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 8￿pport 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 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