Charity Registration No. 1114653 Company Registration No 05639165 ## **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **REPORT AND FINANCIAL STATEMENTS** **For the year ended 30 September 2023** ## **Wenn Townsend** **Chartered Accountants** **Oxford** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Contents** **----- Start of picture text -----**
Page
Charity information 2
Trustees' report 3 to 7
Independent auditors’ report 8 to 10
Statement of financial activities 11
Balance Sheet 12
Cash Flow statement 13
Accounting policies 14 to 15
Notes to the financial statements 16 to 19
Detailed income and expenditure account (not forming part of the 21
Statutory accounts)
**----- End of picture text -----**
**-1-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Charity information** **----- Start of picture text -----**
Board of Trustees The membership of the Board of Trustees up to the date of
signing the financial statements was as follows:
Dr JJ Guy OBE - Chair
Mrs C Harrington - Vice-chair
Mr D David - Honorary Treasurer
Mrs C I Balme (retired 27/01/2023)
Dr C A Chivers
Mrs W Robinson (retired 07/12/2023)
Mr A O’Hickey
Dr S L Hope (retired 13/06/24)
Mr M Ryan (appointed 07/12/2023)
Ms J Brannan (appointed 07/12/2023)
Rev R Weir (appointed 28/03/2024)
Secretary Ms Fiona Shickle
Solicitors RWK Goodman LLP
5-6 Northumberland Buildings
Bath
BA1 2JE
Auditors Wenn Townsend
30 St Giles
Oxford
OX1 3LE
Bankers Handelsbanken
Seacourt Tower
West Way
Oxford
OX2 0JJ
Investment advisors CCLA Investment Management Limited
80 Cheapside
London
EC2V 6DZ
Registered Charity 1114653
number
Company Number 5639165
Registered office 115A Banbury Road
Oxford
OX2 6LA
Registered Manager Mrs M Williams
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**-2-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report** **For the year ended 30 September 2023** ## **Directors and trustees** The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. All of the Board of Trustees on page 2 are directors. ## **Structure, governance and management** ## Governing Document Fairfield Residential Home is a company limited by guarantee governed by its Memorandum of Association dated 8th November 2005 and Articles of Association amended on 30th August 2013. It is registered as a charity with the Charity Commission. ## Appointment of trustees As set out in the Articles of Association the Chair of Trustees is appointed by the Board of Trustees. Mrs CI Balme retired as Trustee on 27th January 2023, Mrs W Robinson retired as Trustee on 7th December 2023 and Dr S Hope retired as Trustee on 13th June 2024. Ms J Brannan and Mr M Ryan were appointed as Trustees on 7th December 2023 and Rev R Weir was appointed as a Trustee on 28th March 2024. In accordance with the Articles of Association Dr A Chivers, Mr D David and Mrs C Harrington retire at the annual general meeting and are eligible for re-election. ## Trustee induction and training New Trustees are given documentation containing information on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, CQC requirements for running a care home, the committee and decision making processes, the recent financial performance and the future financial plans of the charity. Trustees are encouraged to attend appropriate training events that will facilitate the undertaking of their role, and from time to time attend seminars on their role as trustees. ## Key management personnel As a result of the departure of Mrs Deborah Hayes, the Registered Manager and a staff restructuring, in 2023 the Trustees designated the three members of the Senior Leadership Team at Fairfield Residential Home as Ms Fiona Shickle, CEO and Bursar, Mrs Michelle Williams, Director of Care and Registered Manager, and Shamaila Muzammil, Deputy Manager and designated Ms Fiona Shickle to lead this group in her role as CEO. Their salaries are fixed by reference to the salaries of comparable posts in care homes in Oxfordshire and the market rate for similar roles. ## Organisation The Trustees delegate the management of the Charity to the Chief Executive and the Senior Leadership Team. The trustees hold meetings on four occasions each year. At the meetings of the Trustees the Senior Leadership Team reports on activity since the previous meeting and matters requiring Trustee approval. The Trustees consider the broad strategy of the Charity including allocation of resources, investment in leasehold improvements to the Home, reserves and risk management, management of staff, charges to residents, compliance with all legal and charitable obligations as well as the requirements of the local authority and social care services. **-3-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Trustees’ Annual Report (continued)** ## **For the year ended 30 September 2023** ## Risk management A risk register has been compiled that categorises every identified perceived risk by reference to “Risk Impact” and “Risk Likelihood”, and sets out proposed mitigating actions. The risk register is reviewed by the Trustees in sections spread across the Trustee meetings throughout the year so that each section is reviewed annually. The Senior Leadership Team implements procedures designed to minimise any potential impact on the charity of the identified risks and these are reviewed at Trustee meetings, alongside potential new risks which may have been identified. The trustees are satisfied that the implementation of the risk register is the best way of remaining alert to the potential risks facing Fairfield Residential Home. ## COVID - 19 Although we have continued to experience COVID-19 cases over the past year, we are happy to report that none of these has resulted in serious illness. In order to maintain a safe environment for both residents and staff, Fairfield's Senior Team has kept guidance and advice on Covid-19 under constant review and has continued to make changes to its protocols in response to changes in Government guidance and legislation. We now have a protocol that combines actions to mitigate the risks of COVID-19 with those associated with other Acute Respiratory Infections (ARIs) in line with current Government guidance and this is integrated into the ongoing management of the home. We believe that a key line of defence against ARIs is vaccination and with this in mind we promote acceptance of COVID-19 and Flu vaccinations both to residents and to staff whenever they are made available. As noted in our previous report, we believe that the pandemic had a negative impact on the morale and mental wellbeing of the team which has also led to an increase in sick leave and some staff losses. During the last year we have continued to monitor staff wellbeing and provide additional support with positive results. Fairfield is also very proud of the fact that in September 2023 the work of Michelle Williams, our Director of Care and Registered Manager in drawing attention to concerns over testing in care homes was recognised with the presentation of the silver Chief Nursing Officer's Award by Deborah Sturdy CBE along with a silver team award for the whole team who supported our residents so well through the challenges of the pandemic. The financial impact of Covid-19 this year was less significant than in the preceding three years with resident numbers picking up and stabilising at close to full capacity. However, we have continued to experience additional costs arising from the use of agency staff resulting from sick leave and difficulties in replacing staff, which appear to be linked to the effects of the pandemic, although there are other factors such as the effect of leaving the European Union and the dramatic increase in the cost of living which may also have contributed to challenges in recruiting staff. Fairfield has carried out a review of projected income and expenditure for the following financial year that indicates a satisfactory and improving level of cash and reserves. Sustainability and the going-concern status are regarded, therefore, as unaffected by COVID–19. **-4-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (continued)** **For the year ended 30 September 2023** ## **Objectives and activities** ## **Objects of the Charity** The objects of the Charity as defined in the Articles of Association (revised 13th August 2013) are the relief of elderly persons who have ceased to be, or are not fully employed, in particular through the provision of accommodation, food, care and other facilities. Over a period of several months in 2022 and early 2023 an exercise was carried out to review Fairfield's vision, mission and values to enable us to focus on what sets Fairfield apart as a home and what we should be striving to achieve in the future. Trustees, residents and staff were involved in this process and encouraged to contribute their thoughts. The following was agreed: **Vision: At Fairfield our vision is of an exceptionally happy home where residents enjoy a fulfilling later life.** ## **Mission: At Fairfield our mission is to provide outstanding individually tailored support in a home filled with kindness and compassion.** Discussion of our core values with our residents produced the following word cloud which we also believe to be a helpful reflection of the aims of the Trustees and staff: The work on refreshing our vision, mission and values has been at the heart of the development of our new three year rolling strategic plan and informs our day to day decision making. This is particularly true in relation to recruitment, training and management of staff and to expanding what we are able to offer residents to improve their social and spiritual wellbeing. During the period of this report the home had 42 bedrooms registered with the Care Quality Commission including 2 assisted living places in a bungalow in the grounds. Most residents are long stay, however one room has been set aside specifically for the provision of short term respite care as this is seen as beneficial to older people and their carers living in the wider community and can also provide a helpful stepping stone for those considering moving into Fairfield on a long term basis. Other rooms may also be used for respite stays if there are vacancies. The number of residents during the year averaged 36 (2022 31) increasing from 32 in October 2022 to 37 in September 2023. **-5-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (continued)** ## **For the year ended 30 September 2023** ## **Review of the Charity’s activities for the public benefit** The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the Charity should undertake. In order that members of the public can benefit from the activities of the Home the Trustees keep the monthly charges for residence as low as is consistent with the continuance of activities and provision of outstanding care. All applications from elderly persons who meet the Home’s admission criteria for health are considered. Applicants who are unable to meet the Home’s residential charges are able to make application to the local authority to meet all or part of them. Fairfield has developed a number of initiatives whereby non-residents and their carers can use some of the facilities of the home at no charge in order to provide relief for the non-resident and carer, including coffee mornings and 'Carers' Days' where an elderly person in the community is able to spend the day in Fairfield with their carer, who is also able to enjoy our facilities free of charge. We also offer a social club which enables older people to come to the home and enjoy activities and a lunch with our residents at a minimal cost. Fairfield leads a group of professionals developing an innovative Elderly Persons Information Community (EPIC) for the benefit of residents in Summertown and wider north Oxford. ## **Financial review, investment policy and reserves** The Charity made an unrestricted surplus of £427,897 for the year (2022 surplus £219,377). At the end of the financial year unrestricted general reserves amounted to £511,466 (2022 £221,584). The Trustees consider that the charity should aim for a level of free reserves equivalent to six months of expenditure excluding depreciation, which would amount to £1,058,642 based on expenditure for the year to September 2023. While progress towards this was severely hampered by the pandemic, progress is now being made towards the target level of reserves and it is considered achievable in the medium term. In the meantime the Trustees continue to keep the position under close scrutiny and have agreed that in the event of an immediate need, some or all of the building maintenance fund (£684,000) could be redesignated in the short term. ## **Investment Policy** During the year, the Charity’s money was held in deposit accounts with COIF and Handelsbanken. The Board of Trustees considered this to give an adequate return consistent with the need to keep funds available to meet future costs and contingencies. However, as funds held by the charity are increasing, this policy has been reviewed and a modest investment in the COIF Charities Investment Fund has been agreed in order to increase returns whilst continuing to minimise risk as far as possible. ## **Future plans** Having reviewed its vision mission and values, Fairfield has finalised a three year strategic plan to work towards achieving its vision. This covers seven strategic pillars that we consider to be important to our future development. These are resident wellbeing, operating as a learning organisation, community engagement, public benefit, management of the estate, operations and financial sustainability. Across these seven strategic pillars there are two main themes that will steer our approach. These are: 1) Embracing innovation, both technological and in care practice and 2) Understanding the value of our staff team and supporting their learning and development, using a variety of approaches. We believe that both of these elements are critical to Fairfield's future success. **-6-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (continued)** ## **For the year ended 30 September 2023** ## **Future plans contd.** Operational plans have been developed within the staff team in order to fulfil the strategic plan and progress is reported at each meeting of the Trustees. We continue to be in consultation with University College who are midway through a project to build additional student accommodation adjacent to the Fairfield site. We are also working closely with the College's building contractors, who have been helpful and supportive and are keen to understand and accommodate Fairfield's needs. Our aim is to help our residents to feel engaged with the progress of the development, to minimise any inconvenience and with the help of the College, to enable them to benefit where possible from the finished project, with access to a new coffee shop and the College gardens and greater interaction with the students. ## **Trustees’ responsibilities in relation to the financial statements** The Trustees (who are also directors of Fairfield Residential Home for the purposes of company law) 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). Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity at the end of the financial period and of its income or expenditure for the financial period. In doing so the trustees are required to: - select suitable accounting policies and apply them consistently; - make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards and the Statements of Recommended Practice have been followed, subject to any departures disclosed and explained in the accounts; and • prepare the accounts on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. The Trustees are responsible for maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure that the accounts comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the charity’s assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with company law, as the company’s directors, we certify that: • so far as we are aware, there is no relevant audit information of which the company’s auditors are unaware; and • as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information. **By order of the Board of Trustees** **F A Shickle** **Company Secretary 27/06/2024** **-7-** ## **FAIRFIELD RESIDENTIAL HOME** ## **Independent Auditors’ Report to the members of Fairfield Residential Home** ## **Opinion** We have audited the financial statements of Fairfield Residential Home (the ‘charitable company’) for the year ended 30th September 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 charitable company’s affairs as at 30th September 2023, and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006. ## **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 charitable company 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** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: · the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or · the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **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. **-8-** ## **FAIRFIELD RESIDENTIAL HOME** ## **Independent Auditors’ Report to the members of Fairfield Residential Home (continued)** ## **Other information cont.** 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report (incorporating the directors’ report) for the financial year for - which the financial statements are prepared is consistent with the financial statements; and - the directors’ report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: � adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or � the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. ## **Responsibilities of trustees** As explained more fully in the Trustees’ responsibilities statement set out on page 6, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. **-9-** ## **FAIRFIELD RESIDENTIAL HOME** ## **Independent Auditors’ Report to the members of Fairfield Residential Home (continued)** ## **Responsibilities of Trustees cont.** In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management, those charged with governance around actual and potential litigation and claims; - Enquiry of entity staff and those charged with governance in to identify any instances of non-compliance - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance - 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 noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. **Andrew Rodzynski FCA Senior Statutory Auditor For and on behalf of Wenn Townsend, Statutory Auditor** 27/06/2024 **-10-** ## **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Statement of Financial Activities Including income and expenditure account** ## **For the year ended 30 September 2023** |**Note**
**Income**
_Income from charitable activities_
Residents’ and visitors’ fees
_Income from generated funds_
Investment income
Donations
Grants
**Total income**
**Expenditure**
Cost of raising funds
**1**
_Charitable expenditure_
Costs of operating Home
**2**
Other
**3**
**Total expenditure**
**Net income / (expenditure)**
**Transfers between funds:**
Unrestricted general funds – transfers
to designated funds
Unrestricted designated funds –
transfer to Building Reserve
Unrestricted designated funds –
transfer to Buildings Maintenance Fund
**Total funds brought forward**
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
2,542,671
15,110
0
4,000
2,561,781
4,925
2,105,386
23,573
2,133,884
427,897
0
-138,015
1,215
136,800
7,930,194
8,358,091|**Restricted**
**Funds**
**£**
0
0
2,975
2,200
5,175
0
3,939
0
3,939
1,236
0
0
0
2,840
4,076|**Total**
**2023**
**£**
2,542,671
15,110
2,975
6,200
2,566,956
4,925
2,109,325
23,573
2,137,823
429,133
-138,015
1,215
136,800
7,933,034
8,362,167
0.00|**Unrestricted**
**Funds**
**£**
2,121,375
1,029
0
5,050
2,127,454
3,756
1,908,839
-4,518
1,908,077
219,377
-139,966
3,166
136,800
7,710,817
7,930,194|**Restricted**
**Funds**
**£**
0
0
2,893
26,813
29,706
0
28,216
0
28,216
1,490
0
0
0
1,350
2,840|**Total**
**2022**
**£**
2,121,375
1,029
2,893
31,863
2,157,160
3,756
1,937,055
-4,518
1,936,293
220,867
-139,966
3,166
136,800
7,712,167
7,933,034| |---|---|---|---|---|---|---| **-11-** FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE Balance Sheet 30Se ember 2023 2023 2022 Nots Flxgd as$ots Leasehold propety. fvmilure and fittings Fixed asset investments 7,180.672 7,184,431 7.180,673 7,184.432 Curront ass Cash at bank and in hand Dèbtors 1.346.122 130,121 891,802 187,639 1076.243 1,079,441 Ded￿t. Current Llabilitl8s Crèditors - amounts falling d￿ bwihin orte year -294.749 -330.839 Not current assets 1,181.494 748,602 Total assets 18s5 Gurrènt Ilablllties 8,362.167 7,933,034 Net assets 8,362,167 7.933,034 Repr•swrt•d by: Unre$lri¢ted genernl funds Unreslricied designated funds Building Reserve Buildings Maintenance Fund Restricted funds 511,466 221,584 10 10 7,162.625 684,000 4.076 7,161,410 547,200 2,840 8,362.167 7.933,034 The a￿Ounts have been prepared in accordance wilh the special proM$ion$ part 15 of the Companies Act 2006 applicable to companitt3 subject to the small companies regime. These financial statements were approved by Ihe Board of Trustees on 27th June 2024 and signed on its behalf by.. DrJJ GuyO8E Chaimi#n Company regi$tratFon number 05639165 (England and Wal9$1 -12. **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Cash Flow Statement** ## **30 September 2023** ## **Reconciliation of operating result to net cash outflow from operating activities** |Operating surplus / (deficit) (see below)
Depreciation
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Net cash inflow / (outflow) from operating activities**
**Cash flow statement**
Net inflow / (outflow) from operating activities
Returns on investments and servicing of finance
Investment income
Capital expenditure
Increase / decrease in cash
**Reconciliation of net cash flow to movement in net debt**
Net funds at 1 October 2022
Increase / decrease in cash
**Net funds at 30 September 2023**
**Reconciliation of net movement in funds to operating surplus**
Net movement in funds per SOFA
Less: Investment Income
**Operating surplus / (deficit)**|**2023**
**£**
**414,023**
**16,601**
**57,518**
**-36,090**
**452,052**
**452,052**
**15,110**
**-12,842**
**454,320**
**0.000**
**891,802**
**454,320**
**1,346,122**
**0**
**0**
**429,133**
**-15,110**
**414,023**|2022
£
219,838
19,425
-86,168
110,016
263,111
263,111
1,029
-20,813
243,327
**0.000**
648,475
243,327
891,802
220,867
-1,029
219,838| |---|---|---| **-13-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Accounting policies** ## **For the year ended 30 September 2023** The following accounting policies have been used consistently in dealing with items which are considered material to the Home’s financial statements. ## **Basis of preparation** The accounts are prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. ## **Going Concern** The Trustees have considered the charity's current financial position and future projections and are confident that the charity can operate for at least 12 months from the date of signature of the accounts. The accounts are therefore prepared on a going concern basis. ## **Income** Income is included in the accounts when entitlement is reasonably certain, receipt is probable and the amount can be measured reliably. ## **Expenditure** All expenditure is accounted for on an accruals basis and has been classified under appropriate headings. Expenditure is recognised when 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. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. ## **Fixed assets and depreciation** In accordance with charity rules, all items of a capital nature have been classified as additions to fixed assets. The buildings are subject to regular refurbishment and maintenance, and, in light of the foregoing, no depreciation is provided because any charge is considered by the trustees to be immaterial. Depreciation of the other fixed assets is provided as follows: Fixtures and fittings 25% straight line **-14-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Accounting policies (continued)** ## **For the year ended 30 September 2023** ## **Charity funds** � The Charity’s unrestricted funds may be spent for the furtherance of the Charity’s objects at the discretion of the trustees. � The Charity’s restricted funds may be used in accordance with specific restrictions imposed by donors. ## **Pensions** The Home contributes to personal defined contribution pension schemes on behalf of certain of its employees. The employer’s contributions are charged against the income and expenditure account in the year in which they are made. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity. ## **Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Irrecoverable VAT** Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **Government grants** The charity received a government grant of £2,200 in respect of workforce capacity. This grant has been recognised using the accruals model and as such is recorded in the SOFA in the period in which the charity is entitled to receive it. **-15-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Notes to the accounts** ## **For the year ended 30 September 2023** **----- Start of picture text -----**
1. Cost of raising funds 2023 2022
£ £
Advertising and marketing 4,925 3,756
0.00 0
2. Costs of operating Home Unrestricted Restricted 2023 2022
£ £ £ £
Catering 278,982 0 278,982 243,393
Rent, water and Council Tax 6,501 0 6,501 5,627
Light and heat 66,192 0 66,192 39,214
Insurance 25,349 0 25,349 15,449
Repairs and maintenance 28,373 0 28,373 26,625
Repairs to buildings 40,864 0 40,864 27,298
Laundry and household 27,066 0 27,066 25,365
Amenities 90,921 0 90,921 90,739
Wages and national insurance 1,136,005 750 1,136,755 1,081,455
Pension 28,907 0 28,907 27,321
Staff costs and temporary staff 298,973 3,189 302,162 268,729
Postage and stationery 3,022 0 3,022 3,263
Telephone 7,666 0 7,666 6,885
Software licences and publications 18,005 0 18,005 15,376
Registration fees 6,261 0 6,261 6,533
Professional services 18,382 0 18,382 29,043
Depreciation and loss on sale 16,601 0 16,601 19,425
2,098,070 3,939 2,102,009 1,931,740
Governance Costs (all unrestricted)
Audit fees 6,194 0 6,194 4,400
Other professional fees 0 0 0 0
Bank charges 1,122 0 1,122 915
7,316 0 7,316 5,315
2,105,386 3,939 2,109,325 1,937,055
0.00 0
3. Other charitable expenditure 2023 2022
£ £
Public benefit subventions 23,573 -4,518
4. Wages and salaries 2023 2022
Average number of employees (full time equivalent):
Care and domestic 27 27
Maintenance 1 1
Administration 5 5
33 33
**----- End of picture text -----**
**-16-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Notes to the accounts (continued)** ## **For the year ended 30 September 2023** |**4.** **Wages and salaries (cont.)**
Staff costs were as follows:
Wages and salaries
Social security costs
Pension costs|**2023**
**£**
**1,057,965**
**78,790**
**28,907**
**1,165,662**|2022
£
1,009,507
71,948
27,321
1,108,776| |---|---|---| 0 One employee was paid more than £60,000 in the current year. No employees were paid more than £60,000 in the preceding year. ## **5. Fixed assets** |**Cost**
At 1 October 2022
Additions
Disposals
At 30 September 2023
**Depreciation**
At 1 October 2022
Charge for the year
Depreciation on Disposals
At 30 September 2023
**Net book value**
At 30 September 2023
At 30 September 2022|**Leasehold**
**property**
**£**
7,161,410
1,215
0
7,162,625
0
0
0
0
7,162,625
7,161,410|**Fixtures and**
**fittings**
**£**
120,453
11,627
0
132,080
97,432
16,601
0
114,033
18,047
23,021|**Total**
**£**
7,281,863
12,842
0
7,294,705
97,432
16,601
0
114,033
7,180,672
0
7,184,431| |---|---|---|---| The leasehold property has a term of 199 years which commenced on 4 February 2016. ## **6. Fixed asset investments** |**Investment in subsidiary**
**Cost**
At 1 October 2022 and 30 September 2023
**Net book value**
At 30 September 2022 and 30 September 2023|**2023**
**£**
**1**
**1**|2022
£
1
1| |---|---|---| Investment in subsidiary consists of a 100% holding in the ordinary share capital of New Fairfield Development Company Limited (registration number 10479059). At 30 November 2023, the aggregate capital and reserves of the company amounted to £1 and the loss for the year amounted to £120 for current year (2022: profit £158). **-17-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Notes to the accounts (continued)** ## **For the year ended 30 September 2023** ## **7. Debtors** |Fees and other payments recoverable
Prepayments
**editors – amounts falling due within one year**
Trade creditors
PAYE and national insurance
Other creditors and accruals
Residents’ deposits|**2023**
**£**
**94,222**
**35,899**
**130,121**
0
**2023**
**£**
**133,064**
**25,981**
**43,967**
**91,737**
**294,749**
0.00|2022
£
153,912
33,727
187,639
0
2022
£
163,231
22,179
99,848
45,581
330,839| |---|---|---| ## **8. Creditors – amounts falling due within one year** ## **9. Restricted funds** |Staff Fund
OCC Staff Retention Grant
OCC Workforce Capacity Grant|Balance at
30/09/2022
£
2,840
0
0
2,840|Income YE
30/09/2023
£
2,975
0
2,200
5,175
0|Expenditure
30/09/2023
£
2,288
0
1,651
3,939
0|Balance at
30/09/2023
£
3,527
0
549
4,076
0| |---|---|---|---|---| The staff fund represents restricted funds that have been donated to provide benefits paid to staff within HM Revenue and Customs limits. ## **10. Unrestricted designated funds** The Building Reserve represents the cost of construction of the home (see note 5 above). The buildings maintenance fund is a fund established to provide for the future replacement of major plant and component parts as they reach the end of their economic lives. The contribution rate to the fund has been calculated by Chartered Quantity Surveyors and is based on the cost of the individual elements at 2018 prices adjusted for price inflation. ## **11. Taxation status** The Home is exempt from taxation on its charitable activities as a registered charity. **-18-** **FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE** ## **Notes to the accounts (continued)** ## **For the year ended 30 September 2023** ## **12. Trustees’ remuneration** The trustees received no remuneration or reimbursement of expenses in the current or preceding year under review. ## **13. Related Parties** A construction and project management contract was signed on 6 December 2016 between the Charity and New Fairfield Development Company Limited. New Fairfield Development Company Limited is a wholly owned subsidiary of the Charity and was formed on 15 November 2016. Fairfield Residential Home has guaranteed the New Fairfield Development Company’s liabilities. The guarantee is unlimited, but at 30[th] November 2023 the company's only creditor was Fairfield Residential Home. ## **14. Legal status** Fairfield Residential Home is a charitable company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £10. ## **15. Operating lease commitments** Total future minimum lease payments under non-cancellable operating leases total £11,443 of which £3,333 is due in less than one year and the remainder between one and five years. The lease payments recognised as an expense in the current year total £3,538. ## **16. Analysis of net assets between funds** |Fixed assets
Cash and current investments
Other current assets / liabilities
Total
Fixed assets
Cash and current investments
Other current assets / liabilities
Total|**General**
**funds**
**2023**
**£**
**18,047**
**788,167**

**-294,748**
**511,466**
0.00
General
f
d
2022
£
23,021
531,229
-332,666
221,584|**Designated**
**funds**
**2023**
**£**
**7,162,625**
**684,000**
**0**
**7,846,625**
0.00
Designated
f
d
2022
£
7,161,410
547,200
0
7,708,610|**Restricted**
**funds**
**2023**
**£**
**0**
**4,076**
**0**
**4,076**
0
Restricted
f
d
2022
£
0
1,012
1,828
2,840|**Total**
**2023**
**£**
**7,180,672**
**1,476,243**
**-294,748**
**8,362,167**
0.00
Total
2022
£
7,184,431
1,079,441
-330,838
7,933,034| |---|---|---|---|---| ## **17. Post balance sheet events** There have been no significant post balance sheet events **-19-**