THE FIELD HOUSE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity Number: 1014024
THE FIELD HOUSE TRUST CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Number Trustee and Professional Advisors Trustee Annual Report Independent Examiner's Report to the Trustee Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-13
THE FIELD HOUSE TRUST TRUSTEE AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY TRUSTEE Somerset Council (formerly Somerset County Council) IDirector of Adult Social Carel CHARrrY REGISTRATION NUMBER 1014024 PIUNCIPAL ADDRESS Somerset Council County Hall Taunton Somerset TAI 4DY INDEPENDENT EXAMINER F Westwood Monahans Suite B, Blackdown House Blackbrook Park Avenue Taunton Somerset TAI 2PX
THE FIELD HOUSE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustee presents their report along with the financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 10 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 l July 1996 and is a registered charity, number 1014024. The main asset of the charity is the leasehold i nterest 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 Nouse Property to Somerset Care Ltd, a not-for- profit 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 ensu re 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 responsibi l ities. 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 Annual Report.
THE FIELD HOUSE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 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 Communit Foundation SCF Fieldhouse Trust Grant Pro ramme The Trusts grant programme (managed by Somerset Community Foundation) awarded £37,815 to good causes in 23/24 and contributed £13,250 to Somerset Community Foundation5 Somerset Fund programme, Flow-Throu h Fund Opening balance 114/23 Field House Trust Contributions (22/23 and 23/24) Grants Paid Contribution to Somerset Fund Closing balance 3113124 £88.169 £106,000 (£37,815) (£13,250) £143.104 As at 31st March 2024, there was £143,104 of unspent funding that will be carried forward through the flow-through fund held by SCF into 2024/25. 2023 24 Grant Summa Group Project Field House Trust - Grant Awarded {£) 12,640 Community Council for Somerset Dance 4 Parkinsons Wells Older people's research project Therapeutic dance activity for people living with Parkinsons and other neurological conditions in the Wells area Venue hire and running costs for a lunch club support group in Mendip 2,283 MHA Communities Mendip 5,000 MHA Communities South Somerset & Mendip District Friendship clubs for older people in South Somerset 5,000
THE FIELD HOUSE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Museum To You CIC Taking museum artefacts to care homes and community settings in Mendip, providing stimulation and reducing isolation Core costs for supporting older people's wellbeing 2,340 Shepton Mallet Men's Shed 2,000 South Somerset Community Accessible Transport Spark Somerset Core costs for community accessible transport services in South Somerset 3,000 Providing activities for cared for people whilst their carers attend Carer Support Groups Village Hall weekly hire costs for over 55's club 3,552 Wedmore Tuesday Club 2,000 TOTAL 37.815 FINANCIAL REVIEW Income in 2023/24 comprised of financing income from the lease of Field House of £53,279 and investment income of £5,274. Expenditure on providing services for older people and other expenses was £55,090, creating a minimal surplus of £3,463 for the year, which has increased the Charity's unrestricted reserve, which stood at £110,619 as at 31 March 2024. This level of unrestricted reserve exceeds the minimum level of £IOO,000 set by the Trustee 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 PEIUODS The board is Satisfied that the arrangement with SCF continues to work and will make a further allocation in 2024/25, 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 Trustees have agreed to suspend the allocation to SCF for 2024/25 at the Trusts AGM in January 2025, to allow the unspent balance of £143,104 retained by SCF to be allocated (£53,000 was awarded in 23/24).
THE FIELD HOUSE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Paul Coles (Strategic Manager - Adult Services) On behalf of the Trustee Date: 8 January 2025
THE FIELD HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 13. 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. Inde endent 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 TAI 2PX Date.. Ib JOAQ
THE FIELD HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2023124 2023124 2023124 Unrestrlcted Endowmnt Total Ineomè Fund Fund Funds. 2022123 2022123 2022123 Unrestrictèd Endowmmt Total. Incomè Fund Fund Funds Nots come And Endowments Fro Flnanclro Activi09 Inv88lrngnt 53.279 .274 53,279 5,274 53,280 2.40g 0 $3,280 2rt09 Total Incom& and Endownonts 58.553 55,689 Expandlture on CKgrllabk8 Aclvluas 55,090 SS,090 54,800 Net Irml[Ex[Tr58s} 3,463 3,463 889 Net Alovementln Funds 3.463 3,463 889 Fund b&lance brought fonyard l Aprll 107.146 412,877 520,023 106,247 412,886 ¥19,133 Transf8r BeiwBen Fundg 10 -10 Fund balance Garriedforward 31 March 110619 412 867 523 436 107 146 412 877 520 023 The Trust has no recognised gains or losses other than the surplu5 for the year. All activities of the charity are claimed as ongoing, and therefore all the above amounts relate to continuing activities.
THE FIELD HOUSE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 Note 2023124 2022123 NON CURRENTASSETS Long term Debtor 412,867 412,877 CURRENTASSETS Investments 110,819 107,146 NETCURRENfASSETS 110,619 107,146 TOTAL ASSETS LESS CURRENTLIABILifES 523N86 520,023 NET ASSETS 523A86 520,023 FUNDS Endomnenl Fund Unrestrlcted IncoffE Fund 412,867 110,819 412,877 107,146 523,486 520,023 Approved by the Board of Trustee on,. 8th January 2025 And signed on its behalf by,, Representative of the Trustee The note5 on pages 9 to 13 form part of the accounts.
THE FIELD HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES Basis of Pre aration of Accounts The Financial statement5 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 l January 2019) (Charities SORP (FRS 102)). The charity has applied update bulletin l as published on 2 February 2016, and update bulletin 2 as published on 5th October 2018 but does not include a cash flow statement on the grounds that it is applying FRS102 Section IA. 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 l April 2005 which has since been withdrawn, The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. b) Incomin resources All incoming resources are recognised once the Charity has entitlement to the resources, it is probable that the resources will be received, ar)d the monetary value of incoming resources can be measured with sufficient reliability, Resources ex ended Expenditure is included on an accrual's basis. The allocation of expenses in the Statement of Financial Activities is approved by the trustee. 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.
THE FIELD HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 d) Debtors and creditors receivabSe able within one ear 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. Fu nd Accountin Details of the nature and purpose of each fund is set out in note 10. Goin Concern The financial statements have been prepared on a going concern basis as the trustee believes that no material uncertainties exist. The trustee has 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 suff icient 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. 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, 10
THE FIELD HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM FINANCING ACTIVITIES (Unrestrlcted) {Unrestricted) 2023124 2022123 Finance income re Somerset Care lease 53,279 53,280 53,279 53,280 INCOME FROM INVESTMENTS (Unrestricted) (Unrestrlcted) 2023124 2022123 County Council Consolidated Loans Fund 5,274 2,409 5,274 2,409 EXPENDrruRE ON CHARITABLE ACTiillTIES (Unrestricted) (Unrestricted} 2023124 2022123 Direct Costs: Somerset Community Foundation 53,000 53,000 53,000 53,000 Support Costs (Note 5) 2,090 1,800 55,090 54,800
THE FIELD HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS {Unrestrlcted) (Un restricted) 2023124 2022123 Governance Costs., Finance administrative charge Independent examiner's fees 1,200 890 1,200 600 2,090 1,800 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. STATEMENT OF FUNDS Transfer BetW88n Balance Income 'ExpendItU Funds 31.03.2024 Balance 31.03.2023 Unrestricted Fund Endowment Fund 107,146 412,877 520 023 58,553 -55,090 10 -fjo 110,619 412,867 523.486 58.553 -55,090 NON-CURRENT ASSETS 2023124 2022123 Long-term Debtor - as at 1 st Apr Principal Received in year 412,877 412,886 -10 As at 31st March 412,867 412,877 Somerset Care lease - Field House She ton MalSet Somerset. The Trust has leased out the Field House property to Somerset Care on a finance lease with a remaining term of 77 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 12
THE FIELD HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 lease payments expected to be received over the remaining lease term a nd the residual value anticipated for the property when the lease comes to an end), The Debtor produces interest recéipts from the loan relationship. CURRENT ASSETS- INVESTMENTS 2023124 2022123 Un uoted investments: SorrrS81 CounGiI Consolidated Loans Fund 110,619 107,146 RELATED PARTIES Somerset Council, the Charity's Trustee, acts as the Charity's banker and administrator. The Council charged an administration charge of £1,200 during 2023/24 (2022/23. £1,200) to the Charity and paid the Charity interest on the Consolidated Loans Fund balance of £5,274 (2022/23: £2,409). 10. FUNDS Unrestricted income funds comprise those funds which the trustee is 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 Fund Fund Total Non-current Assets Current Assets 412,867 412,867 0 110,619 412,867 523,486 110,619 110,619 13