Charity reglstration number 223760 Sheffield Town Trust Reports and financial statements For the year ended 31 December 2023 Hawsons
Sheffield Town Trust Reports and financial statements For the year ended 31 December 2023 Contents Page Trustees and officers Trustees, report Statement of trustees, responsibilities Indepen(Jenl auditors. report 8-10 Accounting policies Statement of financial activilies 13 Balance sheet 14 Statement of Cash Flows 15 Notes lo the financial ststements 16-23 App6ndix 1- Grant5 24-26
Sheffield Town Trust Trustees and officers Charlty Commlssion Registration Numbgr: 223760 Town Trustees: Nicholas James Anthony Hutton, MBE Town Collector 2023- (Elected November 20051 Marian Jgan Rae, DL, Bsc Town Collector 2020 - 2023 {Elecled August 2003> Penelope Mary Jewitt Town Collector 2014- 2017 (Elected February 1999) James William Fulton Town Collector 2017 - 2020 (Elected February 1999) Professor Sarah Elizabeth Thomas. FRCP, DTM, H Dip Med. MB. ChB (Elected August 2003. resigned April 20231 Olivgr Georye Stephenson. MA (HO), MBA (Elected November 2006) Jang Madgleine Feffetti. MA PGCE (Elected February 20071 Dr Julie MacDonald. DL {Elecled Febwary 20141 Zahid Hamld, MBE (Elected February 2014) Mark Quentln Swales, MSC, FlnstLM (Elected February 2014} Jason Rupert Heath. BA (Elected November 20141 Peter Conway Hartland, Bsc (Hons), ACA (Elected May 2023) Heather Ann Manning. BA (Hons), PgDL (Elected November 2023) Dr Rlchard Matthew Foster, M8, CHB. MRCGP (Elected November 2023)
Sheffield Town Trust Trustees and officers (continued) Law Clerk: Paul Trudgill. LLB Commercial House, 14 Commercial Street, Sheffield, S12AT Surveyor: J.N. Robinson. BS¢, MRICS 8 St. James Street. Sheffield, S1 1XN Investment Advisors: Rathbones Ilnvgstec Wealth & Investment Limitgd) Beech House, 61 Napier Street. sheffld. S11 8HA Audltors: Hawsons Chartered Accountants Pegasus House, 463a Glossop Road. Sheffield, S10 2QD Bankers: Virgin Money Fargale, Sheffield. S12HE
Sheffield Town Trust Trustees, report The Town Trustees present their report and financial slalemenls of the Sheffield Town Trust for the year ended 31 December 2023. The Tnjslees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wlh the accounting policies sel out in the notes lo the accounts and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their aceounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. STRUCTURE GOVERNANCE AND MANAGEMENT Hlstory 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 modrfied by a Decree of the Commissioners of Charitable Uses enacted in 1681 and by the Sheffield Town Tnjstee Act 1873 from which the TnJstees 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 {Chaiman). The names of the Trustees who served during the year ended 31 December 2023 are listed on page 1. New Trustees are elected by the Freeholders of the Township of Sheffield who are resident or who occupy rateable lenemenl 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 TTU5tee5. a5 may be decided by them. New Trustees are inducted by interview with the Law Clerk and trained by joint consideration of application5 for grant5 Wth existing Trustees and reports on such applications to the olher Trustees. In the year ending 2023. Prof Sarah Thomas retired a5 a Trustee in April and subsequently sadly died in May. Trustees will greatly miss her wsdom and 5UPPOrt in the future. Trustee5 also welcomed Peter Hartland. Heather Manning and Dr Richard Foster as new Trustees in the year. Trustees, meetings are held four limes a year and they are advised by the Law Clerk on legal mallers and by other appropriate professional advisors in respect of the trust property and quoted investments. The day lo day administralion is carried out by the Law Clerk. All decisions of the sheffd Town Trust are made by the Tovm Trustees at their quartefly meetings. Capital funds The capital funds of the Trust comprise.. Perman8nt EsL*e of which only the incorne 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 Ihe capitsl. Speclal Funds which are earmarked for the following spectfic purposes: Harry Fisher Botanical Gardens Fund for the maintenance and improvement of Sheffield Botanical Gardens. Charlos Hènry Maleham Bequest for the purthase of pictures lo be huThJ in a building in Sheffield. The pictures are mainly on loan to the City Art Galleries. Daniel Holy's Bequest for the maintenance and carying on of the Blind AsuM or Inslilulion in Wesl Street, Sheffield. In practice the annual income of the bequest is paid to the Blind AsM. which is now the Sheffield Royal Society for the Blind of S Mappin Street, Sheffield. S1 4DT.
Sheffield Town Trust Trustees, report (continued) Risk managemgnt The Truslees have assessed the major risks lo which the charity is exposed. in particular those related to the operations and finances of the Tnjsl, and are satisfied that systems are in place lo mitigate exposure to the major risks. The Trustees have adopted specrfsc written policie5 With regards to risk, confflicl of interest and complaints. 08JECTIVES AND ACTIVITIES Public benefit The Trustees have complied th the duty in S.4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. ObjgGts The objects of the Trust are 'charitable and public uses within the City of Sheffield.. The Trustees are not, however, empowered to make grants lo indbvidual person5 arKI the income from the Bailey Endowfflenl may not be used for ecclesiastical purposes. Applications for non-recurring grants are investigated by one or more Trustees report to the quarterfy meetings of the Trustees. Annually recurring grants are reviewed every three years. The main objective of the Trustees continues to be the dÈstribution of the whole of their income to the objects of the Trust. The Trustees try lo ensure that as many local charities and rffganisalions as possible are aware of their existence and objectives. In Ihe case of charities the Trustees prefer to make grants to registered charities cyganised and managed locally rather than nationally. Activities These are dealt with in the Financial Review. FINANCIAL REVIEW Revlew of actlvltles during 2023 The income arising on irtome funds was £456,930 comprisirvJ rents. investment income, interest, donations from The Hospital of Gilbert. Earf of Shrewsbury al Sheffield {Shrewsbury Hospital Trust). Grants paid amounted lo £290.616 and inve51menl rnanagemenl costs, governance costs and support costs were £166,164 leaving net income before gains and losses on investment assets of £150. This comprises nel income of £1.355 on special income funds and net expenditure of £1,205 on unrestricted income funds. Grants were made up as follows.. 2023 2022 Number Number Annually recurring Grants Non Recurring Grants 92.0(K) 35 92.000 77 196,926 221.082 Cathedral Company of Changeringers 750 750 Sheffield Royal Society for the Blind 940 915 2,616 314.747
Sheffield Town Trust Trustees. report (continued) Unrestricted Endowment Funds The income arising on endowment funds was £Nil with expenditure of £24.811. Invgstmenl of capital The Trustees. investment policy is to maximise income vthilsl preserving the value of the capital base, adopting an investment strategy of mClerate risk. The Trustees believe this is consistent with their objectives of maximising amounts available for distribution whilst maintaining. in perpetuity, Ihe funds to generate this income. A finance committee of the Trustees meets every six months with the Trust's investment advisers lo review investment performance. It is the Trust poly thal the portfol mix will fall wlhin the following broad planning ranges.. Fixed Inleresl UK Equities International Funds CashlAilernalive Inveslmenls 15%-35% 25% - 50% 20Qh - 40% 0%-10% Benchmark relums for income are sel on an annual basis taking account of Prevailing market conditions,- where appropriate this may involve allefing the level of funds held in cash. Benchmark capital retums. after charging management fees, are as follows- Gilts and fixed interest stocks UK Equities International funds FT Govemmenl Stock Index FT Al Share Index FT World Index (excl. UK) The inveslmenl advisers manage the portfolio on a diSCtiOnary basis vrithin these guidelines. With regard to the property holdings. the Trustees. polw is lo maintain the portfolio al around ils current level whilst. acting on the advsce of an independent surveyor. reviewng ways to improve the quality of the portfolio and maximise income returns. Reserves At 31 December 2023 the Tnjst had unreslricled income reserves amounting to £426.779. 11 is the Tru51ees' policy lo maintain unrestricted reserves al this level partly so that Ihe level of grants in the immediate future can be sustained in the event of any unforeseen fall in incoming resources and partly lo enable the Trustees to make one or more particularly substantial grants without prejudicing the Trustees, normal pattern of grant making. The Trust had special income funds of £25.654. which are not available for the general purposes of the charity, and £9.625.890 was held in endowment funds. The total funds held al 31 December 2023 were £10,078,323. Factors that are likely to affect future financial perfomiance The Trustees have considered the factor5 which could impact future financial performance. They consider circumstances which negatively impact the perf{)nanCe of the inveslmenl portfolio as the most likely lo affect the futu financial perfonnance of the Trust. Fundralslng The Trust does not cary out signfficant fundraising activities. n¢y does it employ anyone to carry out fundraising actwities on ils behalf.
Sheffield Town Trust Trustees, report lcontinued) ACHIEVEMENTS AND PERFORMANCE The Trust has expended all of ils recurring unrestricted income for the year for chartL8ble and public uses within Ihe City of Sheffield. The Trust's quoted investment income for the year of £282,331 was above the income benchmark of £260.000. as the level of company dividend payments recovered. Rental income less oulgoings tolalled £84,841 and was consislenl with the prior year. Over the year endowment funds decreased from £9.691.424 to £9.625,890. This refflecled a net gain on quoted investments of £186,191 and losses on investment properties of £223.885. The losses on investment properties included nel losses on the dispK)sal of properties lolalling £38.875 and losses on the revaluation of the remaining properties lolalling £185,010. PLANS FOR FUTURE PERIODS The Tnjslees plan to continue lo support charitatAe and public good wthin 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 dlsclosure of Infomiation to auditors The Trustees who held office al the dale of approval of this Annual Report each confirni that: so far as they are aware. there is no relevanl audit infom)alion lillformalion 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 lo have taken as Twslees in order lo make themselves aware of any relevant audit infomialion and to estsblish that the charity's auditors are aware of that information. On behalf of the Trustees. JAHutto Town Collector Dale." 20 May 2024
Sh8ffield Town Trust statement of Trustees, responsibilities The Trijstees are responsible for preparing Ihe Trustees, Report and the financial statements in accordance with applicable law and Unite(J Kingdom Accwnting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which gtve a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for thal period. In preparing these financial stslements, the Trustees are required to.. select suitable accounling policies and apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS102),' make judgements and estimates that are reasonable and prudent" stale whether applicable accounting standards have been folli)wed.' and prepare the financial slalements on the wing corKern basis unless il is inappropriate lo presume that the charity WTII continue in operation. The Trustees are reswnsible for keeping proper luntIng records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, Ihe Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sheffield Town Trust Indepandent auditors. rnport to the Trustees of Sheffield Town Trust Opinion We have audited the financial statements of Sheffield Town Trust Ilhe charil¥} for the year ended 31 December 2023 which comprise the Statement of Financial Aclivilies. Balance Sheet, Sialement of cash flows, notes lo the financial slalemenls and signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted 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 staternentS= give a true and fair view of the stale of the charity's affairs a5 al 31 December 2023 and of its incoming resources and application of resources for the year then ended.. have been properly prepared in accordance with United Kinglom Generally Accepled Accounting Praclice", and have been prepared in accordance with the requwements of the charit Act 2011. Basls for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUKI} and applicable law. Our responsibilities under those standard5 are further desuibed in the Auditor's responsibilities for the audit of the financial 5talement5 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence we have obtained is 5uFficienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not 1dentrfd any material uncertainties relating lo events or conditions that. individually or collectively. may cast significant doubl on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern are described in the relevant seclions of this report. Other Inforn)atlon The other infomialion comprises the infomiation included in the annual report. induding the Iruslees, report, other than the financial slalemenls and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly stsled in our repjrt. we do Tt express any form of assurance conclusion Ihereon. Our responsibility is lo read the olhef informath.on and. in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knovAedge obtained in the course of the audit. or otherwise appears lo be materially mis51aled. If we identfy such material irnsIstencieS or apparent material misstatements, we are required lo deleffliine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If. based on the work we have performed. we conclude that there is a material misslalemenl of this other infomialion. we are required to report that fact. We have nothing trj 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 exPtIon In the light of the knowtedge and understanding of the charity and rts environment obtained in the course of Ihe audit. we have not idenlrfied material misstatements in the InJstees' report. We have nothing to report in respect of the followirvJ matters in relation lo vthich the Charities (Accounts and Report51 Regulalions 2008 require us to report lo you rf. in our opinion-. the information given in the trustees. report is innSIStent in any rnaterial respect wlh the financial statements., or sufficient accounting records have not been kept,. or the financial statements are nol in agreement with Ihe accounting records.. or we have not reIVed all the irrformation and explanations we require for our audit. Responsibllities of trustees As explained more fully in the trustees. responsibilities statement sel out on page 6. the trustees are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material mi55talement. whether due to fraud or error. In preparing the financial slalements. the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or to cease operations, or have no realistic allernalive bul to do so. AudStor's responslbllltles for the audlt of the financial sL*ements We have been appointed as auditor under section 144 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 misslalemenl, whether due lo fraLFd 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 delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considere¢J malwial rf. individually or in the aggfegale. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilrties. outlined above. to delect material misstatements in respecl of irregularities, including fraud. The exlenl lo which our prcKedures are capable of detecting iffegularities, induding fraud is detailed below.. The charity is subject to laws and regulations Ihal direclly and indirectly affect the financial slalements. Based on our understanding of the charity and the environmenl it operates within. we determined that the laws and regulations which were most signtficanl included FRS 102 and Ihe Charities Act 2011. We considered Ihe extent to which non-compliance with these laws and regulations might have a material effect on the financial stalemenls, including how fraud might 0Ur.
Sheffield Town Trust Independent auditors, rnport to the Trustses of Sheffield Town Trust (continued) We evaluated management's incents.ves and opporbjnities for fraudulent manipulation of the financial slalemenls lincluding the risk of override of controls). and determined that the principal risks were related to the posting of inappropriate joumal entries lo improve the chanty's re5uII for the period. and management bias in key accounting estimates. Audit procedures perfomied by the engagement team included= Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable lo the charity and how the charity complies with that framework, including consideration of knovm or suspected instances of non-compliance with laws and regulations and fraud-. Reviewing minutes of Trustee rneetin-. Identifying and assessing the design effectiveness of controls that managemenl has in place to prevent and delecl fraud and non4ompliance with laws and regulalions.. Challenging assumptions and judgements made by management in their significant accounting estimal85. Identifying and testing joumal entries. in particular any joumal entries posted with unusual account combinations or posted by senior management. A further description of our responsibilities for the audst of the financial Statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorslaudil-assurancelaudrtor-s-responsibilities-for-Ihe-audil-of- Ihe-ftldescriplion-of-the-auditor's-responsibilibes-for. This description forms part of our auditor's report. Use of our report This report is made solely lo the tharitrfs trustees. as a body. in a(thrdance th section 144 of the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the trustees those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity s Iruslees as a body. for our audrt work. for this report, or for the opinions we have fomied. )? Hawsons Chartered Accountants Stslutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD Hawsons Chartered Accountants is eligible for appointment as audttor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10
Sheffield Town Trust Accounting policies For the year ended 31 December 2023 Goneral infomation and basls of accountlng 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 conslilutes a public benefrt entity as defined by FRS 102. The financial slalemenls have been prepared in accordance with Accounting and Reporting by CharilTes.' Sl8tevnenl of Recorrtmended Practice applicable lo chafilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective January 2019. the Charities Act 2011 UK Generally Accepted Practice. There has been no material departure from this Standard. The financial statements are prepared on a going concem basis under the histOTical Cost convention. modified lo include certain items al fair value. The significant accounting policies applied in the preparation of these financial slalemenls are sel i)ul below. These policies have been con51Stenlly applied lo all years presented unless olheNise stsled. The presentation currency is United Kingdom pounds steding. The financial statements are those of the charity as an individual entity. Funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance of the general objecltves of the charity and which have not been designated for other wrFrf)ses. Endowment funds represent those assets which musl be held perfflanently by the charity. Income arising on the endowment funds can be used in accordance wth the objects of the charity and is induded as unrestricted income. Any capil31 gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the furKI. Income All incomin9 resources are induded in the Statement of Financial Activtties ISOFAI when the charity is legally enlilled lo the income after any performan conditions have been mel, the amount can be measured reliably and il is probable that the income will be received. Legacies Where the Deed of Gift requires Ihal only the income arising from Ihe investment of the gift is lo be used for the general purposes of the Tfust, the gift will be an addition lo Pennanent Estate. Vvhere the Deed of Gift reqijires that the gift. andlor the income arising from it, is lo be used for a particular purpose, the gift will be treated as a SpKial Fund. In the absence of any specific requirement in the Deed of GFft ar having regard lo the size andlor circumstan5 of the gift, if the Trustees so resolve, the grft will be appropriated as an addition to the Non-Permanent Estat? and, rf not. will be treated as income. Legacies are recognised in the financial slatemenls when the charity has entillemenl to the funds. il is probable that the income will be received and the amount can be measured reliably.
Sheffleld Town Trust Accountlng pollcles (continuod) For the year ended 31 December 2023 Expenditufe Expenditure is included on an accrvals basis artd has been dassrfied under headings that aggregate all costs related lo that category. Grants are charged in the statement of financial acttvilies in the year in which they are due for payment. Grants agreed durirkg the year bul due for payTnent in future years. or grants which are condilional, are shown as commitments in note 10 to the financial slatements and treated as payable out of future income. Costs of raising funds comprise those costs directly attributable to managirrfJ the investment and property Portfolios and raising investment income and rents. Support C051s comprise costs for the organisational running of Ihe Trust including the costs of processing applications and grants and other costs integrally involved in meeling the Trust's charitable objectives. Investment incorng Dividends and interest receivable are regnised when tsy become 1Vable. Invgstment propertigs Investment properties are accounted for al fair value. subject to the existing tenancies. Professional revaluations are made al five yearly intervals. Adjuslmenls are made lo the valuations in the interyening years where ally 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 invgstmgnts Quoted investments are accounted for at market value al the lUntIng dale and gains and losses arising are accounted for in the statement of financial aclivilies. Tangible flxed assets These comprise paintings. Silveare, Ihe Town Guns and Ihe Town Colleclorfs badge. They include paintings provided by the Chartes Henry Maleham Bequest, and silverware donated by the late Samuel Bailey. The fixed assets are fecognised in the balance sheet al valuation based on insurance value5. Gains and losses arising are accounled for in the stslemenl of financial aclivilies. 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. Golng concern The financial statements have been prepared on a going concem 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 aulhorising these financial stalemenls. The Trustees believe that the expected income and expenditure is sufficient wth the level of reserves for the charFty to be able to continue as a going concern. 12
Sheffield Town Trust Statement of financlal actlvltles For thè year ended 31 December 2023 Income Funds Note Unrestricted Special Endowment funds 2023 Totsl 2022 Totsl Funds Funds Income Donations Rents re1vable less oulgoings Other income Investment income Interest receivable Total Income 79,500 84,841 79.500 83.627 84.841 10,000 283.042 2.930 459.099 280.976 10,258 455.575 1.355 282,331 10.258 456.930 1.355 Expenditure Raising funds Charitable activities Other 15,004 419,776 22,000 24.811 39.815 419.776 22,000 481.591 40,327 392,404 19,680 452,411 Totsl Bxpenditurn 456,780 24.811 Net lexpendlture) I Income before Investment galns I (losses) (1.205) 1.35S (24,811 } 124,661) 6.688 Nel gains I Ilosses) OD inveslrnenls 3,029 183.162 186.191 1641.3161 - Loss on investment properties (223.8851 1223,8851 {25.000} Not Income l (expenditurè) 1,824 1,355 (65,5341 {62.3551 {659.6281 Othor recognised gains Nel gains on revaluation of tangible fixed assets 12,500 Net Movement In funds 1.824 1.355 (65.534) {62,3551 {647,1281 Reconclllatlon of funds Total funds brought forward Total funds carrigd forward 424.955 24.299 9.691.424 10.140,678 10.078.323 10,787,806 10.140,678 426,779 25.654 9.625.890 The chanty has no recognised gains and losses other than those induded 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. 13
Sheffield Town Trust Balance sheet as at 31 December 2023 Note 2023 2022 Fixed assets Tangible assets Investment properties Investments 1.094,058 1,440.000 7.182.012 1,094,058 2,025,010 6,738,923 9,716,070 9,857.991 Current assets Debtors Cash al bank and in hand 43,372 376.908 420,280 99.954 288.102 388.056 Creditors '. amounls falling due within one year {58.027) {105.3691 Nel current assets 362.253 282,687 Net assets 10.078.323 10,140,678 Charlty Funds Endowment funds Permanent estate Non-Permanenl estate Special funds 5.053,084 3,449,040 1,123,766 4,968,507 3.600,764 1,122,153 9,625,890 9,691.424 Income funds Unrestricted income funds Special funds- accumulated incoine Charles Henry Maleham Bequest Harry Fisher Botanical Gardens Fund 426.779 424.955 23.115 2,539 22.381 1.918 452,433 449,254 10,078.323 10.140,678 The financial statements were approved and authorised for issue by the Town Trustee5 on 20 May 2024 and were signed on their behalf by: MrNJA MrOGStep Town Trustees son 14
Sheffield Town Trust statement of Cash Flows For the year ended 31 December 2023 2023 2022 Note Net Gash flow from opernting activlti8s 11 {308.010) 1363,4551 Cash flow from investing activities Receipts from sales of investment properties Payments lo acquire investments Receipts from sales of investments Investment income Interest received 361.125 (1.108,734) 851,836 282,331 10,258 1637,4891 516,329 283,042 2.930 Net cash flow from Investlng actlvlties 396.816 164,812 Net Increase l (decrgasg) in Cash and cash equivalents 88,806 1198,6431 Cash and cash equivalents at 1 January 288.102 486.745 Cash and cash equlvalents at 31 December 376,908 288.102 15
Sheffield Town Trust Notes to tho financial statements for the year ended 31 December 2023 Expenditure Ralsing funds 2023 2022 Investment management fees Property management costs 37,217 2.598 37,730 2,597 39.815 40,327 Charitable activiti8S Grants paid Annually recurring grants Non-recurring granls Cathedral company of changeringers Sheffield Royal Society for the Blind 92.000 196.926 750 940 92.000 221.082 750 915 290,616 314.747 Support costs Cos15 of processing grants-. - Law clerk's fees 10.800 10.800 Other support costs.. Law clerk's fees - Book-keeping services Other legal and professional fees Miscellaneous 71.100 4.110 33.494 9.656 129,180 37,321 3.642 20,562 5,332 77.657 419.776 392,404 Details of individual grants paid are given in Appendix 1. Other Auditor's fees for audit seThices Auditor's fees for non-audit services 12.750 9.250 22,000 12.000 7.680 19.680 Trustee remuneration The Trustees neither recetved nor waived any remuneration during the year. The Trustees did not have any expenses reimbursed during the year. 16
Sheffield Town Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Tangible fixed assets Town Coll8dor$ Badge Town Guns Paintings Silverware Total Valuation at 1 January 2023 1.053.333 15.225 1.094,058 Change in market value At 31 December 2023 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. Palntlngs provided by the Charles Henry Maleham Bequest Tltle of painting "Tower of Tattershall" "Fountains Abbey" 'Wealhercol Cove" "Rocky Landscape with Stream. "Off the Tagu5' "Bowder Stone" "The Rainbo "Miss Queenie GreenKd Chelsea Model- "Dislanl View of Reading" "Al John Folhergill'5 Three Swans. "Sketch on the Norfolk Broads. 'A Barn on the Hill" "A Hilly River Scheme. "Dieppe Castle. inter's Morning- Cartmell Priorf he Laundry Maid" "Portrait of Master Millward. "Portrait of a Lady and a Do "Lady Denham" "H.R.H. The Duke of Edinburgh. and preliminary sketch "Portrait of Madame Gandarillas" 'Smugglers Cave" The Salmon Leap. The Penultifflate Pillarf, 'Near Burnham, Norfolk. "Landscape with Ruined CaSe. Artist J S Colman Thomas Girtin J M W Tumer. R.A. Thomas Gainsborough. R.A. J M W Turner. R.A. Francis Towne Thomas Girtin Sir Wm. Ofpen Thos. Heame Albert Rutherston. A.R.W.S. J Thirtle Ajexander Cozeng E Dayes Sir Muirhead Bone Claude Muncasler Francis Wheauey, R.A. Thomas Phillips, R.A. Joseph Hi9hmore Sir Peter Lely David Jagger Augustus John W Payne, A.R.W.S. W Pars. A.R.A. Deanne Petherbridge R P Bonington Jan Galxielsz Sonje The portrait and preliminary 5ketth of PTince Philip, Duke of Edinburgh are on loan lo the Cullers Company, and the remaining Maleham pictures. Town Guns arKI silverware are on loan lo the Sheffield Museums Trust. 17
Sheffield Town Trust Notes to the flnancial statemonts for tho year ended 31 Decembor 20231continuod) Investrnent properties Freehold interest in larKI and buildings.. Market value Historical cost Al 1 January 2023 Disposals Revaluation 2,025,010 1400,0001 185,010 1,440,000 199,608 {41.0151 At 31 December 2023 158,593 Some properties (included above with a mathel value of £980,000) were acquired very many years ago and no historical cost can be traced for these. The properties were valued by Fowler Sandford, Chartered Surveyors. as at 31 December 2023. al fair value. All investment properties are located in the UK. Quoted Investments Market value at beginning of year Market value at end of year Change in market value Additions al cost Disposal proceeds Realised (losses) Endow7nenl fund 6.397.933 Income fund 340.9 1.108.734 (851.836) {33.551) 216.713 3.029 6,837,993 344,019 6,738,923 1,108,734 (851,836) {33,551) 219,742 7,182,012 18
Sheffield Town Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Debtors 2023 2022 Rents and recharges receivable Prepayments Other debtors 39.510 3,862 61,882 3,667 34,405 43.372 99.954 Crgditors 2023 2022 Grants payable Trade creditors Accwals Rents in advance 12.910 1.723 32.886 10.508 48,415 6,213 33,219 17,522 58,027 105,369 19
Sheffield Town Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Endowment funds Non Pemianent Estate 2023 Pennangnt Estate Speclal Funds Total Balance at beginning of year Income Expenditure Movements during the year Realised loss on quoted investments Unrealised gain on quoted investments Unrealised gain I Ilossl on Investment properties Realised Ilossl on Investment properties Balance al end of year 4,968,507 3,600,764 1.122,153 9.691.424 {15.170) 19.388) 1253) (24,811) 118,759) {14,450> 1342) {33.5511 132.381 82,124 2,208 216.713 25.OC(I {210.010) (185,0101 138.875) 138.8751 5,053,084 3,449,040 1,123.766 9,625.890 Represented by= Tangible fixed assets Investment properties Quoted inveslrnents Cash at bank and on depos 40,725 600,000 4,177.057 235,302 1,053,333 1,094,058 1,440,000 6,837,993 253.839 840.0 2,591.270 17,770 69,666 767 5.053,084 3.449.040 1.123,766 9.625,890 Non panent Estate 2022 Permanent Estate Spocial Funds Total Balance at beginning of year Income Expenditure Movements durrng the year Realised gains on quoted Investments Unrealised gain on quoted investments Unrealised loss on Investment properties Unrealised gain on Tangible fixed assets Balance at end of year 5.380.503 10,000 (36,107) 3.843.928 1,116,241 10,340,672 10,000 (36,1071 28.901 22,301 528 51,730 {389,7) (265,4651 (7,1181 (662,3711 {25.000) {25.0001 12,500 12,500 4,968,507 3,0.764 1,122,153 9,691,424 Represented by.. Tangible fixed assets Investment properties Quoted investments Cash at bank and on deposit 40.725 975.000 3,765,036 187.746 1.053.333 1,094,058 2.025.010 6.397,933 174,423 1.050.010 2,564,160 (13,4061 68,737 83 4.968.507 3.600,764 1,122.153 9,691,424
Sheffield Town Trust Notes to the financial statements for thè year ended 31 December 2023 (continued) Endowment funds {continuedl Non-Pemianent Estate includes the following bBqugsts: Datg and arnount of original bequest Sheffield Female Refuge ScKiety Bequest Elizabeth Bramall Bequest Sheffield Boys, Working Home Fund James Edward Sutton Bequest Miss Edith Bedford Bequesl J C and E M Wood Fund William Ellis Bequest Mrs G M Watts-Jones S M de Bartolome Florrie Tomlinson Bequest G F Young A H Connell Wood and Parker Trust E M Wood Fund Mrs F M Craven CLLews H J Allfflan D G & G F Young Trust Fund Mrs J M Willis Miss J A Connell T J Lodge F E Mountain Mrs N Saynor Dr P Cooke Grace Thomas 1920 1935 1950 1950 1967 1979 1985 2.400 9,000 10,500 2,100 1,683 38.000 22,722 2,000 10,000 11,177 25,000 5,000 19,114 71,554 1,000 148,789 6,556 110,809 89,648 32,080 172,073 93,186 11,209 5,000 25.000 2002 2003 2004 2005 2006 2006 2009 2011 2013 2013 2013 2014 2014 2014 2018 2021 2021 SpBcial funds cofflpriso: 2023 2022 Harry Fisher Botanical Gardens Fund Chailes Henry Maleham Bequest Daniel Holy s Bequest 1930 1939 1870 13.784 1.069.241 40.741 13,436 1.068,830 39.887 1.123.766 1.122.153 21
Shoffield Town Trust Notes to the financial statements for the year ended 31 December 2023 (continued) 9. Income funds Accumulated incom on Special Funds 2023 Harry Fisher Botanical Gardens Fund Charles Henry Maleham Bequest Unrestrided Income Funds Total Balance at beginning of year 424.955 22.381 1,918 449,254 Movements during the year Nel Ilossl l income for the year Unrealised gain on investments Balance at end of year (1.20SI 3.029 426.779 734 621 150 3.029 452.433 23.115 2.539 Represented by: Investments Debtors Cash al bank and on deposit Creditors 344.019 43.372 97,415 58,027 426,779 344,019 43,372 123,069 58,027 452,433 23.115 2.539 23,115 2,539 2022 Harry Fisher Botanical Gardens Fund Charlos Henry Maleham Bequest Unrestricted Income Funds Total Balance at beginning of year 414.194 21.645 11.295 447.134 Movements during the year Net income for the year unalISed gain on investments Balance at end of year 41,436 30.675 736 (9.3771 32.795 30,675 424,955 22,381 1,918 449,254 Represented by- Investmen15 Debtors Cash at bank and on depos11 Creditors 340,990 99,954 113,679 1105,3691 99,954 89.380 (105,369) 22,381 1,918 424,955 22.381 1.918 449,254 22
Sheffleld Town Trust Notes to the financial statements for thè year ended 31 December 2023 {continued) 10. Future commitments There are no conditional commitments for grants made bul nol paid during the year totslling £Nil 12022.. £4,000) payable out of the respective future years. income. 11. Reconciliation of netloxpenditure) to ngt $h flow from operating activities 2023 2022 Net lexpendilurel for the year {62.3551 (659,6281 Investment income IrFlerest receivable Losses I (Gains) on investments Loss on sale of investment properties Decrease in debtors {Decrease} in creditors 1282,331 } {10,258) 1186,191} 223,885 56,582 {47.342} (283,0421 12,9301 641,316 25,000 622 (84,7931 Net cash flow from operating actNilies {308.0101 363,455 12. Rolated party transactlons 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 nol conlrol or have a significant interest in these other charitses and are anyway excluded from participating in the decision-making process wth regard to the potenbal award of such grants. Mr N J A Hutton and Mr O G Stephenson are Trustees of the charity and are also Trustees of Shrew5bury Hospital Trust, another locally based charity. During the year Sheffield Town Trust received a donation of £79,500 from Shrewsbury Hospital Trust. The ¢Yonalion as used lo augment grants made by the Trust. 23
Sheffield Town Trust Grants Year ended 31 December 2023 Appendix 1 Annually recurring grants Age UK Sheffield Asperger's Children and Carers Together Aspire Community Enterprises (Sheffieldl Assist Isheffieldl Ben's Centre for Vulnerable People CRESST (Conflict Resolution in E(Jucation) Cavendish Canr Care DECSY (Development Education Cenlrel Disability Sheffield Centre Emmaus Sheffield Fareshare Yorkshire Green City Action Greenlop Community Circus Heeley City Fami Libre Digital Free Tech Project Listening Books MHA Communities S Yorks & Basseuaw Paces Sheffield Park community Action Parson Cross Communily Dev Forum Project Buzz Ltd REACT Roundabout Ltd SY Chaplaincy & Listening Service Sl Vincent's Furniture Store Sl Wilfrid's Centre Saffron Sheffield Share Psychotherapy SlopGap The Cathedral Archer Project The DATIC Trust The Ethel Trust The Suit Woths Voluntary Action {Sheffield) Young Lives vs Cancer 4,500 4,500 2.500 3,000 3,000 2,000 3,000 1,000 2,000 3,000 4,500 2,000 1,500 3,000 500 1,500 2,500 3,000 2,000 2,500 2,500 2,000 4,500 1,000 4.500 4.500 2,000 2,500 1,500 4,500 2.000 2,500 2,000 2,500 2,000 92,000 24
Sheffteld Town Trust Grants Year ended 31 December 2023 Appendix 1 (continued) Non-recurring grants 50+ Contemporary Dance Sheffield Active Independence Barrel Organ Best Start Manor & Castle Development Trust British Disabled Anglin9 Association Broomhill Community Trust Cemetery Road Baptist Churth City of Sheffield Diving Club Cresst Conflict Resolution Crookes Table Tennis Club Deafblind UK DINA Element Society Eleven Designlour FavourFte Places Forced Enlertainmenl Friends of Blueloop Friends of Firth Park Friends of Fox Glen Park Friends of Sloneface Creative Friends of Whirlow Brook Park Hallam FM Cash for Kids Hanover Tenants Associalion Hearing Dogs for Deaf People Hive South Yorkshire Homeless &Roolless at Christmas Horalio's Garden Infinite Skills CIC Light Peer Support Ltd Madina Day Care Sheffield Manor Lodge Community Primary School Maya Productions Meersbrook & Heeley Community Gardens Association Molor Neurone Disease Associalion MS Society Music in the Round One Vvortd Choir Open Hands Project (Sheffield) Opera on Location Panalhalon Foundation Parkrun Parson Cross Community Development Forum Pilsmoor Adventure Playground Pilsmoor Baby & Toddler Group Re-engage 1.250 4.500 3,000 2,700 2,450 5.000 3,000 1,000 2,700 1,000 1,000 2,163 1,500 1,000 3,000 1,500 3,000 3,200 1,970 4,900 2,500 3,000 3.000 2,800 2.500 3.500 2.000 2.000 2,000 2,500 3,000 3,000 3,000 2,500 3,000 2,000 2.500 3,000 3.000 1.500 2,500 5,000 2.693 2.000 Carried foNard 117.326 25
Sheffleld Town Trust Grants Year ended 31 December 2023 Appendlx 1 (continued) Non-recurring grants Brought forward 117.326 Rivelin Co S20 Food B2nk Schools Climate Educats'on South Yorkshire Shawmind Sheffcare Sheffield & Rolherham Wildlrfe Trust Sheffield Aspergers Parents Action Group Sheffield Churches Council for Community Care Sheffield Civic Tnjst Sheffield Family Holiday Club Sheffield General Cemetery Trust Sheffield Music Academy Sheffield Occupational Health Advisory Service Sheffield Wildcats Rink Hockey Sheffield Yoga Side by Side Snowdrop Project Spinal Injuries Associab'on Steel City Chorislers Sliklings CIC Studio Polpo Sunday Centre The Blanket Fort Club The Brendan Ingle Foundation The Leadmill The No Way Trust The Sheffield Wheal Experiment Touey Rise Methodist Church Under Ihe Stsrs Upper Don Arts Community We start in the Community Wesley Hall Melhodisl Church Yorkshire Art Space Society 3.000 3.000 1,500 5,000 3.000 3.000 2.250 3.000 2.000 2.000 2.000 3.000 3.000 2,250 3,000 3,400 3,000 2.000 2,500 800 2,900 1,500 2,000 2,500 2.500 2,500 2.000 3.000 3.000 1.500 2,000 2,000 2,500 196,926 26