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← Firth Park

2025-03-31-accounts

Charity registration number 1104444 (England and Wales)

FIRTH PARK

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FIRTH 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) 1104444 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

FIRTH PARK

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 19

FIRTH 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 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.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

Firth Park is classified as a city park and is at the heart of the local community and is well used. 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 has an active friends group which meet on a monthly cycle to organise community based activities and events within the park. The Friends of Firth Park group, formed in 2000, are based within part of the Bowling pavilion and are present in the park most days. They are passionate about building a strong sense of community and look for extra funding to put on additional activities and events.

The park was awarded a Green Flag and has consistently kept this since 2008. 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, Zumba classes in the pavillion 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.

FIRTH PARK

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

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 including a festival, health walks, fitness classes and various social groups as well as litter picking sessions.

Date EVENT APPROX
ATTENDANCE		 ORGANISATION
11/04/2024 Eid Prayer 100 Firth Park Cultural Centre
18/06/2024 50 Things to do Before You’re 5 50 Sheffield CityCouncil FACES team
28/06/2024 Firth Park Tree CarvingLaunch 90 Friends of Firth Park
02/07/2024 Volunteer Fayre 200 SOAR Community
07/07/2024 Firth Park Summer Fun Day 1000 Firth Park Festival Committee
04/08/2024 Sheffield Mela 2000 Sheffield Mela OrganisingCommittee
14/08/2024 Farrar’s Funfairs 500 William Percival and Son
15/08/2024 Farrar’s Funfairs 500 William Percival and Son
16/08/2024 Farrar’s Funfairs 500 William Percival and Son
17/08/2024 Farrar’s Funfairs 500 William Percival and Son
18/08/2024 Farrar’s Funfairs 500 William Percival and Son

Plans for Future Periods

Financial review

Restricted Funds - Net expenditure was £53,064 (23/24: net expenditure of £40,241). Restricted capital funding comprising grants from Sheffield City Council £13,511 (23/24: £35,484).

Unrestricted funds - Net income of £5,066 (23/24: Net income of £39,923). The income from charitable activities was £78,792 (23/24: £84,840) with total expenditure of £268,086 (23/24: £284,600). The deficit was funded by the grant from Sheffield City Council of £189,294 (23/24: £234,760).

Endowment Fund - Interest was received on the endowment fund of £5,066 (23/24: £4,923). This has been transferred to the Designated Fund that now totals £98,877.

At 31 March 2025 the charity had total funds of £2,826,362 (23/24: £2,874,360). These funds are tied up in fixed assets of £2,657,419 (23/24: £2,710,483), investments of £107,028 (23/24: £101,962), current assets of £63,490 (23/24: £63,038) and liabilities of £1,575 (23/24: £1,123).

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.

FIRTH PARK

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

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.

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.

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

Firth 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.

FIRTH 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

FIRTH PARK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

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 charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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.

FIRTH PARK

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRTH PARK

I report to the trustees on my examination of the financial statements of Firth 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

FIRTH 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
189,294
13,511
-
Charitable activities
4
78,792
-
-
Investments
5
5,066
-
-
Total income
273,152
13,511
-
Expenditure on:
Charitable activities
6
268,086
66,575
-
Total expenditure
268,086
66,575
-
Net income/(expenditure)
5,066
(53,064)
-
Other recognised gains and losses:
Revaluation of tangible fixed assets
-
-
-
Net movement in funds
8
5,066
(53,064)
-
Reconciliation of funds:
Fund balances at 1 April 2024
98,877
2,710,483
65,000
Fund balances at 31 March 2025
103,943
2,657,419
65,000		 Total
Unrestricted
Restricted Endowment
Total
funds
funds
funds as restated
2025
2024
2024
2024
2024
£
£
£
£
£
202,805
234,760
35,484
-
270,244
78,792
84,840
-
-
84,840
5,066
4,923
-
-
4,923
286,663
324,523
35,484
-
360,007
334,661
284,600
75,725
-
360,325
334,661
284,600
75,725
-
360,325
(47,998)
39,923
(40,241)
-
(318)
-
-
441,831
-
441,831
(47,998)
39,923
401,590
-
441,513
2,874,360
58,954
2,308,893
65,000
2,432,847
2,826,362
98,877
2,710,483
65,000
2,874,360

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

FIRTH PARK

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 12 2,657,419 2,710,483
Investments 13 107,028 101,962
2,764,447 2,812,445
Current assets
Debtors 14 63,490 63,038
Creditors: amounts falling due within 15
one year (1,575) (1,123)
Net current assets 61,915 61,915
Total assets less current liabilities 2,826,362 2,874,360
The funds of the charity
Endowment funds 17 65,000 65,000
Restricted income funds 18 2,657,419 2,710,483
Unrestricted funds 19 103,943 98,877
2,826,362 2,874,360

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

Cllr Richard Williams (Chair) Trustee

FIRTH PARK

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

1 Accounting policies

Charity information

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.

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.

FIRTH 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, 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.

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.

FIRTH PARK

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

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

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

Land and Buildings were initially carried in the accounts at their deemed cost at the date of 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.

FIRTH 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
£
£
Donations and gifts
189,294
13,511
Donations and gifts
Sheffield City Council -
revenue
189,294
-
Sheffield City Council -
capital receipts
-
13,511
189,294
13,511		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
202,805
234,760
35,484
189,294
234,760
-
13,511
-
35,484
202,805
234,760
35,484		 Total
2024
£
270,244
234,760
35,484
270,244

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
Events 3,725 3,460
Rents & service charges 11,531 23,558
Firth Park Centre Income
Prior year rent & service charges - 35,000
Rents & service charges 63,536 22,822
78,792 84,840
5 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 5,066 4,923

FIRTH PARK

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

6 Expenditure on charitable activities

Park
Operation
Costs
Firth Park
Centre
Costs
2025
2025
£
£
Direct costs
Staff costs
58,801
55,654
Depreciation and
impairment
-
66,575
Repairs & maintenance
13,130
29,221
Grounds maintenance
18,365
-
Tree work
2,150
-
Playground refurbishment
& maintenance
5,433
-
Electricity
2,776
13,644
Gas
-
7,256
Water & sewage
20
3,392
Rates
-
3,767
Cleaning charges
7,717
37,258
Supplies & services
3,459
3,261
111,851
220,028
Share of support and governance costs (see note 7)
Governance
2,782
-
114,633
220,028
Analysis by fund
Unrestricted funds
114,633
153,453
Restricted funds
-
66,575
114,633
220,028		 Total
Park
Operation
Costs
Firth Park
Centre
Costs
2025
2024
2024
£
£
£
114,455
56,361
52,198
66,575
-
75,725
42,351
25,279
30,411
18,365
17,409
-
2,150
1,530
-
5,433
3,892
-
16,420
3,476
19,028
7,256
-
5,724
3,412
521
5,609
3,767
-
3,865
44,975
6,908
33,620
6,720
3,329
13,025
331,879
118,705
239,205
2,782
2,415
-
334,661
121,120
239,205
268,086
121,120
163,480
66,575
-
75,725
334,661
121,120
239,205		 Total
2024
£
108,559
75,725
55,690
17,409
1,530
3,892
22,504
5,724
6,130
3,865
40,528
16,354
357,910
2,415
360,325
284,600
75,725
360,325
Park Total
Operation
Costs
2025 2024
£ £
Governance 2,782 2,415

FIRTH PARK

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

7
Support costs allocated to activities
Governance costs comprise:
Independent examination fees
Finance office costs
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 (Continued)
2025
2024
£
£
1,575
1,123
1,207
1,292
2,782
2,415
2025
2024
£
£
1,575
1,123
66,575
75,725		 (Continued)
2025
2024
£
£
1,575
1,123
1,207
1,292
2,782
2,415
2025
2024
£
£
1,575
1,123
66,575
75,725
2,415
2024
£
1,123
75,725

9 Trustees

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

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
4
2025
£
90,122
7,210
17,123
114,455		 2024
Number
4
2024
£
85,480
6,838
16,241
108,559

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

11 Taxation

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

FIRTH PARK

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

12 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 April 2024 2,710,483
Additions 13,511
At 31 March 2025 2,723,994
Depreciation and impairment
Depreciation charged in the year 66,575
At 31 March 2025 66,575
Carrying amount
At 31 March 2025 2,657,419
At 31 March 2024 2,710,483

All land and buildings are included at deemed cost as permitted on transition to SORP (FRS102) based on a valuation carried out 31st March 2024 by SCC Property Services.

13 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 April 2024 101,962
Interest received 5,066
At 31 March 2025 107,028
Carrying amount
At 31 March 2025 107,028
At 31 March 2024 101,962

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

14 Debtors

Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors 63,490 63,038

FIRTH PARK

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

15 Creditors: amounts falling due within one year

15
Creditors: amounts falling due within one year
Other creditors
16
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
1,575
2025
£
17,123		 2024
£
1,123
2024
£
16,241

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.

17 Endowment funds

At
Permanent endowments
Previous year:
At
Permanent endowments
Endowment fund		 1 April
2024
At 31 March
2025
£
£
65,000
65,000
1 April
2023
At 31 March
2024
£
£
65,000
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 Firth Park Library has been invested as a permanent endowment. In accordance with the order the interest accruing on this is to be added to the endowment for 25 years or until the value of the endowment equals £65,000, whichever is the sooner.

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 endowment.

FIRTH PARK

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

18 Restricted funds

Land & buildings fund
Revaluation reserve
Previous year:
Land & buildings fund
Revaluation reserve		 At 1 April
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2025
£
£
£
£
£
2,268,651
13,511
(66,575)
-
2,215,587
441,832
-
-
-
441,832
2,710,483
13,511
(66,575)
-
2,657,419
At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
2,308,893
35,484
(75,725)
-
2,268,652
-
-
-
441,831
441,831

Land & 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 games area and the regeneration of the boating lake.

19 Unrestricted funds

The designated fund represents monies put aside for repairs and general maintenance for the multi-purpose building at Firth Park. During the year, £0 has been spent from this fund.

Designated funds
General funds
Previous year:
Designated funds
General funds		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
98,877
-
-
-
273,152
(268,086)
98,877
273,152
(268,086)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
58,954
-
-
-
324,523
(284,600)
58,954
324,523
(284,600)		 Transfers
At 31 March
2025
£
£
5,066
103,943
(5,066)
-
-
103,943
Transfers
At 31 March
2024
£
£
39,923
98,877
(39,923)
-
-
98,877

FIRTH PARK

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

20 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
-
2,657,419
-
Investments
42,028
-
65,000
Current assets/(liabilities)
61,915
-
-
103,943
2,657,419
65,000
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
-
2,710,483
-
Investments
36,962
-
65,000
Current assets/(liabilities)
61,915
-
-
98,877
2,710,483
65,000		 Total
2025
£
2,657,419
107,028
61,915
2,826,362
Total
2024
£
2,710,483
101,962
61,915
2,874,360

21 Ultimate controlling party

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

22 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 £202,805 (23/24: £270,244). At the year end £63,490 was owed by Sheffield City Council (23/24 £63,038).

23 Prior Year adjustment - fixed assets

Fixed asset additions were overstated in the prior year, in relation to the Family Hubs Transformation in Land & Buildings.

The total overstatement was £21,839, so the additions in relation for Family Hubs Transformation should have been £5,702 in the prior year accounts.

Consequently, the adjustment of £21,839 has been netted off against the current year additions, to give the correct carried forward cost.

The actual additions for 24/25 total £35,350 (£13,645 - 23/24).

24 Prior period adjustment

FIRTH PARK

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

24 Prior period adjustment (Continued) (Continued)
Changes to the balance sheet
At 31 March 2024
As previously Adjustment As restated
reported
£ £ £
Capital funds
Endowment funds 65,000 - 65,000
Income funds
Restricted funds 2,710,483 - 2,710,483
Unrestricted funds 98,877 - 98,877
Total equity 2,874,360 - 2,874,360
Changes to the profit and loss account
Period ended 31 March 2024
As previously Adjustment As restated
reported
£ £ £
Charitable activities 49,840 35,000 84,840
Net movement in funds 406,513 35,000 441,513