Sheffield festival cancelled due to lack of funding.

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An annual festival which attracts thousands to Sheffield year after year has been cancelled due to a shortfall in funding.

Peace in the Park, which is held at the Ponderosa in Upperthorpe, will not be held this year because of problems raising the £20,000 needed to stage the event.

Organiser Barney Harris said cancelling was preferable to ‘bankrupting the festival for years to come’.

The festival, which began as an anti-war protest in 2003, is financed entirely by fundraising, donations and revenue generated over the course of the weekend.

Mr Harris said: “The money that goes into the festival comes from the people and that’s maybe why we’ve seen a drop as people are struggling a bit more, what with the recession.

“With six weeks to go we could not risk not getting that money and then basically bankrupting the festival for years to come.

“We thought it better to take a fallow year and then guarantee another 10 years of Peace in the Park in the future.”

The next festival will be held on June 4.