OpenCharities

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

2020-12-31-accounts

ANNUAL REPORT AND FINANCIAL

STATEMENTS

31[st] December 2020

Incorporated by Royal Charter Registered Charity No: 306070 Registered Company No: RC000370 Office of Scottish Charity Regulator Registration No: SC040357

Fields in Trust, 36 Woodstock Grove, London, W12 8LE | www.fieldsintrust.org

Green Spaces for Good

Fields in Trust 2020 Report & Accounts

Fields in Trust was founded in 1925 as the National Playing Fields Association and incorporated by Royal Charter in 1933.

Patron

HM The Queen

President HRH The Duke of Cambridge KG KT

Vice Presidents

Gyles Brandreth, Derek Forbes, The Lord Howard of Rising, Christopher Laing OBE, Alison Moore- Gwyn LVO, The Rt Hon The Earl of Stockton

Ambassadors

Geoffrey Boycott OBE, Roger Federer, Tim Henman OBE, Graeme le Saux, Pat Nevin, Sir Matthew Pinsent CBE, Sir Clive Woodward OBE, Baroness Grey-Thompson DBE

Trustees and Members of Council

Jo Barnett – Chair

Richard Schuster – Vice Chairman, Jeremy Hammond – Honorary Treasurer Mark Campion, Nick Cooke QC (8[th] December 2020) Paul Garber, Ian Ginbey, Dr Ann Heywood, Debbie Jevans CBE, Graeme le Saux, Carlotta Newbury, Brian Samson, Brynmor Williams (10[th] February 2020)

CONTENTS

Statement from Chair of Trustees

Trustees’ Report

2020 Achievements

Acknowledgements and Thanks

Looking to the Future

Financial Review

Structure, Governance and Management

Statement of Trustees’ Responsibilities

Auditor’s Report

Consolidated Statement of Financial Activities

Balance Sheets

Consolidated Statement of Cashflows

Notes to the Financial Statements

2

Fields in Trust 2020 Report & Accounts

STATEMENT FROM THE CHAIR OF TRUSTEES

Green spaces have long played a key role in supporting thriving communities, and the well-being of those that live and work there, but there is little doubt that over the last year we have come to realise the vital importance of free, accessible and local green spaces.

During 2020 we heard much about the importance of levelling up, the impact of climate change, the effect of the pandemic on mental health and the importance of staying physically fit and active, and yet through our annual Green Space Index, we know that today in the UK 2.7m people live further than a ten minute walk from a local park or green space, a figure that is likely to increase by 6.5% by 2040.

Our role at Fields in Trust is to work with communities, government and business to help protect green spaces, parks and playing fields both for current and future generations. We do this by adopting a data driven approach to our work to quantify the socio economic, health and environmental benefits of securing these spaces.

Like many charities we have had to adapt our services and embrace more digital and remote ways of working whilst navigating disruption to some of our funding sources but I am pleased to say we have continued

to make great progress with 31 new sites protected during the year and significant progress has been made on our regional programme to work with Local Councils to deliver real change for their towns and cities. Partnerships have proven invaluable, such as our work with The Co-op , sponsor of our 2021 Green Space index, and our #notjust campaign with parkrun to help us quantify and highlight the importance of our green spaces this year as gyms, community centres, playgrounds and living spaces.

Thank you to all those that have supported our work to seek out and secure new green spaces in perpetuity and allow us to continue to protect over 2,882 spaces across the United Kingdom.

Much has, and will, be written about the impact of the pandemic and how it has changed our work practices, shopping habits and fitness regimes but my hope is that, as normal life resumes, we are not quick to forget how vital these green spaces are and that failing to protect them will be to our collective detriment.

Jo Barnett

Chair

3

Fields in Trust 2020 Report & Accounts

TRUSTEES’ REPORT

The Board of Trustees present their annual report incorporating the audited financial statements for the year ended 31[st] December 2020 together with an update on current plans and achievements.

Our Mission

Fields in Trust champions and supports our parks and green spaces by protecting them for people to enjoy in perpetuity.

Because once green spaces are lost, they are lost forever .

About Us

We are an independent charity working across the UK to protect parks and green spaces by working in partnership with landowners, community groups and policymakers to champion the value of our parks and green spaces to achieve better protection for their future at both local and national level.

Public Benefit

In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. Fields in Trust’s work benefits everyone. The parks, playing fields and playgrounds that Fields in Trust protect are free at the point of access and ensure that communities have opportunities to engage in sport, play and recreation.

Our 95 years’ experience has given us the expertise to guarantee the longevity of these spaces and to positively impact on our communal health and wellbeing.

4

Fields in Trust 2020 Report & Accounts

2020 ACHIEVEMENTS

CHAMPIONING OUR PARKS AND GREEN SPACES

2020 was an unprecedented year that created challenges on many levels for communities across the country. There are innumerable remarkable stories to be told about how frontline services and charities have responded to the pandemic to provide support to people when they have most needed it.

Part of the fabric of that response has been the pivotal role that parks and green spaces have played in the pandemic. As a non-statutory service the spotlight on these spaces has never been so significant and there is a new recognition of their value to our physical and mental health and wellbeing. Imagine just how different the pandemic would have been without access to parks.

At the height of lockdown parks and green spaces were a daily lifeline for many providing a place for exercise, reflection and as restrictions began to ease a safe place to reconnect with friends, neighbours and loved ones. Parks have been a critical factor in the pandemic and will be an equally important part of the recovery if we are to emerge into a cleaner, greener, more equitable postpandemic position.

During the year we focussed a significant amount of our activity on the national conversation around parks and green spaces and contributing to both media stories and policy discussions to ensure these spaces remained open and to identify positive routes forward.

In May we published the second annual Green Space Index , a barometer of publicly accessible parks and green space provision. Focusing on equity of access was pertinent to so many other factors around the pandemic and enabled us to look at communities with less access to green space and consider how that relates to other factors that contribute to wider inequalities.

This year’s Index showed us that 2.7m people live further than a 10 minute walk from a local park or green space and therefore are less likely to be accessing the benefits they can provide. As part of the policy response to the pandemic we joined forces with Groundwork UK, Canals and Rivers Trust, National Heritage Fund and others as part of a Natural England led initiative to look at how greater equity of access to green space could be achieved.

Thanks to our partnership with The Co-op we were also able to look at how access to green space will change because of population growth. By 2040 the amount of green space provision per person will have reduced by 7.6% and over the next five years alone there will be a 6.5% increase in the number of people not living within a ten-minute walk of a park or green space, to nearly 2.87 million.

During the year we joined a consortium led by Town & Country Planning Association to look at the developing 20-minute neighbourhood concept and healthier place making. Good quality accessible parks and green spaces are a vital component of this integrated approach and we are advocating for

5

Fields in Trust 2020 Report & Accounts

the need to equitably distribute and future proof these spaces.

Like many organisations we were forced to cancel planned activities such as our annual Have A Field Day mass participation events and the UK’s Best Park and take a creative approach to delivering more activity virtually.

Bringing Parks to You was an online campaign that took a virtual tour around the UK discovering beautiful parks and green spaces which are much loved and valued by their communities along the way. We encouraged contributions from park users and friends of parks groups and curated social media discussions about the health and wellbeing benefits of parks and green spaces.

Over the summer our Future Proof Parks project – delivered in partnership with Groundwork and the National Youth Agency – was unable to conduct face-to-face activity with the young project participants so we pivoted to a series of online activities in a Summer Activity Challenge. Activities were broken down into three different categories, Nature, heritage, and personal wellbeing.. A series of 24 challenges aimed to help young people stay connected to their local park over the summer. This worked in partnership with Fields in Trust’s series of free online activities for younger children including designing a dream park materials and downloadable bird spotting, tree search and bug hunt resources which were downloaded over 1,700 times.

As we entered the autumn and further lockdowns across the devolved nations we partnered with parkrun in an online campaign to highlight that parks are #notjust a patch of grass but this year in particular have been our gyms, our community centres, our playgrounds and our living spaces. We encouraged park users to engage in the campaign and gather the authentic experience of people who look after, enjoy and make active use of the UK’s parks and green spaces during this unprecedented year.

In preparation for the devolved administration elections in May 2021, we have approached our contacts in the political parties contesting each of the Holyrood and Senedd Cymru elections. Working with our Scotland Manager and Wales Manager we produced briefing notes for each nation, addressing the increased community dependence on local parks and green spaces this year; setting out our track record with each devolved administration and outlining a proposed manifesto statement based on the six points of our Parks Protector Pledge.

During 2020 we also engaged with our Park Protector Pledge cohort of MPs, elected at the 2019 General Election to share policy positions and proposals which have been shared on our website news pages and external blog posts and seminars. We have set out the value of parks and green spaces that has come to the fore during 2020 and will be a vital part of our recovery from the pandemic.

6

Fields in Trust 2020 Report & Accounts

SUPPORTING OUR PARKS AND GREEN SPACES

Information and advice relating to parks and green space access and use was a prevailing theme during 2020 as people increased their use of local spaces and we continuously updated our information to ensure it reflected government guidance.

We provided 1-1 advice to 388 individual enquiries and nearly 85,000 people visited the Fields in Trust website, viewing over 200,000 pages (201,368). Articles in our self-service online Knowledge Base were viewed nearly 20,000 times (19,264) and information about protected spaces was viewed over 30,000 times (32,513). Visits to articles in the Knowledge Base were almost double those in 2019 (10,153) whilst views of information on spaces protected was up over two-thirds on 2019 (19,361), demonstrating the increased interested in finding information about parks and green spaces close to home brought by the coronavirus pandemic.

We also provided ongoing stewardship to the 2882 spaces we protect in perpetuity processing a total of 69 fields change requests with the support of our Land and Planning Committee.

Welsh and Scottish versions of our online resource Watch this Space were published in February 2020 providing an easy to use guide to the planning system that enables local community groups to campaign to save their parks and green spaces when they are threatened by development.

PROTECTING OUR PARKS AND GREEN SPACES

Delivering the protection of individual parks and green spaces during the pandemic presented a range of challenges as our primary stakeholders at Local Authorities were primarily focused on frontline services.

Despite this a further 31 parks and green spaces were legally protected in perpetuity in 2020 bringing the total number of spaces in the portfolio to 2,882 including;

We operated a skeleton delivery team during this time and evolved our existing processes to enable online applications and trialled online site visits. Some of these

7

Fields in Trust 2020 Report & Accounts

changes present operational efficiencies that will enable us to use our limited resources more effectively and will continue to be used in part post pandemic.

A total of 51 spaces have now been protected as part of our Active Spaces programme with the London Marathon Charitable Trust and we plan to conclude the delivery of the activation programmes in communities as soon as restrictions permit. We are grateful to the Trust for their ongoing support and understanding.

ACKNOWLEDGEMENTS & THANKS

The Trustees would like to recognise the valuable support we received towards our work during the year from trusts and foundations, members, clubs, associations and corporate partners.

Fields in Trust would particularly like to thank The Co-op for supporting analysis of the impact of population increase on green space provision as part of the Green Space Index. Our continued thanks to both The Royal British Legion and the London Marathon Charitable Trust for enabling us to deliver the Centenary Fields legacy and the Active Spaces programme respectively.

We’d also like to thank The Swire Charitable Trust, The Banister Trust and the PF Charitable Trust for their support in 2020.

Fields in Trust is fortunate to have a number of long-standing supporters including the Christopher Laing Foundation, the Wimbledon Foundation and the Lord’s Taverners and we are grateful for their generous ongoing support.

service as a Trustee and Chair of the Fields in Trust Cymru Committee over the last 3 years. Brynmor retired at the beginning of 2020 but will continue to work with us in an ambassadorial capacity and we are pleased to welcome Nicholas Cooke QC as his successor.

LOOKING TO THE FUTURE

Our parks and green spaces have had a year like no other. They've been there for us when we needed them the most and will be a crucial part of our collective recovery from the pandemic.

At Fields in Trust our focus is on calling for action now to make sure that the value of parks to our communities, our health, our wellbeing, our environment, and our economy is finally recognised as part of an agenda to build back better and a greener future.

Furthering our insight into identifying the areas where improving and future proofing access to parks and green spaces can address the significant inequalities faced by communities will be a key priority.

Over the next 12 months we will;

The Trustees would like to thank Brynmor Williams for his dedicated and energetic

8

Fields in Trust 2020 Report & Accounts

FINANCIAL REVIEW

The Group consists of the consolidated accounts of Fields in Trust and its subsidiaries, NPFA Services Ltd and King George’s Field Foundation (henceforth referred to as ‘the Group’). The Charity consists of Fields in Trust’s accounts only (henceforth referred to as ‘the Charity’).

During 2020 we had one primary activity programme: Active Spaces. Total income in 2020 was £0.57m and total costs were £1.2m.

Funding Sources

Voluntary Income

By far the largest part of our voluntary unrestricted income during the year was from charitable trusts and foundations (£254k).

Income from Charitable Activities

Income from other charitable activities totalled £110k and was generated largely from various field rents, technical advice and consultancy. We provide advice and information on the protection and improvement of parks, playing fields and green spaces which enables us to earn consultancy fees.

Gifts in Kind

Fields in Trust is grateful to Sport Wales for the provision of the Fields in Trust office in Wales. This contribution in kind has been included in the financial statements at its value to the charity.

9

Fields in Trust 2020 Report & Accounts

How the Funding was Spent

During the year £1.0m was spent on our charitable activities, helping to increase the number of parks and green spaces we protect in perpetuity and ensuring the continued stewardship of the stable of protected spaces.

We continue to strive to maintain administration costs at a low level. Overhead and governance costs were allocated across our projects and charitable activities as disclosed in note 8 to the accounts.

Reserves Policy

The Trustees review the charity’s anticipated income and expenditure actuals against budgets on a regular basis taking into account planned investment and future operating programmes. Careful consideration is given to the following conditions when reviewing this policy:

Restricted Reserves

These reserves are derived from donations and grants with specific conditions attached. Total restricted reserves stand at £0.308m of which the main purposes are £0.186m held for the protection of parks and green spaces and £0.107m held for the specific development and improvement of protected sites.

Permanent Endowment Funds

These represent sums given to the charity under terms requiring them to be invested for the support of parks and playing fields including specific named fields and total £0.084m.

Free and Designated Reserves

Free and designated reserves are available for use by the charity to achieve its strategic objectives. These funds arise from unrestricted donations and grants, investment income and the resultant surpluses generated from our day to day operations.

The overall Group reserves balance was £4.1m (2019: £4.4m) and comprised:

The free reserves represent those unrestricted funds not invested in tangible fixed assets or otherwise committed. The Trustees consider it prudent to retain these reserves at a level representing around twelve months forward expenditure in order to ensure the organisation can deliver its ongoing work. Twelve months forward expenditure is currently budgeted at £1.120m.

Further details on the reserves balance are set out in Note 23.

Six years ago, the Trustees took the decision to set aside a designated Fields Legacy Fund in recognition of the significant increase in the number of parks and green spaces the charity now protects. Each year our team of Development Officers and our in-house lawyer deal with a wide range of issues relating

10

Fields in Trust 2020 Report & Accounts

to the stewardship of these sites including granting leases and considering applications for site changes and improvements. They work in conjunction with the Land and Planning Committee to support the sites with these changes. This work does not deliver the type of quantifiable outcome that voluntary income funders are looking to support and therefore it is prudent to ensure that the charity has sufficient reserves to be able to fulfil its ongoing obligations to the sites protected in perpetuity. The Fields Legacy Fund currently stands at £2.058m.

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The Group holds a sufficient leveI of managed investments in equities, bonds and liquidity funds to meet all known liabilities for the foreseeable future and provide for:

Investment Policy and Performance

In accordance with the charity’s Royal Charter, the trustees have the power to invest in such stocks, shares, investments, and property as they deem appropriate. The majority of the investment portfolio is managed by Stonehage Fleming, from whom advice is sought on an ongoing basis. In managing the investments and making or varying the investments, the investment manager has regard to the following criteria:

a) The suitability of any class of investments to the charity;

b) The suitability of any particular investment within that class;

c) The need for diversification of the investments of the Charity, so far as is appropriate to the circumstances of the charity.

The Group and Charity investment policy has no exclusions, but the majority of investments are held in Charities Official Investment Funds.

Most of the investments are held for the long term, although some are held as current asset investments to meet liquidity needs for the next 12 months.

The Trustees’ key objectives for long term investments are to preserve capital and income and to target a total annual return of RPI + 3% plus a desirable income yield of 3%. The performance of the investment portfolio is reviewed by the audit committee which meets up to four times a year.

The value of the Group investments (excluding cash held for reinvestment) rose by 6.2% in the year, and the Charity’s investments (excluding cash held for re-investment) rose by 7.6% in the year. The Group and Charity portfolios produced income yields of 2.5% and 2.4% respectively compared to the desired income target of 3.0%.

Fundraising Approach

In 2020 Fields in Trust conducted all its fundraising approaches through its inhouse fundraising team and did not use any third parties or commercial participators. Most of this activity was focussed on approaches to trusts and foundations and this accounts for the majority of the charity’s voluntary income.

Fields in Trust is registered with the Fundraising Regulator and complies with its

11

Fields in Trust 2020 Report & Accounts

standards to ensure that our fundraising technique is open, honest, fair and accountable. We did not receive any complaints in 2020 about our work.

Should the Fields in Trust team encounter people who may be considered vulnerable or who need additional support to make an informed decision about donating to us then we will ensure they are provided with all relevant information. If we believe an individual is not able to make a decision, then we will not accept that donation.

We adhere to the Institute of Fundraising’s Four Key Principles for considerate fundraising:

1) Respect

Fields in Trust fundraisers must always be respectful. This means being mindful of, and sensitive to, any particular need that a donor may have. It also means striving to respect the wishes and preferences of the donor.

2) Fairness

Fields in Trust fundraisers must always treat donors fairly. This includes not discriminating against any group or individual based on their appearance or health conditions.

3) Responsive

Fields in Trust fundraisers must respond appropriately to the individual needs of each donor. The responsibility lies with fundraisers to adapt their approach (tone, language, communication technique) to suit the needs and requirements of the donor.

4) Accountable

At Fields in Trust we take responsibility for our actions, ensuring that our fundraising is carried out in line with the Code of Fundraising Practice.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Fields in Trust is a registered charity established as the National Playing Fields Association in 1925 and incorporated by Royal Charter in 1933. The Charter, together with subsequent amendments, forms its governing document. Fields in Trust operates throughout the UK and is also registered with the Office of the Scottish Charity Regulator (OSCR).

The charity has operated as Fields in Trust since 2007 in 2019 Privy Council approved an amendment to the Royal Charter to change the organisation’s name to Fields in Trust. This change was officially made when the Charter was sealed on 27[th] January 2020.

Fields in Trust has a wholly owned subsidiary trading company, NPFA Services Limited, which was dormant during 2020 and a charitable subsidiary, King George’s Field Foundation.

Council of Trustees

The charity is governed by a Council of a maximum of fourteen Trustees who serve a three -year term and are then eligible to stand for re-election. Trustees are appointed for their relevant experience and for the breadth of contribution they can offer to the charity.

12

Fields in Trust 2020 Report & Accounts

All new Trustees receive a briefing on their duties and obligations under the Charter and the role and responsibilities of a Trustee.

The Council of Trustees meets at least four times a year and appoints appropriate committees to manage the charity’s affairs. There are currently five committees:

Risk Management

The Trustees have a risk management strategy which comprises:

This has identified that future funding and the prevailing financial climate are the major risks to the future sustainability of the organisation. These factors are linked and also impact on the return on the charity’s investments. A key element in the management of this financial risk has been the implementation of a strategy to:

Management and Staffing

The Trustees appoint a Chief Executive who has a delegated authority to implement Council’s decisions and is responsible for the day to day management of the charity and of the highly committed and professional team. The Chief Executive is supported by the Senior Management Team.

13

Fields in Trust 2020 Report & Accounts

Chief Executive Helen Griffiths
Finance Manager GuyDigby
Head of Programmes Angela Lewis
Marketing & Commu-
nications Manager		 Richard
McKeever
Research & Policy
Manager		 Alison McCann
Trust & Major Gift
Manager		 Emanuela
Piccolo (to 5th
June 2020)
Head of Fundraising Amanda Jones
(from 20thApril
2020)

Remuneration Policy

The pay of all staff is reviewed annually and in 2020 increased in accordance with the consumer price index. The Trustees benchmark against pay levels in other charities of a similar size within Central London. The remuneration benchmark is the lower point of the range paid for similar roles adjusted for any additional skills or responsibilities. The maximum pay is no greater than the highest benchmarked salary for a comparable role or for the equivalent market rate for the position.

Professional Services

Bankers HSBCplc London
Lloyds Bankplc London
Clydesdale Bank plc
Edinburgh
Solicitors Freshfields Bruckhaus Der-
inger LLP London
Russell Cooke LLP London
CMS LLP Edinburgh
Investment
Managers		 Stonehage Fleming London
Auditor Sayer Vincent LLP London

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the report of the Trustees and the 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 and Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the

14

Fields in Trust 2020 Report & Accounts

provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for 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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Council of Trustees on 23[rd] March 2021 and signed on its behalf by

Jo Barnett Chair

Auditor

Sayer Vincent LLP was re-appointed as the group and charity's auditor during the year and has expressed its willingness to continue in that capacity.

15

Fields in Trust 2020 Report & Accounts

Opinion

We have audited the financial statements of Fields in Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the 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 FRS 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 trustees' 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 Fields in Trust'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 trustees with respect to going concern are described in the relevant sections of this report.

16

Fields in Trust 2020 Report & Accounts

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the

17

Fields in Trust 2020 Report & Accounts

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 trustees are responsible for assessing the group’s and the parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

18

Fields in Trust 2020 Report & Accounts

financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company'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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 9 April 2021 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

19

Fields in Trust

Consolidated Statement of Financial Activities

For the year ended 31 December 2020

Note
Income from:
3
4
5
Champion Parks and Green Spaces
6
7
22
Reconciliation of funds
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Protect Parks and Green Spaces
Raising funds
Charitable activities
Protect Parks and Green Spaces
Support Parks and Green Spaces
Champion Parks and Green Spaces
Total expenditure
Net (expenditure) / income before net
gains / (losses) on investments
Net gains / (losses) on investments
Coronavirus Job Retention Scheme grants
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 General
fund
Designated
Funds
£'000
£'000
233
-
65
-
101
-
9
-
93
-
Unrestricted Funds		 General
fund
Designated
Funds
£'000
£'000
233
-
65
-
101
-
9
-
93
-
Unrestricted Funds		 Income
Funds
Permanent
Endowments
£'000
£'000
71
-
-
-
-
-
-
-
-
1
Restricted Funds		 Income
Funds
Permanent
Endowments
£'000
£'000
71
-
-
-
-
-
-
-
-
1
Restricted Funds		 2020
Total
£'000
304
65
101
9
94		 2019
Total
£'000
323
-
104
-
111
501 - 71 1 573 537
132
579
13
142		 -
-
-
-		 -
267
9
37		 -
-
-
-		 132
846
22
179		 108
847
31
247
866 - 313 - 1,179 1,233
250
95
(365)		 -
(103)
-		 -
8
(242)		 (1)
-
1		 249
(606)		 517
-
(695)
(20)
1,139		 (103)
2,669		 (234)
543		 -
84		 (358)
4,435		 (178)
4,613
1,119 2,566 308 84 4,078 4,435

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 23 to the financial statements.

20

Fields in Trust

Balance sheets

As at 31 December 2020

Note
14
15
18
19
21
Income Funds
Permanent Endowment Funds
Designated funds
General funds
22
Current asset investments
Total unrestricted funds
Net current (liabilities) /assets
Total net assets
Liabilities
Total charity funds
Unrestricted funds
Funds
Total Restricted Funds
Fixed assets
Current assets
Cash at bank and in hand
Tangible assets
Investments
Debtors
Creditors: amounts falling due within one year
Restricted income funds		 2020
2019
£'000
£'000
508
523
3,184
3,532
3,692
4,056
78
63
574
-
252
550
904
613
518
234
386
379
4,078
4,435
308
543
84
84
392
627
2,566
2,669
1,120
1,139
3,686
3,808
4,078
4,435
The group		 2020
2019
£'000
£'000
508
523
3,184
3,532
3,692
4,056
78
63
574
-
252
550
904
613
518
234
386
379
4,078
4,435
308
543
84
84
392
627
2,566
2,669
1,120
1,139
3,686
3,808
4,078
4,435
The group		 2020
2019
£'000
£'000
508
523
2,987
3,305
3,495
3,828
78
63
574
-
276
550
928
613
562
278
367
335
3,862
4,163
308
542
43
44
351
585
2,391
2,439
1,120
1,139
3,511
3,577
3,862
4,163
The charity		 2020
2019
£'000
£'000
508
523
2,987
3,305
3,495
3,828
78
63
574
-
276
550
928
613
562
278
367
335
3,862
4,163
308
542
43
44
351
585
2,391
2,439
1,120
1,139
3,511
3,577
3,862
4,163
The charity
3,692 4,056 3,495 3,828
78
574
252		 63
-
550		 78
574
276		 63
-
550
904
518		 613
234		 928
562		 613
278
386 379 367 335
4,078 4,435 3,862 4,163
308
84		 543
84		 308
43		 542
44
392 627 351 585
2,566
1,120		 2,669
1,139		 2,391
1,120		 2,439
1,139
3,686 3,808 3,511 3,577
4,078 4,435 3,862 4,163

Approved by the trustees on 23 March 2021 and signed on their behalf by

Jo Barnett Chair

Jeremy Hammond Treasurer

21

Fields in Trust

Consolidated statement of cash flows

For the year ended 31 December 2020

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
Cash at bank and in hand
Total cash and cash equivalents
Loans falling due within one year
Total
Cash flows from operating activities
Net cash provided by / (used in) investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Analysis of cash and cash equivalents and of net debt
Net cash provided by financing activities
Cash and cash equivalents at the beginning of the year
Net movement in cash held for investment portfolio
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from financing activities:
Cash inflows from new borrowing		 £'000
£'000
(658)
94
(7)
479
(446)
(10)
109
250
250
(298)
550
252
At 1 January
2020
Cash flows
£
£
550
(298)
550
(298)
-
(250)
550
(548)
2020		 £'000
£'000
(658)
94
(7)
479
(446)
(10)
109
250
250
(298)
550
252
At 1 January
2020
Cash flows
£
£
550
(298)
550
(298)
-
(250)
550
(548)
2020		 2020
£'000
(357)
23
(249)
(94)
(15)
34		 2019
£'000
(178)
19
(517)
(111)
42
(51)
(658) (797)
250 -
250 -
At 1 January
2020
£
550		 Other non-
cash changes
£
(298) (158)
550 708
252 550
Cash flows
£
(298)		 At 31
December
2020
£
252
550 (298) 252
-
550		 (250)
(548)		 -
-		 (250)
2

22

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Statutory information

Fields in Trust is incorporated by Royal Charter and registered charity in England and Wales, and in Scotland.

The registered office address is Unit 2D Woodstock Studios, 36 Woodstock Grove, London W12 8LE.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (March 2018) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Basis of preparation - group accounts

These financial statements consolidate the results of the charity and its wholly-owned subsidiaries NPFA Services Limited and King George's Field Foundation on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The Group holds a sufficient leveI of managed investments in equities, bonds and liquidity funds to meet all known liabilities for the foreseeable future and provide for:

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds; any performance conditions attached to the grants have been met; it is probable that the income will be received; and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

23

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees to ensure that Fields in Trust is able to fulfil its ongoing obligations to the stewardship of parks and green spaces protected in perpetuity.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grantmaking

Grants payable are charged to the Statement of Financial Activities 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.

k) Allocation of overhead costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following bases which are an estimate, based on staff time, of the amount attributable to each activity.

77% (2019 -71%, ) 3% (2019 - 4%) 20% (2019 - 25%)

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Overhead and governance costs are re-allocated to each of the activities on a similar basis which is an estimate, based on staff time, of the amount attributable to each activity.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

24

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Long leasehold properties 50 years ▪ Office Furniture 10 years ▪ Office and IT Equipment and Database 4 years

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Funds held exclude bank balances for accounts held in Scottish branches.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Funds held as custodian

The charity, acting as custodian trustee, holds permanent endowment investments not included in the balance sheet. However, income arising from the investments is received into the Fields in Trust's bank account and correspondingly shown as a creditor on the balance sheet.

More information on these funds and the balances held is provided in note 26.

r) Financial instruments

The charity and group have both basic and non-basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Non-basic financial instruments are measured at fair value with any gain or loss going to the statement of financial activities. Full details are given in the financial instruments note.

s) Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions.

25

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Protect Parks and Green Spaces
Support Parks and Green Spaces
Champion Parks and Green Spaces
Charitable activities
Income from:
Donation - transfer of King George's Field Foundation
investments
Donations and legacies
Total funds brought forward
Total funds carried forward
Net movement in funds
Gifts in Kind included in the above voluntary income a
Sport Wales (accommodation)
Freshfields (legal costs)
Transfers between funds
Income from donations and legacies (current year)
Total expenditure
Expenditure on:
Charitable activities
Raising funds
Gifts
Donated services
Other trading activities
Investments
Total income
Protect Parks and Green Spaces
Net income / expenditure
Net income / expenditure before net gains /
(losses) on investments
Net (losses) / gains on investments		 General
fund
Designated
fund
£'000
£'000
239
-
-
-
104
-
-
-
110
-
453
-
108
-
437
-
24
-
204
-
773
-
(320)
-
515
195
-
1
(2)
196
(2)
943
2,671
1,139
2,669
Unrestricted
£'000
229
4
233

re as follows
Unrestricted Funds		 General
fund
Designated
fund
£'000
£'000
239
-
-
-
104
-
-
-
110
-
453
-
108
-
437
-
24
-
204
-
773
-
(320)
-
515
195
-
1
(2)
196
(2)
943
2,671
1,139
2,669
Unrestricted
£'000
229
4
233

re as follows
Unrestricted Funds		 Income
funds
Permanent
Endowment
£'000
£'000
84
-
-
-
-
-
-
-
-
1
84
1
-
-
391
19
7
-
43
-
441
19
(357)
(18)
-
2
(357)
(16)
1
-
(356)
(16)
898
101
542
85
Restricted
2020
Total
£'000
£'000
71
300
-
4
71
304
4
-
4
Restricted Funds		 Income
funds
Permanent
Endowment
£'000
£'000
84
-
-
-
-
-
-
-
-
1
84
1
-
-
391
19
7
-
43
-
441
19
(357)
(18)
-
2
(357)
(16)
1
-
(356)
(16)
898
101
542
85
Restricted
2020
Total
£'000
£'000
71
300
-
4
71
304
4
-
4
Restricted Funds		 2019
Total
£'000
323
-
104
-
111
453 - 84 1 537
108
437
24
204		 -
-
-
-		 -
391
7
43		 -
19
-
-		 108
847
31
247
773 - 441 19 1,233
(320)
515		 - (357)
-		 (18)
2		 (695)
517
195
1		 -
(2)		 (357)
1		 (16)
-		 (178)
-
196
943		 (2)
2,671		 (356)
898		 (16)
101		 (178)
4,613
1,139 2,669 542 85 4,435
re as follows Unrestricted
£'000
229
4		 Restricted
£'000
71
-		 2020
Total
£'000
300
4		 2019
Total
£'000
317
6
233 71 304 323
4
-		 4
2
4 6

3a Income from donations and legacies (current year)

Income from donations and legacies (prior year)
Gifts
Donated services		 Unrestricted
£'000
233
6		 Restricted
£'000
84
-		 2019
Total
£'000
317
6
239 84 323

26

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Coronavirus Job Retention Scheme grants
Grants Unrestricted
£'000
65		 Restricted
£'000
-		 2020
Total
£'000
65		 2019
Total
£'000
-
65 - 65 -

Grants claimed from the Coronavirus Job Retention Scheme to cover a portion of salaried costs for employees furloughed between 1 May and 31 December 2020.

Income from charitable activities (current year)
Sub-total for Protect Parks and Green Spaces
Technical consultancy
Total income from charitable activities (unrestricted in both years)
Sub-total for Champion Parks and Green Spaces
Interest on cash deposits and loans
Investment income
Income from investments (current year)
Field income and rents		 Unrestricted
£'000
93
-		 Restricted
£'000
1
-		 2020
Total
£'000
56
54		 2019
Total
£'000
54
50
101
9		 104
-
110 104
2020
Total
£'000
94
-		 2019
Total
£'000
110
1
93 1 94 111

6a Income from investments (current year)

6b Income from investments (prior year)

Income from investments (prior year)
Investment income
Interest on cash deposits and loans		 Unrestricted
£'000
109
1		 Restricted
£'000
1
-		 2019
Total
£'000
110
1
110 1 111

27

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

7a Analysis of expenditure (current year)

Staff costs (note 11)
HR and pool car costs
Accommodation costs
Office costs and charges
IT costs
Finance charges
Governance and committee costs
Consultancy and research costs
Travel and subsistence
Communications costs
Awards and other event costs
Field costs and charges
Grants expenditure (note 9)
Overheads
Governance Costs
Total expenditure 2020
Total expenditure 2019		 Charitable activities Charitable activities Charitable activities Governance
Costs
£'000
40
-
-
15
1
1
-
-
-
-		 Raising
funds
£'000
105
-
-
-
23
-
3
1
-
-		 Overheads
£'000
212
17
31
8
38
22
-
1
10
-
-
-		 2020
Total
£'000
763
18
31
9
38
45
15
16
4
25
1
60
155		 2019
Total
£'000
722
25
33
15
36
48
21
22
14
41
9
107
141
Protect Parks
and Green
Spaces
£'000
313
-
-
-
10
3
-
60
155		 Support Parks
and Green
Spaces
£'000
11
-
-
-
-
-
-
-
-
-
-
-		 Champion
Parks and
Green Spaces
£'000
82
-
-
-
2
14
-
-
-
541
261
44		 11
9
2		 99
69
11		 57
-
(57)		 132
-
-		 339
(339)
-		 1,179
-
-		 1,233
-
-
846 22 179 - 132 - 1,179 1,233
847 31 247 - 108 - 1,233

Note: £87k of staff costs contained within overheads (at £212k) relate to the cost of staff furloughed in 2020

28

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

7b Analysis of expenditure (prior year)

Staff costs (note 11)
HR and pool car costs
Accommodation costs
Office costs and charges
IT costs
Finance charges
Governance and committee costs
Consultancy and research costs
Travel and subsistence
Communications costs
Awards and other event costs
Field costs and charges
Grants expenditure (note 9)
Overheads
Governance Costs
Total expenditure 2019		 Charitable activities Charitable activities Charitable activities Governance
Costs
£'000
63
-
-
-
-
-
20
5
1
-
-
-
-		 Raising
funds
£'000
98
1
-
-
-
-
-
5
1
-
2
-
-		 Overheads
2019
Total
£'000
£'000
90
722
22
25
33
33
14
15
35
36
48
48
-
21
9
22
-
14
7
41
6
9
-
107
-
141
265
1,233
(265)
-
-
-
-
1,233
Protect Parks
and Green
Spaces
£'000
334
1
-
-
-
-
-
-
11
1
1
107
141		 Support Parks
and Green
Spaces
£'000
18
-
-
-
-
-
-
-
-
-
-
-
-		 Champion
Parks and
Green Spaces
£'000
119
-
-
1
-
-
1
4
1
31
-
-
-
596
188
63		 18
10
3		 158
67
23		 89
-
(89)		 108
-
-
847 31 247 - 108

29

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

8 Grant making

Grant making
Enfield Borough KG Fields
Cost
London Marathon Charitable Trust Core Areas Fund
London Marathon Charitable Trust National Fund
County Fund
At the end of the year
Landfill Tax Credit scheme
Stanmer Park		 Grants to
institutions
£'000
7
93
17
38
-
-		 2020
£'000
7
93
17
38
-
-		 2019
£'000
6
114
-
-
2
19
155 155 141

Where resources allow, Fields in Trust may award grants for the improvement and maintenance of playing fields, play areas and recreational schemes and related purposes on condition the field is under the charity's protection. In 2020, grants were made from the following funds:

The London Marathon Charitable Trust has provided two grants towards the delivery of protection and activation programmes across the UK. The activation programme included grants for the delivery of activity programmes targeted at the physically inactive at protected sites.

As a result of funding from Wren under the Landfill Tax Credit Scheme, we provided grants for environmental improvements to public parks and open spaces

The Stanmer Park fund was created through the generosity of two donations to provide a grant for a play area at Stanmer Park in Brighton and Hove.

9 Net expenditure for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
2020 2019
£'000 £'000
Depreciation 23 19
Trustee indemnity insurance 4 3
Trustees' reimbursed travel expenses:
0 trustees (2019: 3) - 1
Operating lease rentals 3 5
Auditor's remuneration (excluding VAT):
Audit 10 10
Other services 2 3

30

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

10 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Temporary staff costs
Salaries and wages
Employer’s contribution to defined contribution pension schemes
Social security costs		 2020
£'000
664
72
27
-		 2019
£'000
616
66
27
14
763 722

One employee earned between £90,000 - £100,000 during the year (2019: 1 employee earned between £60,000 - £70,000).

The key management personnel of the charity in 2020 comprised the trustees, the Chief Executive Officer and the Senior Management team. The total employee benefits including pension contributions of the key management personnel were £371,913 (2019: £341,190).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2019: £1,037) incurred by 0 (2019: 3) members relating to attendance at meetings of the trustees.

11 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Protect Parks and Green Spaces
Raising funds
Support Parks and Green Spaces
Champion Parks and Green Spaces		 2020
No.
2
11
-
3		 2019
No.
2
10
1
3
16 16

12 Related party transactions

Aggregate donations from related parties were £nil (2019: £1,000). There were no other transactions with related parties.

13 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

31

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Tangible fixed assets
Cost
Depreciation
Net book value
At the start of the year
Additions in year
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
At the end of the year		 Long
Leasehold
property
£'000
680
-		 Office/IT
Equipment
£'000
29
7		 Database
£'000
38
-		 Office
Furniture
£'000
8
-		 Total
£'000
755
7
680 36 38 8 762
174
14		 18
6		 35
2		 5
1		 232
23
188 24 37 6 255
492 12 1 2 508
506 11 3 3 523

All of the above assets are used for charitable purposes.

15a Listed investments

Listed investments
Total value of investments
Additions at cost
Disposal proceeds
Net gain / (loss) on change in fair value
Fair value at the start of the year
Fair value at the end of the year
UK Common Investment Funds
Investment in UK subsidiary undertakings
Transfer of cash to current asset investments
Investments fund portolio
Cash held by investment broker pending reinvestment
Shares held in subsidiary		 2020
£'000
3,505
446
(479)
249
(574)
The		 2019
£'000
3,486
402
(900)
517
-
group		 2020
2019
£'000
£'000
3,264
3,272
446
402
(479)
(900)
280
490
(574)
-
2,937
3,264
37
27
14
14
2,987
3,305
2,973
3,291
14
14
2,987
3,305
The charity
3,147 3,505 2,937 3,264
37
-		 27
-		 37
14		 27
14
3,184 3,532 2,987 3,305
3,184
-		 3,532
-		 2,973
14		 3,291
14
3,184 3,532 2,987 3,305

Investments representing over 5% by value of the portfolio comprise:

The group The charity
2020 2019 2020 2019
£'000 £'000 £'000 £'000
CCLA Investment Management Ltd: Global Equity Income Fund 2,052 1,990 2,052 1,990
M&G Investments: Charibond Charities Fixed Interest CIF 849 948 849 948
J P Morgan Asset Management: Liquidity Fund 574 128 574 128
M&G Investments: Equiites Investment Fund for Charities 153 186 - -

15b In 2020, the JP Morgan Asset Management Liquidity Fund was re-classified as a current asset investment on the basis that the charity intends to use these funds within the next 12 months

32

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

16 Subsidiary undertakings

The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2020
£'000
14
-		 2019
£'000
14
-
14 14

A summary of the results of the subsidiary are shown below:

A summary of the results of the subsidiary are shown below:
Total income
Investment income
Total expenditure
Net (losses) / gains on investments
Net income / (expenditure)
Net income / expenditure before net gains / (losses) on investments
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 Unrestricted
Funds
General Fund
£'000
9		 Restricted
Funds
Permanent
Endowment
£'000
-		 2020
£'000
9
9
33
(24)		 -
-
-		 9
33
(24)
(32) - (32)
(56) - (56)
2020
£'000
241
(24)
216

The prior year figures were:

The prior year figures were:
Investment income
Total income
Total expenditure
Net income / expenditure before net gains / (losses) on
Net (losses) / gains on investments
Net income / (expenditure)		 Unrestricted
Funds
General Fund
£'000
11		 Restricted
Funds
Permanent
Endowment
£'000
-		 2019
£'000
11
11 - 11
14
(4)		 -
-		 14
(4)
27 - 27
23 - 23

33

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Subsidiary undertakings (continued)

Subsidiary undertakings (continued)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2019
£'000
276
(4)
272

17 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

2020 2019
£'000 £'000
Gross income 565 529
Result for the year (301) (199)

18 Debtors

Debtors
Taxation and other social security
Other debtors
Trade debtors
Prepayments and accrued income		 2020
£'000
14
-
52
12
The		 2019
£'000
16
1
29
18
group		 2020
2019
£'000
£'000
14
16
-
1
52
29
12
18
78
64
The charity
78 64 78 64

19 Creditors: amounts falling due within one year

Trade creditors
Income held as Custodian Trustee
Taxation and other social security
Investment held in subsidiary (NPFA Services Ltd)
Income held on behalf of subsidiary (King George's Fields
Foundation)
Accruals and deferred income
Coronavirus Business Interruption Loan		 2020
£'000
10
19
38
250
201
-
-
The		 2019
£'000
5
17
25
-
186
-
-
group		 2020
2019
£'000
£'000
10
5
19
17
38
25
250
-
201
186
14
14
30
30
562
277
The charity		 2020
2019
£'000
£'000
10
5
19
17
38
25
250
-
201
186
14
14
30
30
562
277
The charity
518 232 562 277

The Coronavirus Business Interruption Loan is provided by our bankers, HSBC UK Bank plc, for general working capital requirements. The loan is unsecured, requires no interest payments and is repayable in full one year after the date of the drawdown of the loan which took place in August 2020.

20 Financial instruments

2020 2019
£'000 £'000
Financial assets measured at fair value through statement of financial activities
Fixed asset investments 3,184 3,532
Current asset investments 574 -

34

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Investments
Net current assets / (liabilities)
Net assets at the end of the year
Tangible fixed assets		 General
unrestricted
£'000
-
1,049
71		 Designated
funds
£'000
508
2,058
-		 Restricted
funds
£'000
-
77
315		 Total funds
£'000
508
3,184
386
1,120 2,566 392 4,078

21b Analysis of group net assets between funds (prior year)

Tangible fixed assets
Investments
Net current assets / (liabilities)
Net assets at the end of the year		 General
unrestricted
£'000
-
1,302
(163)		 Designated
funds
£'000
523
2,146
-		 Restricted
funds
£'000
-
84
543		 Total
funds
£'000
523
3,532
380
1,139 2,669 627 4,435

35

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Movements in funds (current year)
Restricted funds:
Total restricted income funds
Total designated funds
General funds
Total unrestricted funds
Fixed Assets
Landfill Tax Credit Scheme
County Donations, QEII Challenge
Geographically restricted funds:
Designated funds:
Centenary Fields restricted funds
Filwood Playing Field, Bristol
Protection of playing fields and play space:
The London Marathon Charitable Trust Core Areas
Grant
The London Marathon Charitable Trust National
Grant
Total restricted funds
King George's Fields Foundation
Championing and Advocacy
Green Spaces Index
Other income funds
Future Proof Parks, National Heritage Lottery Fund
Unrestricted funds:
Fields Legacy Fund
Permanent endowment funds
Kendal Playing Field
Other field endowments
Total permanent endowments
Recreational development:
Inclusion fund (Disabled Play Project)
Stanmer Park
Fields development:
London Marathon Trust
Total funds		 At 1
January
2020
£'000
77
30
201
69
18
6		 Income &
gains
£'000
-
-
-
-
-
-		 Expenditure &
losses
£'000
(50)
(15)
(116)
(16)
(18)
-		 Transfers
£'000
-
-
-
-
-
-		 At 31
December
2020
£'000
27
15
85
53
-
6
401
61
7
28		 -
-
-
20		 (215)
-
-
(9)		 -
-
-
-		 186
61
7
39
95
16
30		 20
-
8		 (9)
(38)		 -
-
-		 107
16
-
46
-
-		 8
25
19		 (38)
(33)
(19)		 -
8
-		 16
-
-
543 71 (313) 8 308
42
1
41		 1
-		 (1)
-
-		 -
-
-		 42
1
41
84 1 (1) - 84
627 72 (314) 8 392
2,146
523		 -
-		 -
-		 (88)
(15)		 2,058
508
2,669 - - (103) 2,566
1,139 752 (866) 95 1,120
3,808 752 (866) (8) 3,686
4,436 824 (1,181) - 4,078

36

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Movements in funds (continued)

Purposes of restricted funds

Protection of playing fields and play space

These funds are for the protection of new sites (including the promotion of such programmes) and for improvements to those already protected by the charity.

Fields development

These funds provide for the development of protected sites and contribute to, for example, new pavilions, site drainage and resurfacing etc.

Recreational development

The Inclusion Fund is for the creation and improvement on protected sites of recreational facilities designed for children with disabilities.

Geographically restricted donations

This fund reflects the requirements of certain donors who have specified a location or country in which their donations should be utilised.

Purposes of Endowment funds

These permanent endowment funds provide for the cost of maintaining and improving recreational facilities at four owned Fields in Trust sites (Bluebell Hill Cricket Ground, Kendal Playing Field, Wedmore Playing Field and West Chiltington Field).

Purposes of designated funds

Fields legacy fund

The trustees have chosen to set aside this fund for the future of the significantly increased number of fields that the charity now safeguards. The fund covers activities within both the parent charity and the charitable subsidiary. During the year, transfers were made between this fund and the general fund to recognise the staff time spent on these safeguarded fields.

Fixed assets

This fund reflects the trustees' decision to designate the value of the charity's fixed assets, comprising in the main the longleasehold building occupied by the charity.

37

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

Movements in funds (prior year)
Restricted funds:
Total restricted income funds
Total designated funds
General funds
Total funds
Geographically restricted funds:
Permanent endowment funds
Kendal Playing Field
West Chiltington Field
Other field endowments
King George's Fields Foundation
Total permanent endowments
Total restricted funds
Protection of playing fields and play space:
Centenary Fields restricted funds
The London Marathon Charitable Trust Core Areas
Grant
The London Marathon Charitable Trust National
Grant
Filwood Playing Field, Bristol
Landfill Tax Credit Scheme
Other income funds
Unrestricted funds:
Fields development:
Total unrestricted funds
County Donations, QEII Challenge
Enfield Borough KG Fields
Future Proof Parks, National Heritage Lottery Fund
London Marathon Trust
Recreational development:
Inclusion fund (Disabled Play Project)
Stanmer Park
Championing and Advocacy
Green Spaces Index
Designated funds:
Fields Legacy Fund
Fixed Assets		 At 1
January
2019
£'000
170
70
380
105
18
10		 Income &
gains
£'000
-
-
-
-
-
-		 Expenditure &
losses
£'000
(93)
(40)
(179)
(36)
-
(4)		 Transfers
£'000
-
-
-
-
-
-		 At 31
December
2019
£'000
77
30
201
69
18
6
753
61
9
19
11		 -
-
-
-
21		 (352)
-
(2)
(19)
(4)		 -
-
-
-
-		 401
61
7
-
28
99
16
30		 21
-
-		 (25)
-
-		 -
-
-		 96
16
30
46
-
-		 -
35
28		 -
(36)
(28)		 -
1
-		 46
()
-
898 84 (441) 1 543
39
16
5
41		 3
-
-
-		 -
(16)
(5)
-		 -
-
-
-		 42
0
-
41
101 3 (19) - 84
999 87 (460) 1 627
2,136
535		 -
-		 -
-		 10
(12)		 2,146
523
2,671 - - (2) 2,669
943 968 (773) 1 1,138
3,614 968 (773) (1) 3,807
4,613 1,055 (1,233) - 4,435

38

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2020

23 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

following periods:
Less than 1 year
2 - 3 years
1 - 2 years
3 - 4 years		 2020
2019
£'000
£'000
1
4
1
1
-
1
-
-
2
6
Other
2 6

24 Legal status of the charity

The charity is incorporated by Royal Charter and has no share capital.

25 Other funds held

a) The charity holds the sole trusteeship for two other charities registered with the Charity Commission as follows: King George’s Fields Stepney (charity number 1001827).

Playing Field and Recreation Ground Holt (charity number 1091667).

The charity, acting as custodian trustee , holds permanent endowment investment funds for the charities separately from its own assets as a parent. The charity has not consolidated these funds into the charity's accounts as subsidiaries as limitations in the original schemes present severe long term restrictions as to how the funds can be used. The charity has determined that it will seek to address and resolve these restrictions through discussions with the Charity Commission.

However, income arising from these investments is received into the charity's bank account and shown correspondingly as a creditor on the balance sheet. The value of these funds were as follows:

creditor on the balance sheet. The value of these funds were as follows:
Book value
Market value
Book value
Market value
King George's Fields Stepney
Playing Field and Recreation Ground Holt		 2020
£'000
85		 2019
£'000
85
156
132		 176
132
168 190

b) In addition, the charity, acting as custodian trustee, holds permanent endowment investments for the following playing fields for which it is not the sole trustee.

Dolwyddelan Playing Field, Gwynedd

Haling Grove, Croydon (Eleanor Shorter Fund) Lightwater Playing Field, Surrey Firgrove Playing Field, Rochdale, Manchester Pen Park, Bristol Watersfield Playing Field, Sussex

The custodian permanent investments are held separately from the charity's own assets and are not included in the charity's balance sheet. However the income arising from the investments is received into the charity's bank account and shown correspondingly as a creditor on the balance sheet. The combined value of these investments were:

Book value
Market value		 2020
£'000
233		 2019
£'000
233
330 350

c) The objects of all the above trusts are similar to those of the charity and concerned with the protection and improvement of recreational space. 39

39