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2024-03-31-accounts

THE FIELD LANE FOUNDATION

Annual Report and Consolidated Financial Statements for the year ended 31 March 2024

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 2024

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 Balance Sheet 20
Consolidated Statement of Cash Flows 21
Notes and Accounting Policies 22 
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The Field Lane Foundation Consolidated Annual Report and Accounts for the year ended 31 March 2024

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 continuing 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, 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. I am pleased to report that the net income for the year shows an improved performance when compared with the prior year, despite these challenges.

The integration of FUN continued to progress well during the year, following the merger on 1 April 2022. During the year, FUN traded as a wholly owned subsidiary, providing domiciliary care and support to young adults with learning disabilities, living independently in a supported living environment in Suffolk. At the end of the year, FUN was fully merged with Field Lane and all assets and liabilities were transferred to the parent company, thereby eliminating the subsidiary structure. This formally completes the merger process with FUN and we are very grateful to the founding trustees and staff at FUN for their support throughout this process.

We have developed strong relationships with the local authorities who value the supported living services we provide. We have been appreciative of their willingness to continue to engage in discussions about the level of fees required to fund our work appropriately in the current environment. 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 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 for their commitment to our work. 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 

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The Field Lane Foundation Administrative and Legal Information for the year ended 31 March 2024

Board Members

During the year, the following Directors held office:

Chair Chris Hamill Treasurer Iain MacKinnon Directors Kate Andrews Resigned 19 February 2024 Kevin Hall Appointed 5 December 2023 Elizabeth Harper Mary Ipadeola Alexandra Lopoukhine Alex MacDonald Resigned 19 February 2024 Guy Stevenson Appointed 5 December 2023 Caroline Terry

Senior Management Team

Chief Executive and Company Peter Calderbank Secretary Director of Operations Jacky Owen Director of Finance & Frances Appleton Resources 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 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

SUMMARY OF PROGRESS AND ACTIVITIES

Progress during the year

The operating surplus for the year was £362,994 (2023: Gain £86,974).

The integration of FUN continued to progress well during the year, following the merger on 1 April 2022, and FUN has performed well. During the year, FUN traded as a wholly owned subsidiary, providing domiciliary care and support to young adults with learning disabilities, living independently in a supported living environment in Suffolk. At the end of the year, FUN was fully merged with Field Lane and all assets and liabilities were transferred to the parent company, thereby eliminating the subsidiary structure.

The net income for the year, after interest and bank charges was £129,311 (2023: £1,319,468).

Activities

During the year Field Lane provided:

  1. Supported housing, registered care and domiciliary support for people with learning disabilities and for those with additional mental health issues.

  2. Supported housing and personal development for families and children who are in temporary accommodation due to homelessness or are vulnerable to becoming homeless.

  3. 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)		 2024
67
25
93
97.1%		 2023
66
24
90
95.7%

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 subject to finding suitable opportunities which are financially viable

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		 2024
19
98.4%		 2023
18
95.6%

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. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

Consultancy and management support

During the year Field Lane Management Services Limited ended its 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 social care and supported living 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 either in person or via videoconferencing.

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. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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:

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: 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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 & Resources 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 runs 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. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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 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:

2024 2023 2022
Reinvestment 0.9% 11.5% 2.2%
New supply delivered – non-social housing (supported living) 0.0% 12.8% 0.0%
Gearing* 73.0% 69.5% 64.8%
EBITDA MRI interest cover ** 288% 275% 418%
Social housing cost per unit £8,024 £7,239 £6,115
Operating margin – social housing activities ** 6.5% -4.4% -0.2%
Operating margin – all activities ** 3.7% 1.1% 0.0%
Return on capital employed 7.9% 2.0% 0.0%

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 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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, which was reviewed and developed in 2023, 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:

  1. Ensuring long term financial sustainability

  2. Growing the charity

  3. Delivering high quality services

  4. Building strong relationships with partners and supporters. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

At the end of the financial year, we had 106 units (2023: 106) of accommodation across the charity, providing about 31,653 hours of support (2023: 30,847) each month to 112 people (2023: 111).

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 £362,994 (2023: £86,874).

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 £4,477,608 (2023: £4,343,522) equivalent to just over 5 months of operating costs of the foundation. The Foundation aims to have 6 months or more of unrestricted reserves. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

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.

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:

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. 

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The Field Lane Foundation Report of the Board of Directors for the year ended 31 March 2024

GROUP STRUCTURE

Field Lane comprises the Field Lane Foundation and one wholly owned subsidiary, Field Lane Management Services Limited. At the end of the financial year, the Suffolk based FUN subsidiary was fully merged with the Field Lane Foundation, with all assets and liabilities transferred to the parent organisation.

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 still seeing inflationary pressures in a number of areas such as staffing costs and as such we are actively managing our total expenditure to minimise the impact of these for Field Lane.

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: 2 September 2024

Chief Executive and Secretary 

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The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2024

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 2024 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:

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. 

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The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2024

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

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:

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. 

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The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2024

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. 

 17

The Field Lane Foundation Independent Auditor’s Report to the Directors of The Field Lane Foundation for the year ended 31 March 2024

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: 18 September 2024 

 18

The Field Lane Foundation Consolidated Statement of Financial Activities

for the year ended 31 March 2024

Notes
Income
Rent & Service Charges
Care Fees
Grants
Field Lane Management Services
Donations & Legacies
Other Income
6
Total Operating Income
Cost of Providing Care &
Accommodation
2
Other Operating Costs
2
Operating Surplus
Interest Receivable
Interest Payable & Bank Charges
4
Net income for the Year
Transfer Between Funds
Gain on Merger with FUN
14
Net movement in funds
Statement of Changes in Funds
Total Funds Brought Forward 1 April
Total Net Income for the year
Total Funds Carried Forward at
31 March		 2024
Unrestricted
£
1,789,953
7,428,959
346,042
13,125
5,521
49,656
9,633,256
8,424,567
885,818
322,871
4,595
238,278
89,188
35,059
-
124,247		 2024
Restricted
£
-
-
-
-
74,000
-
74,000
-
33,877
40,123
-
-
40,123
(35,059)
-
5,064		 2024
Total
£
1,789,953
7,428,959
346,042
13,125
79,521
49,956
9,707,256
8,424,567
919,695
362,994
4,595
238,278
129,311
-
-
129,311		 2023
Total
£
1,486,930
6,161,259
335,766
52,500
156,822
60,659
8,253,936
7,298,678
868,384
86,874
3,419
145,422
55,129
-
1,374,597
1,319,468
4,343,522
124,247
4,467,769		 134,086
5,064
139,150		 4,477,608
129,311
4,606,919		 3,158,140
1,319,468
4,477,608

All amounts derive from continuing activities unless shown above

Included within prior year donations and legacies is restricted income of £96,890. 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 37 form part of these financial statements.

Approved and authorised for issue by the Board on 2 September 2024 and signed on their behalf by:

Peter Calderbank

Chief Executive and Secretary

Company Registration Number: 98226

Chris Hamill Chair 

 19

The Field Lane Foundation Consolidated and Foundation Balance Sheet

as at 31 March 2024

Notes
Fixed Assets
Property
Other Assets
7
8
Current Assets
Debtors due within one year
Cash & Cash Equivalents
9
Creditors
Amounts due within one year
10
Net Current Assets/
(Liabilities)
Total Net Assets / Liabilities
Creditors
Amounts 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
2024
£
8,392,119
420,765
8,812,884
671,220
489,796
1,161,016
863,087
297,929
9,110,813
4,503,894
4,606,919
4,467,769
139,150
4,606,919		 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		 Foundation
2024
£
8,392,119
420,765
8,812,884
673,037
487,978
1,161,015
863,087
297,928
9,110,812
4,503,894
4,606,918
4,467,768
139,150
4,606,918		 Foundation
2023
£
8,298,725
438,107
8,736,832
655,043
8,390
663,433
961,323
(297,890)
8,438,942
5,484,934
2,954,008
2,819,922
134,086
2,954,008

The notes on pages 22 to 37 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.

Chris Hamill Chair

Peter Calderbank Chief Executive and Secretary

Company Registration Number: 98226 

 20

Field Lane Foundation Consolidated Statement of Cash Flows

for the year ended 31 March 2024

Cash flows from operating activities
Note
Surplus / (deficit) for the financial year
Depreciation of Fixed Assets - Housing Properties
Depreciation of Fixed Assets - Other
Interest payable on housing loans
Decrease / (Increase)in Debtors
Increase/(Decrease) in Creditors
Book value of FUN assets acquired
Interest receivable
7
8
9
10
7
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
Purchase of Fixed Assets - Other
7
8
Net cash from investing activities
Cash flows from financing activities
Interest paid
New Loans
Repayment of Loans
17
17
Net cash used in financing activities
Net Increase in cash & cash equivalents
Cash & Cash Equivalents at the beginning of the
year
Cash & Cash Equivalents at the end of the year		 2024
£
129,311
234,267
84,954
238,278
42,308
(170,383)
-
(4,595)
554,140
-
4,595
-
(100,672)
(96,077)
(238,278)
-
(148,976)
(387,254)
70,809
418,987
489,796		 2023
£
(106,018)
225,611
87,969
145,422
(119,418)
124,201
(148,247)
(5)
260,404
1,224,598
5
(1,131,896)
(56,507)
36,200
(145,422)
333,789
(98,776)
89,591
386,195
32,792
418,987

The notes on pages 22 to 37 form part of these financial statements. 

 21

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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. 

 22

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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. 

 23

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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 undertaking Field Lane Management Services Limited for the year ended 31[st] March 2024. 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 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 2024. 

 24

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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:

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

Social housing activities
Rent and service charges
Care fees
Local Authority Grants
Other grants
Donations & Legacies
Income from Field Lane
management services
Management Services
Other
Operating Surplus/ (Deficit)		 Turnover
Cost of
Sales
Operating
Costs
Operating
Surplus
2024
Operating
Surplus
2023
£
£
£
£
£
1,789,953
(1,083,657)
-
706,296
380,571
7,428,959
(7,340,910)
(14,202)
73,847
(31,060)
232,525
-
-
232,525
222,249
113,517
-
-
113,517
113,517
79,521
-
(4,984)
74,537
145,428
13,125
-
(1,791)
11,334
51,498
-
-
(898,718)
(898,718)
(855,988)
49,656
-
-
49,656
60,659
9,707,256
(8,424,567)
(919,695)
362,994
86,874		 
 25

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

2 Cost of providing care and accommodation and other operating costs

Operating Result

Operating Result
Supported Sheltered Homeless Support 2024 2023
Living Housing Support Services Total Total
£ £ £ £ £ £
Income
Rent net of identifiable Service 610,804 86,518 166,614 - 863,936 898,716
charges
Service Charge Income 414,031 100,269 411,717 - 926,017 588,214
Care Fees 7,428,959 - - - 7,428,959 6,161,259
Local Authority Grants - - 232,525 - 232,525 222,249
Other Grants - 2,050 111,467 - 113,517 113,517
Field Lane Management Services - - - 13,125 13,125 52,500
Donations & Legacies - - - 79,521 79,521 156,822
Other Income 44,902 - 4,500 254 49,656 60,659
Turnover from Supported Living 8,498,696 188,837 926,823 92,900 9,707,256 8,253,936
Supported Sheltered Homeless Support 2024 2023
Living Housing Support Services Total Total
Cost of providing care and accommodation
£ £ £ £ £ £
Wages & Salaries 5,177,739 19,000 202,948 393,787 5,793,474 5,027,190
Social Security Costs 654,673 2,231 13,826 56,736 727,556 488,656
Other Pension Costs 142,193 96 3,644 18,378 164,311 108,872
Agency Staff, Recruitment & 668,846 453 140,785 69,021 879,105 809,665
Training
Travel & Activities 108,713 25 1,624 4,889 115,251 117,492
Medical Supplies 21,366 - 6 39 21,411 28,387
Rent 71,174 - 70,066 73,471 214,711 197,715
Repairs Maintenance & Cleaning 191,340 41,783 45,466 1,385 279,974 213,820
Utilities, Council Tax & Insurance 242,602 42,854 75,827 21,622 382,905 409,625
Telephone, Internet etc 105,333 579 12,511 93,351 211,774 178,792
Marketing & Communications - - - 30,185 30,185 33,800
Auditors Renumeration - - - 25,619 25,619 35,724
Legal & Professional 30,224 2,367 7,140 72,236 111,967 130,885
Depreciation Housing 114,065 16,755 99,805 3,646 232,271 225,612
Depreciation Other 42,755 9,779 22,175 10,244 84,953 87,969
Other Costs 31,729 35 504 29,542 61,810 61,494
Restricted Fund Expenditure 2,475 - 2,510 - 4,984 11,394
7,605,227 136,047 698,837 904,151 9,344,262 8,167,062
Surplus/ (Deficit) 893,470 52,790 180,236 (811,255) 362,994 86,874 
 26

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

3 (Deficit)/Surplus for the financial year

2024 2023
£ £
This is stated after charging:
Operating leases 202,359 199,210
Depreciation 319,221 309,934
Audit fees 23,350 21,240

Auditor fee shown exclusive of VAT

The charity incurred voids with an estimated opportunity cost of £102,533 (2023: £45,046) and no bad debts in respect of sheltered housing and supported living during the year. Rents of £1,789,953 (2023: £1,486,929) included £926,017 (2023: £588,214) for service charges.

4
Interest receivable
Deposit account interest
5
Staff costs
The total staff costs during the year were:
Wages & salaries
Social security costs
Other pension costs
Agency & temporary staff costs
The average number of staff employed during the year was:
Homes & Centres
Central office		 2024
£
4,595
4,595
2024
£
5,793,474
727,556
164,311
760,350
7,445,691
2024
£
239
9
248		 2023
£
3,419
3,419
2023
£
5,027,190
488,655
108,872
711,390
6,336,107
2023
£
241
8
249

The average number of full-time equivalent employees during the year was:

Total

159 156 

 27

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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 £163 (2023: £Nil).

2024 2023
£ £
Senior management team executives aggregated emoluments
including pension contributions were: 184,540 177,433
Pension contributions of £3,188 (2023: £2,865) were made into a defined contribution scheme.
2024 2023
£ £
The emoluments receivable by the highest paid Senior Executive
excluding pension contributions were: 100,965 99,327

Pension contributions of £3,188 (2023: £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 (2023: one) who received between £80,000 and £90,000 in remuneration.

6 Subsidiary Undertakings

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		 2024
Total
£
13,125
13,125
1,791
11,334
-
2024
Total
1,818
1,817
-
1
1
-
1		 2023
Total
£
52,500
52,500
1,002
51,498
-
2023
Total
589
(588)
-
1
1
-
1		 
 28

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

7 Tangible fixed assets

Cost at 1 April 2023
Disposal
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Disposals
Charge for the year
At 31 March 2024
Net Book Value
At 31 March 2024
At 31 March 2023		 Sheltered
Accommodation
£
951,328
-
14,317
965,645
235,115
-
16,755
251,870
713,755
716,213		 Support
Activities
£
9,217,075
-
18,743
9,235,818
1,634,563
-
213,866
1,848,429
7,387,389
7,782,512		 Office
£
332,275
-
-
332,275
37,674
-
3,646
41,320
290,955
294,601		 Total
£
10,500,678
-
33,060
10,533,738
1,907,352
-
234,267
2,141,619
8,392,119
8,298,725

The additions shown above, totalling £33,060 (2023: £1,131,896), includes £Nil (2023: £1,108,288) that relates to new components while the remainder £33,060 (2023: £23,608) is for the replacement of existing components.

On average there were 18 (2023:18) units of sheltered housing accommodation and 88 units (2023:88) 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 director’s 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 31 March 2024. 

 29

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

7 Tangible fixed assets - continued

Housing properties at net book value are comprised of:

Freehold
Short leaseholds <50 years		 2024
£
6,930,031
1,462,088
8,392,119		 2023
£
6,988,484
1,604,842
8,593,326

8 Tangible fixed assets – Other

Cost
At April 2023
Additions
At 31 March 2024
Depreciation
At April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Furniture,
fixtures and
fittings
£
1,221,147
67,612
1,288,759
783,040
84,954
867,994
420,765
438,107		 
 30

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

9 Debtors

Group
Group
Charity
2024
2023
2024
£
£
£
Amounts owed by group undertakings
-
-
1,817
Arrears
of
local
authority
and
residents’
contributions
345,836
582,436
345,836
Other debtors
41,132
25,112
41,132
Prepayments and accrued income
284,252
105,980
284,252
671,220
713,528
673,037
10
Creditors
Amounts falling due within one year
Group
Group
Charity
2024
2023
2024
£
£
£
Trade creditors
343,735
321,289
343,735
Taxation and social security
132,738
102,238
132,738
Capitalised lease premium
26,555
26,555
26,555
Social housing grants
86,962
86,960
86,962
Bank loan and overdraft
84,671
176,389
84,671
Accruals and deferred income
143,983
228,189
143,983
Pension Liability
44,118
56,891
44,118
Other creditors
325
2,895
325
863,087
1,001,406
863,087
The pension liability of £44,118 shown above for the year ended 31 March 2024 is comprised of
contributions payable of £32,929 and the deficit contribution payable in the year ended 31 March
£11,189.
Amounts falling due after more than one year
Group
Group
Charity
2024
2023
2024
Housing loans
£
£
£
CAF Bank (2.25% + Bank of England base rate)3,113,866
3,171,124
3,113,866
3,113,866
3,171,324
3,113,866
Capitalised lease premium
236,096
262,651
236,096
Social housing grants
1,153,932
1,240,895
1,153,932
Pensions Liability – Deficit Contribution
-
10,264
-
Loan From Group Company FUN Ltd
-
-
-
Balance carried forward
4,503,894
4,684,934
4,503,894		 Charity
2023
£
19,011
510,264
25,112
100,656		 Charity
2023
£
19,011
510,264
25,112
100,656
655,043
Charity
2023
£
317,500
85,809
26,555
86,960
176,389
211,113
54,102
2,895
961,323
pension
2024 of
Charity
2023
£
3,171,124
3,171,324
262,651
1,240,895
10,264
800,000
5,484,934
3,171,324
262,651
1,240,895
10,264
800,000
5,484,934 
 31

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

10 Creditors (continued)

Amounts owed on housing properties repayable:

Term loans
In one year or less (included in current liabilities)
Between one and two years
Between two and five years
In more than five years		 2024
£
84,671
84,671
254,014
2,775,181
3,198,537		 2023
£
108,785
108,785
326,355
2,735,984
3,279,909

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

Balance brought forward
Retained (loss) for the year
Transfer from restricted and unrestricted funds
Merger with FUN
Balance carried forward		 2024
£
4,343,522
89,188
35,059
-
4,467,769		 2023
£
3,087,801
(140,625)
21,749
1,374,597
4,343,522

12 Restricted funds Use restricted by donor

Balance brought forward as at 1 April 2023
Income Received
Expenditure
Transfer to Undesignated Funds
Balance carried forward 31 March 2024		 Restricted
Funds
£
134,086
74,000
(33,877)
(35,059)
139,150 
 32

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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. 

 33

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

13 Pension costs (continued)

2024 2024 2023 2022
(£000s) (£000s) (£000s)
Present value of provision 11 24 38
Reconciliation of Opening and Closing Provisions
Year ended Year ended
2024 2023
(£000s) (£000s)
Provision at start of period 24 38
Unwinding of the discount factor (interest expensed) 1 1
Deficit contribution paid (14) (14)
Remeasurements – Impact of any change in assumptions - (1)
Provision at the end of period 11 24
Income and Expenditure Impact
Year ended Year ended
2023 2022
(£000s) (£000s)
Interest expense 1 1
Remeasurements – Impact of any change in assumptions - (1)
Loss on remeasurement of defined benefit pension scheme 1 -
Assumptions
2024 2023 2022
% per annum % per annum % per annum
Rate of discount 5.31 5.52 2.65

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. 

 34

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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
2024 2023 2022
Year Ending (£000s) (£000s) (£000s)
Year 1 11 14 14
Year 2 - 11 14
Year 3 - - 12
Year 4 - - -

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 costs
Current Assets
Debtors
Cash at bank
Current Liabilities
Amounts falling due within 1 year
Net assets (as at 31 March 2023)		 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 
 35

The Field Lane Foundation Notes and Accounting Policies for the year ended 31 March 2024

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		 2024
£
202,359
642,490
946,157
1,791,006		 2023
£
199,210
642,887
950,804
1,792,901

16 Related Party Transactions

There were no related party transactions to report for the year ended 31 March 2024. Nil in 2023.

17 Net debt

Cash & Cash Equivalents
Bank Overdrafts
Debt due within one year
Debt due after one year
Total		 2023
Cashflow
Non Cash
Movement
2024
£
£
£
£
418,987
70,809
-
489,796
(63,802)
63,802
-
-
(112,587)
85,174
(57,258)
(84,671)
(3,171,124)
-
57,258
(3,113,866)
(2,928,527)
219,784
-
(2,708,741)		 
 36