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2023-12-31-accounts

Registered number: 0412621 Charity number: 313364 (England)

FIELD STUDIES COUNCIL

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FIELD STUDIES COUNCIL

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1 - 2
Trustees' report 3 - 21
Independent auditors' report on the financial statements 22 - 25
Consolidated statement of financial activities 26
Consolidated balance sheet 27 - 28
Company balance sheet 29 - 30
Consolidated statement of cash flows 31
Notes to the financial statements 32 - 66

FIELD STUDIES COUNCIL (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Professor P Higgins PFHEA FRGS FRSE, Chair (until 17 July 2024)
Mr J Sissons, Chair (on and from 17 July 2024)
Professor R H Marrs FCiEEM CEcol FRSB, Vice Chair (retired 1 July 2024)
Mrs G Miller, Vice Chair (on and from 17 July 2024)
Mr M H Beatty OBE FCPFA FRSB, Honorary Treasurer
Mr P W Anderson
Mr C D Brook**
Dr M R Christie
Dr R Copeland-Phillips*
Ms A Craig
Ms K Davids (retired 6 November 2023)
Dr D J Garratt**
Mr K Goddard*
Professor N J K Howden (retired 10 May 2024)
Mr M L Keatley-Clarke (retired 1 May 2024)
Mr C Lane
Ms N R Lynes**
Mr N P O'Loughlin
Mrs C Smith (retired 14 July 2023)
Mr D Westgate**
Appointed:10 March 2024 and*17 June 2024
Company number
0412621
Charity numbers
313364 (England) and SC039870 (Scotland)
Registered office
Field Studies Council
Preston Montford
Shrewsbury
Shropshire
SY4 1HW
Company secretary
Mr T Dhadwar MBA FCCA
Chief executive officer
Mr J M Castle OBE

Page 1

FIELD STUDIES COUNCIL

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Auditors WR Partners
Chartered Accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire SY2 6LG
Solicitors Anthony Collins LLP
134 Edmund Street
Birmingham B3 2ES
Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol BS1 4QA
Senior leadership team Mr J M Castle OBE, Chief Executive Officer***
Mr T Dhadwar MBA FCCA, Director of Finance and Business Administration and
Company Secretary***
Mr A Pratt BSc (Hons), Director of Education and Operations***
Mr I Wainwright BA (Hons) MSc DipM FCIM CMktr, Commercial Director***
Mr P Turvil BSc (Hons) MSc FInstLM MIoD, Eco Business Director (resigned 31
December 2023)***
Mrs S Seivewright MA CFCIPD, Head of Human Resources (resigned 31
December 2023)
*** In addition to Trustee Jeff Sissons, these are Directors of FSC Trading Ltd
Patron Patron The former Prince of Wales (2023)
In progress for confirmation (as at 17 July 2024)
President Professor T P Burt FAGU FRGS
Vice-Presidents (serving Dr A H Lavery OBE
during 2023) Mr R Lucas FRGS
Mr A D Thomas OBE
Professor D B A Thompson FRSE FCIEEM
Honorary Vice- Mrs A Bailey BA
Presidents Sir Christian J S Bonington CVO CBE DL
Mr G H Brown FCCA
Dr J H Crothers
Dr R Crump (deceased March 2023)
Mr M H Edwards BA PGCE
Dr J J Hopkins MSc PhD
Mr C K Kington FRSA FRGS
Mrs M Peart OBE BSc PGCE
Dr S Tilling

Page 2

FIELD STUDIES COUNCIL (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees of Field Studies Council present their report for the year 1 January to 31 December 2023 and the audited 2023 consolidated financial statements of Field Studies Council. Field Studies Council’s Trustees are Directors of Field Studies Council for company law purposes. This report is a combined company directors’ report and charity trustees’ report and contains, on pages 8 to 17, a strategic report as required by company law. The Trustees have approved the strategic report.

Field Studies Council is a charity registered in England and Wales (No. 313364) and in Scotland (No. SC039870). It Is a non-profit making private company limited by guarantee, registered in England and Wales No. 412621.

The financial statements include the consolidated results of Field Studies Council and FSC Trading Ltd. FSC Trading Ltd, a private company limited by shares registered in England and Wales No. 12891131, is a wholly owned subsidiary of Field Studies Council.

Celebrating 80 years of Field Studies Council

During 2023 we took the opportunity to celebrate our 80th anniversary. Field Studies Council was created in December 1943 to offer meaningful outdoor education experiences for everyone. Since then, we have welcomed more than 3.7 million students through our doors. In January 2023 our celebrations began at our biennial staff conference at Castle Head Field Centre and during the year they took a variety of forms from planting 80 trees to sponsoring 80 young Darwin Scholars and sponsoring part of the British Ecological Society Conference in Belfast where our Vice Chair Professor Rob Marrs spoke about our achievements over the years. The anniversary was picked up by a number of media outlets, giving us an opportunity to talk about the continued relevance and growing importance of fieldwork today. All our staff had the opportunity to recognise this significant milestone and participate in celebratory events and we wrapped up celebrations by focussing on the future with the opening of our new Education Facility in Greenwich Park.

Thank you

Trustees and staff are extremely grateful to all users, organisers of visitor groups, funders and donors for their continued support.

Trustees are extremely grateful to staff and volunteers for their work in 2023 in delivering the charitable purposes of Field Studies Council, and their continuing search for improved ways of doing that.

Page 3

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance “Public benefit: running a charity” (PB2). All Field Studies Council’s activities are undertaken to further its charitable purposes for the public benefit.

We aim to inspire everyone to be curious, knowledgeable, passionate and caring about the environment. Our aim is that first-hand experiences in the real world to connect and engage with nature will inspire care for the planet on which we all depend.

We do this mainly by creating outstanding opportunities and high-quality outdoor learning for all ages, delivered through courses and events held at our network of outdoor learning centres and a growing number of third-party venues. Field Studies Council also provides online and virtual opportunities to reach new audiences.

As access to high quality learning opportunities is not easily available to everyone, we seek to tackle this issue by providing subsidised opportunities. Field Studies Council works and campaigns for everyone to be able to enjoy high quality outdoor learning, not just those who can afford it, and that it is firmly embedded in the school curriculum across all UK nations.

b. Field Studies Council’s charitable purposes

Field Studies Council’s charitable purposes are set out in its Articles of Association. In summary they are:

c. Main activities undertaken to further the company's purposes for the public benefit

Field Studies Council provided a wide variety of opportunities for learners of all ages to engage in fieldwork and first-hand outdoor learning experiences. Our purposes also refer to “every kind of fieldwork” and in 2023 the Charity continued to offer online, virtual, and blended learning and extended the range of locations at which learning experiences were offered. We have seen that learning more about the environment develops the passion, knowledge and skills needed to help protect and preserve the environment.

Our main activity is the provision of educational courses for schools, colleges and universities who come to our network of field studies centres in England, Scotland and Wales. Courses are taught on both residentials and day visits. In 2023, 131,124 learners attended courses at our locations (2022: 129,997). In addition, other activities include publishing high quality field guides to identify fauna and flora and we also seek to increase sources of funds to support our charitable purpose through the short-term letting of our properties at times when our property is not required for field work.

Page 4

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Advancing biodiversity training

In 2023, Field Studies Council supported over 5,000 adults to understand and protect biodiversity. We designed and delivered 130+ courses over 22+ subjects at our centres, online, and partner locations. We were pleased that:

Growing nature publications

Field Studies Council supported large new audiences by growing their biodiversity awareness and taxonomic skills and knowledge. We produced and distributed over 150,000 printed biodiversity guides across the UK to households, community groups, and professionals.

We continued to further our objectives by being a delivery partner in a number of national, government funded projects.

Growing grants and supporters

Field Studies Council advanced our charitable impact by building relationships with grant funders, businesses, and individuals and the financial support and partnerships enabled multiple projects to benefit school children, young people, and adults. We invested in innovative learning pathways and marketing to diversify our audiences. We continued to embed fundraising into Field Studies Council’s 10-year strategic plan.

Field Studies Council continued to promote field studies and the protection of the environment at government level by our advocacy work. We campaigned to ensure that field studies and outdoor learning opportunities are available to all, not just those that can afford them.

In delivering our purpose to establish, equip and maintain centres for field studies the Charity is seeking to do this in a sustainable way, managing our buildings and wider estate to enhance nature recovery, biodiversity and is working towards carbon net zero by 2030.

Further detail of our activities is contained within our Impact Report, which is available on our website.

Page 5

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

d. Other activities undertaken by Field Studies Council

Field Studies Council, as a charity, has limited ability to engage in other activities. Through FSC Trading Ltd, the Charity’s premises provide holiday accommodation at times when that accommodation is not required for use or able to be used in delivering Field Studies Council’s charitable objectives. One of the responses to the financial pressures on Field Studies Council was to increase significantly the alternative uses of its properties particularly in peak holiday time. In 2023 income generated from non-charitable activities was £1.6m (2022: £1.7m), which resulted in a donation from FSC Trading Ltd to Field Studies Council of £79,758 (2022: £253,306) towards achieving the Charity’s objectives.

e. Plans for the future

In 2022, the Organisation developed a Ten-year Plan - Road to 2032, after significant consultation with key stakeholders. The plan established 8 clear strategic goals for 2032, which are;

  1. To have a resilient and robust financial operating model that will enable the generation of cash reserves sufficient to sustain regular investment in staff, systems, assets and partnerships, for the fulfilment of our charitable objects.

  2. To have a residential estate configured to offer a gateway to high value landscapes that enables the delivery of a quality customer experience.

  3. To pioneer and deliver learning for increasing numbers of people and more diverse audiences extending our reach with a Field Studies Council branded experience across the UK with immersive, inclusive, outdoor experiences available within an hour of 80% of the population.

  4. To have a balanced and resilient product portfolio to mitigate our risk exposure to changes in our main areas of business, and to help us meet our charitable objects in other ways, as customer demand and markets change.

  5. To have an established network of supporters, donors, staff and student alumni who campaign on behalf of Field Studies Council, supporting our position as the leading provider of accessible outdoor learning contributing to biodiversity and climate change literacy.

  6. To have a brand which will be widely recognised, synonymous with quality and credibility, giving us new opportunities to access customers, donors, partners and Governments.

  7. To ensure that the protection and preservation of the natural environment and sustainable practices are visibly embedded within Field Studies Council’s ethos and values and demonstrated in practice.

  8. To deliver our products and services utilising a mixed economy of highly motivated and well trained staff and volunteers deployed and equipped to support our leading role in the sectors we are part of.

It also identified key areas of opportunity, some of which are:

In 2023, Trustees and Management began the process of looking towards the production of our 2025-2030 Strategy, for launch in January 2025. A series of workshops with key stakeholders, including staff, were initiated in the latter part of 2023 and into 2024. We are looking forward to progressing this work throughout 2024.

Page 6

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

f. Employees, Associate Tutors and volunteers

Field Studies Council’s workforce consists mainly of full-time and part-time employees and is supplemented by self-employed freelancers, a mix of self-employed and casual associate tutors, and volunteers (including the President, Vice-Presidents and Trustees). The volunteers are important to Field Studies Council in relation to its governance and delivery of its charitable objectives. Volunteers donate their time and expertise at some of our centres, often in developing and maintaining our centre habitats. We continued our Higher Education Placement scheme in 2023 where five students spent their year in industry with us, gaining experience of living and working in a residential field centre setting. In addition, we enrolled two cohorts of Trainee Tutors during 2023, employing 12 Trainee Tutors over the course of the year.

In 2023 the Group employed on average 389 people (2022: 368), approximately 65% full- time and 35% parttime. The Group employed more women than men. As at 5 April 2023 when the Gender Pay Gap Review was conducted the differences between pay for men and women as reported for 2023 was Mean (average) 15.41% (2022: 13.04%) and Median (midpoint) 3.85% (2022: 3.88%). The average number of employees (full-time equivalents) employed during 2023 was 308 (2022: 295), Further details are disclosed in Note 13 to the Financial Statements.

Employee Pay

Field Studies Council and FSC Trading Ltd operate a salary banding scale for all staff. Each post has incremental points relating to it; progression to the next point level depends on satisfactory performance. The grade and corresponding salary for all staff has been determined through a HAY (Korn Ferry) job evaluation exercise. The recruitment and retention of key staff continued to be an area of difficulty in 2023, but eased significantly when compared to 2022. Field Studies Council operates a 55-scale point range in the banding structure. Field Studies Council pays all employees, except Apprentices, at scale point 4 (which is as a minimum the 23 and over National Minimum Wage rate) or above. Based on a minimum staring point of 4, the top scale point is 14.0 (2022: 16.7) times the lowest scale point within a 55-point range.

We review salaries each year to assess whether any cost-of-living increase or changes to the National Minimum Wage are needed. In January 2023 we announced a 10% pay increase for all posts and also made the decision to keep the previously agreed principle of maintaining a minimum 2% differential between all pay scales. Therefore, despite the ongoing financial pressures due to the impact of the pandemic, rising interest rates and inflationary costs, all staff on pay scale 26 or below (97% of total posts) received an increase in their hourly rate of pay. Posts between pay scale 26 and 40 (2% of total posts) received a phased 5% in January 2023 and the remaining 5% in July 2023. The remaining postholders at pay scale 41 or higher received a phased 5% in January 2023 and the remaining 5% in October 2023. In addition, annual incremental increases were awarded to eligible members of staff.

Further information on remuneration arrangements for Key Management Personnel is included in Note 13 to the Financial Statements.

Employment of Disabled Persons

Field Studies Council has detailed policies in relation to all aspects of personnel matters including an equal opportunities policy which establishes fair employment practices in the recruitment, selection, retention, training, career development and promotion of disabled staff. The EDI Working Group completed an Accessibility Audit for all public access areas within our buildings to identify any improvements that could be made to enhance the customer experience.

Page 7

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

g. Fundraising

Field Studies Council did not carry out any significant fundraising activities with the general public. However, the website continues to make our charitable status clear and contains a direct donation ask and an option to make a donation at the online shop.

During 2023, the Charity received over £128,000 in donations from various sources and legacies income was over £502,000.

h. Grant-making

Grants for Schools launched in 2022 with over 150 schools applying for an environmental education grant paid over three years to support day or residential outdoor learning. The applications were then screened against qualifying criteria and any unsuccessful applicants offered a booking incentive. The grant is a fixed amount per school for day or residential courses. This ensures schools will have financial support to arrange environmental education for multiple year groups, rather than just one, and unite school classes in shared experiences.

2023 saw the highest take up of the grant with 49 schools and 1,659 students attending a day or residential Field Centre. Going forward there has been a decline in schools taking up the 2nd and 3rd year of the grant with the majority stating increase in costs of transport, cost of living or a change in the teaching staff impacting their decision.

Strategic report

Achievements and performance

a. Overview

Our primary strategic goal, in 2023, was to consolidate the post Covid changes and strengthen the Charity’s operations. This report and the financial statements show the steps taken by the Charity to achieve this. During the year we ceased all operations and exited our long-standing relationship with National Trust at our site at Malham Tarn. Residential activity has started to recover but booking patterns are more disrupted. We have worked to increase our reach through different avenues, with increased emphasis on Adult Professional Learning and wider outreach opportunities. In all, we continue to make an important contribution towards achieving our charitable purposes, described below.

Page 8

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Strategic report (continued)

Achievements and performance (continued)

b. Achievements and performance

The organisational structure, which was envisaged through the plans contained within the 2020-2025 strategy, is beginning to deliver the benefits aimed for and is helping to strengthen Field Studies Council’s overall performance. The contraction in the number of operating locations and the move to a more seasonal staffing model has helped to reduce expenditure, whilst the acceleration of both the diversification in product offering in Adult Learning and the increased use of existing locations in traditionally non-education months, has helped to generate additional revenue streams to compliment the core charitable activities.

The culmination of these changes to the operating model have resulted in an Operating Surplus of £0.7m for the year, despite the significant turbulence of economic unease across the UK. Normal accounting practice is to provide accruals and provisions assessed to be likely in future periods, based on events as at the year end. The 2023 surplus has movements in accruals and provisions which have a positive effect on the outturn of £0.4m. This positive number also equates to a saving of £0.4m on cash outflows.

c. Measures for the delivery of Field Studies Council’s charitable purposes

Field Studies Council’s activities, measured in numerical form, for the furtherance of our charitable purposes are summarised as:

2023 2022
Learners attending Field Studies Council courses at our
locations
Learners: residential
Learners: day visits
Learners: subsidised
Learner hours (excluding online)
Visitor nights
Visitor days (non-residential only at our locations)
Virtual learningvia Biolinks and Eco skills/Biodiversity		 131,124
56,671
74,059
5,950
2.3M
169,899
107,169
3,269		 129,997
58,138
71,859
5,892
2.4M
175,650
87,920
4,213

Learners are individuals who attended a course or event provided by Field Studies Council. We aim to work with the widest range of learners with a view to creating benefit for the wider society as a whole.

The FSC Group’s Vision for 2025 contains four key objectives designed to inspire everyone to be curious, knowledgeable, passionate and caring about our environment: Get People Outdoors, Provide High-Quality Outdoor Learning, Advocate Sustainability, and Encourage Wellbeing.

Despite the turmoil of recent years, starting with the Covid-19 pandemic, but continuing with the negative impacts of Brexit, the Wars in Ukraine and Gaza, significant Economic turmoil and the challenges that these events have created, we believe that four key objectives of the Strategy remain as relevant today as they did in 2019.

Page 9

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Strategic report (continued)

Achievements and performance (continued)

Each objective identifies workstreams to facilitate the delivery of the overall strategy.

Objective 1: Get People Outdoors –

Field Studies Council engages the widest range of people by:

Objective 2: Provide High-Quality Outdoor Learning –

Field Studies Council provides excellent courses, materials and opportunities for all people and abilities by:

Objective 3: Advocate Sustainability -

Field Studies Council promotes sustainable approaches in all aspects of our work by:

Objective 4: Encourage Wellbeing -

Field Studies Council seeks to nurture health, happiness and confidence through outdoor learning. This is being achieved though the numerous high-quality opportunities Field Studies Council provides for outdoor learning. Spending time in nature and connecting to the environment is great for our health and wellbeing. This has become a cross-cutting theme for Field Studies Council.

Page 10

(A company limited by guarantee)

FIELD STUDIES COUNCIL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Strategic report (continued)

Financial review

a. Key Financial Performance Indicators

Field Studies Council key performance indicators in this respect are:

2023 2022
£ £
Surplus/(Deficit)
Income - Total
Income - Environment Education Courses
Expenditure - Total
Expenditure - Employees
Net Current Assets/(Liabilities) at year end
Net Assets at year end
Cash at year end
Loan Debt atyear end		 838,497
17,529,957
14,253,989
16,762,576
9,914,779
(762,260)
15,934,704
4,751,345
1,846,573		 949,482
17,021,639
13,602,295
15,964,355
8,771,104
(1,488,880)
15,096,207
3,653,657
1,952,029
Employees - FTEs(annualised average) No. No.
389 368

Further information on financial performance is given in the financial review below.

Overview

Income is activity driven, derived mainly from payments made for its environmental education courses principally by school groups and university groups (2023: £14.2m, 2022: £13.6m). In a typical year, the courses income is greatest in the March to June and September to November periods. As a result, cash tends to be at its lowest in the first quarter and build up to a peak in late June and fall thereafter. Maintaining sufficient liquid cash levels is a priority as it helps us to effectively plan reinvestment activity into our locations, with a move towards reaching Carbon Net Zero by 2030, our delivery of our Nature Recovery plans, whilst also enhancing the customer experience through quality service, teaching facilities and accommodation standards. Our new booking system and revised terms and conditions, which were first used for the full year in 2019, have contributed to a more effective sales process, improved rebooking rates and resulted in significantly higher cash balances than before these changes were implemented. The cash balance at the year-end was £4.7m (2022: £3.6m).

Expenditure is, in contrast, relatively steady month by month, being mainly staff costs and the costs of maintaining, operating and insuring our estate. This allows for accurate working capital requirement forecasting for a minimum of six months ahead.

Field Studies Council does not have a significant endowment fund with which to finance its activities. To finance new developments and major maintenance, repairs and capital improvements, Field Studies Council relies on generating, over time, an annual surplus of income over expenditure.

Page 11

(A company limited by guarantee)

FIELD STUDIES COUNCIL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

b. Financial position at 31 December 2023

Reserves and total net assets were £15.9m (2022: £15.1m) and net current liabilities were £0.8m (2022: £1.5m). The net current liabilities amount is primarily as a result of deposits received from customers for course bookings in 2024 (Note 20). Fixed assets were £18.4m (2022: £18.8m): the change being due, principally, to depreciation and amortisation charges to existing assets. A notable uplift in Net Asset Value was the acquisition of 11 acres of agriculture land next to our Start Bay facility at Slapton. Current assets were £6.4m (2022: £5.4m), including cash at bank of £4.7m (2022 £3.6m), and current liabilities were £7.2m (2022: £6.9m).

For 2023 income exceeded expenditure by £0.8m (2022: £0.9m). Total income was £17.5m (2022: £17.5m). Expenditure was £16.7m (2022: £16.0m). The expenditure amounts includes the release of some accruals and provisions brought forward from 2022, which reduced overall expenditure by £0.4m. Income from charitable activities increased to £14.2m (2022: £13.6m). Income from Donations and Grants was £0.9m (2022: £1.2m).

c. Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that Field Studies Council has adequate resources to continue in operational existence for the foreseeable future which for this purpose means the period of 12 months from the date these financial statements are approved. For this reason, they continue to adopt the ‘going concern’ basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in note 2.2 of the financial statements.

d. Reserves Policy

Field Studies Council holds reserves for purposes of ensuring the sustainability of Field Studies Council’s mission and its ongoing operations and to provide a source of internal funds for organisational priorities. To achieve this, reserves are estimated taking into account analysis of strategic risks to the Field Studies Council and these risks are reviewed on a regular basis. The nature of our work is such that we have contractual commitments to those who visit our learning locations sometimes extending for longer than a year. Therefore, the risks for which reserves are required are those related to business continuity including budget risk, working capital and exceptional costs. The Trustees have undertaken a review of these risks and decided that the appropriate level of reserves required is in the range of £1.5m - £2.5m.

General funds (General Reserves) are held to manage strategic risks and day-to-day business continuity. The level of free reserves as measured by general funds excluding fixed assets and designated funds was a deficit of £1.04m as at 31st December 2023 (2022: £2.0m deficit). This deficit is a result of the deficits incurred because of the trading restrictions under Covid during 2020 and 2021. However, we are making steady progress in recovering the position, having improved from a deficit position £4.9m at the end of 2021, to the current deficit of £0.7m.

Field Studies Council holds a number of designated funds totalling £0.7m as at 31st December 2023 (2022: £0.7m): details are given in Note 23 to the Accounts. Total funds held in restricted funds were £1.0m as at 31 December 2023 (2022: £0.9m). These are held to be spent in line with funders' requirements.

e. Material Investments Policy

Any spare resources are invested in a range of pooled funds to achieve a return of at least the rate of inflation so that resources are protected in real terms.

Page 12

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

f. The principal risks and uncertainties facing Field Studies Council

These, so far as they have been identified, are:

These continue to be the principal risks and uncertainties for Field Studies Council in 2024.

Constant close and caring attention to health and safety continues to be a key feature of Field Studies Council’s culture and operations. We promote a risk benefit approach to learning outdoors. We continue to campaign for fieldwork and outdoor learning to be firmly embedded in the curriculums.

A Strategic Risk Register is maintained and updated regularly by management and reviewed by the Audit & Risk Management Committee and by the Board.

g. Financial Risk Management objectives and policies

The Trustees have a risk management strategy comprising:

h. Payment practices and performance

The report submitted on 1 February 2023 in respect of the period July to December 2022 showed that Field Studies Council paid invoices within an average of 45 days with 66% of invoices paid within 30 days. Field Studies Council is no longer required by law to report on its payment practices and performance. Despite no longer being required to report, we have not changed our payment practices to the detriment of any suppliers.

Page 13

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

i. Section 172 (1) statement

Section 172 of the Companies Act 2006 requires a director of a charitable company to act in the way he or she considers, in good faith, would be most likely to achieve the company’s charitable purposes for the public benefit. In doing so, section 172 requires the director to have regard (amongst other matters) to:

The requirement on directors of a commercial company is different in that they are required to promote the success of the company. For the trustees of a charitable company the section 172 duty more obviously overlaps with the section 171 duty to act in accordance with the company’s constitution which limits the company’s activities principally to its charitable purposes. The circumstances are also different in that usually the directors of a charitable company are unpaid volunteers and employees are not eligible to be directors.

Protecting and preserving the environment is one of Field Studies Council’s three charitable purposes. The Trustees recognise the Charity’s direct responsibility in this respect as being greater than just having regard to the impact of its operations on the environment.

Organisationally Field Studies Council embeds a number of the section 172 factors in its governance and operations. Examples include:

Page 14

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

In 2023 particular examples of applying the section 172 factors include:

Some of these examples apply to more than one heading and for most additional detail is given elsewhere in this Report.

Page 15

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy and Carbon Reporting

2023 Energy and Carbon Report for Field Studies Council (Group)

Page 16

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Methodology

Field Studies Council qualifies as a large unquoted company for the 2023 reporting year. It engaged the services of Pilio, a consultancy firm, to independently verify and report upon the carbon emissions.

To report SECR results, Pilio follows the Greenhouse Gas (GHG) Protocol: A Corporate Accounting and Reporting Standard for GHG accounting and use an operational control approach. All energy and carbon data reported is sourced from the Pilio Energy & Carbon platform. In this platform, Field Studies Council monitors 20 sites, which are included within this report.

Gas, electricity, heating oil, propane, and biomass consumption in kWh was collected from energy and carbon management software, using a mix of meter readings and consumption data shared by energy suppliers, meter operators and Field Studies Council.

Fuel consumption in litres from company vehicle use was collected from fuel receipts at the end of the reporting year. Litres were converted into kWh using fuel conversions from the UK Government GHG Reporting: Conversion Factors 2023: full set (for advanced users) for GHG calculations.

Mileage from employees travelling in their private vehicles for business purposes was collected as part of employee travel expenses at the end of the reporting year.

All data in their units were converted into tonnes of carbon dioxide equivalents using the UK Government GHG Reporting: Conversion Factors 2023: full set (for advanced users). The 2023 set was used as it represents the reporting year.

Energy efficiency actions in 2023

Energy efficiency linked measures implemented in 2023 included:

Many of these projects are ongoing and have continued to improve our operational efficiency.

Page 17

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Status and constitution

Field Studies Council is a company limited by guarantee without a share capital. It was incorporated in 1946 and is registered in England and Wales under the Companies Act 2006 (company number 412621). It is the successor to The Council for the Promotion of Field Studies which was established in 1943.

Field Studies Council is registered with the Charity Commission for England and Wales (number 313364) and with the Scottish Charity Regulator (number SC039870).

Our constitution and charitable objects, and the regulations concerning our management, are embodied in our Memorandum and Articles of Association.

Our Articles of Association and our annual Accounts are available for inspection through Companies House, the Charity Commission for England and Wales, and the Office of The Scottish Charity Regulator.

Our Governance Handbook, which refers to the public benefit guidance published by the Charity Commission for England and Wales, was updated in 2021. The Handbook applies many of the recommended practices in the Charity Governance Code for larger charities to our governance. A governance review was conducted in 2023: changes and further discussions are ongoing.

b. Trustees, Officers and Advisers

On 31 December 2023 Field Studies Council had 12 Trustees. Appointments are for an initial term of six years and reappointments for a further term of three years. In 2023 one existing Trustee was appointed for a further term, two Trustees retired and no new Trustees were appointed.

The Charity operates on the principle that long-serving Trustees (someone who has served for more than nine years) should not represent more than 25% of the total number of Trustees. As at 31 December 2023 four out of 12 Trustees (33%) were long serving.

Information on the Trustees, Officers and Advisers, and the identity of the Directors of FSC Trading Ltd, is given on pages 1 to 2, and 19. Further information on individual Trustees is given on the Charity’s website.

c. Appointment and Reappointment of Trustees

Existing Trustees are responsible for the recruitment of new Trustees. The Board annually identifies whether there is a need to appoint additional Trustees, taking into account the skills, experience and knowledge needed for the effective operation of the Board. If appointments are to be made, it sets up a panel to identify and recommend suitable candidates to the Board for appointment. Posts are advertised publicly. In late 2023 the Trustees decided to recruit new Trustees: this was done in 2024.

Page 18

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. Induction and training of Trustees

Field Studies Council’s policy was to ensure that all new Trustees are provided with appropriate induction and training through documentation, a visit to a centre or Head Office or a relevant external course. New Trustees were encouraged to undertake safeguarding training and other courses such as the NCVO e-learning 'Roles and duties of trustees' and the DSC 'Financial governance for trustees'. A growing strand of work has centred around Equality and Diversity. Our approach to induction was revised in 2024.

Trustees are encouraged to play a part on committees or other working groups and to take a special interest in one aspect of the Charity's activities.

e. Members' liability

Field Studies Council’s Articles of Association provide that every member promises, if Field Studies Council is dissolved while they remain a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by Field Studies Council while they are a member. Only Trustees and the President are members of the company. As at 31 December 2023 there were 13 members of the company (2022: 15).

f. Organisational Management and Decision Making

Field Studies Council pursues its charitable activities and conducts a limited amount of non-charitable activity ancillary to its charitable activities and in providing support to FSC Trading Ltd. FSC Trading Ltd employs the education staff, conducts the alternatives uses business and other non-charitable activities, and provides support to the Charity.

As part of their legal responsibilities, Trustees oversee the strategic direction of the Charity. The Trustees have established four committees. Information identifying the committees, the frequency of meetings of the Trustees and the committees, and Trustees attendance is given in the table on page 20.

Trustees delegate responsibility and authority for Field Studies Council’s day-to-day activities and delivery of the Vision and Values to the Chief Executive and, through him, to staff. This includes responsibility for developing and maintaining policies and operating procedures.

The Chief Executive is accountable to the Board, leads the workforce and ensures resources are controlled and effectively administered. The Chief Executive works with a Senior Leadership Team which meets regularly. In 2023 the members of the Senior Leadership Team (SLT) were:

Mr J M Castle OBE, Chief Executive Officer

Mr A Pratt, Director of Education and Operations

Mr P Turvil, Eco Business Director (resigned 31 December 2023)

Mrs S Seivewright, Head of Human Resources (resigned 31 December 2023)

In 2023, the SLT (other than Mrs Seivewright) and Trustee Jeff Sessions were the Directors of FSC Trading Ltd.

Staff volunteers represent the views of staff at the Board of Trustees and Board Committee meetings (other than the Remuneration Committee). Field Studies Council has operational working groups which involve managers and staff from across the organisation, and in some cases Trustees, in developing specific areas of work.

Page 19

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

The Trustees who served during the reporting period, the committees on which they served and their attendance are set out in the table below:

g. Arrangements for Setting the Pay and Remuneration of Field Studies Council’s Key Management Personnel

The Board of Trustees decides on the starting point and progression of the Chief Executive’s salary (this is currently delegated to the Chair). The Chair conducts the annual appraisal of the Chief Executive and provides input into the annual appraisal meetings for the Senior Leadership Team. The Trustees, at the Board or its Finance & Administration Committee, following recommendations from the Remuneration Committee, decide on any cost-of-living adjustments to the salary bandings. Remuneration for all paid personnel is set in line with published salary bandings and the scale points within those bands.

The employed key management personnel are identified and information on their pay is given in note 13 of the Accounts.

Page 20

FIELD STUDIES COUNCIL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors Auditors

WR WR Partners have indicated their willingness to continue in office. Partners have indicated their willingness to continue in office.

Approved Approved by the Board of Trustees and signed on behalf of the Trustees by: by the Board of Trustees and signed on behalf of the Trustees by:

oe ................................................ Jeff Sissons Sissons eeeeeeeeeeeees Chair Chair of Trustees of Trustees

Date: Date: 05/08/2024 05/08/2024

Page 21

FIELD STUDIES COUNCIL

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIELD STUDIES COUNCIL

Opinion

We have audited the financial statements of Field Studies Council (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 the Group's or the parent charitable company'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.

Page 22

FIELD STUDIES COUNCIL

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIELD STUDIES COUNCIL (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.

Opinion 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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

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

Page 23

(A company limited by guarantee)

FIELD STUDIES COUNCIL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIELD STUDIES COUNCIL (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the 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.

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 the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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 is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and group and determined that the most significant are those that relate to the reporting framework (Charities SORP (FRS102), the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006), the relevant tax compliance regulations, employment law, Heath and Safety Regulations and the EU General Data Protection Regulation (GDPR).

We understood how the charitable company and group are complying with these frameworks by making enquiries of management, those charged with governance and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.

We assessed the susceptibility of the charitable company and group's financial statements to material misstatement, including how fraud might occur by meeting with key management and those charged with governance to understand where they considered there was susceptibility to fraud. Based on our understanding procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.

Page 24

FIELD STUDIES COUNCIL

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIELD STUDIES COUNCIL (CONTINUED)

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

John Fletcher BA (Hons) FCA (Senior statutory auditor)

for and on behalf of

WR Partners

Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Date: 5 August 2024

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 25

FIELD STUDIES COUNCIL

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and grants:
4
Coronavirus support grants
. Donations and legacies
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net income before net gains/(losses)
on investments
Net gains/(losses) on investments
Net income
Transfers between funds
23
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
-
681,340
14,253,989
1,626,337
258,265
468,937
17,288,868
624,324
16,027,656
16,651,980
636,888
68,430
705,318
13,740
719,058
14,173,973
719,058
14,893,031		 Restricted
funds
2023
£
-
236,390
-
-
4,699
-
241,089
-
110,596
110,596
130,493
2,686
133,179
(13,740)
119,439
922,234
119,439
1,041,673		 Total
funds
2023
£
-
917,730
14,253,989
1,626,337
262,964
468,937
17,529,957
624,324
16,138,252
16,762,576
767,381
71,116
838,497
-
838,497
15,096,207
838,497
15,934,704		 Total
funds
2022
£
46,324
1,168,770
13,602,295
1,718,152
93,463
392,635
17,021,639
568,587
15,395,768
15,964,355
1,057,284
(107,802)
949,482
-
949,482
14,146,725
949,482
15,096,207

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 32 to 66 form part of these financial statements.

Page 26

FIELD STUDIES COUNCIL

(A company limited by guarantee) REGISTERED NUMBER: 0412621

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Provisions for liabilities
22
Total net assets		 82,591
1,572,923
4,751,345
6,406,859
(7,169,119)		 2023
£
15,899,821
2,056,473
480,000
18,436,294
(762,260)
17,674,034
(1,739,330)
-
15,934,704		 80,689
1,667,524
3,653,657
5,401,870
(6,890,750)		 2022
£
16,358,093
1,977,442
480,000
18,815,535
(1,488,880)
17,326,655
(1,836,021)
(394,427)
15,096,207

Page 27

FIELD STUDIES COUNCIL (A company limited by guarantee) REGISTERED NUMBER: 0412621

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Charity funds
Restricted funds 23 1,041,673 922,234
Unrestricted funds 23 14,893,031 14,173,973
Total funds 15,934,704 15,096,207

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jeff Sissons Chair of Trustees

Peter W Anderson Trustee

Date: 05/08/2024

The notes on pages 32 to 66 form part of these financial statements.

Page 28

FIELD STUDIES COUNCIL

(A company limited by guarantee) REGISTERED NUMBER: 0412621

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Provisions for liabilities
Net assets
Total net assets		 82,591
1,571,553
4,751,363
6,405,507
(7,167,768)		 2023
£
15,899,821
2,056,474
480,000
18,436,295
(762,261)
17,674,034
(1,739,330)
-
15,934,704
15,934,704		 80,689
1,667,521
3,653,479
5,401,689
(6,890,570)		 2022
£
16,358,093
1,977,443
480,000
18,815,536
(1,488,881)
17,326,655
(1,836,021)
(394,427)
15,096,207
15,096,207

Page 29

FIELD STUDIES COUNCIL (A company limited by guarantee) REGISTERED NUMBER: 0412621

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Charity funds
Restricted funds 23 1,041,673 922,234
Unrestricted funds 23 14,893,031 14,173,973
Total funds 15,934,704 15,096,207

The Company's net movement in funds for the year was £ 838,497 (2022 - £1,148,621) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jeff Sissons Chair of Trustees

Peter W Anderson Trustee

Date: 05/08/2024

The notes on pages 32 to 66 form part of these financial statements.

Page 30

FIELD STUDIES COUNCIL

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Net cash provided by operating activities
27
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of listed investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
28		 2023
£
1,615,543
262,964
3,220
(670,667)
(7,916)
(412,399)
(105,456)
(105,456)
1,097,688
3,653,657
4,751,345		 2022
£
2,721,686
94,580
91,900
(236,735)
-
(50,255)
(2,582,636)
(2,582,636)
88,795
3,564,862
3,653,657

The notes on pages 32 to 66 form part of these financial statements

Page 31

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Field Studies Council ("the Company") is a private company limited by guarantee. The members of the Company are the Trustees and the President named on pages 1 and 2. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the second edition of the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Field Studies Council meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and FSC Trading Ltd, a subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees continue to adopt the going concern basis of accounting in preparing the company’s financial statements.

In relation to these financial statements, the Trustees have assessed whether the use of the going concern basis of accounting is appropriate and whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Trustees made the assessment in respect of the period to 17 July 2025, a period of one year from the date the financial statements are approved for issue.

The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the period to 17 July 2025, based in financial terms principally on the financial forecasts for 2024 and bookings data for 2025.

Whilst the inflationary pressures across the UK are beginning to ease, they have resulted in some ongoing impact on customer bookings and Field Studies Council is starting to see a reduction in the number of pupils able to attend, which is having a negative effect on our primary income source, Course Fee Income. This downturn was reflected in the company’s Budget for 2024, and the Spring 2024 budget reforecast confirms that this remains the trend. Balanced with additional income in other areas and cost savings achievable against budget, a surplus is still expected to be generated for 2024.

Page 32

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.2 Going concern (continued)

Field Studies Council is indebted to Barclays Bank in the form of a term loan with an outstanding balance of £1.8m, as at the end of May 2024. The company is confident that all repayments will be made in accordance with the repayment schedule.

Nevertheless, return bookings for 2025 are still healthy and as at 1 July 2024, there were already in excess of £9.8m of bookings in the pipeline, demonstrating a strong demand for our services.

Cash holdings at the end of May 2024 were £6.2m, £0.5m higher than at the end of May 2023. This is after having repaid Loan Capital of £0.1m since May 2023 and having invested in some significant property projects.

Trustees and Management are mindful of continuing wider global turmoil, principally the ongoing war in Ukraine and conflict in Gaza, continuing high UK interest rates remain high at 5.25%, and the impact of policies of the new UK Government.

Field Studies Council is committed to only sourcing carbon neutral mains gas and electricity, despite the premium paid for these products. In addition, significant price fluctuations are still being experienced on wood pellets for biomass boilers, and oil. Costs in other areas are expected to increase, primarily for food. The largest expenditure category for Field Studies Group remains employment costs, which were forecast at £10.7m, 60% of total forecast expenditure for 2024.

The income streams from non-charitable activities, which since 2021 have been generated principally by FSC Trading Limited, are expected to continue to provide material additional revenues in 2024 and beyond.

Accordingly, the financial statements have been prepared on the going concern basis and the Trustees are of the opinion that there are no material uncertainties in relation to the ability of the company or its group to continue as a going concern for the twelve months to 17 July 2025.

Page 33

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from the supply of services is recognised with the delivery of the contracted service provided that the stage of completion, the costs incurred in delivering the service and the costs to complete the requirements of the contract can all be measured reliably.

Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Company 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 Company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Governance costs are costs incurred on the Company's operations including support costs and costs relating to the governance of the Company apportioned by charitable activities.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 34

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.7 Taxation

The Company is a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The Company pays material amounts in respect of employers national insurance contributions, value added tax, and for some properties business rates. These are included in expenditure and where appropriate creditors.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 35

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

Property

Depreciation is provided on all property at rates calculated to write the cost or valuation off less their estimated residual value, over their expected useful life.

The major components of the properties that have significantly different patterns of consumption of economic benefits are treated as separate assets and depreciated over their expected useful economic lives on a straight line basis at the following rates:

Component Lifespan (years)
Freehold land Unlimited
Freehold Structure 50
Leasehold structure
Length of lease
Roof 30
Boilers and heating systems 15
Bathrooms 20
Kitchens 10
Emergency lights 20
Flooring 15
Assets held for sale Not depreciated as the residual value is considered to be in
excess of the NBV (relates to previous operating property
now held for sale)

Component spend on leasehold properties would be the shorter of the remaining lease and the life of the component.

Non property, plant and equipment

Only plant and equipment costing £500 or more is capitalised. Depreciation is provided on all plant and equipment at rates calculated to write the cost or valuation off less their estimated residual value, over their expected useful life on a straight line basis at the following rates:

Scientific equipment
Motor vehicles and boats
Furniture and equipment		 Lifespan (years)

3 - 10
5
3 - 10

Improvements

Where there are improvements to properties that are expected to provide incremental future benefits, these are capitalised and added to the carrying value of the property, both freehold and leasehold. Any works that do not replace a component or result in an incremental future benefit are charged as expenditure in the Statement of Financial Activities.

Page 36

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

Impairment

As at each reporting date, the Company assesses whether there is any indication that an asset may be impaired. If there is such an indication and there are shortfalls between the carrying value of individual fixed assets and the recoverable amount then the shortfall is recognised as an impairment in the Statement of Financial Activities. The Charities SORP specifies that the recoverable amount of an asset is the higher of its fair value less costs to sell the asset and its value in use. Field Studies Council uses value in use when considering the recoverable value of certain properties.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

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

2.12 Cash at bank and in hand

Cash at bank and 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.

Page 37

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.13 Liabilities and Provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Fees received in advance (deferred income) are treated as liabilities and carried forward into the accounting period in which the courses take place.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 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.

2.15 Operating leases

Rentals paid during the financial year under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.16 Pensions

The Group participated in two pension schemes in the year. The assets of these schemes are held separately from those of the Company in independently administered funds.

There is a defined contribution scheme. The pension charge represents the contributions payable by the Company to the fund in respect of the year. Employee contributions rates for the year were 7.4% and employer contributions were 13%.

The Company established a scheme with National Employment Savings Trust in April 2013 from which time it was open to employees. Current contributions are set at 5% gross for employees and 3% for employers.

Page 38

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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 Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Group does not have any estimates and have not made any assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 39

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from donations and grants

Unrestricted
funds
2023
£
Donations and grants
General donations
119,297
Foundation Fund
59,561
Legacies
502,482
Young Darwin Scholarship Fund
-
Heritage Lottery Fund Biolinks
-
Foyle Foundation
-
Green Influencers
-
Bishops Wood Enviro Gains
-
Biodiversity Fund
-
Nature Friendly Schools
-
Centre Support Funds
-
Doddington
-
Climate Change Live grant
-
Trees For Cities Forgotten Places
-
Total donations and grants
681,340
Coronavirus support grants
-
681,340
Total 2022
392,049		 Restricted
funds
2023
£
9,226
-
-
15,108
161,064
40,000
9,070
-
-
-
-
-
1,922
-
236,390
-
236,390
823,045		 Total
funds
2023
£
128,523
59,561
502,482
15,108
161,064
40,000
9,070
-
-
-
-
-
1,922
-
917,730
-
917,730
1,215,094		 Total
funds
2022
£
41,432
95,619
211,162
82,051
318,175
-
18,720
15,000
29,190
178,028
45,631
28,661
-
105,101
1,168,770
46,324
1,215,094

Page 40

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Income from charitable activities

Unrestricted
funds
2023
£
Environmental Education
12,949,761
Educational Publications
497,565
Projects & Partnerships
372,572
Transport
434,091
14,253,989
Total 2022
13,602,295
6.
Income from other trading activities
Income from non charitable trading activities		 Total
funds
2023
£
12,949,761
497,565
372,572
434,091
14,253,989
13,602,295		 Total
funds
2022
£
12,426,470
420,973
368,079
386,773
13,602,295
Unrestricted
funds
2023
£
Shops
39,344
Bar
43,649
Maps and Other Publications
6,644
Course fees
398,248
Accommodation, hire and catering
1,138,452
1,626,337
Total 2022
1,718,152		 Total
funds
2023
£
39,344
43,649
6,644
398,248
1,138,452
1,626,337
1,718,152		 Total
funds
2022
£
38,682
50,756
5,722
392,343
1,230,649
1,718,152

Page 41

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Investment income

Unrestricted
funds
2023
£
Income from Investments
31,748
Bank Interest Received
226,517
258,265
Total 2022
92,273		 Restricted
funds
2023
£
4,699
-
4,699
1,190		 Total
funds
2023
£
36,447
226,517
262,964
93,463		 Total
funds
2022
£
31,564
61,899
93,463

8. Other incoming resources

Unrestricted
funds
2023
£
Rentals Receivable
242,407
VAT Recovered
86,784
Surplus on Disposal of Fixed Assets
(6,048)
Renewable Heat Incentives income
145,794
468,937
Total 2022
392,635		 Total
funds
2023
£
242,407
86,784
(6,048)
145,794
468,937
392,635		 Total
funds
2022
£
234,929
69,910
87,796
-
392,635

Page 42

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Expenditure on raising funds

Other trading expenses

Unrestricted
funds
2023
£
Shops
27,792
Bar
34,315
Maps & Other Publications
3,422
Accommodation
25,272
Staff Costs
533,523
624,324
Total 2022
568,587		 Total
funds
2023
£
27,792
34,315
3,422
25,272
533,523
624,324
568,587		 Total
funds
2022
£
25,873
40,045
5,596
24,463
472,610
568,587

10. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2023
£
Environmental Education
15,369,604
Educational Publications
513,904
Projects & Partnerships
17,582
Designated Funds
126,566
Restricted Funds
-
16,027,656
Total 2022
14,573,066		 Restricted
funds
2023
£
-
-
-
-
110,596
110,596
822,702		 Total
2023
£
15,369,604
513,904
17,582
126,566
110,596
16,138,252
15,395,768		 Total
2022
£
14,016,321
451,058
20,153
85,534
822,702
15,395,768

Page 43

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Analysis of expenditure by activities

Environmental Education
Educational Publications
Projects & Partnerships
Designated Funds
Restricted Funds
Total 2022		 Activities
undertaken
directly
2023
£
12,862,496
513,364
16,475
126,566
110,596
13,629,497
12,694,642		 Support
costs
2023
£
2,507,108
540
1,107
-
-
2,508,755
2,701,126		 Total
funds
2023
£
15,369,604
513,904
17,582
126,566
110,596
16,138,252
15,395,768		 Total
funds
2022
£
14,016,321
451,058
20,153
85,534
822,702
15,395,768

Analysis of direct costs

Environmental
Education
2023
Educational
Publications
2023
£
£
Staff costs
6,902,033
258,062
Depreciation
696,406
3,165
Impairment of fixed assets
374,504
-
Courses
1,072,361
107
Publications
-
134,726
Projects
1,000
-
Travel and Transport
545,133
2,967
Equipment and Property
1,809,136
29,728
Office and Miscellaneous
1,129,044
57,845
Marketing and Publicity
332,879
26,764
12,862,496
513,364
Total 2022
11,317,759
451,260		 Projects &
Partnerships
2023
£
-
3,400
-
1,982
-
-
-
8,385
2,708
-
16,475
17,387		 Designated
Funds
2023
£
61,983
-
-
64,583
-
-
-
-
-
-
126,566
85,534

Page 44

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Impairment of fixed assets
Courses
Publications
Projects
Travel and Transport
Equipment and Property
Office and Miscellaneous
Marketing and Publicity
Total 2022		 Restricted
Funds
2023
£
36,092
-
-
69,003
736
3,750
-
-
-
1,015
110,596
822,702		 Total
funds
2023
£
7,258,170
702,971
374,504
1,208,036
135,462
4,750
548,100
1,847,249
1,189,597
360,658
13,629,497
12,694,642		 Total
funds
2022
£
6,179,987
757,527
-
1,191,957
176,085
-
554,118
2,242,615
1,296,687
295,666
12,694,642

Page 45

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Courses
Travel and Transport
Equipment and Property
Office and Miscellaneous
Educational Development
Loan Interest Payable
Governance costs
Total 2022		 Environmental
Education
2023
£
2,123,086
42,197
(2,449)
59,896
(94,934)
185,717
217
158,252
35,126
2,507,108
2,698,562		 Educational
Publications
2023
Projects &
Partnerships
2023
£
£
-
-
-
-
540
-
-
1,107
-
-
-
-
-
-
-
-
-
-
540
1,107
(202)
2,766		 Total
funds
2023
£
2,123,086
42,197
(1,909)
61,003
(94,934)
185,717
217
158,252
35,126
2,508,755
2,701,126		 Total
funds
2022
£
2,118,507
41,121
20,914
46,556
176,269
82,381
930
184,173
30,275
2,701,126

12. Auditors' remuneration

2023 2022
£ £
Fees payable to the Company's auditors for the audit of the Company's
annual accounts 17,550 15,850
Fees payable to the Company's auditors and its associates in respect of:
The auditing of the accounts of the subsidiary company 4,800 4,700
Taxation compliance services 2,000 2,000
All non-audit services not included above 5,300 5,800

Page 46

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Staff costs

Wages and salaries
Social security costs
Employer provided pension schemes		 Group
2023
£
8,872,764
676,070
365,945
9,914,779		 Group
2022
£
7,854,743
586,819
329,542
8,771,104		 Company
2023
£
5,478,769
374,472
108,739
5,961,980		 Company
2022
£
5,028,637
336,930
98,992
5,464,559

Included within the above staff costs, there are redundancy costs of £Nil (2022: £10,227) paid out to employees.

In the event that after the balance sheet date, a member of the Group terminates the employment of any of its staff, it may be obliged to pay wages and salaries during the relevant notice period and in appropriate cases make redundancy payments. No amount is included in creditors as a liability in respect of those obligations.

The average number of persons employed by the Company during the year was as follows:

Group Group Company Company
2023 2022 2023 2022
No. No. No. No.
389 368 253 242

The average headcount expressed as full-time equivalents was:

Group Group
2023 2022
No. No.
308 295

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 - 1
In the band £70,001 - £80,000 1 2
In the band £80,001 - £90,000 1 1
In the band £90,001 - £100,000 3 -
In the band £120,001 - £130,000 - 1
In the band £140,001 - £150,000 1 -

Page 47

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Staff costs (continued)

Remuneration and benefits received by key management personnel:

The Chief executive is the highest paid employee. In 2023 the salary paid to him was £146,551 (2022: £125,662). In addition to the salary, the Company paid £13,978 (2022: £3,768) towards his pension.

In 2023, the key management personnel of the Company comprise the Trustees and the following members of staff:

The total employee benefits (including employer provided pension schemes, benefits in kind and employer national insurance contributions) of the paid key management personnel were £735,935 (2022: £608,895). Information on payments to the trustees is given in note 14.

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, expenses totalling £ 2,085 were reimbursed to 7 Trustees (2022 - £1,712 to 6 Trustees) . In addition to this, other committee expenses were incurred of £122 (2022: £822) and the directors and officers liability insurance paid in the year was £3,412 (2022: £2,724).

The key management personnel of the Company include the Trustees.

Page 48

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Tangible fixed assets

Group and Company

Cost or
valuation
At 1 January
2023
Additions
Disposals
Transfers
between classes
Impairment
At 31 December
2023
Depreciation
At 1 January
2023
Charge for the
year
On disposals
Transfers
between classes
At 31 December
2023
Net book value
At 31 December
2023
At 31 December
2022		 Freehold
property
£
15,304,140
508,338
-
-
-
15,812,478
4,396,747
337,908
-
-
4,734,655
11,077,823
10,907,393		 Long-term
leasehold
property
Plant &
machinery
£
£
7,871,864
630,845
23,107
17,517
(1,384,772)
(110,786)
-
(1,058)
(374,504)
-
6,135,695
536,518
3,675,307
545,811
198,221
26,602
(1,384,772)
(110,603)
-
(71)
2,488,756
461,739
3,646,939
74,779
4,196,557
85,034		 Motor
vehicles
£
341,437
-
(3,800)
-
-
337,637
292,542
6,060
(3,800)
-
294,802
42,835
48,895		 Fixtures
& fittings
£
2,128,179
121,705
(286,363)
1,058
-
1,964,579
1,677,920
176,376
(277,278)
71
1,577,089
387,490
450,259		 Assets
held for
sale
£
1,046,918
-
-
-
-
1,046,918
376,963
-
-
-
376,963
669,955
669,955		 Total
£
27,323,383
670,667
(1,785,721)
-
(374,504)
25,833,825
10,965,290
745,167
(1,776,453)
-
9,934,004
15,899,821
16,358,093

Page 49

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Tangible fixed assets (continued)

Group and Company (continued)

On 25 November 2020 the Company created a charge in favour of Barclays Bank plc which was registered at Companies House on 9 December 2020. It contains a fixed charge covering the freehold land at Rhyd y Creuau, the Drapers Field Centre, Llanrwst Road and 1 to 3 Bron Rhedyn, Llanrwst Road, Betws-y-Coed LL24 0HA.

On 25 November 2020 the Company created a charge in favour of Barclays Bank plc which was registered at Companies House on 10 December 2020. It contains a fixed charge covering the freehold land at Castle Head field centre, Lindale, Grange over Sands LA11 6QT.

Barclays Bank plc also hold existing charges covering the freehold land at Slapton, Kingsbridge; Whitegates, Wood Lane, Slapton, and Slapton Ley Field Centre, Sands Road, Slapton, Kingsbridge, and the property at Blencathra Field Centre, Threlkeld, Cumbria.

As part of the annual analysis of triggering events for a possible impairment review for all properties, Bishops Wood Field Centre was identified as a property that required an assessment based on the Budget for 2024 and operating projections going forward. As a result, the carrying value was reduced to reflect the future economic use of the location, which was adverse to the original assumptions used when the property was originally acquired.

16. Investment property

Group and Company

Valuation
At 1 January 2023
At 31 December 2023		 Freehold
investment
property
£
480,000
480,000

The investment property valuations were made by the Trustees on a market value basis.

Page 50

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Fixed asset investments

Investments

Group
Cost or valuation
At 1 January 2023
Additions
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Company
Cost or valuation
At 1 January 2023
Additions
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 in
subsidiary
companies
£
1
-
-
1
1
1
Investments
in
subsidiary
companies
£
2
-
-
2
2
2		 Listed
investments
£
1,977,441
7,916
71,115
2,056,472
2,056,472
1,977,441
Listed
investments
£
1,977,441
7,916
71,115
2,056,472
2,056,472
1,977,441		 Total
£
1,977,442
7,916
71,115
2,056,473
2,056,473
1,977,442
Total
£
1,977,443
7,916
71,115
2,056,474
2,056,474
1,977,443

Page 51

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Class of Holding Included in
number shares consolidation
FSC Trading Ltd 12891131 Ordinary 100% Yes
FSC Consultancy Services Limited 02746466 Ordinary 100% No

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(loss) Net assets
£ £ for the year £
£
FSC Trading Ltd 5,020,595 4,940,837 79,758 1
FSC Consultancy Services Limited - - - 2

FSC Trading Ltd's principal activity includes the employment of the education staff and providing them to the Charity. FSC Trading Ltd raises funds for Field Studies Council by providing premises and hospitality services to businesses and the general public, and employs the education staff and provides their services to Field Studies Council. FSC Trading Ltd began trading in April 2021.

FSC Trading Ltd's net assets split consists of £534,194 current assets and £534,193 current liabilities.

FSC Consultancy Services Ltd is a dormant company and has not been included in the consolidated accounts as it is not material.

The registered office of both subsidiaries is Preston Montford, Montford Bridge, Shrewsbury, Shropshire, England, SY4 1HW.

Page 52

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Stocks

Raw materials
Work in progress
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2023
£
16,140
66,451
82,591
Group
2023
£
1,240,599
46,058
286,266
1,572,923		 Group
2022
£
18,235
62,454
80,689
Group
2022
£
1,292,728
147,347
227,449
1,667,524		 Company
2023
£
16,140
66,451
82,591
Company
2023
£
1,240,599
46,056
284,898
1,571,553		 Company
2022
£
18,235
62,454
80,689
Company
2022
£
1,292,728
147,344
227,449
1,667,521

19. Debtors

Page 53

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Amounts owed to group undertakings
Accruals
Other taxation and social security
Pension contributions payable
Other creditors
Deferred income (see below)
Deferred Income
Deferred income at 1 January 2023
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
107,243
147,413
-
755,476
197,849
84,369
805,302
5,071,467
7,169,119
Group
2023
£
4,679,070
5,071,465
(4,679,070)
5,071,465		 Group
2022
£
116,008
183,217
-
1,465,942
156,094
70,346
220,073
4,679,070
6,890,750
Group
2022
£
4,014,523
4,679,070
(4,014,523)
4,679,070		 Company
2023
£
107,243
147,413
279,518
736,007
138,465
50,774
795,377
4,912,971
7,167,768
Company
2023
£
4,609,999
4,912,971
(4,609,999)
4,912,971		 Company
2022
£
116,008
183,217
171,044
1,443,122
107,784
41,596
217,800
4,609,999
6,890,570
Company
2022
£
3,924,278
4,609,999
(3,924,278)
4,609,999

Included within deferred income at 31 December 2023 is £5,071,465 (2022: £4,679,070) in relation to invoices raised in advance of the year end for deposits on future bookings in 2024 and beyond. Of this, £3,512,824 (2022: £3,807,940) was received in cash before the year end and £1,558,641 (2022: £871,125) is included in debtors in note 19.

Page 54

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Creditors: Amounts falling due after more than one year

Group
2023
£
Bank loans
1,739,330
Included within the above are amounts falling due as follows:
Group
2023
£
Between one and two years
Bank loans
117,466
Between two and five years
Bank loans
360,080
Over five years
Bank loans
1,261,784		 Group
2022
£
1,836,021
Group
2022
£
122,280
266,229
1,447,512		 Company
2023
£
1,739,330
Company
2023
£
117,466
360,080
1,261,784		 Company
2022
£
1,836,021
Company
2022
£
122,280
266,229
1,447,512

Bank loans are secured against the Company's assets as per the disclosure in note 15.

22. Provisions

Group and Company

At 1 January 2023
Amounts used
Amounts released		 Dilapidation
provision
£
394,427
(185,000)
(209,427)
-

The provision relates to estimated dilapidation costs on operating leases.

Page 55

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Statement of funds

Statement of funds - current year

Balance at 1
January
2023
£
Unrestricted
funds
Designated
funds
Bursary Fund
662,498
Epping Forest
Fund
9,197
Field Studies
Council
Foundation
35,939
NFS Legacy
-
Research/Study
Fund
21,274
728,908
General funds
General Fund
12,228,062
Contingencies
Fund
1,217,003
13,445,065
Total
Unrestricted
funds
14,173,973		 Income
£
Expenditure
£
7,916
-
-
-
83,393
(121,306)
100
(5,260)
-
-
91,409
(126,566)
17,197,459
(16,525,414)
-
-
17,197,459
(16,525,414)
17,288,868
(16,651,980)		 Transfers
in/out
£
-
(9,197)
16,114
5,160
(21,274)
(9,197)
44,487
(21,550)
22,937
13,740		 Gains/
(Losses)
£
25,041
-
-
-
-
25,041
-
43,389
43,389
68,430		 Balance at
31
December
2023
£
695,455
-
14,140
-
-
709,595
12,944,594
1,238,842
14,183,436
14,893,031

Page 56

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Statement of funds (continued)

Balance at 1
January
2023
£
Restricted
funds
Dale Fort Fund
(Capital)
84,546
Rural Carbon
Challenge Fund
(Capital)
282,441
EF Cap Inv
Reserve
60,339
Blencathra
Purchase
Appeal
93,768
Juniper Hall
Investment Fund
59,150
Young Darwin
Scholarship
89,752
Preston
Montford
Ecology
(106)
Heritage Lottery
Fund Biolinks
(98,591)
Centre Support
Funds
70,096
Juniper Hall
Refurbishment
Fund
236,477
Biodiversity
Fund
29,190
Foyle
Foundation
-
Green
Influencers
-
Restricted funds
< £5,000
15,172
922,234
Total of funds
15,096,207		 Income
£
Expenditure
£
-
-
-
-
-
-
-
-
-
-
15,108
(35,489)
-
-
161,064
(61,361)
11,115
(3,078)
-
-
-
(5)
40,000
-
9,070
(70)
4,732
(10,593)
241,089
(110,596)
17,529,957
(16,762,576)		 Transfers
in/out
£
(2,562)
(8,185)
-
(2,758)
2
-
106
(1,112)
9,200
(9,432)
1,110
-
356
(465)
(13,740)
-		 Gains/
(Losses)
£
-
-
(1,418)
-
4,104
-
-
-
-
-
-
-
-
-
2,686
71,116		 Balance at
31
December
2023
£
81,984
274,256
58,921
91,010
63,256
69,371
-
-
87,333
227,045
30,295
40,000
9,356
8,846
1,041,673
15,934,704

Page 57

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Bursary Fund
Epping Forest
Fund
Field Studies
Council
Foundation
Research/Study
Fund
General funds
General Fund
Contingencies
Fund
Total
Unrestricted
funds		 Balance at
1 January
2022
£
574,140
69,687
184,515
21,274
849,616
10,771,169
1,219,417
11,990,586
12,840,202		 Income
£
-
-
126,385
-
126,385
16,071,019
-
16,071,019
16,197,404		 Expenditure
£
-
-
(85,534)
-
(85,534)
(15,056,119)
-
(15,056,119)
(15,141,653)		 Transfers
in/out
£
178,284
(63,898)
(178,284)
-
(63,898)
441,992
-
441,992
378,094		 Gains/
(Losses)
£
(89,925)
3,408
(11,144)
-
(97,661)
-
(2,413)
(2,413)
(100,074)		 Balance at
31
December
2022
£
662,499
9,197
35,938
21,274
728,908
12,228,061
1,217,004
13,445,065
14,173,973

Page 58

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Statement of funds (continued)

Restricted funds
Dale Fort Fund
(capital)
Rural Carbon
Challenge Fund
(capital)
Blencathra Purchase
Appeal
EF Capital Investment
reserve
Juniper Hall
Investment Fund
Young Darwin
Scholarship
Preston Montford
Ecology
Heritage Lottery Fund
Biolinks
Tomorrow's
Biodiversity
Centre Support Funds
Juniper Hall
Fundraising Appeal
Nature Friendly
Schools
Biodiversity Fund
Restricted funds
< £5,000
Total of funds		 Balance at
1 January
2022
£
87,108
290,627
96,526
-
64,436
39,948
11,021
39,032
28,196
370,052
255,295
10,705
-
13,577
1,306,523
14,146,725		 Income
£
-
-
-
-
-
82,051
-
318,175
-
47,937
-
178,028
29,190
169,971
825,352
17,022,756		 Expenditure
£
-
-
-
-
-
(32,247)
(11,127)
(455,798)
(28,196)
(41,349)
-
(85,609)
-
(168,376)
(822,702)
(15,964,355)		 Transfers
in/out
£
(2,562)
(8,186)
(2,758)
63,898
-
-
-
-
-
(306,544)
(18,818)
(103,124)
-
-
(378,094)
-		 Gains/
(Losses)
£
Balance at
31 December
2022
£
-
84,546
-
282,441
-
93,768
(3,559)
60,339
(5,286)
59,150
-
89,752
-
(106)
-
(98,591)
-
-
-
70,096
-
236,477
-
-
-
29,190
-
15,172
(8,845)
922,234
(108,919)
15,096,207

Page 59

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

24. Funds

Unrestricted Funds

General fund represents the operational income and expenditure.

Contingencies fund is represented by the value of the major part of investments.

Designated Funds

These are funds designated or earmarked by the Board of Trustees for such purposes as they deem appropriate.

Field Studies Council Foundation - Monies set aside to help fund educational courses delivered to children from deprived backgrounds.

Bursary fund is designated and used to support disadvantaged children who might find it difficult to come on outdoor classroom courses because of financial circumstance. The fund is aimed at individuals.

Epping Forest fund - monies generated by specific Investments available to fund activities at Epping Forest.

Research / Study fund is held for purposes promoting further study and research.

Restricted Funds

Dale Fort Fund represents a Grant received from the National Assembly for Wales, in 2005 and 2006, towards cost of the redevelopment of Dale Fort, being written back over the estimated useful life of 50 years.

DEFRA Rural Carbon Challenge Fund - This project aimed to reduce the carbon footprint of Blencathra Field Centre by about 80% through the provision of a number of renewable energy sources in place of fossil fuel methods.

Blencathra Purchase Appeal - This represented funds raised from an appeal toward the purchase of Blencathra Field Centre in Autumn 2013.

EF Capital investment reserve - An endowment Fund to generate income for the support of the Field Studies Council's activities at Epping Forest Field Centre. This balance was transferred from the associated designated reserve during 2022 to properly ring fence this capital element. Movements each year on this fund represent the change in Market Value of the underlying investments.

Juniper Hall Fund - An endowment Fund to generate income for the support of the Field Studies Council's activities at Juniper Hall Field Centre Movements each year on this fund represent the change in Market Value of the underlying investments.

Young Darwin project encourages and supports young people who have a real interest in the natural world and seeks to develop the next generation of 'Charles Darwins'.

Preston Montford Ecology - This uses funding from the Jean Jackson Charitable Trust over three years to develop the enhancement of habitats at this site and help increase access and opportunities for more people. All funds have now been spent and the fund has been closed.

Page 60

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The National Lottery Heritage Fund BioLinks II - The project was awarded in 2017 with a view to engaging over 2,000 people over five years and culminated at the end of 2022. As this project was funded in arrears, the final payment of £98,591 was received from the Heritage Lottery Fund in early 2023.

Centre Support Funds are held to raise monies to support or provide additional facilities at certain Field Centres - currently those at Amersham, Flatford Mill, Juniper Hall, Kindrogan, Malham Tarn, Nettlecombe, Preston Montford, Rhyd-y-Creuau and Slapton. At the end of 2017 Kindrogan received a £300,000 legacy to be used on supporting Outdoor Education in Scotland. This money has been utilised as such, and accordingly the balance of £306,543 transferred in the prior year to replenish the General Fund that initially financed the activities through revenue spend.

Juniper Hall Fundraising Appeal provided funding for the Phase II refurbishment of Juniper Hall.

Biodiversity fund - A fund set up from donations intended help promote Biodiversity and the teaching of it.

Foyle Foundation - To provide learning aids for botany courses to increase accessibility for neuro diverse adult learners.

Green Influencers - This Scheme engages with young people (Green Influencers) who are between the ages of 10-14 years old, from across England and promotes youth-led environmental social action. Funded by the Ernest Cook Trust.

Restricted funds < £5,000:

Gill Stevens Award - This fund is named in memory of a great supporter of outdoor education and is used for children from state schools near selected Royal Parks to get hands-on with nature and understand local wildlife.

The Gannochy Trust uses funding to support the day outreach and a three-day residential experience at Field Studies Council Millport, to develop and inspire the young people to care about their local environment, raise their aspirations and realise their potential.

Flatford Mill Suffolk Biological Recorders - Suffolk Biological Recorders This uses funding from the Suffolk Biological Records Centre and the Suffolk Naturalists Society to support individuals' attendance at Flatford's Natural History courses.

BW Enviro Gains - A Ten year agreement (from 2022) to increase the number of educational and volunteering opportunities delivered through the Field Studies Council at Bishops Wood, it seeks to increase the health and social wellbeing of local communities.

Signs of Spring Grant - £1,909 was received in the year 2023. This is a partnership agreement with the Royal Society of Biology to complete a survey for the signs of spring in 2024.

Page 61

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

25. Summary of funds

Summary of funds - current year

Balance at 1
January
2023
£
Designated
funds
728,908
General funds
13,445,065
Restricted funds
922,234
15,096,207		 Balance at 1
January
2023
£
Designated
funds
728,908
General funds
13,445,065
Restricted funds
922,234
15,096,207		 Income
£
Expenditure
£
91,409
(126,566)
17,197,459
(16,525,414)
241,089
(110,596)
17,529,957
(16,762,576)
Income
£
Expenditure
£
126,385
(85,534)
16,071,019
(15,056,119)
825,352
(822,702)
17,022,756
(15,964,355)		 Transfers
in/out
£
(9,197)
22,937
(13,740)
-
Transfers
in/out
£
(63,898)
441,992
(378,094)
-		 Gains/
(Losses)
£
25,041
43,389
2,686
71,116
Gains/
(Losses)
£
(97,661)
(2,413)
(8,845)
(108,919)		 Balance at
31
December
2023
£
709,595
14,183,436
1,041,673
15,934,704
Balance at
31
December
2022
£
728,908
13,445,065
922,234
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 January
2022
£
849,616
11,990,586
1,306,523
14,146,725
15,096,207

Page 62

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
15,225,526
Fixed asset investments
1,934,297
Investment property
480,000
Current assets
6,161,657
Creditors due within one year
(7,169,119)
Creditors due in more than one year
(1,739,330)
Total
14,893,031
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
15,897,338
Fixed asset investments
1,857,952
Investment property
480,000
Current assets
5,059,881
Creditors due within one year
(6,890,750)
Creditors due in more than one year
(1,836,021)
Provisions for liabilities and charges
(394,427)
Total
14,173,973		 Restricted
funds
2023
£
674,295
122,176
-
245,202
-
-
1,041,673
Restricted
funds
2022
£
460,755
119,490
-
341,989
-
-
-
922,234		 Total
funds
2023
£
15,899,821
2,056,473
480,000
6,406,859
(7,169,119)
(1,739,330)
15,934,704
Total
funds
2022
£
16,358,093
1,977,442
480,000
5,401,870
(6,890,750)
(1,836,021)
(394,427)
15,096,207

Page 63

FIELD STUDIES COUNCIL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Losses)/gains on investments
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
Increase in stocks
Decrease/(increase) in debtors
Increase in creditors
(Decrease)/increase in provisions
Impairment of tangible fixed assets
Net cash provided by operating activities
28.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2023
£
838,497
745,167
(71,115)
(262,964)
6,048
(1,902)
94,601
287,134
(394,427)
374,504
1,615,543
Group
2023
£
4,751,345
4,751,345		 Group
2022
£
949,482
798,124
100,067
(94,580)
(87,796)
(2,549)
(372,162)
1,120,304
310,796
-
2,721,686
Group
2022
£
3,653,657
3,653,657

Page 64

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

29. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
January
2023
£
3,653,657
(186,354)
(1,836,021)
1,631,282		 Cash flows
£
1,097,688
(5,258)
96,691
1,189,121		 At 31
December
2023
£
4,751,345
(191,612)
(1,739,330)
2,820,403

30. Contingent liabilities

Under its membership of ABTOT (The Association of Bonded Travel Organisers Trust), the Company and FSC Trading Ltd are noted as the Travel Organiser in a bond dated 2 October 2017 between Travel & General Insurance Company PLC as Obligor and ABTOT. The insurance company would pay the amount of the bond if ABTOT were to have reasonable grounds for believing that the Company and FSC Trading Ltd were unable to carry out its obligations to its customers. The insurance company has the right to recover any monies paid to customers from the Company and FSC Trading Ltd. In 2022 the Company and FSC Trading Ltd paid ABTOT £44,911 (2022: £50,549).

31. Pension commitments

As disclosed in note 2.16 the Group participated in two pension schemes in the year. The contributions made to each in the year are as follows:

Pension Trust Defined Contribution Scheme
13% of salary 108 staff (2022: 107)
National Employment Savings Trust
3% of salary 183 staff (2022: 172)		 Group
2023
£
466,281

118,932
585,213		 Group
2022
£
402,110
92,777
494,887		 Company
Company
2023
2022
£
£
251,513
195,180
76,494
68,869
328,007
264,049

Page 65

(A company limited by guarantee)

FIELD STUDIES COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

32. Operating lease commitments

At 31 December 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2023
£
309,702
784,984
2,049,934
3,144,620		 Group
2022
£
293,805
891,833
1,625,117
2,810,755		 Company
2023
£
309,702
784,984
2,049,934
3,144,620		 Company
2022
£
293,805
891,833
1,625,117
2,810,755

As these commitments relate to periods following the balance sheet date, the obligations of the Company in respect of the leases is not included as a creditor in liabilities.

33. Related party transactions

The Company and FSC Trading Ltd are related parties, being members of the same group. FSC Trading Ltd is a wholly-owned subsidiary of the Company. Further information on FSC Trading Ltd is given in Note 17.

In 2023, £3,754,770 (2022: £3,130,020) was charged by FSC Trading Ltd to Field Studies Council for the supply of staff services, and £962,765 (2022: £885,684) was charged by Field Studies Council to FSC Trading Ltd for management and administrative support services and for providing premises, the services of its employees, and food and other consumables used by FSC Trading Ltd in its activities. In 2022 a Deed of Covenant was put in place and in line with this, profits generated in FSC Trading Ltd are treated as being donated in the year in which they are generated. These profits in 2023 amounted to £79,758. Field Studies Council and FSC Trading Ltd are members of the same VAT group and as such are responsible for both their own and the other’s VAT liability. The outstanding balance for the Company with FSC Trading Ltd at 31 December 2023 was £279,518 (2022: £171,044).

The Trustees and other key management personnel are related parties. Information on the remuneration and expenses of Trustees is given in Note 14 and on the remuneration of the other key management personnel is given in Note 13. In 2023, in addition to donating their time and expertise, Trustees made cash donations of £nil (2022: £52).

Save for these transactions, there were no other related party transactions in 2023 for which separate specific disclosure is required.

The Company has neither controlling parties nor any persons with significant control.

Page 66