## **Sheffield Town Trust**
**Reports and financial statements For the year ended 31 December 2025**
**Charity registration number 223760**
## **Sheffield Town Trust**
## **Reports and financial statements**
## **For the year ended 31 December 2025**
|**Contents**|**Page**|
|---|---|
|Trustees and officers|1 – 2|
|Trustees’ report|3 – 6|
|Statement of trustees’ responsibilities|7|
|Independent auditors’ report|8 – 10|
|Accounting policies|11 – 12|
|Statement of financial activities|13|
|Balance sheet|14|
|Statement of Cash Flows|15|
|Notes to the financial statements|16 – 22|
|Appendix 1 – Grants|23 – 25|
## **Sheffield Town Trust**
## **Trustees and officers**
## **Charity Commission Registration Number: 223760**
## **Town Trustees:**
## **Jane Madeleine Ferretti, MA, PGCE**
Town Collector 2026 - (Elected February 2007)
**Nicholas James Anthony Hutton, MBE**
Town Collector 2023 - 2025 (Elected November 2005)
**Penelope Mary Jewitt**
Town Collector 2014 – 2017 (Elected February 1999)
## **James William Fulton**
Town Collector 2017 – 2020 (Elected February 1999)
**Oliver George Stephenson, MA (Hons), MBA** (Elected November 2006)
## **Dr Julie MacDonald, DL**
(Elected February 2014)
**Zahid Hamid, MBE** (Elected February 2014)
## **Mark Quentin Swales, MSc, FInstLM**
(Elected February 2014)
**Jason Rupert Heath, BA** (Elected November 2014)
## **Peter Conway Hartland, BSc (Hons), ACA**
(Elected May 2023)
**Heather Ann Manning, BA (Hons), PgDL** (Elected November 2023)
## **Dr Richard Matthew Foster, MB, CHB, MRCGP**
(Elected November 2023)
**Professor Jaydip Ray, FRCS, MB, CHB**
(Elected November 2025)
1
## **Sheffield Town Trust**
## **Trustees and officers (continued)**
**Law Clerk: Paul Trudgill, LLB** 1 St Paul’s Place, 121 Norfolk Street, Sheffield, S1 2JF **Surveyor: Jeremy Robinson, BSc, MRICS** Abbey House, 11 Leopold Street, Sheffield, S1 2GY **Investment Rathbones Advisers:** Beech House, 61 Napier Street, Sheffield, S11 8HA **Auditors: Hawsons Chartered Accountants** Pegasus House, 463a Glossop Road, Sheffield, S10 2QD **Bankers: Virgin Money** 66 Fargate, Sheffield, S1 2HE
2
## **Sheffield Town Trust**
## **Trustees’ report**
The Town Trustees present their report and financial statements of the Sheffield Town Trust for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
## **History of the constitution of the Trust**
The Sheffield Town Trust was established on 10 August 1297 by Thomas de Furnival, Lord of Hallamshire. The original deed was modified by a Decree of the Commissioners of Charitable Uses enacted in 1681 and by the Sheffield Town Trustee Act 1873 from which the Trustees derive their authority.
## **Trustees and administration**
The original deed stipulates that there shall be thirteen Trustees and that they shall elect one of their number to be Town Collector (Chairman). The names of the Trustees who served during the year ended 31 December 2025 are listed on page 1.
New Trustees are elected by the Freeholders of the Township of Sheffield who are resident or who occupy a rateable tenement in the Parish of Sheffield. Any person who is resident or who carries on business in or near Sheffield is eligible for election as a Trustee.
Candidates for election as Trustees are sought by advertisement in the local press and by such other methods, including suggestions by the existing Trustees, as may be decided by them. New Trustees are inducted by interview with the Law Clerk and trained by joint consideration of applications for grants with existing Trustees and reports on such applications to the other Trustees.
Trustees' meetings are held four times a year and they are advised by the Law Clerk on legal matters and by other appropriate professional advisors in respect of the trust property and quoted investments. The day to day administration is carried out by the Law Clerk.
All decisions of the Sheffield Town Trust are made by the Town Trustees at their quarterly meetings _._
## **Capital funds**
The capital funds of the Trust comprise:
**Permanent Estate** of which only the income may be distributed.
**Non Permanent Estate** of which both capital and income may be distributed. As a matter of current policy the Trustees do not, however, distribute the capital.
**Special Funds** which are earmarked for the following specific purposes:
**Harry Fisher Botanical Gardens Fund** for the maintenance and improvement of Sheffield Botanical Gardens.
**Charles Henry Maleham Bequest** for the purchase of pictures to be hung in a building in Sheffield. The pictures are mainly on loan to the Sheffield Museums Trust.
**Daniel Holy’s Bequest** for the maintenance and carrying on of the Blind Asylum or Institution in West Street, Sheffield. In practice the annual income of the bequest is paid to the Blind Asylum, which is now the Sheffield Royal Society for the Blind of 5 Mappin Street, Sheffield, S1 4DT.
3
## **Sheffield Town Trust**
## **Trustees’ report (continued)**
## **Risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees have adopted specific written policies with regards to risk, conflict of interest and complaints.
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
The Trustees have complied with the duty in S.4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
## **Objects**
The objects of the Trust are 'charitable and public uses within the City of Sheffield'. The Trustees are not, however, empowered to make grants to individual persons and the income from the Bailey Endowment may not be used for ecclesiastical purposes.
Applications for non-recurring grants are made through the Trust’s website at www.sheffieldtowntrust.org which is regularly updated to publicise the Trust’s grant giving. Applications are investigated by one or more Trustees who report to the quarterly meetings of the Trustees. Annually recurring grants are reviewed every three years.
The main objective of the Trustees continues to be the distribution of the whole of their income to the objects of the Trust.
The Trustees try to ensure that as many local charities and organisations as possible are aware of their existence and objectives.
In the case of charities the Trustees prefer to make grants to registered charities organised and managed locally rather than nationally.
## **Activities**
These are dealt with in the Financial Review.
## **FINANCIAL REVIEW**
## **Review of activities during 2025**
The income arising on income funds was £420,759 comprising rents, investment income, interest and donations from The Hospital of Gilbert, Earl of Shrewsbury at Sheffield (Shrewsbury Hospital Trust). Grants paid amounted to £330,802 and investment management costs, governance costs and support costs were £165,426 leaving a net loss before net gains on investment assets of £46,112. This comprises net income of £1,142 on special income funds and net expenditure of £47,254 on unrestricted income funds.
Grants were made up as follows:
|Number
Annually recurring Grants
50
Non Recurring Grants
87
Cathedral Company of Changeringers
1
Sheffield Royal Society for the Blind
1|2025
£
Number
94,000
50
235,342
78
750
1
710
1
330,802|2024
£
94,000
191,611
750
835|
|---|---|---|
|||287,196|
4
## **Sheffield Town Trust**
## **Trustees’ report (continued)**
## **Unrestricted Endowment Funds**
The income arising on endowment funds was £Nil with expenditure of £29,357.
## **Investment of capital**
The Trustees' investment policy is to maximise income whilst preserving the value of the capital base, adopting an investment strategy of moderate risk. The Trustees believe this is consistent with their objectives of maximising amounts available for distribution whilst maintaining, in perpetuity, the funds to generate this income.
A finance and property committee of the Trustees meets on not less than 3 occasions each year and reviews investment performance every six months with the Trust’s investment advisers to review investment performance. It is the Trust policy that the portfolio mix will fall within the following broad planning ranges:
|Fixed Interest|15% - 35%|
|---|---|
|Equities|45% - 90%|
|Commercial Property|0% - 10%|
|Alternative Investments|0% - 10%|
|Cash|0% - 10%|
Benchmark returns for income are set on an annual basis taking account of prevailing market conditions; where appropriate this may involve altering the level of funds held in cash. Benchmark capital returns, after charging management fees, are as follows:
|Gilts and fixed interest|
:|BofA Global Broad Market Index|
|---|---|---|
|UK Equities|:|FTSE Share Index|
|International funds|:|FTSE All World Index (excl. UK)|
|Commercial Property|:|FTSE All Share REITs Index|
|Alternative Investments|:|UK CPI|
The investment advisers manage the portfolio on a discretionary basis within these guidelines.
With regard to the property holdings, the Trustees’ policy is to maintain the portfolio at around its current level whilst, acting on the advice of an independent surveyor, reviewing ways to improve the quality of the portfolio and maximise income returns.
## **Reserves**
At 31 December 2025 the Trust had unrestricted income reserves amounting to £443,816. It is the Trustees' policy to maintain unrestricted reserves at this level partly so that the level of grants in the immediate future can be sustained in the event of any unforeseen fall in incoming resources and partly to enable the Trustees to make one or more particularly substantial grants without prejudicing the Trustees' normal pattern of grant making. The Trust had special income funds of £28,074, which are not available for the general purposes of the charity, and £10,101,919 was held in endowment funds. The total funds held at 31 December 2025 were £10,573,809.
## **Factors that are likely to affect future financial performance**
The Trustees have considered the factors which could impact future financial performance. They consider circumstances which negatively impact the performance of the investment portfolio as the most likely to affect the future financial performance of the Trust.
## **Fundraising**
The Trust does not carry out significant fundraising activities, nor does it employ anyone to carry out fundraising activities on its behalf.
5
## **Sheffield Town Trust**
## **Trustees’ report (continued)**
## **ACHIEVEMENTS AND PERFORMANCE**
The Trust has expended all of its recurring unrestricted income for the year for charitable and public uses within the City of Sheffield.
The Trust’s quoted investment income for the year of £259,625 was below the income benchmark of £285,000. Rental income totalled £79,743 and was lower than the prior year.
Over the year endowment funds increased from £9,410,512 to £10,101,919. This reflected a net gain on quoted investments of £717,614 and profits on disposal of properties totalling £3,150.
## **PLANS FOR FUTURE PERIODS**
The Trustees plan to continue to support charitable and public good within the City of Sheffield, and to maximise income while preserving the value of the capital base adopting an investment strategy of moderate risk.
## **Statement of disclosure of information to auditors**
The Trustees who held office at the date of approval of this Annual Report each confirm that:
- so far as they are aware, there is no relevant audit information (information needed by the charity’s auditors in connection with preparing their report) of which the charity’s auditors are unaware, and
- they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
## **On behalf of the Trustees,**
## …………………………… **J M Ferretti Town Collector**
Date: 18 May 2026
6
## **Sheffield Town Trust**
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
7
## **Sheffield Town Trust**
## **Independent auditors’ report to the Trustees of Sheffield Town Trust**
## **Opinion**
We have audited the financial statements of Sheffield Town Trust (‘the charity’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of cash flows, notes to the financial statements and significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
8
## **Sheffield Town Trust**
## **Independent auditors’ report to the Trustees of Sheffield Town Trust (continued)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 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 misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The charity is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charity and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102 and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur.
9
## **Sheffield Town Trust**
## **Independent auditors’ report to the Trustees of Sheffield Town Trust (continued)**
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the charity’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
- Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reviewing minutes of Trustee meetings;
- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
- Challenging assumptions and judgements made by management in their significant accounting estimates.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-ofthe-fi/description-of-the-auditor’s-responsibilities-for. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Hawsons Chartered Accountants
Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD
```
22/06/2026
```
Hawsons Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
10
## **Sheffield Town Trust**
## **Accounting policies**
## **For the year ended 31 December 2025**
## **General information and basis of accounting**
Sheffield Town Trust is a charitable trust registered in England. The registered office is at Knights plc, St Pauls Place, 121 Norfolk Street, Sheffield, S1 2JF.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice. There has been no material departure from this standard.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The presentation currency is United Kingdom pounds sterling. The financial statements are those of the charity as an individual entity.
## **Funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital 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 fund.
## **Income**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
## **Legacies**
Where the Deed of Gift requires that only the income arising from the investment of the gift is to be used for the general purposes of the Trust, the gift will be an addition to **Permanent Estate.**
Where the Deed of Gift requires that the gift, and/or the income arising from it, is to be used for a particular purpose, the gift will be treated as a **Special Fund.**
In the absence of any specific requirement in the Deed of Gift and having regard to the size and/or circumstances of the gift, if the Trustees so resolve, the gift will be appropriated as an addition to the **Non-Permanent Estate** and, if not, will be treated as income.
Legacies are recognised in the financial statements when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
11
## **Sheffield Town Trust**
## **Accounting policies (continued)**
## **For the year ended 31 December 2025**
## **Expenditure**
Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to that category.
Grants are charged in the statement of financial activities in the year in which they are due for payment. Grants agreed during the year but due for payment in future years, or grants which are conditional, are shown as commitments in note 10 to the financial statements and treated as payable out of future income.
Costs of raising funds comprise those costs directly attributable to managing the investment and property portfolios and raising investment income and rents.
Support costs comprise costs for the organisational running of the Trust including the costs of processing applications and grants and other costs integrally involved in meeting the Trust’s charitable objectives.
## **Investment income**
Dividends and interest receivable are recognised when they become receivable.
## **Investment properties**
Investment properties are accounted for at fair value, subject to the existing tenancies. Professional revaluations are made at five yearly intervals. Adjustments are made to the valuations in the intervening years where any material movement in individual property is known to have occurred as assessed by the acting surveyor. Fair value adjustments are accounted for in the statement of financial activities.
## **Quoted investments**
Quoted investments are accounted for at market value at the accounting date and gains and losses arising are accounted for in the statement of financial activities.
## **Tangible fixed assets**
These comprise paintings, silverware, the Town Guns and the Town Collector's badge. They include paintings provided by the Charles Henry Maleham Bequest, and silverware donated by the late Samuel Bailey.
The fixed assets are recognised in the balance sheet based on independent valuations. Gains and losses arising are accounted for in the statement of financial activities.
In view of the nature of these assets no depreciation is charged as the residual value of the assets is not expected to be less than the amounts included in the balance sheet.
## **Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The Trustees believe that the expected income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
12
## **Sheffield Town Trust**
## **Statement of financial activities**
## **For the year ended 31 December 2025**
|Income Funds
Note
Unrestricted
Special
£
£
**Income**
- Donations
79,500
-
- Rents receivable
79,743
-
- Investment income
258,483
1,142
- Interest receivable
1,891
-
**Total income**
419,617
1,142
**Expenditure**
1
- Raising funds
20,678
-
- Charitable activities
428,493
-
- Other
17,700
-
**Total expenditure**
466,871
-
**Net income / (expenditure)**
**before investment gains**
(47,254)
1,142
- Net gains on investments
43,000
-
- Profit on investment properties
-
-
**Net income / (expenditure)**
(4,254)
1,142
**Other recognised gains**
- Net gains on revaluation of
-
-
tangible fixed assets
**Net movement in funds**
(4,254)
1,142
**Reconciliation of funds**
**Total funds brought forward**
448,070
26,932
**Total funds carried forward**
443,816
28,074|Endowment
funds
£
-
-
-
-
29,357
-
-
29,357
(29,357)
717,614
3,150
691,407
-
691,407
9,410,512
10,101,919|
2025
Total Funds
£
79,500
79,743
259,625
1,891
420,759
50,035
428,493
17,700
496,228
(75,469)
760,614
3,150
688,295
-
688,295
9,885,514
10,573,809||As restated
2024
Total Funds
£
79,500
81,275
290,337
4,646|
|---|---|---|---|---|
|||||455,758|
|||||48,334
394,138
19,100|
|||||461,572|
|||||(5,814)
348,473
58,365|
|||||401,024
-|
|||||401,024
9,484,490|
|||||9,885,514|
The charity has no recognised gains and losses other than those included in the statement of financial activities above and therefore no separate statement of total recognised gains and losses has been presented. There were no discontinued operations.
13
## **Sheffield Town Trust**
## **Balance sheet as at 31 December 2025**
|Note
**Fixed assets**
Tangible assets
3
Investment properties
4
Investments
5
**Current assets**
Debtors
6
Investments
Cash at bank and in hand
Creditors : amounts falling due within one year
7
Net current assets
**Net assets**
**Charity Funds**
**Endowment funds**
8
Permanent estate
Non-Permanent estate
Special funds
**Income funds**
9
Unrestricted income funds
Special funds – accumulated income
Charles Henry Maleham Bequest
Harry Fisher Botanical Gardens Fund|2025
£
500,225
1,440,000
8,509,431
10,449,656
11,934
-
201,336
213,270
(89,117)
124,153
10,573,809
5,745,828
3,816,404
539,687
10,101,919
443,816
24,435
3,639
471,890
10,573,809|As restated
2024
£
500,225
1,440,000
7,401,689|
|---|---|---|
|||9,341,914
5,197
333,200
283,932|
|||622,329
(78,729)|
|||543,600|
|||9,885,514|
|||5,308,382
3,569,078
533,052|
|||9,410,512|
|||448,070
23,812
3,120|
|||475,002|
|||9,885,514|
The financial statements were approved and authorised for issue by the Town Trustees on 18 May 2026 and were signed on their behalf by:
………………………….
## **J M Ferretti**
………………………….
**P Hartland ACA** Town Trustees
14
## **Sheffield Town Trust**
## **Statement of Cash Flows**
## **For the year ended 31 December 2025**
|Note
**Net cash flow from operating activities**
11
**Cash flow from investing activities**
Receipts from sale of investment properties
Payments to acquire investments
Receipts from sales of investments
Investment of money market funds
Investment income
Interest received
**Net cash flow from investing activities**
**Net (decrease)/increase in cash and cash equivalents**
**Cash and cash equivalents at 1 January**
**Cash and cash equivalents at 31 December**|2025
£
(333,334)
3,150
(675,265)
710,447
(382,310)
259,625
1,891
(82,462)
(415,796)
617,132
201,336|2024
£
(241,920)|
|---|---|---|
|||58,365
(1,748,087)
1,876,883
-
290,337
4,646|
|||482,144|
|||240,224
376,908|
|||617,132|
15
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025**
|**1.**
**Expenditure**
**Raising funds**
Investment management fees
Property management costs
**Charitable activities**
**Grants paid**
Annually recurring grants
Non-recurring grants
Cathedral company of changeringers
Sheffield Royal Society for the Blind
**Support costs**
Costs of processing grants:
- Law clerk’s fees
Other support costs:
- Law clerk’s fees
- Book-keeping services
- Other legal and professional fees
- Miscellaneous
Other expenditure
Details of individual grants paid are given in Appendix 1.
**Other**
Auditors’ fees for audit services
Auditors’ fees for non-audit services|2025
£
44,035
6,000
50,035
94,000
235,342
750
710
330,802
10,800
50,459
4,458
6,260
6,752
78,729
18,962
428,493
10,700
7,000
17,700|2024
£
42,334
6,000|
|---|---|---|
|||48,334|
|||94,000
191,611
750
835|
|||287,196
10,800
50,776
4,489
15,714
6,201|
|||87,980|
|||18,962|
|||394,138|
|||12,100
7,000|
|||19,100|
## **2. Trustee remuneration**
The Trustees neither received nor waived any remuneration during the year. The Trustees did not have any expenses reimbursed during the year.
16
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
|**3.**
**Tangible fixed assets**
Valuation at 1 January 2025
Change in market value
At 31 December 2025|**Town**
**Guns**
£
3,000
-
3,000|**Town**
**Collectors**
**Badge**
£
22,500
-
22,500|**Paintings**
£
459,500
-
459,500|As restated
**Silverware**
**Total**
£
£
15,225
500,225
-
-
15,225
500,225|
|---|---|---|---|---|
The valuation of the paintings is based on an independent valuation undertaken after the year end. The Town Collector’s badge and the Silverware are valued based on prior year valuations and the Town Guns are included at a nominal value.
## **Paintings provided by the Charles Henry Maleham Bequest**
**Title of painting** "Tower of Tattershall" "Fountains Abbey" "Weathercot Cove" "Rocky Landscape with Stream" "Off the Tagus" "Bowder Stone" "The Rainbow" "Miss Queenie Greenwood Chelsea Model" "Distant View of Reading" "At John Fothergill’s Three Swans" "Sketch on the Norfolk Broads" "A Barn on the Hill" "A Hilly River Scheme" "Dieppe Castle" "Winter’s Morning – Cartmell Priory" "The Laundry Maid" "Portrait of Master Millward" "Portrait of a Lady and a Dog" "Lady Denham" "H.R.H. The Duke of Edinburgh" and preliminary sketch "Portrait of Madame Gandarillas" "Smugglers Cave" "The Salmon Leap" "The Penultimate Pillar" "Near Burnham, Norfolk" “Landscape with Ruined Castle”
**Artist** J S Cotman Thomas Girtin J M W Turner, R.A. Thomas Gainsborough, R.A. J M W Turner, R.A. Francis Towne Thomas Girtin Sir Wm. Orpen Thos. Hearne Albert Rutherston, A.R.W.S. J Thirtle Alexander Cozens E Dayes Sir Muirhead Bone Claude Muncaster Francis Wheatley, 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 Bonington Jan Gabrielsz Sonje
The portrait and preliminary sketch of Prince Philip, Duke of Edinburgh are on loan to the Cutlers Company, and the remaining Maleham pictures, Town Guns and silverware are on loan to the Sheffield Museums Trust.
17
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
## **4. Investment properties**
Freehold interest in land and buildings:
|At 1 January 2025
Revaluation
At 31 December 2025|Market
value
£
1,440,000
-
1,440,000|Historical
cost
£
158,593
-|
|---|---|---|
|||158,593|
Some properties 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, at fair value. All investment properties are located in the UK.
## **5. Quoted investments**
|Market
value at
beginning
of year
£
Endowment
7,057,510
Income fund
344,179
7,401,689
**6.**
**Debtors**
Rents and recharges receivable
Other Debtors
Prepayments
**7.**
**Creditors**
Grants payable
Accruals
Rents in advance|Additions
and
transfers
at cost
£
1,057,575
-
1,057,575|Disposal
proceeds
£
(710,447)
-
(710,447)|Realised
gains
£
69,209
-
69,209||Change in
market
value
£
648,405
43,000
691,405
2025
£
1,887
6,284
3,763
11,934
2025
£
48,210
30,399
10,508
89,117|Market
value at
end of
year
£
8,122,252
387,179
8,509,431
2024
£
1,024
-
4,173|
|---|---|---|---|---|---|---|
|||||||5,197|
|||||||2024
£
42,335
25,886
10,508|
|||||||78,729|
18
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
## **8. Endowment funds**
|**2025**
Balance at beginning of year
Income
Expenditure
Movements during the year
Realised gain on quoted
investments
Unrealised gain on quoted
investments
Realised gain / (loss) on
Investment properties
Balance at end of year
Represented by:
Tangible fixed assets
Investment properties
Quoted investments
Cash at bank and on deposit
**2024 (as restated)**
Balance at beginning of year
Income
Expenditure
Movements during the year
Realised gain on quoted
Investments
Unrealised gain on quoted
Investments
Realised gain / (loss) on
Investment properties
Balance at end of year
Represented by:
Tangible fixed assets
Investment properties
Quoted investments
Cash at bank and on deposit||**Permanent**
**Estate**
£
5,308,382
-
(18,525)
43,672
409,149
3,150
5,745,828
40,725
600,000
5,125,230
(20,127)
5,745,828
**Permanent**
**Estate**
£
5,053,084
-
(17,571)
47,948
166,556
58,365
5,308,382
40,725
600,000
4,393,642
274,015
5,308,382|
|**Non**
**Permanent**
**Estate**
£
3,569,078
-
(10,549)
24,870
233,005
-
3,816,404
-
840,000
2,918,735
57,669
3,816,404
**Non**
**Permanent**
**Estate**
£
3,449,040
-
(10,374)
32,067
98,345
-
3,569,078
-
840,000
2,594,292
134,786
3,569,078|**Special**
**Funds**
£
533,052
-
(283)
667
6,251
-
539,687
459,500
-
78,287
1,900
539,687
**Special**
**Funds**
£
529,933
-
(278)
759
2,638
-
533,052
459,500
-
69,576
3,976
533,052|**Total**
£
9,410,512
-
(29,357)
69,209
648,405
3,150|
|---|---|---|---|---|---|---|
|||||||10,101,919|
|||||||500,225
1,440,000
8,122,252
39,442|
|||||||10,101,919|
|||||||**Total**
£
9,032,057
-
(28,223)
80,774
267,539
58,365|
|||||||9,410,512|
|||||||500,225
1,440,000
7,057,510
412,777|
|||||||9,410,512|
19
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
## **8. Endowment funds (continued)**
**Non-Permanent Estate includes the following bequests:**
||**Date and amount of original bequest**|**Date and amount of original bequest**|
|---|---|---|
|||£|
|Sheffield Female Refuge Society Bequest|1920|2,400|
|Elizabeth Bramall Bequest|1935|9,000|
|Sheffield Boys’ Working Home Fund|1950|10,500|
|James Edward Sutton Bequest|1950|2,100|
|Miss Edith Bedford Bequest|1967|1,683|
|J C and E M Wood Fund|1979|38,000|
|William Ellis Bequest|1985|22,722|
|Mrs G M Watts-Jones|1999|2,000|
|S M de Bartolome|2002|10,000|
|Florrie Tomlinson Bequest|2003|11,177|
|G F Young|2004|25,000|
|A H Connell|2005|5,000|
|Wood and Parker Trust|2006|19,114|
|E M Wood Fund|2006|71,554|
|Mrs F M Craven|2009|1,000|
|C L Lewis|2011|148,789|
|H J Altman|2013|6,556|
|D G & G F Young Trust Fund|2013|110,809|
|Mrs J M Willis|2013|89,648|
|Miss J A Connell|2014|32,080|
|T J Lodge|2014|172,073|
|F E Mountain|2014|93,186|
|Mrs N Saynor|2018|11,209|
|Dr P Cooke|2021|5,000|
|Grace Thomas|2021|25,000|
|**Special funds comprise:**
Harry Fisher Botanical Gardens Fund
1930
Charles Henry Maleham Bequest
1939
Daniel Holy’s Bequest
1870|2025
£
15,860
477,898
45,929
539,687|As restated
2024
£
14,448
476,205
42,399|
|---|---|---|
|||533,052|
20
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
## **9. Income funds**
|**Income funds**
**2025**
Balance at beginning of year
Movements during the year
Net (expenditure) /income for the
year
Unrealised gain on investments
Balance at end of year
**Represented by:**
Investments
Debtors
Cash at bank and on deposit
Creditors
**2024**
Balance at beginning of year
Movements during the year
Net income for the year
Unrealised gain on investments
Balance at end of year
**Represented by:**
Investments
Debtors
Cash at bank and on deposit
Creditors|**Unrestricted**
**Income**
**Funds**
£
448,070
(47,254)
43,000
443,816
387,179
11,934
133,820
(89,117)
443,816
**Unrestricted**
**Income**
**Funds**
£
426,779
21,131
160
448,070
344,179
5,197
177,423
(78,729)
448,070|**Accumulated income**
**on Special Funds**
**Harry**
**Charles**
**Fisher**
**Henry**
**Botanical**
**Maleham**
**Gardens**
**Bequest**
**Fund**
£
£
23,812
3,120
623
519
-
-
24,435
3,639
-
-
-
-
24,435
3,639
-
-
24,435
3,639
**Harry**
**Charles**
**Fisher**
**Henry**
**Botanical**
**Maleham**
**Gardens**
**Bequest**
**Fund**
£
£
23,115
2,539
697
581
-
-
23,812
3,120
-
-
-
-
23,812
3,120
-
-
23,812
3,120|**Accumulated income**
**on Special Funds**
**Harry**
**Charles**
**Fisher**
**Henry**
**Botanical**
**Maleham**
**Gardens**
**Bequest**
**Fund**
£
£
23,812
3,120
623
519
-
-
24,435
3,639
-
-
-
-
24,435
3,639
-
-
24,435
3,639
**Harry**
**Charles**
**Fisher**
**Henry**
**Botanical**
**Maleham**
**Gardens**
**Bequest**
**Fund**
£
£
23,115
2,539
697
581
-
-
23,812
3,120
-
-
-
-
23,812
3,120
-
-
23,812
3,120||**Total**
£
475,002
(46,112)
43,000|
|---|---|---|---|---|---|
||||||471,890|
||||||387,179
11,934
161,894
(89,117)|
||||3,639
**Harry**
**Fisher**
**Botanical**
**Gardens**
**Fund**
£
2,539
581
-
3,120
-
-
3,120
-
3,120||471,890|
||||||**Total**
£
452,433
22,409
160|
||||||475,002|
||||||344,179
5,197
204,355
(78,729)|
||||||475,002|
21
## **Sheffield Town Trust**
## **Notes to the financial statements for the year ended 31 December 2025 (continued)**
## **10. Future commitments**
There are no conditional commitments for grants made but not paid during the year totalling £Nil (2024: £Nil) payable out of the respective future years’ income.
## **11. Reconciliation of net income to net cash flow from operating activities**
|Net income for the year
Investment income
Interest receivable
(Gains) on investments
(Profit) on sale of investment properties
(Increase) / Decrease in debtors
Increase in creditors
Net cash flow from operating activities|2025
£
688,295
(259,625)
(1,891)
(760,614)
(3,150)
(6,737)
10,388
(333,334)|2024
£
401,024
(290,337)
(4,646)
(348,473)
(58,365)
38,175
20,702|
|---|---|---|
|||(241,920)|
## **12. Related party transactions**
A number of Trustees are also Trustees of other charities, some of which occasionally apply for grants from the Trust. In such cases the Trustees involved do not control or have a significant interest in these other charities and are anyway excluded from participating in the decision-making process with regard to the potential award of such grants.
Mr N J A Hutton and Mr O G Stephenson are Trustees of the charity and are also Trustees of Shrewsbury Hospital Trust, another locally based charity. During the year Sheffield Town Trust received a donation of £79,500 from Shrewsbury Hospital Trust. The donation was used to augment grants made by the Trust.
## **13. Restatement of comparatives**
The comparative figures have been restated to amend the basis of valuation of the paintings held within fixed assets. The restatement had no effect on the net movement of funds in 2024 but decreased the special endowment funds brought forward at 1 January 2024 by £593,833.
|Paintings
Valuation at 1 January 2024 and 31 December 2024 (as previously reported)
Restatement of valuation
Restatement at 1 January 2024 and 31 December 2024 and brought forward
at 1 January 2025|£
1,094,058
(593,833)|
|---|---|
||500,225|
22
**Sheffield Town Trust Appendix 1 Grants Year ended 31 December 2025**
## **Annually recurring grants**
|**Annually recurring grants**||
|---|---|
|Age UK Sheffield
Aspire Community Enterprise (Sheffield)
ASSIST Sheffield
Autistic Children and Carers Together
Ben’s Centre for Vulnerable People
Bloom Sheffield CIC
Cathedral Archer Project
Cavendish Cancer Care
City of Sheffield Diving Club
Classical Sheffield
CRESST
Darnall Dementia Trust
DECSY
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 Communities S Yorkshire & Bassetlaw
Paces Sheffield
Park Community Action
Parson Cross Community Development 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 Cemetery Trust
Sheffield ME and Fibromyalgia Group
Sheffield Rape and Sexual Abuse Centre
Sheffield Young Carers
South Yorkshire Chaplaincy and Listening Services
St Mary's (Bramall Lane) Community Centre
St Vincent’s Furniture Project
Steel City Choristers
Support through Court
The Family Works
The Snowdrop Project
Under the Stars
Voluntary Action Sheffield
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
**Sheffield Town Trust Grants Year ended 31 December 2025**
**Appendix 1 (continued)**
## **Non-recurring grants**
|54thSheffield Boys Brigade
164thSheffield Scouts
AGAMI Wellness
Agency for Culture & Change Management
Arts on the Run
B:Friend
Bags of Taste
Bare Project
Beaufort Project
Black Bright Theatre Company
Bowshaw Community Festival
Bradway Action Group
Burton Street Foundation
Care in Crosspool
Carmel Care Centre
Church Army
Concerteenies
Courtside Hubs CIC
Crookes Table Tennis Club
Crosspool & District Youth Sports Trust
Disability Awareness in Sport
Easy Street Theatre Company
Emmaus Sheffield
Endeavour Training
Frecheville Community Centre
Friends of Discovery Academy Schools
Friends of Gleadless Valley Methodist Church
Friends of Graves Park
Friends of Grenoside Park
Friends of Mossbrook Park
Friends of Portland Works
Golddigger Trust
Green City Action
Hearing Dogs for Deaf People
Hillsborough Sports Arena
Hope ESOL CIO
Hope UK Sheffield
Impact Living
Kaleido Arts for Wellbeing CIC
Labre’s Hope
Lindley Educational Trust
Manor Community Transport
Melanoma Focus
Mums in Need
Music in the Round
Nomad Opening Doors
Oughtibridge School
Out of Archive CIC
Peak District Mosaic
Carried forward|£
1,500
1,000
1,000
2,500
2,500
500
1,200
2,400
1,250
1,500
1,500
3,000
3,500
2,000
1,500
2,000
3,000
2,000
1,000
3,000
2,000
3,000
2,244
2,000
1,000
2,000
830
10,000
10,000
9,000
3,500
4,000
2,000
3,000
3,000
1,400
2,400
640
1,500
1,500
2,000
3,000
4,500
2,500
2,500
2,000
1,744
2,000
2,000|
|---|---|
||125,108|
24
**Sheffield Town Trust Grants Year ended 31 December 2025**
**Appendix 1 (continued)**
## **Non-recurring grants**
|Brought forward
Roshni Sheffield Asian Womens Resource Centre
S12 Community Pantry
S2 Food Poverty Network
Sensoria Festival
Sheffield Churches Council for Community Care
Sheffield Community Bike Project
Sheffield General Cemetery
Sheffield Mencap & Gateway
Sheffield Philharmonic Orchestra
Sheffield Recreation Band Club
Sheffield Sea Cadets
Sheffield Subud Centre
Sheffield Wildcats Roller Hockey Club
Sheffield Yoga for ME/CFS
Sheffield Young Carers
Site Gallery
Slambarz CIC
South Sheffield Kinship Carer Support Group
South Yorkshire County Scout Council
Sparkle Sheffield
Spilt Milk
Spinal Injuries Association
Stannington Carnival
Steel Valley Project
Stocksbridge Nursery Infants School
Sunday Centre
Support Dogs
Teenage Cancer Trust
The 393 Club
The Arts Catalyst
The BGI
The Green Estate CIC
The Message Trust
The Remarkable Gang CIC
The Work-Wise Foundation
Theodora’s Childrens Charity
Voz Theatre
Wisewood Under 14 Girls Football
Wisewood/Wadsley Health Walks
Woodhouse West End Bowls Club
Worthwhile Occupations and Krafts
Wybourne Community Primary School
Yorkshire & Humber Asbestos Support Group
Yorkshire Childrens’ Charity
Yorkshire Netball
Less Grants returned
Adira
The Remarkable Gang CIC|125,108
1,800
3,000
5,000
1,700
2,000
4,000
7,500
2,500
2,500
750
3,000
3,000
2,000
3,000
2,500
3,000
1,500
2,300
1,400
3,000
2,000
2,000
3,000
2,224
500
2,000
5,000
2,500
2,000
1,500
3,000
3,500
3,000
1,500
3,000
2,000
1,500
600
500
3,000
4,000
3,000
2,000
2,500
2,000|
|---|---|
||238,382|
||2,000
1,040|
||235,342|
25