The St Paul's Place office of the global law firm raised more money than any other and was one of three companies that succeeded in turning a £50 donation from venture capital group 3i into a five-figure sum.

In addition to taking the award for raising the most money, DLA Piper's staff also won an award for coming up with the most innovative money-making idea – a life-size version of the board game Monopoly, based around Sheffield landmarks.

More than 100 competitors from local businesses dashed around the city on foot and by public transport trying to collect the most Monopoly money by visiting the landmarks, where DLA Piper staff were stationed, while trying to avoid fines, taxes and jail.

The event – won by a team from Sheffield Theatres – brought in half the £22,000 the law firm raised for the Challenge and was so successful that DLA Piper plans to stage it again next year.

Though DLA Piper raised the most money overall the runners-up, international accountants and business advisers Grant Thornton's Sheffield office, raised the most from a single event.

Almost £16,000 of the £17,000 the company raised came from a Challenge Ball in the Cutlers' Hall, where guests were entertained by the UK-based Pasadena Roof Orchestra to a mixture of swing and hot dance 'music'.

Runners-up in the innovation award were Powerminster Gleeson Services, who took a great leap of faith and hired the City Hall Ballroom for a talent show with a difference – urging staff at local businesses to show their hidden talents.

Winners of the Small Companies Award, Orgreave Drive-based Domino Commercial Interiors, showed their innovative skills, too, on the way to raising £6,500.

Their blue ribbon event involved climbing the equivalent of the distance from Everest's base camp to its summit using a climbing wall erected outside Sheffield Cathedral.

The target was to scale the wall 476 times but in the end they more than topped Everest by continuing on until members of the 12-strong climbing team had made a total of 500 ascents.

A special Young People's Award went to the Air Training Corps' 103 (Doncaster) Squadron, whose cadets raised around £1,000 by pulling a five tonne Red Arrows jet 500 metres – with one of the jet's crew members applying the brakes.

One of the directors from car warranty specialist Motorway Direct in Sheffield forgot the firm was taking part in the initiative, so Individual Award winner Karen Sampson wasn't asked to co-ordinate its fund-raising drive until months after the Challenge had begun.

Even so she managed to persuade colleagues to take part in a money-raising fun week which brought in more than £2,600.

The judges' Special Award was presented to Gripple – the third company to raise a five figure sum – for the number, variety and ingenuity of the events individuals and teams organised on their way to raising almost £13,300, which made them a contender for several awards.

"It says a lot for the entrepreneurship of Sheffield and Rotherham folk," said Master Cutler Gordon Bridge. "The response was stunning. It was a joy to be part of it."

Speaking at a gala dinner in the Cutlers' Hall to honour participants, Mr Bridge told guests: "The Challenge has been encouraging entrepreneurship, innovation, team working, having fun in the process and raising money – and from what I have seen it has been a success in every way."

He paid tribute to Faith Douglas, business development manager for NatWest – a "special person" who played a pivotal role in running the Challenge – and to Sheffield Central Labour MP Richard Caborn, who presented the awards to companies and individuals who had made particular efforts to ensure the Challenge's success.

"Richard Caborn has been a great supporter of business and enterprise in this city and a great spokesman," said Mr Bridge. "He has contributed to the businesses, charities and people of this area."

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