2024-09-30-accounts

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 2024

Wenn Townsend

Chartered Accountants

Oxford

FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Contents

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 20
Detailed income and expenditure account (not forming part of the	21
Statutory accounts)

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Charity information

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 (retired 03/04/2025)
	Mrs T Prior - Honorary Treasurer (appointed 03/04/2025)
	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)
	Dr D C Sprigings (appointed 27/06/24)
	Dr C J Hornby (appointed 27/06/24)
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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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report

For the year ended 30 September 2024

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 W Robinson retired as Trustee on 7th December 2023, Dr S Hope retired as Trustee on 13th June 2024 and Mr D David retired on 3rd April 2025. Ms J Brannan and Mr M Ryan were appointed as Trustees on 7th December 2023, Rev R Weir was appointed as a Trustee on 28th March 2024, Dr DC Sprigings and Dr C Hornby were appointed on 27th June 2024 and Mrs T Prior was appointed on 3rd April 2025. In accordance with the Articles of Association, in addition to the retirement of Mr D David, Dr J Guy and Mr A O'Hickey 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. All Trustees are provided with background papers on matters that may impact on the running of the charity where appropriate and Trustees are encouraged to attend training events that will facilitate the undertaking of their role, and from time to time attend seminars on their role as Trustees. In addition, Fairfield provides a full board membership of the Association of Chairs which offers a variety of

Key management personnel

The Trustees have 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 have 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.

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Trustees’ Annual Report (continued)

For the year ended 30 September 2024

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.

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 and continues to be at the heart of our strategic planning:

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:

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (continued)

For the year ended 30 September 2024

Objectives and activities (cont.)

Following the work on refreshing our vision, mission and values Fairfield developed a three year rolling strategic plan which has since been developed into an operational plan that has been shared across the home and is being implemented with progress reported at each meeting of the Trustees.

One of the key themes of the home's three year strategy is the value of our staff team and the need to support their learning and development. Our focus on this during the year has led to individual successes with a number of staff obtaining qualifications, but also management training has improved communication and team working. This has had a positive effect on the experience of Fairfield residents and has also resulted in a marked improvement in staff retention and recruitment so that we are now operating with close to a full team and a much reduced reliance on agency staff despite continuing recruitment challenges across much of the care sector. We are also delighted to celebrate a member of our team receiving the Apprentice of the Year Award at the Thames Valley Business and Community Awards as a result of her hard work and commitment over the past two years and the supportive environment we have been able to provide.

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 (2023 36).

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 nonresident 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. We are also currently exploring new ways to expand our outreach and provide additional support to older people in the local area as part of our rolling three year strategy.

Financial review and reserves

The Charity made an unrestricted surplus of £520,110 for the year (2023 surplus £427,897). At the end of the financial year unrestricted general reserves amounted to £892,964 (2023 £511,466).

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (continued)

For the year ended 30 September 2024

Financial review and reserves (contd.)

During the financial year a review of Fairfield's reserves policy was undertaken. Possible scenarios were considered and particularly those that might lead to a significant reduction in resident numbers and ultimately closure of the home if efforts to recover were unsuccessful. Key considerations were the vulnerability of some of our residents and the increased detrimental effect if there was insufficient time or resource to manage relocation appropriately and also the need to ensure funding would be available to provide appropriate notice and redundancy pay particularly to lower paid staff who may not have savings and may struggle to find equivalent roles at similar rates of pay elsewhere in a relatively poorly paid sector. In calculating the sum required, the recent experience of the move to a new building and recovery from the effects of the Covid-19 pandemic provided useful insights into the length of time that would be required to increase resident numbers to a break even point.

The result of the calculation was a sum very close to six months of running costs, in line with the existing policy. Therefore the Trustees consider that the charity should continue to aim for a level of free reserves equivalent to six months of expenditure excluding depreciation, which would amount to £1,111,760 based on expenditure for the year to September 2024. While progress towards the target level of reserves was severely hampered by the pandemic, rapid progress is now being made and it is considered achievable within the next two years. In the meantime, work is underway on the changes to the financial operation of the home that will be required once the target level of reserves is achieved.

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

Fairfield's future plans are set out in its strategic plan as it continues to work towards achieving its vision. The plan icludes 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.

We will continue to extend our use of technology through moving to online training materials and records, increasing our use of digital care system to monitor and report on targets for improvement and using electronic media to streamline admissions and recruitment.

Over the coming months we will also continue to expand and refine the work of our Social Wellbeing Team, having achieved full staffing for a seven day a week service and with two members of the team having achieved new qualifications specific to their roles. We will also be expanding our efforts to engage with older people in the local community.

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE Trustees. Annual Report (continued) For the ear ended 30 Se tember 2024 Future plans (cont.) Alongside this we will be continuing to work alongside University College to ensure thal as their new student accommodation adjacent to the Fairfield site starts to be occupied in September 2025, this is a smooth process and that the increase in facilities around the home and the increased number of younger people living nearby has a positive impact on the lives of Fairfield's residents. 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 Practi￿) 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 reasonab5e and prudent" state whether applicable accounting standafds 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 con￿rn 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 infomiation 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 infomation 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 0310412025

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 2024 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 2024, 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:

ꞏ the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

ꞏ 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.

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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.

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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 Ung For and on behalf of Wenn Townsend, Statutory Auditor 30 St. Giles, Oxford, Ox1 3LE 03/04/2025

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Statement of Financial Activities Including income and expenditure account

For the year ended 30 September 2024

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Note	Funds	Funds	2024	Funds	Funds	2023
		£	£	£	£	£	£
Income
Income from charitable activities
Residents’ and visitors’ fees		2,696,337	0	2,696,337	2,542,671	0	2,542,671
Income from generated funds
Investment income		55,842	0	55,842	15,110	0	15,110
Donations		500	3,391	3,891	0	2,975	2,975
Grants		1,500	0	1,500	4,000	2,200	6,200
Total income		2,754,179	3,391	2,757,570	2,561,781	5,175	2,566,956
Expenditure
Cost of raising funds	1	7,899	0	7,899	4,925	0	4,925
Charitable expenditure
Costs of operating Home	2	2,198,128	2,883	2,201,011	2,105,386	3,939	2,109,325
Other	3	28,042	0	28,042	23,573	0	23,573
Total expenditure		2,234,069	2,883	2,236,952	2,133,884	3,939	2,137,823
Net income / (expenditure)		520,110 0	508	520,618	427,897	1,236	429,133
Transfers between funds:
Unrestricted general funds – transfers to designated funds		-138,612	0	-138,612	-138,015	0	-138,015
Unrestricted designated funds – transfer to Building Reserve		1,812	0	1,812	1,215	0	1,215
Unrestricted designated funds – transfer to Buildings Maintenance Fund		136,800	0	136,800	136,800	0	136,800
Total funds brought forward		8,358,091	4,076	8,362,167	7,930,194	2,840	7,933,034
Total funds carried forward		8,878,201	4,584	8,882,785	8,358,091	4,076	8,362,167

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE Balance Sheet 30Se tember 2024 2024 2023 Note Fixed assets Leasehold propety, furniture and fittings Fixed asset investments 7,184,864 7.180,672 7,184,865 7.180,673 Current assets Cash at bank and in hand Debtors 1,827,292 151,770 1,346,122 130,121 1,979,062 1,476,243 Deduct: Current Liabilities Creditors - amounts falling due within one year -281,142 -294.749 Net current assets 1,697.920 1,181,494 Total assets less current liabilities 8,882.785 8,362,167 Net assets 8,882,785 8,362,167 Represented by: Unrestricted general funds Unrestricted designated funds Building Reserve Buildings maintenan￿ Fund Restricted funds 892,964 511,466 10 10 7.164,437 820,800 4,584 7.162,625 684,000 4,076 8,882.785 8,362,167 The accounts have been prepared in accordance with the special provisions part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. These financial ststements were approved by the Board of Trustees on 3rd April 2025 and signed on its behalf by DrJJGuyOBE Chaim)an Company registration number 05639165 {England and Wales) -12-

FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Cash Flow Statement

30 September 2024

Reconciliation of operating result to net cash outflow from operating activities

	2024	2023
	£	£
Operating surplus / (deficit) (see below)	464,776	414,023
Depreciation	10,550	16,601
Decrease/(increase) in debtors	-21,649	57,518
(Decrease)/increase in creditors	-13,607	-36,090
Net cash inflow / (outflow) from operating activities	440,070	452,052
Cash flow statement
Net inflow / (outflow) from operating activities	440,070	452,052
Returns on investments and servicing of finance
Investment income	55,842	15,110
Capital expenditure	-14,742	-12,842
Increase / decrease in cash	481,170	454,320
	0.000	0.000
Reconciliation of net cash flow to movement in net debt
Net funds at 1 October 2023	1,346,122	891,802
Increase / decrease in cash	481,170	454,320
Net funds at 30 September 2024	1,827,292	1,346,122
	0
	0
Reconciliation of net movement in funds to operating surplus
Net movement in funds per SOFA	520,618	429,133
Less: Investment Income	-55,842	-15,110
Operating surplus / (deficit)	464,776	414,023

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Accounting policies

For the year ended 30 September 2024

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

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Accounting policies (continued)

For the year ended 30 September 2024

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 £1,500 of grant funding from Berkshire Skills For Care following a staff member's completion of a diploma the costs of which were originally funded by the charity. 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.

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Notes to the accounts

For the year ended 30 September 2024

1.Cost of raising funds			2024	2023
			£	£
Advertising and marketing			7,899	4,925
			0.00	0
2.Costs of operating Home	Unrestricted	Restricted	2024	2023
	£	£	£	£
Catering	316,010	0	316,010	278,982
Rent, water and Council Tax	5,966	0	5,966	6,501
Light and heat	68,193	0	68,193	66,192
Insurance	27,404	0	27,404	25,349
Repairs and maintenance	27,261	0	27,261	28,373
Repairs to buildings	53,230	0	53,230	40,864
Laundry and household	32,718	0	32,718	27,066
Amenities	86,367	0	86,367	90,921
Wages and national insurance	1,183,806	0	1,183,806	1,136,755
Pension	28,217	0	28,217	28,907
Staff costs and temporary staff	303,201	2,883	306,084	302,162
Postage and stationery	5,132	0	5,132	3,022
Telephone	7,137	0	7,137	7,666
Software licences and publications	20,387	0	20,387	18,005
Registration fees	6,533	0	6,533	6,261
Professional services	9,438	0	9,438	18,382
Depreciation and loss on sale	10,550	0	10,550	16,601
	2,191,550	2,883	2,194,433	2,102,009
Governance Costs (all unrestricted)
Audit fees	5,700	0	5,700	6,194
Other professional fees	0	0	0	0
Bank charges	878	0	878	1122
	6,578	0	6,578	7,316
	2,198,128	2,883	2,201,011	2,109,325
			0.00	0
3.Other charitable expenditure			2024	2023
			£	£
Public benefit subventions			28,042	23,573
4. Wages and salaries			2024	2023
Average number of employees (full time equivalent):
Care and domestic			31	27
Maintenance			0	1
Administration			6	5
			37	33

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Notes to the accounts (continued)

For the year ended 30 September 2024

4. Wages and salaries (cont.)	2024	2023
Staff costs were as follows:	£	£
Wages and salaries	1,099,392	1,057,965
Social security costs	84,414	78,790
Pension costs	28,217	28,907
	1,212,023	1,165,662

One employee was paid more than £60,000 in the current year. One employee was paid more than £60,000 in the preceding year. The total paid to key management personnel in the year was £171,978 (2023 £147,775)

5. Fixed assets

5. Fixed assets
	Leasehold	Fixtures and	Total
	property	fittings
Cost	£	£	£
At 1 October 2023	7,162,625	132,080	7,294,705
Additions	1,812	12,930	14,742
Disposals	0	0	0
At 30 September 2024	7,164,437	145,010	7,309,447
Depreciation
At 1 October 2023	0	114,033	114,033
Charge for the year	0	10,550	10,550
Depreciation on Disposals	0	0	0
At 30 September 2024	0	124,583	124,583
Net book value
At 30 September 2024	7,164,437	20,427	7,184,864
			0
At 30 September 2023	7,162,625	18,047	7,180,672

The leasehold property has a term of 199 years which commenced on 4 February 2016.

6. Fixed asset investments

6. Fixed asset investments
	2024	2023
Investment in subsidiary	£	£
Cost
At 1 October 2023 and 30 September 2024	1	1
Net book value
At 30 September 2023 and 30 September 2024	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 2024, the aggregate capital and reserves of the company amounted to £1 and the loss for the year amounted to £575 for current year (2023: loss £120).

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Notes to the accounts (continued)

For the year ended 30 September 2024

7. Debtors

7. Debtors
	2024	2023
	£	£
Fees and other payments recoverable	110,892	94,222
Prepayments	40,878	35,899
	151,770	130,121
	0	0
8. Creditors – amounts falling due within one year
	2024	2023
	£	£
Trade creditors	79,637	133,064
PAYE and national insurance	22,521	25,981
Other creditors and accruals	44,053	43,967
Residents’ deposits	134,931	91,737
	281,142	294,749

8. Creditors – amounts falling due within one year

9. Restricted funds

9. Restricted funds
	Balance at	Income YE	Expenditure	Balance at
	30/09/2023	30/09/2024	30/09/2024	30/09/2024
	£	£	£	£
Staff Fund	3,527	3,391	2,334	4,584
OCC Staff Retention Grant	0	0	0	0
OCC Workforce Capacity Grant	549	0	549	0
	4,076	3,391	2,883	4,584

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.

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Notes to the accounts (continued)

For the year ended 30 September 2024

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 2024 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. Capital and other commitments

a) Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases total £11,401 of which £4,105 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 £4,156.

b) Contracts for future capital expenditure not provided in the financial statements

On 26th September 2024 the Trustees approved an agreement to purchase 30 electric beds on a draw down basis in batches over a three year period at a total cost of £47,400. The agreement was signed on 20th November 2024

16. Analysis of net assets between funds

	General	Designated	Restricted	Total
	funds	funds	funds
	2024	2024	2024	2024
	£	£	£	£
Fixed assets	20,427	7,164,437	0	7,184,864
Cash and current investments	1,153,678	820,800	4,584	1,979,062
Other current assets / liabilities	Other current assets / liabilities -281,141	0	0	-281,141
Total	892,964	7,985,237	4,584	8,882,785
	0.00	0.00	0	0.00
	General	Designated	Restricted	Total
	f d 2023	f d 2023	f d 2023	2023
	£	£	£	£
Fixed assets	18,047	7,162,625	0	7,180,672
Cash and current investments	788,167	684,000	4,076	1,476,243
Other current assets / liabilities	-294,748	0	0	-294,748
Total	511,466	7,846,625	4,076	8,362,167

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Notes to the accounts (continued)

For the year ended 30 September 2024

17. Post balance sheet events

Other than the contract for the purchase of electric beds refered to in note 15b) there have been no significant post balance sheet events.

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FAIRFIELD RESIDENTIAL HOME A COMPANY LIMITED BY GUARANTEE

Detailed income and expenditure account – unrestricted funds

For the year ended 30 September 2024

For the year ended 30 September 2024
Income		2024		2023
		£		£
Residential fees		2,696,337		2,542,671
Interest received		55,842		15,110
Donations where expenditure is allocated below		500		0
Grants		1,500		4000
		2,754,179		2,561,781
Expenditure
Provisions	316,010		278,982
Wages and salaries	1,099,392		1,057,215
Employer’s national insurance contributions	84,414		78,790
Employer’s pension contributions	28,217		28,907
Staff costs including temporary staff	303,201		298,973
Water, sewerage and Council Tax	5,966		6,501
Light and heat	68,193		66,192
Insurance	27,404		25,349
Repairs and maintenance	27,261		28,373
Repairs to buildings	53,230		40,864
Household	32,718		27,066
Amenities	86,367		90,921
Printing postage and stationery	5,132		3,022
Software licences and employment publications	20,387		18,005
Telephone	7,137		7,666
Registration fees	6,533		6,261
Professional services and office costs	15,138		24,576
Marketing	7,899		4,925
Bank charges	878		1122
Depreciation and loss on disposal	10,550		16,601
Public benefit subventions	28,042		23,573
		2,234,069		2,133,884
Net operating surplus for the year		520,110		427,897
Add: donations from subsidiary		0		0
Net surplus for the year per Statement of Financial Activities	Net surplus for the year per Statement of Financial Activities	520,110		427,897
Less transfer to building reserve	-1,812		-1,215
Less transfer to buildings maintenance fund	-136,800		-136,800
		-138,612		-138,015
Net movement in unrestricted funds		381,498		289,882

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