THE FIELD FAMILY CHARITABLE TRUST (REGISTERED CHARITY No: 259569)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
84 Eccleston Square, Pimlico, London SW1V 1PX
www.pwwsolicitors.co.uk
THE FIELD FAMILY CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES:
PRINCIPAL OFFICE:
Mr D J Bagshaw - Chairman Mrs R M Bagshaw Mrs C Guise Mrs J N Houston (deceased 27/5/20) Mr C J Houston Mrs J McCabe
84 Eccleston Square London SW1V 1PX
CORRESPONDENT:
SOLICITORS:
Ms A Magri Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX
Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX
BANKERS:
INVESTMENT MANAGER:
CAF Bank Ltd 25 Kings Hill West Malling Kent MW19 4JQ
Quilter Cheviot One Kingsway London WC2B 6AN
INDEPENDENT EXAMINER:
Colin Dadswell FCA ACCA DChA Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
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THE FIELD FAMILY CHARITABLE TRUST ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their report along with the financial statements for the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is an Endowed Charitable Trust established by a Trust Deed dated the 8th October 1969, under the name of the Woodlands Trust, the objects of which are to make grants for such charitable purpose or purposes as shall from time to time be determined by the Trustees. After careful consideration the Trustees decided to change the name of the Trust to The Field Family Charitable Trust. This decision was taken to eliminate confusion with another registered charity known as the Woodland Trust. The new name was accepted by the Charity Commission in December 2013.
Appointment of new trustees is by invitation of the existing Trustees. Prospective new trustees are invited to attend Trustee meetings prior to formal appointment for induction and training purposes.
The Trustees meet twice a year in the Spring and Autumn. The day to day administration of grants and the processing of applications prior to consideration by the Trustees is carried out by the Trust’s solicitors Pothecary Witham Weld.
The Trustees play a very active role in the Trust and review their policy and criteria regularly. Although they have a central policy, certain flexibility is retained to allow for reaction to changes in the environment and the community alike. The Trustees, where appropriate, commit a proportion of their income to continuing grants which means there is less income for distribution for other charitable purposes.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Trust are for such charitable purposes as shall from time to time be determined by the Trustees. The Trustees achieve these objects by making grants to other registered charities. In setting their grant making policy and when reviewing the Trust’s aims and objectives the Trustees confirm that they have had regard to the guidance provided by the Charity Commission on public benefit.
Grant Making Policy
The Trustees have established their grant making policy to achieve their objects for the public benefit. The grant making policy is reviewed periodically by the Trustees to ensure that it continues to meet the objectives of the Trust and thereby advances public benefit. A review took place on the 30[th] of April 2019 and resulted in the Trustees agreeing to amend the age group of the targeted vulnerable young beneficiaries of the Trust’s funds from 16-25 to 13-25 to ensure more beneficiaries can be included in the supported projects. The
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Trustees also agreed to amend the restriction regarding the reserves and extend the reserves of unrestricted funds to be no more than one year of the total expenditure. The accounts of charities who exceed 6 months of unrestricted reserves will be scrutinized in depth to understand the reasons for such high reserves.
The Trustees have continued to concentrate their grant giving in the West Midlands and in London within the boundaries of the M25. The principal interests of the Trustees continue to lie with:
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Youth, between the ages of 13-25
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The elderly
Grants are usually for equipment, furnishings, running costs, salaries, helplines. The Trustees do not consider applications for capital funding for buildings but will consider appeals for furnishings, equipment and alterations to existing buildings to comply with health and safety regulations.
Appeals are only considered if submitted via the Trust’s online application form which is - available from the Trust’s webpage hosted by the solicitors www.pwwsolicitors.co.uk/charity grants. All applications are initially assessed by the Trust Administrator and further information is requested as necessary.
In addition to the above the Trustees may put aside a portion of their income for grants for special projects of which they have personal knowledge or an organisation which they have supported in the past. There were no such grants made in the year.
REVIEW OF ACHIEVEMENTS AND PERFORMANCE
The aim of the Trust’s work was to improve the quality of life and prospects for young people and the elderly. The Trustees met twice in the reporting year and authorised 17 grants totalling £52,780 as set out below:
Young People aged 13 to 25 years
Nine (9) grants were authorised under this category totalling £27,780. Four of the grants authorised under this category were to charities that had received support in the past.
The Elderly
Eight (8) grants were authorised under this category totalling £25,000. Of the grants authorised four were to charities previously known to the Trustees.
PERFORMANCE
The benefit of the Trust’s funding supported registered charities delivering front line services to those groups that the Trustees were targeting.
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Geographical spread of grants
The Trustees authorised grants throughout their target geographical area with the majority in the West Midlands.
Category of grants
The grants authorised in the year were made in accordance with the Trust’s stated priority groups of the Elderly and Young People between the ages of 13 and 25 years. The majority of grants were given to projects supporting Young People.
----- Start of picture text -----
The Elderly
Young 47%
People
53%
The Elderly Young People
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Purpose of grants
As in previous years the majority of funding went towards Project Funding. The Trustees do not restrict their funding to these categories and welcome applications for all purposes apart from capital costs.
Monitoring
All successful applicants are required to provide a report on the use of the funding provided and how it had benefited the target groups one year from the date of payment of a grant, or at the end of a project, whichever is soonest. An official monitoring form is provided for the purpose of reporting.
During the reporting period 17 reports were received relating to grants authorised in past years. Each report is graded for performance against the original aim of the funding. Of the reports received 76% were satisfactory, 12% exceeded expectations and 12% were below satisfactory.
The Trustees were satisfied that their funding up to the year ended 5 April 2021 had been successful in reaching the groups they were targeting with their grant making policy.
FINANCIAL REVIEW
The Trust’s work is dependent on income from its investments which during this year was £59,698. Total expenditure for the year was £76,584. This included the grants awarded in year totalling £52,780 minus the cancellation of continuing grant of £750 due to the fact that a grantee did not complete and submit a monitoring report for the grant they received for the first year.
During the year there was a net gain on investments of £482,844. Although this was, as might be expected, a financially challenging year the policy of distributing net income maintains the ongoing financial security of the Trust.
Investment Policy
The Trustees have considered the ethical implications of their investments and have resolved that they should not hold investments in companies where a substantial part of the earnings are derived from activity that the Trustees view as being inappropriate, namely manufacture or sale of tobacco, armaments and alcohol. The Trustees review the investments held by the Trust at their meetings and throughout the year in conjunction with their investment managers.
The Trust is a long term investor and on professional advice continued to hold a mixed
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portfolio of fixed interest, equities, overseas and alternative investments to provide a balance between income and capital return.
Reserves Policy
The Trustees have given consideration as to how best to benefit those groups and individuals its policies aim to help, both in the short and longer term, and how this impacts on the balance of making grants out of income or capital. The Trustees anticipate increasing needs in the areas they support in future years and have determined that they will maintain the capital fund, with organic growth, as a source for future grants.
The Trustees’ present policy is to distribute all net income (after deduction of administration expenses and other liabilities) by way of grants.
The total held as unrestricted funds at 5 April 2021 was £2,430,585, of which £2,443,243 was regarded as a capital fund. The income fund was in deficit at the year-end by £12,658.
Risk Management
The Trustees have considered the risks to which the Trust is exposed and have implemented procedures to mitigate these risks. The principal risk faced by the Trust is under performance of investments.
The Trustees consider the major financial risk to be variability of returns on their investments. This is mitigated by retaining expert investment managers and having a diversified portfolio.
The major operational risk faced by the Trust is misuse of grant funding by recipients. The Trustees have implemented procedures to manage this risk including monitoring and reviewing grants made and, where possible, visiting prospective recipients.
FUTURE PLANS
The Trustees intend to continue providing grants in the same manner as in previous years maintaining their current geographical area and emphasis on the elderly or young people between the ages of 13 and 25 years but retaining flexibility as to the timing and scale of grant-making. In order to achieve this objective the Trustees will continue to monitor their investments with the intention of maintaining capital growth whilst providing income for grant funding.
In the next twelve months the Trustees anticipate
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An increase in demand on its resources
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To continue to make grants in line with their current policy
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity’s Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity’s Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust’s deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees on 17 January 2022 and signed on their behalf
D J Bagshaw Esq, Trustee
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THE FIELD FAMILY CHARITABLE TRUST
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE FIELD FAMILY CHARITABLE TRUST
I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 9 to 16.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Colin Dadswell FCA ACCA DChA
Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Date: ……………………….
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THE FIELD FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Income and endowments from: Notes Investment income 2 Total Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net gains/(losses) on investments Net income/(expendit ure) Transfers between funds Net movement in funds Reconciliation of Funds: Total funds brought forward Total funds carried forward |
Unrestricted Income Fund £ 59,698 59,698 - 69,635 69,635 - (9,937) - (9,937) (2,721) (12,658) |
Unrestricted Capital Fund £ - - 6,949 - 6,949 482,844 475,895 - 475,895 1,967,348 2,443,243 |
Total 2021 £ 59,698 59,698 6,949 69,635 76,584 482,844 465,208 - 465,958 1,964,627 2,430,585 |
Total 2020 £ 80,955 |
|---|---|---|---|---|
| 80,955 5,768 121,336 |
||||
| 127,104 (390,811) |
||||
| (436,960) | ||||
| - | ||||
| (436,960) | ||||
| 2,401,587 | ||||
| 1,964,627 |
None of the Trusts’ activities were acquired or discontinued during the above two financial years. There are no recognised gains and losses in 2021 and 2020 other than those disclosed above. The Notes on pages 11 to 16 form part of these accounts.
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THE FIELD FAMILY CHARITABLE TRUST BALANCE SHEET AT 5 APRIL 2021
| Notes FIXED ASSETS Fixed Asset Investments 6 Total Fixed Assets CURRENT ASSETS Current Asset Investments 7 Cash At Bank and In Hand Total Current Assets CURRENT LIABILITIES Creditors Due Within 1 Year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors:amounts falling due after more than one year 8 TOTAL NET ASSETS |
Notes FIXED ASSETS Fixed Asset Investments 6 Total Fixed Assets CURRENT ASSETS Current Asset Investments 7 Cash At Bank and In Hand Total Current Assets CURRENT LIABILITIES Creditors Due Within 1 Year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors:amounts falling due after more than one year 8 TOTAL NET ASSETS |
Unrestricted Income Fund £ - |
Unrestricted Capital Fund £ 2,443,243 2,443,243 - - - - - 2,443,243 - 2,443,243 |
Unrestricted Capital Fund £ 2,443,243 2,443,243 - - - - - 2,443,243 - 2,443,243 |
Total 2021 £ 2,443,243 2,443,243 435 8,677 9,112 18,770 (9,658) 2,433,585 3,000 2,430,585 |
Total 2021 £ 2,443,243 2,443,243 435 8,677 9,112 18,770 (9,658) 2,433,585 3,000 2,430,585 |
Total 2020 £ 1,967,348 |
|
|---|---|---|---|---|---|---|---|---|
| - 435 8,677 |
1,967,348 17,567 25,322 |
|||||||
| 9,112 18,770 (9,658) |
42,889 38,110 4,779 |
|||||||
| (9,658) 3,000 (12,658) |
1,972,127 7,500 1,964,627 |
|||||||
| FUNDS OF THE CHARITY | 9 | - | (12,658) | |||||
| Unrestricted income fund | (12,658) | (2,721) | ||||||
| Unrestricted capital fund | - | 2,443,243 | 2,443,243 | 1,967,348 | ||||
| 2,430,585 | 1,964,627 | |||||||
| TOTAL FUNDS | (12,658) | 2,443,243 | ||||||
Approved by the Trustees on 17 January 2022 and signed on their behalf by:
D J Bagshaw Esq, Trustee
The Notes on pages 11 to 16 form part of these accounts.
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THE FIELD FAMILY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
1 ACCOUNTING POLICIES
Accounting convention and standards
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts, in particular the revaluation of investments. The financial statements have been prepared in accordance with the accounting policies set out in this note and comply with the charity’s trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
Going Concern
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant area of uncertainty is the level of return and performance of investment markets.
Fund structure
The charity funds are wholly unrestricted and comprise an income and a capital fund. The capital fund is an expendable endowment which is invested to provide income which the Trustees are free to use in furtherance of the charitable objects.
Income
Income from investments is taken into account by reference to the date on which the charity is entitled to receipt. Donations are taken into account on receipt.
Investment gains and losses include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Expenditure is included on an accruals basis.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.
Where grants are payable by instalment, payment of subsequent instalments is conditional on satisfactory interim progress reports. The Trustees consider it probable that satisfactory reports will be received and subsequent instalments are not, therefore, treated as conditional.
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Support costs comprise the costs of running the charity.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Listed investments
Listed investments are stated at closing mid-market value at the balance sheet date.
Taxation
The Trust’s income qualifies for exemption from income tax and corporation tax. Tax deducted from interest received is reclaimed. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses.
| 2 INVESTMENT INCOME Listed investments - Securities Interest on short term deposits The Charities Property Fund 3 COST OF GENERATING FUNDS Investment management fees |
_ |
2021 £ 54,259 4 5,435 __ 59,698 _ 2021 £ 6,949 6,949 ___ |
2020 £ 74,032 66 6,857 _ 80,955 |
|---|---|---|---|
| __ | _ 2020 £ 5,768 __ 5,768 _____ |
4 EXPENDITURE ON CHARITABLE ACTIVITIES
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
| Charitable activities | Institutional grants £ 52,030 52,030 |
Support & governance costs £ 17,605 17,605 |
Total 2021 £ 69,635 69,635 |
Total 2020 £ 121,336 |
|---|---|---|---|---|
| 121,336 |
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| GRANTS PAYABLE Commitments made in the year Refund of continuing grant committed in the past Reconciliation of grants payable Commitments at 5 April 2020 New grant commitments made in the year Grants paid during the year Commitments at 5 April 2021 Commitments at 5 April are payable as follows: Payable within one year After more than one year |
2021 £ 52,780 (750) _ 52,030 34,902 52,030 (69,932) 17,000 14,000 3,000 17,000 |
2020 £ 100,849 - _ 100,849 31,118 100,849 (97,065) 34,902 27,402 7,500 34,902 |
|---|---|---|
Commitments
In addition to the amounts committed and accrued noted above, the trustees also authorise certain grants which are subject to the recipient fulfilling certain conditions. There were no such grants at 5 April 2021.
5 ANALYSIS OF SUPPORT COSTS
| Administration fees Governance costs Governance costs: Accountancy Independent Examination Legal fees Trustee expenses |
Total 2021 £ 11,445 6,160 17,605 3,000 960 2,200 - 6,160 |
Total 2020 £ 13,948 6,539 |
|---|---|---|
| 20,487 | ||
| 3,000 820 2,600 119 |
||
| 6,539 |
None of the Trustees receive any remuneration from the Trust.
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6 FIXED ASSET INVESTMENTS
| Cash & cash equivalents |
Listed investments |
Total | |
|---|---|---|---|
| £ | £ | £ | |
| Fair value at beginning of period | 4,451 | 1,962,897 | 1,967,348 |
| Add: additions to investments during period | - | 233,791 | 233,791 |
| Less: disposals at market value | - | (237,038) | (237,038) |
| Movements in cash balances | (3,702) | (3,702) | |
| Add: net gain on revaluation and disposals | - | 482,844 | 482,844 |
| Fair value at end of year | 749 | 2,442,494 | 2,443,243 |
Previous year
| Cash & cash equivalents |
Listed investments |
Total | |
|---|---|---|---|
| £ | £ | £ | |
| Fair value at beginning of period | 1,432 | 2,362,181 | 2,363,613 |
| Add: additions to investments during period | - | 288,448 | 288,448 |
| Less: disposals | - | (296,921) | (296,921) |
| Movements in cash balances | 3,019 | 3,019 | |
| (deduct): net (loss) on revaluation | - | (390,811) | (390,811) |
| Fair value at end of year | 4,451 | 1,962,897 |
1,967,348 |
All Fixed Assets investments are held at fair value.
| 7 CURRENT ASSET INVESTMENTS Bank deposits 8 CREDITORS AND ACCRUALS Amounts falling due within one year Grants Payable (note 4) Accruals Trade creditors Amounts falling due after more than one year Grants Payable (note 4) |
2021 £ 435 435 2021 £ 14,000 960 3,810 _ 18,770 _ 3,000 |
__ |
2020 £ 17,567 17,567 2020 £ 27,402 820 9,888 __ 38,110 ____ 14,500 |
|---|---|---|---|
| __ |
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9 FUNDS
The Trust Fund is wholly unrestricted. For management purposes, the trustees have designated that the Trust’s capital and capital profits will be retained and carried forward in a Capital Fund except for specific occasions when a transfer from the capital fund to income fund will be made to utilise some of the investment portfolio’s capital gains for grant making. The Income Fund and income profits are utilised for making annual grants.
SUMMARY OF FUNDS – CURRENT YEAR
| Unrestricted capital fund Unrestricted income fund |
Brought forward 1,967,348 (2,721) 1,964,627 |
Income resources - 59,698 59,698 |
Resources expended (6,949) (69,635) (76,584) |
Gains/ (losses) 482,844 - 482,844 |
Transfers - |
Carried forward 2,443,243 (12,658) |
|---|---|---|---|---|---|---|
| 2,430,585 |
SUMMARY OF FUNDS – PRIOR YEAR
| Unrestricted capital fund Unrestricted income fund |
Brought forward 2,363,613 37,974 2,401,587 |
Income resources - 80,955 80,955 |
Resources expended (5,768) (121,336) (127,104) |
Gains/ (losses) (390,811) - (390,811) |
Transfers 314 (314) - |
Carried forward 1,967,348 (2,721) |
|---|---|---|---|---|---|---|
| 1,964,627 |
10 TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
None of the Trustees receive any remuneration from the Trust. As all meetings happened virtually due to Covid 19, no travel reimbursements were needed during the reporting period (2020: £118). There were no other related party transactions.
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11 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES
| Income and endowments from: Notes Investment income 2 Total Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net gains/(losses) on investments Net income/ (expenditure) Transfers between funds Net movement in funds Reconciliation of Funds: Total funds brought forward Total funds carried forward |
Unrestricted Income Fund £ 80,955 80,955 - 121,336 121,336 - (40,381) (314) (40,695) 37,974 (2,721) |
Unrestricted Capital Fund £ - - 5,768 - 5,768 (390,811) (396,579) 314 (396,265) 2,363,613 1,967,348 |
Total 2020 £ 80,955 |
|---|---|---|---|
| 80,955 5,768 121,336 |
|||
| 127,104 (390,811) |
|||
| (436,960) | |||
| - | |||
| (436,960) | |||
| 2,401,587 | |||
| 1,964,627 |
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