2021-08-15-accounts

Doris Field Charitable Trust

Charity Registration No: 328687

Accounts

for the year ended 15th August 2021

Wenn Townsend Chartered Accountants

Oxford

Doris Field Charitable Trust

Contents

Reference and administrative details	1
Report of the trustees	2 - 5
Report of the independent auditor	6 - 7
Statement of financial activities	8
Balance sheet	9
Statement of cash flows	10
Notes to the financial statements	11 - 24

Doris Field Charitable Trust

Reference and Administrative Details

Trustees:	Mr N Harper
	Mr J Cole
	Mrs W Church
	Ms H Fanyinka
Address for correspondence:	Blake Morgan LLP
	Seacourt Tower
	West Way
	Oxford
	OX2 0FB
Charity registration number:	328687
Solicitors:	Blake Morgan LLP
	Seacourt Tower
	West Way
	Oxford
	OX2 0FB
Property managers/advisers:	Carter Jonas
	Mayfield House
	256 Banbury Road
	Summertown
	Oxford
	OX2 7DE
Bankers:	Handelsbanken
	Oxford West Way Branch
	Seacourt Tower
	2nd Floor
	West Way
	Botley
	Oxford
	OX2 OJJ
Independent auditor:	Wenn Townsend
	30 St Giles
	Oxford
	OX1 3LE
Investment advisers:	Barclays Wealth
	1 Churchill Place
	London E14 5HP
	Rathbones
	159 New Bond Street
	London WIS 2UD
	Alan Steel Asset Management
	Nobel House
	Regent Centre
	Linlithgow
	West Lothian
	EH49 7HU

- 1 -

Doris Field Charitable Trust

Trustees' report on the accounts for the year ended 15th August 2021

The Trustees present their report together with the audited financial statements for the year ended 15th August 2021. The financial statements have been prepared in accordance with the accounting policies set out herein and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice for “Accounting and Reporting by Charities” 2019 (FRS 102).

Structure, government and management

The Doris Field Charitable Trust (Trust) was constituted under a Trust Deed dated 16th May 1990 and is a registered charity, number 328687. The Trust was created out of the will of Doris Ruth Field who died on 18th August 1988.

The Trust does not actively fundraise and seeks to continue the philanthropic work desired by Doris Ruth Field through the careful stewardship of its existing resources.

The trustees are appointed by the Board of Trustees. The Trust Deed provides for a minimum of two trustees to a maximum of six trustees.

There are currently four trustees, who meet three times a year or as and when necessary. At these meetings the trustees agree the broad strategy areas of activity for the Trust, including consideration of grant-making, investment, reserves and risk management policies and performance.

The trustees consider that they are the Key Management Personnel of the charity. All trustees give of their time freely. Trustees are required to disclose all relevant interests and it is the charity’s policy for trustees to withdraw from decisions where a conflict of interest arises.

The ongoing management of the Trust’s affairs is carried out by the trustees’ solicitors, Blake Morgan LLP. The trustees, who served throughout the year and since then, are set out as follows:

Mr N A Harper Mr J Cole Mrs W Church Ms H Fanyinka

Trustee recruitment and training

The Board keeps the skill requirements for the trustee body under review and in the event that a trustee permanently retires or additional new trustees are required, the Board will undertake a recruitment process. The induction process for any newly appointed trustee comprises a meeting with the Board for explanations on the investments and the grant making process as well as the powers and responsibilities of the Trustee Board. A welcome pack is provided which includes a brief history of the Trust, copies of the Board minutes, copies of the last three years annual financial statements, copy of the governing Trust Deed and a copy of the Charity Commission’s guidance “The Essential Trustee”.

Principal risks and uncertainties

The trustees have reviewed the major risks which the charity faces and believe that they maintain sufficient resources to meet their obligations in the event of adverse conditions such as a significant fall in investment return or vacant investment properties. The trustees have also examined other operational and business risks and confirm that they have established systems to mitigate the significant risks.

However, because of the pandemic some of the Charities’ commercial tenants have been unable to trade and have requested rent concessions in one form or another. Income flows in the immediate future are therefore very uncertain and how long this will continue remains to be seen.

Objectives and policies

The objective of the Trust is to apply its income for such charitable purposes as the trustees think fit. There have been no material changes to this policy during the accounting period. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

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Doris Field Charitable Trust

Trustees' report on the accounts (continued) for the year ended 15th August 2021

Grant making policy

The trustees receive applications from diverse sources. Each applicant is required, except in exceptional cases, to complete a standard application form and to submit information in support of that application. Applications where the correct information has been provided and which meet the trustees’ requirements are then considered at the regular meetings of the trustees and, occasionally and in cases of urgency, by the trustees between meetings.

Achievements and performance for the year

Over the last accounting period the charitable trustees have considered numerous grant applications, and have made grants to various charitable institutions and for projects / purposes of a charitable nature.

A number of small grants have again been made to local Oxfordshire groups and organisations.

Investment performance

At 15th August 2021 a total of £4,005,375 (2020: £3,400,386) was invested with investment managers and a further £34,944 (2020: £133,536) was held as cash awaiting investment. The investment portfolios have increased in value by 17.8% (2020: decrease of 4.6%), which is net of withdrawals for grant giving, and generated income of £42,420 (2020: £46,673).

Charitable grants review

During the year, 272 (2020: 229) grant awards were made, all of which were to a variety of charities, charitable institutions and projects of a charitable nature. Grants made are listed in note 15 to the accounts and totalled £310,905 (2020: £286,262).

Commitments to expenditure towards grants are detailed in note 11, and have been provided for in the financial statements. The Trust has adequate resources to meet its existing short term commitments and the trustees are confident that future investment income will be adequate to meet its ongoing objectives and activities.

Financial review

Rental income has shown a decrease in the year (£371,271 for 2021 compared with £382,954 in 2020) representing a 3.1% movement. The trustees’ policy of diversified investments has continued, but this year quoted investment income has decreased by 11.2%.

There was a deficit, after paying out grants, of £86,005 (2020: deficit of £54,947) for the year excluding investment gains. This year, the underlying value of the Trust’s assets has increased over the year by £484,690 (2020: decrease of £28,977). This is as a result of realised and unrealised gain on investment assets of £583,695 (2020: £25,970) as shown in the Statement of Financial Activities.

The Trust is in a healthy financial state and looks forward to growth in all its activities.

Investment policy

The investments acquired by the Trust are held in accordance with the trustees’ powers. The trustees are empowered to appoint investment advisers, who have discretion to invest the funds of the Trust within the guidelines established by the trustees and last reviewed in July 2010.

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Doris Field Charitable Trust

Trustees' report on the accounts (continued) for the year ended 15th August 2021

Reserves

The trustees have set up a designated capital fund to represent the capital of the Trust. Whilst the capital is not a permanent endowment, the trustees intend to account for it separately.

It is the policy of the Trust to hold reserves in its unrestricted income fund which have not yet been committed or designated for any particular purpose. At 15th August 2021 these unrestricted reserves amounted to a reserve of £nil (2020: £nil).

Plans for future periods

The trustees intend to continue to support a diverse range of charities and projects in the future, ranging from small individual grants to contributions to large projects, in accordance with the Trust’s charitable objectives and in line with the grant making policy.

Subject to availability of funds, it is hoped these trends will continue. However, as noted above, because of the lockdown caused by COVID-19 some of the Trustees’ tenants requested rental holidays at the beginning of lockdown in March/ April 2020. Terms were negotiated individually with each tenant with repayment of any benefit from a ‘rental holiday’ being repaid within an agreed timeframe. Income flows are significantly lower and in the immediate future very uncertain; how long this will continue remains to be seen. Faced with this and the possibility of being unable to cover the first calls on their resources from income for an unknown and possibly long period, the Trustees have reluctantly decided to conserve their reserves until future income flows show signs of revival. To comply with the terms of the Charity’s scheme, this means reducing the grants awarded to local charities. Nevertheless, the Trustees are keen to support as far as is prudently possible local charities jeopardised and/or addressing needs arising from COVID-19 and have invited charities to submit applications for their consideration. However, the situation is fluid and decisions will be made in the light of events as they develop together with anticipated income and expenditure forecasts, which are regularly updated. As soon as the present crisis is over, the Trustees intend to adopt the same approach as before to the award of grants.

As noted above, the Trustees also continue to ensure, as far as possible, that grants made are used for the stated purpose and recipients are requested to confirm this in writing when acknowledging receipt of the grant payment. Many of the recipients provide progress reports.

The Trustees remain mindful of the increasing financial pressures to which many of the charities they support are subject and it remains their aim to increase their capacity to award grants; as described above they have resolved to acquire further property if suitable propositions arise. The Trustees also seek opportunities to increase revenues from properties they already own if expenditure can yield satisfactory returns.

With the assistance of its professional advisers the Trustees are intent on obtaining the maximum returns on its properties and investments and will continue to meet with its advisers on a regular basis.

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Doris Field Charitable Trust

Trustees' report on the accounts (continued) for the year ended 15th August 2021

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 3rd March 2022.

______	______	______	______
Mr N A Harper	Mr J Cole	Mrs W Church	Ms H Fanyinka
Trustee	Trustee	Trustee	Trustee

- 5 -

Doris Field Charitable Trust

Independent Auditor’s Report to the Trustees of Doris Field Charitable Trust

Opinion

We have audited the financial statements of Doris Field Charitable Trust (the ‘charity’) for the year ended 15th August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of cash flows and notes to the financial statements, 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:

• give a true and fair view of the state of the charity’s affairs as at 15th August 2021, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

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Doris Field Charitable Trust

Independent Auditor’s Report to the Trustees of Doris Field Charitable Trust (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of financial statements which 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity 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 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 auditor’s report.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management, those charged with governance around actual and potential litigation and claims;

• Enquiry of entity management to identify any instances of non-compliance with laws and regulations;

• • Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend Chartered Accountants and Statutory Auditor Oxford 3rd March 2022

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Doris Field Charitable Trust

Statement of financial activities for the year ended 15th August 2021

		Total	Total
	Note	Unrestricted	Unrestricted
		Funds 2021	Funds 2020
Income from:
Rental income	2	371,271	382,954
Investment income	3	42,420	47,745
		───────	───────
Total income		413,691	430,699
		───────	───────
Expenditure on:
Costs of raising funds
Brokers’ charges		19,091	15,516
Letting agents’ fees		45,237	46,259
Property maintenance (net of insurance premiums received)		71,940	101,232
		───────	───────
Total costs of raising funds		136,268	163,007
Charitable activities
Grants	4	310,905	286,262
Governance costs	5	52,523	36,377
		───────	───────
Total charitable activities		363,428	322,639
		───────	───────
Total expenditure		499,696	485,646
		───────	───────
Net movement in funds before gains on investments		(86,005)	(54,947)
Net gains on investments	8	583,695	25,970
		───────	───────
Net movement in funds		497,690	(28,977)
Total funds brought forward		11,661,956	11,690,933
		───────	───────
Total funds carried forward		£12,159,646	£11,661,956
		═══════	═══════

The notes on pages 11 to 24 form part of these accounts

- 8 -

	Doris Field Charitable Trust	Doris Field Charitable Trust
	Balance sheet
	At 15th August 2021
	Note
		2021		2020
Fixed assets
Investments	8	12,083,576		11,615,341
Current assets
Debtors	9	110,617	89,802
Cash at bank		130,509	104,826
		───────	───────
		241,126	194,628
Creditors:amounts falling due
within one year	10	(150,056)	(138,013)
		───────	───────
Net current assets		91,070		56,615
		───────		───────
Total assets less current liabilities		12,174,646		11,671,956
Creditors:amounts falling due
after more than one year	11	(15,000)		(10,000)
		───────		───────
Net assets		£12,159,646		£11,661,956
		═══════		══════
Funds
Unrestricted income fund	12	-		-
Designated capital fund	12	12,159,646		11,661,956
		───────		──────
Total funds		£12,159,646		£11,661,956
		═══════		══════

These accounts were approved by the Trustees on 3rd March 2022.

Mr N Harper Mr J Cole Mrs W Church Ms H Fanyinka Trustee Trustee Trustee Trustee

The notes on pages 11 to 24 form part of these accounts

- 9 -

Doris Field Charitable Trust

Statement of Cash Flows for the year ended 15th August 2021

Note Net cash flow from operating activities 14 Cash flow from investing activities Payments to acquire investments Proceeds from disposal of investments Realised gains on disposal Dividends and interest received Rents received from investment properties Net cash flow from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 16th August 2020 Cash and cash equivalents at 15th August 2021 £ Cash and cash equivalents consist of: Cash at bank and in hand Short term deposits Cash and cash equivalents at 15th August 2021 £

2021 2020 (503,468) (489,410) _ _ (94,895) (1,299,634) 105,116 1,182,231 6,647 55,265 42,420 47,745 371,271 382,954 _ _ 430,559 368,561 _ _ (72,909) (120,849) 238,362 359,211 _ _ 165,453 £ 238,362 ═════ ═════ 130,509 104,826 34,944 133,536 _ _ 165,453 £ 238,362 ═════ ═════

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Doris Field Charitable Trust

Notes to the accounts for the year ended 15th August 2021

1 Summary of significant accounting policies

a) Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) 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 charity 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.

c) Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Rental income is recognised when receivable, on a straight line basis. Any rental income received in advance is deferred at the year end and included in accruals.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised when the charity’s right to receive payment is established.

- 11 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

1 Summary of significant accounting policies (continued)

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Governance costs are those costs incurred in meeting the constitutional and statutory requirements of the charity

e) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

f) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

g) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in expenditure.

h) Future commitments

Commitments made but not yet paid in respect of charitable grants are provided for in the financial statements.

i) Property transactions

Property transactions are treated as taking place on the date that contracts are exchanged.

j) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 for UK corporation tax purposes.

- 12 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

1 Summary of significant accounting policies (continued)

k) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the effect of COVID-19, the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2

3

Rental income Residential and commercial rents Agricultural rents £ Investment income Dividends and interest from quoted securities Bank and other interest £	2021 367,571 3,700 _ 371,271 £ ═════ 42,353 67 _ 42,420 £ ═════	2020 379,254 3,700 _ 382,954 ═════ 46,673 1,072 _ 47,745 ═════

4 Grant payments

The value of the grant payments (see note 13) represents all of the direct charitable expenditure paid during the year and is as follows:

Grants to institutions – 272 grants (2020: 229) £	310,905 _ 310,905 £ ═════	286,262 _ 286,262 ═════

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Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

5 Governance costs

5	Governance costs
		2021	2020
	Trustees’ expenses	133	69
	Audit and accountancy	8,856	8,820
	Professional fees	43,498	27,488
	Sundry administration costs	36	-
		_	_
		£ 52,523	£ 36,377
		═════	═════
6	Total expenditure includes:
	Auditors’ remuneration:
	Audit services	4,517	4,500
	Non audit services	4,339	4,320
		_	_
		£ 8,856	£ 8,820
		═════	═════

7 Payments to trustees and connected persons

The following costs of generating funds were paid during the year to organisations with a family or business connection with a trustee:

Carter Jonas	Rental income	44,793	46,259
Blake Morgan LLP	Investment income/rental income	43,384	27,788
		_	_
		£ 88,177	£ 74,047
		═════	═════

Mr N Harper is a consultant to Carter Jonas and Mr J Cole is a consultant in Blake Morgan LLP. Carter Jonas and Blake Morgan charge fees on a commercial basis and neither Mr Harper nor Mr Cole vote in Trustee decisions in which they or their firms have an interest.

Expense reimbursements paid to one trustee (2020: one) during the year are in respect of travel and subsistence amounting to £133 (2020: £69).

No trustee (2020: none) received remuneration for services provided during the year.

During the year Carter Jonas paid rent of £65,000 (2020: £59,583) to the Trust in relation to their use of property owned by the Trust.

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Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

8 Fixed asset investments

		Listed
	Investment	Investments
	Properties	and Cash	Total
Carrying value
Valuation at 16th August 2020	8,081,419	3,533,922	11,615,341
Additions	11,514	160,724	172,238
Dilapidations proceeds	(77,343)	-	(77,343)
Increase in value on revaluation	27,667	549,381	577,048
Increase/(decrease) in cash	-	(98,592)	(98,592)
Disposal proceeds	-	(105,116)	(105,116)
	───────	───────	───────
Valuation at 15th August 2021	8,043,257	4,040,319	12,083,576
	═══════	═══════	═══════

The investment properties were last valued by Carter Jonas, Chartered Surveyors, as at 16th August 2021. The basis of valuation used was market value.

Cash included in ‘listed investments and cash’ amounts to £34,944 (2020: £133,536) and is held on deposit.

9 Debtors

		2021	2020
	Rents due	103,263	81,297
	Prepayments	6,107	7,258
	Other debtors	1,247	1,247
		─────	─────
		£ 110,617	£ 89,802
		═════	═════
10	Creditors: amounts falling due within one year
		2021	2020
	Creditors – grants payable	46,000	46,500
	Accruals and deferred income	104,056	91,513
		─────	─────
		£ 150,056	£ 138,013
		═════	═════

- 15 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

11 Creditors: amounts falling due after more than one year

	2021	2020
Creditors – grants payable	£ 15,000	£ 10,000
	══════	══════

Included within creditors are the following grants payable to which the trustees have committed:

Year ended 15th August 2021 Alzheimer’s Research UK 5,000 Breast Cancer Now – Professor Nicola Sibson’s project 20,000 British Heart Foundation 5,000 Oxfordshire Historic Churches Trust 10,000 Oxfordshire Kinship Carer Support Group 1,000 Ovarian Cancer Action 5,000 ───── Due within one year £ 46,000 ═════ Oxfordshire Historic Churches Trust 5,000 Breast Cancer Now – Professor Nicola Sibson’s project 10,000 ───── Due after one year £ 15,000

12 Funds – 2021

			Unrestricted
	Unrestricted		Designated
		Income	Capital	Total
At 16th August 2020		-	11,661,956	11,661,956
Income		413,691	-	413,691
Expenditure		(499,696)	-	(499,696)
Gains/(losses) (realised and unrealised)		583,695	-	583,695
Transfers		(497,690)	497,690	-
	───────		───────	───────
At 15th August 2021	£	-	£ 12,159,646	£ 12,159,646
	═══════		═══════	═══════
Analysis of net assets between funds
Investments		-	12,083,576	12,083,576
Net current assets		-	91,070	91,070
Long term liabilities		-	(15,000)	(15,000)
	───────		───────	───────
	£	-	£ 12,159,646	£ 12,159,646
	═══════		═══════	═══════

- 16 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

12 Funds – 2020

Funds – 2020
			Unrestricted
	Unrestricted		Designated
		Income	Capital	Total
At 16th August 2019		-	11,690,933	11,690,933
Income		430,699	-	430,255
Expenditure		(485,646)	-	(485,202)
Investment gains (realised and unrealised)		25,970	-	25,970
Transfers		28,977	(28,977)	-
	───────		───────	───────
At 15th August 2020	£	-	£ 11,661,956	£ 11,661,956
	═══════		═══════	═══════
Analysis of net assets between funds
Investments		-	11,615,341	11,615,341
Net current assets		-	56,615	56,615
Long term liabilities		-	(10,000)	(10,000)
	───────		───────	───────
	£	-	£ 11,661,956	£ 11,661,956
	═══════		═══════	═══════

All funds of the Doris Field Charitable Trust are unrestricted.

The unspent income for the year was transferred into capital.

- 17 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants

Grants approved at the Trustees’ meeting on 3rd November 2020

Recurring grants recognised in previous years were paid to:
The Oxfordshire Historic Churches Trust	5,000
Prostate Cancer UK	7,500
New recurring grants were made to:
The Oxfordshire Historic Churches Trust (payable in three tranches)	15,000
	───────
		15,000
Single payment grants were made to:
3H Fund (Helping Hands for Holidays)	1,000
Abbey Chamber Concerts	500
Abingdon Music Centre Trust	650
Abingdon Town FC (under 10s team)	500
Action Medical Research	1,000
Activity Club for Children with Special Needs (Thumbs Up Club)	1,000
African Children’s Fund	1,000
Aspire Oxfordshire Community Enterprise Ltd	1,000
Asthma Relief	1,000
Asthma UK and British Lung Foundation (Asthma UK)	1,000
Autistica	500
Awards for Young Musicians	500
Begbroke Bowls Club	500
Berkshire Multiple Sclerosis Therapy Centre (BMSTC)	700
Blesma	1,000
Blind in Business	1,000
Botley Bridges	1,000
Bridewell Organic Gardens	1,000
British Disabled Angling Association	500
British Liver Trust	1,000
Cancer Research UK	5,000
Canine Partners	500
Care for Veterans	500
Cavell Nurses Trust	500
Cecily’s Fund	2,000
Centre for Muslim-Christian Studies (Solomon Academic Trust)	500
Charlbury Cricket Club	500
Children’s Burns Trust	500
Christmas Day Lunch (Anna Gatrell)	1,000
CLIC Sargent	1,000
Clifton Hampden PCC	1,000
Colostomy UK	1,000
Combe Village Hall and Recreation Ground Committee	1,000
Community First Oxfordshire	1,000
Cowley Road Works	1,000
Daybreak Oxford	1,000
DKMS Foundation	1,000
Dogs for Good	1,000
Dorchester Abbey Museum and Gift Shop	700
Earth Trust	1,000
East & West Hendred Cricket Club	1,000
Elizabeth Finn Care t/a Turn2Us	500
Emmanuel Christian School	500
ERIC	1,000
Farmability	1,000
Film Oxford	500

- 18 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 3rd November 2020 (continued)

Flag DV	1,000
Friends of Long Wittenham Primary	500
Friends of the Elderly	1,000
Fusion Wheatley Holiday Club (Wheatley Community Church)	500
Greater Leys Youth FC	500
Handicapped Children’s Action Group	500
Healthy Abingdon	500
Helen and Douglas House	1,400
Helen Arkell Dyslexia Charity	500
Homeless People & the Oxford Churches (Gatehouse)	1,000
Joss Searchlight	1,000
Kerala Schools – Cheryl Hickson	2,500
Kidlington Good Neighbour Scheme	1,000
Lake Street Nursery	500
Life Education Wessex	630
Linking Environment and Farming (LEAF)	500
MacIntyre	1,000
Marcham Pre-School Playgroup	500
Museum of Oxford Development Trust	1,000
Myaware	500
Nicodemus	500
Oxford and District Mencap	1,000
Oxford International Biomedical Centre (OIBC)	1,000
Oxford Lieder	1,000
Oxfordshire Crossroads	1,000
Oxfordshire Volunteer Befriending CIC	1,000
Parkinson’s UK	1,000
Pavlova Wind Quintet	500
Pegasus Theatre	1,000
Pennyhooks Farm Trust	1,000
Photography Oxford	500
Porter Recreation Ground Charity	1,000
Prisoners Education Trust	1,000
RAF Benevolent Fund Donations	1,000
React	1,000
Re-engage	1,000
Response Giving	1,000
Retina UK	1,000
Root and Branch	1,000
RSPB	1,000
Sands	500
Sane	1,000
Scannappeal	500
Sebastian’s Action Trust	1,000
Shared Knitting	500
Sibford Village Hall CIO	1,000
Southmoor Pre-School	500
St Andrew’s Church, United Parish of Chinnor	1,000
St Mary’s Church, Charlbury Cornerstone Project (Charlbury PCC)	1,000
St Michael’s CofE Primary School	500
Steeple Aston Church Tower Fund (Bellringers)	1,000
Style Acre	1,000
Sydenham Old School Room	1,000
Terrence Higgins Trust	1,000
Thame Bowls Club	1,000

- 19 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 3rd November 2020 (continued)

The Art-T Centre	1,000
The Jubilee Sailing Trust	1,000
The National Deaf Children’s Society	1,000
The Orchestra of St John’s	500
The Oxford Baby Bank	500
The River and Rowing Museum Foundation	500
The Scouts Association	1,000
The Theatre Chipping Norton Ltd	1,000
Wallingford Volunteer Centre	500
Wantage Choral Society	750
Wellbeing of Women	1,000
Wessex Children’s Hospice Trust – Naomi and Jack’s House	1,000
West Oxfordshire Community Transport	1,000
Whizz Kidz (The Movement for Non-mobile Children)	1,000
Willow Foundation	1,000
Wings for Warriors	1,000
Witney Buttercross Scout Group	2,500
Wood Farm Parent & Toddler Group	500
Wootton School	500
Wriggle Dance Theatre	500
Young Minds	500
Zambia Orphans Aid UK	1,000
	───────
		109,330
		───────
		124,330

- 20 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 9th March 2021

Recurring grants recognised in previous years were paid to:
Breast Cancer Now	10,000
Alzheimer’s Research UK	5,000
Ovarian Cancer Action	5,000
New recurring grants were made to:
Breast Cancer Now (payable in three tranches)	30,000
	───────
		30,000
Single payment grants were made to:
Abingdon Carousel	1,000
ACT	1,000
Against Breast Cancer	1,000
AlansAfrica (Rotary Club of Banbury Trust Fund)	1,000
ATOM Festival of Science & Technology	500
AT The Bus	1,000
Barton Park Primary School (Community School’s Alliance Trust)	500
Brain Tumour Support	600
British Blind Sport	500
British Epilepsy Association	500
Calibre Audio	1,000
Cherwell Theatre Company	1,000
Clean Slate	500
Clear Sky Children’s Charity	1,000
Combat Stress	500
Deafblind UK	1,000
Dean Court Community Association	1,000
Dipex Charity	1,000
Donnington Doorstep	1,000
Douglas Bader Foundation	1,000
Eastgate Theatre (Peebles) Ltd	3,500
Family Links	500
Felix Fund	1,000
Flo’s (People, Place and Participation Ltd)	1,000
Food for Charities	500
Friends of Cherwell	1,000
Friends of Larkrise (Oxford)	500
Garsington Opera	500
Hearing Dogs for Deaf People	2,000
Homeless Oxfordshire	1,000
IMPS	1,000
Independent Age	1,000
Kidney Care UK	1,000
KIDS	1,000
Listening Books	1,000
Maggie’s	2,000
Maymessy CIC	500
Meningitis Now	1,000
My Life My Choice	960
National Rheumatoid Arthritis Society	1,000
OOSO	1,000
Opera Anywhere Ltd	800
Over the Wall	1,000
Oxford Churches Debt Centre	1,000
Oxford Hospitals Charity	10,000

- 21 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 9th March 2021 (continued)

Oxford Samaritans	1,500
Oxford Winter Night Shelter	1,000
Oxfordshire Play Association	1,000
Pancreatic Cancer	2,500
Piddington Village Hall (Oxon)	1,000
RABI	500
RAW Workshop	1,000
Read for Good	1,000
Revitalise Respite Holidays	1,000
Riverside Counselling Service	750
RNIB	1,000
SAFE! Supporting Young Victims	1,000
Schoolreaders	500
Seesaw	1,500
SSAFA: The Armed Forces Charity	1,000
St Joseph’s Catholic Primary School (Oxfordshire County Council)	600
Sunningwell School of Art	500
Teenage Cancer Trust	1,000
Thames Valley Air Ambulance	2,000
The Berkeley Reafforestation Trust	1,000
The British Red Cross	1,000
The Disabled Sailors Association	1,000
The Friends of Bardwell School	1,000
The Listening Centre	1,000
The Maple Tree	1,000
The Multiple Sclerosis Trust	1,000
The Oxford Pastorate	500
The Oxford Playhouse Trust	1,000
The Sunshine Centre	1,000
Upton Parish Council	500
Viva Network	1,000
Yellow Submarine	1,000
	───────
		84,710

Emergency grant to AlansAfrica (Rotary Club of Banbury Trust Fund) 180 ─────── £ 114,890

- 22 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 6th July 2021

New recurring grants were made to:
British Heart Foundation (payable in two tranches)	10,000
	───────
		10,000
Single payment grants were made to:
Action for ME	1,000
Adventure Plus Ltd	1,000
Ark-T Centre	1,000
Arts at the Old Fire Station	1,500
Barnardo’s	2,000
Bledlow Village Hall	1,000
Bone Cancer Research Trust	2,000
Centre for Sustainable Healthcare	1,000
CF Dream Holidays	1,000
Charity Mentors Oxfordshire	1,000
Child Autism UK	1,000
Child Bereavement UK	1,000
Circus Starr Show	680
Cystic Fibrosis Trust	1,000
Dalai Lama Centre for Compassion	1,000
Edward Feild Primary School	1,000
Ellenor	655
Falkland Hall Charity	1,000
Fight Against Blindness	1,000
Fight Bladder Cancer	1,000
Friends of Cutteslowe and Sunnymede Park	1,500
Friends of Oxford Botanic Garden and Arboretum	1,000
Garsington School PTA	1,000
Guide Dogs	1,000
Happy days Children’s Charity	1,000
Home-Start Banbury, Bicester & Chipping Norton	1,000
Hunsdon House School	500
Indian Union, Oxford	500
Ironstone Concert Fund	500
Jacari	500
Kidlington and District Information Centre	1,000
Mill Arts Centre	1,000
Mitchell’s Miracles	1,000
Modern Art Oxford	1,000
Mulberry Bush Organisation	1,000
Muscular Dystrophy UK	1,000
National Kidney Federation	1,000
Oxford and District Mencap	1,500
Oxford Philharmonic Orchestra Trust	1,000
Oxford University Development Trust (Natural History Museum)	1,000
Oxfordshire Association for the Blind	1,000
Oxfordshire Youth	1,000
Parasol Project	750
PDSA	900
Pennyhooks Farm Trust	1,000
Photography Oxford	500
Police Community Clubs of GB	1,000
Prior’s Court Foundation	1,600

- 23 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2021

13 Grants (continued)

Grants approved at the Trustees’ meeting on 6th July 2021 (continued)

Quest for Learning 1,000 Reducing the Risk of Domestic Abuse 1,000 Rose Hill Junior Youth Club 600 Sense 500 Sonning Common Parish Council 1,000 Sound Resource 1,000 South Oxford Community Association 500 Sportability 1,000 Sudep Action 500 Versus Arthritis 1,000 Village Water 500 Wantage Summer Arts Festival 500 Watermill Theatre Ltd 1,000 Watlington Climate Action Group 500 Wolvercote Young People’s Club 1,000 Wood Farm Parent and Toddler Group 500 Zambia Orphans Aid 1,000 ─────── ─ £ ─ Total grants approved at Trustee meetings in the year to 15th August 2021 £ ═ Reconciliation of net income to net cash flow from operating activities 2021 Net income/(expenditure) for the year 497,690 Dividends and interest received (42,420) Rents received from investment properties (371,271) Gain on disposal of quoted investments (6,647) Gain on revaluation of investment properties (27,667) (Gain)/loss on revaluation of quoted investments (549,381) (Increase)/decrease in debtors (20,815) Increase/(decrease) in creditors 17,043 _ Net cash flow from operating activities £ (503,468) £ ═════

61,685 ────── 71,685 ────── 310,905 ══════ 2020 (28,977) (47,745) (382,954) (55,266) - 29,296 9,084 (12,848) _ (489,410) ═════

14 Reconciliation of net income to net cash flow from operating activities

- 24 -