THE FIELD HOUSE TRUST
TRUSTEE’S ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Registered Charity Number: 1014024
THE FIELD HOUSE TRUST CONTENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Number | |
| Trustees and Professional Advisors | 1 |
| Trustee’s Annual Report | 2-4 |
| Independent Examiner’s Report to the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8-13 |
THE FIELD HOUSE TRUST
TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 MARCH 2023
CHARITY TRUSTEES Somerset Council (formerly Somerset County Council) [Director of Adult Social Care]
CHARITY REGISTRATION NUMBER 1014024
PRINCIPAL ADDRESS Somerset Council County Hall Taunton Somerset TA1 4DY
INDEPENDENT EXAMINER F Westwood Monahans Suite B, Blackdown House Blackbrook Park Avenue Taunton Somerset TA1 2PX
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THE FIELD HOUSE TRUST
TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report along with the financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 to 9 and comply with the charity’s trust deed, applicable law and Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP FRS102).
CONSTITUTION AND OBJECTS
The Field House Trust is an unincorporated organisation constituted under a trust deed dated 1 July 1996 and is a registered charity, number 1014024. The main asset of the charity is the leasehold interest in Field House, Shepton Mallet, which was gifted as an endowment to Somerset Council (formerly Somerset County Council) by Miss Berryman on 5 November 1956. The principal objects of the charity are to apply the trust fund to relieving elderly persons resident in Somerset, with preference for elderly persons resident in Shepton Mallet and the neighbourhood thereof.
CHARITY TRUSTEE AND ORGANISATION
The trust has a single trustee, being Somerset Council. Decisions are made and policies reviewed in trustee meetings. Somerset Council acts as the charity’s bankers and administrators.
OBJECTIVES AND ACTIVITIES
The objective of the trust is to benefit elderly people resident in Somerset with preference for elderly persons resident in the Shepton Mallet area. To achieve this objective, the trust has leased the Field House Property to Somerset Care Ltd, a not-forprofit care provider, who uses the property to provide residential care accommodation. The trust also provides financial support to a range of activities promoted by the voluntary sector within Somerset, directed at the health and well-being of the elderly public at large within the County. The trust continues to try to identify suitable new parties to support financially and ensure that the trust’s objectives are met in future.
The trust's funds cannot be used to substitute for Somerset Council funding in meeting its responsibilities.
The trust confirms that it has referred to the Charity Commissions general guidance on public benefit when reviewing the trust’s objectives and activities and will continue to do so in planning the trust’s future activities and grant making policy. An annual fund report details the grants made and activities undertaken. This is reviewed at the AGM and attached to the Trustee’s Annual Report.
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THE FIELD HOUSE TRUST
TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
ACHIEVEMENTS AND PERFORMANCE
Field House Care Home continues to deliver good quality care and is rated good in all 5 domains (including being Well-led; Caring and Safe) by the Care Quality Commission. This provides a stable home to meet residential demand in Shepton Mallet and it is an important part of the community, whilst also helping fund this trust.
– Somerset Community Foundation Fieldhouse Trust Grant Programme
The Trusts grant programme (managed by Somerset Community Foundation) awarded £18,600 to good causes in 22/23 and made a contribution of £2,500 to Somerset Community Foundations Somerset Fund programme.
Flow-Through Fund
| Opening balance 1/4/22 | £109,269 |
|---|---|
| Grants Paid | (£18,600) |
| Contribution to Somerset Fund | (£2,500) |
| Closing balance 31/3/23 | £88,169 |
As at 31[st] March 2023, there was £88,169 of unspent funding that will be carried forward into 2023/24. The closing balance does not include the Trusts donation of £53,000 for 2022/23 as payment for this was not made until after year-end. The donation was accrued in the Trusts accounts, so has been included in the 2022/23 Statement of Financial Activities reported on page 6.
2022/23 Grant Summary:
| Group | Project | Field House Trust - Grant Awarded(£) |
|---|---|---|
| Active and In Touch | Reducing isolation and loneliness among adults in Frome and the surroundingarea |
2,500 |
| Golden Oldies Lunch |
Singing and socialisation sessions for older people across Mendipand South Somerset |
1,000 |
| Henhayes Centre | Core costs of running a day centre for older people in Crewkerne |
3,500 |
| Reminiscence Learning | Addressing the stigma that surrounds dementia withprimaryschool children in Wellington |
4,000 |
| St George's Church, Wilton | Mobile community café to reduce isolation around Taunton |
2,000 |
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THE FIELD HOUSE TRUST
TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
| The Wookey Seniors | To tackle isolation and loneliness among elderly in the village |
500 |
|---|---|---|
| Wells Community Network | Continuation of care helpline and introduction of new communitytransport service |
1,700 |
| West Buckland Friendship Club |
Transport for outings and speakers for monthly club meetings for 90 seniors |
2,100 |
| Wivey Cares | Co-ordinator salary costs to provide support for older vulnerablepeople in Wiveliscombe |
1,300 |
FINANCIAL REVIEW
Income in 2022/23 comprised of financing income from the lease of Field House of £53,280 and investment income of £2,409. Expenditure on providing services for older people and other expenses was £54,800, creating a minimal surplus of £889 for the year, which has increased the Charity's unrestricted reserve, which stood at £107,146 as at 31 March 2023.
This level of unrestricted reserve exceeds the minimum level of £100,000 set by the Trustees to ensure the Trusts financial stability moving forward and to help negate the impact of reduced income or increasing costs in future years. To ensure on-going compliance with the reserves policy, future fees paid to SCF for delivery of an annual grants programme will be based on an estimate of the Trust’s annual income.
Accounting records, financial matters and controls are reviewed annually at the AGM.
PLANS FOR FUTURE PERIODS
The board is satisfied that the arrangement with SCF continues to work and will make a further allocation in 2023/24. As in previous years funding will be focused on large and small grants to organisations that directly support older people in local communities and in addition medium sized strategic grants to organisations/groups that ultimately support older people will be considered. To encourage greater collaborative working, SCF have also been asked to promote and prioritise, through their awards process, collaborative arrangements.
The total allocation for 2023/24, approved at the Trusts AGM in January 2024, was £53,000 (£53,000 in 22/23).
Paul Coles (Strategic Manager – Adult Services)
On behalf of the Trustees
Date: 17 January 2024
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THE FIELD HOUSE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 6 to 12.
Responsibilities and basis of report
As the charity’s trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
Accounting records were not kept by the charity as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Fiona Westwood FCA DChA Monahans, Suite B, Blackdown House Blackbrook Park Avenue Taunton, Somerset, TA1 2PX
Date: 16 January 2024
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THE FIELD HOUSE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note | 2022/23 2022/23 2021/22 Unrestricted Endowment Unrestricted Income Fund Fund Income Fund |
|---|---|
| Income And Endowments From | £ £ |
| Financing Activities 2 Investments 3 Total Income and Endowments Expenditure on Charitable Activities 4 Net Income/(Expenses) 6 |
53,280 0 53,282 2,409 0 198 55,689 0 53,480 54,800 0 54,725 889 0 -1,245 |
| Net Movement in Funds | 889 0 -1,245 |
| Fund balance brought forward 1 April 2022 Transfer Between Funds Fund balance carried forward 31 March 2023 |
106,247 412,886 107,485 9 -9 8 107,146 412,877 106,247 |
The Trust has no recognised gains or losses other than the surplus for the year. All activities of the charity are claimed as ongoing, and therefore all the above amounts relate to continuing activities.
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THE FIELD HOUSE TRUST
BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2023
| Note 2022/23 2021/22 £ £ |
|
| NON CURRENT ASSETS | |
| Long term Debtor 7 412,877 412,886 |
|
| CURRENT ASSETS | |
| Investments 8 107,146 106,247 |
|
| NET CURRENT ASSETS | 107,146 106,247 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 520,023 519,133 |
| NET ASSETS | 520,023 519,133 |
| FUNDS | |
| Endowment Fund Unrestricted Income Fund |
412,877 412,886 107,146 106,247 520,023 519,133 |
Approved by the Board of Trustees on: 17 January 2024
And signed on its behalf by:
Representative of the Trustees
The notes on pages 8 to 12 form part of the accounts.
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THE FIELD HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
a) Basis of Preparation of Accounts
The Financial statements have been prepared in £ sterling on the historical cost basis, except for leasehold property which has been included at the gross investment value in the lease, and in accordance with accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)).
The charity has applied update bulletin 1 as published on 2 February 2016, and update bulletin 2 as published on 5[th] October 2018 but does not include a cash flow statement on the grounds that it is applying FRS102 Section 1A.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) revised version issued on 28 March 2018 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
b)
Incoming resources
All incoming resources are recognised once the Charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
c)
Resources expended
Expenditure is included on an accrual’s basis. The allocation of expenses in the Statement of Financial Activities is approved by the trustees. Costs directly expended on the relief of qualifying elderly persons are included in Costs of Activities in furtherance of the Charity’s Objects. Governance comprises costs for the running of the Charity itself as an organisation.
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THE FIELD HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
d) Debtors and creditors receivable / payable within one year
- Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
e) Fund Accounting
Details of the nature and purpose of each fund is set out in note 10.
f) Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.
g) Leases
- Leases are classified as finance leases where the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the property, plant or equipment from the lessor to the lessee. All other leases are classified as operating leases.
Where a lease covers both land and buildings, the land and buildings elements are considered separately for classification.
– h) Finance Leases The Trust as a Lessor
Where the Trust grants a finance lease over its property, the relevant asset is written out of the balance sheet and replaced by a lease (long-term debtor) asset in the Balance Sheet.
i)
Investments
All investments are held by Somerset County Council. The investments are initially recognised on the Balance Sheet at fair value and are carried at their amortised cost.
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THE FIELD HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. INCOME FROM FINANCING ACTIVITIES
| Finance income re Somerset Care lease | (Unrestricted) (Unrestricted) 2022/23 2021/22 £ £ 53,280 53,282 53,280 53,282 |
|---|---|
3. INCOME FROM INVESTMENTS
| 4. | |||
|---|---|---|---|
| County Council Consolidated Loans Fund | (Unrestricted) (Unrestricted) 2022/23 2021/22 £ £ 2,409 198 2,409 198 |
||
| EXPENDITURE ON CHARITABLE ACTIVITIES | |||
| Direct Costs: Somerset Community Foundation Support Costs (Note 5) |
(Unrestricted) (Unrestricted) 2022/23 2021/22 £ £ 53,000 53,000 53,000 53,000 1,800 1,725 54,800 54,725 |
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THE FIELD HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. SUPPORT COSTS
| Governance Costs: Finance administrative charge Independent examiner's fees |
(Unrestricted) (Unrestricted) 2022/23 2021/22 £ £ 1,200 1,200 600 525 1,800 1,725 |
The finance administrative charge is based on salary hourly rates including employer’s National Insurance and pension costs but no other overheads. No staff are employed by the Trust.
6. STATEMENT OF FUNDS
| Balance 31.03.2022 Income 'Expenditure Transfer Between Funds Balance 31.03.2023 £ £ £ £ £ |
|
| Unrestricted Fund | 106,247 55,690 -54,800 9 107,146 |
| Endowment Fund | 412,886 0 0 -9 412,877 519,133 55,690 -54,800 0 520,023 |
7. NON-CURRENT ASSETS
| Long-term Debtor - as at 1st Apr Principal Received in year As at 31st March |
2022/23 2021/22 £ £ 412,886 412,894 -9 -8 412,877 412,886 |
|
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE FIELD HOUSE TRUST
- Somerset Care lease Field House, Shepton Mallet, Somerset.
The Trust has leased out the Field House property to Somerset Care on a finance lease with a remaining term of 78 years. Under FRS102, this agreement constitutes a finance lease arrangement and as such is disclosed as a long-term debtor for the Trusts gross investment in the lease (made up of the minimum lease payments expected to be received over the remaining lease term and the residual value anticipated for the property when the lease comes to an end).
The Debtor produces interest receipts from the loan relationship.
8. CURRENT ASSETS – INVESTMENTS
| 2022/23 2021/22 £ £ Unquoted investments: 107,146 106,247 Somerset Council Consolidated Loans Fund |
|
|---|---|
9. RELATED PARTIES
Somerset Council, the Charity’s Trustee, acts as the Charity’s bankers and administrators. The Council charge an administration charge (2022: £1,200) to the Charity and pay the Charity interest on the Consolidated Loans Fund balance (2022: £2,409).
10. FUNDS
Unrestricted income funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
The endowment fund represents assets which must be held permanently by the Charity.
11. NET ASSETS BETWEEN FUNDS
| Unrestricted | Endowment | Total | |
| Fund | Fund | ||
| £ | £ | £ | |
| Non-Current Assets | 0 | 412,877 | 412,877 |
| Current Assets | 107,146 | 0 | 107,146 |
| 107,146 | 412,877 | 520,023 |
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