

PLANS FOR FUTURE PERIODS

The trustees will continue to work with key stakeholders to further develop Norfolk Heritage Park.

5

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW AND FUNDING

Restricted fund - Net expenditure of £21,258 (21/22: expenditure of £65,788) comprising depreciation of £58,318 (21/22: £93,100). This expenditure was offset by capital grant income from Sheffield City Council of £37,177.

The additional grant income this year covered works on Arbourthorne Lodge access.

Unrestricted funds - Net income of £3,518 (21/22: £159). This includes investment income of £3,518 (21/22: £159). The income from charitable activities was £66,519 (21/22: £55,594) with expenditure of £229,886 (21/22: £215,489). The deficit was funded by the grant from Sheffield City Council of £204,906 (21/22: £159,895).

In 22/23 we identified in the accounts income and expenditure streams from the Parks Events team, since such events have returned post-pandemic. This includes Events income of £13,445 (21/22: £75) and Rents expenditure of £51,718 (21/22: £54,432) from the annual Sheffield Fair and the Queens Jubilee celebrations.

At 31 March 2023 the charity had total funds of £1,727,717 (21/22: £1,745,457). These funds are mainly tied up in fixed assets and investments. Restricted funds of £1,561,017 (21/22: £1,582,275) were held mainly as fixed assets. Endowment and designated funds of £166,700 (21/22: £163,182) were held as investments.

There was investment income of £3,518 (21/22: £159) and this has been transferred to the Designated Fund which now totals £6,640 and is available to spend in accordance with the Charity’s Trusts & Objectives.

RESERVES POLICY

As the charity is managed and funded by the Council, no specific unrestricted charity reserves are deemed to be necessary.

Annual revenue expenditure is generally greater than income and the variance is born by the Council and not carried forward into the next financial year.

This charity has specific monies invested in the Council’s internal investment fund. Interest is received half yearly on the monies invested. The investment monies are held as endowment funds and any interest earned is unrestricted income. This income has been earmarked by the trustees for use at the site for one-off projects rather than ongoing costs and has therefore been shown as a designated fund.

6

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

RISK MANAGEMENT

The charity is dependent for its day-to-day management upon Sheffield City Council. It is therefore considered expedient and cost effective for the charity to adopt the Council’s risk management policy and strategy, which it considers is a crucial part of the service planning process in highlighting key risks and how they affect the Council’s ability to deliver its service and how they will be managed. The Council has incorporated a formal approach to risk management in its day-to-day operations and has developed a toolkit to allow managers to identify risk, which would prevent them from achieving their objectives and to provide information and guidance on how these risks can be managed. The Council operates an Internal Insurance Account covering a variety of risks.

7

NORFOLK HERITAGE PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

Trustees' responsibilities statement

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 & 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRUSTEES

Sheffield City Council adopted a Committee system in May 2022. The current Trustees are listed on Pg 1.

Approved by the Trustees and signed on their behalf by:

Signed

Date 25/01/2024

Cllr Ian Auckland – Chair of the Charity Trustee Sub Committee .

8

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF Norfolk Park

I report to the trustees on my examination of the financial statements of the charity for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

........................................

Melvin Bailey FCCA DChA for and on behalf of Rogers Spencer Chartered Accountants Newstead House Pelham Road Nottingham NG5 1AP

Dated: 25/01/2024

9

NORFOLK HERITAGE PARK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investment
10
Total
Expenditure on:
Raising funds
4
Charitable activities
5
Total
Net income/(expenditure)
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2022/23
£
204,906
66,519
3,518
274,943
41,540
229,886
271,425
3,518
3,518
3,122
6,640		 Restricted
2022/23
£
37,177
-
-
37,177
-
58,435
58,435
(21,258)
(21,258)
1,582,275
1,561,017		 Endowment
2022/23
£
-
-
-
-
-
-
-
-
-
-
160,060
160,060		 Total
2022/23
£
242,083
66,519
3,518
312,120
41,540
288,320
329,860
(17,740)
-
(17,740)
1,745,457
1,727,717		 Total
2021/22
£
187,207
55,594
159
242,960
-
308,589
308,589
(65,629)
-
(65,629)
1,811,086
1,745,457

9

NORFOLK HERITAGE PARK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investment
10
Total
Expenditure on:
Raising funds
4
Charitable activities
5
Total
Net income/(expenditure)
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2021/22
£
159,895
55,594
159
215,648
-
215,489
215,489
159
159
2,963
3,122		 Restricted
2021/22
£
27,312
-
-
27,312
-
93,100
93,100
(65,788)
(65,788)
1,648,063
1,582,275		 Endowment
2021/22
£
-
-
-
-
-
-
-
-
-
-
160,060
160,060		 Total
2021/22
£
187,207
55,594
159
242,960
-
308,589
308,589
(65,629)
-
(65,629)
1,811,086
1,745,457		 Total
2020/21
£
147,244
38,329
-
185,573
-
233,963
233,963
(48,390)
-
(48,390)
1,859,476
1,811,086

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing

10

NORFOLK HERITAGE PARK BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible fixed assets
9
Investments
10
Current assets
Debtors
11
Liabilities
Creditors falling due within one year
12
Net current assets
Net assets
The funds of the charity
Unrestricted income funds
Designated funds
15
Restricted income funds
13
Endowment funds
14		 Unrestricted
2022/23
£
-
6,640
6,640
1,055
(1,055)
-
6,640
6,640
-
-
6,640		 Restricted
2022/23
£
1,561,017
-
1,561,017
-
-
-
1,561,017
-
1,561,017
-
1,561,017		 Endowment
2022/23
£
-
160,060
160,060
-
-
-
160,060
-
-
160,060
160,060		 Total
2022/23
£
1,561,017
166,700
1,727,718
1,055
(1,055)
-
1,727,718
6,640
1,561,017
160,060
1,727,718		 Total
2021/22
£
1,582,158
163,182
1,745,340
1,167
(1,050)
117
1,745,457
3,122
1,582,275
160,060
1,745,457

Sheffield City Council adopted a Committee system in May 2022. The current Trustees are listed on Pg 1.

Approved by the Trustees and signed on their behalf by:

Signed Date 25/01/2024

Cllr Ian Auckland - Chair of the Charity Trustee Sub-Committee

11

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1. Accounting Polices

Norfolk Heritage Park is a registered charity in England. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to provide a public park, recreation ground and community centre.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective on 1 January 2019 (Updated second edition – October 19), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

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 the Accounting and Reporting Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The principal accounting policies adopted in the preparation of the financial statements are as follows:

1.1 Fixed assets

Norfolk Park is classified as a Community Asset. The trustees policy is to value Community Assets at £Nil.

Land and buildings are carried in the accounts at deemed cost, as at transition to SORP (FRS 102).

Expenditure on fixed assets is capitalised, provided that the fixed asset yields benefit to the charity and the services it provides are for a period of more than one year.

Assets have been reviewed for any impairment loss in respect of consumption of economic benefit.

12

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1.2 Depreciation

Depreciation is provided on fixed assets at rates calculated to write off the cost of the assets over their expected useful lives as follows:

1.3 Investments

Fund balances are invested internally with Sheffield City Council. Investments are held at market value.

1.4 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise of unrestricted funds that have been set aside by the trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

1.5 Income

Income from donations and grants, including capital grants, is included in income when it is probable that the income will be received, and is allocated to the appropriate fund.

Investment income is included when receivable.

Rental, events, room hire and similar income is included when the event or function has taken place.

The cost of running the park is funded by Sheffield City Council. Annual revenue expenditure is generally greater than income and any variance is borne by the Council by way of a grant to the charity.

13

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1.6 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, net of any VAT, which can be recovered as Sheffield City Council is the sole trustee and therefore has special status under s33 VAT Act 1994.

The main exception to this treatment is payments for such items as gas and electricity are charged at the date of the meter reading rather than being apportioned between years. This policy is applied consistently each year.

Expenditure has been allocated to the activities to which it is directly attributable.

Cost of raising funds

The cost of generating any external funding, such as grant applications and events, is attributable to the time of Sheffield City Council officers who work on a range of projects including the charity. As such it is not possible to accurately apportion the cost of this to the charity so no charge is included in the accounts.

Charitable activities

Charitable activities are set out within the charitable deeds and represent the costs associated with the running and maintenance of the park.

Governance costs

Independent examination costs and finance officer costs are charged to the charity. The Council currently absorbs the cost of other officers’ time. This policy is kept under review.

Staff costs

The staff who work for the charity are employed by Sheffield City Council, and are subject to the terms and conditions of that organisation. The costs of such staff are recharged to the charity. Full disclosure of the relevant staff costs and numbers is provided in the notes to these financial statements.

Pensions

City Council employees may participate in the Local Government Superannuation Scheme, which provides members with defined benefits related to pay and service. The City Council makes payments for this group of employees to the South Yorkshire Pensions Authority, which administers pension arrangements on behalf of Sheffield City Council and the other local authorities in the South Yorkshire area. The City Council bears any deficit or surplus on the scheme and does not charge this to the charity.

1.7 Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

14

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1.8 Financial instruments

The charity only has financial assets and 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.

1.9 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

15

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

2. Donations and legacies

Grants
Unrestricted:
S106 Maintenance
Sheffield City Council - revenue grant
Restricted:
Sheffield City Council - CRP
Sheffield City Council - capital grant
Environment Agency
Community Infrastructure Levy		 2022/23
2021/22
£
£
6,073
-
198,833
159,895
204,906
159,895
37,177
-
7,312
-
10,000
-
10,000
37,177
27,312
253,008
187,207

If expenditure is greater than income the variance is borne by Sheffield City Council and not brought forward into the next financial year.

3. Income from charitable activities
Unrestricted:
Outdoor sports
Events
Miscellaneous
Rents and room hire
4. Analysis of expenditure on raising funds
Unrestricted:
Events		 Centre in
Park
the park
2022/23
2021/22
Operation
building
Total
Total
Income
Income
£
£
£
£
1,357
-
1,357
1,087
13,445
-
13,445
75
-
-
-
-
-
51,718
51,718
54,432
14,802
51,718
66,519
55,594
2022/23
2021/22
£
£
41,540
-

16

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

5. Analysis of expenditure on charitable activities
Unrestricted:
Employees
Repairs and maintenance
Grounds maintenance
Tree work
Playground refurbishment and maintenance
Electricity
Gas
Water and sewage
Rates
Cleaning charges
Telephones
Supplies and services
Governance costs
Restricted:
Release Accrued Income
Depreciation
6. Governance costs
Managing and administration:
Independent examination fees
Finance office costs
7. Staff costs and trustees' remuneration
Salaries
Social security costs
Pension		 Park
Centre in
Operation
the Park
Costs
Building Costs
£
£
23,414
29,586
17,897
38,519
23,813
5,720
10,950
-
22,327
-
10,174
-
3,698
-
1,480
-
22,777
-
3,522
-
13,544
-
2,466
81,793
148,093
117
48,943
9,375
49,060
9,375
130,852
157,468
2022/23
2021/22

Total
Total


£
£
53,000
71,360
56,415
45,252
23,813
22,980
5,720
6,256
10,950
5,947
22,327
15,597
10,174
5,097
3,698
4,564
1,480
1,480
22,777
23,259
3,522
3,907
13,544
7,401
2,466
2,390
229,886
215,489
117
-
58,318
48,390
58,435
48,390
288,320
263,879
2022/23
2021/22
£
£
1,055
1,050
1,411
1,340
2,466
2,390
2022/23
2021/22
Total
Total
£
£
41,085
55,318
4,109
5,532
7,806
10,510
53,000
71,360

No employee received remuneration of over £60,000 during the year (21/22 - None).

Trustees received no remuneration (21/22 - £Nil) and were not reimbursed for any of their expenses during the year.

8. Staff numbers
The average number of employees during the year was		 2022/23
2021/22
Number
Number
3
4

17

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

9. Land and buildings
At cost or valuation
At 1 April 2022
Additions
Transfers
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge in the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 At cost
At cost
Assets under
Freehold land
Total
Construction
and buildings
£
£
-
2,007,630
2,007,630
37,177
-
37,177
(37,177)
37,177
-
-
2,044,807
2,044,807
-
425,472
425,472
-
58,318
58,318
-
483,790
483,790
-
1,561,017
1,561,017
-
1,582,158
1,582,158

Freehold land and buildings are included at deemed cost as permitted on transition to SORP (FRS102) based on a valuation in 2012/13 by the Asset Partnership Services team of Kier who are MRICS qualified.

10. Investments
At market value
At 1 April 2022
Interest received
Drawdown
At 31 March 2023
11. Debtors
Amounts due from Sheffield City Council
Accrued income
12. Creditors: amounts falling due within one year
Independent examination fees
Deferred income
Market value is the same as historical cost.		 2022/23
£
1,055
-
1,055
2022/23
£
1,055
-
1,055		 2022/23
£
163,182
3,518
-
166,700
2021/22
£
1,050
117
1,167
2021/22
£
1,050
-
1,050

18

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

13. Restricted funds

Balance at 1 April 2022
Expenditure
Income
Transfer
Balance at 31 March 2023		 Freehold land
and buildings
Total
£
£
1,582,275
1,582,275
(58,435)
(58,435)
37,177
37,177
-
-
1,561,017
1,561,017

Freehold Land and Buildings

This fund comprises various grants and donations received to finance capital projects including the Centre in the Park, a new sports pavillion, and a multi use games area.

Restricted funds - prior year

Balance at 1 April 2021
Expenditure
Income
Transfer
Balance at 31 March 2022		 Freehold land
and buildings
Total
£
£
1,648,063
1,648,063
(93,100)
(93,100)
27,312
27,312
-
-
1,582,275
1,582,275

14. Endowment funds

Balance at 1 April 2022 and at 31 March 2023 £
160,060

The Charity funds are invested in Sheffield City Council's Consolidated Loan Funds. The original investment balances are held as endowment funds. Interest earned can be used for unrestricted purposes but is designated for one-off projects rather than ongoing running costs.

Endowment funds - prior year

Balance at 1 April 2021 and at 31 March 2022
15. Unrestricted funds
Balance at 1 April 2022
Income
Expenditure
Transfer
Balance at 31 March 2023		 £
160,060
General Funds
Designated
Funds
Total
£
£
£
117
3,122
3,239
274,827
-
274,827
(271,425)
-
(271,425)
(3,518)
3,518
-
-
6,640
6,640

Designated funds represent accumulated interest on the endowment funds. The trustees have set this money aside for one-off projects in the future, rather than for ongoing running costs.

Unrestricted funds - prior year
Balance at 1 April 2021
Income
Expenditure
Transfer
Balance at 31 March 2022		 General Funds
Designated
Funds
Total
£
£
£
-
2,963
2,963
215,765
-
215,765
(215,489)
-
(215,489)
(159)
159
-
117
3,122
3,239

19

NORFOLK HERITAGE PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

16. Analysis of net assets between funds
Fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Endowment
Total funds
£
£
£
£
6,757
1,561,017
160,060
1,727,835
1,055
-
-
1,055
(1,055)
-
-
(1,055)
6,757
1,561,017
160,060
1,727,835
Unrestricted
funds
Restricted
funds
Endowment
Total funds
£
£
£
£
3,239
1,582,158
160,060
1,745,457
1,050
117
-
1,167
(1,050)
-
(1,050)
3,239
1,582,275
160,060
1,745,574

17. Ultimate Controlling Party

The ultimate controlling party is the sole trustee, Sheffield City Council.

18. Related parties

The charity has a very close relationship with Sheffield City Council who is the sole trustee and provides the balance of funding not provided elsewhere on an annual basis, to enable the charity to carry out its charitable objectives. The amount of funding provided by Sheffield City Council during the year is £242,083 (21/22: £167,207). At the year end £1,055 was owed by Sheffield City Council (21/22: £1,167).

20