The freehold property in fact belongs to Stafford Borough Council and not the company; its value was removed from the balance sheet in the financial statements for the year ended 31 December 2013.
However the company does own the playing fields adjacent to the freehold property. These playing fields are subject to a covenant restricting their use to "recreational purposes only". The area of these playing fields is 4.5 acres or 1.8211 hectares. The valuation has been estimated by the directors at £30,000 per hectare, so making a valuation of £54,633. The covenant also stipulates that, in the event of the company wishing to sell these fields, they must first be offered to Fields in Trust (formerly The National Playing Fields Association). As the company has no intention of selling the fields, the directors felt it to be an unneccessary expense to engage the services of a professional valuer.