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2021-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

31[st] December 2021

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 2021 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

Trustees and Members of Council

Jo Barnett – Chair

Richard Schuster – Vice Chairman, Jeremy Hammond – Honorary Treasurer Mark Campion, Nick Cooke QC (9[th] November 2021) Paul Garber, Ian Ginbey, Dr Ann Heywood, Debbie Jevans CBE, Graeme le Saux, Carlotta Newbury, Brian Samson.

CONTENTS

Statement from Chair of Trustees

Trustees’ Report

Remembering HRH The Duke of Edinburgh, President of Fields in Trust 1949-2013

2021 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

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STATEMENT FROM THE CHAIR OF TRUSTEES

There is little doubt that the last two years and the Covid- 19 pandemic have highlighted the importance of open access to green spaces and the role they play in the well-being and social cohesion of our communities. As we continue to adopt more flexible working practices and start to address some of the pandemic’s legacy issues, such as lower activity levels amongst the young, it is clear that the need to be able to access local green space to exercise, socialise and engage with nature is as important as ever – if not more so.

Our 2021 Green Space Index report highlighted once again the role of green space plays to our health and wellbeing but also reminded us of their importance to the environment and clean air and the particular importance of this public space to those on lower incomes living in less affluent areas.

Today seven of the nine English regions do not meet a minimum standard of green space provision and across the UK nearly 3m people don’t live within a ten-minute walk of a public green space. A levelling up agenda that improves the lives of all must include easy access to local green space for all just as a country that is serious about tackling climate change and protecting our environment must be serious about securing our green space for future generations. We don’t need to be reminded that once it is lost, it is lost forever

It is therefore hugely positive that over the last twelve months we have seen Councils such as Liverpool City Council, City of Edinburgh Council and Wrexham Borough Council embrace our analysis and commit to securing a significant number of green spaces

across their cities. They are leading the way in creating a better, fairer, and heathier environment for their communities and we hope that other towns and cities will see the benefit and follow their example.

Today a mere 6% of our parks and green spaces are protected in perpetuity by Fields in Trust for future generations. If we are to succeed in expanding this protection in the future, we need to continue to build our partnerships with councils, developers, environmental organisations, businesses and community groups.

In order to meet this challenge in 2021 Fields in Trust undertook a programme of change to ensure that we were making best use of our people, our resources and new technology to drive efficiencies and better position the organisation to meet the changing needs of our stakeholders and partners. As a result, we emerge from 2021 better equipped to take on the challenge and embrace the opportunities with a motivated, talented and expert team.

Thank you to all those that have supported our work to seek out and secure new green spaces. We look forward to continuing to work with you and other forward-looking organisations and councils that recognise the need to secure our valuable green space now for future generations.

Jo Barnett

Chair

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TRUSTEES’ REPORT

The Board of Trustees present their annual report incorporating the audited financial statements for the year ended 31[st] December 2021 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.

With over 95 years’ experience we have the expertise to guarantee the longevity of these spaces and to positively impact on our communal health and wellbeing.

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REMEMBERING HRH THE DUKE OF EDINBURGH, PRESIDENT OF FIELDS IN TRUST, 1949-2013

In April 2021 we joined the nation in mourning the passing of HRH The Duke of Edinburgh aged 99. His Royal Highness actively served as our President for 64 years and we remain indebted to him for his decades of support.

The Duke took on the role of President of Fields in Trust, then known as the National Playing Fields Association (NPFA), in October 1948. It was his first national charity commitment and one that he continued for over six decades with energy and enthusiasm before handing the baton to his grandson, HRH The Duke of Cambridge in April 2013.

The Duke always recognised the power of parks and playing fields to positively impact lives and his commitment to making sure future generations have access to green space is a still our guiding principle today.

His Presidency saw a period of great growth for the organisation in relation to its charitable objectives. Across The Duke's 64-year tenure the number of green spaces protected with Fields in Trust grew from 430, covering around 1,300 hectares, to over 2,000, covering nearly 12,000 hectares.

Through his support of Fields in Trust, HRH The Duke of Edinburgh has provided a lasting legacy of parks and green spaces protected in perpetuity to ensure people will always have places to play and be active. His tireless efforts live on through these protected spaces and the communities they serve, and we are hugely grateful for his support.

‘There are many other reasons why we go on about playing fields, and they're not always particularly tangible - you can't always measure them exactly in terms of money. For instance, we want the next generations to grow up stronger and healthier’.

HRH The Duke of Edinburgh

Ahead of his time The Duke was responsible for creating the first ever charity fundraising single with proceeds from Frank Sinatra’s If Only She’d Looked My Way being donated to the NPFA back in 1951 and was an early adopter of the power of the media to raise awareness of charitable causes.

He was involved in every aspect of the organisation during his long and committed service. As well as regularly working in the office he attended countless opening ceremonies of protected parks and green spaces, played in many fundraising cricket matches and hosted charity galas with an array of celebrity supporters.

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

Green Spaces for Good

Fields in Trust 2021 Report & Accounts

2021 ACHIEVEMENTS

As the pandemic continued throughout 2021 the twin themes of climate change and equity took centre stage. We continued to see how green space was critical to people’s health and wellbeing during ongoing Covid19 and how some communities were less able to benefit from these spaces due to poorer levels of provision. Without urgent action this inequity of provision is only set to worsen with more pressure on fewer green spaces to support health, wellbeing, and the environment.

PROTECTING OUR PARKS AND GREEN SPACES

In 2021 we were excited to announce the first of several partnerships with Local Authorities to protect parks and green spaces on a whole new scale.

Driven by the data and insight we have invested in and focussing on the communities where parks and green spaces can have the most impact we shifted the focus to larger, strategic partnerships. In many cases Friends of Parks Groups have created strong local campaigns to support the protection of the green spaces that they cherish.

local green spaces in both the recovery from the pandemic and the mitigation of climate change at local level. 1 in 6 Liverpudlians don’t have access to a private garden and so the local parks provide an opportunity to connect with nature and with each other.

Building on this we are proud to be working with the City of Edinburgh Council as the first council in Scotland to ensure almost everyone has a protected park close to home by adding to the 27 spaces already protected in perpetuity.

Wrexham Borough Council’s plan to protect 10 large scale country parks as part of their commitment to drive carbon neutral operations becoming the first authority in Wales to partner with us on a strategic portfolio.

These new alliances in 2021 show that civic leaders are committed to the power of green spaces to support the resilience and longterm future of their communities and we look forward to working with many more local authorities to strategically protect their green spaces.

CHAMPIONING OUR PARKS AND GREEN SPACES

Green Space Index

In March Liverpool City Council became the first council in the UK to commit to protecting every single park in the city in perpetuity. This pioneering decision to protect 100 parks totalling over 1,000 acres will mean that every Liverpudlian will live within a 10-minute walk of a protected park or green space, forever. We’re proud to be working with the leadership and team at Liverpool City Council to deliver on this ambitious commitment that recognised the role of

Published in May 2021 the analysis showed the reality of these inequities at local level. Some parts of the UK have access to 50% less green space than others and 2.8 million people in Great Britain live more than a 10-minute walk from their nearest park. This insight is crucial to driving our strategic engagement with Local Authorities across the country and we were delighted to welcome TRH The Duke and Duchess of Cambridge to

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Starbank Park in Edinburgh to highlight these findings as part of their tour of environmental initiatives in advance of COP26.

‘Throughout the pandemic the huge value of green spaces to local communities has been underlined and, going forward, parks should be embraced as an important part of our collective recovery. The Green Space Index will provide a key tool for Local Authorities to identify inequity of access to green spaces, and to protect them for communities now and in the future.’

HRH The Duke of Cambridge KG KT

Campaigns

Local response to climate change is crucial and as the world’s focus turned to COP26 in Glasgow we aimed to show how the nature on our doorsteps needs protecting too through our ParkXtinction campaign. Parks and green space remove 402,000 tonnes of carbon from the atmosphere annually – the equivalent of taking more than 320k cars off the road. Local leaders have the power to protect the future of these spaces and we encouraged people to support our work to lock in that benefit for the long term.

Policy & Publications

Demonstrating how parks and green spaces support a range of public policy agendas is vital to making a compelling case for funding to support and protect their long-term future. During the year we were delighted to work with a range of partner organisations to demonstrate their valuable role in creating a greener, fairer and healthier local environment tackling inequalities and supporting wellbeing. The No Place Left Behind Commission invited us to provide data and insights to their report on how to improve

the physical, social and environmental fabric of places to improve prosperity and wellbeing of residents. The protection of the entire Liverpool parks portfolio featured as a solutions focused approach to influence broader debates around urban regeneration.

We also worked with a broad group of sector colleagues led by Groundwork UK to produce the Out for Bounds report to identify the many real and perceived barriers communities experience in relation to equitable access to green space.

As part of the Town and Country Planning Association’s 20-minute neighbourhood coalition we have participated in creating new guidance to support the development of placemaking where people’s daily needs can be met within a short walk or cycle.

The policy landscape around parks and green spaces is changing rapidly and the new Green Infrastructure Standards Framework being developed by Natural England with support from an Advisory Committee will be influential in supporting Local Authorities to provide equitable access to good quality GI referencing, amongst others, our Guidance for Outdoor Space and Play and the Green Space Index.

Parks Protector Pledgers

As well as welcoming Clive Betts MP, Chair of the Levelling Up, Housing and Communities Select Committee as a Trustee we engaged with a range of directly elected representatives about the value of parks and green spaces and the responsibility of our legislators to help protect them. There are now 70 signatories of the Parks Protector Pledge from across the political spectrum in the UK

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Parliament, Scottish Parliament, Welsh Senedd, the London Assembly.

SUPPORTING OUR PARKS AND GREEN SPACES

People continued to want to find out more about issues relating to their local parks and green spaces and our Knowledge Base was visited 25,000 times during the year delivering useful information to parks users and volunteers. Alongside these online resources our expert team provided 1-1 advice to 636 individual enquiries.

Longevity is at the core of what we do and so the stewardship we provide to the spaces we protect is a crucial part of our service. During 2021 we processed 79 fields change requests with the support of our Land and Planning Committee with a focus on ensuring changes enabled greater access to sport and play opportunities, community connections and positive environmental impact. Preparation work was also undertaken to create a more efficient digitised process for roll out in 2022 to ensure we continuously improve our stewardship service.

As council funding becomes further stretched the role of volunteers to support our parks is becoming ever more important. Thousands of people are active in their local green space helping with a variety of tasks from planting and maintenance to community engagement initiatives and fundraising. Recognising the need to support recruit a new generation of volunteers we worked with Groundwork and the National Youth Agency to create a series of How To resources to get more young people involved. Thanks to the support of the National Heritage Fund and the Future Proof Parks

scheme many more volunteer’s representative of the local communities will be able to join forces to help and support green spaces.

ACKNOWLEDGEMENTS & THANKS

Thanks to all our trustees, supporters, donors and fundraisers for their time, energy and generosity throughout 2021. You have helped our work to champion, support and protect our precious green spaces.

The year was not without its challenges, with the lockdowns and financial worries but the increased support for our work has demonstrated just how much we all value our local parks, we are very grateful to those who’ve helped throughout the year.

In April, many people donated in memory of the vast legacy HRH The Duke of Edinburgh las left, sharing precious photos and stories of his dedication, sense of fairness and, of course, fun.

In October, a team of intrepid runners took on the Virgin Money London Marathon, virtually and in-person. Having trained throughout the hot days of summer between them they raised more than £30,000. An incredible achievement!

Alongside this, we are fortunate to have received support from many organisations, just some of whom are listed below, and to each and every one we want to say thank you. It really does makes a difference!

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LOOKING TO THE FUTURE

We believe that there has never been a better time to call for action to protect the future of parks and green spaces. Challenges to health and wellbeing, the climate emergency and the need to level up our inequitable communities all lead to a focus on positive place making that has parks and green spaces at its centre. A greener, fairer future for all.

Over the next 12 months we will;

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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 2021 total income was £0.74m 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 (£0.294m).

Income from Charitable Activities

Income from other charitable activities totalled £0.095m 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 Heavenly Group and the Financial Times for the provision of media advertising and Freshfields Bruckhaus Deringer LLP for legal services. These contributions in kind have been included in the financial statements at their value to the charity.

How the Funding was Spent

During the year £1.1m 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 7 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:

The overall Group reserves balance was £3.9m (2020: £4.1m) and comprised:

Further details on the reserves balance are set out in Note 22.

Restricted Reserves

These reserves are derived from donations and grants with specific conditions attached.

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Total restricted reserves stand at £0.217m of which the main purposes are £0.111m held for the protection of parks and green spaces and £0.092m 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 £0.087m.

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 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 £1.346m.

Seven 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 Projects and Stewardship team deal with a wide range of issues relating 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 £1.731m.

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 level 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:

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Our Audit Committee reviews the underlying principles of our investments at least annually ensuring that the majority of investments are held in Charities Official Investment Funds. Our largest holding is with the COIF Charities Global Equity Income Fund which follows a client driven ethical investment policy.

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) fell by 3.0% in the year, and the Charity’s investments (excluding cash held for re-investment) fell by 3.7% in the year. The Group and Charity portfolios produced income yields of 2.2% and 2.1% respectively compared to the desired income target of 3.0%.

Fundraising Approach

In 2021 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 standards to ensure that our fundraising technique is open, honest, fair and accountable.

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

The fall in the value of the Group and Charity’s investments reflected:

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.

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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.

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

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

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.

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:

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.

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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.

Chief Executive Helen Griffiths
Finance Manager GuyDigby
Head of Projects and
Stewardship		 Tamsin Fudge
Marketing & Communi-
cations Manager		 Richard
McKeever
Research & Policy
Manager		 Alison McCann
Head of Fundraising SallyBarney

Remuneration Policy

The pay of all staff is reviewed annually and in 2021 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 Bank plc Lon-
don
Clydesdale Bank plc
Edinburgh
Solicitors Freshfields Bruck-
haus Deringer LLP
London
Russell Cooke LLP
London
CMS LLP
Edinburgh
Investment
Managers		 Stonehage
FlemingLondon
Auditors Sayer Vincent LLP
London

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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:

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 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.

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.

Approved by the Council of Trustees on 22[nd] March 2022 and signed on its behalf by

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

Jo Barnett Chair

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FIELDS IN TRUST

OPINION

We have audited the financial statements of Fields in Trust (the ‘parent charitable company’) and its subsidiary/subsidiaries (the ‘group’) for the year ended 31 December 2021 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.

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

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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 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.

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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:

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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.

25 March 2022 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 2021

Note
Income from:
3
4
5
Champion Parks and Green Spaces
6
7
22
Reconciliation of funds
Coronavirus Job Retention Scheme grants
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Total expenditure
Net (expenditure) / income before net
gains / (losses) on investments
Net gains / (losses) on investments
Protect Parks and Green Spaces
Raising funds
Charitable activities
Protect Parks and Green Spaces
Support Parks and Green Spaces
Champion Parks and Green Spaces
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities		 General
fund
Designated
Funds
£'000
£'000
445
-
37
-
95
-
-
-
79
-
Unrestricted Funds		 General
fund
Designated
Funds
£'000
£'000
445
-
37
-
95
-
-
-
79
-
Unrestricted Funds		 Income
Funds
Permanent
Endowments
£'000
£'000
87
-
-
-
-
-
-
-
-
1
Restricted Funds		 Income
Funds
Permanent
Endowments
£'000
£'000
87
-
-
-
-
-
-
-
-
1
Restricted Funds		 2021
Total
£'000
532
37
95
-
80		 2020
Total
£'000
304
65
101
9
94
656 - 87 1 744 573
135
486
16
380		 -
-
-
-		 -
101
22
82		 -
-
-
-		 135
587
38
462		 132
846
22
179
1,017 - 205 - 1,222 1,179
287
(361)		 -
-		 -
(118)		 2
1		 289
(478)		 249
(606)
300 (326) 26 - -
226
1,119		 (326)
2,566		 (91)
308		 3
84		 (189)
4,078		 (357)
4,435
1,346 2,239 217 87 3,889 4,078

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 2021

Note
14
15
18
19
19
21
Income Funds
Permanent Endowment Funds
Designated funds
General funds
22
Fixed assets
Current assets
Cash at bank and in hand
Tangible assets
Investments
Debtors
Creditors: amounts falling due within one year
Restricted income funds
Total charity funds
Unrestricted funds
Funds
Total Restricted Funds
Current asset investments
Total unrestricted funds
Net current assets
Total assets less current liabilities
Total net assets
Liabilities
Creditors: amounts falling due after one year		 2021
2020
£'000
£'000
488
508
3,249
3,184
3,737
3,692
67
78
374
574
186
252
627
904
392
518
235
386
3,972
4,078
83
-
3,889
4,078
217
308
87
84
304
392
2,239
2,566
1,346
1,120
3,585
3,686
3,889
4,078
The group		 2021
2020
£'000
£'000
488
508
3,249
3,184
3,737
3,692
67
78
374
574
186
252
627
904
392
518
235
386
3,972
4,078
83
-
3,889
4,078
217
308
87
84
304
392
2,239
2,566
1,346
1,120
3,585
3,686
3,889
4,078
The group		 2021
2020
£'000
£'000
488
508
3,034
2,987
3,522
3,495
67
78
374
574
218
276
659
928
436
562
223
367
3,745
3,862
83
-
3,662
3,862
217
308
46
43
263
351
2,052
2,391
1,346
1,120
3,398
3,511
3,662
3,862
The charity		 2021
2020
£'000
£'000
488
508
3,034
2,987
3,522
3,495
67
78
374
574
218
276
659
928
436
562
223
367
3,745
3,862
83
-
3,662
3,862
217
308
46
43
263
351
2,052
2,391
1,346
1,120
3,398
3,511
3,662
3,862
The charity
3,737 3,692 3,522 3,495
67
374
186		 78
574
252		 67
374
218		 78
574
276
627
392
235		 904
518
386		 659
436
223		 928
562
367
3,972 4,078 3,745 3,862
83 - 83 -
3,889 4,078 3,662 3,862
217
87		 308
84		 217
46		 308
43
304 392 263 351
2,239
1,346		 2,566
1,120		 2,052
1,346		 2,391
1,120
3,585 3,686 3,398 3,511
3,889 4,078 3,662 3,862

Approved by the trustees on 22 March 2022 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 2021

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
Loans falling due after one year
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
Repayments of borrowing
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
Drawdown of current asset investments to bank		 £'000
£'000
(527)
80
-
200
200
-
23
503
(42)
-
(42)
(66)
252
186
At 1 January
2021
Cash flows
£
£
252
(66)
252
(66)
(250)
42
-
-
2
(24)
2021		 £'000
£'000
(527)
80
-
200
200
-
23
503
(42)
-
(42)
(66)
252
186
At 1 January
2021
Cash flows
£
£
252
(66)
252
(66)
(250)
42
-
-
2
(24)
2021		 2021
£'000
(189)
20
(289)
(80)
11
(1)		 2020
£'000
(357)
23
(249)
(94)
(15)
34
(527) (659)
(42)
-		 -
250
(42) 250
At 1 January
2021
£
252		 Other non-
cash changes
£
(66) (298)
252 550
186 252
Cash flows
£
(66)		 At 31
December
2021
£
186
252 (66) 186
(250)
-
2		 42
-
(24)		 83
(83)
-		 (125)
(83)
(22)

22

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

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 2021

1 Accounting policies (continued)

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

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

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

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.

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 2021

1 Accounting policies (continued)

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:

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities.

Investments in subsidiaries

Investments in subsidiaries are at cost.

o) 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.

p) Cash at bank and in hand

q) 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.

r) 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 25.

s) 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.

t) 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 2021

Champion Parks and Green Spaces
Protect Parks and Green Spaces
Support Parks and Green Spaces
Champion Parks and Green Spaces
Net income / expenditure before net gains / (losses)
on investments
Net gains/ (losses) on investments
Net income / expenditure
Donations and legacies
Total funds brought forward
Total funds carried forward
Net movement in funds
Investments
Total income
Reconciliation of funds
Transfers between funds
Total expenditure
Expenditure on:
Charitable activities
Raising funds
Coronavirus Job Retention Scheme grants
Income from:
Charitable activities
Protect Parks and Green Spaces		 General
fund
Designated
fund
£'000
£'000
233
-
65
-
101
-
9
-
93
-
501
-
132
-
579
-
13
-
142
-
866
-
(365)
-
250
(115)
-
95
(103)
(20)
(103)
1,139
2,669
1,119
2,566

Unrestricted Funds		 General
fund
Designated
fund
£'000
£'000
233
-
65
-
101
-
9
-
93
-
501
-
132
-
579
-
13
-
142
-
866
-
(365)
-
250
(115)
-
95
(103)
(20)
(103)
1,139
2,669
1,119
2,566

Unrestricted Funds		 Income
funds
Permanent
Endowment
£'000
£'000
71
-
-
-
-
-
-
-
-
1
71
1
-
-
267
-
9
-
37
-
313
-
(242)
1
-
(1)
(242)
-
8
-
(234)
-
543
84
309
84
Restricted Funds		 Income
funds
Permanent
Endowment
£'000
£'000
71
-
-
-
-
-
-
-
-
1
71
1
-
-
267
-
9
-
37
-
313
-
(242)
1
-
(1)
(242)
-
8
-
(234)
-
543
84
309
84
Restricted Funds		 2020
Total
£'000
304
65
101
9
94
501 - 71 1 573
132
579
13
142		 -
-
-
-		 -
267
9
37		 -
-
-
-		 132
846
22
179
866 - 313 - 1,179
(365)
250
 - (242)
-		 1
(1)		 (606)
249
(115)
95		 -
(103)		 (242)
8		 -
-		 (357)
-
(20)
1,139		 (103)
2,669		 (234)
543		 -
84		 (358)
4,435
1,119 2,566 309 84 4,078
Income from donations and legacies (current year)
Sport Wales (accommodation)
Gifts in Kind included in the above voluntary income are as follows
Heavenly Group/Financial Times (media advertising)
Freshfields Bruckhaus Deringer LLP (legal costs)
Donated services
Gifts		 Unrestricted
£'000
358
87		 Restricted
£'000
87
-		 2021
Total
£'000
445
87		 2020
Total
£'000
300
4
445 87 532 304
85
2
-		 -
-
4
87 4

26

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

For the year ended 31 December 2021
3b
Unrestricted
Restricted
2020
Total
£'000
£'000
£'000
229
71
300
4
-
4
233
71
304
4
Unrestricted
Restricted
2021
Total
2020
Total
£'000
£'000
£'000
£'000
37
-
37
65
37
-
37
65
Gifts
Donated services
Grants
Grants claimed from the Coronavirus Job Retention Scheme to cover a portion of salaried costs for employees furloughed
between 1 January and 31 March 2021 (prior year grants claimed for the period 1 May to 31 December 2020)
Coronavirus Job Retention Scheme grants
Income from donations and legacies (prior year)		 Unrestricted
£'000
37		 Unrestricted
£'000
229
4		 Restricted
£'000
71
-		 2020
Total
£'000
300
4
233 71 304
Restricted
£'000
-		 2021
Total
£'000
37		 2020
Total
£'000
65
37 - 37 65
5
Field income and rents
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
Income from charitable activities (current year)		 2021
Total
£'000
49
47		 2020
Total
£'000
56
54
95
-		 101
9
95 110
6a
6b
Income from investments (current year)
Interest on cash deposits and loans
Investment income
Income from investments (prior year)
Investment income
Interest on cash deposits and loans		 Unrestricted
£'000
79
-		 Restricted
£'000
1
-		 2021
Total
£'000
80
-
79 1 80
Unrestricted
£'000
93
-		 Restricted
£'000
1
-		 2020
Total
£'000
94
-
93 1 94

27

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

7a Analysis of expenditure (current year)

Staff costs (note 10)
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 8)
Overheads
Governance Costs
Total expenditure 2021
Total expenditure 2020		 Charitable activities Charitable activities Charitable activities Governance
Costs
£'000
49
-
-
-
16
1
-
-
-		 Raising
funds
£'000
97
-
-
-
23
-
10
-
5
-
-		 Overheads
£'000
250
38
25
6
36
27
-
8
8
-
-		 2021
Total
£'000
728
38
25
7
37
50
16
48
2
150
6
78
36		 2020
Total
£'000
763
18
31
9
38
45
15
16
4
25
1
60
155
Protect Parks
and Green
Spaces
£'000
195
-
1
-
-
1
2
-
78
36		 Support Parks
and Green
Spaces
£'000
13
-
-
-
-
-
-
-
-
6
-
-
-		 Champion
Parks and
Green Spaces
£'000
124
-
-
30
1
132
1
-
-
314
234
39		 19
16
2		 288
149
25		 66
-
(66)		 135
-
-		 399
(399)
-		 1,221
-
-		 1,179
-
-
587 37 462 - 135 - 1,221 1,179
846 22 179 - 132 - 1,179

28

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

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 2020		 Charitable activities Charitable activities Charitable activities Governance
Costs
£'000
40
-
-
-
-
-
15
1
1
-
-
-
-		 Raising
funds
£'000
105
-
-
-
-
23
-
3
-
-
1
-
-		 Overheads
2020
Total
£'000
£'000
212
763
17
18
31
31
8
9
38
38
22
45
-
15
1
16
-
4
10
25
-
1
-
60
-
155
340
1,179
(339)
-
-
-
1
1,179
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)		 133
-
-
846 22 179 - 132

29

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

Grant making
Cost
London Marathon Charitable Trust Core Areas Fund
London Marathon Charitable Trust National Fund
At the end of the year
Landfill Tax Credit scheme
Stanmer Park		 Grants to
institutions
£'000
6
30
-
-		 2021
£'000
6
30
-
-		 2020
£'000
7
93
17
38
36 36 155

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 2021, 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.

9 Net expenditure for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
2021 2020
£'000 £'000
Depreciation 20 23
Trustee indemnity insurance 6 4
Trustees' reimbursed travel expenses:
0 trustees (2020: 0) - -
Operating lease rentals 1 3
Auditor's remuneration (excluding VAT):
Audit 10 10
Other services 1 2

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages *
Employer’s contribution to defined contribution pension schemes
Social security costs
Temporary staff costs		 2021
£'000
639
66
23
1		 2020
£'000
664
72
27
-
728 763

One employee earned between £90,000 - £100,000 during the year (2020: 1 employee earned between £90,000 - £100,000).

The key management personnel of the charity in 2021 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 £373,350 (2020: £371,913).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2020: £nil) incurred by 0 (2020: 0) members relating to attendance at meetings of the trustees.

30

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

11 Staff numbers

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

Raising funds
Support Parks and Green Spaces
Champion Parks and Green Spaces
Protect Parks and Green Spaces		 2021
No.
2
7
1
4		 2020
No.
2
11
-
3
14 16

12 Related party transactions

Aggregate donations from related parties were £1,015 (2020: £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.

14 Tangible fixed assets

Tangible fixed assets
At the start of the year
Charge for the year
At the start of the year
At the end of the year
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		 Long
Leasehold
property
£'000
680
-		 Office/IT
Equipment
£'000
36
-		 Database
£'000
38
-		 Office
Furniture
£'000
8
-		 Total
£'000
762
-
680 36 38 8 762
188
14		 24
4		 37
1		 6
1		 255
20
201 29 38 6 274
479 8 () 2 488
492 12 1 2 508

All of the above assets are used for charitable purposes.

31

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

15a Listed investments

Listed investments
Investments fund portolio
Cash held by investment broker pending reinvestment
Shares held in subsidiary
Investment in UK subsidiary undertakings
Fair value at the end of the year
UK Common Investment Funds
Total value of investments
Additions at cost
Disposal proceeds
Net gain / (loss) on change in fair value
Transfer of cash to current asset investments
Fair value at the start of the year		 2021
2020
£'000
£'000
3,147
3,505
-
446
(200)
(479)
289
249
-
(574)
3,236
3,147
14
37
-
-
3,249
3,184
3,249
3,184
-
-
3,249
3,184
The group		 2021
2020
£'000
£'000
2,937
3,264
-
446
(200)
(479)
270
280
-
(574)
3,007
2,937
14
37
14
14
3,034
2,987
3,020
2,973
14
14
3,034
2,987
The charity
3,236 3,147 3,007 2,937
14
-		 37
-		 14
14		 37
14
3,249 3,184 3,034 2,987
3,249
-		 3,184
-		 3,020
14		 2,973
14
3,249 3,184 3,034 2,987

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

The group The charity
2021 2020 2021 2020
£'000 £'000 £'000 £'000
CCLA Investment Management Ltd: Global Equity Income Fund 2,149 2,052 2,149 2,052
M&G Investments: Charibond Charities Fixed Interest CIF 819 849 819 849
M&G Investments: Equiites Investment Fund for Charities 174 153 - -

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. This position remained unaltered in 2021

32

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

16 Subsidiary undertakings


gift aided to the charitable company. A summary of the results of the subsidiary is shown below:
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2021
£'000
14
-		 2020
£'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
Net (losses) / gains on investments
Net income / (expenditure)
Net income / expenditure before net gains / (losses) on investments
Total expenditure
Investment income		 Unrestricted
Funds
General Fund
£'000
9		 Restricted
Funds
Permanent
Endowment
£'000
-		 2021
£'000
9
9
17
(8)		 -
-
-		 9
17
(8)
19 - 19
11 - 11
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2021
£'000
259
(32)
227

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
9		 Restricted
Funds
Permanent
Endowment
£'000
-		 2020
£'000
9
9 - 9
33
(24)		 -
-		 33
(24)
(32) - (32)
(56) - (56)

33

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

Subsidiary undertakings (continued)

Subsidiary undertakings (continued)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2020
£'000
241
(24)
216

17 Parent charity

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

2021 2020
£'000 £'000
Gross income 735 565
Result for the year (199) (301)

18 Debtors

Debtors
Trade debtors
Prepayments and accrued income
Other debtors
Taxation and other social security		 2021
2020
£'000
£'000
13
14
-
-
41
52
12
12
67
78
The group		 2021
2020
£'000
£'000
13
14
-
-
41
52
12
12
67
78
The charity
67 78 67 78

19 Creditors: amounts falling due within one year

Accruals and deferred income
Coronavirus Business Interruption Loan
Investment held in subsidiary (NPFA Services Ltd)
Income held on behalf of subsidiary (King George's Fields
Foundation)
Taxation and other social security
Trade creditors
Income held as Custodian Trustee
a) Amounts falling due within one year
b) Amounts falling due after one year
Coronavirus Business Interruption Loan		 2021
2020
£'000
£'000
10
10
16
19
26
38
125
250
215
201
-
-
-
-
392
518
83
-
83
-
The group		 2021
2020
£'000
£'000
10
10
16
19
26
38
125
250
215
201
-
-
-
-
392
518
83
-
83
-
The group		 2021
2020
£'000
£'000
10
10
16
19
26
38
125
250
215
201
14
14
30
30
436
562
83
-
83
-
The charity		 2021
2020
£'000
£'000
10
10
16
19
26
38
125
250
215
201
14
14
30
30
436
562
83
-
83
-
The charity
392 518 436 562
83 - 83 -
83 - 83 -

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

A variation to the loan was agreed in July 2021 provided for monthly repayment of the loan over 24 months from September 2021.

34

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

20 Financial instruments

2021 2020
£'000 £'000
Financial assets measured at fair value through statement of financial activities
Fixed asset investments 3,249 3,184
Current asset investments 374 574

21a Analysis of group net assets between funds (current year)

Investments
Net current assets / (liabilities)
Net assets at the end of the year
Tangible fixed assets		 General
unrestricted
£'000
-
1,419
(73)		 Designated
funds
£'000
488
1,751
-		 Restricted
funds
£'000
-
79
225		 Total funds
£'000
488
3,249
152
1,346 2,239 304 3,889

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

Net assets at the end of the year
Tangible fixed assets
Investments
Net current assets / (liabilities)		 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

35

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

22a
Restricted funds:
Total restricted income funds
Total designated funds
General funds
Permanent endowment funds
Kendal Playing Field
Other field endowments
Total permanent endowments
Recreational development:
Inclusion fund (Disabled Play Project)
Fields development:
London Marathon Trust
Total funds
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
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
Movements in funds (current year)
Total unrestricted funds
Fixed Assets
County Donations, QEII Challenge
Geographically restricted funds:
Designated funds:		 At 1 January
2021
£'000
27
15
85
53
6		 Income &
gains
£'000
-
-
-
-
-		 Expenditure &
losses
£'000
(11)
(35)
(31)
-		 Transfers
£'000
-
-
-
-
-		 At 31
December
2021
£'000
27
5
50
23
6
186
61
7
39		 -
-
-
5		 (76)
-
-
(20)		 -
-
-
-		 111
61
7
24
107
16		 5
-		 (20) -
-		 92
16
16
-
-		 -
40
42		 -
(66)
(42)		 -
26
-		 16
-
-
308 87 (204) 26 217
42
1
41		 3
()
-		 -
-
-		 -
-
-		 44
1
41
84 3 - - 86
392 90 (204) 26 304
2,058
508		 -
-		 -
-		 (326)
-		 1,731
508
2,566 - - (326) 2,239
1,120 943 (1,016) 300 1,346
3,686 943 (1,016) (26) 3,585
4,078 1,033 (1,221) - 3,889

36

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

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, and Kendal Playing 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 2021

22b
Restricted funds:
Total restricted income funds
Total designated funds
General funds
Permanent endowment funds
Kendal Playing Field
Other field endowments
King George's Fields Foundation
Total permanent endowments
Total restricted funds
Fields Legacy Fund
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
Green Spaces Index
Fields development:
London Marathon Trust
Movements in funds (prior year)
County Donations, QEII Challenge
Future Proof Parks, National Heritage Lottery Fund
Recreational development:
Inclusion fund (Disabled Play Project)
Stanmer Park
Championing and Advocacy
Unrestricted funds:
Designated funds:
Total unrestricted funds
Total funds
Geographically restricted funds:
Fixed Assets		 At 2 January
2020
£'000
77
30
201
69
18
6		 Income &
gains
£'000
-
-
-
-
-
-		 Expenditure &
losses
£'000
(50)
(15)
(116)
(16)
(18)
-		 Transfers
£'000
-
-
-
-
-
-		 At 30
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

38

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

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:
3 - 4 years
2 - 3 years
1 - 2 years
Less than 1 year		 2021
2020
£'000
£'000
1
1
-
1
-
-
-
-
1
2
Other
1 2

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

39

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2021

25 Other funds held

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		 2021
£'000
85		 2020
£'000
85
183
132		 156
132
197 168

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		 2021
£'000
233		 2020
£'000
233
354 330

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.

At 28 February 2022 the total value of fixed and current asset investments was £3,099k , a fall of £526k on the value at 31 December 2021. This fall includes a drawdown of £300k made on 18 January 2022

40