**REGISTERED CHARITY NUMBER: 1139397** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **FOR** ## **FIELDSDENE TRUST** Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS **FIELDSDENE TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Balance Sheet**|5| |**Notes to the Financial Statements**|6 to 11| |**Detailed Statement of Financial Activities**|12| **FIELDSDENE TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021** The trustees present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Fieldsdene Trust supports evangelical Christian charities and affiliated workers through regular grants to existing beneficiaries, together with occasional one-off grants. The Trust has a particular interest in Wales without being limited to Wales. ## **Grant making policy** The trustees allocate two thirds of income for grants by monthly standing orders. The majority are for the support of people who have dedicated themselves to Christian service in association with a UK charity. Regular grants for the support of named people are only made when one or more of the trustees believe from their knowledge and experience that the objectives of the trust are being met. Other standing orders are to advance the Christian faith through student or graduate ministry, scripture distribution, education and training. The organisations involved are also known to one or more of the trustees. One third of income is available for one-off grants. The same criteria are applied as for regular grants. These grants are decided at trustee meetings held three times a year. ## **Public benefit** The trustees of Fieldsdene Trust can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. ## **ACHIEVEMENT AND PERFORMANCE** ## **Investment performance** At the 30 September 2021 the combined cost of investments was £3,591,517 and was valued at £5,415,716. CCLA Fund Managers Limited were the investment managers throughout the current and prior year. ## **FINANCIAL REVIEW** ## **Financial position** The financial results are shown in the following pages. Total income for the year was £153,464 (2020 - £149,205) and total expenditure was £135,964 (2020 - £152,411). The net gain on investments in the year was £554,028 (2020 - £210,893). ## **Investment policy and objectives** The trustees seek a spread of investments yielding long term real growth in capital and medium term real growth in income. The trustees accept that the objectives of the growing capital and income imply a degree of risk in the investment portfolio. Since the grant policy of the trustees is out of trust income the short to medium term capital value of the portfolio may fluctuate. The trustees choose to avoid investments that would be deemed to be inimical to the main object of the trust. ## **Reserves policy** The trustees seek to maintain a balance on deposit with the Investment Managers of at least 4 months regular donations to ensure that commitments can be met should contingencies occur. After providing for the required reserves, the trustees aim to ensure that expenditure approximates to the standard income of the charity. At 30 September 2021 the charity's total funds amounted to £5,491,410. All of the funds of the charity are unrestricted. Of this, £5,415,716 relates to fixed asset investments, leaving free reserves of £75,694. The trustees are satisfied with the level of reserves held. Page 1 **FIELDSDENE TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The Fieldsdene Trust is constituted as a charitable trust whose governing document is its Trust Deed dated 14 October 2010. It is registered with the Charity Commissioners under charity number 1139397. All decisions are made by the trustees as and when required. ## **Recruitment and appointment of new trustees** A new trustee or new trustees may be appointed at any time (either by way of replacement or addition) but so that the total number of trustees shall at no time exceed six. ## **Organisational structure** The Fieldsdene Trust is managed by its trustees, there are no employees of the Trust. ## **Induction and training of new trustees** There is no formal induction programme for new trustees, but new members are fully integrated into the running of the trust immediately on appointment. ## **Risk management** The trustees have considered the major risks of the Trust and are satisfied that the risks are being managed adequately. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1139397 ## **Principal address** Highfields Llantrisant PONTYCLUN CF72 8AU ## **Trustees** W J Capper H J Capper R J Powezka J D J Capper ## **Independent Examiner** Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS ## **Solicitors** Geldards LLP CARDIFF CF10 3ZF ## **Bankers** HSBC PONTYCLUN CF72 8AP Approved by order of the Board of Trustees on ............................................. and signed on its behalf by: ........................................................................ R J Powezka - Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIELDSDENE TRUST** ## **Independent examiner's report to the trustees of Fieldsdene Trust** I report to the charity trustees on my examination of the accounts of Fieldsdene Trust (the Trust) for the year ended 30 September 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS Date: ............................................. Page 3 **FIELDSDENE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
3
**EXPENDITURE ON**
**Charitable activities**
4
Advancement of Christian religion
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
funds
£
153,464
135,964
554,028
571,528
4,919,882
5,491,410|2020
Total
funds
£
149,205
152,411
210,893
207,687
4,712,195
4,919,882| |---|---|---| The notes form part of these financial statements Page 4 **FIELDSDENE TRUST** ## **BALANCE SHEET 30 SEPTEMBER 2021** |Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
funds
£
5,415,716
77,526
(1,832)
75,694
5,491,410
5,491,410
5,491,410
5,491,410|2020

Total
funds
£
4,861,688
59,410
(1,216)
58,194
4,919,882
4,919,882
4,919,882
4,919,882| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. R J Powezka - Trustee ............................................. H J Capper - Trustee The notes form part of these financial statements Page 5 **FIELDSDENE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **1. STATUTORY INFORMATION** Fieldsdene Trust is an unincorporated charity registered in England and Wales. The principal address is Highfields, Llantrisant, Pontyclun, CF72 8AU. The nature of the charity's operations and principal activities are disclosed within the Report of the Trustees. The financial statements are presented in Sterling (£), the charity's functional currency, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. There have been no material departures from Financial Reporting Standard 102. The charity meets the definition of a public benefit entity as demonstrated within the Report of the Trustees. ## **Going concern** No material uncertainties related to events or conditions that may cast significant doubt upon the entity's ability to continue as a going concern exist. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. This includes capital grants. Donations and legacies income includes donations, gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment income is recognised on a receivable basis. It is not the policy of the charity to show income net of expenditure. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. Page 6 continued... **FIELDSDENE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **2. ACCOUNTING POLICIES - continued** ## **Expenditure** Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity. Expenditure includes VAT as the charity is not VAT registered. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Investments** Investments are included at market value at the balance sheet date. Realised and unrealised gains or losses on investments are shown separately on the face of the statement of financial activities. Investment income is recognised on a receivable basis. ## **Basis of recognition of liabilities** Liabilities are recognised as soon as there is a legal or constructive obligation which commits the charity to the expenditure. ## **Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **3. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| |Dividend income
Deposit account interest|2021
£
153,460
4
153,464|2020
£
149,070
135| |||149,205| Page 7 continued... **FIELDSDENE TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **4. CHARITABLE ACTIVITIES COSTS** |Advancement of Christian religion
**5.**
**GRANTS PAYABLE**
For the advancement of the Christian Religion
Grants paid to institutions during the year were as follows:
International Fellowship of Evangelical Students
Universities and Colleges Christian Fellowship
The Ditch Foundation
European Christian Mission
SIM International (UK)
The George Muller Charitable Trust
Union Foundation
Operation Mobilisation
Gideons International in the British Isles
Grace Baptist Mission
Wycliffe Bible Translators Limited
OMF International UK
Speak Life
UFM Worldwide
Pioneers UK Ministries
France Mission Trust
Pontypridd Christian Concern
Y GRWP (Grace Rural Wales Partnership)
International Service Fellowship Trust
Mission Aviation Fellowship
Caring for Life
Eurasia Education Foundation
The Diocese of St David's
Crosslinks - Time for Change Ministries
Barnabus Fund
Redeemer Church Cardiff
Impact Giving UK Trust
Wales Leadership Forum
Grangetown Baptist Church
Rhoose Youth & Families Work|Grant
funding of
activities
(see note
5)
£
134,956|Support
costs
£
1,008
2021
£
134,956
14,016
24,824
-
3,252
3,252
3,252
13,356
2,580
5,676
1,800
5,832
6,504
-
1,800
6,800
2,580
1,800
13,252
2,580
-
-
-
-
5,000
-
-
1,800
5,000
-
10,000
134,956|Totals
£
135,964
2020
£
151,080
5,892
28,432
8,004
3,132
5,132
3,132
15,912
2,460
5,328
1,572
5,592
6,264
2,000
1,572
3,572
2,460
1,460
7,132
2,460
3,000
1,000
1,000
10,000
5,000
4,000
7,500
1,572
4,000
2,500
-
151,080| |---|---|---|---| Page 8 continued... **FIELDSDENE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2021 or for the year ended 30 September 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2021 or for the year ended 30 September 2020. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** All income and expenditure for the year ended 30 September 2020 was unrestricted. ## **8. INDEPENDENT EXAMINER'S REMUNERATION** ## **9.** |Independent examination fee
**FINANCIAL INSTRUMENTS**
**Financial assets**
Financial assets that are debt instruments measured at amortised cost
Financial assets measured at fair value
**Financial liabilities**
Financial liabilities measured at amortised cost|2021
£
780
2021
£
77,526
5,415,716
1,832|2020
£
780
2020
£
59,410
4,861,688
1,216| |---|---|---| Financial assets measured at amortised cost comprise cash at bank, and financial assets measured at fair value comprise fixed asset investments. Financial liabilities measured at amortised cost comprise accruals. Page 9 continued... **FIELDSDENE TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **10. FIXED ASSET INVESTMENTS** |**10.**|**FIXED ASSET INVESTMENTS**|||| |---|---|---|---|---| |||||Listed| |||||investments| |||||£| ||**MARKET VALUE**|||| ||At 1 October 2020|||4,861,688| ||Revaluations|||554,028| ||At 30 September 2021|||5,415,716| ||**NET BOOK VALUE**|||| ||At 30 September 2021|||5,415,716| ||At 30 September 2020|||4,861,688| ||There were no investment assets outside the UK.|||| ||Cost or valuation at 30 September 2021 is represented by:|||| |||||Listed| |||||investments| |||||£| ||Valuation in 2021|||5,415,716| ||Fixed asset investments comprise:|2021||2020| |||£||£| ||Listed investments - CCLA Charities Ethical Investment Fund|5,415,716||4,861,688| |||5,415,716||4,861,688| |||2021||2020| |||£||£| ||Historical cost of investments|3,591,517||3,591,517| ||All investments are held primarily to provide an investment return for the charity.|||| |**11.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||2021||2020| ||||£|£| ||Other creditors|1,832||1,216| ||Other creditors includes an accrual for £780 due to a trustee for reimbursement of|expenditure paid on behalf of||| ||the charity.|||| |**12.**|**MOVEMENT IN FUNDS**|||| |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1/10/20
£
4,919,882
4,919,882|Net
movement
in funds
£
571,528
571,528|At
30/9/21
£
5,491,410| |---|---|---|---| ||||5,491,410| Page 10 continued... **FIELDSDENE TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **12. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
153,464
153,464|Resources
expended
£
(135,964)
(135,964)|Gains and
Movement
losses
in funds
£
£
554,028
571,528
554,028
571,528| |---|---|---|---| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1/10/19
£
4,712,195
4,712,195|Net
movement
in funds
£
207,687
207,687|At
30/9/20
£
4,919,882
4,919,882| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
149,205
149,205|Resources
expended
£
(152,411)
(152,411)|Gains and
Movement
losses
in funds
£
£
210,893
207,687
210,893
207,687| |---|---|---|---| ## **13. RELATED PARTY DISCLOSURES** The charity made grants totalling £13,252 (2020 - £7,132) to Y GRWP (Grace Rural Wales Partnership) a charity for which Mr W J Capper is also a trustee. Page 11 **FIELDSDENE TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**INCOME AND ENDOWMENTS**
**Investment income**
Dividend income
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Other costs**
Bank charges
Bookkeeping fees
**Governance costs**
Independent examination fee
Total resources expended
**Net income/(expenditure)**|2021
£
153,460
4
153,464
153,464
134,956
92
100
192
816
135,964
17,500|2020
£
149,070
135
149,205
149,205
151,080
86
465
551
780
152,411
(3,206)| |---|---|---| This page does not form part of the statutory financial statements Page 12