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← Richmond Park

2024-03-31-accounts

RICHMOND PARK TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

REGISTERED CHARITY NUMBER 1174316

RICHMOND 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

RICHMOND PARK REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NO: 1174316

TRUSTEES

Sheffield City Council is the sole trustee of the charity, acting through the Cabinet of the Council

Charity Sub-Committee Members:

Cllr Richard Williams (Chair) Cllr Fran Belbin (Deputy Chair) Cllr Christine Gilligan Kubo (Spokesperson) Cllr Mike Chaplin Cllr Kurtis Crossland

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

RICHMOND PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

The trustees present their report together with the financial statements of the charity for the year ended 31 March 2024. The financial statements comply with the charity’s trust deed, applicable law 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 Governing documents are three covenants dated 9 December 1933, 1 February 1934 and 26 March 1936.

Richmond Park is a large green space in the South East of Sheffield with numerous facilities such as a football pitch, BMX track, zip wire, climbing boulder, playground, outdoor gym equipment, Multi Use Games Area (MUGA), woodland, dipping pond, bowling green and pavilion.

The site contains a mosaic of habitats from open grassland to the perimeters of woodland to wetland habitats which offer a range of opportunities for wildlife. The bulk of the site is grassland, scattered within the grassland are areas of copses of maturing tree planting.

The objects of the charity are the provision and maintenance of a public park and recreation ground in Sheffield for the use of members of the public resorting thereto with the object of improving their conditions of life.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Richmond 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 Section 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

RICHMOND PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

ACTIVITIES AND ACHIEVEMENTS

The Park has a very active Friends Group, the Friends of Richmond Park. The group was first formed as community group in late 2006 with the aim of protecting and improving the once under-utilized green space that is Richmond Park. Parks and Countryside worked closely with the community group to develop an ambitious Master Plan that, if achieved, will make the park a cornerstone of community life.

Community involvement in the park has vastly improved. In 2009, the Friends of Richmond Park began hosting community events and activities for the surrounding communities. These include events such as the Annual Community Fun Day, football training for the under sixteens with Sheffield Wednesday FC Community Coaching teams, activities with the Ranger Service, Activity Sheffield and adult learning events. A change of committee was implemented in 2017/18 and a decision taken to reverse the Stewardship agreement with more emphasis put on joint working between the FORP & Parks & Countryside.

Achievements to date include the installation of the BMX track, zip wire, climbing boulder, football pitch, regeneration of a community use room in the pavilion and renovation of part of the old tennis courts into a multi-use games area, renovation and new planting to the park entrance off Hastilar Rd South, tarmac resurfacing of several paths within the park, and cutting back of shrubs to improve visibility/sight lines.

In 2014 and 2015 the group undertook to build up the number of activities held for the benefit of park users they worked with National Citizenship Scheme Groups to complete maintenance and fund raising work. In 2015, following a fatal accident, the Normanton Hill entrance into the park was installed to improve visitor safety, adjacent to the busy road. This also included new areas of wildflower seeding, hedge planting, a new road crossing with improved visibility and a new access road into the park.

Over the last few years Richmond Park has suffered from flooding as a result of poor drainage, clay soils and natural springs across the site. A project was agreed to capitalise on this situation by capturing the water through creating a SUDS shallow basin on the site of the old playground, and then guiding the water through the park through a series of swales link in with the water course that runs along the side of the park. This project was completed Spring 2023.

EVENTS

The Friends of Richmond Park continued to thrive and make full use of the park during 2023/2024. They have carried out various events including numerous tree planting days with foresters, sporting activities for children and adults, gardening days and litter picks.

3

RICHMOND PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

PLANS FOR FUTURE PERIODS

FINANCIAL REVIEW AND FUNDING

Restricted Funds – Net income of £7,084 (22/23: Net expenditure of £17,871). Restricted income this year is £17,060 (22/23: £10,632).

Unrestricted funds – Net income of £0 (22/23: £0).

The income from charitable activities was £0 (22/23: £0) with expenditure of £41,297 (22/23: 26,035) resulting in a deficit of £41,297.

The deficit was funded by the revenue grant from Sheffield City Council of £41,297.

As at 31 March 2024 the charity had total funds of £795,784 (22/23: £788,700). These funds are all tied up in fixed assets.

4

RICHMOND PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

RESERVES POLICY

As the charity is managed and funded by the Council no specific unrestricted charity reserves are deemed to be necessary. Annual revenue expenditure is generally greater than income and the variance is born by the Council and not carried forward into the next financial year.

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

RICHMOND PARK TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

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 _______ 23/01/2025

Cllr Richard Williams – Chair of the Charity Trustee Sub Committee .

6

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF Richmond Park

I report to the trustees on my examination of the financial statements of the charity for the year ended 31 March 2024.

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

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: 29/01/2025

7

RICHMOND PARK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Total
Expenditure on:
Charitable activities
4
Total
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2023/24
£
41,297
-
41,297
41,297
41,297
-
-
-		 Restricted
2023/24
£
17,060
-
17,060
9,977
9,977
7,084
788,700
795,784		 Total
2023/24
£
58,357
-
58,357
51,274
51,274
7,084
788,700
795,784		 Total
2022/23
£
36,667
-
36,667
54,538
54,538
(17,871)
806,571
788,700

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

8

RICHMOND PARK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023

RICHMOND PARK
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2023
Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Total
Expenditure on:
Charitable activities
4
Total
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2022/23
£
26,035
-
26,035
26,035
26,035
-
-
-		 Restricted
2022/23
£
10,632
-
10,632
28,503
28,503
(17,871)
806,571
788,700		 Total
2022/23
£
36,667
-
36,667
54,538
54,538
(17,871)
806,571
788,700		 Total
2021/22
£
37,443
743
38,186
(7,525)
(7,525)
45,711
760,860
806,571

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

9

RICHMOND PARK BALANCE SHEET AS AT 31 MARCH 2024

Unrestricted Restricted Total Total
2023/24 2023/24 2023/24 2022/23
Note £ £ £ £
Fixed assets
Tangible fixed assets 9 - 795,784 795,784 788,700
- 795,784 795,784 788,700
Current assets
Debtors 10 998 - 998 844
Liabilities
Creditors falling due within one year 11 (998) - (998) (844)
Net current assets - - - -
Net assets - 795,784 795,784 788,700
The funds of the charity
Unrestricted income funds 12 - - - -
Restricted income funds 13 - 795,784 795,784 788,700
- 795,784 795,784 788,700

Approved by the Trustees and signed on their behalf by:

23/01/2025 Signed _____ Date _______

Cllr Richard Williams – Chair of the Charity Trustee Sub Committee.

10

RICHMOND PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1. Accounting Polices

Richmond 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 for the provision and maintenance of a public park and recreation ground.

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

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

The Council Dwellings and all other Land and Buildings are carried in the accounts at valuation.

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

RICHMOND PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

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 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.

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, 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.

12

RICHMOND PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

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.

1.6 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.

1.7 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.

13

RICHMOND PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1.8 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

RICHMOND PARK

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED TO 31 MARCH 2024

2. Donations and legacies
Unrestricted:
Friends of Richmond Park
Sheffield City Council - revenue grant
Restricted:
Sheffield City Council - RCC
Community Infrastructure Levy
S106
Friends of Richmond Park		 2023/24
£
-
41,297
41,297
-
15,750
-
1,310
17,060
58,357		 2022/23
£
-
26,035
26,035
6,029
4,393
210
10,632
36,667

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

3. Income from charitable activities
Unrestricted:
Rents
4. Analysis of expenditure on charitable activities
Unrestricted:
Employees
Ranger Service
Grounds maintenance
Repairs and maintenance
Tree Works
Playground refurbishment and maintenance
Council Tax
Electricity
Water
Governance costs
Restricted:
Release Accrued Income
Depreciation
5. Governance costs
Managing and administration:
Independent examination fees
Finance office costs		 2023/24
£
-
2023/24
£
7,549
625
9,393
3,017
648
4,292
7,051
1,803
4,772
2,146
41,297
-
9,977
9,977
51,274
2023/24
£
998
1,148
2,146		 2022/23
£
-
2022/23
£
6,532
-
8,779
1,657
1,538
3,747
464
1,345
-
1,973
26,035
18,526
9,977
28,503
54,538
2022/23
£
844
1,129
1,973

15

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

6. Staff costs and trustees' remuneration
Salaries
Social security costs
Pension		 2023/24
Total
£
5,944
476
1,129
7,549		 2022/23
Total
£
5,143
411
977
6,532

No employee received remuneration of over £60,000 during the year (22/23 - None).

Trustees received no remuneration (22/23 - £Nil) and were not reimbursed for any of their expenses during the year.

8. Staff numbers
The average number of employees during the year was
9. Land and buildings
At valuation
At 1 April 2023
Additions
Transfers
At 31 March 2024
Accumulated depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 2023/24
2022/23
Number
Number
1
1
Assets under
Freehold land
Construction
and buildings Total
£
£
-
855,194
855,194		 2022/23
Number
1
17,060
-
17,060
(17,060)
17,060
-
-
872,254
872,254
-
66,494
66,494

-
9,977
9,977
-
76,470
76,470
-
795,784
795,784
-
788,700
788,700

Land and buildings are carried at valuation. The valuations were carried out in November 2016 by the Asset Partnerships Services team of Kier who are MRICS qualified.

10. Debtors

10. Debtors
2023/24 2022/23
£ £
Amounts due from Sheffield City Council 998 844
998 844

16

RICHMOND PARK

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED TO 31 MARCH 2024

11. Creditors: amounts falling due within one year

Independent examination fees
12. Unrestricted funds
At 1 April 2023
Income
Expenditure
Balance at 31 March 2024
Unrestricted funds - prior year
At 1 April 2022
Income
Expenditure
Balance at 31 March 2023
13. Restricted funds
Balance at 1 April 2023
Expenditure
Income
Balance at 31 March 2024
Restricted funds - prior year
Balance at 1 April 2022
Expenditure
Income
Balance at 31 March 2023		 2023/24
£
998		 2022/23

£

844
General
Funds
Total
£
£
-
-
41,297
41,297
(41,297)
(41,297)		 2022/23
£
844
-
-
General
Funds
Total
£
£
-
-
26,035
26,035
(26,035)
(26,035)
-
-
Freehold land
and buildings
Total
£
£
788,700
788,700
(9,977)
(9,977)
17,060
17,060
795,784
795,784
Freehold
land and
Buildings
Total
£
£
806,571
806,571
(28,503)
(28,503)
10,632
10,632
788,700
788,700

17

RICHMOND PARK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED TO 31 MARCH 2024

14. Analysis of net assets between funds
Investments
Fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Investments
Fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
-
-
-
-
795,784 795,784
998
-
998
(998)
-
(998)
-
795,784 795,784
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
-
-
-
788,700 788,700
844
-
844
(844)
-
(844)
-
788,700 788,700

15. Ultimate Controlling Party

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

16. Related parties

The charity has a very close relationship with Sheffield City Council who is the sole trustee and provides the balance of funding not provided elsewhere on an annual basis, to enable the charity to carry out its charitable objectives. The amount of funding provided by Sheffield City Council during the year is £41,297 (22/23: £32,064).

At the year end £998 was owed by Sheffield City Council (22/23: £844).

18