Sheffield City Trust
Annual report and consolidated financial statements Registered number 2164600 Charity Registration Number 700520 Year ended 31 March 2025
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Contents
| Trustees’ and directors’ report (including strategic report) | 1 |
|---|---|
| Statement of trustees’ responsibilities in respect of the strategic report, the trustees’ report and the consolidated | |
| financial statements | 12 |
| Independent auditor’s report to the members of Sheffield City Trust | 13 |
| Consolidated statement of financial activities_(incorporating income & expenditure account)_ | 16 |
| Company statement of financial activities_(incorporating income & expenditure account)_ | 17 |
| Consolidated balance sheet | 18 |
| Company balance sheet | 19 |
| Consolidated cash flow statement | 20 |
| Consolidated analysis of net debt | 21 |
| Notes to the financial statements | 22 |
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report)
The trustees, who act as directors for the purpose of company law, are pleased to present their report and financial statements for the year ended 31 March 2025.
Purpose of the charity
The objects of the charity are as detailed in the charity’s governing document, its Articles of Association.
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1 An object of the charity is to promote the benefit of the inhabitants of South Yorkshire and surrounding counties by the provision of facilities for recreation and leisure time occupation in the interest of social welfare. The charity has continued in its policies of providing recreational and other leisure facilities of a high standard and as economically as possible. The charity seeks to encourage high levels of use by the community with policies that encourage wide public access. There has been no material change in these policies over the relevant period.
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2 A further object of the charity is to promote and preserve good physical and mental health. The objective is pursued by encouraging high levels of use of recreational and leisure facilities by the community. In addition, the charity has a policy of carrying out ad hoc initiatives and giving financial support to appropriate projects which has been continued during the year.
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3 Other objects of the charity include the encouragement of the arts and the acquisition, preservation, restoration and maintenance of buildings of historic and architectural interest in Sheffield.
Conclusion of Sheffield City Council’s procurement processes
In January 2025, the procurement processes instigated by Sheffield City Council relating to the leisure and entertainment facilities in Sheffield, and which the charity had supported since entering into the Funding Agreement of 31 March 2022, were brought to a conclusion.
Under that Funding Agreement, the Council provided funding required to support the charity as anticipated by its business plan, on the basis that the charity would assist the Council with its procurement processes and transfer its undertaking and assets to the Council (or its nominees) at their conclusion. The Council agreed to fund the charity until the transfer and then through to a solvent winding-up. This arrangement extended the operational life of the charity, and allowed the trustees to continue delivering charitable outcomes for the people of Sheffield over the relevant period, before handing over the estate of facilities to the Council in the knowledge that they would continue to be available to the community under the procured contracts. Any amount representing over-payment by the Council under the 2022 Funding Agreement will be returned to the Council before the dissolution of the charity. Because of the funding relationship between the Council and the charity, advice was taken by the charity to ensure that at all times the trustees took decisions independently and with a view to promoting the objects of the charity and not for any other purpose.
Activities
In furtherance of the charity’s object to provide facilities for recreation and other leisure time occupations Sheffield City Trust operated the following facilities directly in the year, until the transfer referred to in the previous became effective:
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Beauchief Golf Course (until 2 January 2025)
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Birley Golf Course (until 2 January 2025)
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Concord Sports Centre (until 2 January 2025)
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Heeley Swimming Pool and Gym (until 2 January 2025)
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Hillsborough Leisure Centre (until 2 January 2025)
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iceSheffield (until 2 January 2025)
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Ponds Forge International Sports Centre (until 2 January 2025)
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Sinfin Golf Course (until 31 July 2024)
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Springs Leisure Centre (until 2 January 2025)
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Tapton Park Golf Course (until 16 December 2024)
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Tinsley Park Golf Course (until 2 January 2025)
Before the transfer, the charity operated the following facilities through its Subsidiary, Sheffield International Venues Limited:
- English Institute of Sport – Sheffield (until 2 January 2025)
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Activities (continued)
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Utilita Arena Sheffield (until 2 January 2025)
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Sheffield City Hall (until 6 January 2025)
Sheffield International Venues Limited also acted as principal for all commercial activity within the above venues.
Any profits made by Sheffield International Venues Limited, where the company has sufficient distributable reserves, will be passed back to the charity by way of a gift aided payment.
Activities for the 9 months up to the dates of transfer
The operation of leisure facilities continued to be the primary way in which the two main objects of the charity were achieved until it transferred venues to Sheffield City Council following their conclusion of the public procurement exercise. The trustees ensured that participation continued to grow throughout the 9 months to January 2025 and benchmarked attendance against national standards. Prices were set at a level that encouraged use by as many people as possible and many facilities were full at peak times.
Participation in health and sporting activities continued to rise during the year across the Charity, with the 2024 Olympics a supporting factor in this growth. Memberships on all programmes have seen growth, despite closures to key services to essential areas of some of our buildings. Free and discounted activities have been delivered in and out of venues to engage families to drive opportunities for all.
Our concessionary rates on all activities continued to alleviate the financial burden to an identified audience that typically would welcome this discount. The 40% discount was applied to all activities and has seen a very good uptake, specifically from families of children on free school meals. On coached admissions we had over 3,250 children benefiting from this each week.
The English Institute of Sport – Sheffield continued to be the home for GB Boxing, GB Para Badminton, GB Para Table Tennis and GB Goalball along with Sheffield Hallam University’s Sport and Physical Activity academic learning. England Table Tennis moved their Elite Training Centre to Sheffield in April 2024, moving from Nottingham University. IceSheffield continued to be the home for the two main bodies large events, namely British Ice Skating and Ice Hockey UK. The Utilita Arena Sheffield is the home of the Elite Ice Hockey League team, the Sheffield Steelers.
The charity continued to partner with the National Centre for Sport and Exercise Medicine in Sheffield (‘NCSEM’) where clinical facilities are co-located with facilities for sport and exercise. At Concord Sports Centre, NHS patients were treated in an environment which promotes physical activity as medicine. The charity formed further partnerships with the NHS to engage programmes through usage of our facilities to assist people in their rehabilitation.
Essential maintenance work has been undertaken on various facilities in partnership with Sheffield City Council. The main piece of work has occurred at Springs Leisure Centre, which has seen the pool closed for a total of four months with scheduled opening in January 2025. The Netball Hall, a three-court hall at EISS, has had its flooring replaced as it came to the end of its lifecycle, with closure for six weeks.
We had a strong year on our event programme, with both regional, national and international events being hosted across the group. EIS Sheffield hosted international events in boxing through collaboration with Sheffield City Council and the National Governing Bodies (NGB’s) that call Sheffield home. The work with the NGB’s was focused around the Olympic/Paralympic Games in Paris, which saw athletes from Sheffield and our facilities achieve nine medals in total.
Golf has continued in its popularity, as it allows exercise while outside and socialising with friends. This had a positive effect on the use of all five of the charity’s courses.
Our community development activities continued to support the local area away from the facilities. Work with school and education establishments saw engagement and support with over 120 local schools, through coaching, provision of equipment, tickets and subsidised venue hire. The Trust had a partner school programme, which had 30 schools in areas of deprivation work closely with staff to allow for opportunity and easier access to initiatives.
A Summer Sports Van programme saw large levels of engagement with a continuation in certain locations as we worked closely with Community Officers and Councillors. This sees activity and engagement, as well as food distribution as we looked to engage with different needs for local families. This work developed into consistent delivery in set communities across Sheffield, working with local officers to ensure that efforts were prioritised for those most in need.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Activities for the 9 months up to the dates of transfer (continued)
Our involvement in the Healthy Activities and Food (HAF) programme has again been extensive, with over 8,000 children accessing a range of our facilities as we provided activities and food for children on free school meals during holiday weeks. This delivery has seen children learning to swim and learning to skate, as well as partnering with various community organisations to ensure an offer was available to all local families that surround our leisure facilities.
Utilita Arena Sheffield and Sheffield City Hall delivered a wide and varied arts and entertainment programme hosting some of the most popular acts in music, comedy and theatre. Opera and ballet also appeared in the programme as well as the Sheffield International Classical Concert Season featuring both international and domestic orchestras. Community events have always been a major part of the charity’s events diary, and these included the popular community tea dances and the local amateur dramatic society, Manor Operatic Society, who performed a week long musical in May (West Side Story - The Musical) and their traditional two week pantomime, Jack and the Beanstalk at Christmas.
Elite Ice Hockey League continued to play a major part of the events programme with the ongoing partnership with the Sheffield Steelers.
The charity did not set targets for grant giving as it was a comparatively small part of the work undertaken. As stated above, the provision and management of the facilities was the primary method of meeting the objects of the charity. The trustees monitor the level of funds in the designated fund (see note 4 of the financial statements) in order to ensure that they make best use of the limited income available and do make grants to community groups in Sheffield in order to support their work promoting sports and physical activity within their communities.
In measuring achievements against the above objectives, the charity used financial measures, a review of which is given below. In addition to financial performance measures, the charity monitored the performance of its venues using non-financial key performance indicators that gave information regarding attendance at each venue by activity, and split attendances by age and gender. These performance indicators were monitored against targets and previous years’ results.
Financial Review
The funding agreements for the venues between the charity and Sheffield City Council mean the charity was entitled to receive income to partially fund its operating activities, which in the year amounted to £3,892,000 (2024: £10,080,000) .
When considering the financial performance of the charity the trustees examined the results of each facility that the charity operated. In 2024/25 financial performance and attendance levels from community usage continued to grow across a comparable 9 month period, however the impact of continuing difficult economic circumstances on the majority of users continued to be felt. The group had positive unrestricted general reserves at 31 March 2025 of £1,707,000 ( 2024: £1,314,000).
Total incoming resources amounted to £34,346,000 ( 2024: £50,832,000) and total resources expended amounted to £58,274,000 ( 2024: £58,056,000) resulting in net outgoing resources before tax of £23,928,000 (2024: outgoing resources of £7,224,000).
The results of the charity’s trading subsidiary, Sheffield International Venues Limited and also Phoenix Sports Limited are set out in note 2 to the financial statements.
The principal activities of Sheffield International Venues Limited in the year under review and until the transfer in January 2025, were the management of the facilities to deliver commercial income. These activities were in support of the charity’s activities such as providing public catering in the buildings and supporting elite athletes to use the spaces when not in use by the general public. Sheffield International Venues also managed unrelated commercial activity that raised the profile of the charity and its facilities and generated income which was used to support the core charitable activities.
7 Hills Leisure Trust has not traded in the year and the objective of the charity in the year was to allow the orderly wind up of the charity. On 29 March 2023, the charity, together with its dormant subsidiary, 7 Hills Commercial Limited, and SIV Enterprises Limited entered Members Voluntary Liquidations (MVL) as part of a planned group simplification exercise. 7 Hills Leisure Trust was dissolved on 4 May 2025, 7 Hills Commercial Limited was dissolved on 14 September 2024 and SIV Enterprises Limited was dissolved on 30 April 2025.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Business review
The trustees consider the general trend in financial performance of the venues during the financial year and until it ceased to operate them, to be satisfactory considering the economic climate.
Sheffield City Council continues to support the charity financially under the existing funding agreements. In addition to venue-specific funding, Sheffield City Trust entered into an agreement with Sheffield City Council on 31 March 2022, which was updated by a Deed of Extension on 10 July 2023 to support the charity’s operations and solvency over the period to December 2024 and beyond. This has allowed the trustees to continue to deliver services at normal levels and to deliver an orderly transfer of services to a new operator, as planned.
As disclosed in note 1, a procurement process was initiated by Sheffield City Council for the future operation of the charity’s facilities, with the result that the company ceased to operate its facilities from January 2025, at which point SCT transferred its operational assets and staff to Sheffield City Council. The charity is now in a period of orderly wind down and is working towards a solvent liquidation, please refer to note 1 for further information. As such, the directors do not consider the charity to be a going concern.
Our pricing policy
Prices were set to enable as many people as possible to use the facilities while ensuring that income generated was sufficient to cover the costs of the charity. General economic trends led to sustained significant cost rises across much of our key expenditure items during the period venues were operated and therefore, as far as possible, focus was placed on generating a higher level of income by use of the facilities from both core charitable activities and commercial activities, managed by another company within the group. However, it was essential that prices remained affordable and in no way created a barrier to use of the facilities by any of the people of Sheffield and concessionary prices were used to ensure that the least wealthy were able to attend.
The trustees reviewed pricing for all charitable activities on an annual basis in order to deliver the best possible facilities to all citizens of Sheffield at affordable prices.
Investment powers and policy
The trustees balanced the needs of the organisation both to have funds available for the operations of the charity and the need to maximise investment returns. In recent years, interest rates have been higher than they have been and the charity has responded by moving its funds into accounts which generate a better return thus generating additional income.
No funds were invested in non-cash assets such as property or shares. All property owned by the charity was in order to deliver services directly to the beneficiaries. The trustees believed that the level of cash and bank assets owned was insufficient for the charity to consider investment in stock, shares or bonds, particularly in the current volatile climate for investments.
Pension Scheme
The charitable group contributed to a defined benefit pension scheme provided by South Yorkshire Pension Authority (“SYPA”). As disclosed in previous years a number of members transferred into the SYPA scheme under the provision of TUPE. The scheme closed to new members on 1 September 2009.
On 31 March 2022, the group entered into an agreement with Sheffield City Council in which the historic pension assets and liabilities transferred to Sheffield City Council, thus removing the deficit from the balance sheet of Sheffield City Trust. Sheffield City Trust continued to pay contributions into the scheme for all eligible employees, until March 25 when there ceased to be any active members, and the future benefits of those employees were unaffected by the change.
All new employees since 1 September 2009 who didn’t join under the provisions of TUPE have been eligible to join a defined contribution, group money purchase scheme. Since 1 January 2014 the group has provided pensions under the auto-enrolment provisions and all new employees were automatically enrolled into the group money purchase scheme unless they decided to opt out.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Reserves policy
The reserves of the charity are split between restricted and unrestricted funds. It is the policy of the trustees to spend unrestricted reserves in pursuit of the charitable objectives in a way that maximises their value in meeting those objectives. At the end of the financial year, the charity had consolidated unrestricted funds of £1,711,000 (2024: £1,457,000) and restricted funds of £nil (2024: £24,182,000) .
The movements in restricted funds of the charity are set out in note 5 of the financial statements.
The level of free reserves at the end of the financial year was £1,707,000 (2024: £418,000).
As described above under “Business Review”, Sheffield City Council is supporting the costs of wind up of the charity, to its eventual planned solvent liquidation, under the Funding Agreement dated 31 March 2022. As the charity has ceased trading and is a significant way through its wind up activities, with this arrangement being the main financial support for the charity until its winding up, the trustees do not consider a reserves policy to be necessary. Any amount representing over-payment by the Council under the 2022 Funding Agreement will be returned to the Council before the dissolution of the Charity. For further information refer to ‘plans for future periods’.
The 31 March 2022 Funding Agreement, together with the positive cash balances held by the charity, provide the trustees with the necessary comfort that it will achieve a solvent wind up.
Plans for future periods
Following conclusion of Sheffield City Council’s public procurement process, Sheffield City Trust, ceased to operate any venues from January 2025. The charity is now in a period of orderly wind up and will shortly proceed to solvent liquidation, supported financially by Sheffield City Council.
Reference and administrative details
Charity Registration Number: 700520 Company Registration Number: 2164600
Registered Office
4[th] Floor Fountain Precinct Leopold Street Sheffield S1 2JA
Secretary LM Gavin
Advisers
Solicitor Auditor Banker Hemingways Solicitors Limited Crowe U.K. LLP Barclays Bank Plc 11 Westbourne Road St George’s House 10-12 Pinstone Street Sheffield 56 Peter Street Sheffield S10 2QQ Manchester S1 2HN M2 3NQ
Directors and directors’ interests
The trustees, who also act as directors, who held office during the year and after the year end are as follows:
P Abel (resigned 31 December 2024) H Best (resigned 31 December 2024) L Clarke (resigned 31 December 2024) D Grey MBE G Moore (deceased 1 December 2024) A Pettifer MBE R Plews (resigned 31 December 2024) P Taylor (resigned 31 December 2024) J Warner
The charity had an active Group Audit Committee until 31 December 2024 and Mr J Warner was chairman of that Group Audit Committee. The Group Audit Committee members were Mr J Warner and Mr R Plews.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Directors and directors’ interests (continued)
From 1 January 2025, all matters that would have been dealt with by the Group Audit Committee were dealt with by the whole board.
From January 2025, the group, whilst still trading for a period, actively started to wind up its operations and as such, all matters of governance and oversight were dealt with by the whole board.
None of the trustees who held office at the end of the financial year had any disclosable interest in debentures of the charity or in any shares or debentures of any other group company.
According to the Register of Trustees’ Interests, no rights to subscribe for debentures of the charity or in any shares or debentures of any other group company were granted to any of the trustees or their immediate families or exercised by them during the year.
Employees
The senior employee of the group for the 2024/25 financial year, is:
Chief Executive Andrew Snelling
Insurance for trustees and officers
Insurance for trustees and officers against liabilities in relation to the group, as permitted by the Companies Act 2006, is maintained under a policy held by Sheffield City Trust. The cost of this amounted to £13,000 (2024: £15,000).
Structure, governance and management
Sheffield City Trust is a company limited by guarantee and a registered charity and is governed by its Articles of Association. The trustees are the members of the charity under company law. The charity is domiciled and its principal place of business is in the UK.
Organisation of the charity
At present the charity has three trustees. Following the outcome of Sheffield City Council’s tender process, the charity ceased to operate its remaining venues from January 2025, and is now in a period of finalising its affairs before it looks to wind up, therefore the charity does not intend to look to attract any further trustees.
During the year, the charity had five wholly owned subsidiaries, Sheffield International Venues Limited, SIV Enterprises Limited, Phoenix Sports Limited, a company limited by guarantee, which has complementary objects, 7 Hills Leisure Trust, a registered charity, with independent trustees, but of which the charity is the sole member and 7 Hills Commercial Limited. SIV Enterprises Limited, 7 Hills Leisure Trust and 7 Hills Commercial Limited were put into Members Voluntary Liquidation on 29 March 2023. They were dissolved on 30 April 2025, 4 May 2025 and 14 September 2024 respectively. Sheffield City Trust ceased being a member of Phoenix Sports Limited on 2 January 2025.
Sheffield International Venues Limited undertook all commercial activities in the venues in order to support the charitable activity.
The overall management and control of the charity’s activities and finances during the financial year were vested in the Chief Executive, Andrew Snelling. The board of the charity met monthly throughout the financial year and Mr Snelling attended all meetings, reporting on all key operational and financial matters. During the financial year, there was a Group Audit Committee which met as required. There was also a Charitable Purposes Committee which focused on the work of the charity outside the venues and had three members, Helen Best, Chairwoman, Graham Moore and Peter Taylor. These committees ceased in December 2024 with all matters thereafter being dealt with by the whole board.
Trustee induction and training
On joining the charity, new trustees benefited from an induction process in which they spent some time with the chairman and chief executive and then the other senior managers and familiarised themselves with the operations of the charity and its subsidiaries.
Each trustee took a special interest in one aspect of the charity’s operations or support functions to be able to act as a point of contact for senior management. As with any special skills that any trustees may have, this arrangement adds to the effectiveness of the trustee board but doesn’t change the responsibility of all trustees for all aspects of the governance and activities of the charity.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Relationship with other charities and organisations
The charity co-operates closely with Sheffield City Council, as appropriate, in pursuit of its charitable objectives. The relationship is conducted in accordance with formal funding agreements. A councillor and an officer of the council are invited to attend as observers at each meeting of the board. The council did not appoint a nominee director to the board of Sheffield International Venues Limited in the year. The council reserves the right to appoint a director in the future .
Pay policy for senior staff
During the financial year, the trustees, who act as directors for the purpose of company law, consider that the board of trustees and the chief executive comprise the key management personnel of the charity in charge of directing and controlling and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee received any remuneration in the year.
The pay of the chief executive was reviewed annually by the board of trustees. In view of the nature of the charity, the trustees benchmarked against pay levels in other leisure trusts and other similar organisations.
All such organisations are different, and the trustees were aware of the organisational complexities of the group and took this into consideration when comparing with larger charities. The trustees also looked at similar job roles in the local, Sheffield, economy and other local charitable organisations to ensure that salaries were reasonable within the market.
Management of risk
The trustees are responsible for ensuring the effective management of risk including a system of internal financial control which is maintained by the charity. They consider risk management to be an important part of their role and endeavour to follow best practice.
During the year, whilst the charity ran venues, the management teams at each venue discussed the risks identified with the members of the senior leadership team and ensured that proper controls were in place within their venue. They also considered each of the objectives set for the venue in the corporate strategy of the charity to ensure that the risks linked into the operational objectives and that the process of risk mitigation was embedded in the action plans to deliver the objectives. This work of monitoring and mitigating risks within the venues continued to be a major task of the general manager at each venue until Sheffield City Trust ceased operating venues in January 2025. The senior leadership team regularly considered corporate risk in its meetings and updated the risk register accordingly. The Group Audit Committee reviewed this process at each of its meetings as a standard agenda item providing additional checks and specific skill on top of the trustees’ own monitoring process.
Following the procurement process initiated by Sheffield City Council to identify new operators for the entertainment and leisure facilities, the charity ceased to operate any venues from January 2025, when all venues transferred to Sheffield City Council and ultimately to new operators. Support provided by Sheffield City Council to the Sheffield City Trust group will continue until such time as the Trust has completed the process of winding up, solvently (refer to note 1 for further detail). As such, the directors do not consider the charity to be a going concern.
The trustees believe the key risk to the charity to be the orderly and solvent wind up of the Charity and its subsidiary, Sheffield International Venues Limited. They are working closely with Sheffield City Council to ensure adequate funding is in place to enable this.
The trustees have identified a number of other risks which they consider to be important to the business and have action plans to mitigate against them but believe that the risk considered above is the most significant.
Public Benefit
The volunteer trustees of Sheffield City Trust have worked closely with Sheffield City Council over the last 30 years through challenging circumstances to provide the citizens of Sheffield with unrivalled access to a wide range of activities both in the venues and in local communities, helping support and preserve the health and wellbeing of the people of the city.
The trustees were aware of their duty to ensure that the charity provided a public benefit. Each year the prices charged for the charitable activities within each venue were reviewed by the trustees in order to ensure that they were reasonable and affordable to the vast majority of the citizens of Sheffield. The trustees were proud of their fitness membership package which provided high quality fitness membership at very good value for money, the excellent coached activity programme which provided affordable access to swimming, gymnastics and trampolining lessons amongst others and of the low prices of the Sheffield International Concert Season.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Public Benefit (continued)
In increasingly difficult economic times, it became difficult to maintain access to so many citizens. Additionally, the charity offered concessionary prices on all products, including fitness membership and coached programmes, at 40% discount until it ceased directly operating venues in January 2025. The level and breadth of discount available were market leading and reflected the charity’s commitment to ensuring services were available to as many of the citizens of Sheffield as possible.
The arrangements now being replaced represented an efficient use of public money to deliver the objectives of the local authority and the charitable purposes of the trust. They enabled elite athletes to use the venues and the delivery of high class events in concert with high levels of charitable activity and community outreach.
The trustees have been diligent and prudent custodians of the assets of Sheffield City Trust, including the public grant money provided by Sheffield City Council over the years since the World Student Games. They and Sheffield City Trust’s senior leadership team of executives have ensured that Sheffield City Trust and its subsidiary Sheffield International Venues Limited have been efficiently and effectively run. Sheffield City Council thanked those involved in the management of Sheffield City Trust over its life and acknowledges the benefits the charity has provided for the city of Sheffield. Sheffield City Trust now hands back to Sheffield City Council a portfolio of facilities which have been maintained in good condition and will remain the backbone of Sheffield’s community sporting, leisure and entertainment offer for the foreseeable future.
The charity was the only member of 7 Hills Leisure Trust, a charity which entered Members Voluntary Liquidation on 29 March 2023. This charity was dissolved on 4 May 2025.
Stakeholder engagement and section 172 statement
Following the conclusion of Sheffield City Council’s procurement process as detailed at the beginning of this report (page 1), Sheffield City Trust and its subsidiary Sheffield International Venues Limited are no longer trading and therefore have limited stakeholders. The group is in the process of winding up its activities in preparation for the intended Members’ Voluntary Liquidation of the two companies.
The trustees have regard to the interests of their stakeholders when discharging their duties. The trustees have identified the key stakeholders, post transfer of venues, to be its people (employee), suppliers and the partnership it has with Sheffield City Council. This section describes how the Board is engaging with and considering the interests of its key stakeholders when making decisions up to the point at which an office holder is appointed for the purpose of the proposed liquidation.
People
The charity will continue to engage with its remaining employee in an open and transparent way until such time as the charity begins the formal liquidation process, at which time the employee is expected to be made redundant.
Suppliers
The group will ensure it continues to pay all its remaining suppliers on time and in full and has planned its outgoings to ensure sufficient cash reserves are held to allow it to fully discharge its liabilities.
The group will continue to ensure that it maintains high standards of business conduct throughout its supply chain.
Sheffield City Council
As our only ongoing key relationship, Sheffield City Council remains a stakeholder of the group. We will continue to work closely with Sheffield City Council until such time as the charity enters a formal liquidation process.
Streamlined Energy and Carbon Reporting
UK energy use and associated greenhouse gas emissions
Current UK based annual energy usage and associated annual greenhouse gas (“GHG”) emissions are reported pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”) that came into force 1[st] April 2019.
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Streamlined Energy and Carbon Reporting (continued)
Organisational boundary
In accordance with the 2018 Regulations, the energy use and associated GHG emissions are for those assets owned or controlled within the UK only as defined by the operational control boundary. This includes entertainment venues, sports centres, leisure centres and golf clubs, along with company leased vehicles and personal vehicles used for business mileage (referred to as “grey fleet”). This report represents the final submission, as the Group ceased operating venues in early January 2025.
Reporting period
The annual reporting period for the prior year is 1 April 2023 to 31 March 2024, and for the current year 1 April 2024 to 2 January 2025 and the energy and carbon emissions are aligned to these periods.
Quantification and reporting methodology
The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2024 UK Government GHG Conversion Factors for Company Reporting were used in emission calculations as these relate to the majority of the reporting period. The report has been reviewed independently by Zenergi Limited (trading as Briar Consulting Engineers Limited).
Electricity, district heating, gas and other fuel consumption were based on invoice records, while fuel receipts and mileage expense claims were used to calculate energy and emissions from leased vehicles and grey fleet.
Where energy data was not available, the pro-rata and direct comparison estimation techniques have been applied and noted in the carbon dashboard. Gross calorific values were used except for mileage energy calculations as per Government GHG Conversion Factors. In light of the transfer out of all Sheffield City Trust sites at the beginning of 2025, a comparative analysis has been conducted between the nine-month period for the current reporting year and the full twelve-month period of the previous year.
The emissions are divided into mandatory and voluntary emissions according to the 2018 Regulations, then further divided into the direct combustion of fuels and the operation of facilities (scope 1), indirect emissions from purchased electricity (scope 2) and further indirect emissions that occur as a consequence of company activities but occur from sources not owned or controlled by the organisation (scope 3).
Breakdown of energy consumption used to calculate emissions (kWh):
| Energy type | Reporting Period 9 months to 2 Jan 2025 |
Reporting Year 2023-2024 |
|---|---|---|
| Mandatory energy sources: | ||
| Gas | 8,314,587 | 9,339,084 |
| Purchased electricity | 12,778,711 | 16,888,503 |
| Transport fuel | 133,610 | 91,527 |
| Total Energy (mandatory) | 21,226,908 | 26,319,114 |
| Voluntary energy sources: | ||
| District heating | 13,348,450 | 18,134,726 |
| Oil | 308,929 | 427,036 |
| Total energy (voluntary) | 13,657,379 | 18,561,762 |
| Total energy (mandatory and voluntary) | 34,884,287 | 44,880,876 |
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Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Streamlined Energy and Carbon Reporting (continued)
| Streamlined Energy and Carbon Reporting(continued) | ||
|---|---|---|
| Breakdown of emissions associated with the reported energy use | (tCO_₂_e): | |
| Emission source | Reporting Period 9 months to 2Jan 2025 |
Reporting Year 2023-2024 |
| Mandatory emission sources: | ||
| Scope 1 | ||
| Gas | 1,520.7 | 1,708.4 |
| Trust leased vehicles | 26.0 | 11.6 |
| Scope 2 | ||
| Purchased electricity (location based) | 2,645.8 | 3,497.2 |
| Scope 3: | ||
| Category 6: Business travel (grey fleet) | 4.4 | 7.6 |
| Total gross emissions (mandatory) | 4,196.9 | 5,224.8 |
| Voluntary emission sources: | ||
| Scope 1 | ||
| Oil | 79.2 | 110.4 |
| Scope 2 | ||
| District Heating | 2,042.5 | 3,257.8 |
| Total gross emissions (voluntary) | 2,121.7 | 3,368.2 |
| Total gross emissions (mandatory and voluntary) | 6,318.6 | 8,593.0 |
| Outside of scopes | ||
| Biofuel (CO2only) | 22.2 | 33.4 |
Outside of scopes emissions are used to account for burning biomass and other biofuels. The emissions are labelled ‘outside of scopes’ because the scope 1 impact of the CO2 released through these fuels has been determined to be ‘net zero’ (since the fuel source itself absorbs an equivalent amount of CO2 during the growth phase as the CO2 released through combustion). Therefore, to fully account for the emissions, the CO2 component of the combustion process is quantified but placed ‘outside of scopes,’ (as opposed to in scope 1 which is usual for directly combusted fuels). The CH4 and N2O components of the combustion of the fuel have been reported in scope 1.
| Intensity ratios | Reporting Period 9 months to 2Jan 2025 |
Reporting Year 2023-2024 |
|---|---|---|
| Mandatory emissions: | ||
| Tonnes of CO2e per thousand-square meter floor area | 53.78 | 72.7 |
Intensity ratio
The intensity ratio is total gross emissions in metric tonnes CO2e (mandatory emissions) per thousand-square meter floor area. This metric relates to UK operations only to align with the energy and emission reporting boundary. This metric is considered the most relevant to the Group’s energy consuming activities and provides a good comparison of performance over time and across different organisations and sectors.
10
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Trustees’ and directors’ report (including strategic report) (continued)
Streamlined Energy and Carbon Reporting (continued)
Energy efficiency action during current financial year
During the reporting period from 1 April 2024 to 2 January 2025, the Group continued to implement energy efficiency measures where appropriate until the sites were no longer operated by Sheffield City Trust.
Disclosure of information to auditor
The trustees who held office at the date of approval of the trustees’ report and this strategic report confirm that, so far as they are each aware, there is no relevant information of which the group’s auditor is unaware; and each trustee has taken all steps that he ought to have taken as a trustee to make himself aware of any relevant audit information and to establish that the group’s auditor is aware of that information.
Auditor
In accordance with Section 487 of the Companies Act 2006, the auditor will be deemed to be re-appointed and Crowe U.K. LLP therefore continued in office.
In accordance with Section 414 of the Companies Act 2006, the company has prepared a trustee’s report that includes information that would be included with a strategic report. The trustees authorise both the trustees’ report and strategic report below.
By order of the board
D Grey MBE Chairma n
4[th] Floor Fountain Precinct Leopold Street Sheffield S1 2JA 27 January 2026
Company registration number 2164600 Charity registration number 700520
11
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Statement of trustees’ responsibilities in respect of the strategic report, the trustees’ report and the consolidated financial statements
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the group and charitable company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of their profit or loss for that period. In preparing each of the group and charitable company financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
assess the group’s and the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
-
use the going concern basis of accounting unless they either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.
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12
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Independent auditor’s report to the members of Sheffield City Trust
Opinion
We have audited the financial statements of Sheffield City Trust (the “charitable company”) and its subsidiary (the “group”) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Company Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement, Consolidated Analysis of Net Debt and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group’s and the charitable company’s affairs as at 31 March 2025 and of the group’s incoming resources and application of resources, including its income and expenditure 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 Companies Act 2006.
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 group 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.
Emphasis of matter – financial statements prepared on a basis other than going concern
We draw attention to note 1 Going Concern to the financial statements which explains that the trustees intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1. Our opinion is not modified in respect of this matter.
Other information
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our audit
-
the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
13
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Independent auditor’s report to the members of Sheffield City Trust (continued)
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
the parent company has not kept adequate accounting records; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; 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 12, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable company’s and group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
14
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Independent auditor’s report to the members of Sheffield City Trust (continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
We also considered the opportunities and incentives that may exist within the charitable company and group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of essential maintenance grant and management override of controls. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, sample testing essential maintenance grant income from the underlying schedule of works and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Vicky Szulist Senior Statutory Auditor For and on behalf of Crowe U.K. LLP
Statutory Auditor
3rd Floor St Georges House 56 Peter Street Manchester M2 3NQ
27 January 2026
15
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Consolidated statement of financial activities (incorporating income & expenditure account) For the year ended 31 March 2025
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | Funds – | funds | funds | ||
| charitable | |||||
| activities | |||||
| Note | 2025 | 2025 | 2025 | 2024 | |
| £000 | £000 | £000 | £000 | ||
| Incoming resources | |||||
| Income from charitable activities | 27,675 | - | 27,675 | 32,194 | |
| Investment income | 777 | - | 777 | 756 | |
| Income from donations and legacies - Grants | 235 | - | 235 | 211 | |
| receivable | |||||
| Income from donations and legacies - Sheffield | 3,892 | 1,767 | 5,659 | 17,671 | |
| City Council | |||||
| Total incoming resources | 32,579 | 1,767 | 34,346 |
50,832 | |
| Resources expended | |||||
| Expenditure on raising funds | (23,426) | (2,368) | (25,794) | (35,712) | |
| Expenditure on charitable activities – general | (8,346) | (6,613) | (14,959) | (22,344) | |
| Deed of Set-Off | (104,335) | - | (104,335) | - | |
| Loan waiver | 103,913 | - | 103,913 | - | |
| Loss on disposal of subsidiary | (131) | (16,968) | (17,099) |
- | |
| Total resources expended | 3 | (32,325) | (25,949) | (58,274) |
(58,056) |
| Net (outgoing)/incoming resources before tax | 6 | 254 | (24,182) | (23,928) | (7,224) |
| Taxation | 9 | - | - | - |
- |
| Net (outgoing)/incoming resources before other recognised gains and losses |
254 | (24,182) | (23,928) |
(7,224) | |
| Net (loss)/profit in the year | 254 | (24,182) | (23,928) | (7,224) | |
| Fund balances brought forward | 1,457 | 24,182 | 25,639 |
32,863 | |
| Fund balances carried forward | 4/5 | 1,711 | - | 1,711 | 25,639 |
The accompanying notes form part of the financial statements.
All incoming resources and resources expended derive from activities which have now ceased (refer to note 1 for additional information) and were in furtherance of the charity’s objects.
16
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Company statement of financial activities (incorporating income & expenditure account) For the year ended 31 March 2025
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds – | funds | funds | ||
| charitable | |||||
| activities | |||||
| Note | 2025 | 2025 | 2025 | 2024 | |
| £000 | £000 | £000 | £000 | ||
| Incoming resources | |||||
| Income from charitable activities | 10,687 | - | 10,687 | 10,901 | |
| Investment income | 180 | - | 180 | 172 | |
| Income from donations and legacies - Grants receivable | - | - | - | 6 | |
| Income from donations and legacies - Sheffield City | |||||
| Council | 3,895 | 986 | 4,881 |
15,916 | |
| Total incoming resources | 14,762 | 986 | 15,748 |
26,995 | |
| Resources expended | |||||
| Expenditure on charitable activities – general | (14,959) | (6,611) | (21,570) | (32,875) | |
| Deed of Set-Off | (104,335) | - | (104,335) | - | |
| Loan waiver | 103,913 | - | 103,913 |
- | |
| Total resources expended | 3 | (15,381) | (6,611) | (21,992) |
(32,875) |
| Net outgoing resources before tax | 6 | (619) | (5,625) | (6,244) | (5,880) |
| Tax | - | - | - |
- | |
| Net outgoing resources before other recognised | |||||
| gains and losses | (619) | (5,625) | (6,244) |
(5,880) | |
| Net loss in the year | (619) | (5,625) | (6,244) | (5,880) | |
| Fund balances brought forward | 619 | 5,625 | 6,244 |
12,124 | |
| Fund balances carried forward | 4/5 | - | - | - | 6,244 |
The accompanying notes form part of the financial statements.
All incoming resources and resources expended derive from activities which have now ceased (refer to note 1 for additional information) and were in furtherance of the charity’s objects.
17
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Consolidated balance sheet As at 31 March 2025
| Note | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | |||
| Fixed assets | ||||||
| Intangible Assets | 11 | - | 7 | |||
| Tangible fixed assets | 12 | - | 139,169 | |||
| Negative goodwill | 10 | - | (6,163) |
|||
| - | 133,013 | |||||
| Current assets | ||||||
| Stocks | 14 | - | 257 | |||
| Debtors (including debtors due after one year of £nil | 15 | 28,510 | 38,041 | |||
| (2024: £nil) | ||||||
| Cash at bank and in hand | 16 | 6,636 | 7,549 | |||
| Cash at bank and in hand – third party ticket monies | 16 | 87 |
11,610 |
|||
| 35,233 | 57,457 | |||||
| Creditors:amounts falling due within one year | 17 | (33,036) | (163,220) |
|||
| Net current assets/(liabilities) | 2,197 | (105,763) | ||||
| Total assets less current liabilities | 2,197 | 27,250 | ||||
| Provisions for liabilities | 18 | (486) | (1,611) | |||
| Net assets | 1,711 | 25,639 | ||||
| Fund balances | ||||||
| Unrestricted reserves | ||||||
| Designated reserve | 4 | 4 | 143 | |||
| General reserve | 4 | 1,707 |
1,314 | |||
| Net unrestricted funds | 1,711 | 1,457 | ||||
| Restricted funds | 5 | - |
24,182 | |||
| Total funds | 1,711 | 25,639 |
The accompanying notes form part of the financial statements.
These financial statements were approved by the board of directors on 27 January 2026 and were signed on its behalf by:
D Grey MBE Chairman
Charity Registration Number 700520 / Company registration number: 2164600
18
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Company balance sheet As at 31 March 2025
| Note | 2025 | 2024 | 2024 | 2024 | ||
|---|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | |||
| Fixed assets | ||||||
| Investments | 13 | - | - | |||
| Intangible assets | 11 | - | 7 | |||
| Tangible fixed assets | 12 | - | 115,918 |
|||
| - | 115,925 | |||||
| Current assets | ||||||
| Debtors (including debtors due after one year of £nil | 15 | 31,190 | 39,758 | |||
| (2024 - £nil) | ||||||
| Cash at bank and in hand | 16 | 2,337 | 2,904 |
|||
| 33,527 | 42,662 | |||||
| Creditors:amounts falling due within one year | 17 | (33,041) | (150,732) |
|||
| Net current assets/(liabilities) | 486 | (108,070) | ||||
| Total assets less current liabilities | 486 | 7,855 | ||||
| Provision for liabilities | 18 | (486) | (1,611) | |||
| Net assets | - | 6,244 | ||||
| Fund balances | ||||||
| Unrestricted reserves | ||||||
| Designated reserve | 4 | 4 | 143 | |||
| General reserve | 4 | (4) | 476 | |||
| Net unrestricted funds | - | 619 | ||||
| Restricted funds | 5 | - | 5,625 | |||
| Total funds | - | 6,244 |
The accompanying notes form part of the financial statements.
These financial statements were approved by the board of directors on 27 January 2026 and were signed on its behalf by:
D Grey MBE Chairman
Charity Registration Number 700520 / Company registration number: 2164600
19
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
| Consolidated cash flow statement For year ended 31 March 2025 Note Cash flows from operating activities Net (outgoing)/incoming resources before other recognised gains or losses Adjustments for: Depreciation and amortisation 10/11/12 Deed of Set-Off Interest receivable and similar income Interest payable and similar charges Loss/(profit) on disposal (refer to note 2, Phoenix Sports Limited section) 2 Provision for dilapidations and redundancy 19 Decrease/(increase) in trade and other debtors 15 Decrease/(increase) in stocks 14 Increase in trade and other creditors 17 Tax received Net cash from operating activities Cash flows from investing activities Acquisition of tangible fixed assets 12 Proceeds from disposal of tangible fixed assets Interest received Net cash from investing activities Cash flows from financing activities Proceeds from new loan Repayment of SCC loan Interest paid Repayment of borrowings Payment of finance lease liabilities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2025 2024 £000 £000 (23,928) (7,224) 10,647 13,204 104,335 - (777) (756) 192 1,080 19,314 (4) (1,125) 1,496 108,658 7,796 9,531 (2,875) 257 (24) 13,864 3,159 132,310 8,056 - - 132,310 8,056 (1,284) (3,233) - 6 777 756 (507) (2,471) - 17,608 (140,425) - (191) (1,076) (3,572) (17,808) (51) (199) (144,239) (1,475) (12,436) 4,110 19,159 15,049 6,723 19,159 |
|---|---|
The accompanying notes form part of the financial statements.
20
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Consolidated analysis of net debt For year ended 31 March 2025
| At 1 April 2024 Cashflows Non-cash movements At £000 £000 £000 Cash at bank and in hand 19,159 (12,436) - Bank loans (59) 59 - Other loans (3,513) 3,513 - Finance Leases (51) 51 - Sheffield City Council (140,425) 140,425 - (124,889) 131,612 - |
31 March 2025 £000 6,723 - - - - 6,723 |
|---|---|
21
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements
1 Accounting policies
Sheffield City Trust (the “charity”) is a company limited by guarantee, is a registered charity (registration number 700520) and is incorporated and domiciled in the UK. The charity is a public benefit entity.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ( Charities SORP FRS 102) , the Charities Act 2011 and the Companies Act 2006. The presentation currency of these financial statements is sterling. The current years financial statements are for the year from 1 April 2024 to 31 March 2025 (2024: 1 April 2023 to 31 March 2024) .
The parent company is included in the consolidated financial statements; and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:
-
No separate parent company cash flow statement with related notes is included; and
-
Key management personnel compensation has not been included a second time.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 23.
Going concern
During the year ended 31 March 2025, Sheffield City Trust had net outgoing resources before tax of £23,928,000, a decrease in cash of £12,436,000 to £6,723,000 and Group net assets of £1,711,000 as at 31 March 2025.
Following the conclusion of Sheffield City Council’s public procurement exercise, the charity ceased to operate venues from January 2025 and is now in a period of winding up operations prior to solvent liquidation. The charity is therefore not considered to be a going concern and the accounts have therefore been prepared on this basis. As a result of applying the non-going concern basis, there has been no revision of the numbers.
Operating Segments
The Trustees believe that the Group comprises a single reporting segment, that being the provision of facilities to enable the public to participate in recreational activities, which promotes the health and well being of the people of Sheffield and surrounding areas.
Basis of consolidation
The consolidated financial statements include the financial statements of the charity and its trading subsidiary undertakings made up to 31 March 2025. The consolidated statement of financial activities consolidates the results of the charitable activities of the group on a line by line basis. Dormant subsidiaries, 7 Hills Leisure Trust, 7 Hills Commercial Limited and SIV Enterprises Limited have been excluded from the consolidation. Phoenix Sports Limited has been consolidated up to 2 January 2025 at which point Sheffield City Trust ceased to be a member of the company and therefore disposed of related assets and liabilities.
Investments
In the charity’s financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value.
Goodwill
Goodwill arising on acquisition is released over the period of use of the non-monetary assets to which it relates. Negative goodwill arising on acquisition is released to the statement of financial activities in the periods in which the fair values of non-monetary assets purchased on the same acquisition are recovered, whether through depreciation or sale.
22
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
1 Accounting policies (continued)
Fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write off the cost or valuation less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives. Historically, applicable rates were as follows:
Fixtures, fittings and equipment - 5% to 100% per annum Leasehold buildings (other than venues) - life of lease
No depreciation was provided on freehold or leasehold land.
As a result of the outcome of Sheffield City Council’s public procurement process and in line with the lease agreements, all assets transferred to Sheffield City Council on or shortly after 2 January 2025. At point of transfer, all assets had a £nil net book value, with the exception of those held in Phoenix Sports Limited which transferred with the legal entity at that time and are therefore shown as disposals.
The charity’s assets were valued at a net amount of approximately £3.6m at the point of transfer to Sheffield City Council, taking into account the release by the Council (under a Deed of Release) of amounts owed to the Council under the long-standing shortfall funding arrangements and a Deed of Set-Off in respect of amounts owed by the Council to the charity relating to the same arrangements.
The assets of the charity were transferred to the Council in consideration of the release of the remaining balance of £3.6m owed to the Council by the charity in relation to the shortfall funding arrangements. The hand-back to the Council of the charity’s major sports facilities (Ponds Forge International Sports Centre, Hillsborough Leisure Centre and Sheffield Arena) and forgiveness of the associated debt owed by the charity, together with the write-down of other amounts owed to the Council, enabled the charity to remove from its balance sheet the significant creditors owed to the Council associated with the construction of the facilities and historical revenue support provided to the charity.
Capital grants receivable and restricted funds
In accordance with the requirements of the Financial Reporting Standard 102 “The financial reporting standard applicable in the United Kingdom and Ireland” (Charities SORP (FRS 102)) capital grants are recognised as restricted funds in the accounting period in which they are received. Depreciation charged over the period imposed by the grant agreement associated with the restricted fund, is included within restricted funds. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
Revenue grants and unrestricted funds
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Revenue grants are recognised in the period in which the relevant expenditure is incurred and in line with any conditions specific to the grant. Where performance criteria are met, the grant is released.
Leases
Assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Pension costs
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.
In the year, the group contributed to a pension scheme operated by South Yorkshire Pension Authority providing benefits based on final pensionable pay. On 31 March 2022, the historic assets and liabilities of the South Yorkshire Pension Scheme were subsumed by the Sheffield City Council South Yorkshire Pension Scheme and the group has been discharged of its net pension liability. Contributions to the scheme during the year are charged to the profit and loss account
23
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
1 Accounting policies (continued)
Tax
Sheffield City Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2012 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from tax in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2013 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Sheffield International Venues Limited is the trading subsidiary of the Trust. The company has a policy of making gift aid payments equivalent to at least its taxable profit subject to sufficient distributable reserves being available. Therefore, it does not expect to incur any tax charges and deferred tax accounting is not considered to be necessary.
Incoming resources from charitable activities
Incoming resources from charitable activities represents the amounts (excluding value added tax) derived from the rental of sites in Sheffield developed as recreational facilities together with other income derived from those sites, including payment by the community for use of the recreational facilities. All income from these activities arises from activities in the United Kingdom.
Interest receivable and payable
Interest receivable or payable is recognised in the statement of financial activities on an accruals basis.
Resources expended and allocation of charitable expenditure
Resources expended are accounted for on an accruals basis and are classified by the trustees as expenditure on raising funds or expenditure on charitable activity, depending on the nature of the expenditure incurred. Where resources expended are apportioned this is done on the basis of the use of the resources.
Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts, discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest rated method.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
24
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
2 Results of subsidiary organisations
During the year the charity had five wholly owned subsidiaries which are incorporated in the UK. Sheffield International Venues Limited manages sporting and recreational facilities as agent for Sheffield City Trust in respect of the community income and expenditure, and as principal in respect of ancillary commercial income and expenditure for Sheffield City Trust. 7 Hills Leisure Trust and 7 Hills Commercial Limited have not traded in the year having entered into Members Voluntary Liquidation on 29 March 2023 and were dissolved on 4 May 2025 and 14 September 2024 respectively.
Phoenix Sports Limited, a company limited by guarantee, owns the English Institute of Sport - Sheffield. Sheffield City Trust operated the venue until 2 January 2025 when the membership interest in Phoenix Sports Limited was transferred into new ownership. Refer to note 1 for further information. The charity indirectly owns SIV Enterprises Limited, through Sheffield International Venues Limited. SIV Enterprises Limited did not trade during the year having entered into Members Voluntary Liquidation on 29 March 2023 and was dissolved on 30 April 2025.
A summary of the trading activities of Sheffield City Trust’s subsidiaries are shown below.
Sheffield International Venues Limited
| Turnover Other operating income Raw materials and consumables Staff costs Depreciation Other operating charges Operating profit/(loss) Net interest receivable Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit retained in the subsidiary |
2025 2024 £000 £000 16,988 21,293 1,916 2,144 (2,289) (2,979) (4,745) (5,494) (1,932) (2,091) (9,588) (13,440) _ _ 350 (567) 597 567 947 - - - 947 - |
|---|---|
Sheffield City Council concluded its public procurement processes which resulted in the transfer out of the venues, as planned, in early January 2025. Sheffield City Council has agreed to support Sheffield City Trust and Sheffield International Venues Limited financially, following their cessation of trade, through to their solvent liquidation.
| The assets and liabilities of the subsidiary were: Tangible fixed assets Current assets Creditors: amounts falling due within one year Net assets Statement of other comprehensive income Profit for the financial period Total comprehensive income for the financial year |
2025 £000 - 4,590 (2,879) 1,711 2025 £000 947 947 |
2024 £000 1,291 18,641 (19,168) 764 2024 £000 - - |
|---|---|---|
25
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
2 Results of subsidiary organisations (continued)
Phoenix Sports Limited
The results below reflect the trading position of the company for the period 1 April 2024 to 2 January 2025 when Sheffield City Trust ceased to be a member of Phoenix Sports Limited.
| 9 months to 2 Jan 2025 £000 Income Lottery grant released 325 Yorkshire Forward grant released 11 Lifecycle fund 92 Grant income 50 Other income 63 Total income 541 Expenditure Building Maintenance (15) Depreciation (527) Operating (loss)/profit (1) (Loss)/profit on ordinary activities before tax (1) Tax on profit on ordinary activities - (Loss)/profit retained in the subsidiary (1) |
2024 £000 433 14 441 92 92 |
|---|---|
| 1,072 (363) (684) |
|
| 25 | |
| 25 - |
|
| 25 |
The assets of Phoenix Sports Limited have been included for 2024 as were consolidated into the assets of Sheffield City Trust in the prior year. At 31 March 2025, Phoenix Sports Limited was no longer under the control of Sheffield City Trust and its balance sheet is therefore excluded from these notes.
| The assets and liabilities of the subsidiary were: Tangible fixed assets Current assets Deferred income: amounts falling due within one year Deferred income: amounts falling due after more than one year Net liabilities |
2024 £000 15,797 1,703 (611) (16,926) (37) |
|---|---|
On relinquishing membership of Phoenix Sports Limited to Sheffield City Council, no consideration was paid and no cash balances were held on transfer therefore there was no cash impact of this disposal.
7 Hills Leisure Trust, 7 Hills Commercial Limited and SIV Enterprises Limited
7 Hills Leisure Trust, 7 Hills Commercial Limited and SIV Enterprises Limited were dormant in the year, having entered a Members Voluntary Liquidation on 29 March 2023. As such they have been excluded from the consolidation. 7 Hills Leisure Trust was dissolved on 4 May 2025, SIV Enterprises Limited was dissolved on 30 April 2025 and 7 Hills Commercial Limited was dissolved on 14 September 2024.
26
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
3 Resources expended
| Group Unrestricted funds 2025 2024 £000 £000 Expenditure on raising funds Ground rent 24 16 Overheads including staff costs, depreciation and finance lease interest 23,402 32,800 23,426 32,816 Expenditure on charitable activities - General Ground rent 27 38 Interest on loans 186 225 Interest payable on bonds - 833 Overheads including staff costs, depreciation and finance lease interest 8,133 10,718 8,346 11,814 Other resources expended Deed of Set-Off 104,335 - Loan waiver (103,913) - Loss on disposal of subsidiary (refer to note 2) 131 - 553 - Total unrestricted resources expended 32,325 44,630 Restricted funds Expenditure on raising funds Overheads 1,669 1,433 Depreciation 699 1,463 2,368 2,896 Expenditure on charitable activities Overheads 669 3,507 Depreciation 5,944 7,023 6,613 10,530 Other resources expended Loss on disposal of subsidiary (refer to note 2) 16,968 - 16,968 - Total restricted resources expended 25,949 13,426 |
Company 2025 2024 £000 £000 - - - - - - 27 38 186 225 - 833 14,746 21,249 14,959 22,345 104,335 - (103,913) - - - 422 - 15,381 22,345 - - - - - - 669 3,507 5,942 7,023 6,611 10,530 - - - - 6,611 10,530 |
Company 2025 2024 £000 £000 - - - - - - 27 38 186 225 - 833 14,746 21,249 14,959 22,345 104,335 - (103,913) - - - 422 - 15,381 22,345 - - - - - - 669 3,507 5,942 7,023 6,611 10,530 - - - - 6,611 10,530 |
|---|---|---|
| - | ||
| 38 225 833 21,249 |
||
| 22,345 | ||
| - - - |
||
| - | ||
| 22,345 | ||
| - - |
||
| - | ||
| 3,507 7,023 |
||
| 10,530 | ||
| - | ||
| - | ||
| 10,530 |
27
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
4 Unrestricted funds
The breakdown of the unrestricted funds between designated and general funds is as follows:
| Group Designated funds Direct support of other charitable activities in Sheffield Other designated reserves General funds Retained surplus Company Designated funds Direct support of other charitable activities in Sheffield Other designated reserves General funds Retained surplus |
At 31 March 2023 £000 377 - 1,640 2,017 377 - 707 1,084 |
Income £000 4 2 44,064 44,070 4 2 21,874 21,880 |
Utilised £000 (238) (2) (44,390) (44,630) (238) (2) (22,105) (22,345) |
At 31 March 2024 £000 143 - 1,314 1,457 143 - 476 619 |
Income £000 3 - 32,576 32,579 3 - 14,759 14,762 |
Utilised £000 (253) - (31,941) (32,194) (253) - (15,128) (15,381) |
Transfer £000 111 - (111) - 111 - (111) - |
Disposal £000 - - (131) (131) - - - - |
At 31 March 2025 £000 4 - 1,707 1,711 4 - (4) - |
|---|---|---|---|---|---|---|---|---|---|
The fund to support the other charitable activities of the charity provides grants to other groups where those groups are considered the most appropriate way of furthering the charity’s objects within the specific target communities.
5 Restricted funds
| Group iceSheffield capital grant Sheffield City Hall renovation grant EISS grant NCSEM at Concord Sports Centre Essential maintenance grant EISS Sport hall grant Other grants |
At 31 March 2023 Incoming Resources £000 £000 5,575 - 2,993 17,293 159 3,671 1,104 - - - 6,696 - 51 66 30,846 6,762 |
Utilised £000 (3,185) (1,710) (888) (91) (7,377) (68) (107) (13,426) |
At 31 March 2024 £000 2,390 1,283 16,405 68 2,990 1,036 10 24,182 |
Incoming Resources £000 - - - - 1,712 - 56 1,768 |
Utilised £000 (2,390) (1,283) (424) (68) (4,702) (53) (62) (8,982) |
Disposal £000 - - (15,981) - - (983) (4) (16,968) |
At 31 March 2025 £000 - - - - - - - - |
|---|---|---|---|---|---|---|---|
28
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
5 Restricted funds (continued)
| Company iceSheffield capital grant Sheffield City Hall renovation grant NCSEM at Concord Sports Centre Essential maintenance grant EISS Sport hall grant Other grants |
At 31 March 2023 Incoming Resources £000 £000 5,575 - 2,993 159 2,234 39 - - 5,049 - 40 66 11,040 5,115 |
Utilised £000 (3,185) (1,710) (91) (5,418) (23) (103) (10,530) |
At 31 March 2024 Incoming Resources Utilised £000 £000 £000 2,390 - (2,390) 1,283 68 1,865 16 - - 930 - (1,283) (68) (2,795) (16) 3 56 (59) 5,625 986 (6,611) |
At 31 March 2025 £000 - - - - - - - |
|---|---|---|---|---|
Following the conclusion of Sheffield City Council’s public procurement process, all remaining venues were transferred out of the Sheffield City Trust Group in January 2025. As a result, Sheffield City Trust no longer holds any restricted assets or funds. In the prior year, the various restricted funds were as follows:
The restricted funds held in respect of iceSheffield represented funding received from Sport England to aid the charity in building the national ice centre in the Lower Don Valley. This project was completed in 2003 and the fund was being amortised as the asset was depreciated.
The restricted funds held in respect of the Sheffield City Hall renovation project represented funding received from the European Single Regeneration Budget to fund the cost of professional fees during the design phase of the project, and from European Objective 1 funding to fund the building phase. The project was completed in 2005 and the fund was being amortised as the asset was depreciated.
The restricted funds held in respect of EISS represented funds received from Sport England and Yorkshire Forward to aid Phoenix Sports Limited in building the EISS and a further amount received from Sport England to provide a lifecycle fund to meet the maintenance cost of the up-keep of EISS. The project to build the EISS was completed in 2003 and the funds received for that purpose were being amortised as the asset was depreciated.
The restricted funds held in respect of NCSEM related to Olympic Legacy funding received from Public Health England on behalf of the Department of Health (DOH). The charity was part of a consortium of organisations in Sheffield that promote and research the positive benefit of physical activity on health. These funds have been used to generate a positive benefit for the NHS by renovating and equipping Concord Sports Centre for use by the public for medical facilities within a building also used for physical activity. The project was completed in 2015 and the funds received for that purpose were being amortised as the asset was depreciated.
The restricted fund held in respect of essential maintenance represents funds received from Sheffield City Council to aid essential maintenance work on the various properties, which are owned by Sheffield City Council and operated by the charity. The funds were being amortised either as the assets were depreciated or the cost of repairs incurred.
The restricted funds held in respect of the EISS Sports Hall represented funds received from Sheffield City Council to build a sports hall at the English Institute of Sport – Sheffield for the use of a local school. Funds were being amortised as the assets were depreciated.
The useful economic life of all assets mentioned within restricted funds was in line with the duration of the respective leases pertaining to the buildings for which that work was funded. As a result of Sheffield City Council’s public procurement process and in line with the lease agreements, all restricted assets, were transferred to Sheffield City Council .
By their nature restricted funds can only be used for the purpose they were intended and not to fund general or unrestricted activity.
29
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
6 Net (outgoing)/incoming resources before taxation are stated after charging
| Group | Company | Company | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £000 | £000 | £000 | £000 | |
| Auditor’s remuneration - Audit of these financial | 45 | 83 | 25 | 30 |
| statements | ||||
| Depreciation of owned assets | 10,592 | 13,204 | 8,133 | 10,225 |
| Depreciation of assets held under finance leases | 48 | 195 | 48 | 195 |
| Hire of assets under operating leases - other assets | 69 | 126 | 69 | 126 |
| Amortisation of negative goodwill | (154) | (205) |
- | - |
| Impairment of trade receivables | 17 | (6) | 7 | 1 |
| Inventory recognised as an expense | 1,961 | 2,542 | - | - |
7 Remuneration of trustees
No emoluments were paid to any of the trustees during the year (2024: £nil).
No expenses were reimbursed to any trustees in respect of any expenditure made on behalf of the charity (2024: £nil).
8 Staff numbers and costs
The average number of persons employed by the group (including directors) during the year analysed by category, was as follows:
| Leisure Operations and maintenance Administration Catering |
Group 2025 2024 Number Number 349 412 148 172 112 135 305 317 914 1,036 |
Company 2025 2024 Number Number 349 412 148 172 112 135 305 317 914 1,036 |
|---|---|---|
Staff numbers and costs include all contracted and casual staff regardless of hours worked.
30
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
8 Staff numbers and costs (continued)
The aggregate payroll cost of the employees employed by the group during the year was as follows:
Wages and salaries Social security costs Other pension costs Redundancy costs |
Group 2025 £000 11,139 856 586 14 12,595 |
2024 £000 13,583 926 706 1,483 16,698 |
Company 2025 2024 £000 £000 11,139 13,583 856 926 586 706 14 1,483 12,595 16,698 |
Company 2025 2024 £000 £000 11,139 13,583 856 926 586 706 14 1,483 12,595 16,698 |
|---|---|---|---|---|
| 16,698 |
Where required, companies within the group procure HR services from Sheffield City Trust as required to support the operations of the venues and a management fee is charged for these services. The staff numbers and costs of all contracted staff employed by Sheffield City Trust irrespective of which group company they provide services to are included in the company numbers above.
The number of employees in the group whose emoluments, including contractual notice pay, holiday pay and redundancy costs, amounted to over £60,000 in the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| £60,001 - £70,000 | 4 | 1 |
| £70,001 - £80,000 | - | 3 |
| £80,001 - £90,000 | 3 | 2 |
| £90,001 - £100,000 | 1 | - |
| £100,001 - £110,000 | 1 | - |
| £110,001 - £120,000 | 1 | - |
| £120,001 - £130,000 | - | 1 |
| £140,001 - £150,000 | 1 | - |
| £150,001 - £160,000 | 1 | - |
| £160,001 - £170,000 | 1 | - |
| £280,001 - £290,000 | 1 | - |
The group made contributions of £346,000 (2024: £61,000) to defined benefit schemes in respect of these employees.
All trustees gave their time freely and no trustee received any remuneration in the year.
31
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
| 9 Tax Analysis of charge in year Current tax Adjustments in respect of prior periods Total current tax credit for the year Deferred tax Origination and reversal of timing differences Total tax credit for the year |
Group 2025 2024 £000 £000 - - - - - - - - |
|---|---|
Factors affecting the tax charge for the current year
The current tax charge for the period is higher (2024: higher) than the standard rate of corporation tax in the United Kingdom, which, for the period ended 31 March 2025, was 25% (2024: 19%). The differences are explained below:
| Net incoming resources before tax Current tax at 25%(2024: 19%) Non deductible and non taxable items Adjustments relating to prior periods Losses utilised Depreciation in excess of capital allowances Gift aid Total tax charge/(credit) for the year |
2025 £000 (23,928) (5,982) 6,227 - (279) 342 (308) - |
2024 £000 (7,224) (1,373) 1,127 - (130) 376 - - |
|---|---|---|
Sheffield International Venues Limited has a tax strategy of making a gift aid payment to its charitable parent, Sheffield City Trust of any taxable profits and the level of historical tax losses, and as such recognition of deferred tax movements is not required.
32
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
10 Negative goodwill
| Cost At beginning and end of year Impairment losses/amortisation At beginning of year Charge for year Disposal At end of year Carrying amount At end of year At beginning of year |
£000 (8,741) 2,578 154 6,009 - - (6,163) |
|---|---|
As part of the transaction to take full ownership and direct operation of the EISS, the trust acquired Phoenix Sports Limited for £1 on 31 March 2011. Phoenix Sports Limited is a non-profit-distributing asset locked company. Phoenix Sports Limited is the company which owns the 150 year lease relating to EISS.
At the date of the acquisition the net assets acquired had a book value of £nil, being the net book value of the English Institute of Sport – Sheffield building of £20m less the amounts provided by the English Sports Council to fund the construction of the building, £20m, shown as deferred income. In accordance with UK GAAP requirements regarding acquisition accounting, the fair value of the EISS building was determined at the date of acquisition as £29m. As this amount exceeded the deemed consideration paid, £20m, negative goodwill of £9m was recognised.
This goodwill was being amortised over 50 years in line with the useful economic life of the English Institute of Sport – Sheffield building and the historic grant funding which financed its construction.
On 2 January 2025, Sheffield City Trust ceased to be a member of Phoenix Sports Limited and has therefore recognised a disposal of its interest in this company during the year.
| 11 Intangible assets - software Group Cost At beginning of year At end of year Amortisation At beginning of year Charge for year At end of year Closing net book amount At end of year At beginning of year |
Total £000 47 47 40 7 47 - ‗‗‗‗‗‗ 7 ‗‗‗‗‗‗ |
|---|---|
33
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
| 11 Intangible assets – software(continued) Company Cost At beginning of year At end of year Amortisation At beginning of year Charge for year At end of year Closing net book amount At end of year At beginning of year 12 Tangible fixed assets Group Leasehold land and buildings Fixtures, fittings and equipment Assets under construction £000 £000 £000 Cost At beginning of year 173,740 31,928 350 Additions Group transfers Disposals Deed of Set-Off Transfers - - (66,784) (106,956) - 14 1,078 (33,562) - 542 1,270 (1,078) - - (542) At end of year - - - Depreciation At beginning of year 40,024 26,825 - Charge for year Deed of Set-Off Disposals 5,536 (2,621) (42,939) 5,104 - (31,929) - - - At end of year - - - Net book value At end of year - - - At beginning of year 133,716 5,103 350 |
Total £000 45 45 38 7 45 - ‗‗‗‗‗‗ 7 ‗‗‗‗‗‗ Total £000 206,018 1,284 - (100,346) (106,956) - - 66,849 10,640 (2,621) (74,868) - - 139,169 |
|---|---|
Within leasehold land and buildings there are assets with a book value of £nil (2024: £108,000,000) which are not being depreciated. The value of these assets was realised in full upon exercise of the break clause contained within the related lease.
34
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
12 Tangible fixed assets (continued)
| Company Leasehold land and buildings Fixtures, fittings and equipment Assets Under Construction £000 £000 £000 Cost At beginning of year 141,439 13,501 352 Additions Disposals Deed of Set-Off - (34,483) (106,956) 4 (14,047) - 1,270 - - Transfers Group Transfers - - 542 - (542) (1,080) At end of year - - - Depreciation At beginning of year 28,332 11,042 - Charge for year Disposals Deed of Set-Off 5,173 (30,884) (2,621) 3,008 (14,050) - - - - At end of year - - - Net book value At end of year - - - At beginning of year 113,107 2,459 352 |
Total £000 155,292 1,274 (48,530) (106,956) - (1,080) - 39,374 8,181 (44,934) (2,621) - - 115,918 |
|---|---|
Within leasehold land and buildings there are assets with a book value of £nil (2024: £108,000,000) which are not being depreciated. The value of these assets was realised in full upon exercise of the break clause contained within the related lease.
The following are included in the total net book value of tangible fixed assets in respect of assets held under finance leases.
| nance leases. | ||
|---|---|---|
| Group | Company | |
| Fixtures, | Fixtures, | |
| fittings and | fittings and | |
| equipment | equipment | |
| £000 | £000 | |
| 2025 | ||
| Net book value | - | - |
| Depreciation | 48 | 48 |
| 2024 | ||
| Net book value | 120 | 120 |
| Depreciation | 195 | 195 |
35
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
13 Investments - Company
| nvestments - Company | |
|---|---|
| Investment in | |
| subsidiary | |
| £000 | |
| Net book value at beginning and end of year | - |
On 31 March 2015 the charity forgave, by way of a capital contribution, monies owed by its subsidiary Sheffield International Venues Limited. This capital contribution gave rise to the capitalisation of the historic inter-company debtor of £7,578,000. The investment is reviewed for impairment annually, by considering the net present value of future cash flows of Sheffield International Venues Limited over a period to March 2025. The investment was fully impaired in 2019. This is reassessed annually, and the previous impairment is still deemed appropriate.
On 1 April 2019, all staff of Sheffield International Venues Limited were transferred under the provisions of TUPE to Sheffield City Trust. At the same time, the assets and liabilities of the South Yorkshire Pension Authority scheme were also transferred and as a result of this, Sheffield City Trust took on the historic pension liability by way of a capital contribution. The investment was fully impaired in 2020. This is reassessed annually, and the previous impairment is still deemed appropriate.
The charity holds investments of £100 relating to shares held in its subsidiary Sheffield International Venues Limited.
The entity in which the charity holds beneficial interests at 31 March 2025 is as follows:
| Company | Principal | Country of | Percentage | |
|---|---|---|---|---|
| number | activity | registration | of ordinary | |
| shares held | ||||
| Subsidiary undertakings | ||||
| Sheffield International Venues Limited | 02226575 | Management of sporting and | England and | 100 |
| entertainment facilities and | Wales | |||
| provision of catering and | ||||
| conferencing services | ||||
| The entities in which the charity held beneficial interests | in during the year are as follows: | |||
| 7 Hills Leisure Trust | 07923816 | Management of sporting and | England and | -* |
| recreational facilities | Wales | |||
| 7 Hills Commercial Limited | 03330129 | Provision of catering services | England and | 100** |
| Wales | ||||
| Phoenix Sports Limited | 03487652 | Operation and strategic | England and | -*** |
| direction of English Institute of | Wales | |||
| Sport- Sheffield (EISS) | ||||
| SIV Enterprises Limited | 06385377 | Management of sporting and | England and | 100**** |
| recreational facilities, a catering | Wales | |||
| facility and the provision of | ||||
| consultancy services |
36
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
13 Investments - Company (continued)
In the opinion of the directors the investments in and amounts due from the charity’s subsidiary undertaking are worth at least the amounts at which they are stated in the balance sheet.
*7 Hills Leisure Trust’s corporate structure was limited by guarantee and was treated as an investment by the group on the basis of control. It entered into Members Voluntary Liquidation on 29 March 2023 and was dissolved on 4 May 2025.
**7 Hills Commercial was held indirectly by 7 Hills Leisure Trust. It entered into Members Voluntary Liquidation on 29 March 2023 and was dissolved on 14 September 2024.
*** Phoenix Sports Limited’s corporate structure was limited by guarantee and was treated as an investment by the group on the basis of control until Sheffield City Trust ceased to be its only member on 2 January 2025.
****SIV Enterprises was held indirectly by Sheffield International Venues Limited It entered into Members Voluntary Liquidation on 29 March 2023 and was dissolved on 30 April 2025.
The registered office for Sheffield City Trust and Sheffield International Venues Limited is 4[th] Floor Fountain Precinct, Leopold Street, Sheffield, S1 2JA.
14 Stocks
| tocks | |||||
|---|---|---|---|---|---|
| Group | Company | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| £000 | £000 | £000 | £000 | ||
| Goods for resale | - | 257 | - | - |
15 Debtors
| Trade debtors Other debtors Prepayments and accrued income Amounts owed by group undertakings Sheffield City Council |
Group Company 2025 2024 2025 2024 £000 £000 £000 £000 28,188 837 28,092 329 172 1,490 139 84 150 33,584 163 33,373 - - - 2,130 2,796 - 3,842 2,130 28,510 38,041 31,190 39,758 |
|---|---|
Prepayments and accrued income includes £nil (2024: £32,490,000) of grant income due from Sheffield City Council following the disposal of Don Valley Stadium and the restructuring of the finance leasing arrangements. This debtor was received at the date at which the charity transferred its venues to Sheffield City Council, on 2 January 2025, and set off against monies owed to the Council.
The carrying value of trade receivables is considered a reasonable approximation of fair value.
37
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
16 Cash at bank and in hand
| Cash at bank and in hand Third party ticket monies |
Group 2025 2024 £000 £000 6,636 7,549 87 11,610 6,723 19,159 |
Company 2025 2024 £000 £000 2,337 2,904 - - 2,337 2,904 |
|---|---|---|
Historically, third party ticket monies represent amounts held on behalf of third party event promotors for tickets sold, that would be paid to the promotor when the event has taken place. At 31 March 2025, they are owed to SMG Europe Holdings Limited who have taken over the running of Utilita Arena Sheffield and Sheffield City Hall.
17 Creditors: amounts falling due within one year
| Bank loans Obligations under finance leases Trade creditors Other creditors including taxation and social security Accruals and deferred income Amounts owed to group undertakings Other loans Sheffield City Council |
Group Company 2025 2024 2025 2024 £000 £000 £000 £000 - 59 - 59 - 51 - 51 4,680 1,739 4,680 1,731 27,971 13,971 27,976 995 385 3,462 385 2,469 - - - 1,489 - 3,513 - 3,513 - 140,425 - 140,425 33,036 163,220 33,041 150,732 |
|---|---|
Included within other creditors are amounts due to third party event promotors of £nil (2024: £12,011,000) .
Included in the group accruals and deferred income is deferred income of £nil (2024: £1,395,000) which relates to memberships and events.
Amounts owed to group undertakings are interest free and repayable on demand.
The carrying amount of trade and other payables approximates to their fair value.
The finance lease liability is secured against the assets for which the finance is provided.
At 31 March 2024, the group had two bank loans to fund the purchase of fixed assets at rates of 4.5% and 3.87% with outstanding balances of £56,000 and £3,000 respectively. These were fully repaid during the year.
During 2014 the charity took a five year loan of £3,500,000 from Sheffield City Council for the refurbishment of the Utilita Arena Sheffield at an interest rate, per annum, of 2.0% above the Bank of England’s base rate and during 2015 the charity took a five year loan of £1,750,000 from Sheffield City Council for the refurbishment of Ponds Forge International Sports Centre at an interest rate, per annum, of 2.0% above the Bank of England’s base rate.
These loans were consolidated into a combined loan of £1,575,000 in January 2019 over five years at a rate of 2% above the Bank of England’s base rate, with a balance at 31 March 2024 of £1,313,000. This was repaid in full during the year.
In 2020, the charity received a five-year loan of £1,000,000 from Sheffield City Council to assist with cashflow at an interest rate of 2%, above the Bank of England’s base rate and during 2021 the charity received a further 4 year loan of £1,200,000 from Sheffield City Council to assist with cashflow at an interest rate of 2% above the Bank of England’s base rate. These were repaid in full during the year.
Under the terms of the Shortfall Funding Agreement between the charity and Sheffield City Council, the council made payments bi-annually sufficient in value to enable the charity to meet its bond repayment obligations. These receipts were repayable to Sheffield City Council following exercise of the termination clause in the Shortfall Funding Agreement, and on this basis termination and repayment had effect on 2 January 2025.
38
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
18 Provisions for liabilities
| Dilapidation provision Redundancy Provision |
Group Company 2025 2024 2025 2024 £000 £000 £000 £000 - 150 - 150 486 1,461 486 1,461 486 1,611 486 1,611 |
|---|---|
Redundancy provision
A provision of £486,000 (2024: £1,461,000) has been included for the cost of redundancies which will be made following the transfer of venues to new operators in January 2025.
Deferred tax
| Accelerated tax depreciation Other timing differences £000 £000 At 1 April 2023 32 (339) Movement in year (91) 166 _ ______ At 31 March 2024 & 1 April 2024 (59) (173) Movement in year 59 173 _ ______ At 31 March 2025 - - Recognised - - Unrecognised - - _ ______ - - |
2025 Total £000 (307) 75 _ (232) 232 _ - - - _ - |
2024 Total £000 (1,024) 717 _ (307) 75 _ (232) - (232) _ (232) |
|---|---|---|
In 2024, the deferred tax asset was not recognised on the grounds that there was insufficient evidence that the asset would be recovered.
19 Analysis of group net assets between funds
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | |||||
| (designated | (designated | |||||
| and | Restricted | Total | and | Restricted | Total | |
| general) | general) | |||||
| £000 | £000 | £000 | £000 | £000 | £000 | |
| Tangible fixed assets | - | - | - | 114,987 | 24,182 | 139,169 |
| Intangible Assets | - | - | - | 7 | - | 7 |
| Net current (liabilities)/assets | 2,197 | - | 2,197 | (105,763) | - | (105,763) |
| Liabilities falling due after more | - | - | - | - | - | - |
| than one year | ||||||
| Provision for liabilities and charges | (486) | - | (486) | (1,611) | - | (1,611) |
| Negative goodwill | - | - | - | (6,163) | - | (6,163) |
| Net assets as at 31 March 2025 | 1,711 | - | 1,711 | 1,457 | 24,182 | 25,639 |
39
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
20 Commitments
Annual commitments under non-cancellable operating leases are as follows:
| Operating leases which expire: Within one year In the second to fifth years inclusive More than five years |
Group 2025 £000 - - - - |
Company 2024 2025 2024 £000 £000 £000 38 - 38 - - - - - - 38 - 38 |
|---|---|---|
At 31 March 2025, the group had no commitments to purchase fixed assets (2024: £39,000).
21 Pension scheme
Defined contribution pension scheme – Group and Company
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £268,000 (2024: £316,000).
Contributions amounting to £1,000 (2024: £45,000) were payable to the scheme and are included in creditors.
Defined benefit pension scheme – Group and Company
The group contributed to a defined benefit pension scheme operated by South Yorkshire Pension Authority. On 31 March 2022, the historic assets and liabilities of the groups South Yorkshire Pension Scheme were subsumed into the Sheffield City Council South Yorkshire Pension scheme. The group was discharged of its net liability on this date. The Trust has no liability to the plan for other entities’ obligations. Contributions to the defined benefit pension scheme are included in the profit and loss account.
At 31 March 2025, there are no active members of the defined benefit plan and as such, no further contributions will be made to the scheme.
The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £307,000 (2024: £382,000).
Contributions amounting to £8,000 (2024: £44,000) were payable to the scheme and are included in creditors.
22 Directors and key management
Remuneration, including redundancy payments, amounting to £913,000 (2024: £522,000, no redundancy payments) was paid to directors and other key management during the year. In addition, the charity made contributions of £150,000 (2024: £61,000) to defined benefit schemes in respect of the directors and other key management.
23 Accounting estimates and judgements
In preparing these financial statements, the trustees have had to make the following judgements:
Determine whether there are indicators of impairment of the charity’s non-current assets. The investments were fully impaired in previous years and there is no indication in the current financial year that would result in a reversal of this impairment.
40
Sheffield City Trust Annual report and consolidated financial statements Year ended 31 March 2025
Notes to the financial statements (continued)
24 Contingent assets and liabilities
The director of Sheffield International Venues Limited, a wholly owned subsidiary of Sheffield City Trust, declared and paid gift aid payments totalling £1,711,000 on 24 December 2025 to Sheffield City Trust. As this gift aid payment was declared and paid post year end, it has not been recognised as income in the year. Due to the funding arrangements in place with Sheffield City Council, once received, this became payable to them. Refer to the trustees’ and directors’ report (including strategic report) on page 1 for more information.
25 Post balance sheet events
On 30 April 2025, SIV Enterprises Limited was dissolved and on 4 May 2025 7 Hills Leisure Trust was dissolved.
On 24 December 2025, the director of Sheffield International Venues Limited, a wholly owned subsidiary of Sheffield City Trust, declared and paid gift aid payments totalling £1,711,000 to Sheffield City Trust.
26 Related Party Transactions
During the year the group hired space for a curling session at iceSheffield to Cavendish Cancer Care, a charity which has a trustee who is also a trustee of Sheffield City Trust. The transaction was conducted on an arms length basis and revenue of £745 was recognised during the year. This was paid in full during the year.
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