2022-12-31-accounts - Sheffield Town Trust

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Sheffield Town Trust

Reports and financial statements For the year ended 31 December 2022

Sheffield Town Trust

Reports and financial statements

For the year ended 31 December 2022

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||||||| |---|---|---|---|---|---| |Contents|Page| |Trustees|and|officers|1| |Trustees’|report|2-5| |Statement|of|trustees’|responsibilities|6| |Independent|auditors’|report|7-9| |Accounting|policies|10-11| |Statement|of financial|activities|12| |Balance|sheet|13| |Statement|of|Cash|Flows|14| |Notes|to|the|financial|statements|15-22| |Appendix|1|— Grants|23|-—|25|

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Sheffield Town Trust

Trustees and officers

Charity Commission Registration Number: 223760

Town Trustees: Marian Jean Rae, D.L., B.Sc. Town Collector 2020 — (Elected August 2003) Adrian Martyn Christopher Staniforth, B.A., F.C.A., Hon LittD Town Collector 2005 — 2008 (Elected November 1986, resigned 21 November 2022) Jonathan Russell Brayshaw, LL.B. Town Collector 2011 — 2014 (Elected November 1986, resigned 31 December 2022) Penelope Mary Jewitt Town Collector 2014 — 2017 (Elected February 1999)

James William Fulton Town Collector 2017 — 2020 (Elected February 1999) Professor Sarah Elizabeth Thomas, F.R.C.P., D.T.M., H Dip Med., M.B., ChB. (Elected August 2003)

Nicholas James Anthony Hutton MBE (Elected November 2005) Oliver George Stephenson MA (hons), M.B.A. (Elected November 2006) Jane Madeleine Ferretti MA, PGCE (Elected February 2007)

Dr Julie MacDonald, D.L. (Elected February 2014)

Zahid Hamid (Elected February 2014)

Mark Quentin Swales, MSc FinstLM (Elected February 2014) Jason Rupert Heath, BA (Elected November 2014)

Law Clerk: Paul Trudgill, LL.B. Commercial House, 14 Commercial Street, Sheffield, S1 2AT

Surveyor:

J.N. Robinson, BSc, M.R.I.C.S. 8 St. James Street, Sheffield, S1 1XN

Investment Investec Wealth & Investment Limited Advisers: Beech House, 61 Napier Street, Sheffield, S11 8HA Auditors: Hawsons Chartered Accountants Pegasus House, 463a Glossop Road, Sheffield, S10 2QD

Bankers:

Virgin Money Fargate, Sheffield, S1 2HE

Sheffield Town Trust

Trustees’ report

The Town Trustees present their report and financial statements of the Sheffield Town Trust for the year ended 31 December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. : The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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.

STRUCTURE GOVERNANCE AND MANAGEMENT

History of the constitution of the Trust The Sheffield Town Trust was established on 10 August 1297 by Thomas de Furnival, Lord of Hallamshire. The original deed was modified by a Decree of the Commissioners of Charitable Uses enacted in 1681 and by the Sheffield Town Trustee Act 1873 from which the Trustees derive their authority.

Trustees and administration The original deed stipulates that there shall be thirteen Trustees and that they shall elect one of their number to be Town Collector (Chairman). The names of the Trustees who served during the year ended 31 December 2022 are listed on page 1.

New Trustees are elected by the Freeholders of the Township of Sheffield who are resident or who occupy a rateable tenement in the Parish of Sheffield. Any person who is resident or who carries on business in or near Sheffield is eligible for election as a Trustee.

Candidates for election as Trustees are sought by advertisement in the local press and by such other methods, including suggestions by the existing Trustees, as may be decided by them.

New Trustees are inducted by interview with the Law Clerk and trained by joint consideration of applications for grants with existing Trustees and reports on such applications to the other Trustees.

Trustees' meetings are held four times a year and they are advised by the Law Clerk on legal matters and by other appropriate professional advisors in respect of the trust property and quoted investments. The day to day administration is carried out by the Law Clerk.

All decisions of the Sheffield Town Trust are made by the Town Trustees at their quarterly meetings.

Capital funds The capital funds of the Trust comprise: Permanent Estate of which only the income may be distributed.

Non Permanent Estate of which both capital and income may be distributed. As a matter of current policy the Trustees do not, however, distribute the capital.

Special Funds which are earmarked for the following specific purposes:

Harry Fisher Botanical Gardens Fund for the maintenance and improvement of Sheffield Botanical Gardens.

Charles Henry Maleham Bequest for the purchase of pictures to be hung in a building in Sheffield. The pictures are mainly on loan to the City Art Galleries. Daniel Holy’s Bequest for the maintenance and carrying on of the Blind Asylum or Institution in West Street, Sheffield. In practice the annual income of the bequest is paid to the Blind Asylum, which is now the Sheffield Royal Society for the Blind of 5 Mappin Street, Sheffield, S1 4DT.

Sheffield Town Trust

Trustees’ report (continued)

Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees have adopted specific written policies with regards to risk, conflict of interest and complaints.

OBJECTIVES AND ACTIVITIES

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.

Objects The objects of the Trust are ‘charitable and public uses within the City of Sheffield’. The Trustees are not, however, empowered to make grants to individual persons and the income from the Bailey Endowment may not be used for ecclesiastical purposes.

Applications for non-recurring grants are investigated by one or more Trustees who report to the quarterly meetings of the Trustees. Annually recurring grants are reviewed every three years.

The main objective of the Trustees continues to be the distribution of the whole of their income to the objects of the Trust.

The Trustees try to ensure that as many local charities and organisations as possible are aware of their existence and objectives. In the case of charities the Trustees prefer to make grants to registered charities organised and managed locally rather than nationally.

Activities These are dealt with in the Financial Review.

FINANCIAL REVIEW

Review of activities during 2022

The income arising on income funds was £449,099 comprising rents, investment income, interest, donations from The Hospital of Gilbert, Earl of Shrewsbury at Sheffield (Shrewsbury Hospital Trust). Grants paid amounted to £314,747 and investment management costs, governance costs and support costs were £101,557 leaving net income before gains and losses on investment assets of £32,795 on the income fund.

Grantsweremadeupasfollows:			2022		2021
	Number		£	Number	£
Annually recurring Grants	35	*	92,000	33	86,000
Non Recurring Grants	83		221,082	66	170,890
Cathedral Company ofChangeringers	1		750	1	750
Sheffield Royal Societyforthe Blind	1		915	4	847
			314,747		258,487

Sheffield Town Trust

Trustees’ report (continued)

Unrestricted Endowment Funds The income arising on endowment funds was £10,000 with expenditure of £36,107.

Investment of capital The Trustees’ investment policy is to maximise income whilst preserving the value of the capital base, adopting an investment strategy of moderate risk. The Trustees believe this is consistent with their objectives of maximising amounts available for distribution whilst maintaining, in perpetuity, the funds to generate this income.

A finance committee of the Trustees meets every six months with the Trust’s investment advisers to review investment performance. It is the Trust policy that the portfolio mix will fall within the following broad planning ranges:

Fixed Interest	15% - 35%
UK Equities International Funds	25% -50% 20% -40%
Cash/AlternativeInvestments	0%-10%

Benchmark returns for income are set on an annual basis taking account of prevailing market conditions; where appropriate this may involve altering the level of funds held in cash. Benchmark capital returns, after charging management fees, are as follows:

Gilts and fixed interest stocks: FT Government Stock Index UK Equities ; FT All Share Index International funds i FT World Index (excl. UK)

The investment advisers manage the portfolio on a discretionary basis within these guidelines.

With regard to the property holdings, the Trustees’ policy is to maintain the portfolio at around its current level whilst, acting on the advice of an independent surveyor, reviewing ways to improve the quality of the portfolio and maximise income returns.

Reserves At 31 December 2022 the Trust had unrestricted income reserves amounting to £424,955. It is the Trustees’ policy to maintain unrestricted reserves at this level partly so that the level of grants in the immediate future can be sustained in the event of any unforeseen fall in incoming resources and partly to enable the Trustees to make one or more particularly substantial grants without prejudicing the Trustees’ normal pattern of grant making. The total funds held at 31 December 2022 were £10,140,678. Of this amount, £24,299 was restricted and not available for the general purposes of the charity and £9,691 ,424 was held in endowment funds.

Factors that are likely to affect future financial performance The Trustees have considered the factors which could impact future financial performance. They consider circumstances which negatively impact the performance of the investment portfolio as the most likely to affect the future financial performance of the Trust.

Fundraising

The Trust does not carry out significant fundraising activities, nor does it employ anyone to carry out fundraising activities on its behalf.

Sheffield Town Trust

Trustees’ report (continued)

ACHIEVEMENTS AND PERFORMANCE

The Trust has substantially achieved one of its key objectives, by expending 91% of its recurring unrestricted income for the year for charitable and public uses within the City of Sheffield.

The Trust’s quoted investment income for the year of £283,042 was above the income benchmark of £250,000, as the level of company dividend payments recovered. Rental income less outgoings increased from £70,710 to £83,627. This represents a return of 4.13% on the valuation at 31 December 2022.

Over the year endowment funds decreased from £10,340,672 to £9,691,424 a decrease of 6.28%. This reflected a net loss on quoted investments of £610,641, a loss on investment properties of £25,000 and a gain on tangible fixed assets of £12,500.

PLANS FOR FUTURE PERIODS

The Trustees plan to continue to support charitable and public good within the City of Sheffield, and to maximise income while preserving the value of the capital base adopting an investment strategy of moderate risk.

Statement of disclosure of information to auditors

The Trustees who held office at the date of approval of this Annual Report each confirm that:

so far as they are aware, there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware, and
they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

On behalf of the Trustees, TownMrs M JCollestor pn

Date: 15 May 2023

Sheffield Town Trust

Statement of Trustees’ responsibilities

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 period.

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

° select suitable accounting policies and apply them consistently; ° observe the methods and principles in the Charities SORP 2019 (FRS102); e make judgements and estimates that are reasonable and prudent; ° state whether applicable accounting standards have been followed; and e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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.

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Sheffield Town Trust

Independent auditors’ report to the Trustees of Sheffield Town Trust

Opinion

We have audited the financial statements of Sheffield Town Trust (‘the charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, Balance Sheet, Statement of cash flows, notes to the financial statements and significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

e give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Sheffield Town Trust

Independent auditors’ report to the Trustees of Sheffield Town Trust (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

e _ the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or e sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit. Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 444 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

| Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charity is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charity and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102 and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur.

Sheffield Town Trust

Independent auditors’ report to the Trustees of Sheffield Town Trust (continued)

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the charity's result for the period, and management bias in key accounting estimates. Audit procedures performed by the engagement team included:

e Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
e Reviewing minutes of Trustee meetings; e Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
e Challenging assumptions and judgements made by management in their significant accounting estimates. e Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-ofthe-fi/description-of-the-auditor's-responsibilities-for. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

1atsor? a Hawsons Chartered Accountants

Statutory Auditor Pegasus House 463a Glossop Road Sheffield $10 2QD

Hawsons Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Sheffield Town Trust

Accounting policies

For the year ended 31 December 2022

General information and basis of accounting Sheffield Town Trust is a charitable trust registered in England. The registered office is at Knights plc, Commercial House, 14 Commercial Street, Sheffield, S1 2AT.

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 January 2019, the Charities Act 2011 and UK Generally Accepted Practice. There has been no material departure from this standard.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The presentation currency is United Kingdom pounds sterling. The financial statements are those of the charity as an individual entity.

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 unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Legacies

Where the Deed of Gift requires that only the income arising from the investment of the gift is to be used for the general purposes of the Trust, the gift will be an addition to Permanent Estate.

Where the Deed of Gift requires that the gift, and/or the income arising from it, is to be used for a particular purpose, the gift will be treated as a Special Fund.

In the absence of any specific requirement in the Deed of Gift and having regard to the size and/or circumstances of the gift, if the Trustees so resolve, the gift will be appropriated as an addition to the Non-Permanent Estate and, if not, will be treated as income. Legacies are recognised in the financial statements when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. | | | :

Sheffield Town Trust

Accounting policies (continued)

For the year ended 31 December 2022

Expenditure Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to that category.

Grants are charged in the statement of financial activities in the year in which they are due for payment. Grants agreed during the year but due for payment in future years, or grants which are conditional, are shown as commitments in note 10 to the financial statements and treated as payable out of future income.

Costs of generating funds comprise those costs directly attributable to managing the investment and property portfolios and raising investment income and rents.

Support costs comprise costs for the organisational running of the Trust including the costs of processing applications and grants and other costs integrally involved in meeting the Trust's charitable objectives.

Investment income Dividends and interest receivable are recognised when they become receivable.

Investment properties Investment properties are accounted for at fair value, subject to the existing tenancies. Professional revaluations are made at five yearly intervals. Adjustments are made to the valuations in the intervening years where any material movement in individual property is known to have occurred as assessed by the acting surveyor. Fair value adjustments are accounted for in the statement of financial activities.

Quoted investments

Quoted investments are accounted for at market value at the accounting date and gains and losses arising are accounted for in the statement of financial activities.

| Tangible fixed assets | These comprise paintings, silverware, the Town Guns and the Town Collector's badge. They include paintings | provided by the Charles Henry Maleham Bequest, and silverware donated by the late Samuel Bailey. The fixed assets are recognised in the balance sheet at valuation based on insurance values. Gains and losses | arising are accounted for in the statement of financial activities. | In view of the nature of these assets no depreciation is charged as the residual value of the assets is not expected | to be less than the amounts included in the balance sheet. | Going concern

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 Trustees believe that the expected income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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Sheffield Town Trust

Statement of financial activities

For the year ended 31 December 2022

	Note	Income Unrestricted	Funds Special	Endowment funds	2022 Total	2021 Total
					Funds	Funds
		£	ei	£	a	g
Income
-Legacies received - Donations		- 79,500	- -	- -	- 79,500	30,002 79,560
- Rents receivable less		83,627	-	-	83,627	70,710
outgoings - Other income		-	-	10,000	10,000	-
- Investment income		281,683	1,359	=	283,042	257,300
- Interest receivable		2,930	-	-	2,930	135
Total Inceine		447,740	1,359	10,000	459,099	437,707
Expenditure	1
- Raising funds - Charitable activities - Other		15,174 371,450 19,680	- 10,000 -	25,153 10,954 -	40,327 392,404 19,680	37,452 330,355 18,180
Total expenditure		406,304	10,000	36,107	452,411	386,287
Netincome before investment		41,436	(8,641)	(26,107)	6,688	51,420
gains/(losses)
-Net (losses) /gains on		(30,675)	-	(610,641)	(641,316)	660,970
investments
- Loss on investment properties		-	-	(25,000)	(25,000)	-
		——	—	——	———— an	—
Net (expenditure) /income		10,761	(8,641)	(661,748)	(659,628)	712,390
Other recognised (losses)
-Netgains / (losses)on		-	-	12,500	12,500	(77,334)
revaluation of tangiblefixed assets
Net movement infunds		10,761	(8,641)	(649,248)	(647,128)	635,056
Reconciliation offunds
Totalfunds broughtforward		414,194	32,940	10,340,672	10,787,806	10,152,750
Totalfundscarriedforward		424,955	24,299	9,691,424	10,140,678	10,787,806

The charity has no recognised gains and losses other than those included in the statement of financial activities above and therefore no separate statement of total recognised gains and losses has been presented. There were no discontinued operations.

Sheffield Town Trust

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Balance sheet as at 31 December 2022

	Note	2022	2021
		=	E
Fixed assets
Tangible assets Investment properties Investments	3 4 5	1,094,058 2,025,010 6,738,923	1,081,558 2,050,010 7,259,079
		9,857,991	10,390,647
Current assets
Debtors Cash atbank and in hand	6	99,954 288,102 388,056	100,576 486,745 587,321
Creditors : amounts fallingdue within oneyear	7	(105,369)	(190,162)
Net current assets		282,687	397,159
Netassets		10,140,678	10,787,806
Charity Funds
Endowment funds Permanentestate Non-Permanent estate Special funds	8	4,968,507 3,600,764 4,122,153	5,380,503 3,843,928 1,116,241
		9,691,424	10,340,672
Incomefunds Unrestricted incomefunds	9	424,955	414,194
Special funds —accumulated income Charles HenryMaleham Bequest HarryFisher Botanical Gardens Fund		22,381 21,645 1,918 11,295 ae a gpee
		449,254	447,134
		10,140,678	10,787,806

The financial statements were approved and authorised for issue by the Town Trustees on 15 May 2023 and were iv on their behalf by: Mrs M J * MrOsgannease (0% Town Trustees

Sheffield Town Trust

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Statement of Cash Flows

For the year ended 31 December 2022

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|||||||| |---|---|---|---|---|---|---| |As| |restated| |2022|2021| |Note|te|£| |Net cash flow from operating|activities|11|(363,455)|151,764| |Cash|flow from|investing|activities| |-|424,500| |Receipts from|sales|of tangible|fixed|assets| |Payments|to acquire investments|(637,489)|(741,056)| |Receipts from|sales of investments|516,329|296,572| |Investment income|283,042|257,300| |Interest received|2,930|135| |Net cash flow from|investing|activities|164,812|237,451| |Net (decrease)|/ increase|in cash and cash|equivalents|(198,643)|389,215| |Cash and cash|equivalents|at|1|January|486,745|97,530| |Cash and cash|equivalents|at 31|December|288,102|486,745|

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Sheffield Town Trust

Notes to the financial statements (continued)

Expenditure
Raisingfunds	2022 =	2021 £
Investmentmanagementfees Propertymanagementcosts	37,730 2,597	37;(52 -
	40,327	37,152
Charitable activities
Grants paid Annuallyrecurringgrants Non-recurring grants Cathedralcompanyofchangeringers Sheffield RoyalSocietyfortheBlind	92,000 221,082 750 915 314,747	86,000 170,890 750 847 258,487
Support costs
Costs of processing grants: -Lawclerk’sfees	37,321	44,135
Other support costs: -Lawclerk’sfees -Book-keepingservices -Otherlegalfees -Miscellaneous	10,800 3,642 20,562 5.332 77,657	10,800 300 12,978 3,655 71,868
	392,404	330,355

Details ofindividual grants paid are given inAppendix 1.
Other Auditor'sfeesforauditservices Auditor'sfeesfornon-auditservices	12,000 7,680 19,680	6,600 11,580 18,180

2. Trustee remuneration

The Trustees neither received nor waived any remuneration during the year. The Trustees did not have any expenses reimbursed during the year.

Sheffield Town Trust

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Notes to the financial statements (continued)

Tangiblefixedassets		Town
	Town Guns £	Collectors Badge £	Paintings E	Silverware £	Total £
Valuation at 1 January2022	3,000	22,500	1,040,833	15,225	1,081,558
Change in marketvalue	-	-	12,500	-	12,500
At31December2022	3,000	22,500	1,053,333	15,225	1,094,058

The valuation of the paintings is based on the insurance valuation provided by Sheffield Museums Trust. The Town Collector’s badge and the Silverware are valued based on prior year valuations and the Town Guns are included at a nominal value.

Paintings provided by the Charles Henry Maleham Bequest

Title of painting Artist "Tower of Tattershall" JS Cotman "Fountains Abbey" Thomas Girtin "\Weathercot Cove" J MW Turner, R.A. "Rocky Landscape with Stream" Thomas Gainsborough, R.A. "Off the Tagus" J MW Turner, R.A. "Bowder Stone" Francis Towne "The Rainbow" Thomas Girtin "Miss Queenie Greenwood Chelsea Model" Sir Wm. Orpen "Distant View of Reading" Thos. Hearne "At John Fothergill’s Three Swans" Albert Rutherston, A.R.W.S. "Sketch on the Norfolk Broads" J Thirtle "A Barn on the Hill" Alexander Cozens "A Hilly River Scheme" E Dayes "Dieppe Castle" Sir Muirhead Bone "Winter's Morning — Cartmell Priory" Claude Muncaster "The Laundry Maid" Francis Wheatley, R.A. "Portrait of Master Millward" Thomas Phillips, R.A. "Portrait of a Lady and a Dog" Joseph Highmore "Lady Denham" Sir Peter Lely "11 RH. The Duke of Edinburgh" and preliminary sketch David Jagger "Portrait of Madame Gandarillas" Augustus John "Smugglers"The Salmon Cave"Leap" WW Payne,Pars, A.RA. A.R.W.S. "The Penultimate Pillar" Deanne Petherbridge "Near Burnham, Norfolk" R P Bonington “Landscape with Ruined Castle" Jan Gabrielsz Sonje

The portrait and preliminary sketch of Prince Philip, Duke of Edinburgh are on loan to the Cutlers Company, and the remaining Maleham pictures, Town Guns and silverware are on loan to the Sheffield Museums Trust.

Sheffield Town Trust

Notes to the financial statements (continued)

4. Investment properties

Freehold interest in landand buildings:	Market	Historical
	value	cost
	£	£
At 1 January2022 Revaluation	2,050,010 (25,000)	199,608 -
At31December2022	2,025,010	199,608

Some properties (included above with a market value of £1,550,000) were acquired very many years ago and no historical cost can be traced for these. The properties were valued by Fowler Sandford & Co., Chartered Surveyors, in November 2018, on the basis of open market value, subject to the existing tenancies. The trustees consider that the property valuations obtained in 2018 represents the fair value of the investment properties at 31 December 2022. All investment properties are located in the UK.

5. Quoted investments

	Market value at beginning ofyear £	Additions atcost £	Disposal proceeds £	Realised gains £	Change in market value £	Market value at end of year £
Endowmentfund Incomefund	6,887,414 371,665	637,489 -	(516,329) -	51,730 -	(662,371) (30,675)	6,397,933 340,990
	7,259,079	637,489	(516,329)	51,730	(693,046)	6,738,923

Quoted investments are invested as follows:

Quoted investments are invested as follows:follows:	2022	2021
	£	£
Investments intheUK Investments outside theUK	3,246,980 3,491,943	3,781,594 3,477,485
	6,738,923	7,259,079

Sheffield Town Trust

Notes to the financial statements (continued)

6.	Debtors	2022 £	2021 £
	Rentsand recharges receivable Prepayments Otherdebtors	61,882 3,667 34,405	50,236 1,520 48,820
		99,954	100,576
	Debtors include £Nil (2021: £25,000) relating toendowmentfunds.
7.	Creditors	2022 £	2021 £
	Grants payable Trade creditors Accruals Rents inadvance	48,415 6,213 33,219 17,522	112,247 - 57,925 19,990
		105,369	190,162

Sheffield Town Trust

Notes to the financial statements (continued)

8.	Endowmentfunds		Non
	2022	Permanent Estate £	Permanent Estate e	Special Funds £	Total £
	Balance at beginning ofyear Income Expenditure Movements during the year Realised gainonquoted	5,380,503 10,000 (36,107) 28,901	3,843,928 - - 22,301	1,116,241 - - 528	10,340,672 40,000 (36,107) 51,730
	investments Unrealised losseson	(389,790)	(265,465)	(7,116)	(662,371)
	quoted investments
	Unrealised loss on Investmentproperties Unrealised gain on	(25,000)	=	12,500	(25,000) 12,500
	Tangible fixed assets Balance atend ofyear	4,968,507	3,600,764	1,122,153	9,691,424
	Represented by: Tangiblefixedassets Investment properties Quoted investments Cash atbankand on deposit	40,725 975,000 3,765,036 187,746	- 1,050,010 2,564,160 (13,406)	4,053,333 - 68,737 83	4,094,058 2,025,010 6,397,933 174,423
		4,968,507	3,600,764	1,122,153	9,691,424
			Non
2021 Permanent Permanent Special	Estate Estate Funds Total	£ £ £ £
	Balance atbeginning ofyear 5,003,777 3,566,315 1,207,962 9,778,054 Income - 30,002 - 30,002 Expenditure (14,711) (10,205) (273) (25,189)	Movements during the year	Realisedgainsonquoted 8,978 7,058 167 16,203 Investments Unrealised gainon 361,459 250,758 6,719 618,936
		quoted investments Unrealisedgainon Tangible fixed assets Balance atend ofyear	21,000 5,380,503	- 3,843,928	(98,334) 1,116,241
		Represented by: Tangiblefixedassets Investment properties Quoted investments Debtors Cash atbankand on deposit	40,725 4,000,000 4,022,255 - 317,523	- 4,050,010 2,790,390 25,000 (21,472)	1,040,833 - 74,769 - 639
		5,380,503	3,843,928	1,116,241	10,340,672

Sheffield Town Trust

Notes to the financial statements (continued)

8. Endowment funds (continued)

Non-Permanent Estate includes the following Estate includes the following the following bequests:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Non-Permanent Estate includes the following Estate includes the following the following|bequests:|Date and amount of original|bequest| |£| |Sheffield|Female|Refuge|Society Bequest|1920|2,400| |Elizabeth|Bramall|Bequest|1935|9,000| |Sheffield|Boys’ Working Home|Fund|1950|10,500| |James|Edward|Sutton Bequest|1950|2,100| |Miss|Edith|Bedford|Bequest|1967|1,683| |J.C and|E M Wood|Fund|1979|38,000| |William|Ellis|Bequest|1985|22,722| |Mrs G M Watts-Jones|1999|2,000| |S M de|Bartolome|2002|10,000| |Florrie Tomlinson|Bequest|2003|11,177| |G|F Young|2004|25,000| |AH|Connell|2005|5,000| |Wood|and|Parker Trust|2006|19,114| |E M Wood Fund|2006|71,554| |Mrs|F M Craven|2009|1,000| |CL Lewis|2011|148,789| |H|J Altman|2013|6,556| |DG &GF|Young Trust Fund|2013|110,809| |Mrs J M Willis|2013|89,648| |Miss|J A Connell|2014|32,080| |T J|Lodge|2014|472,073| |F E Mountain|2014|93,186| |Mrs N Saynor|2018|11,209| |Dr P Cooke|2021|5,000| |Grace Thomas|2021|25,000|

----- End of picture text -----

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Special funds comprise:|2022E|2021£| |Harry Fisher Botanical|Gardens Fund|1930|13,436|14,857| |Charles|Henry Maleham|Bequest|1939|1,068,830|4,058,009| |Daniel|Holy’s|Bequest|1870|39,887|43,375| |4,122,153|1,116,241|

----- End of picture text -----

Sheffield Town Trust

Notes to the financial statements (continued)

Income funds

Accumulated income on Special Funds

2022			Harry
		Charles	Fisher
	Unrestricted	Henry	Botanical
	Income	Maleham	Gardens
	Funds £	Bequest £	Fund £	Total £
Balance at beginning ofyear	414,194	21,645	11,295	447,134
Movements during the year Net income / (expenditure) for the	41,436	736	(9,377)	32,795
year Unrealised loss on investments	(30,675)	-	-	(30,675)
Balance at end ofyear	424,955	22,381	1,918	449,254
Represented by: Investments Debtors Cash at bank and on deposit Creditors	340,990 99,954 89,380 (105,369)	- - 22,381 -	- - 1,918 -	340,990 99,954 113,679 (105,369)
	424,955	22,381	1,918	449,254
2021			Harry
		Charles	Fisher
	Unrestricted Income Funds	Henry Maleham Bequest	Botanical Gardens Fund	Total
	£	a	E	£
Balance at beginning ofyear	343,099	21,021	10,576	374,696
Movements during the year Net income for theyear Unrealised gain on investments	45,264 25,831	624 -	719 -	46,607 25,831
Balance atend ofyear	414,194	21,645	11,295	447,134
Represented by: Investments Debtors Cash at bank and on deposit Creditors	371,665 75,576 157,715 (190,162)	- - 21,645 -	- - 11,295 -	371,665 75,576 190,055 (190,162)
	414,194	21,645	11,295	447,134

Sheffield Town Trust

Notes to the financial statements (continued)

10. Future commitments

There are two conditional commitments for grants made but not paid during the year totalling £4,000 (2021: £5,500) payable out of the respective future years’ income.

41. Reconciliation of net (expenditure) / income to net cash flow from operating activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |As| |restated| |2022|2021| |£|£| |Net|(expenditure)|/ income|for the|year|(659,628)|712,390| |Investment|income|(283,042)|(257,300)| |Interest|receivable|(2,930)|(135)| |Losses|/ (Gains) on|investments|641,316|(660,970)| |Loss|on|investment|properties|25,000|-| |Decrease|in|debtors|622|242,818| |(Decrease)|/ Increase|in|creditors|(84,793)|114,961| |Net cash|flow from|operating|activities|(363,455)|151,764|

----- End of picture text -----

12. Related party transactions

A number of Trustees are also Trustees of other charities, some of which occasionally apply for grants from the Trust. In such cases the Trustees involved do not control or have a significant interest in these other charities and are anyway excluded from participating in the decision-making process with regard to the potential award of such grants.

Mr N J A Hutton and Mr O G Stephenson are Trustees of the charity and are also Trustees of Shrewsbury Hospital Trust, another locally based charity. During the year Sheffield Town Trust received a donation of £79,500 from Shrewsbury Hospital Trust. The donation was used to augment grants made by the Trust.

13. Restatement of comparatives

The statement of cash flows has been restated to reclassify investment income from operating activities. There has been no change to cash and cash equivalents as a result.

Sheffield Town Trust

Appendix 1

Grants Year ended 31 December 2022

Annually recurring grants

£ Age UK Sheffield 4,500 Asperger’s Children and Carers Together 4,500 Aspire Community Enterprises (Sheffield) 2,500 Assist (Sheffield) 3,000 Ben’s Centre for Vulnerable People 3,000 CRESST (Conflict Resolution in Education) 2,000 Cavendish Cancer Care 3,000 DECSY (Development Education Centre) 1,000 Disability Sheffield Centre 2,000 Emmaus Sheffield 3,000 FareShare Yorkshire 4,500 Green City Action 2,000 Greentop Community Circus 1,500 Heeley City Farm 3,000 Libre Digital Free Tech Project 500 Listening Books 1,500 MHA Communities S Yorks & Bassetlaw 2,500 Paces Sheffield 3,000 Park community Action 2,000 Parson Cross Community Dev Forum 2,500 Project Buzz Ltd 2,500 REACT 2,000 Roundabout Ltd 4,500 SY Chaplaincy & Listening Service 1,000 St Vincent’s Furniture Store 4,500 St Wilfrid’s Centre 4,500 Saffron Sheffield 2,000 Share Psychotherapy 2,500 StopGap 1,500 The Cathedral Archer Project 4,500 The DATIC Trust 2,000 The Ethel Trust 2,500 The Suit Works 2,000 Voluntary Action (Sheffield) 2,500 Young Lives vs Cancer 2,000

92,000 anes

Sheffield Town Trust Grants Year ended 31 December 2022

Appendix 1 (continued)

Non-recurring grants

	=
25' Ecclesfield Scout Group	5,000
54th Sheffield Boys Brigade	4,000
Access Space Network Ltd	2,075
Adira	3,000
Arts Catalyst	2,000
Aspire Boxing Club	3,000
B17 Locomotive	2,500
Bags ofTaste	2,500
Bloom Sheffield	2,100
Boys and Girls Clubs South Yorkshire	3,000
Burton Street Foundation	3,000
Care in Crosspool	2,000
Cavendish Cancer Centre	3,000
Chapelgreen Community Enterprise	1,850
Christ Church Heeley	2,325
ChurchArmy	1,557
City Hearts UK	3,000
Classical Sheffield	2,500
Concerteenies	3,000
DECSY (Development Education Centre)	2,000
EMMAUS	4,680
Family Voice Sheffield	2,000
Friends ofWoodseats Playground	3,000
Good Vibrations	3,000
Green City Action	3,000
Grow UK	1,250
Happy Days Children’s Charity	1,500
Haven House	2,500
In2Change International Christian Worship Centre	3,000 2,000
International Documentary Festival *	1,000
lrise International	2,500
Israac Somali Community Assoc.	3,000
Kaleido Arts	1,850
Lowedges Community Festival Group	1,500
Luton Carnival Arts Dev. Trust	2,000
Manor CommunityTransport	3,000
Maya Productions	1,500
Mums in Need	3,500
Nerve Tumours UK	2,000
Nomad Opening Doors	1,350
Opera on Location	2,000
PACES Sheffield	3,000
REACT	2,000

Carried forward

106,537

Sheffield Town Trust Grants Year ended 31 December 2022

Appendix 1 (continued)

Non-recurring grants

Broughtforward	106,537
Revitalise Respite Holidays Roundabout Ltd	2,000 1,000
S1 Artspace SAGE Greenfingers SAYiT	2,000 2,500 2,500
Sheaf Poetry Festival Sheffield Botanical Gardens	2,000 20,000
Sheffield Family Holiday Fund Sheffield Litter Pickers	2,000 1,000
Sheffield Mencap & Gateway Sheffield Methodist	4,000 2,000
Sheffield Methodist Circuit	1,500
Sheffield MusicAcademy Steelers Wheelchair Basketball	3,500 2,000
Soundpost Community Network South Yorkshire County Scout South Yorkshire Housing Association	2,500 1,800 2,595
StJohn’s Ranmoor	1,000
St Luke’s Hospice Steel CityABC Support through Court Teenage CancerTrust The Art House	10,000 3,000 2,000 2,500 5,000
The Childrens Hospital Charity The DelphiTrust The Foundry Sheffield MontgomeryTheatre & Arts Centre The Movement for Non-mobile Children	2,000 1,500 3,000 2,150 2,000
The Professors CIC	3,000
The Sick Childrens Trust	1,500
The Terminus Initiative	1,500
Theodora Children’s Charity Third Angel TotleyCommunity Resource Info Centre UnitedWomen Affiliation	2,000 1,500 2,500 2,000
Utopia Theatre Westwood 2015 Ltd	5,000 1,000
Whirlow Hall Farm	3,000
WhiteleyWoods Outdoor Activity Centre YAFA Charity Organisation	2,000 1,500
	222,082
Prior year grants not cashed Lowedges Community Festival Group	(1,000)
	221,082