Charity registration number 223760 Sheffield Town Trust Reports and financlal statements For the year ended 31 December 2024 gl Hawsons
Sheffleld Town Trust Reports and Ilnancial statements For the year ended 31 December 2024 Contents Page Trustees and officers Trustees, report Statement of trustees, responsibilities Independent auditors, report 8-10 Accounting policies Statement of financlal activllles 13 Balance sheet 14 Statement of Cash Flows 15 Note8 to the financial statements 16-22 Appendix 1- Grants 23-25
Sheffield Town Trust Trustees and offlcers Charity CommSs8lon Registratlon Number: 223760 Town Trustees: Nlchola8 James Anthony Hutton, MBE Town Collector 2023 - (Elected November 2005) Marian Jean Rae, DL, Bsc Town Collector 2020 - 2023 (Elected August 20031 Penelope Mary Jewltt Town Collector 2014 - 2017 (Elected February 1999) James Wllllam Fulton Town Collector 2017 - 2020 (Elected February 1999) Ollvor Georg• Steph•nson. DL, MA (Hons), MBA (Elected November 2006) Jane Madelelne Ferrettl. MA, PGCE {EleGted February 2007) Dr Julle MacDonald, DL {Elected February 2014) Zahld Hamld, MBE (Elected February 2014) Mark Quentln Swales, MSC, Fln8tLM (Elected February 2014) Jason Rupert Heath, BA (Elected November 2014) Peter Conway Hartland, Bsc {Hon8), ACA (Elected May 2023) Heather Ann Mannlng, BA (Honsl, PgDL (Elected November 2023) Dr Rlchard Matthew Foster, MB, CH8, MRCGP (Elecled November 2023)
Sheffleld Town Trust Trust$ and offlcers (contlnued) Law Clork: Paul Trudgill, LLB 1 St Paul's Place. 121 Norfolk Street. Sheffield. S12JF Surveyor: J.N. Robinson, Bsc, MRICS Abbey House, 11 Leopold Street, Sheffield, S12GY Investment Advlsers: Rathbonas Beech House, 61 Napier Street. Sheffield, S118HA Audltors: Hawsons Chartered Accountants Pegasus House, 463a Glossop Road, Sheffield, S10 2QD Bankers: Vlrgln Money 66 Fargate, Sheffield, S12HE
Sheffiéld Town Trust Trustees, report The Town Trustees present their report and financial statements of the Sheffield Town Trust for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP)°Accounting and Reporting by Charilies" (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 charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. STRUCTURE GOVERNANCE AND MANAGEMENT History of the constltutlon 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 thelr authority. Trustees and admlnlstratlon 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 2024 are listed on page 1. New Trustees are elected by the Freeholders of the Township of Sheffield who are resldent or who occupy a rateable tenement in the Parish of Sheffleld. 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 othar methods, Including suggestions by the exisling 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 wilh 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 Irtjst property and quoted investments. The day lo 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. Capltal funds The capital funds of the Trust comprise., Pemianent Estate of which only the income may be distrlbuted. Non Pemianent Estate of which both capital and income may be dislributed. As a matter of current policy the Trustees do not, however, distribute the capital. Speclal Funds which are earmarked for the following specific purposes: Harry Flsher Botanlcal Gardens Fund for the maintenance and improvement of Sheffield Botanical Gardens, Charles Henry Maleham Bequest for the pur¢hasa of pictures to be hung in a building in Sheffield. The pictures are mainly on loan to the City Art Galleries. Danlel Holy's Bequesl for the mainlenance and carrying on of the Blind Asylum or Institution in West Street, Sheffield. In practice the annual incom8 of the bequest is paid to Ihe Blind Asylum, which is now the Sheffield Royal Society for the Blind of 5 Mappin Street, Sheffield, S14DT.
Sheffleld Town Trust Trustees, report (contlnued) Rlsk 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 Publ1¢ b•n•flt The Trusiees have complied with the duty in S.4 of Ihe Charities Act 2011 to have due regard to public benefit guldance published by the Charity Commission. Objects The objects of the Trust are 'charltable and public uses within the Clty of Sheffield,. The Trustees are nol, 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-recurrlng grants are investigated by one or more Trustees who report to tha quarterly rneetings of the Trustees, Annually recurring grants are reviewed every three years. The main objective of the Trustees continues to be the distribulion of the whole of their income to the objects of the Trust. The Trustees try to ensu thal as many local charities and organisations as posslble are aware of thelr existence and objectives. This includes regular updates of the Trust's webslte, including the publication of recent case studies In Ihe case of charities the Trustees prefer to make grants to registered charities organised and managed locally rather than nalionally. Actlvltl•$ These are dealt wlth in the Flnancial Revlew. FINANCIAL REVIEW Rovlew of actlvltles durlng 2024 The income arising on income funds was £455,758 comprising rents, investment income, Interesl, donations from The Hospital of Gilbert, Earl of Shrewsbury at Sheffield (Shrewsbury Hospital Trust). Grants paid amounted to £287,196 and investment management costs, govemance costs and support costs were £146,153 leaving net Income before gains on investment assets of £22,409. This cornprises net income of £1,278 on special income funds and net income of £21,131 on uniestricted income funds. Grants were made up as follows., 2024 2023 Number Number Annually recurring Grants Non Recurring Grants 94.000 35 92,000 196.926 78 191,611 77 Cathedral Company of Changeringers 750 750 Sheffield Royal Society for the Blind 835 287,196 940 290,616
Sheffield Town Trust Trustees, report (contlnued) Unrestricted Endowment Funds The income arising Dn endowment funds was £Nil with expendilure of £28,223. Investment of capltal The Trustees. investment policy is to maximise income whilst preserving the value of the capital base. adopling an investment strategy of moderale risk. The Trustees believe this is consislent wilh 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 ihe portfollo mix will fall within the following broad planning ranges.. Fixed Inlerest Equities Commercial Property Alternative Assets Cash 00/0- 10% Benchmark returns for Income are set on an annual basis taking accounl of prevailing market condilions,. where appropriate this may involve altering the level of funds held in cash. Benchmark capital returns. after charglng management fees, are as follows: Gilts and flxed interest slock8 UK Equities International funds FT Government stock Index FT All Share Index FT World Indax (excl. UK) The investment advisers manage the portfolio on a discretionary basls wlthln these guldellnes. With regard to the property holdings, the Trustees, policy is to maintain the portfolio at 8round its current level whllst, 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 2024 the Trust had unreslricled income reserves amounting to £448,070. It Is the Truslees, policy lo 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 lo enable the Trustees lo make one or more particularly substantial grants without prejudicing the Trustees, normal pattern of grant making. The Trust had special income funds of £26,932, which are not available for the general purposes of the charity, and £10.004,345 was held In endowment funds. The lolal funds held at 31 December 2024 were £10,479,347. Factors that ar• likely to affect future flnanclal porformance The Trustees have considered the factors which could impact future financial performance. They consider circumstances which negatively impact the performance of Ihe investment portfolio a5 the most likely to affect Ihe 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 (contlnued) ACHIEVEMENTS AND PERFORMANCE The Trust has expended all of its recurring unreslricted income for the year for charitable and public uses within the City of Sheffield. The Trust's quoted investment income for the year of £290,337 was above the Income benchmark of £275,000, as the level of company dlvldend payments recovered. Rentsl income totalled £81.275 and was lower than the prior year following the sale of two investment properties during 2023. Over the year endowment funds increased from £9.625,8go to £10,004,345. Thls reflected a net gain on quoted investments of £348.473 and profits on disposal of properties totalling £58,365. PLANS FOR FUTURE PERIODS The Trustees plan to continue to 8pport charitable and public good within the Cily of Sheffield, and to maxlmise income while preserving the value of the capilal base adopting an investment strategy of moderate risk. Statement of d18closur¢ of informatlon to audltors The Trustees who held office at the dat8 of approval of this Annual Report each conflrm that: so far as they are aware, there is no relevant audit informatlon (Informatlon needed by the charity's auditors in connection with preparing thelr report) of which the charity's auditors are unaware, and they have taken all Ihe steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audil information and to establish that the charity's auditors are aware of that information. On behalf of th• Trustees, Mr N J A Hutton Town Collecto Date: 19 May 2025
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 appllcable to charits'es in England and Wales requires the Trustees to prepare financial statemen15 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 Twstees are required to- select suitable accounting policies and apply them consistently; observe the methods and princlples In the Charlties SORP 2019 (FRS102); make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed., and prepare the financ181 statements on the golng concern basls unless it is inappropriate to presume that the charity will continue Sn operation. The Trustees are responslble lor keeping prop8r account5ng records that dlsclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Ch8ritles Act 2011. the Charily (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for the preventi( and detection of fraud and other irregularities.
Sheffield Town Trust Independent auditors, report to the Trustees of Sh•ffiald Town Trust Oplnion We have audited Ihe financial statements of Sheffield Town Trust ('the charity,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of cash flows, notes to the financial stalemenls and significant accounting polictes. The financial reporting framework that has been applie(l in their preparation is applicable law and Unite(5 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 financlal statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of Ils incoming resources and application of resources for the year then endeil; have been properly prepared in accordance with United Kingdom Genefally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charitles Act 2011. Ba81$ for oplnlon We conducted our audit in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards afe further described in the Auditor's responsibilities for the audlt 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 Ihe 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 belleve that the audit evidence we have obtained 18 sufflclent and appropriate to provide a basis for our opinlon. Conclusions rnlating to golng concern In auditing the financial statements, we have concluded Ihat 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 Ihe 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 Informallon The other Informallon comprises the information included in the annual report, including the trustees, report, other Ihan the financial statements and our auditor's report Ihereon. The trustees are responsible for Ihe other information contained within Ihe annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report. we do nol express any form of assurance condusion thereon. Our responsibilily is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or olherwise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal there is a material misstatement of Ihis other information, we are required to report that fact. We have nolhing to report in this regard.
Sheffield Town Trust Independent auditors, report to tho Trustees of Sheffield Town Trust (contlnued) Mattèrs on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in Ihe 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 Charrties (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinlon,. Ihe information given in the trustees, report is inconslstent in any material respect wilh the financial statements: or sufficient ac¢ountlng records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all Ihe informalion and explanations we require for our audit. Re8ponslbllltl•s of trust0•8 As explaine<l more fully in the trustees, responslblllties slatement set out on page 7. the trustees are responsible for the preparation of the financial siatemenls and for being satisfied Ihat they glve a true and fair view, and for such internal control as Ihe trustees deteimine Is necessary to enable the preparation of financi81 statements that are free from malerial misslatement. whether due to fraud or error. In preparing the financial statemenls, the trustees are responsible for assessing Ihe charity's ability to continLFe as a going concern, discloslng, as applicable, matters related io going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistlc allernative but to do so. Auditor'8 responslbllltles for tha audlt of tho flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulation5 made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, 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 nol a guaranlee Ihat an audit conducted In accordance with ISAS (UK) will always delect 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 financlal 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 misstatemenls 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 8nd 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 signrficant included FRS 102 and the Charilies Acl 2011, We considered the exlent to which non-compliance with these laws and regulations might have a material effect on the financial slatemenls, including how fraud might occur.
Sheffleld Town Trust Indopondent audltors, report to the Truste•s of Shoffleld Town Trust (continued) We evalualed managemenl's incentives and opportunilies for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that Ihe principal risks were related to the posling of inappropriate journal entries to improve Ihe charty's result for the period, and management bias in key accountiT)g estimates. Audit procedures performed by the engagement team included: Discussions with management and Ihose responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charlty and how the charity complies with thal framework, including consideration of known or suspecte(I Inslances of non-complian with laws and regulations and fraud. Reviewing minutes of Trustee meetings; Identifylng and assessing the design effectiveness of controls that management has in place to prevent and detecl fraud and non-compliance with laws and regulations: Challenging assumptions and judgements made by management In their signrficant accounting estimates. Identifying and testing journal enlrles, in particular any joumal enlries 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 Financlal Reporting Council's website at: www.frc.org.tJkJauditorslaudit-assurancelaudilor-s-responsibililies-for-the-audlt-of- the-fildescriptlon-of-lhe-auditor's-responsibililies-for. This description forms part of our auditor's report, Uso 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 lo the trustees those matters we are required to slate to them in an audilor'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 charlty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Hawsons Chartered Accountants Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD li to Z5 Hawsons Chartered Accountants is eligible for appointment as auditor of the charlty by vlrtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Acl 2006. 10
Sheffield Town Trust Accountlng policies For the year ènded 31 December 2024 Goneral Informatlon and basis of accounting Sheffield Town Trust is a charitable trust registered in England. The registered office is at Knights plc, Sl Pauls Place, 121 Norfolk Street, Sheffield. S12JF. The charity constitutes a public benefil entily as d8fined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charilies: 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), Ihe Charities Act 2011 and UK Generally Accepted Practice. There has been no material depaflure from this standard. The financial statements are prepared on a going concern basis under the historical cost convention. modrfied to include certain ilems at fair value. The significant accounting policies applied in the preparation of these financial slalemenls 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 siatemenis are those of Ihe charity as an individual entity. Funds Unrestricted funds are available for use ai iha discretion of the Trust&es in furtherance of the general objectives of the charity and which have not been designaled for other purposes, Endowment funds fepresent those assets which must be held permanently by Ihe Gharity, Income arising on the endowment funds can be used In accordance with th8 objects of the charity and is included as unreslricted income. Any caplt81 gains or losses arlslng on Ihe Investments form part of the fund. Investrnent management charges and legal advice relating to the fund are charged against the fund. Income All incomlng resources are included in the Stalement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been mel, the amount can be measured reliably and it is probable that the income will be received. L•gacles Where the Deed of Gift requires thal only the income arising from the inveslmenl of the gift Is to be used for the general purposes of the Trust, the gift will be an addition to Pgrmanent Estate. Where the Deed of Glft requires that the gift, andlor the Income arSsing from il. Is to be used for a particular purpose. Ihe gift will be treated as a Speclal Fund. In the absence of any specific requirement in the Deed of Gifl and having regard lo the size andlor circumstance5 of the grft, if the Trustees 50 resolve, the gift will be appropriated as an addition to the Non-Permanent Estate an¢J, rf not. will be trealed 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. 11
Sheffield Town Trust Accountlng policies (continued) For the yèar ended 31 Decernber 2024 Expenditure Expenditure is included on an accruals basls and has been classified under headings that aggregale all costs related to that category. Grants are charged in the statement of flnancial 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 condilional, are shown as commitmenls in note 10 to the financial slatements and treated as payable out of future income. Costs of raising funds comprise those costs dIrelY attributable to managing the investment and property portfolios and raising investment income and rents. Support costs comprise costs for the organlsational running of the Trust includlng the costs of processing applications and grants and other costs integrally involved in meeting the Trust's charitable objectives. Investrnont Incomo Dividends and interest recelvabla are racognlsed when they become recelvable. Investmant propertl•s Investment properties are accounted for at fair value, subject to the existing lenancie5. Professional revaluations are made at five yearly Intervals. Adjustments are made to the valuations in the intervening years where any material rnovement in indivldual 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 financlal activities. Tangible fixed assets These comprlse paintings, silverware, the Town Guns and the Town Colleclorfs badge. They include palntings provided by the Charles Henry Maleham Bequest, and silvervRre donated in the 191h Cantury by Samuel Bailey. The fixed assets are recognised in the balance sheei at valuation based on Insurance values. Gains and losses arising are accounted for in the statement of financial activities. In vlew of the nature of these assets no depreclatlon is charged as Ihe residual value of the assets is nol expected to be less than the amounts included in the balance sheet. Golng concern The financial statement5 have been prepared on a golng 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 expendilure for 12 months from aulhori5ing these financlal statements. The Truslees 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. 12
Sheffleld Town Trust Statement of financial activities For the year ended 31 December 2024 As reslated 2023 Total Funds Income Funds Note Unrestricted Special Endowment funds 2024 Totsl Funds Incoma Donations Rents receivable Investfflent income Interest receivable Total Income 79,500 81,275 289,059 79,500 81,275 290,337 79,500 103,553 282.331 1,278 454,480 1,278 455,758 475.642 Expenditure Raising funds Charilable activities - Other 20,111 394,138 19,100 433,349 28,223 48,334 394,138 19,100 461,572 39,815 438,488 22,000 500,303 Total expenditure 28.223 Net Income l {expendlture) before Investment galns 21,131 1,278 (28,223) (5,814) (24,661) Net galns on investments 160 348,313 348,473 186,191 Profit l (Loss) on investmenl properties 58,365 58,365 {223.885) Not Incom• l (axpandltura) 21,291 1,278 378,455 401,024 (62,3551 Other recognised gains Net gains on revaluation of tangible fixed assets Net movement In funds 21,291 1,278 378,455 401,024 (62,355) Reconclllatlon of funds Total funds brought forward Total funds carried forward 426.779 25,654 26.932 9,625,890 10.004.345 10,078,323 10,479,347 10,140,678 10,078.323 448.070 The charity has no recognlsed gains and losses other than those included in the statement of financial activities above and therefore no separate statement of total recognlsed gains and losses has been presented. There were no discontinued operations. 13
Sheffleld Town Trust Balance sheot as at 31 December 2024 Note 2024 2023 Flx•d assots Tangible assets Investment properties Investments 1,094.058 1,440,000 7,401,689 1,094,058 1,440,000 7,182,012 9,935,747 9.716,070 Currant assets Debtors Investments Cash at bank and in hand 5,197 333,200 283 932 622,329 43,372 122.200 254,708 420,280 Creditors amounts falling due withln one year (78,729) (58,027) Net current assets 543,600 362,253 Net as8•ts 10479 347 10 078 323 Charlty Funds Endowment funds Permanent estate Non-Permanent estate Special fund3 5.308,382 3,569,078 1,126,885 5,053,084 3,449,040 1,123,766 10,004,345 9,625,890 Incomè funds Unrestricted income funds Special funds - accumulated Income Charles Henry Maleham Bequest Harry Fisher Botanical Gardens Fund 448,070 426,779 23,812 3,120 23,115 2,539 475 002 452 433 10,479,347 10,078,323 The financial statements were approved and authorised for issue by the Town Trustees on 19 May 2025 and were signed on their behalf by: Mr GSte Town Trust enson es 14
Sheffleld Town Trust Statement of Cash Flows For the year ended 31 December 2024 2024 2023 Note Net cash flow from operatlng actlvltlos 11 {241,920) {308,010) Cash flow from inv•sting a1vItIeS Receipts from sales of investment properties Payments to acquire investments Receipt5 from sales of investments Investment income Interest received 58,365 (1.748,087) 1,876,883 290,337 4.646 361.125 (1,108,734) 851,836 282,331 10.258 N•t cash flow from Investlng actlvltlos 482,144 396,816 Net Increase In cash and cash •qulval&nts 240,224 88,806 Cash and cash equlvalents at 1 January 376,908 288,102 Cash and cash equlvalents at 31 D•c•mbor 617,132 376.8 15
Sheffield Town Trust Notes to the financial statements for the year ended 31 December 2024 Expenditure As restaled 2023 Ralslng funds 2024 Inveslment management fees Property management costs 42.334 6.000 37,217 2,598 48.334 39,815 Charltable actlvltles Grants pald Annually recurring grants Non-recurring grants Cathedral company of changeringers Sheffield Royal Society for the Blind 94,000 191,611 750 835 92,000 196,926 750 940 287,196 290,616 Support cosls Cosls 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 50,776 4,489 15,714 71,100 4,110 33,494 9,656 129,160 87,980 Other Exp¢ndltur• Rales 18,962 18,712 394,138 438.488 Details of individual grants paid are given in Appendix 1. Other Auditor's fees for audit services Auditor's fees for non-audit services 12.100 7,000 19,100 12.750 9,250 22,000 Trustee remuneratlon The Truslees neither received nor waived any remuneration during th8 year. The Trustees dld not have any expenses reimbursed during the year. 16
Sheffleld Town Trust Notos to the financlal statements for the year ended 31 December 2024 (continued) Tanglble flxed assets Town Collectors Badge Town Guns Palntlngs SIlveare Total Valuation at 1 January 2024 3,000 22,500 1,053,333 15,225 1,094,058 Change in market value At 31 December 2024 3,000 22,500 1,053.333 15.225 1.094,058 TtrE valuation of the paintings is based on the Insurance valualion provided by Sheffield Museums Trust. The Town Collector's badge and the Silverwar6 are valued based on prlor year valuatlons and the Town Guns are induded at a nominal value. Paintings provlded by the Charles Henry Maleham Bequest Tltle of palntlng "Tower of Tattershall" "Fountains Abbey" 'Weathercot Cove" 'Rocky Landscape with Stream" 'Off the Tagus" "8owder Stone. 'The Rainbow" "Miss Queenie Greenwood Chelsea Model" "Distant View of R8ading" "Al John Folhergill's Three Swans" "Sketch on the Norfolk Broads" "A Barn on the Hill" "A Hilly River Scheme" "Dieppe Castle" "Winter's Morning - Cartmell Prlory" "The Laundry Maid" "Portrait of Master Millward" "Portrait of a Lady and a Dog" 'Lady Denharn" 'H.R.H. The Duke of Edinburgh" and preliminary sketch "Portrait of Mad8me Gandarillas" "Smugglers Cave. "The Salmon Leap" "The Penultlmate Pillar" "Near Burnham, Norfolk" 'Landscape with Ruined Castle. Artlst J S Cotman Thomas Girti J M W Turner, R,A, Thomas Gainsborough, R.A. J M W Turner, R.A, Francis Towne Thomas Girtln Sir Wm. Orpen Thos. Hearne Albert Rutherston, A,R,W.S. J Thirtle Alexander C028ns E Dayes Sir Muirhead Bone Claude Muncaster Francis Whealley, R.A. Thomas Phillips, R.A. Joseph Highmore Sir Peter Lely David Jagger Augustus John W Payne. A.R.W.S. W Pars, A.R.A. Deanne Petherbridge R P Boninglon Jan Gabrielsz Sonje The portrait and preliminary sketch of Prince Philip, Duke of Edinburgh are on loan to the Cutlers Company, and Ihe remaining Maleharn pictures, Town Guns and silverware are on loan to the Sheffield Museums Trust, 17
Sheffield Town Trust Notes to the financial statements for the year ended 31 Decembér 2024 (contlnued) InVtrnant propartles Freehold interest in land and buildings- Market value Historical cost Al 1 January 2024 Revaluation 1.440,000 158,593 At 31 December 2024 1.440.000 158,593 Some propertie5 were acquired many years ago with no record of historical cost. The properties were valued by Fowler Sandford, Chartered Surveyors, as at 31 December 2023, al fair value. All investmenl properties are located in the UK. Quoted Inve8tment8 Markel value al beginning of year Market value at end of year Change In market value Additions at cosl Dlsposal proceeds Realised gains Endowment Income fund 6,837,993 344,019 1,748,087 (1,876,883) 80,774 267,539 160 7.057,510 344,179 7,182,012 1,748,087 (1.876,883) 80,774 267,699 7,401,689 Debtors 2024 2023 Rents and recharges receivable Prepayments 1,024 4,173 5,197 39,510 43,372 Creditors 2024 2023 Grants payable Trade creditors Accruals Rents in advance 42.335 12,910 1,723 32,886 10,508 25.886 10,508 78,729 58.027 18
Sheffleld Town Trust Notes to tho flnanclal Statements for the year ended 31 Decernber 2024 (continued) Endowment funds Non Pemianent Estat¢ 2024 P•rman•nt Estate Speclal Funds Total Balance at beginning of year Income Expenditure Movements during the year R82lised gain on quoted investments Unrealised gain on quoted investments Unrealised gain l (loss) on Investment properties Realised gain l (loss) on Inveslment properties Balance at end of year 5.053,084 3.449,040 1,123.766 9.625.890 (17,571) {10,3741 (278) (28,223) 47,948 32,067 759 80,774 166,556 98.345 2,638 267,539 58,365 58,365 5.308,382 3,569,078 1,126,885 10,004,345 Represented by.. Tangible fixed assets Investment properties Quoted investments Cash at bank and on deposit 40,725 600,000 4,393,642 274,015 1,053,333 1,094,058 1,440,000 7,057,510 412,777 840.000 2,594,292 134,786 69,57e 3,976 5,308,382 3.569,078 1.126.885 10,004,345 Non Permanent Eslate 2023 Permanent Estate Speclal Funds Total Balance at beginning of year Income Expenditure Movements during the year Realised gains on quoted Investments Unrealised gain on quoled Inveslmenls Unrealised gain I (loss) on Inve51menl properties Unrealised gain on Tangible fixed a55ets Balance at end of year 4.968,507 3,600,764 1,122,153 9,691,424 (15,170) (9,388) (253) (24,8111 (18,759) (14,450) (342) {33,551) 132,381 82,124 2.208 216,713 25,000 (210,010) (185,010) {38,875) (38,875) 5.053,084 3,449,040 1,123,766 9,625.890 Represented by.. Tangible fixed assets Investment properties Quoted investments Cash at bank and on deposit 40,725 600,000 4,177,057 235,302 1,053,333 1,094,058 1,440,000 6.837,993 253,839 840.000 2,591,270 17,770 69,666 767 5,053,084 3,449.040 1,123.766 9,625,890 19
Sheffleld Town Trust Notes to tho financial statements for the year ended 31 December 2024 {continued) Endowment funds {continued) Non-Pemianent Estate Includes the followlng bequosts: Date and amount of orlglnal bequest Sheffield Female Refuge Soclety Bequest Elizabeth Bramall Bequest Sheffield Boys, Working Home Fund James Edward Sutlon Bequest Miss Edith Bedford 88quest 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 C L Lewls H J Altman D G & G F Young Trust Fund Mrs J M Wlllis Miss J A Connell T J Lodge F E Mounlain Mrs N Saynor Dr P Cooke Grace Thomas 1920 1935 1950 1950 1967 1979 1985 1999 2002 2003 2004 2005 2006 2006 2009 2011 2013 2013 2013 2014 2014 2014 2018 2021 2021 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 s,000 25,000 Speclal funds comprlBe: 2024 2023 Hary Fisher Botanical Gardens Fund Charles Henry Maleham Bequest Daniel Holy's Bequest 1930 1939 1870 14,448 1,070,038 42.399 13.784 1,069.241 40.741 1.126.885 1,123.766 20
Sheffield Town Trust Notes to the flnanclal statements for the year ended 31 Decembor 2024 (contlnued) 9. Income funds Accumulated Income on Speclal Funds 2024 Harry Flghor Botanical Gardens Fund Charlos Honry Maleham Bequest Unrestrlcted Income Funds Total Balance at beginning of year 426,779 23.115 2,539 452,433 Movements during the year Net income for the year Unrealised gain on investments Balance al end of year 21.131 160 697 581 22,409 448,070 23.812 3.120 475,002 Represented by: Investments Deblors Cash at bank and on deposit Creditors 344.179 5.197 177.423 78.729 448,070 344,179 5,197 204,355 78.729 475,002 23,812 3,120 23.812 3,120 2023 Harry Flsher Botanlcal Gardens Fund Charle3 Henry Maloham Bgqu•8t Unrestrl¢t¢d In¢om¢ Funds Total Balance at beginning of year 424.955 22,381 1,918 449.254 Movements during the year Net incorne for the year Unrealised gain on investments Balance at end of year (1.205) 734 621 150 426,779 23.115 2,539 452,433 Represented by: Investments Debtors Cash at bank and on deposil Creditors 344.019 43,372 97,415 (58.027) 426,779 344,019 43,372 123,069 (58,027) 23,115 2,539 23,115 2,539 452.433 21
Sheffield Town Trust Notes to the financial statements for thè year ended 31 December 2024 (continued) 10. Futuro commitments There are no conditional commitments for grants made but not paid during the year totalling £Nil (2023-. £Nil) payable out of the respective future years, income. 11. Reconclllatlon of net {expendlture) to net cash flow from operatlng actlvltle8 2024 2023 Net {expenditur8) for the year 401,024 (62,355) Investment income Interest recelvable (Gains) on investments {Profil> I loss on sale of investment properties Decrease in debtor8 Increase in creditors (290,337) (4,646) {348,473) (58,385) 38,175 20.702 (282,331) {10,258) (186,191) 223,885 56.582 (47,342) Net cash flow from operating actlvities 241,920 308.010 Cash and cash equlvalents Investments Cash at bank and in hand 333,200 283,932 122,200 254,708 617,132 376,908 12. Related party transaction6 A number of Trustees are also Trustees of other charitles, some of which occasionally apply for grants from the Trust. In such cases the Trustees involved do not control or have a signlficanl inlerest in these other charities and are anyway excluded from participating in the decision-making process with regard to the potentlal award of such grants. Mr N J A Hutton and Mr O G Stephenson are Trustee3 of the charity and are also Truslees of Shrewsbury Hospital Trust, anolher locally based charily. During Ihe year Sheffield Town Trust received a donation of £79.500 from Shrewsbury Hospltal Trust. The donation was used to augment grants made by the Trust. 13. Restatement of comparatlves The comparative figures have been restated to gross up income from rents recelvable and include outgoings wilhin expenditur8 on charilable activities. The restatement had no effect on Ihe net movement of funds In 2023 and no effect on the funds brought forward at 1 January 2023. 22
Sheffleld Town Trust Grants Year ended 31 December 2024 Appendix 1 Annually recurrlng grants Age UK Sheffield Aspire Communily Enterprises (Sheffield) ASSIST Sheffield Aulistic Children and Carers Together Ben's Centre for Vulnerable People Bloom Sheffield CIC Cathedral Archer Prolect Cavendish Cancer Care City of Sheffield Diving Club Classical Sheffield CRESST Darnall Dernentia Trust DECSY (Development Global Learnlng) Emmaus Sheffield Fareshare Yorkshire Galeed House DATIC Trust Greentop Community Circus Centre GROW Heeley City Farm Labre's Hope Light Peer Support Listening Books MHA Communlties S Yorkshire & Bassetlaw Paces Sheffield Park Community Actlon Parson Cross Communlty Developmeni Forum Project Buzz REACT Roundabout Ltd Saffron Sheffield SAGE Support Arts Gardening Education Share Psychotherapy Sheffield and Rotherham Wildlife Trust Sheffield Autistic Society Sheffield Family Holiday Fund Sheffield General Cemelery Trust {'SGCT') Sheffield ME and Fibromyalgia Group Sheffield Rape and Sexual Abuse Centre (SRASAC) Sheffield Young Carers South Yorkshire Chaplaincy and Listening Servlc8S St Matys (Bramall Lane) Community Centre St Vincent's Furniture Project sieel City Choristers Support through Court The Family Works The Snowdrop Project Under the Stars Voluntary Action Sheffield (VAS) Whirlow Hall Farm Trust Young Lives vs Cancer 2.000 1,500 2,500 2.500 2,000 1,500 3,000 2,500 1,500 1,500 1,500 1,500 1,500 2,500 1,500 2,000 1,500 1,500 2,500 2,000 1,500 1,500 2.500 3.000 2.000 2.000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 1,500 1,500 1,500 2.000 1,500 3,000 1,500 2,000 3,000 1,500 1,500 1,500 2,000 1,500 1,500 1,500 1,500 94,000 23
Sheffleld Town Trust Grant5 Year ended 31 December 2024 Appendix 1 (continued) Non-recurrlng grants 4SLC Adira Anomaly Arts Collective CIC Asslst Sheffield Ben's Centre for Vulnerable People Bingham Park Communily Group Bluebell Wood Children's Hospice Bradfield Festival of Music Brainslrust Brightside Nl School Caudwell Children Cavendish Cancer Care Chance to Dance Charity of Mary Ann Rawson Children with Cystic Fibrosis Christ Church Pilsmoor Community Safety Education Cultural Inclusive CIC Oame Kelly Holmes Trust Darnall Well Being Early Life Enterprise Ecclesfield Spartans JFC Emmaus Catholic & C of E Primary School Friends of Parkwood Springs Friends of Concord & Woolley Wood Friends of Abbeyfield Park Friends of Greenhill Gallery Goalball UK Hallam Sinfonia Heeley City Farm Horn of Africa Charity Org Hunters Archaeological Society International Documentary Festival Life afler Crisis Loxley Silver Band Loxley Valley Community Farm Manor Community Transport Mercia Learning Trust MHA Communities South Yorkshire Millhouses Junior Parkrun New Hope Community Church Open Kitchen Social Club Oughtibridge War Memorial Sports Club 2,500 2,000 2,370 3.000 3,000 5,000 5,000 1,000 1,500 3,500 1,000 3,000 1,500 3,000 500 4,985 2,400 5,000 3,000 3,000 2,500 1,000 1,500 2,839 1.000 2,000 1,500 3,000 1,800 2,000 2,000 2,500 3,000 1,500 2,070 1,750 2,500 3,000 3,000 1,000 2,600 2,000 2,000 Carried forward 104,314 24
Sheffield Town Trust Grants Year ended 31 December 2024 Appendix 1 (continued) Non-r¢¢urrlng grants Brought forwar 104.314 Owlthorpe Fields Conservation Group Parson Cross Initiative Re- Water CIC Roundabout Ltd SADACCA School Food Matters Seven Hills Special School Sharrow Festival Sheffield Countryside Conservation Trust Sheff181d Family Holiday Fund Sheffield Food Chain Sheffleld Home of Football Sheffield Hospitals Charity Sheffield ME & Fibromyalgia Sheffield Poverty Truth Sheffield Theatres Trust Sheffield Women's Aid Soundpost Community Network South Yorkshire Chaplaincy South Yorkshire Industrial History Society CIO South Yorkshlra Visually Impalred Tennis Club St Luke's Hospice St Matthew's PaTish Nursing Project St Paul's Church St Polycarp's Stannington Brass Band Sunrit Culture Group Support Arts Gardenlng Education SuNivor5 of Depresslon The Art Works Gallery The Choir with no Name The Neurofibromatosis Assoclalion Va Neple Tumours UK Utopia Theatre Wales Community Theatre Players Westwood 2015 1,500 2,695 500 2,500 650 2,500 4,000 2,000 3,000 2,000 750 1,278 5,000 1,500 5,000 1.700 5.000 2,000 2,860 3,000 2,500 3,400 3,000 1,350 3,000 2,000 2,000 2,940 2,000 2,964 3,000 2,000 3,000 3,000 1,710 191,611 25