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2023-03-31-accounts

FIRTH PARK TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

REGISTERED CHARITY NUMBER 1104444

FIRTH PARK CONTENTS

Page
Reference and administrative details 1
Trustees’ report 2 - 6
Independent examiner’s report 7
Statement of financial activities 8 - 9
Balance sheet 10
Accounting Policies 11 - 14
Notes to the financial statements 15 - 18

FIRTH PARK REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NO: 1104444

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

FIRTH 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 charity’s governing document is an indenture dated 14 August 1875 as affected by a scheme of 15 January 2004. The City Council acquired Firth Park from Mark Firth for the purpose of promoting the benefit of the inhabitants of Sheffield and in a common effort to advance education and to provide facilities in the interests of social welfare for recreational and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Firth 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.

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

FIRTH PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

ACTIVITIES AND ACHIEVEMENTS

Firth Park is classified as a city park and is at the heart of the local community and is well used. It has an active friends group which meet on a monthly cycle to organise community based activities and events within the park. The Friends group are based within part of the Bowling pavilion and are present in the park most days. The park is of major historical significance and the City Council is keen to explore forms of external funding which can be invested into the area to refurbish the landscape features and regenerate facilities, which will increase the usage of the area.

The park was awarded a Green Flag from the Civic Trust at an awards ceremony held in Liverpool in August 2008 and retained the quality standard in 2009 to 2023 inclusive. The Green Flag proudly flies from the First start centre roof at the park entrance.

The park is situated at the centre of the wider Firth Park townships and is on one of the busy routes to the local shopping area.

Further improvements have been achieved over the last year which include –

The park continues to be a popular meeting point for local health walks and joggers from the different ethnic groups.

The park’s dedicated gardeners have continued to maintain the floral bedding displays which have become a local feature of the park and the area has become a well-used local seating area for visitors and shoppers to the nearby busy shopping area.

3

FIRTH PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

EVENTS

There were numerous small local events and activities organised by the Friends of Firth Park Group and the First Start centre in the park throughout the year for the local community.

Date EVENT APPROX
ATTENDANCE		 ORGANISATION
3/12/22 Firth Park Christmas Lights 2,000 Firth Park Festival Committee
June/July22 Eid Festival 2,000 Firth Park Festival Committee

PLANS FOR FUTURE PERIODS

FINANCIAL REVIEW AND FUNDING

Restricted Funds - Net expenditure was £46,431 (21/22: £75,701). Restricted capital funding comprising grants from Sheffield City Council £29,270 (21/22: £750) less depreciation of £75,701 (21/22: £75,701).

Unrestricted funds - Net income of £2,122 (21/22: Net income of £92). The income from charitable activities was £65,606 (21/22: £63,601) with total expenditure of £269,638 (21/22: £265,911). The deficit was funded by the grant from Sheffield City Council of £175,313 (21/22: £192,569), and other contributions.

Endowment Fund - Interest was received on the endowment fund of £2,122 (21/22: £92). This has been transferred to the Designated Fund that now totals £93,954.

At 31 March 2023 the charity had total funds of £2,467,847 (21/22: £2,512,156). These funds are tied up in fixed assets of £2,308,893 (21/22: £2,355,324), investments of £97,039 (21/22: £94,917), current assets of £62,864 (21/22: £62,860) and liabilities of £950 (21/22: £945).

4

FIRTH PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2023

RESERVES POLICY

As the charity is managed and funded by the Council no specific charity reserves are deemed to be necessary other than designated funds which have been earmarked for future expenditure.

Annual revenue expenditure is 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 endowment funds and interest is accumulated on the fund as described in note 14.

.

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.

5

FIRTH 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 .

6

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF Trustees of Firth 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

7

FIRTH PARK

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
9
Total
Expenditure on:
Charitable activities
4
Total
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2022/23
£
204,032
65,606
2,122
271,760
269,638
269,638
2,122
91,832
93,954		 Restricted
2022/23
£
29,270
-
-
29,270
75,701
75,701
(46,431)
2,355,324
2,308,893		 Permanent
Endowment
2022/23
£
-
-
-
-
-
-
-
65,000
65,000		 Total
2022/23
£
233,303
65,606
2,122
301,031
345,339
345,339
(44,309)
2,512,156
2,467,847		 Total
2021/22
£
193,319
73,342
92
266,753
341,612
341,612
(74,859)
2,587,015
2,512,156

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

8

FIRTH PARK

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
9
Total
Expenditure on:
Charitable activities
4
Total
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2021/22
£
192,569
73,342
92
266,003
265,911
265,911
92
91,740
91,832		 Restricted
2021/22
£
750
-
-
750
75,701
75,701
(74,951)
2,430,275
2,355,324		 Permanent
Endowment
2021/22
£
-
-
-
-
-
-
-
65,000
65,000		 Total
2021/22
£
193,319
73,342
92
266,753
341,612
341,612
(74,859)
2,587,015
2,512,156		 Total
2020/21
£
152,638
77,941
-
230,579
306,280
306,280
(75,701)
2,662,716
2,587,015

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

9

FIRTH PARK BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible fixed assets
8
Investments
9
Current assets
Debtors
10
Liabilities
Creditors falling due within one year
11
Net current assets
Net assets
Funds
Unrestricted income funds
-General Funds
-Designated Funds
12
Restricted income funds
13
Permanent endowment funds
14		 Unrestricted
2022/23
£
-
32,039
32,039
62,864
(950)
61,915
93,953
-
93,954
-
-
93,954		 Restricted
2022/23
£
2,308,893
-
2,308,893
-
-
-
2,308,893
-
-
2,308,893
-
2,308,893		 Permanent
Endowment
2022/23
£
-
65,000
65,000
-
-
-
65,000
-
-
-
65,000
65,000		 Total
2022/23
£
2,308,893
97,039
2,405,932
62,864
(950)
61,915
2,467,847
-
93,954
2,308,893
65,000
2,467,847		 Total
2021/22
£
2,355,324
94,917
2,450,241
62,860
(945)
61,915
2,512,156
-
91,832
2,355,324
65,000
2,512,156

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

10

FIRTH PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1. Accounting Polices

Firth 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 facilities for recreational and leisure time occupation.

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

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

Land and Buildings were carried in the accounts at their deemed cost at the date of transition to SORP (FRS 102).

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.

11

FIRTH 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, activity 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.

12

FIRTH 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.

13

FIRTH 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.

14

FIRTH PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

2. Donations and legacies
Unrestricted:
Sheffield City Council - revenue
Contribution from Repairs & Renewals
S106 maintenance
Restricted:
Capital Grants:
Sheffield City Council -capital receipts		 2022/23
£
175,313
24,266
4,454
204,032
29,270
29,270
233,303		 2021/22
£
192,569
-
-
192,569
750
750
193,319

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

3. Income from charitable activities

3. Income from charitable activities
Unrestricted:
Events
Memorial Benches & Donations
Fees and charges
Rents and service charges
Recharges to other departments		 Park
Firth Park
Operation
Centre
Total
Income
Income
2022/23
£
£
£
3,535
-
3,535
-
-
-
23,071
39,000
62,071
-
-
26,606
39,000
65,606		 Total
2021/22
£
-
9,741
-
63,601
-
73,342

4. Analysis of expenditure on charitable activities

Unrestricted:
Employees
Ranger service
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:
Supplies and services
Depreciation
5. Governance costs
Independent examination fees
Finance office costs		 Park
Firth Park
Operation
Centre
Costs
Costs
£
£
52,720
47,978
-
-
10,840
43,965
16,270
-
3,256
-
8,406
-
3,210
13,761
-
5,432
593
5,773
-
6,861
6,638
31,951
-
-
1,915
7,850
2,220
-
106,067
163,571
-
-
-
75,701
-
75,701
106,067
239,272		 Total
2022/23

£
100,698
-
54,805
16,270
3,256
8,406
16,971
5,432
6,366
6,861
38,589
-
9,765
2,220
269,638
-
75,701
75,701
345,339
2022/23
£
950
1,270
2,220		 Total
2021/22
£
123,461
-
46,178
15,495
3,990
8,547
8,856
3,284
3,344
6,861
41,105
-
2,639
2,151
233,949
-
75,701
75,701
341,612
2021/22
£
945
1,206
2,151

15

FIRTH PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

6. Staff costs and trustees' remuneration
2022/23
£
Salaries
79,290
Social security costs
6,343
Pension
15,065
100,698
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.
7. Staff numbers
2022/23
Number
The average number of employees during the year was
4		 2021/22
£
94,970
10,447
18,044
123,461
2021/22
Number
4

8. Fixed assets

At cost
At 1 April 2022
Additions
Transfers
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Assets
Under
Constructi
on
Land and
buildings
Plant and
Equipmen
t
Total
£
£
-
3,031,021
16,640
3,047,661
29,270
29,270
(29,270)
29,270
-
-
3,060,291
16,640
3,076,931
675,697
16,640
692,337
75,701
-
75,701
751,398
16,640
768,038
2,308,893
-
2,308,893
2,355,324
-
2,355,324

Land and buildings are included at deemed cost as permitted on transition to SORP (FRS102) based on a valuation carried out in

9. Investments
At market value
At 1 April 2022
Interest received
At 31 March 2023		 2022/23
£
94,917
2,122
97,039

The charity funds are invested in Sheffield City Council's Consolidated Loan Funds (interest paid half yearly). Market value is the

10. Debtors
Amounts due from Sheffield City Council
11. Creditors: amounts falling due within one year
Independent examination fees		 2022/23
£
62,864
2022/23
£
950		 2021/22
£
62,860
2021/22
£
945

16

FIRTH PARK

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

12. Unrestricted funds
Balance at 1 April 2022
Income
Expenditure
Transfer
Balance at 31 March 2023		 General
Funds
Designated
Funds
Total
£
£
£
(0)
91,832
91,832
271,760
-
271,760
(269,638)
-
(269,638)
(2,122)
2,122
-
(0)
93,954
93,954

The designated fund represents monies put aside for repairs and general maintenance for the multi-purpose building at Firth Park.

Unrestricted funds - prior year
Balance at 1 April 2021
Income
Expenditure
Transfer
Balance at 31 March 2022
13. Restricted funds
Balance at 1 April 2022
Expenditure
Income
Balance at 31 March 2023		 General
Funds
Designated
Funds
Total
£
£
£
(0)
91,740
91,740
266,003
-
266,003
(265,911)
-
(265,911)
(92)
92
-
(0)
91,832
91,832
Land and
Buildings
Fund
Total
£
£
2,355,324
2,355,324
(75,701)
(75,701)
29,270
29,270
2,308,893
2,308,893

Land and buildings fund

This fund relates to the construction of a new multi-purpose building in Firth Park, the creation of a round walk in the park, a multi-use

Restricted funds - prior year
Balance at 1 April 2021
Expenditure
Income
Balance at 31 March 2022
14. Permanent endowment fund
Balance at 1 April 2022 and 31 March 2023		 Land and
Buildings
Fund
Total
£
£
2,430,275
2,430,275
(75,701)
(75,701)
750
750
2,355,324
2,355,324
2022/23
£
65,000

In accordance with an order of the Charity Commission dated 16 February 2005, £25,000 from the proceeds of the sale of the Old The lease was surrendered back to the council in November 2013.

In accordance with the order, Old Firth Park Library was sold for £62,000 and the proceeds have been invested as a permanent

Permanent endowment fund - prior year
Balance at 1 April 2021 and 31 March 2022		 2021/22
£
65,000

17

FIRTH PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

15. Analysis of net assets between funds
Fixed asset investments
Current assets
Creditors due within one year
Fixed asset investments
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year		 Unrestricted
funds
Restricted
funds
Endowment
Total funds
£
£
£
£
32,039
2,308,893
65,000
2,405,932
62,865
-
-
62,865
(950)
-
-
(950)
93,954
2,308,893
65,000
2,467,848
Unrestricted
funds
Restricted
funds
Endowment
Total funds
£
£
£
£
29,917
2,355,324
65,000
2,450,241
62,860
-
-
62,860
(945)
-
-
(945)
91,832
2,355,324
65,000
2,512,156

16. Ultimate controlling party

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

17. 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

The amount of funding provided by Sheffield City Council during the year is £204,583 (21/22: £193,319). At the year end £62,865 was owed by Sheffield City Council (21/22 £62,860).

18