OpenCharities

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

← Norfolk Park

2025-03-31-accounts

Charity registration number 1040354 (England and Wales)

NORFOLK PARK

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NORFOLK PARK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

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

Charity Sub-Committee Members Cllr Richard Williams (Chair) Cllr Fran Belbin (Deputy Chair) Cllr Douglas Johnson (Group Spokesperson) Cllr M Chaplin Cllr K Crossthorn Charity number (England and Wales) 1040354 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 Newstead House Pelham Road Nottingham NG5 1AP

NORFOLK PARK

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 19

NORFOLK PARK

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report together with the financial statements of the charity for the year ended 31 March 2025. 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).

Objectives and activities

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.

Achievements and performance

Significant activities and achievements against objectives

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. Renovation and renewal of new Playground facilities was completed.

The latest major development has been the redevelopment of the Sports Pitches, which were officially opened in Spring 2011 and are now used by a junior football club and the local community.

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.

In 2023, 16 new litter bins were installed throughout the park.

Norfolk Heritage Park has the following facilities for park visitors:

Summary of activities

NORFOLK PARK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

We have successfully reconfigured the building around the core use of Age UK who have established a local service delivery hub within the building taking four of the larger community rooms and bringing increased family usage to the centre which will help to safeguard the long-term viability of the café within the centre.

We have worked with the operators of the crèche to restructure the operation and make it more sustainable which will allow them to continue to provide preschool places within the local area and continue to use facilities within the centre.

Groups with an interest in the park

A new Friends of Norfolk Park were formed in the year 22/23 with a view to enhancing the park & working with other stakeholders.

The Friends of Norfolk Park secured grant funding to match fund new signage throughout the park in 2024. There are also plans to secure working days with the Ranger team to facilitate working in areas of the park.

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.

There is a weekly Junior Park Run in the park which is managed by volunteers under the wider Park Run umbrella.

Events

A number of events were undertaken during 24/25:

Date EVENT Approx.
attendance		 Organisation
22/06/2024 Eid Celebration 2,000 The Muslim Welfare Centre
23/06/2024 Eid Celebration 2,000 The Muslim Welfare Centre
09/07/2024 50 Things to Do Before You’re 5 50 SCC FACES Team
02/08/2024 HAF Walk and Picnic 50 Manor & Castle Development Trust
26/08/2024 Sheffield Fayre 10,000 Major Events
23/11/2024 Schools XC 400 Major Events
01/02/2025 Schools XC 400 Major Events
01/02/2025 SY Orienteering 320 Major Events

NORFOLK PARK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Plans for Future Periods

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

Financial review

Restricted fund - Net income of £26,241 (23/24: expenditure of £50,002).

Unrestricted funds - Net income of £8,702 which is investment income (23/24: £8,458). The income from charitable activities was £95,881 (23/24: £100,509) with expenditure of £222,633 (23/24: £297,704). The deficit was funded by the grant from Sheffield City Council of £140,375 and a Local Area Committee Grant of £7,270 (23/24: £213,503).

At 31 March 2025 the charity had total funds of £2,607,612 (23/24: £2,572,669). These funds are mainly tied up in fixed assets and investments.

Restricted funds of £2,423,752 (23/24: £2,397,511) are held mainly as fixed assets. Endowment of £160,060 (23/24: £160,060) were held as investments.

There was investment income of £8,702 (23/24: £8,458) and this has been transferred to the Designated Fund which now totals £23,800 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 borne 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.

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.

NORFOLK PARK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

The trustees who served during the year and up to the date of signature of the financial statements were: Cllr Richard Williams (Chair) Cllr Fran Belbin (Deputy Chair) Cllr Douglas Johnson (Group Spokesperson) Cllr M Chaplin Cllr K Crossthorn

Recruitment & appointment of trustees

Norfolk Park is a charity, for which Sheffield City Council is sole trustee, acting through the charity trustee subcommittee (a standing subcommittee of the council’s strategy and resources policy committee).

Councillors are elected by registered voters in their wards and are appointed to the committee by full council in accordance with the council’s constitution. Appointments to the committee comply with the requirements of political proportionality as set out in the local government and housing act 1989.

Councillors serving on the committee receive appropriate induction to ensure they understand the distinction between the council’s statutory duties and its legal obligations as charitable trustee.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Trustees induction & training

New trustees undergo training to brief them on their main duties: their legal obligations under charity and company law, the Freedom of information act 2000 and the Equalities act 2010, the Charity Commission guidance on public benefit, and the the committee and decision-making processes. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

NORFOLK PARK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees' report was approved by the Board of Trustees.

Cllr Richard Williams (Chair) Trustee

26 January 2026

NORFOLK PARK

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORFOLK PARK

I report to the trustees on my examination of the financial statements of Norfolk Park (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

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

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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

Newstead House Pelham Road Nottingham NG5 1AP 27 January 2026

NORFOLK PARK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted Endowment
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income from:
Donations and legacies
3
147,645
91,566
-
Charitable activities
4
95,881
-
-
Investments
5
8,702
-
-
Total income
252,228
91,566
-
Expenditure on:
Raising funds
6
20,893
-
-
Charitable activities
7
222,633
65,325
-
Total expenditure
243,526
65,325
-
Net income/(expenditure)
8,702
26,241
-
Other recognised gains and losses:
Revaluation of tangible fixed assets
-
-
-
Net movement in funds
9
8,702
26,241
-
Reconciliation of funds:
Fund balances at 1 April 2024
15,098
2,397,511
160,060
Fund balances at 31 March 2025
23,800
2,423,752
160,060		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2025
2024
2024
2024
£
£
£
£
239,211
213,503
-
-
95,881
100,509
-
-
8,702
8,458
-
-
343,794
322,470
-
-
20,893
16,308
-
-
287,958
297,704
50,002
-
308,851
314,012
50,002
-
34,943
8,458
(50,002)
-
-
-
886,496
-
34,943
8,458
836,494
-
2,572,669
6,640
1,561,017
160,060
2,607,612
15,098
2,397,511
160,060		 Total
2024
£
213,503
100,509
8,458
322,470
16,308
347,706
364,014
(41,544)
886,496
844,952
1,727,717
2,572,669

NORFOLK PARK

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

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

NORFOLK PARK

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 13 2,423,752 2,397,511
Investments 14 183,860 175,158
2,607,612 2,572,669
Current assets
Debtors 15 1,750 1,248
Creditors: amounts falling due within 16
one year (1,750) (1,248)
Net current assets - -
Total assets less current liabilities 2,607,612 2,572,669
The funds of the charity
Endowment funds 18 160,060 160,060
Restricted income funds 19 2,423,752 2,397,511
Unrestricted funds 20 23,800 15,098
2,607,612 2,572,669

The financial statements were approved by the trustees on 26 January 2026

Cllr Richard Williams (Chair) Trustee

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Norfolk 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.

1.1 Accounting convention

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:

1.2 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.

1.3 Charitable funds

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.

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.4 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.

1.5 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.

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

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.

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

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

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

Charity assets are revalued on a 5-year rolling programme (unless significant works are undertaken in the meantime that would materially impact asset values) to ensure that material changes in value are reflected as at the balance sheet date. Additional revaluations may be undertaken on an ad hoc basis i.e. where properties change use, there has been a material change in value.

Other Plant and Equipment are carried at cost.

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.

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

1.7 Fixed asset investments

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

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.

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.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Grants
147,645
91,566
Grants
S106 maintenance
-
-
Sheffield City Council -
revenue grant
140,375
-
Sheffield City Council -
CRP
-
91,566
Local Area Committee
Grant
7,270
-
147,645
91,566		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
239,211
213,503
-
-
14,487
-
140,375
199,016
-
91,566
-
-
7,270
-
-
239,211
213,503
-		 Total
2024
£
213,503
14,487
199,016
-
-
213,503

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

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Park Operation income
Outdoor sports 7,369 1,745
Events 9,495 22,210
Centre in the Park building income
Rents and room hire 79,017 76,554
95,881 100,509

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 8,702 8,458

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Events 20,893 16,308

7 Expenditure on charitable activities

Park
Operation
costs
Centre in
the Park
building
costs
2025
2025
£
£
Direct costs
Staff costs
24,535
34,320
Depreciation and
impairment
65,325
-
Repairs & maintenance
15,122
13,032
Grounds maintenance
26,879
-
Tree work
2,295
-
Playground refurbishment
& maintenance
6,069
-
Electricity
-
29,926
Gas
-
10,400
Water & sewage
-
4,739
Rates
-
2,762
Cleaning charges
-
27,949
Telephones
-
2,449
Supplies & services
-
18,088
Rangers
977
-
141,202
143,665
Share of support and governance costs (see note 8)
Governance
-
3,091
141,202
146,756
Analysis by fund
Unrestricted funds
75,877
146,756
Restricted funds
65,325
-
141,202
146,756		 Total
Park
Operation
costs
Centre in
the Park
building
costs
2025
2024
2024
£
£
£
58,855
23,552
32,189
65,325
50,002
-
28,154
53,173
40,767
26,879
28,764
-
2,295
4,565
-
6,069
18,380
-
29,926
-
41,202
10,400
-
9,674
4,739
-
4,856
2,762
-
2,789
27,949
-
24,227
2,449
-
1,930
18,088
-
8,953
977
-
-
284,867
178,436
166,587
3,091
-
2,683
287,958
178,436
169,270
222,633
128,434
169,270
65,325
50,002
-
287,958
178,436
169,270		 Total
2024
£
55,741
50,002
93,940
28,764
4,565
18,380
41,202
9,674
4,856
2,789
24,227
1,930
8,953
-
345,023
2,683
347,706
297,704
50,002
347,706

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

Park
Operation
costs
2025
£
Governance
3,091
2025
Governance costs comprise:
£
Independent examination fees
1,750
Finance office costs
1,341
3,091
9
Net movement in funds
2025
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
1,750
Depreciation of owned tangible fixed assets
65,325		 Total
2024
£
2,683
2024
£
1,248
1,435
2,683
2024
£
1,248
50,002

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
3 3
Employment costs 2025 2024
£ £
Wages and salaries 45,624 43,210
Social security costs 4,562 4,321
Other pension costs 8,669 8,210
58,855 55,741

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 April 2024 2,618,013
Additions 91,566
At 31 March 2025 2,709,579
Depreciation and impairment
At 1 April 2024 220,502
Depreciation charged in the year 65,325
At 31 March 2025 285,827
Carrying amount
At 31 March 2025 2,423,752
At 31 March 2024 2,397,511

All land and buildings are included at revalued amounts based on a valuation carried out 31st March 2024 by SCC Property Services.

14 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 April 2024 175,158
Interest received 8,702
At 31 March 2025 183,860
Carrying amount
At 31 March 2025 183,860
At 31 March 2024 175,158

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Fixed asset investments

(Continued)

The charity funds are invested in Sheffield City Council's Consolidated Loan Funds and treated as permanent endowment funds. Interest can be used for unrestricted purposes. Market value is the same as historical cost.

15
Debtors
Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Other creditors
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
1,750
2025
£
1,750
2025
£
8,669		 2024
£
1,248
2024
£
1,248
2024
£
8,210

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18 Endowment funds

At 1 April At 31 March
2024 2025
£ £
Permanent endowments
160,060 160,060
Previous year: At 1 April At 31 March
2023 2024
£ £
Permanent endowments
Endowment funds 160,060 160,060

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.

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Freehold land & buildings
Revaluation reserve
Previous year:
Freehold land & buildings
Revaluation reserve		 At 1 April
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2025
£
£
£
£
£
1,511,015
91,566
(65,325)
-
1,537,256
886,496
-
-
-
886,496
2,397,511
91,566
(65,325)
-
2,423,752
At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
1,561,017
-
(50,002)
-
1,511,015
-
-
-
886,496
886,496

Freehold Land & Buildings

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

20 Unrestricted funds

Designated funds
General funds
Previous year:
Designated funds
General funds		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
15,098
-
-
-
252,228
(243,526)
15,098
252,228
(243,526)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
6,640
-
-
-
322,470
(314,012)
6,640
322,470
(314,012)		 Transfers
At 31 March
2025
£
£
8,702
23,800
(8,702)
-
-
23,800
Transfers
At 31 March
2024
£
£
8,458
15,098
(8,458)
-
-
15,098

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.

NORFOLK PARK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
-
2,423,752
-
Investments
23,800
-
160,060
23,800
2,423,752
160,060
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
-
2,397,511
-
Investments
15,098
-
160,060
15,098
2,397,511
160,060		 Total
2025
£
2,423,752
183,860
2,607,612
Total
2024
£
2,397,511
175,158
2,572,669

22 Ultimate Controlling Party

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

23 Related party transactions

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 £231,941 (23/24: £199,016). At the year end Sheffield City Council owed £1,750 (23/24: £1,248) to the Trust.