2023-08-15-accounts

Doris Field Charitable Trust

Charity Registration No: 328687

Accounts

for the year ended 15th August 2023

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 - 23

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 2023

The Trustees present their report together with the audited financial statements for the year ended 15th August 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

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, following the Covid pandemic 2020/2021, during which some of the Charity’s commercial tenants were unable to trade, rent concessions in one form or another were negotiated. Whilst now more stable, the rents in some locations, and particularly in the retail sector, have fallen and when reletting properties or at rent review, the Trustees are having to adopt a flexible approach to secure/retain tenants. Maintaining income flow is very much in the minds of the Trustees.

Objectives and activities

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 2023

Fundraising standards information

The charity does not carry out significant fundraising activities.

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 2023 a total of 3,776,131 (2022: £3,852,360) was invested with investment managers and a further £30,268 (2022: £111,104) was held as cash awaiting investment. The investment portfolios have decreased in value by 2.0% (2022: decrease of 3.8%), which is net of withdrawals for grant giving, and generated income of £59,905 (2022: £46,533).

Charitable grants review

During the year, 278 (2022: 272) 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 12 to the accounts and totalled £281,828 (2022: £264,051).

Commitments to expenditure towards grants are detailed in note 10, 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 an increase in the year (£422,444 for 2023 compared with £418,476 in 2022) representing a 0.9% movement. The trustees’ policy of diversified investments has continued and this year quoted investment income has increased by 28.7%.

There was a deficit, after paying out grants, of £36,357 (2022: deficit of £15,877) for the year excluding investment gains. This year, the underlying value of the Trust’s assets has decreased over the year by £143,357 (2022: decrease of £47,637). This is as a result of realised and unrealised losses on investment assets of £107,000 (2022: losses of £31,760) 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 2023

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 and are sufficient to cover a significant element of core running costs moving forward. At 15th August 2023 these unrestricted ‘free’ reserves amounted to £39,102 (2022: £105,288), and the trustees are content that this is in line with this policy target.

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.

Since the lockdown in March/April 2020 caused by Covid 19, the rental holidays agreed with some of the Trust’s tenants have in the main been repaid or continue to be repaid in accordance with terms agreed at the time. Rental income has since recovered and some previously vacant properties have been let. However, the Trustees are aware that due to the current economic conditions being experienced in the UK, a further period of uncertainty with some tenants, both residential and commercial, is anticipated. Recent lease renewals have resulted in the Trustees agreeing to reduced rental levels with established tenants and this situation is likely to continue into the foreseeable future, particularly with retail tenants. 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 2023

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 7th November 2023.

______	______	______	______
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 2023 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 2023, 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, and 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

7th November 2023

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 2023

		Total	Total
	Note	Unrestricted	Unrestricted
		Funds 2023	Funds 2022
Income from:
Rental income	2	422,444	418,476
Investment income	3	59,905	46,533
		───────	───────
Total income		482,349	465,009
		───────	───────
Expenditure on:
Costs of raising funds
Brokers’ charges		19,119	19,803
Letting agents’ fees		48,159	45,962
Property maintenance (net of insurance premiums received)		94,506	83,308
		───────	───────
Total costs of raising funds		161,784	149,073
Charitable activities
Grants	4	281,828	264,051
Governance costs	5	75,094	67,762
		───────	───────
Total charitable activities		356,922	331,813
		───────	───────
Total expenditure		518,706	480,886
		───────	───────
Net income/(expenditure) before gains on investments		(36,357)	(15,877)
Net gains/(losses) on investments	8	(107,000)	(31,760)
		───────	───────
Net movement in funds		(143,357)	(47,637)
Total funds brought forward		12,112,009	12,159,646
		───────	───────
Total funds carried forward		11,968,652	£12,112,009
		═══════	═══════

The notes on pages 11 to 23 form part of these accounts

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Doris Field Charitable Trust

	Balance sheet	Balance sheet
	At 15th August 2023
	Note
		2023		2022
Fixed assets
Investments	8	11,929,550		12,006,721
Current assets
Debtors	9	108,467	106,680
Cash at bank		41,058	115,595
		───────	───────
		149,525	222,275
Creditors:amounts falling due
within one year	10	(110,423)	(116,987)
		───────	───────
Net current assets		39,102		105,288
		───────		───────
Net assets		£11,968,652		£12,112,009
		═══════		══════
Funds
Unrestricted income fund	11	39,102		105,288
Designated capital fund	11	11,929,550		12,006,721
		───────		──────
Total funds		11,968,652		£12,112,009
		═══════		══════

These accounts were approved by the Trustees on 7th November 2023.

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

The notes on pages 11 to 23 form part of these accounts

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Doris Field Charitable Trust

Statement of Cash Flows for the year ended 15th August 2023

Note 2023 Net cash flow from operating activities 13 (527,057) _ Cash flow from investing activities Payments to acquire investments 8 (792,633) Proceeds from disposal of investments 8 694,848 Realised gains on disposal 8 (12,880) Dividends and interest received 13 59,905 Rents received from investment properties 13 422,444 _ Net cash flow from investing activities 371,684 _ Net increase in cash and cash equivalents (155,373) Cash and cash equivalents at 16th August 2022 226,699 _ Cash and cash equivalents at 15th August 2023 £ 71,326 £ ═════ Cash and cash equivalents consist of: Cash at bank and in hand 41,058 Short term deposits 30,268 _ Cash and cash equivalents at 15th August 2023 £ 71,326 £ ═════

2022 (525,018) _ (445,732) 603,880 (36,893) 46,533 418,476 _ 586,264 _ 61,246 165,453 _ 226,699 ═════ 115,595 111,104 _ 226,699 ═════

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Doris Field Charitable Trust

Notes to the accounts for the year ended 15th August 2023

1 Summary of significant accounting policies

a) Basis of preparation

Doris Field Charitable Trust is a charitable trust in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are detailed in the trustees report.

The charity constitutes a public benefit entity as defined by FRS 102. 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. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

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.

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Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

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) Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.

f) 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.

g) 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.

h) 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.

i) Future commitments

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

j) Property transactions

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

k) 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.

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Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

1 Summary of significant accounting policies (continued)

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 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 Rental income

Residential and commercial rents Agricultural rents £ Investment income Dividends and interest from quoted securities Bank and other interest £	2023 2022 418,744 414,776 3,700 3,700 _ _ 422,444 £ 418,476 ═════ ═════ 59,628 46,532 277 1 _ _ 59,905 £ 46,533 ═════ ═════	2022 414,776 3,700

3 Investment income

4 Grant payments

The value of the grant payments (see note 12) represents all of the direct charitable expenditure paid during the year and is as follows:

5

Grants to institutions – 278 grants (2022: 272)	281,828	264,051
	_	_
	£ 281,828	£ 264,051
	═════	═════
Governance costs
Trustees’ expenses	398	215
Audit and accountancy	9,840	9,294
Professional fees	63,766	58,212
Sundry administration costs	1,090	41
	_	_
	£ 75,094	£ 67,762
	═════	═════

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Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

6 Total expenditure includes:

Auditors’ remuneration: Audit services Non audit services £	2023 2022 5,025 4,740 4,815 4,554 _ _ 9,840 £ 9,294 ═════ ═════

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 Blake Morgan LLP Investment income/rental income £	65,664 58,369 37,469 42,236 _ _ 103,133 £ 100,605 ═════ ═════

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 two trustees (2022: one) during the year are in respect of travel and subsistence amounting to £398 (2022: £215).

No trustee (2022: none) received remuneration for services provided during the year.

During the year Carter Jonas paid rent of £65,000 (2022: £65,000) to the Trust in relation to their use of property owned by the Trust.

8 Fixed asset investments

Fixed asset investments
		Listed
	Investment	Investments	Total	Total
	Properties	and Cash	2023	2022
Carrying value
Valuation at 16th August 2022	8,043,257	3,963,464	12,006,721	12,083,576
Additions	79,894	712,739	792,633	445,732
Increase/(decrease) in value on	revaluation -	(94,120)	(94,120)	5,133
Increase/(decrease) in cash	-	(80,836)	(80,836)	76,160
Disposal proceeds
(including gain on disposal)	-	(694,848)	(694,848)	(603,880)
	───────	───────	───────	───────
Valuation at 15th August 2023	£8,123,151	£3,806,399	£11,929,550	£12,006,721
	═══════	═══════	═══════	═══════

The investment properties were last formally valued by Carter Jonas, Chartered Surveyors, as at 16th August 2021. The basis of valuation used was market value. In the opinion of the trustees, this valuation remains materially correct at 15th August 2023.

Cash included in ‘listed investments and cash’ amounts to £30,268 (2022: £111,104) and is held on deposit.

- 14 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

9	Debtors
		2023		2022
	Rents due	95,707	101,497
	Prepayments	5,926		3,936
	Other debtors	6,834		1,247
		─────	─────
		£ 108,467	£ 106,680
		═════	═════
10	Creditors: amounts falling due within one year
	Creditors – grants payable	10,000		16,000
	Accruals and deferred income	100,423		100,987
		─────		─────
		£ 110,423	£	116,987
		═════		═════
	Deferred income totals £32,027 (2022: £30,375) and relates to rental income received in advance.
	Included within creditors are the following grants payable to which the trustees have committed:
	Year ended 15th August 2023	£
	British Heart Foundation	5,000
	Prostate Cancer UK	5,000
		─────
	Due within one year	10,000
		═════

No grants are due after more than one year as at 15th August 2023 or 15th August 2022.

- 15 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

11 Funds – 2023

Funds – 2023
		Unrestricted
	Unrestricted	Designated
	Income	Capital	Total
At 16th August 2022	105,288	12,006,721	12,112,009
Income	482,349	-	482,349
Expenditure	(518,706)	-	(518,706)
Gains/(losses) (realised and unrealised)	-	(107,000)	(107,000)
Transfers	(29,829)	29,829	-
	───────	───────	───────
At 15th August 2023	39,102	11,929,550	11,968,652
	═══════	═══════	═══════
Analysis of net assets between funds
Investments	-	11,929,550	11,929,550
Net current assets	39,102	-	39,102
	───────	───────	───────
	39,102	11,929,550	11,968,652
	═══════	═══════	═══════
Funds – 2022
At 16th August 2021	-	12,159,646	12,159,646
Income	465,009	-	465,009
Expenditure	(480,886)	-	(480,886)
Gains/(losses) (realised and unrealised)	-	(31,760)	(31,760)
Transfers	121,165	(121,165)	-
	───────	───────	───────
At 15th August 2022	£ 105,288	£12,006,721	£12,112,009
	═══════	═══════	═══════
Analysis of net assets between funds
Investments	-	12,006,721	12,006,721
Net current assets	105,288	-	105,288
	───────	───────	───────
	£ 105,288	£12,006,721	£12,112,009
	═══════	═══════	═══════

All funds of the Doris Field Charitable Trust are unrestricted.

An amount of £29,829 unspent income/gains were added to the Capital Fund in 2023 (2022: £121,165 was transferred from the Capital Fund in 2022 to support current and future charitable expenditure).

- 16 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants

Grants approved at the Trustees’ meeting on 1st November 2022

Recurring grants recognised in previous years were paid to:
The Oxfordshire Historic Churches Trust	5,000
	─────
		5,000
Single payment grants were made to:
4 Cancer Group	1,000
Abingdon Carousel	1,000
Abingdon Town Amateur Boxing Club	600
Action for M.E. Ltd	1,000
Activity Club for Children with Special Needs – Thumbs Up Club	1,000
Adventure Plus	1,000
Asthma and Lung UK	1,000
Asthma Relief	1,000
Be Free Young Carers	1,000
Blackbird Leys Neighbourhood Support Scheme Ltd
- Agnes Smith Advice	1,000
Blesma	1,000
Bone Cancer Research Trust	2,000
British Dyslexics	1,000
Cancer Support UK	1,000
Canine Partners for Independence	500
Care for Veterans	912
Cheney School Association	1,000
Child Autism UK	1,000
Child Bereavement UK	1,000
Children’s Hospital Pyjamas	1,000
Chilterns MS Centre Ltd	1,000
Christmas Day Lunch – Anna Gatrell	1,000
Colostomy UK	500
Didcot Train – Inspiring Young People	1,000
Dipex Charity	500
Dogs for Good	1,000
Donnington Doorstep	1,000
Earth Trust	500
Elizabeth Finn Care t/a Turn 2Us	500
Encephalitis Society	1,000
Enrych Oxfordshire	1,000
Fight Against Blindness	1,000
Food for Charities	1,000
Friends of Aston and Cote School	1,400
Friends of Hill End	500
Fusion Arts	500
Gingerbread	1,000
Happy Days Children’s Charity	1,000
Harwell Bowls Club	230
Helen and Douglas House	2,000
Henry	1,000
Leukaemia UK	1,000
Marcham Pre-School Playgroup	500
Milton United FC	500
Morning Star Trust	1,000
Museum of Modern Art Limited / Modern Art Oxford	1,000
	─────
Sub-total c/fwd	42,642

Single payment grants were made to:

- 17 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 1st November 2022 (continued)

Sub-total b/fwd	42,642
Overcoming Multiple Sclerosis	1,000
Oxford Baby Bank	750
Oxford Churches Debt Centre	1,000
Oxford Gospel Choir	1,000
Oxford Winter Night Shelter	1,000
Oxfordshire Breastfeeding Support	500
Oxfordshire Mind	1,000
Oxfordshire Sexual Abuse and Rape Crisis Centre	2,000
Parochial Saint Frideswide – St Frideswide Church	1,000
Prisoners’ Education Trust	1,000
React	1,000
Retina UK	1,000
Sebastians Action Trust	1,000
Spinal Muscular Atrophy UK	1,000
St Aloysius School PTA	500
St Barnabus Church – Peasemore Church Fund	1,000
Style Acre	1,000
Sutton Courtney Youth Football Club	700
Terrence Higgins Trust Limited	737
The 3H Foundation	1,000
The Brainwave Centre Ltd	1,000
The Dalai Lama Centre for Compassion	1,000
The Lullaby Trust	500
The Theatre Chipping Norton Ltd	1,500
The Transforming Autism Project	1,000
Thomley Hall Centre Limited	1,000
Unique	1,000
Wallingford Volunteer Drivers	500
Wantage Choral Society	350
Watlington Bowls Club	500
Watlington Parish Council – Watlington Allotments	500
Whizz-Kidz	1,500
Willow Foundation	1,000
Wilts & Berks Canal Trust	1,000
Wings for Warriors	1,000
Witney & West Oxfordshire FoodBank	1,000
Wootton Community and Sports Trust	1,000
Wychwood Day Centre	1,000
	──────
		£ 78,179
		──────
		£ 83,179

- 18 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 27th February 2023

Recurring grants recognised in previous years were paid to:
Breast Cancer Now	10,000
Recurring grants recognised in previous years were payable to:
Prostate Cancer UK (payable in two tranches)	5,000
	─────
		15,000
Single payment grants were made to:
1st Wychwood Scout Group	500
Adderbury Parish Council	1,000
Against Breast Cancer	1,000
Anjali Dance Company Ltd	500
Arts at the Old Fire Station	1,300
At the Bus	1,000
Autism Early Support Trust Ltd	1,000
Barton Community Church	1,000
Bible Reading Fellowship	500
Blind in Business	1,000
Cecily’s Fund	2,000
Centre for Muslim Christian Studies – Solomon Academic Trust	500
Cherwell Theatre Company Ltd	1,000
Cheryl Hickson – Kerala charities	2,000
Chesterton Playgroup	500
Combat Stress	1,000
Conservation Education & Research Trust – Earthwatch Europe	1,000
Crops not Shops	2,000
Cumnor PCC (Memory Café)	1,000
Cystic Fibrosis Trust	1,000
Designability	500
Dressability	500
Ellenor	750
Emmauel Christian School	500
ERIC	1,000
Felix Fund	1,000
Flexicare (Oxford and Abingdon)	1,000
Gosford All Blacks RFC	500
Headington Action	1,000
Hearing Dogs for Deaf People	2,000
Homeless People & the Oxford Churches (Gatehouse)	1,000
Home-Start Banbury	1,000
Joss Searchlight	1,000
Kidlington District Ranger Guide Unit (Horizon)	1,000
Langford Village Community Association	1,000
Leukaemia Care	1,000
Life Education Wessex	600
Lincoln College Vacation Project	500
Listening Books	1,000
Mercury Musical Developments	500
Motor Neurone Disease Association	1,000
National Rheumatoid Arthritis Society	1,000
National Youth Choirs of Great Britain	1,000
	─────
Sub-total c/fwd	41,150

- 19 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 27th February 2023 (continued)

Sub-total b/fwd	41,150
Odyssey Project Ltd	1,000
Opera Anywhere Ltd	1,000
Orchard Meadow Primary School	500
Orchestra of St John’s Ltd	1,000
Over the Wall	1,000
Oxford Blackbirds U7s	1,000
Oxford City Angels	1,000
Oxford Hospitals Charity	5,000
Oxford Hub – Schools Plus	500
Oxford Samaritans	1,500
Oxfordshire Book Awards	500
Oxfordshire County Scout Council	1,000
Oxfordshire I.M.P.S.	1,000
OXSRAD	2,000
Pancreatic Cancer UK	2,500
Paul Strickland Scanner Centre	2,000
OCC Fyfield with Tubney	500
Project Wingman	1,000
Read for Good	1,000
Revitalise Respite Holidays	1,000
River Learning Trust – Barton Park	500
Rotary Club of Banbury Trust Fund – Alan’s Africa	2,000
Roy Castle Lung Cancer Foundation	1,000
Shift.ms	1,000
Shine	1,000
Sobell House Hospice Charity Ltd	2,000
St John Ambulance	1,000
Stillbirth and Neonatal Death Society	1,000
Stroke Association	1,000
Sunningwell School of Art	1,000
T(ART) Productions CIC	500
Tall Ships Youth Trust	1,000
Thames Valley Air Ambulance	2,000
The English Music Festival	1,000
The Hope Trust Oxford	1,000
The Inspire Foundation – Bionic Bladder	1,000
Together for Short Lives	1,000
UK Electronics Skills Foundation	1,000
United Parish of Chinnor – St Andrew’s Church	1,000
Viva Network	1,000
Waterperry Opera Festival	1,000
Watlington Concert Band	500
Wheelpower	1,000
Wolvercote Village Management Committee	1,000
Wychwood Baptist Church	1,000
	───────
		£ 93,650
		──────

£108,650

- 20 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 13th June 2023

Recurring grants recognised in previous years were paid to:
British Heart Foundation (payable in two tranches)	5,000
	─────
		5,000
Single payment grants were made to:
1st Wychwood Scout Group	1,500
24th Abingdon (Dry Sandford) Scout Group	1,000
8th Oxford Scout Group	1,000
Abbey Chamber Concerts	500
ACT Oxford	1,000
Action Medical Research	1,000
Adderbury, Deddington & District Photographic Society	500
Afghanistan and Central Asian Association	1,000
Arch	1,000
Aston and Cote Pre-School	1,000
Aston Football Club U7s	700
Bampton Classical Opera	1,000
Berkshire Multiple Sclerosis Centre	1,000
Bledington and Foscot Community Association	1,000
Botley Bridges	1,000
Brain Tumour Support	900
British Forces Foundation	500
British Liver Trust	1,000
BucksVision	500
Calibre Audio	1,000
Cavell Nurses Trust	500
CF Dream Holidays	1,000
Circus Starr	1,000
Citizens Advice Oxford	1,000
Clear Sky Children’s Charity	1,000
Cruse Bereavement Support	1,000
Douglas Bader Foundation	1,000
East Oxford Stay and Play	1,000
Edge Housing	1,000
Emmaus Oxford	1,000
Epilepsy Action	500
Footsteps Foundation	1,000
Friends of Bardwell School	500
Future Trees Trust	500
Gambling with Lives	500
Go Kids Go	500
Got2B Community Interest Company	1,000
Guideposts Trust Ltd	1,000
Haemochromatosis UK	1,000
Hanney Scout Group	632
Helen Arkell Dyslexia Charity	500
Henley Music School	1,000
Home-Start Southern Oxfordshire	1,000
Human Story Theatre	1,000
Hummingbird Centre	1,000
Hunsdon House	500
	─────
Sub-total c/fwd	39,732

- 21 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 13th June 2023 (continued)

Sub-total b/fwd	39,732
Independent Age	1,000
Instruments of Time and Truth	1,000
JDRF (Juvenile Diabetes Research Foundation Ltd)	500
Kidlington and District Information Centre	1,000
Kingston Blount Park Fundraising Committee	500
Lake Street Nursery	500
LIFE	1,000
Linking Environment and Farming (LEAF)	500
Listening Centre	500
Macular Society	1,000
Merry Opera	1,000
Mulberry Bush School	1,000
Muscular Dystrophy UK	1,000
My Vision Oxfordshire	1,000
North Leigh PCC – Turner Hall	1,000
One-Eighty	1,000
Oxford Against Cutting	1,000
Oxford and District Mencap	1,000
Oxford City Farm	1,000
Oxford Philharmonic Orchestra Trust	1,000
Oxfordshire Mind	1,500
Oxfordshire Play Association	1,000
Oxfordshire Youth	1,000
Pavlova Wind Quintet	500
RAF Benevolent Fund	1,000
Rainbow Trust Children’s Charity	1,000
RAW Workshop	1,000
RNIB	1,000
Rock UK	1,000
Royal British Legion Industries	1,000
Sense	1,000
South Oxford Adventure Playground	667
St Leonard’s Bell Fund	1,000
St Mary’s Church, Bloxham	1,000
St Mary’s PCC, Chalgrove	1,000
Starling Sessions – Tandem Collective CIC	1,000
Teenage Cancer Trust	1,000
The Brain Tumour Charity	1,000
The Living Paintings Trust	500
The Organisation for New Music and Sound	1,000
The Oxford Pastorate	500
UK Veterans Hearing Foundation	1,000
UK Youth	1,000
Versus Arthritis	1,000
Village Water	1,000
Walking with the Wounded	1,000
Wantage Literary Festival	600
	───────
Sub-total c/fwd	82,499

- 22 -

Doris Field Charitable Trust

Notes to the accounts (continued) for the year ended 15th August 2023

12 Grants (continued)

Grants approved at the Trustees’ meeting on 13th June 2023 (continued)

	Sub-total b/fwd	82,499
	Watermill Theatre Ltd	2,000
	Wolvercote Young People’s Club	1,000
	Wood Farm Parent & Toddler Group	500
	Woodstock Chapel Trust	1,000
	Wootton St Peter’s School	500
	Wychwood Primary School PTA	1,000
	Wycliffe UK	500
	Zambia Orphans Aid	1,000
		───────
			£ 89,999
			──────
			£ 94,999
			───────
	Total grants approved at Trustee meetings in the year to 15th August 2023		£ 286,828
	Emergency Grants approved by the Trustees
	Parasol Project CIO		1,000
			───────
	Total grants approved by the Trustees in the year to 15th	August 2023	£ 287,828
	Adjustment to grants previously approved and settled		(6,000)
			───────
	Total grants per Statement of Financial Activities in the year to 15th August 2023		£ 281,828
			═══════
13	Reconciliation of net income to net cash flow from operating activities
		2023	2022
	Net income/(expenditure) for the year	(143,357)	(47,637)
	Dividends and interest received	(59,905)	(46,533)
	Rents received from investment properties	(422,444)	(418,476)
	Gain/(loss) on disposal of quoted investments	12,880	36,893
	(Gain)/loss on revaluation of quoted investments	94,120	(5,133)
	(Increase)/decrease in debtors	(1,787)	3,937
	Increase/(decrease) in creditors	(6,564)	(48,069)
		_	_
	Net cash flow from operating activities	£ (527,057)	£ (525,018)
		═════	═════

- 23 -