2023-12-31-accounts - Fields in Trust

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Annual Report and Financial Statements •* 2023

President

HRH The Prince of Wales KG KT

Vice Presidents

Gyles Brandreth

The Lord Howard of Rising, Christopher Laing OBE Alison Moore-Gwyn LVO

Chair of Trustees

Jo Barnett

Trustees

Richard Schuster (Vice Chair) Jeremy Hammond (Treasurer) Clive Betts MP

Mark Campion Ewan Gilles Ian Ginbey Carlotta Newbury Duncan Peake

Incorporated by Royal Charter Registered Charity No: 306070 Registered Company No: RC000370 OSCR No: SC040357 Fields in Trust, 36 Woodstock Grove, London W12 8LE www.fieldintrust.org

STATEMENT FROM THE CHAIR OF TRUSTEES

Protecting the green space in our towns, cities, and villages has never felt as important, or as urgent, as it does today.

The pandemic highlighted how vital these green spaces are for us all, as a place to play sports, meet others, walk, play, relax, and exercise. And yet, every week we read about parks closing or playing fields and green space being required for housing, new schools, car parks, or retail outlets. All are valid in themselves but at what cost to our health, the environment and our communities?

Today, only 6% of these green spaces are protected. As long as they remain unprotected, they remain very much at risk. The Fields in Trust Green Space Index was launched in 2019 and is updated every year. It evidences just how few of our parks and green spaces are protected across the different regions of the country and how slowly that number is growing despite environmental targets, population growth, and the need for more public green space - not less.

It is not enough for us to just know inherently that green spaces are a vital part of our cities and towns. We need to provide evidence of the impact that reducing this space is having on our communities. That is why we are building on our data analysis to develop new tools that can help inform planners, architects, house builders, and others of the location and quality of the green space we require to support the needs of our communities in the future. We believe that we have a key role to play in informing policy and practice around access to public green space as well as protecting the parks and playing fields we have today.

On behalf of the Trustees, I would like to thank our team for the work they do to maintain current protected sites, protect new ones, and influence wider policy. It is a huge task that they perform admirably and with passion, despite only limited resources.

As we approach the 100-year anniversary of Fields in Trust in 2025 (previously The National Playing Fields Association), we are aware that the 3,000 sites we protect today need to multiply many times over in the next 10 years, if we are to protect these green spaces before it is too late. We are grateful for your support in helping us to try to achieve our ambition. As an organisation that receives no statutory funding and relies on our members, trusts and foundations, partners, and supporters for vital funds - we thank you.

As a nation we love our public parks, playing fields, and green spaces and most of us readily acknowledge the need for them to be protected. The issue is that we tend to think they will always be there, and that may not be the case.

That is why we ask you to help us to keep building awareness for the work of Fields in Trust in protecting and securing these spaces forever as once lost, they are gone forever.

The Trustees and Leadership team at Fields in Trust have worked hard this year to raise the profile of the poor protection of our green space, informing Select Committees, promoting the Green Space Index, and working with councils across the UK to drive through wholesale change. Cities like Edinburgh have protected a further 19 spaces across the city, bringing the total number of protected spaces to 55.

Jo Barnett

Chair of Trustees

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2023 ACHIEVEMENTS

Protecting Parks and Green Spaces

Having access to a local park or green space is something that everyone should be able to enjoy. However, currently, that is not a reality for many.

In 2023 we continued to work side by side with landowners to protect parks and green spaces for the future.

By building new relationships with 15 local authorities, town and parish councils we increased the number of spaces protected in partnership with Fields in Trust and ensured that more communities have access to a park or green space for generations to come.

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39 more spaces protected in
perpetuity
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140,000 more people
within a 10-minute walk
°
of a protected space
258 hectares secured for
the future
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“ Parks provide a place that connects people from all walks of life and offers them a communityoriented space... I'd ask that we all remember what these spaces mean to us and protect them accordingly.

Stuart Gibson, skateboarder, Saughton Park

Max Ponton, Cllr Cammy Day, Helen Griffiths, Stuart Gibson, Sarah Boyack MSP, Ewan Gillies

In February we celebrated our partnership with the City of Edinburgh Council at the Scottish Parliament, Holyrood. The programme will ensure two-thirds of people in Edinburgh will live within ten minutes of a protected park

2023 ACHIEVEMENTS

Supporting Parks and Green Spaces

We know how much communities value their local parks and green spaces and we make sure we are on hand to provide advice and support wherever possible.

The resources and tools we provide help park users and volunteers to navigate lots of issues from holding events to setting up a campaign to protect their local park.

15,000 visits to . — e ° 1-1 advice provided —, our to 900 people Knowledge = =| Base

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 activity. In 2023 our team undertook an audit of all the spaces we own to enable us to refresh and improve management plans and support.

During 2023 our team processed 64 Field Change Requests with the support of our expert Planning and Policy Committee with a focus on ensuring changes enabled greater access to sport and play opportunities, community connections and positive environmental impact.

In March we were the beneficiary of Professional Liverpool’s annual Cannes Do event to support our work to protect every park in the City.

98% of voters think Government should do more to protect parks

2023 ACHIEVEMENTS Championing Parks and Green Spaces

We believe that inspiring and inclusive green spaces can help meet some of the most significant challenges we are facing today.

In 2023 we continued to invest in data and insight to help make the case for parks and green spaces including producing our annual Green Space Index. We participated in Government working groups on Access to Nature and worked with colleagues at the Better Planning Coalition to influence the outcome of the Levelling Up and Regeneration Bill and highlight how changes to planning can impact people and nature.

In partnership with leading voices in the sector we successfully lobbied the Government for a Select Committee Inquiry into children and the built environment to create changes that will help children to thrive – and flagging that bats and newts have more provision in current policy than the next generation.

In October we published our Manifesto: A Better Future for Parks and Green Spaces setting out clear policy goals for the next Government to take radical action to and create parks and green spaces that can help people and nature to thrive.

Our research showed that 91% of people think that parks and green spaces are more important since the cost-of-living crisis.

2023 Green Space Index Findings

❑ 4000 new parks are needed by 2030 to meet population growth

❑ 8/9 regions in England fall below the recommended amount of green space provision

Our Manifesto

We call on the next UK Government to commit to bolder policies for parks and green spaces

Access for All Ensure everyone has a park or green space within a 10minute walk of home.

Planning Reform A planning system that protects and creates more new parks and green spaces .

Revalued and Reimagined Increase funding for multifunctional parks and green spaces.

Acknowledgement and thanks

ACKNOWLEDGEMENTS

Thank you to all our members, supporters, and donors for their time, energy and generosity in 2023.

Your support is vital for us to be able to continue our work to protect parks and green spaces for future generations.

This year we began to build connections with more corporate partners, and we would like to thank Mako & The Mako Foundation, Taylor Wessing, and Professional Liverpool for all their support.

Thanks to Matt DesLaurier for donating proceeds from his artwork and to Clyde & Co and Play Scotland for their pro-bono support.

“

Mako were thrilled to support Fields in Trust at our recent “Dealing for Donations Day” where employees took on a day of challenges alongside their day-to-day work to raise funds for our charity partners. Our theme for 2023 was environmental sustainability, and we now plan to do more to support parks and green spaces through both volunteering and fundraising.

The Mako Foundation

Here are just some of the trusts and foundations who have generously supported our work this year.

Thank you!

❑ Linder Foundation ❑ Hemby Charitable Trust ❑ Peacock Charitable Trust ❑ ❑ Dulverton Trust ❑ The 29[[th]] ❑ Simon Gibson Charitable Trust ❑ Wimbledon Foundation ❑ Spirax Sarco Group Charitable Trust ❑ Christopher Laing Foundation

Miss AM Pilkington Charitable Trust

The 29[[th]] May 1961 Charitable Trust

Wimbledon Foundation

LOOKING TO THE FUTURE

We believe that there has never been a more important time to make sure everyone has access to local parks and green spaces and that we act today to protect their future.

The public health and wellbeing crisis, the lack of access to nature, our inequitable communities and the climate emergency can all be tackled in part by improving the amount of green space in our neighbourhoods.

In 2024 we will also be laying the foundations to mark our centenary in 2025 reflecting on the changes to our landscape over that time and how almost 100 years later our work to champion and protect parks and green spaces is even more relevant now than it was back in 1925.

We hope that you’ll join us on the journey.

Over the next 12 months we plan to lead the way to a greener future by;

Influencing policy debate at central and local Government level using our data and insight to demonstrate the value of parks and green spaces and the inequity of provision and the inadequacy of protection.
Increasing the number of people within a 10minute walk of a protected park or green space.
Engaging with the built environment to enable the delivery of better quality, multi-functional green space.
Empowering communities to take action when parks and green spaces are under threat with refreshed tools and resources.

Our Values

1. The Power of Green Space

We believe in the power of parks and green spaces and the contribution they make to a happier, healthier society

2. Deeds not Words

We don’t just talk about our vision for a greener future for all, we take action to make it a reality, finding new ways to solve problems along the journey.

3. We are Dedicated We are proud of our long history and contributing to a fairer society by remaining true to our founding principles – to make sure that everyone has access to local parks and green spaces.

4. We are Collaborative

We will only achieve our bold ambitions for the future by working collectively to create change

Green Spaces for Good

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 2023 total income was £0.53m and total costs were £1.3m.

Funding Sources

Voluntary Income

Total voluntary income was £0.298m of which £0.230m was from charitable trusts and foundations.

Income from Charitable Activities

Income from other charitable activities totalled £0.156m 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.

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 6 to the accounts.

Reserves Policy

The Trustees review the charity’s anticipated income and expenditure actuals against budget 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 nature of the work
The lack of guaranteed regular income
• Future needs, opportunities, contingencies, and risks
Responsibilities and obligations to employees

The overall Group reserves balance was £2.2m (2022: £2.8m) and comprised:

Restricted Reserves £0.105m
Permanent Endowment Funds £0.085m
Designated Reserves (Fields Legacy Fund and fixed assets) £1.240m
Free Reserves £0.773m

Further details on the reserves balance are set out in Note 21.

Restricted Reserves

These reserves are derived from donations and grants with specific conditions attached. Total restricted reserves stand at £0.105m of which the main purposes are £0.067m held for the protection of parks and green spaces

and £0.021m 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 £0.085m.

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 dayto-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 six months forward expenditure in order to ensure the organisation can deliver its ongoing work. Six months forward expenditure is currently budgeted at £0.773m.

Nine 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 Planning and Policy 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 fulfill its ongoing obligations to the sites protected in perpetuity. The Fields Legacy Fund currently stands at £0.757m.

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, and liquidity funds to meet all known liabilities for the foreseeable future and provide for:

six months forward expenditure to enable the delivery of the organisation’s planned operational activity; and
longer term obligations to sites protected in perpetuity.

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 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.

held for re-investment) fell by 30.7% in the year. The Group and Charity portfolios produced income yields of 4.1% and 4.0% respectively compared to the desired income target of 3.0%.

The fall in the value of the Group and Charity’s investments reflected the authorised drawdown of £0.8m in year for planned expenditure.

Fundraising Approach

Our Finance Audit and Risk 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 Finance, Audit and Risk Committee which meets up to four times a year.

The value of the Group investments (excluding cash held for reinvestment) fell by 28.1% in the year, and the Charity’s investments (excluding cash

In 2023, 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

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

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 2023 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 reelection. 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 Cymru Committee
Fields in Trust Scotland Committee
Audit Committee

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

Planning & Policy Committee

• Fundraising & Marketing Committee

Risk Management

The Trustees have a risk management strategy which comprises:

A regular review of the principal risks and uncertainties that the charity faces.
The establishment of policies, systems and procedures to mitigate those risks identified in the review.
The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

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:

Focus fundraising on diversifying income streams.
Review income against targets on a regular basis.
Monitor expenditure against budgets and reduce commitments accordingly.
Assess the effectiveness of the investment policy and the performance of the charity’s investments.

Management and Staffing

The Trustees appoint a Chief Executive who has 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
Head of Marketing & Communications	Emma Simon
Research & Policy Manager	Alison McCann
Head of Fundraising	SallyBarney

Remuneration Policy

The pay of all staff is reviewed annually and in 2023 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 London
	Clydesdale Bank plc Edinburgh
Solicitors	Freshfields Bruckhaus Deringer LLP London
	Russell Cooke LLP London
	CMS LLP Edinburgh
Investment Managers	Stonehage FlemingLondon
Auditors	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 Account ing 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:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities Statement of Recommended Practice;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 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 19[th] March 2024 and signed on its behalf by

Jo Barnett Chair

Independent auditor’s report

To the members of

Fields in Trust

Opinion

We have audited the financial statements of Fields in Trust (the ‘parent charity’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the group and parent charity 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:

Give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2023 and of the group’s incoming resources and application of resources, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Charities Act 2011 and of the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended)

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.

Independent auditor’s report

To the members of

Fields in Trust

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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
Sufficient and proper accounting records have not been kept; or
The financial statements are not in agreement with the accounting records and returns; or
We have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees 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.

Independent auditor’s report

To the members of

Fields in Trust

In preparing the financial statements, the trustees are responsible for assessing the charity’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 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 145 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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:

We enquired of management, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.

Independent auditor’s report

To the members of

Fields in Trust

We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

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 non-compliance 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 parent charity’s trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

Independent auditor’s report

To the members of

Fields in Trust

extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

22 March 2024 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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

Fields in Trust

Consolidated Statement of Financial Activities

For the year ended 31 December 2023

For theyear ended 31 December 2023
Note Income from: 3 4 5 6 21 Reconciliation of funds Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward Net income / (expenditure) for the year 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 £'000 196 - 156 - 77 - Unrestricted Funds		Income Funds Permanent Endowments £'000 £'000 102 - - - - 1 Restricted Funds		2023 Total £'000 298 156 78	2022 Total £'000 357 122 71
	429	-	102	1	532	550
	175 425 29 513	- - - -	- 49 3 69	- - - -	175 474 32 582	150 587 43 490
	1,142	-	121	-	1,263	1,270
	133 (713)	- -	- (19)	1 1	134 (731)	(369) (720)
	(580) (3)	- 3	(19) -	2 -	(597)	(1,090) -
	(583) 1,357	3 1,237	(19) 124	2 82	(597) 2,800	(1,089) 3,889
	774	1,240	105	84	2,203	2,800

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.

Fields in Trust

Balance sheets

As at 31 December 2023

As at 31 December 2023
Note 13 14 17 18 18 20 Income Funds Permanent Endowment Funds Designated funds General funds 21 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	2023 2022 £'000 £'000 482 481 1,212 1,925 1,694 2,406 141 73 580 561 165 165 886 799 377 405 509 394 2,203 2,800 - - 2,203 2,800 105 124 84 82 189 206 1,240 1,237 774 1,357 2,014 2,593 2,203 2,800 The group		2023 2022 £'000 £'000 482 481 1,015 1,725 1,497 2,206 192 73 580 561 165 211 936 845 421 448 516 397 2,012 2,603 - - 2,012 2,603 105 124 44 43 149 166 1,090 1,080 773 1,356 1,863 2,437 2,012 2,603 The charity
	1,694	2,406	1,497	2,206
	141 580 165	73 561 165	192 580 165	73 561 211
	886 377 509	799 405 394	936 421 516	845 448 397
	2,203	2,800	2,012	2,603
	-	-	-	-
	2,203	2,800	2,012	2,603
	105 84	124 82	105 44	124 43
	189	206	149	166
	1,240 774	1,237 1,357	1,090 773	1,080 1,356
	2,014	2,593	1,863	2,437
	2,203	2,800	2,012	2,603

Approved by the trustees on 19th March 2024 and signed on their behalf by

Jo Barnett Chair

Jeremy Hammond Treasurer

Fields in Trust

Consolidated statement of cash flows

For the year ended 31 December 2023

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

Reconciliation of net income / (expenditure) to net cash flow	from operating activities	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 / (increase in) current asset investments	£'000 £'000 (800) 78 (22) 849 (19) - (1) 883 (83) - (83) 0 165 165 At 1 January 2023 Cash flows £ £ 165 2023		2023 £'000 (597) 21 (134) (78) (68) 56	2022 £'000 (1,089) 20 369 (71) (6) 54
			(800)	(723)
			£'000 £'000 (723) 71 (12) 973 (187) (16) (2) 827 (125) - (125) (21) 186 165 Other non- cash changes At 31 December 2023 £ £ - 165 2022
	(83) -		(125) -
		(83)		(125)
	At 1 January 2023 £ 165		Other non- cash changes £ -
		0		(21)
		165		186
		165		165
		Cash flows £		At 31 December 2023 £ 165
	165		-	165
	(83) - 82	83 - 83	- - -	- - 165

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

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:

six months forward expenditure to enable the delivery of the organisation’s planned operational activity; and
longer term obligations to sites protected in perpetuity.

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.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

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

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:

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose, and the costs of managing investments.
Expenditure on charitable activities includes the costs of delivering services, advice, technical support and other related activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.

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

j) Grant making

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.

Protect Parks and Green Spaces 39% (2022 - 47%, )
Support Parks and Green Spaces 3% (2022 - 5%)  Champion Parks and Green Spaces 58% (2022 - 48%)

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.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

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:

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

n) Fixed asset investments

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

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.

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 24.

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.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

2 Detailed comparatives for SOFA (prior year)

Detailed comparatives for SOFA (prior year)
General fund Designated fund £'000 £'000 286 - - - 122 - 70 - 478 - 150 - Protect Parks and Green Spaces 467 - Support Parks and Green Spaces 32 - Champion Parks and Green Spaces 446 - 1,095 - (617) - (363) (980) - 991 (1,002) 11 (1,002) 1,346 2,239 1,357 1,237 Unrestricted £'000 195 1 196 Clyde & Co LLP & Play Scotland (Provision of meeting venues) 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 Gifts in Kind included in the above voluntary income are as follows Charlotte Street Partners (PR support) CMS LLP (event costs) Investments Total income Reconciliation of funds Donated services Transfers between funds Income from donations and legacies (current year) Total expenditure Expenditure on: Charitable activities Raising funds Coronavirus Job Retention Scheme grants Gifts Income from: Charitable activities Unrestricted Funds Protect Parks and Green Spaces	General fund Designated fund £'000 £'000 286 - - - 122 - 70 - Unrestricted Funds		Income funds Permanent Endowment £'000 £'000 71 - - - - - - 1 Restricted Funds		2022 Total £'000 357 - 122 71
	478	-	71	1	550
	150 467 32 446	- - - -	- 120 11 44	- - - -	150 587 43 490
	1,095	-	175	-	1,270
	(617) (363)	-	(104) -	1 (6)	(720) (369)
	(980) 991	- (1,002)	(104) 11	(5) -	(1,089) -
	11 1,346	(1,002) 2,239	(92) 217	(5) 87	(1,089) 3,889
	1,357	1,237	125	82	2,800
		Unrestricted £'000 195 1	Restricted £'000 102 -	2023 Total £'000 297 1	2022 Total £'000 350 7
		196	102	298	357
				1 - -	- 3 4
				1	7

3a Income from donations and legacies (current year)

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023
3b 4. 5a 5b Income from investments (current year) Gifts Donated services Field income and rents Sub-total for Protect Parks and Green Spaces Technical consultancy Total income from charitable activities (unrestricted in both years) Income from charitable activities (current year) Income from donations and legacies (prior year) Interest on cash deposits and loans Investment income Income from investments (prior year) Investment income Interest on cash deposits and loans	Unrestricted £'000 279 7	Restricted £'000 71 -	2022 Total £'000 350 7
	286	71	357
	Unrestricted £'000 74 3	2023 Total £'000 106 50	2022 Total £'000 72 50
		156	122
		156	122
		Restricted £'000 1 -	2023 Total £'000 75 3
	77	1	78
	Unrestricted £'000 70 -	Restricted £'000 1 -	2022 Total £'000 71 -
	70	1	71

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

6a Analysis of expenditure (current year)

Charitable activities

Protect Parks and Green Spaces £'000 166 1 - - - 1 4 7 3 67 10	Support Parks and Green Spaces £'000 14 - - - - - - - - - - - -	Champion Parks and Green Spaces £'000 234 1 - 1 - - 23 1 5 - -	Governance Costs £'000 37 - - - - 21 2 - - - - -	Raising funds £'000 110 - 1 - 16 - 47 1 1 - -	Overheads £'000 228 19 35 7 68 25 97 1 6 1 - -	2023 Total £'000 789 21 35 9 69 40 21 170 7 19 5 67 10	2022 Total £'000 679 49 27 8 43 49 19 104 11 114 12 119 36
260 191 24	14 16 2	266 281 35	61 - (61)	175 - -	488 (488) -	1,263 - -	1,270 - -
474	32	582	-	175	-	1,263	1,270
586	44	490	-	150	-	1,270

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

6b Analysis of expenditure (prior year)

Charitable activities

Staff costs (note 10) HR costs Accommodation costs Office costs and charges IT costs Finance charges Governance and committee costs Consultancy and research costs Travel and subsistence Communications costs Event costs Field costs and charges Grants expenditure (note 8) Overheads Governance Costs Total expenditure 2022	Protect Parks and Green Spaces £'000 168 - - - 2 9 66 119 29	Support Parks and Green Spaces £'000 17 - - - - - - - - - - - 7	Champion Parks and Green Spaces £'000 166 - - 1 1 - - 70 1 46 10 - -	Governance Costs £'000 33 - - - 19 2 1 - - - -	Raising funds £'000 110 - - - 21 16 2 2 - -	Overheads £'000 185 49 27 7 42 28 - 15 - - -	2022 Total £'000 679 49 27 8 43 49 19 104 11 114 12 119 36
	393 167 26	24 17 3	294 169 26	55 - (55)	150 - -	353 (353) -	1,270 - -
	586	44	490	-	150	-	1,270

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

7 Grant making

e year ended 31 December 2023 Grant making
Cost London Marathon Charitable Trust Core Areas Fund London Marathon Charitable Trust National Fund At the end of the year Strathclyde Branch grants London Marathon Trust Fund	Grants to institutions £'000 10 - - -	2023 £'000 10 - - -	2022 £'000 0 12 17 7
	10	10	36

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 2023, grants were made from a fund provided by The London Marathon Trust 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.

8 Net expenditure for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
	2023	2022
	£'000	£'000
Depreciation	21	20
Trustee indemnity insurance	7	7
Trustees' reimbursed travel expenses:
0 trustees (2022: 0)	-	-
Operating lease rentals	1	1
Auditor's remuneration (excluding VAT):
Audit	13	11
Other services	1	1

9 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:
Salaries and wages Employer’s contribution to defined contribution pension schemes Social security costs Temporary staff costs	2023 £'000 678 75 29 7	2022 £'000 568 66 25 20
	789	679

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

The following number of employees received employee benefits during the year between:	(excluding employer pension costs)
	2023	2022
	£'000	£'000
£100,001 - £110,000	-	1
£90,001 - £100,000	1	-
£60,001 -£70,000	3	1

The key management personnel of the charity in 2023 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 £460,627 (2022: £418,817).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil). Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2022: £nil) incurred by 0 (2022: 0) members relating to attendance at meetings of the trustees.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

10 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	2023 No. 2 5 1 8	2022 No. 2 5 1 5
	16	13

11 Related party transactions

Aggregate donations from related parties were £16,000 (2022: £1,000) and all donations were unrestricted. There were no other transactions with related parties.

12 Taxation

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

13 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 46 3	Website and Database £'000 38 19	Office Furniture £'000 11	Total £'000 775 22
	680	49	57	11	798
	215 14	34 7	38 1	7 -	294 21
	228	41	39	7	315
	452	8	18	4	482
	465	11	()	3	481

All of the above assets are used for charitable purposes.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

14a Listed investments

e year ended 31 December 2023 Listed investments
Investments fund portfolio Cash held by investment broker pending reinvestment Shares held in subsidiary Fair value at the end of the year UK Common Investment Funds Investment in UK subsidiary undertakings 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	2023 2022 £'000 £'000 1,910 3,236 - 16 (849) (973) 134 (369) The group		2023 2022 £'000 £'000 1,696 3,007 - 16 (849) (973) 137 (353) The charity
	1,195	1,910	984	1,696
	16 -	16 -	16 14	16 14
	1,212	1,925	1,014	1,726
	1,212 -	1,925 -	1,000 14	1,712 14
	1,212	1,925	1,014	1,726

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

	The group		The charity
	2023	2022	2023	2022
	£'000	£'000	£'000	£'000
CCLA Investment Management Ltd: Global Equity Income Fund	964	1,394	964	1,394
M&G Investments: Charibond Charities Fixed Interest CIF	-	269	-	269
M&G Investments: Equities Investment Fund for Charities	160	164	-	-

14b 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 2023

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

15 Subsidiary undertakings
a) The charity owns the whole of the issued ordinary share capital of NPFA Services limited, a company registered in England. The subsidiary is used for non-primary purpose trading activities. During the year there were no transactions. Available profits are 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	2023 £'000 14 -	2022 £'000 14 -
	14	14

b) In 2018, the charity took over the assets and liabilities of The King George's Field Foundation (charity number 220766) as a charitable subsidiary for nil consideration. All activities have been consolidated on a line for line basis in the statement of financial activities. The charity is the sole trustee of the subsidiary.

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

financial activities. The charity is the sole trustee of the subsidiary. A summary of the results of the subsidiary are shown below:
	Unrestricted	Restricted
	Funds	Funds
		Permanent
	General Fund	Endowment	2023
	£'000	£'000	£'000
Investment income	11	-	11
Total income	11	-	11
Total expenditure	15	-	15
Net income / expenditure before net gains / (losses) on investments	(4)	-	(4)
Net (losses) / gains on investments	(2)	-	(2)
Net income / (expenditure)	(6)	-	(6)

The aggregate of the assets, liabilities and funds was: Assets Liabilities Funds	2023 £'000 241 (51)
	191

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 10	Restricted Funds Permanent Endowment £'000 -	2022 £'000 10
	10 25 (14)	- - -	10 25 (14)
	(16)	-	(16)
	(30)	-	(30)

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

Subsidiary undertakings (continued)

Subsidiary undertakings (continued)
The aggregate of the assets, liabilities and funds was: Assets Liabilities Funds	2022 £'000 244 (46)
	198

16 Parent charity

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

Parent charity The parent charity's gross income and the results for the year	are disclosed as follows:
	2023	2022
	£'000	£'000
Gross income	520	539
Result for the year	(591)	(1,059)

17 Debtors

Debtors
Losses incurred on behalf of subsidiary (King George's Fields Foundation) Trade debtors Prepayments and accrued income Other debtors Taxation and other social security	2023 2022 £'000 £'000 85 25 2 2 51 42 3 4 - - The group		2023 2022 £'000 £'000 85 25 2 2 51 42 3 4 51 - The charity
	141	73	192	73

18 Creditors: amounts falling due within one year

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	2023 2022 £'000 £'000 28 41 20 21 41 31 - 83 288 229 - - - - The group		2023 2022 £'000 £'000 28 41 20 21 41 31 - 83 288 229 14 14 30 30 The charity
	377	405	421	448
	-	-	-	-
	-	-	-	-

The Coronavirus Business Interruption Loan is provided by our bankers, HSBC UK Bank plc, for general working capital requirements. The original 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.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

19 Financial instruments

Financial instruments
	2023	2022
	£'000	£'000
Financial assets measured at fair value through statement of financial activities
Fixed asset investments	1,212	1,925
Current asset investments	580	561

20a Analysis of group net assets between funds (current year)

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 - 393 380	Designated funds £'000 482 758 -	Restricted funds £'000 - 61 129	Total funds £'000 482 1,212 509
	773	1,240	190	2,203

20b Analysis of group net assets between funds (prior year)

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 - 1,095 262	Designated funds £'000 481 756 -	Restricted funds £'000 - 74 132	Total funds £'000 481 1,925 394
	1,357	1,237	206	2,800

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023
21a 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 Research & Insight - Data Visualisation toolkit 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 2023 £'000 27 - 33 10 6	Income & gains £'000 - - - - -	Expenditure & losses £'000 - - - (9) -	Transfers £'000 - - - -	At 31 December 2023 £'000 27 - 33 1 6
	77 9 7 15	- - - -	(9) (10) - (1)	- - - -	67 () 7 15
	32 16	- -	(10) -	- -	21 16
	16 - -	- 25 77	- (25) (77)	- - -	16 - -
	124	102	(121)	-	105
	40 1 41	2 -	- - -	- - -	42 1 41
	82	2	-	-	84
	207	104	(121)	-	189
	756 481	- -	- -	1 2	757 483
	1,237	-	-	3	1,240
	1,357	562	(1,142)	(3)	774
	2,593	562	(1,142)	-	2,014
	2,800	666	(1,263)	-	2,203

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

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.

Championing and Advocacy

The Research and Insight Fund is for the development of a Data Visualisation Research toolkit.

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.

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

21b Movements in funds (prior year)

e year ended 31 December 2023 Movements in funds (prior year)
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 Centenary Fields restricted funds The London Marathon Charitable Trust Core Areas Grant The London Marathon Charitable Trust National Grant Filwood Playing Field, Bristol Other income funds Green Spaces Index Fields development: London Marathon Trust Total unrestricted funds Total funds Geographically restricted funds: Fixed Assets County Donations, QEII Challenge Future Proof Parks, National Heritage Lottery Fund Recreational development: Inclusion fund (Disabled Play Project) Championing and Advocacy Protection of playing fields and play space: Unrestricted funds: Designated funds:	At 1 January 2022 £'000 27 5 50 23 6	Income & gains £'000 - - - - -	Expenditure & losses £'000 - (13) (17) (13) -	Transfers £'000 - 11 - - -	At 30 December 2022 £'000 27 3 33 10 6
	111 61 7 24	- - - -	(44) (52) - (9)	11 - - -	79 9 7 15
	92 16	- -	(60) -	- -	32 16
	16 - -	- 20 51	- (20) (51)	- - -	16 - -
	219	71	(175)	11	124
	44 1 41	1 - -	(5) - -	- - -	40 1 41
	84	1	(5)	-	82
	304	72	(180)	11	206
	1,731 508	- -	- -	(975) (27)	755 481
	2,239	-	-	(1,002)	1,236
	1,346	477	(1,458)	991	1,356
	3,585	477	(1,458)	991	2,593
	3,889	549	(1,638)	1,002	2,801

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	2023 2022 £'000 £'000 1 - 1 - 1 - 1 - Other
	4	-

22 Operating lease commitments

~~39~~

Fields in Trust

Notes to the financial statements

For the year ended 31 December 2023

23 Legal status of the charity

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

24 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	2023 £'000 53	2022 £'000 85
	154 92	168 132
	167	181

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	2023 £'000 195	2022 £'000 233
	310	321

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.