2023-03-31-accounts - The Field Lane Foundation

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THE FIELD LANE FOUNDATION

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Consolidated
Annual Report and Accounts
31 March 2023
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Field Lane is a Christian charity that is committed to providing innovative care, accommodation and support for adults with learning disabilities and vulnerable families.

Registered Office: Ground Floor, 85 Buckingham Gate, London, SW1E 6PD www.fieldlane.org.uk Company Registration Number: 98226 Charity Registration Number: 207493 Registered Housing Association Number: LH3047

The Field Lane Foundation Consolidated Annual Report and Accounts for the year ended 31 March 2023

Contents	Page
Chair’s Statement	3
Administrative and Legal Information	4
Report of the Board of Directors	5
Independent Auditor’s Report to Directors	15
Consolidated Statement of Comprehensive Income	19
Consolidated and Foundation Statement of Financial Position	20
Consolidated Statement of Cash Flows	21
Notes and Accounting Policies	22

The Field Lane Foundation Consolidated Annual Report and Accounts for the year ended 31 March 2023

CHAIR’S STATEMENT

I am pleased to report that Field Lane’s core business continues to grow, and therefore support more people, despite the challenges of operating during the current cost of living crisis and the inflationary pressures this has brought. These have been uncertain and challenging times for us all, especially for charities and the care sector, and they have had a significant impact on our financial results for the year. However, despite these challenges, Field Lane’s fresh approach has continued to provide a unique combination of care, accommodation and support for adults with learning disabilities and vulnerable families.

At the beginning of the year, we merged with a charity called FUN, based in Suffolk, which became a fully controlled subsidiary of Field Lane with effect from 1[st] April 2022. FUN has a number of projects supporting adults with learning disabilities and it was very clear during our discussions that Field Lane and FUN shared similar values. As part of the merger the founding trustees of FUN have remained on the FUN board, joined by four Field Lane trustees, and their input has been invaluable. During the year, we have been working hard to integrate the business into Field Lane. I am pleased to report that this has been progressing well and the results at FUN have been very encouraging. This represents a great opportunity for the future development of Field Lane.

We are very lucky to have strong relationships with the local authorities who value the supported living services we provide. We have been appreciative of their willingness to engage in discussions about the level of fees required to fund our work appropriately in the current environment. Whilst some of these discussions are ongoing, we are confident that, looking forward, Field Lane is in a strong position.

In addition to our supported living projects for adults with learning disabilities, the service we run to support young women in the Royal Borough of Kensington and Chelsea continues to provide an excellent service. The clients that we support there have also required additional help during these uncertain and difficult times. The service continues to be in demand, and we work closely with the local authority to provide the best possible outcomes for our clients.

We have also benefitted in the year from some very generous donations. We are very grateful to our donors who have enhanced the lives of our clients in many ways during the last few years.

The success of the work of Field Lane depends on the dedication and skill of our staff and volunteers and the Board of Trustees joins with me in thanking them wholeheartedly. I would also like to thank my fellow trustees for their time and support during the year. They have helped ensure that Field Lane can look to the future with confidence. I am very grateful for their efforts.

Chris Hamill Chair

The Field Lane Foundation Administrative and Legal Information for the year ended 31 March 2023

Board Members

During the year, the following Directors held office:

Chair Chris Hamill Treasurer Francis Moore Resigned 26 September 2022 Iain MacKinnon Appointed Treasurer 26 September 2022 Directors Kate Andrews Sharleene Bibbings Resigned 20 February 2023 Fiona Crispin-Jennings Resigned 20 February 2023 Keith Grehan Resigned 20 February 2023 Elizabeth Harper Alexandra Lopoukhine Alex MacDonald Caroline Terry Mary Ipadeola

Senior Management Team

Chief Executive and Company Peter Calderbank Secretary Constitution Company registration number: 98226 Charity registration number: 207493 Registered Housing Association number: LH3047

Professional Advisors

Auditors Solicitors Crowe U.K. LLP Shakespeare Martineau 55 Ludgate Hill Bridgeway London Stratford upon Avon EC4M 7JW CV37 6YX

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

AIMS OF FIELD LANE

The aims of Field Lane are to support and care for people who through disability or personal circumstances need our services. The charity enables people to lift and enrich their quality of life and constantly seeks ways to develop new responses and effective interventions. Field Lane has a Christian basis which sets the value base for all of its work. All of its services are open to all and none are restricted except by suitability.

HISTORY

Field Lane is a modern charity with a long and interesting past. It started in the notorious ‘Field Lane’ area, which has now been incorporated into Saffron Hill, in the City of London. Andrew Provan, a London City Missioner, came to the area in 1841 to teach children and young people. By 1860 the Field Lane Ragged School he founded was teaching over 500 children and young people every day in one enormous classroom.

It was clear to Andrew Provan that unemployment, sickness, family breakdown, overcrowded housing and lack of opportunity were all major problems in the area. Services were introduced such as visiting the sick, distributing maternity baskets, providing job training and placements through the industrial schools and even small businesses were opened. Night refuges were also opened with immediate success. The Field Lane Ragged School enjoyed the support of many well-known people, including Lord Shaftesbury and Charles Dickens, and became one of the most famous of the ‘ragged schools’.

Following the education and welfare legislation of the 1940’s the decision was taken in 1947 to move the focus from young people and concentrate on care of older people which it had earlier introduced in 1900. The loneliness, failing health, inadequate and unsuitable housing were all things that Field Lane felt it could address. A range of options were offered to the elderly including residential and nursing care, sheltered accommodation and day care. Field Lane also developed an expertise in dementia. This was an area in which Field Lane continued to provide support until the early 21st century.

In 1995, the poor bed and breakfast conditions in which homeless families in London were being forced to live attracted the charity’s attention and a support service was opened. This work with families has expanded and adapted and it now offers supported housing with specialist learning opportunities for families along with personalised support.

An approach by the NHS, during the closure of a hospital for people with a learning disability in Southend, led Field Lane to open a nursing home in 1993. The success of this encouraged the charity to use this expertise to help more people with a learning disability. Field Lane opened its first supported housing scheme for adults with a learning disability in 2005. Similar homes, which promote life quality and independence, have been opened. Domiciliary care agencies, offering support to the wider community, have been established as well. New projects, aimed at making a difference to the everyday lives of people, continue to be developed.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

SUMMARY OF PROGRESS AND ACTIVITIES

Progress during the year

The operating surplus for the year was £86,974 (2022: Loss £31,234).

In the prior year, we had engaged in extensive discussions with FUN, a charity based in Suffolk, about a potential merger. This merger was finalised towards the end of last year and FUN became a subsidiary of Field Lane with effect from 1 April 2022. The integration has progressed well and FUN has performed well in the year. This represents a great opportunity for the future development of Field Lane.

After the impact of the merger with FUN, the total comprehensive income, or movement in funds, for the year, after interest and bank charges and actuarial adjustments to the pension scheme, was an increase of £1,319,468 (2022: Reduction £2,115).

Activities

During the year Field Lane provided:

Supported housing, registered care and domiciliary support for people with learning disabilities and for those with additional mental health issues.
Supported housing and personal development for families and children who are in temporary accommodation due to homelessness or are vulnerable to becoming homeless.
Consultancy, management and back office support for care and support services run by other charities and religious orders.

Services for people with a learning disability

 Average number of people in supported housing  Average number of people receiving support only  Average occupancy (supported housing)	2023 66 24 90 95.7%	2022 54 33 87 94.7%

Surveys designed to assist engagement are regularly undertaken and reported to the Board’s Quality and Development Committee. The levels of occupancy, the feedback from the satisfaction surveys and the potential long-term financial stability of the houses have encouraged Field Lane to continue to invest in the supported housing model.

The support for the clients in the houses is provided through our two agencies, Field Lane Care and Support, in Surrey and Southend. We also provided services to the community and supported up to 30 clients living in their own accommodation in the locality. Both agencies operate on a spot-purchase model and income is dependent on the individual needs of each client with rates being negotiated with the local authority and the family or client.

Families  Average number of families in supported living Average occupancy	2023 18 95.6%	2022 18 97.4%

The year saw this highly valued scheme continue to be in demand, meeting the needs of the client families referred to Andrew Provan House by the Royal Borough of Kensington and Chelsea.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

Consultancy and management support

During the year Field Lane Management Services Limited continued to work with Our Lady of the Missions to provide services to support their nursing home in Canterbury.

Consulting services are provided through Field Lane Management Services Limited (FLMS Ltd) by senior staff of Field Lane with all profits gifted to the charity. Services provided to FLMS Ltd by Field Lane are charged to FLMS Ltd.

EXTERNAL INFLUENCES

Local authority referral policies

The financial pressures in the sector continue to be significant and have been especially so as we have faced significant inflationary pressures due to the cost of living crisis. However, we have been grateful for the support received from the local authorities that we work with. There have also been fee increases awarded by the local authorities that we work with.

Regulator of Social Housing

The Board confirms that it fully complies with the Governance and Financial Viability Standard issued by the Regulator. Reporting and regulatory requirements have been reviewed and discussed recently to ensure compliance.

Care Quality Commission (CQC)

The CQC has continued its inspections of services and offering suggestions for improvements. Where these have been highlighted they have been acted upon promptly. All inspections achieved a rating of good or better.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Board

The governing body of Field Lane is the Board of Directors. The Directors are also the Trustees and Members of the charity. The Board considers that its primary role is to establish the strategic direction, ensure financial viability and adopt and adhere to the highest standards of governance.

To fulfil this role, the Board met seven times during the year for general meetings including a strategy planning day. Following a thorough induction for new appointees, the Directors join one of the two subcommittees: the Finance and General Purposes Committee and the Quality and Development Committee. The Finance and General Purposes Committee has responsibility for all financial, legal and asset management functions. The Quality and Development Committee has responsibility for operational and client support services and accepts the quality monitoring and assessment reports on behalf of the Board. In addition, there is a Remuneration and Performance Committee which meets to discuss the remuneration and performance of senior executives. The Board members also regularly visit the projects, which during the pandemic was done via videoconferencing but physical visits will now resume.

The organisation follows the Charities Governance Code 2020. The Board and Chief Executive are mindful of the need to comply with this Code and consider that Field Lane is in compliance.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

Recruitment and appointment of Board Members

There are currently eight Directors of the Board.

Responsibilities of Board Members

The Board of Directors is responsible for preparing the report of the Board of Directors and the financial statements in accordance with applicable laws and regulations.

Company law, and law applicable to registered social housing providers in England, requires the Board of Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and of the parent company and of the profit or loss of the group for that period.

In preparing these financial statements the Directors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions, to disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England from April 2022. They are also responsible for safeguarding the assets of the foundation and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors is responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

Provision of information to the statutory auditor

Each person who is a Director at the date of approval of this report confirms that:

so far as the Director is aware, no relevant audit information has been withheld from the statutory auditor;
the Director has taken all the steps that he/she could reasonably be expected to have taken as a Director in order to make himself/herself aware of any relevant audit information; and
has established that this information has not been withheld from the auditor. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

President

George Gordon, the 8[th] Marquess of Aberdeen and Temair, has been Field Lane’s President since 2013. His family has had a long association with the charity as his relatives, the 1[st ] and 2[nd] Marquesses of Aberdeen, had been Presidents in the past. Field Lane is very grateful for his generosity and commitment to the charity. He understands the work that Field Lane undertakes and keenly supports the Christian basis. We look forward to continuing to work with him.

Accountability

Field Lane is regulated by the Regulator of Social Housing as it is registered as a Housing Association (Registered Provider), the Charity Commission and the Care Quality Commission. Annual returns are also submitted to Companies House.

Management

Executive responsibility is delegated to the Chief Executive who meets regularly with the Chair to discuss the charity’s work and receive advice.

The senior management team comprises the Chief Executive, the Director of Finance and the Director of Operations. Project development, human resource administration and payroll are placed with consultants. Human resources advice and guidance is contracted from Peninsula Business Services.

Individual Training and Development

All members of staff are supported through appropriate training and development programmes and all mandatory training is delivered either in-house or through the use of external experts. Individual development opportunities are also available to all volunteers.

PUBLIC BENEFIT

The Board members are very conscious of their responsibility for public service and have had regard to Charity Commission guidance.

The aim of Field Lane is to support and care for those who are highly vulnerable. All Field Lane’s services are open to local authority referrals. Accommodation is let at levels of rent and service charges which can be met by housing benefit. Some support services are paid for or contributed to by the client following discussion and the application for appropriate welfare benefits. All the supported housing is used by people funded by their local authority or let at housing benefit levels.

Field Lane has for some time run a social club in Redhill for people with a learning disability and their carers with the aim of maintaining a successful weekly programme of activities. Staff and helpers give their time on a voluntary basis. This is a popular and well-regarded initiative which has given the work of Field Lane an increased profile and encouraged support. However unfortunately due to COVID restrictions the social club was closed for much of the year. However, we were able to resume it for the last few months of the year.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

VALUE FOR MONEY

For Field Lane, Value for Money is a combination of efficient use of buildings and resources together with an effective utilisation of trained and supported staff. This ensures that our residents and tenants get the support and care they need and look for, commissioners or service purchasers consider their expectations are met or exceeded and Field Lane is assured that its assets and general expenditure are used efficiently to meet the Board’s planned outcomes.

In situations where people have specific needs that have to be met or where people are supported in the community to live independently, Value for Money has to be understood as a combination of service delivery at the lowest price commensurate with the quality of provision expected by the client and the commissioner. Our experience is that the price charged for our services is negotiated with commissioners and the service then provided is very much appreciated by the clients and their families. People enjoy a commitment to a level and style of personal support that gives them life experiences they have never had before and could only have aspired to. As some clients are considered to have more challenging behaviour and yet are supported to live in the community as an alternative to more expensive provision, the value for the commissioner is considerable.

Each client with supported living or in the community has a personal budget and that budget is controlled to give appropriate support which is neither excessive nor insufficient. Our clients meet as part of Field Lane’s Advisory Panel and are regularly surveyed for satisfaction. Their comments and views are reported to the Quality and Development Committee of the Board and are used to improve services.

Some of Field Lane’s services are competing with others in the locality for the business of each individual client. Where services are long term, the individual rate is agreed annually with the commissioners who have the opportunity to compare with other providers. In all services the price charged to the purchaser has to be acceptable and the total offer must demonstrate value for money. A reputation for poor value would harm the charity and its business. However, the ability to recruit and retain staff and be able to pay them a fair wage is a key element of the service we provide.

Procurement is managed proactively with protocols applying to all purchases and the Board approving large items of expenditure. The charity regularly undertakes a Value for Money exercise, looking at the main areas of cost to the charity. Efficiency gains have been achieved while continuing to maintain high client and customer satisfaction and increasing staff salaries in line with the market. This performance is expected to continue while maintaining a high quality of service.

Management accounts are prepared and circulated to the Board. Costs and key metrics are carefully monitored and reported.

Value for Money Standard Metrics:

	2023	2022	2021
Reinvestment	11.5%	2.2%	2.9%
New supply delivered – non-social housing (supported living)	12.8%	0.0%	0.0%
Gearing*	69.5%	64.8%	69.6%
EBITDA MRI interest cover **	275%	418%	524%
Social housing cost per unit	£7,239	£6,115	£5,527
Operating margin – social housing activities **	-0.2%	-0.2%	2.3%
Operating margin – all activities **	1.1%	0.0%	2.3%
Return on capital employed	2.0%	0.0%	4.8%

*The gearing is calculated by taking the total debt and dividing by the Net Assets adjusted for property at original acquisition cost

**EBITDA and operating metrics are based on earnings for continuous activities

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

RISK MANAGEMENT AND INTERNAL CONTROL

The Chief Executive prepares a risk register matrix which is reviewed quarterly with the Board. This matrix categorises risks into the following groups; external, financial, operational and strategic. There are further categorisations which are the reviewed at a more detailed level. Further, we look at exposure, probability, and impact and assign an overall rating to each individual risk. The individual risks are closely monitored.

The key risks identified are in the following areas; Safeguarding of vulnerable adults, Financial, and Health and Safety within our properties and for our staff.

Clients are encouraged to pursue lives in which they have a great deal of choice over their lifestyle and in which risks are assessed and understood. There are opportunities to undertake activities and travel to places that may be barred for clients of less open or adventurous organisations. Careful risk management supports innovative practice in all of Field Lane’s activities and gets positive feedback from the commissioners and the clients’ families as well as the Care Quality Commission.

The Board expects all services to deliver a financial return and for the financial risks to the charity to be minimised. Fraud policies and approved procedures are in place for the protection of clients and the organisation.

There is extensive health and safety training for all staff. Staff are supported to acknowledge and understand the policies in place, such as lone working, which assess risks and help manage their safety.

BUSINESS PLANNING

Strategic planning

Board committees and individual Directors are closely involved in the targeted delivery plan on which progress is regularly reported.

The Board meets annually for a strategic planning day to discuss and approve the strategic plan and direction for the following year. The Board also approves the annual budget.

Within the context of Field Lane as a modern, Christian and innovative organisation, the continuing aim is to develop Field Lane’s role as a provider and manager of specialist supported living services and in particular to operate and develop new houses and services for people with a learning disability.

Business goals, achievements and performance

Over the last few years Field Lane has rationalised its services and now has a clear focus on providing support to adults with learning disabilities. Our Christian heritage and understanding of society is at the heart of all that we do, delivering services to people of all faiths and those with no faith. As part of the plan, reviewed in 2022, we will continue to ensure a client centred approach is adopted throughout the organisation.

In what continues to be a challenging operating environment we have set strategic objectives in four areas:

Ensuring long term financial sustainability
Growing the charity
Delivering high quality services
Building strong relationships with partners and supporters.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

At the end of the financial year, we had 106 units (2022: 94) of accommodation across the charity, providing about 30,847 hours of support (2022: 22,874) each month to 111 people (2022: 109).

The financial projections show our income increasing over the next few years while maintaining a surplus. The charity continues to invest in maintenance and new facilities.

The fixed assets register reflects current property and equipment used by the charity; the maintenance of these assets is scheduled and the quality and procurement cost of all external services is kept under continuous review.

CASH DEPOSITS

Cash deposits are all held in treasury deposit fund accounts, with a number of banks. Field Lane follows a low risk investment policy whereby we look to keep surplus cash in deposit accounts whilst ensuring that we keep cash available to meet working capital requirements as they fall due.

FINANCIAL POSITION AND RESERVES

The annual accounts show a reasonable performance in the current challenging circumstances. Our operating surplus for the year was £86,874 (2022: £31,234 Deficit).

The Restricted Funds are mainly modest and often come from bequests that have specified a particular purpose, or from funds raised centrally or locally by projects for their amenities. These funds are subject to financial procedures which ensure that they are used for the specified purpose and within the year for which they were given.

Undesignated Funds are intended to be sufficient to cover working capital requirements. Although the cash balances were low at the end of the year, the income received is regular, mainly from local authorities, quantifiable for the services we provide and paid monthly. We have in place bank facilities to cover any pinchpoints in cashflow. The Board considers that there are sufficient funds for this purpose.

At the end of the year the foundation held unrestricted reserves of £4,343,522 (2022: £3,087,801) equivalent to just over 6 months of operating costs of the foundation. The Foundation aims to have 6 months or more of unrestricted reserves.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

FUNDRAISING

The work of the charity has been supported throughout the year by individuals, trusts and companies and the Board is very grateful to them all for sharing our commitment. In particular, the Board are grateful for support from the following:

Greendale Charitable Foundation	Jack Petchey Foundation	Monty TR Ltd (Furniture Box)
Poor Servants of the Mother of God	Gatwick Airport Community Trust SMB Charitable Trust
Fowler Smith & Jones Trust	CareTech Foundation	The Fitton Trust
First Give - Oasis Coulsdon	Childwick Trust	GroundWork UK

Field Lane abides by the ethical standards and the Code of Practice set by the Fundraising Regulator. We maintain the highest standards possible and our approach has always been to safeguard those who are most vulnerable from inappropriate fundraising practices. We do not use third parties for fundraising.

We realise that fundraising is one of the key ways in which we interact with our supporters, donors and the general public. Our approach ensures that the reputation of the charity is maintained at a high level. During the year we have not received any complaints concerning our fundraising practices. Fundraising performance and policy is regularly discussed by the Board and we believe that over the year the charity can be proud of its actions in this area.

EMPLOYEES AND VOLUNTEERS

Employee involvement is always encouraged at Field Lane and colleagues are asked for their views on what we should be doing with Field Lane to improve our services for our clients, as well as how we can make this organisation a great place to work.

Salaries are set by the management with reference to market rates and affordability. Most years there is an annual increase, which is proposed by management and signed off by the Board. Field Lane also has a Remuneration and Performance Committee that reviews senior salaries and performance. The CEO’s salary is approved by the Board.

Colleagues have been involved in:

engagement sessions on the strategic direction of Field Lane and its longer-term goals through an online survey
providing regular updates for the Board of Directors on initiatives and activities in each of the projects

We have a range of detailed human resource policies to support our charitable and business objectives which are reviewed regularly and ensure compliance with employment legislation.

Volunteers who give their time and expertise free of charge to Field Lane are a most valuable resource and enable essential functions and services to take place. Many staff and their families give their own time throughout the year and the charity remains very grateful to them.

No monetary value has been placed on volunteers’ time. However, it is clear that without their gift Field Lane would be faced with considerable additional expenditure and would struggle to provide all the services we do. Therefore, their support, and the ideas and enthusiasm that they bring, is highly appreciated.

The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2023

GROUP STRUCTURE

Field Lane comprises the Field Lane Foundation and two wholly owned subsidiaries, FUN and Field Lane Management Services Limited.

FUTURE PLANS

Field Lane will continue to provide responsive housing care and support through projects within the community. We plan to continue adding projects when appropriate.

GOING CONCERN

These accounts have been prepared on a Going Concern Basis.

We have secure revenue streams as most of our income derives from local authorities. We are aware that we are seeing inflationary increases in a number of areas such as utility costs and we are actively looking as to how we can minimise the impact of these for Field Lane which may include having to increase service charges to ensure that the revised cost is being covered.

We have modelled out the cashflow for the twelve months from date of signing these accounts and this analysis shows an improving cash balance. Further we have renewed our overdraft facility.

Finally, our business model has a large proportion of costs that are directly correlated with income. To the extent our income falls our need to provide and pay for care support staff will also fall.

The Board believes that there is no material uncertainty in the Financial Statements.

ACKNOWLEDGEMENTS

The Board of Field Lane wishes to record its deep appreciation of its staff and volunteers. We would also like to thank our advisors and all the people and organisations which have supported Field Lane so strongly during the past year, and we acknowledge their vital contribution to the charity’s work. We would also like to thank our donors who have continued to be very generous.

In preparing this Report of the Board of Directors, advantage has been taken of the small companies exemption, including the requirement to produce a strategic report.

By order of the Board

Peter Calderbank

Date: 25 September 2023

Chief Executive and Secretary

The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE FIELD LANE FOUNDATION

Opinion

We have audited the financial statements of The Field Lane Foundation (the “Foundation”) and its subsidiary (‘the group’) for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Foundation Statement of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the Foundation’s affairs as at 31 March 2023 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing from April 2022.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2023

Independent Auditors Report (continued)

Other information

The Board are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

the information given in the Report of the Board of Directors, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the Report of the Board of Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and Foundation and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Report of the Board of Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 or the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the Board

As explained more fully in the Responsibilities of Board Members statement set out on page 8, the Board (who are also the directors of the Foundation for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board are responsible for assessing the Group and Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2023

Independent Auditors Report (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Foundation and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Housing and Regeneration Act 2008, the Charities Act 2011, together with the Housing SORP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Foundation’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Foundation and the group for fraud. The laws and regulations we considered in this context for the UK operations were requirements imposed by the Regulator of Social Housing and the Care Quality Commission, health and safety, taxation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the board and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence, designing audit procedures over the timing of income and reading minutes of meetings of those charged with governance.

The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2023

Independent Auditors Report (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the Foundation’s members, as a body, in accordance with the Housing and Regeneration Act 2008 and Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Foundation’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Foundation and the Foundation’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vincent Marke Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 55 Ludgate Hill London EC4M 7JW

Date: 27 September 2023

The Field Lane Foundation Consolidated Statement of Comprehensive Income for the year ended 31 March 2023

Note Income Rent and Service Charges Care Fees Grants Field Lane Management Services 6 Donations and Legacies Other Income Total Operating Income Cost of Providing Care and Accommodation 2 Other Operating Costs 2 Operating Surplus/(Deficit) Interest Receivable 4 Interest payable and Bank Charges (Deficit)/surplus for the Financial Year Transfer Between Funds Gain on merger with FUN 14 Remeasurement Gain on Defined Pension Scheme 13 Total Comprehensive Income/(expenditure) for Year Statement of Changes in Funds Total Funds Brought Forward as at 1 April Total Comprehensive Income/(expenditure) for Year Total Funds Carried Forward as at 31 March	2023 2023 2023 2022 £ £ £ Unrestricted Restricted Total Total 1,486,930 - 1,486,930 1,399,878 6,161,259 - 6,161,259 4,653,486 335,766 - 335,766 394,650 52,500 - 52,500 49,584 59,932 96,890 156,822 149,000 60,659 - 60,659 117,384
	8,157,046 96,890 8,253,936 6,763,982 - ( 7,298,678) - ( 7,298,678) ( 5,824,961) ( 856,990) ( 11,394) ( 868,384) ( 970,255)
	1,378 85,496 86,874 ( 31,234) 3,419 - 3,419 370 ( 145,422) - ( 145,422) ( 75,154)
	( 140,625) 85,496 ( 55,129) ( 106,018) 21,749 ( 21,749) - - 1,374,597 - 1,374,597 - - - - 103,903
	1,255,721 63,747 1,319,468 (2,115) 3,087,801 70,339 3,158,140 3,160,255 1,255,721 63,747 1,319,468 ( 2,115)
	4,343,522 134,086 4,477,608 3,158,140

All amounts derive from continuing activities unless shown above

Included within prior year donations and legacies is restricted income of £145,423. Fund balances brought forward and carried forward are shown in notes 11 and 12.

The consolidated statement of comprehensive income includes all gains and losses recognised in the period.

The notes on pages 22 to 38 form part of these financial statements.

Approved and authorised for issue by the Board on 25 September 2023 and signed on their behalf by:

Chris Hamill Chair

Peter Calderbank Chief Executive and Secretary

Company Registration Number: 98226

The Field Lane Foundation

Consolidated and Foundation Statement of Financial Position as at 31 March 2023

Notes Fixed Assets Property 7 Other assets 8 Current Assets Debtors due within one year 9 Cash and Cash Equivalents Creditors Amounts falling due within one year 10 Net Current Assets/ (Liabilities) Total Assets Less Current Liabilities Creditors Amounts falling due after more than one year 10 Total Net Assets Reserves - Charity Funds Unrestricted Funds 11 Restricted Funds Use restricted by donor 13 Total Funds	Group 2023 8,593,326 438,107 9,031,433 713,528 418,987 1,132,515 1,001,406 131,109 9,162,542 4,684,934 4,477,608 4,343,522 134,086 4,477,608	Group 2022 7,388,794 469,569 7,858,363 594,110 32,792 626,902 736,906 (110,004) 7,748,359 4,590,219 3,158,140 3,087,801 70,339 3,158,140	Foundation Foundation 2023 2022 8,298,725 7,388,794 438,107 469,569 8,736,832 7,858,363 655,043 603,310 8,390 23,592 663,433 626,902 961,323 736,906 (297,890) (110,004) 8,438,942 7,748,359 5,484,934 4,590,219 2,954,008 3,158,140 2,819,922 3,087,801 134,086 70,339 2,954,008 3,158,140

The notes on pages 22 to 38 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 25 September 2023 and signed on their behalf by:

Chris Hamill Chair

Peter Calderbank Chief Executive and Secretary

Company Registration Number: 98226

Field Lane Foundation Consolidated Statement of Cash Flows for the year ended 31 March 2023

Cash flows from operating activities Note (Loss) for the financial year Depreciation of Fixed Assets - Housing Properties 7 Depreciation of Fixed Assets - Other 7 Interest payable on housing loans (Increase)in Debtors 9 Increase/(Decrease) in Creditors 10 Actuarial gain/(Loss) on defined pension scheme 13 Book value of FUN assets acquired 7 Interest receivable Net cash generated from operating activities Cash flows from investing activities Net Assets Acquired From FUN Limited Acquisition Interest received Purchase of Fixed Assets - Housing Properties 7 Purchase of Fixed Assets - Other 8 Net cash from investing activities Cash flows from financing activities Interest paid New Loans 17 Repayment of Loans 17 Net cash used in financing activities Net (Decrease)/Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2023 2022 £ £ (55,129) (106,018) 225,611 226,424 87,969 90,060 145,422 75,154 (119,418) (41,661) 124,201 (258,119) - 103,903 (148,247) - (5) (370)
	260,404 89,373
	1,224,598 - 5 370 (1,131,896) (96,433) (56,507) (128,978)
	36,200 (225,041)
	(145,422) (75,154) 333,789 30,013 (98,776) (105,004)
	89,591 (150,145)
	386,195 (285,813) 32,792 318,605
	418,987 32,792

The notes on pages 22 to 38 form part of these financial statements.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

a) Accounting convention

The financial statements are prepared under the historical cost convention and comply with the Financial Reporting Standard 102 (FRS102), the Accounting Direction for Private Registered Providers of Social Housing in England, “Accounting by Registered providers of Social Housing” 2022, the Statement of Recommended Practice (the housing SORP 2018), the Charities Act 2011 and the Companies Act 2006. The Field Lane Foundation is a Public Benefit Entity as defined by FRS102.

b) Fund accounting

Unrestricted funds - these are funds which can be used in accordance with the organisation’s charitable objects at the discretion of the Trustees.

Restricted funds - these are funds received for undertaking an activity specified by the donor.

c) Housing properties and depreciation

Housing properties are stated at cost. Under the Housing SORP 2018, housing properties have been split between their land and structure costs and a specific set of major components which require periodic replacement. Refurbishment or replacement of such components is capitalised and depreciated over the estimated useful life of the component (excluding land) as follows:

----- Start of picture text -----
Component Useful Economic Life in years
Land N/A
Main Fabric 100
Roof Structure and Covering 70
Electrics 40
Windows and External Doors 30
Bathroom/WCs 30
Mechanical Systems 30
Kitchen 20
Lift 20
Gas Boilers/Fires 15
----- End of picture text -----

Land is not depreciated and is reviewed periodically for impairment.

Other fixed assets are depreciated as follows:

Furniture, fixtures and fittings - 10% on a straight line basis Computer equipment - 33% on a straight line basis

Capital items having a cost of less than £1,000 are immediately expensed in the consolidated statement of Comprehensive Income.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

d) Income

Income in respect of rents is accounted for when due. Income for fees and grants are accounted for when receivable. Voluntary income is recognised in the period in which the Foundation is entitled to receipt and the amount can be measured with reasonable probability. In the case of legacies and bequests entitlement is taken to be confirmed by grant of probate over the estate of the donor. Probability of receipt is judged on a combination of the granting of probate and knowledge of the valuation of the net estate. The amount to be received is assessed based on probate and the valuation of the estate.

In preparing these accounts no value has been attributed to the work performed by volunteers, although their work is considered vital to the activities of the charity.

e) Expenditure

All expenditure is accounted for on an accruals basis and allocated to the appropriate heading in the accounts.

Charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure therefore include support costs and an apportionment of the overheads, as shown in note 2.

Support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

f) Grants

Government grants are paid by the Regulator of Social Housing to subsidise the cost of housing properties. Grants are accounted for using the accrual model set out in FRS 102 and the housing SORP. Grants are recognised as deferred income in the consolidated statement of financial position and released to the comprehensive income statement on a systematic basis over the useful economic lives of the assets, allocated against the fabric of the building. Non-government grants have been accounted for using a performance model as required by housing SORP.

g) Leases

Rentals payable under operating leases are dealt with on a straight-line basis over the lease term. Operating lease commitments are disclosed in note 14.

h) Allocation of overhead and support costs

Overhead and support costs have been allocated between Charitable Activities and Governance Costs. Costs which are not wholly attributable to an expenditure category have been apportioned. The analysis of support costs and bases of apportionment applied are shown in note 2.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

i) Pensions

Field Lane participates in a multi-employer scheme; The Growth Plan which is a defined benefit pension scheme. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

For the defined benefit scheme, the present value of the contractual payment to the past pension deficit is recognised as a liability on the consolidated Statement of Financial Position which is unwound yearly with the unwinding effect charged to the Statement of Comprehensive Income as a pension interest.

j) Taxation

The taxable profit of the subsidiary undertaking Field Lane Management Services Limited is eliminated by a gift aided donation in favour of the charity which is not liable to taxation due to its charitable status. No provision is made for taxation as Field Lane is a charity entitled to the various exemptions afforded by the Corporation Tax Act 2010. All income generated is free from tax.

k) Basis of consolidation

The consolidated financial statements incorporate Field Lane and its wholly owned subsidiary undertakings, Field Lane Management Services Limited and FUN, for the year ended 31[st] March 2023. Intra-group transactions are eliminated on consolidation. The parent charity has taken advantage of the exemption from presenting an entity income and expenditure account in accordance with Section 408 of the Companies Act 2006. Field Lane Management Services Limited and FUN are above the threshold for the requirement for an audit, as set out in the Companies Act 2006 for private limited companies. The charity has not prepared a parent Statement of Comprehensive Income as permitted by FRS102; the results of Field Lane Management Services Limited and FUN can be found in Note 6.

l) Going Concern

These accounts have been prepared on a Going Concern Basis.

We have modelled out the cashflow for the twelve months from the date of signing these accounts and this analysis shows an improving cash balance. Further we have renewed our overdraft facility and drawn down a proportion of our loan facility to provide us with an extra buffer.

Finally our business model has a large proportion of costs that are directly correlated with income. To the extent our income falls our need to provide and pay for care support staff will also fall.

Taken as a whole the Board believes that there is no material uncertainty in the Financial Statements.

m) Provisions

Field Lane provides for legal or contractual liabilities and obligations which existed at the 31 March 2023.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

n) Liabilities

Liabilities are recognised when Field Lane has an absolute obligation to make payment to a third party.

o) Financial Instruments

Financial assets and liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into.

p) Key judgement and estimation of uncertainty

In preparing these financial statements, key judgements have been made in respect of the following:

Whether there are indicators of impairment of the housing assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. In the prior financial year we have impaired the value of the care home asset, Badgers. This care home was finally transferred to the new owner in August 2020, however we have retained the freehold for which there is a low value.
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
For housing property assets, the assets are broken down into components based on management’s assessment of the properties. Individual useful economic lives are assigned to these components.
The estimate for receivables relates to the recoverability of the balances outstanding at the year end. A review is performed on an individual basis to consider whether each debt is recoverable.

2 Particulars of income, direct costs, operating costs and operating surplus

Social housing activities: Rents and Service Charges Activities other than social housing: Care Fees Local Authority Grants Other Grants Donations and Legacies Income from Field Lane Management Service Management Services Other Operating Surplus/(Deficit)	Turnover Cost of Sales Operating Costs Operating Surplus Operating Surplus 2023 2022 £ £ £ £ £ 1,486,930 (1,106,359) - 380,571 490,021 - - - 6,161,259 (6,192,319) - (31,060) (261,618) 222,249 - - 222,249 278,931 113,517 - - 113,517 115,719 156,822 - (11,394) 145,428 87,969 52,500 - (1,002) 51,498 46,377 - - (855,988) (855,988) (906,017) 60,659 - - 60,659 117,384
	8,253,936 (7,298,678) (868,384) 86,874 (31,234)

Social housing activities:
Rents and Service Charges
Activities other than social housing:
Care Fees
Local Authority Grants
Other Grants
Donations and Legacies
Income from Field Lane Management Service
Management Services
Other
Operating Surplus/(Deficit)

Turnover
Cost of Sales
Operating Costs
Operating
Surplus
Operating
Surplus
2023
2022
£
£
£
£
£
1,486,930
(1,106,359)
-
380,571
490,021
-
-
-
6,161,259
(6,192,319)
-
(31,060)
(261,618)
222,249
-
-
222,249
278,931
113,517
-
-
113,517
115,719
156,822
-
(11,394)
145,428
87,969
52,500
-
(1,002)
51,498
46,377
-
-
(855,988)
(855,988)
(906,017)
60,659
-
-
60,659
117,384

8,253,936
(7,298,678)
(868,384)
86,874
(31,234)

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

2 Cost of providing care and accommodation and other operating costs

Operating Result

Social housing activities: Rents and Service Charges Activities other than social housing: Care Fees Local Authority Grants Other Grants Donations and Legacies Income from Field Lane Management Service Management Services Other Operating Surplus/(Deficit) Income Rent net of identifiable Service Charges Service Charge Income Care Fees Local Authority Grants Other Grants Field Lane Management Services Donations and Legacies Other Income Turnover from Supported living Cost of providing care and accomodation Wages and Salaries Social Security Costs Other Pension Costs Agency Staff, Recruitment and Training Travel and Activities Medical Supplies Rent Repairs, Maintenance and Cleaning Utilities, Council Tax and Insurance Telephone, Internet etc Marketing and Communications Auditors Remuneration Legal and Professional Depreciation Housing Depreciation Other Other Costs Restricted Fund Expenditure Surplus/(Deficit)	Turnover Cost of Sales Operating Costs Operating Surplus Operating Surplus 2023 2022 £ £ £ £ £ 1,486,930 (1,106,359) - 380,571 490,021 - - - 6,161,259 (6,192,319) - (31,060) (261,618) 222,249 - - 222,249 278,931 113,517 - - 113,517 115,719 156,822 - (11,394) 145,428 87,969 52,500 - (1,002) 51,498 46,377 - - (855,988) (855,988) (906,017) 60,659 - - 60,659 117,384 8,253,936 (7,298,678) (868,384) 86,874 (31,234) 2023 2022 Supported Living Sheltered Housing Homeless Support Support services Total Total £ £ £ £ £ £ 539,256 76,994 282,466 - 898,716 809,986 300,281 77,582 210,351 - 588,214 589,892 6,161,259 - - - 6,161,259 4,653,486 - - 222,249 - 222,249 278,931 - 2,050 111,467 - 113,517 115,719 - - - 52,500 52,500 0 - - - 156,822 156,822 149,000 51,238 - 7,500 1,921 60,659 166,968	Turnover Cost of Sales Operating Costs Operating Surplus Operating Surplus 2023 2022 £ £ £ £ £ 1,486,930 (1,106,359) - 380,571 490,021 - - - 6,161,259 (6,192,319) - (31,060) (261,618) 222,249 - - 222,249 278,931 113,517 - - 113,517 115,719 156,822 - (11,394) 145,428 87,969 52,500 - (1,002) 51,498 46,377 - - (855,988) (855,988) (906,017) 60,659 - - 60,659 117,384
		8,253,936 (7,298,678) (868,384) 86,874 (31,234)
	7,052,034 156,626 834,033 211,243 8,253,936 6,763,982 Supported Living Sheltered Housing Homeless Support Support services Total Total 2023 2022 £ £ £ £ £ £ 4,501,590 49,132 133,537 342,931 5,027,190 4,212,629 380,167 2,290 11,145 95,054 488,656 377,275 106,332 90 2,450 - 108,872 97,068 554,244 414 182,975 72,032 809,665 546,908 107,233 - 1,808 8,451 117,492 120,927 28,374 - - 13 28,387 33,348 72,453 - 69,021 56,241 197,715 204,094 138,749 17,994 55,115 1,962 213,820 247,053 266,057 40,619 89,090 13,859 409,625 164,404 92,586 1,262 10,729 74,215 178,792 169,032 - - - 33,800 33,800 48,873 3,600 - - 32,124 35,724 22,853 57,564 1,379 18,968 52,974 130,885 107,104 97,592 16,255 108,119 3,646 225,612 226,423 41,270 10,737 24,060 11,902 87,969 90,060 23,831 304 749 36,580 61,464 66,133 2,395 - 8,999 - 11,394 61,031
	6,474,038 140,476 716,765 835,784 8,167,062 6,795,215
	577,996 16,150 117,268 (624,541) 86,874 (31,234)

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

3 (Deficit)/Surplus for the financial year	2023	2022
	£	£
This is stated after charging:
Operating leases	199,210	204,096
Depreciation	309,934	316,484
Auditors’ remuneration *:
Audit	21,240	17,700

Auditors’ remuneration fee shown inclusive of VAT

The charity incurred voids with an estimated opportunity cost of £45,046 (2022: £88,083) and no bad debts in respect of sheltered housing and supported living during the year. Rents of £1,486,929 (2022: £1,398,878) included £588,214 (2022: £589,892) for service charges.

4 Interest receivable Deposit account interest 5 Staff costs The total staff costs during the year were: Wages and salaries Social security costs Other pension costs Agency and temporary staff costs The average number of staff employed during the year was: Homes and Centres Central Office The average number of full-time equivalent employees during the year was: Total	2023 £ 3,419 3,419 2023 £ 5,027,190 488,655 108,872 711,390 6,336,107 2023 241 8 249 156	2023 £ 3,419 3,419 2023 £ 5,027,190 488,655 108,872 711,390 6,336,107 2023 241 8 249 156	2023 £ 3,419 3,419 2023 £ 5,027,190 488,655 108,872 711,390 6,336,107 2023 241 8 249 156

			249 156

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

5 Staff costs (continued)

The Board members are trustees of the charity and as such are ineligible for remuneration. Expenses reimbursed to the Board members amounted to £Nil (2022: £Nil).

	2023	2022
	£	£
Senior management team executives aggregated emoluments
including pension contributions were:	177,433	170,609

Pension contributions of £2,980 (2022: £2,865) were made into a defined contribution scheme.

The emoluments receivable by the highest paid Senior Executive excluding pension contributions were:	2023 £ 99,327	2022 £ 95,506

Pension contributions of £2,980 (2022: £2,865) were also made into a defined contribution scheme.

The highest paid Senior Executive is an ordinary member of the scheme described in the accounting policies. In addition to the highest paid senior executive there was one employee (2022: one) who received between £70,000 and £80,000 in remuneration.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

6 Subsidiary Undertakings

(a) Field Lane Management Services Limited

Field Lane Management Services Limited is a wholly-owned trading subsidiary undertaking and is a company incorporated and registered in England. The principal activity of this company is the raising of funds for the charity through management services and all its profits are paid to the charity. The charity owns the entire issued share capital of 1 ordinary shares of £1 each. There are no other related party transactions other than those disclosed in this note. A summary of the results is shown below:

Profit and Loss Account Income Gross profit Administration expenses Donations to Field Lane Foundation Profit on ordinary activities after donation and taxation Balance Sheet Current assets Creditors: amounts falling due within one year Amount due to Field Lane Foundation Other creditors Total assets less current liabilities Called up share capital Retained profit and loss account Shareholders' funds	2023 Total £ 52,500 52,500 1,002 51,498 - 2023 Total 589 (588) - 1 1 - 1	2022 Total £ 49,584 49,584 3,207 46,377 - 2022 Total 9,199 (9,198) - 1 1 - 1

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

6 Subsidiary Undertakings (continued)

(b) FUN

FUN is a wholly-owned subsidiary undertaking and is a charity incorporated and registered in England. The principal activity of FUN is the provision of domiciliary care and support to young adults with learning/ physical difficulties living independently in supported living in the area of Hadleigh, Suffolk. The charity owns the entire issued share capital of 1 ordinary shares of £1 each. There are no other related party transactions other than those disclosed in this note. A summary of the results is shown below:

Profit and Loss Account Income Cost of providing care Other operating costs Operating surplus Interest receivable Balance Sheet Fixed assets Debtors: amounts falling due within one year Cash and cash equivalents Loan to Field Lane Foundation Creditors: amounts falling due within one year Total assets less current liabilities Unrestricted funds Total funds	2023 Total £ 1,073,812 938,079 24,851 110,882 38,121 149,003 2023 Total 144,601 77,496 410,009 800,000 (58,506) 1,373,600 1,373,600 1,373,600		2022 Total £ - - - - - - 2022 Total - - - - - - - -

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

7 Tangible fixed assets

Cost at 1 April 2022 Disposals FUN Asset Additions Fair Value Adjustment At 31 March 2023 Depreciation At 1 April 2022 FUN Asset Disposals Charge for the year At 31 March 2023 Net Book Value At 31 March 2023 At 31 March 2022	Sheltered Accommodation £ 940,318 - - 11,010 - 951,328 218,860 - - 16,255 235,115 716,213 721,458	Support Activities £ 8,096,189 - - 1,120,886 - 9,217,075 1,428,853 - - 205,710 1,634,563 7,582,512 6,667,336	Office Total £ £ - 9,036,507 - - 182,275 182,275 - 1,131,896 150,000 150,000 332,275 10,500,678 - 1,647,713 34,028 34,028 - - 3,646 225,611 37,674 1,907,352 294,601 8,593,326 - 7,388,794

The additions shown above, totalling £1,131,896 (2022: £96,433), includes £1,108,288 (2022: £21,034) that relates to new components while the remainder £23,608 (2022: £75,399) is for the replacement of existing components.

On average there were 18 (2022:18) units of sheltered housing accommodation and 88 units (2022:76) of supported housing during the year.

A number of these properties provide securities for the loans set out in note 10.

On acquisition the FUN office was revalued from cost to fair value (becoming “deemed cost” in the books of The Field Lane Foundation). The valuation was performed by the directors at the date of acquisition (1 April 2022) and resulted in a gain of £150,000 which has been included in Profit and Loss for the year. The valuation was based on the directors consideration of property valuations in the local area of Suffolk since the building was purchased in 2012 (comparable market data) based on Land Registry data. The directors considered values for a range of different properties between the date of purchase of the office by FUN and the date of acquisition. The key area of management judgement and estimate are considered to be identifying comparable data, including both types of property and assessment of building condition. The directors do not consider there to be any significant movement in property prices between the date of acquisition and the year end.

The “Charity Only” Fixed Asset shows a Net Book Value of £8,298,725, as this excludes the Office Net Book Value of £294,601, which relates to the trading subsidiary, FUN.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

7 Tangible fixed assets - continued

Housing properties at net book value are comprised of: Freehold Short leaseholds < 50 yrs	2023 £ 6,988,484 1,604,842 8,593,326	2022 £ 5,669,781 1,719,013 7,388,794

8 Tangible fixed assets – Other

	Furniture,
	fixtures and
	fittings
	£
Cost
At April 2022	1,164,640
Additions	56,507
At 31 March 2023	1,221,147
Depreciation
At April 2022	695,071
Charge for the year	87,969
At 31 March 2023	783,040

Net book value
At 31 March 2023	438,107
At 31 March 2022	469,569

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

9 Debtors

	Group	Group	Charity	Charity
	2023	2022	2023	2022
	£	£	£	£
Amounts owed by group undertakings	-	-	19,011	9,198
Arrears of local authority and residents’ contributions	582,436	418,040	510,264	418,040
Other debtors	25,112	86,290	25,112	86,292
Prepayments and accrued income	105,980	89,780	100,656	89,780
	713,528	594,110	655,043	603,310
10 Creditors
Amounts falling due within one year	Group	Group	Charity	Charity
	2023	2022	2023	2022
	£	£	£	£
Trade creditors	321,289	184,391	317,500	184,391
Taxation and social security	102,238	89,008	85,809	89,008
Capitalised lease premium	26,555	26,313	26,555	26,313
Social housing grants	86,960	100,127	86,960	100,127
Bank loan and overdraft	176,389	150,302	176,389	150,302
Accruals and deferred income	228,189	128,937	211,113	128,937
Pension Liability	56,891	53,381	54,102	53,381
Other creditors	2,895	4,447	2,895	4,447
	1,001,406	736,906	961,323	736,906
The average time taken to pay trade creditors over the year was 26 days (2022:26)
The pension liability of £56,891 shown above for the year	ended 31	March 2023 is	comprised of	pension
contributions payable of £43,202 and the deficit contribution payable		in the year ended 31 March		2023 of
£13,689.
Amounts falling due after more than one year	Group	Group	Charity	Charity
Housing loans	2023	2022	2023	2022
	£	£	£	£
CAF Bank (2.25% + Bank of England base rate)	3,171,124	2,962,198	3,171,124	2,962,198
	3,171,324	2,962,198	3,171,324	2,962,198
Capitalised lease premium	262,651	289,447	262,651	289,447
Social housing grants	1,240,895	1,314,691	1,240,895	1,314,691
Pensions Liability – Deficit Contribution	10,264	23,883	10,264	23,883
Loan From Group Company FUN Ltd	-	-	800,000	-
Balance carried forward	4,684,934	4,590,219	5,484,934	4,590,219

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

10 Creditors (continued)

Amounts owed on housing properties repayable:	2023	2022
Term Loans	£	£
In one year or less (included in current liabilities)	108,785	120,289
Between one and two years	108,785	120,289
Between two and five years	326,355	229,944
In more than five years	2,735,984	2,642,399
	3,279,909	3,112,921

The loan from CAF Bank is secured on properties at Sheridan Road, Westmead Drive, Wood Street, Ailsa Road, Leigh Road and Ashdown Close. The rate of interest applicable to the loan is fixed at 2.25% + Bank of England base rate. The repayment period is over 25 years and calculated on a 25 year capital and interest repayment basis.

A grant of £696,747 was received in 2004/5 from the HCA (capitalised lease premium) which is designed to partly offset the quarterly lease payments for Andrew Provan House over the period of the lease (29 years) and its use is restricted to that purpose. This money, including accrued interest, is treated as deferred income and included under creditors. A proportion of the fund is transferred to the Income and Expenditure Account and included under income to offset rent payable (included in operating costs) in the period of £26,432.

11 Undesignated funds	2023	2022
	£	£
Balance brought forward	3,087,801	3,100,794
Retained (loss) for year	(140,625)	(86,507)
Transfer from restricted and endowment	21,749	73,514
Merger with FUN	1,374,597	-
Balance carried forward	4,343,522	3,087,801

12 Restricted funds Use restricted by donor

Balance brought forward as at 1 April 2022 Income Received Expenditure Transfer to Undesignated Funds Balance carried forward 31 March 2023	Special Purpose Funds £ 70,339 96,890 (11,394) (21,749) 134,086

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

12 Restricted funds (continued)

The Special Purposes Fund represents the balance of unspent donations, fundraising and grants received through Central Office, and relating strictly to specific purposes or activities in accordance with donors’ wishes.

Transfer to Undesignated funds relates to those assets that have been purchased from restricted fund donations but are now held for a general and not a restricted purpose.

13 Pension costs

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£11,243,000 per annum (payable monthly and increasing by 3% each From 1 April 2019 to 30 September 2025: on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

13 Pension costs (continued)

	2023	2023	2022	2021
	(£000s)		(£000s)	(£000s)
Present value of provision		24	38	188
Reconciliation of Opening and Closing Provisions
		Year ended		Year ended
			2023	2022
			(£000s)	(£000s)
Provision at start of period			38	188
Unwinding of the discount factor (interest expensed)			1	1
Deficit contribution paid			(14)	(47)
Remeasurements – Impact of any change in assumptions			(1)	(1)
Remeasurements – amendments to the contribution	schedule		-	(103)
Provision at the end of period			24	38
Income and Expenditure Impact
		Year ended		Year ended
			2023	2022
			(£000s)	(£000s)
Interest expense			1	1
Remeasurements – Impact of any change in assumptions			(1)	(104)
(Gain)/Loss on remeasurement of defined benefit pension
scheme			-	(103)
Assumptions
	2023		2022	2021
	% per annum	%	per annum	% per annum
Rate of discount	5.52		2.65	0.66

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

13 Pension costs (continued)

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

Deficit Contributions schedule
	2023	2022	2021
Year Ending	(£000s)	(£000s)	(£000s)
Year 1	13	13	48
Year 2	11	13	49
Year 3	-	12	50
Year 4	-	-	43

The charity must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the charity’s balance sheet liability.

14 Gain on merger with FUN

On 1 April 2022 FUN became a wholly controlled subsidiary of The Field Lane Foundation. To recognise this acquisition, the assets & liabilities of FUN as at 1 April 2022 were consolidated into the accounts at fair value.

The following assets and liabilities were incorporated.

Fixed assets Property at cost Current Assets Debtors Cash at Bank Current Liabilities Amounts falling due within 1 year Net assets	FUN £ 148,247 21,072 1,094,920 (39,641) 1,224,598	Fair Value Adjustment £ 150,000 - - - 150,000	Total Gain on Acquisition £ 298,247 21,072 1,094,920 (39,641)
			1,374,598

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2023

15 Operating lease commitments

The charity had minimum lease payments under non-cancellable operating leases expiring as set out below:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	2023 £ 199,210 642,887 950,804 1,792,901	2022 £ 151,236 440,721 864,314	2022
		1,456,271

16 Related Party Transactions

On 29 July 2022 Field Lane Foundation acquired 4 properties from John Gaynor a Director of FUN Limited for a total consideration of £1,073,500. These properties are occupied by clients of FUN for the purpose of providing supported living accommodation to the clients of FUN.

There were no other related party transactions to report for the year ended 31 March 2023 (2022: Nil).

17 Net debt

Cash and cash equivalents Bank Overdrafts Debt due within one year Debt due after one year Total	2022 Cashflow Non Cash Movement 2023 £ £ £ £ 32,792 386,194 - 418,986
	(30,013) (33,789) - (63,802) (120,289) 98,776 (91,074) (112,587) (2,962,198) (300,000) 91,074 (3,171,124)
	(3,079,708) 151,181 - (2,928,527)