OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Field Family Charitable Trust

2022-04-05-accounts

THE FIELD FAMILY CHARITABLE TRUST (REGISTERED CHARITY No: 259569)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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 Mr C J Houston Mrs J McCabe

84 Eccleston Square London SW1V 1PX

CORRESPONDENT:

SOLICITORS:

Ms C Tyson 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

1

THE FIELD FAMILY CHARITABLE TRUST

ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their report along with the financial statements for the charity for the year ended 5 April 2022. 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 Trustees also agreed to amend the restriction regarding the reserves and extend the reserves of unrestricted

2

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:

  1. Youth, between the ages of 13-25

  2. 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 11 grants totalling £50,000 as set out below:

Young People aged 13 to 25 years

Eight grants were authorised under this category totalling £31,000. Four of the grants authorised under this category were to charities that had received support in the past.

The Elderly

Three grants were authorised under this category totalling £19,000. Of the grants authorised three 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.

3

Geographical spread of grants

----- Start of picture text -----
West
Midlands,
25%
Within
M25, 75%
----- End of picture text -----

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 -----
37%
63%
The Elderly Young People
----- End of picture text -----

4

Purpose of grants

----- Start of picture text -----
FUNDING CATEGORY
Running
costs,
25%
Project
Salary,
13% Funding,
62%
----- End of picture text -----

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 3 reports were received relating to grants authorised in past years.

The Trustees were satisfied that their funding up to the year ended 5 April 2022 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 £65,616. Total expenditure for the year was £83,145. This included the grants awarded in year totalling £50,000.

During the year there was a net gain on investments of £201,276. 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 portfolio of fixed interest, equities, overseas and alternative investments to provide a balance between income and capital return.

5

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 2022 was £2,614,332, of which £2,634,270 was regarded as a capital fund. The income fund was in deficit at the year-end by £19,938.

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 grantmaking. 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

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:

6

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 28[th] November 2022 and signed on their behalf

D J Bagshaw Esq, Trustee

7

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 2022, 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:

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.

C

Colin Dadswell FCA ACCA DChA

Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Date: 2[nd] December 2022

8

THE FIELD FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

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
£
65,616
65,616
-
69,421
69,421
-
(3,805)
(3,475)
(7,280)
(12,658)
(19,938)		 Unrestricted
Capital
Fund
£
-
-
13,724
-
13,724
201,276
187,552
3,475
191,027
2,443,243
2,634,270		 Total
2022
£
65,616
65,616
13,724
69,421
83,145
201,276
183,747
-
183,747
2,430,585
2,614,332		 Total
2021
£
59,698
59,698
6,949
69,635
76,584
482,844
465,958
-
465,958
1,964,627
2,430,585

None of the Trusts’ activities were acquired or discontinued during the above two financial years. There are no recognised gains and losses in 2022 and 2021 other than those disclosed above. The Notes on pages 11 to 16 form part of these accounts.

9

THE FIELD FAMILY CHARITABLE TRUST BALANCE SHEET AT 5 APRIL 2022

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
£
2,634,270
2,634,270
-
-
-
-
-
2,634,270
-
2,634,270		 Unrestricted
Capital
Fund
£
2,634,270
2,634,270
-
-
-
-
-
2,634,270
-
2,634,270		 Total
2022
£
2,634,270
2,634,270
1,444
12,529
13,973
24,911
(10,938)
2,623,332
9,000
2,614,332		 Total
2022
£
2,634,270
2,634,270
1,444
12,529
13,973
24,911
(10,938)
2,623,332
9,000
2,614,332		 Total
2021
£
2,443,243
-
1,444
12,529		 2,443,243
435
8,677
13,973
24,911
(10,938)		 9,112
18,770
(9,658)
(10,938)
9,000
(19,938)		 2,433,585
3,000
2,430,585
FUNDS OF THE CHARITY 9 - (19,938)
Unrestricted income fund (19,938) (12,658)
Unrestricted capital fund - 2,634,270 2,634,270 2,443,243
TOTAL FUNDS (19,938) 2,634,270 2,614,332 2,430,585

Approved by the Trustees on 28[th] November 2022 and signed on their behalf by:

D J Bagshaw Esq, Trustee

The Notes on pages 11 to 16 form part of these accounts.

10

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.

11

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		 2022
2021
£
£
60,222 54,259
-
4
5,394
5,435
_ _
65,616 59,698
__ _
3
COST OF GENERATING FUNDS
Investment management fees		 2022
2021
£
£
13,724
6,949
__ _
13,724
6,949
 ____

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
£
50,000
50,000		 Support &
governance
costs
£
19,421
19,421		 Total
2022
£
69,421
69,421		 Total
2021
£
69,075
69,075

12

GRANTS PAYABLE 2022
2021
£
£
Commitments made in the year 50,000 52,780
Refund of continuing grant committed in the past -
(750)
_
_
50,000 52,030
Reconciliation of grants payable
Commitments at 5 April 2021 17,000 34,902
New grant commitments made in the year 50,000 52,030
Grants paid during the year (42,500) (69,932)
Commitments at 5 April 2022 24,500 17,000
Commitments at 5 April are payable as follows:
Payable within one year 15,500 14,000
After more than one year 9,000
3,000
24,500 17,000

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 2022.

5 ANALYSIS OF SUPPORT COSTS

Administration fees
Governance costs
Governance costs:
Accountancy
Independent Examination
Legal fees
Trustee expenses		 Total
2022
£
13,303
6,118
19,421
3,000
960
2,200
(42)
6,118		 Total
2021
£
11,445
6,160
17,605
3,000
960
2,200
-
6,160

None of the Trustees receive any remuneration from the Trust.

13

6 FIXED ASSET INVESTMENTS

Cash & cash
equivalents		 Listed
investments		 Total
£ £ £
Fair value at beginning of period 749
2,442,494		 2,443,243
Add: additions to investments during period - 189,057
189,057
Less: disposals at carrying value - (200,748) (200,748)
Movements in cash balances 1,442 1,442
Add: net gain on revaluation - 201,276 201,276
Fair value at end of year 2,191 2,632,079 2,634,270

Previous year

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 carrying value - (237,038) (237,038)
Movements in cash balances (3,702) (3,702)
Add: net gain on revaluation - 482,844 482,844
Fair value at end of year 749
2,442,494		 2,443,243

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		 2022
£
1,444
1,444
2022
£
15,500
960
8,451
__
24,911
 2022
£
1,444
2021

£

435

435

2021

£
14,000

960

3,810
______
18,770
 2021
£
435
435
1,444

14

8 cont CREDITORS AND ACCRUALS

Amounts falling due after more than one year

Grants Payable (note 4)

9,000 3,000

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
2,443,243
(12,658)
2,430,585		 Income
resources
-
65,616
59,698		 Resources
expended
(13,724)
(69,421)
(83,145)		 Gains/
(losses)
201,276
-
201,276		 Transfers
3,475
(3,475)
-		 Carried
forward
2,634,270
(19,938)
2,614,332

SUMMARY OF FUNDS – PRIOR 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

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 (2021: £Nil). There were no other related party transactions.

15

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
£
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
465,958
-
465,958
1,964,627
2,430,585

16