ANNUAL TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2023
REFERENCE & ADMINISTRATIVE INFORMATION
Registered name of charity: Fieldnotes
Trustees on the date of the approval of this report: Isabella Marrin (treasurer) Thomas Forster Evie Jeffreys (chair) Rose O'Gallivan (appointed 03/05/2023) Mónica Rivas Velásquez (appointed 06/09/2023)
Charity number: 1192461
Registered office: Studio 002 Warton House 150 Stratford High Street London E15 2NE
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CONTENTS
Trustees’ report, pages 3-5 Independent Examiner’s report, page 6-7 Statement of financial activities, page 8 Statement of financial position, page 9 Signatures, page 10 Notes to the financial statements, pages 11-14
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TRUSTEES’ REPORT
The trustees present their report and financial statements for the year ended 31 March 2023.
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 (effective 1 January 2019) (FRS 102).
OBJECTIVES AND ACTIVITIES
Charitable objects:
The purpose of the organisation is to promote the arts and literature and to advance education in the arts and literature for the benefit of the public by the publication of an arts and literary journal supporting new or emerging artists and writers.
Key developments year ending 31 March 2023:
The year April 2022-March 2023 was our second full year of operating. As COVID restrictions were relaxed we were able to programme a busy schedule of in person events and workshops, pivoting the focus of the organisation towards public programming. In March 2022 we were awarded a grant from Arts Council England of £16,993 which was received in April 2022 to fund this public programme and the production of two issues of our publication Fieldnotes (Issue 3 and Issue 4) containing new writing and artwork. This award from ACE was the most significant the charity had received and enabled us to be ambitious, to expand our audience, to develop our organisation and to work with new partners. In March 2023 we received a grant of £6000 from Cockayne Grants for the Arts towards the cost of producing Issue 5 of Fieldnotes . In June 2022 we were awarded a grant of £4300 from The Fenton Arts Trust to deliver a new Fieldnotes Development Programme in July – December 2023 supporting 4 early career writers with a 6-month mentorship and development programme to facilitate the production of new poetic works. In April 2022 we were offered a subsidised workspace in Newham by ACME which we accepted, this was the first time the organisation had a space big enough for staff to work in the same place and to host events.
In May 2022 we stopped working with Motto as our EU distributor and entered into a new distribution contract with Idea Books for distribution in the EU and worldwide.
The core executive team was led by Bella Marrin as Editor-in-chief, Elaine Tam was promoted to a Senior Editor role as she became more involved in the charity’s work, codeveloping and delivering the workshop programme with Bella. Natasha Cox remained as Arts Editor and Isabel Mallet as Poetry Editor. Katie Lane joined the organisation for an internship as Editorial Assistant as part of her professional development module on her BA Fine Art at Central St Martins. This internship was helpful in bringing structure to the regular workings of the charity. Katie was key in developing plans for a new radio series which launched in July 2022 and has broadcast since then monthly on Resonance FM.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning
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its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.
GOALS
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Increase our audience by diversifying our activities and creating a learning environment around our print publication.
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Establish a reputation as one of the leading arts and literary organisations in the UK and internationally.
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Develop more partnerships with non-profit organisations in the arts with comparable aims.
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Increase pay to contributors and editorial staff.
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Improve the accessibility of our organisation.
The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work within the last twelve months. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
Our proposal for a National Lottery Project Grant from Arts Council England was an ambitious one. Alongside the production of two issues of Fieldnotes we proposed to develop a learning environment around the publication with a series of public events and workshops to advance education in the arts and literature. Securing ACE funding for this was an important achievement, it gave us credibility and confidence as a new organisation. We committed to delivering 3 public events, 4 online workshops and 4 place-based writing workshops hosted by some of the best arts organisations in East & South-East London including South London Gallery and Whitechapel Gallery. We received an enthusiastic response to our programming from both our partners and participants and we were able to overdeliver on this proposed activity and reach a far greater audience than we had anticipated, meaning we built a strong track record with ACE as a funder. In January 2023 we applied for a larger grant of £27,974 to fund an expanded programme building on the success of the previous project. This grant was awarded by ACE in February 2023 and received in April 2023 (after this year’s financial end). This substantial grant along with smaller grants from Cockayne (£6000) and The Fenton Arts Trust (£4300) means in the year beginning April 2023 we will be able to run our most ambitious programming to date.
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We are proud of our performance in bringing benefit to the public and supporting emerging writers and artists by developing and publishing their work. We acknowledge that this is just a start and there is much more that can be achieved.
FINANCIAL REVIEW
The Statement of Financial Activities shows a surplus of £9056 (31 March 2022: surplus £14,290) and the Statement of Financial Position shows net assets at 31 March 2023 of £12,694 (31 March 2022: £22,766).
Most notably our income earned through charitable activities almost doubled compared to the previous period. 2022-2023 earned income was £12,196.51 whilst 2021-2022 was £6,723.54.
The trustees have decided that holding reserves is not necessary at this juncture as the activity of the charity is relatively low and funding received is adequate to pay all expenses and obligations of the charity.
If the charity expands the scope of its activities it will aim to hold reserves equivalent to the approximate costs of producing one issue of the publication (£13,000).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity’s governing document is a Trust Deed, there are three founding trustees. As yet the charity has not been constituted as a company although it is our intention to register as a company limited by guarantee. At the moment a simple Charitable Trust provides an adequate framework for us to operate within. It is also our intention to recruit more trustees in order to diversify the board and gain from a wider pool of expertise and experience.
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Independent examiner's report on the accounts
| Section A Independent Examiner’s Report |
Section A Independent Examiner’s Report |
|---|---|
| Report to the trustees On accounts for the year ended Set out on pages |
Charity Name Charity no (if any) (remember to include the page numbers of additional sheets) Fieldnotes 31 March 2023 1192461 8-9 |
| (remember to include the page numbers of additional sheets) 8-9 |
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 / 03 / 2023 .
Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report 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 2011 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 [The charity’s gross income exceeded £250,000 and I am qualified to ---------------------------------------------------------------------------------------------------- examiner's statement undertake the examination by being a qualified member of [insert name of ------------------------------------------------------------------------applicable listed body]]. Delete [ ] if not applicable.
I have completed my examination. I confirm that no material matters have ---------------------come to my attention in connection with the examination (other than that ------------------------disclosed below *) which gives me cause to believe that in, any material respect:
the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or the accounts did 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.
- Please delete the words in the brackets if they do not apply.
Signed: Date: 30/01/2024 Name: Robert Newman Relevant professional MAAT ATT FFA FAIA qualification(s) or body
Oct 2018
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IER
(if any):
Address: Chichester House, 2 Chichester Street, Rochdale, OL16 2AX
Section B Disclosure
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
Give here brief details of any items that the examiner wishes to disclose .
Oct 2018
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IER
Statement of financial activities
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Prior period Total funds |
Notes | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Income and endowments from: |
||||||
| Donations and legacies | 7,199 | 6000 | 13199 | 2 | ||
| Charitable activities | 12,196.5 | 12,196.5 | 3 | |||
| Other trading activities | ||||||
| Investments | ||||||
| Other | ||||||
| Total | 19,395.5 | 6000 | 25,395.5 | |||
| Expenditure on: | ||||||
| Raising funds | ||||||
| Charitable activities | 29,851 | 780 | 4 | |||
| Other | ||||||
| Total | 29,851 | 780 | 30631 | |||
| Net gains/(losses) on investments | ||||||
| Net income/(expenditure) | -5,235.5 | |||||
| Transfers between funds | ||||||
| Other recognised **gains/(losses): ** |
||||||
| Gains/(losses) on revaluation of fixed assets |
||||||
| Actuarial gains/(losses) on defined benefit pension schemes |
||||||
| Other gains/(losses) | ||||||
| Net movement in funds | ||||||
| Reconciliation of funds: | ||||||
| Fund balances at 31 March 2022 |
13,510 | 780 | 14,290 | |||
| Fund balances at 31 March 2023(net current assets) |
3055 | 6000 | 9056 |
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Statement of financial position (balance sheet)
| Note | Total | Prior year | Notes |
|
|---|---|---|---|---|
| ref. | funds | funds | ||
| £ | £ | |||
| Fixed assets: | ||||
| Intangible assets | ||||
| Tangible assets | ||||
| Heritage assets | ||||
| Investments | ||||
| Total fixed assets | 0 | |||
| Current assets: | ||||
| Stocks | 3172 | 8060 | 7 | |
| Debtors | 468 | 416 | 8 | |
| Investments | ||||
| Cash at bank and in hand | 9056 | 14,290 | ||
| Total current assets | 12,696 | 22,766 | ||
| Liabilities: | ||||
| Creditors: Amounts falling due within one year | ||||
| Net current assets or liabilities | ||||
| Total assets less current liabilities | ||||
| Creditors: Amounts falling due after more than one year |
||||
| Provisions for liabilities | ||||
| Net asset or liabilities excluding pension asset or liability |
||||
| Defined benefit pension scheme asset or liability | ||||
| Total net assets or liabilities | 12,696 | 22,766 | ||
| The funds of the charity: | ||||
| Endowment funds | ||||
| Restricted income funds | 6000 | 780 | ||
| Unrestricted funds (income) | 3055 | 13,510 | ||
| Revaluation reserve | ||||
| Pension reserve | ||||
| Total unrestricted funds | 3055 | 13,510 | ||
| Total restricted funds | 6000 | 780 | ||
| Total charity funds | 9056 | 14,290 |
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The financial statements were approved by the Trustees on 22 October 2023
..............................
Isabella Marrin (Trustee)
..............................
Evie Jeffreys (Trustee)
..............................
Thomas Forster (Trustee)
.............................. Rose O'Gallivan (Trustee)
.............................. Mónica Rivas Velásquez (Trustee)
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Notes to the financial statements
1. Accounting policies
Charity information:
Fieldnotes is a charitable trust registered in England and Wales. The registered office is Studio 002
Warton House 150 Stratford High Street London E15 2NE
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's SORP (FRS102) '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 (effective 1 January 2019)', the charity is a Public Benefit Entity as defined by FRS 102. The charity complies with charity law in the jurisdiction of its registration.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the charity’s ability to continue. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
1.5 Resources expended
Costs expended in order to generate funds are recognised once it becomes obligated to paying those costs.
1.6 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities
Creditors are not interest bearing and are stated at their nominal value.
2. Donations & legacies
| Total unrestricted funds received 1 April 2022 – 31 March 2023 |
Total unrestricted funds received 1 April 2021 – 31 March 2022 |
|
|---|---|---|
| Donations &gifts | £5000 | £2970 |
| Grants* | £8199 | £19564 |
| Total | £13,199 | £ 22,534 |
- A grant of £27,974 was awarded by Arts Council England during this financial year but received in the following financial year 2023-2024.
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3. Charitable activities
| Total unrestricted funds 31 March 2023 |
Total unrestricted funds 31 March 2022 |
|
|---|---|---|
| Sales of thepublication | £11,186 | £5,012.98 |
| Events income | £1010.51 | £1710.56 |
| Total | £12,196.51 | £ 6,723.54 |
4. Charitable activities
| Total unrestricted funds 31 March 2023 (£) |
Total restricted funds 31 March 2023 (£) |
Total unrestricted funds 31 March 2022 |
Total restricted funds 31 March 2022 |
|
|---|---|---|---|---|
| Freelance Fees | 11162.22 | £10384.96 | ||
| Events Costs | 927.63 | 780 | £569.96 | £220.06 |
| Marketing | 1956.21 | £8.64 | ||
| Research | 97.7 | £214.96 | ||
| Overheads | 649.34 | £276.48 | ||
| Rent | 4829.15 | £1641 | ||
| Postage | 2232 | £1776.87 | ||
| Printing | 7,114.26 | £6605.64 | ||
| Equipment | 238.56 | |||
| Office | 603.23 | |||
| Returns | 40 | |||
| Total | 29,851 | £780 | £21479 | £220.06 |
5. Trustees
A payment of £185 was made to the Trustee Thomas Forster who was engaged in a professional capacity as a proofreader for Issue 3 of the journal. Our governing documents and the Charity Commission’s guidelines on Conflicts of Interest were consulted. It was
agreed that the necessary conditions for authorization of the payment were met and there was no conflict of interest because - the amount of the remuneration was set out in a written agreement and was agreed to be reasonable in the circumstances (the rate paid was an agreed concessionary rate at 50% of the industry standard), the Board agreed it was in the best interest of the charity, the renumerated trustee represented a minority of the Board, and there is no express provision in the trust deed preventing the payment.
6. Employees
There were no employees during the year.
7. Stocks
| Position 31 March 2023 | Position 31 March 2022 | |
|---|---|---|
| Finished goods and goods for resale(each unit costed@£5.2) |
£3172 | £8060 |
| Total | £3172 | £8060 |
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8. Debtors
| Position 31 March 2023 | Position 31 March 2022 | |
|---|---|---|
| Payment due for 90 copies of Fieldnotes Issue 2 from Motto (distributor) @£5.2 |
£468 | £416 |
| Total | £468 | £416 |
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