The Fairfield Charitable Trust Annual Report and Financial Statements
For the Year Ended 31 March 2022
Charity Registered in England and Wales Number: 1124356
The Fairfield Charitable Trust Contents For the Year Ended 31 March 2022
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 – 4 |
| Independent auditor’s report | 5 – 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the accounts | 11 – 18 |
The Fairfield Charitable Trust Reference and Administrative Details For the Year Ended 31 March 2022
Trustees
Dame E P Acland-Hood Gass DCVO JP Mr J C Acland-Hood The Rt Revd G H Cassidy Mr P R J Spear
Principal Office
24 Trendle Lane, Bicknoller, Taunton, Somerset, TA4 4EG
Charity Number
1124356
Auditors
Albert Goodman LLP, Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX
Bankers
C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ
Investment Managers
Quilter Cheviot, One Kingsway, London, WC2B 6AN
Vermeer Partners, 130 Jermyn St, St. James’s, London, SW1Y 4UR
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The Fairfield Charitable Trust Trustees’ Report For the Year Ended 31 March 2022
Report of the Trustees for the year ended 31 March 2022
The Trustees present their annual report and financial statements of the Charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and the requirement of the 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 (FRS 102) (effective 1 January 2019).
Structure, governance and management
The Trust is a registered Charity, number 1124356, and is constituted under a Trust Deed dated 14 March 2008. The Trust was established by an initial gift from Lady Gass.
The Trust does not actively fundraise but seeks to manage the resources it has carefully in order to provide funds to make grants in accordance with its objects.
New Trustees are appointed by existing Trustees. The Trust Deed provides for a minimum of two Trustees and no maximum.
The Trustees meet quarterly, principally to consider the making of grants and to review investment performance. The relatively straightforward nature of the Trust’s affairs and the small number of Trustees means that no sub-committees are considered necessary.
All Trustees are made aware of their obligations when taking on the appointment.
Trustees have been actively considering governance arrangements. Trustees have reviewed who is a trustee of the trust – as a result of this one trustee will retire and another experienced trustee is being brought on board. Trustees will further consider relevant legislation and guidance and review arrangements to ensure that best practice on guidance is being followed, ensuring that this is in proportion to the size and activities of the trust.
Risk management
The affairs of the Charity are very straightforward and hence the risks to which it is exposed are minimal.
The principal risks are in relation to managing the Charity’s investments, both as regards maintenance and growth of capital and maximising income. To mitigate this risk the Trustees employ professional investment managers to manage the investments in accordance with stated requirements.
Objectives and Activities
The Charity’s objects, as set out in its Trust Deed are “… for such exclusively charitable purposes as the Trustees shall from time to time in their absolute discretion determine and the Trustees shall apply the income of the assets under their control and may apply the whole or any part or parts of the capital of such assets in furtherance of the objects”.
In practice the Charity fulfils its objectives by making grants as determined by its Trustees. During the year the Charity has been able to support charities in Somerset, West of England and further afield in such areas as medical conditions, children with disabilities, education, renovation of historic buildings, counselling, sports organisations assistance for families in difficulty. The main force of the Charity’s grants has remained largely in the West Country.
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The Fairfield Charitable Trust Trustees’ Report For the Year Ended 31 March 2022
Investment policy
The Trustees have agreed an investment policy with the Charity’s investment managers which states that a balance will be achieved between capital growth and income, putting an emphasis on providing the best possible income to the grantees, without losing sight of the need for long term capital growth.
Achievements and Performance
The investment income for the Charity has increased when compared to the prior year from £392,712 in 2021 to £476,181 in 2022. The increase is due to ongoing recovery from the Covid-19 pandemic, resulting in a higher yield of dividends received.
The charity provided 31 grants totalling £230,300 (after the repayment of a £10k grant), (2021 - 40 grants totalling £331,801) with an average grant of £7,752 (2021 - £8,295), continuing its policy of concentrating on smaller and less well funded charities to provide help whilst encouraging self-sufficiency.
The charity’s net assets increased to £24,521,410 (2021: £22,985,674) as a result in the rise in value of the investments at the year end.
Public Benefit
The Trustees have had due regard to the Charity Commission guidance on public benefit and consider that the Charity’s aims and objectives comply with this.
Fundraising
The charity does not undertake fundraising activities and therefore does not work with professional fundraisers.
Plans for the future
The Trustees intend to carry on with their existing policy of making grants to suitable organisations out of the income received on the Charity’s investments.
Reserves policy
At 31 March 2022, total Charity funds held were £24,521,410 of which £23,519,841 is invested and £1,001,569 is held in liquid funds. Trustees intend to continue to maintain sufficient investment funds to provide an ongoing income to enable grants to be made to worthy causes. Trustees also intend to maintain sufficient cash reserves to enable grants to be made and to give flexibility to make emergency payments to worthy causes as the need arises. Reserves may vary from year to year dependent on fluctuations in income and depending on the quality and appropriateness of applications for grants made to the trust. Should reserves increase significantly trustees will consider whether there are larger projects they consider it appropriate to support or whether they consider it appropriate to provide regular funding to a cause or causes over a sustained period.
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The Fairfield Charitable Trust Trustees’ Report For the Year Ended 31 March 2022
Trustees’ responsibilities in relation to the financial statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with 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).
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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which 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 and 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.
In so far as the Trustees are aware:
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There is no relevant audit information of which the charitable trust’s auditors are unaware; and
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• The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approved by the Trustees on 25 January 2023 and signed on their behalf by:
Mr J C Acland-Hood TRUSTEE
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The Fairfield Charitable Trust Independent Auditor’s Report to the Trustees and Members For the Year Ended 31 March 2022
Opinion
We have audited the financial statements of the Fairfield Charitable Trust (the ‘charity’) for the year ended 31 March 2022, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. 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:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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.
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The Fairfield Charitable Trust Independent Auditor’s Report to the Trustees and Members For the Year Ended 31 March 2022
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report;
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sufficient accounting records have not been kept;
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 4 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 the Charities Act 2011, s. 144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, fundraising regulator, anti-bribery and data protection legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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The Fairfield Charitable Trust Independent Auditor’s Report to the Trustees and Members For the Year Ended 31 March 2022
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation, claims and breaches of relevant legislation; and
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reviewing correspondence with the Charity Commission and other relevant regulators including the charity’s legal advisors and insurers.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 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.
Albert Goodman LLP Statutory Auditor Goodwood House Blackbrook Park Avenue Taunton TA1 2PX
Date: 26 January 2023
Albert Goodman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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The Fairfield Charitable Trust Statement of Financial Activities For the Year Ended 31 March 2022
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Total Funds Total Funds
Unrestricted Unrestricted
2022 2021
Notes £ £
Income and endowments from:
Investments 2 476,181 392,712
Total 476,181 392,712
Expenditure on:
Raising funds 3 98,313 84,022
Charitable activities 4 236,858 339,939
Total 335,171 423,961
Net income / (expenditure) before other
recognised gains 141,010 (31,249)
Realised and unrealised gains
on investment assets 5 1,394,726 5,213,594
Net income / (expenditure) & net movement 1,535,736 5,182,345
in funds for the year
Reconciliation of funds
Total funds brought forward 22,985,674 17,803,329
Total funds carried forward 24,521,410 22,985,674
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The statement of financial activities has been prepared on the basis that all operations are continuing operations.
There were no gains or losses arising in the year that are not shown above.
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The Fairfield Charitable Trust Balance Sheet As at 31 March 2022
| Notes Fixed assets Investments 5 Current assets Cash at bank and in hand Liabilities Creditors falling due 6 within one year Net current assets |
£ 1,005,769 (4,200) |
2022 £ £ 23,519,841 933,684 (8,030) 1,001,569 |
2021 £ 22,060,020 925,654 |
|---|---|---|---|
| Net assets | 24,521,410 | 22,985,674 | |
| The funds of the charity Expendable endowment 7 fund Total charity funds |
24,521,410 24,521,410 |
||
| 22,985,674 | |||
| 22,985,674 | |||
The notes on pages 11 to 18 form part of these accounts.
Approved by the Trustees on 25 January 2023 and signed on their behalf by:
Mr J C Acland-Hood TRUSTEE
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The Fairfield Charitable Trust Statement of Cash Flows For the Year Ended 31 March 2022
| Notes Cash flows from operating activities Net movements in funds for the year Adjustments to cash flows from non-cash items Dividends and interest from investments 2 Investment revaluations 5 Working capital adjustments Decrease in creditors 6 Net cash flow from operations Cash flows from investing activities Dividends and interest from investments 2 Acquisition of investments 5 Investment disposals 5 Dividends added to share cost 5 Net cash provided by investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Cash & cash equivalents reconciliation: Cash at bank Cash held by investment managers Total cash & cash equivalents at the end of the reporting period |
2022 £ 1,535,736 (476,181) (1,394,726) (335,171) (3,830) (339,001) 476,181 (3,292,906) 3,240,367 (12,556) 411,086 72,085 933,684 1,005,769 508,658 497,111 1,005,769 |
2021 £ 5,182,345 (392,712) (5,213,594) (423,961) (63,388) (487,349) 392,712 (6,552,130) 6,562,263 (7,773) 395,072 (92,277) 1,025,961 933,684 288,229 645,455 933,684 |
|---|---|---|
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
1. Accounting Policies
1.1 Basis of accounting
The financial statements have been prepared in £ sterling on the historical cost basis and 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 (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Funds structure
The Charity has a single expendable endowment fund, created by a gift from Lady Gass. The income of this Trust is restricted to furtherance of the Charity’s objectives. The terms allow the capital of the fund to be spent if the Trustees so determine.
1.3 Income
All income is recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
1.4
Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in furtherance of the charitable objects of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable.
1.5 Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.
1.6 Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs). Subsequently, investments are held at market value, with all realised and unrealised gains and losses passing through the SOFA.
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
1.7 Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
1.8 Cash at bank and in hand
Cash at bank and in hand comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.9 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 and provisions are recognised at their settlement amount.
1.10 Taxation
As a registered charity, the charity is not liable to corporation tax to the extent that income and gains are applied to charitable objectives.
1.11 Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments.
Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 9. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
| 2. Income from investments Dividends received Dividends reinvested Interest on fixed interest securities Interest on cash deposits 3. Expenditure on raising funds Investment management fees Foreign exchange losses / (gains) |
2022 £ 420,526 12,556 43,099 - 476,181 2022 £ 97,319 994 98,313 |
2021 £ 321,900 7,773 62,899 140 |
|---|---|---|
| 392,712 | ||
| 2021 £ 66,687 17,335 |
||
| 84,022 | ||
| 4. Analysis of charitable expenditure The Charity undertakes its charitable activities through grant making and awarded grants to a number of organisations in furtherance of its charitable activities. 2022 £ Grants given 230,300 Bank charges 423 Administrator costs 1,855 Interest 400 Governance costs Audit fee 2,500 Accountancy fee 1,380 236,858 Breakdown of grants given 2022 £ Quantock Education Trust 20,000 West Somerset Advice Bureau 16,500 Wiveliscombe Community Swimming Pool 12,500 Glastonbury Antiquarians Ltd 12,500 The Minehead Shed 10,000 West Somerset Railway Association 10,000 Sixty-One Prison ministry 10,000 The Harbour - counselling service 10,000 Children's Hospice South West 10,000 Amount carried forward 111,500 |
2021 £ 331,801 2,078 1,858 - 2,400 1,802 |
|
| 339,939 | ||
| 2021 £ - - - - 1,500 - - - - 1,500 |
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
| 4. | Analysis of charitable expenditure (cont.) | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Amount brought forward | 111,500 | 1,500 | |
| CHARIS refugees | 10,000 | - | |
| Huish Champflower | 10,000 | - | |
| Conquest Centre, Norton Fitzwarren | 10,000 | - | |
| Ups and Downs South West | 10,000 | - | |
| Nether Stowey Village | 10,000 | - | |
| Calvert Trust Exmoor | 10,000 | - | |
| Somerset Sight | 10,000 | - | |
| Escapeline | 10,000 | - | |
| Southmead Project | 10,000 | - | |
| Sense | 10,000 | - | |
| Maggie's | (10,000) | - | |
| Chase Africa | 5,000 | 5,000 | |
| The West of England MS Therapy Centre | 5,000 | - | |
| Seed of Hope CIC | 3,000 | - | |
| The Ninesquare Trust | 2,500 | - | |
| St Mary's Church Kilve | 2,500 | - | |
| The Chapter at Wells Cathedral | 2,500 | - | |
| Minehead Town Council | 2,000 | - | |
| IntoUniversity | 2,000 | - | |
| Livability Fundraising | 1,300 | - | |
| St. Johns Church Glastonbury | 1,000 | - | |
| Regal Film Society | 1,000 | - | |
| Evercreech Parish Council | 1,000 | - | |
| Somerset Community Foundation | - | 50,000 | |
| Hugh Sexeys Hospital | - | 30,000 | |
| Bridgwater Baptist Church | - | 25,000 | |
| PROMISEworks | - | 20,000 | |
| St Margaret's Hospice | - | 10,000 | |
| Canine Partners | - | 10,000 | |
| Stand Against Violence | - | 10,000 | |
| Halse & District Community Benefit Society | - | 10,000 | |
| Otterhampton Village Hall | - | 10,000 | |
| Secret World Wildlife Rescue | - | 10,000 | |
| Taunton Welcomes Refugees | - | 10,000 | |
| The Big Issue Foundation | - | 10,000 | |
| Weston Hospice Care | - | 10,000 | |
| Churches Conservation Trust (Dodington Project) | - | 9,911 | |
| PCC of St Andrew Stogursey & St Peter Stolford | - | 9,000 | |
| Bridgwater Carnival | - | 7,500 | |
| Childrens World | - | 7,500 | |
| World Literacy Foundation | - | 6,500 | |
| The Brainwave Centre | - | 6,000 | |
| Asthma Relief | - | 5,000 | |
| Jamies Farm | - | 5,000 | |
| Somerset Beekeepers Association Exmoor | - | 5,000 | |
| Amount carried forward | 230,300 | 282,911 |
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
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4. Analysis of charitable expenditure (cont.) 2022 2021
£ £
Amount brought forward 230,300 282,911
Somerset SSAFA Admin - 5,000
-
St Lowe's Healthcare for the Clergy 5,000
-
Taunton Team Chaplaincy 5,000
-
The Golden Oldies Charity 5,000
Wombat Cricket Club - 5,000
-
The Regal Theatre Minehead 4,000
Elmwood School - 3,500
Bristol's School Connection - 2,500
-
The Space CIO 2,500
-
Bath & Wells Association of Change Ringers Bell Fund 2,000
Criminon UK - 2,000
-
Devon in Sight 2,000
St Leonards Church - 1,890
-
South West Fishing For Life 1,500
Minehead Museum - 1,000
Westfield United Reform Church - 1,000
230,300 331,801
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
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5. Fixed asset investments
2022 2021
Movements in fixed assets investments: £ £
Market value as at 01 April 2021 22,060,020 16,848,786
Additions at cost 3,292,906 6,552,130
Dividends added to share cost 12,556 7,773
Disposals at carrying value (3,240,367) (6,562,263)
Realised gains on disposals 7,497 1,014,904
Unrealised gain on revaluation 1,387,229 4,198,690
Market value as at 31 March 2022 23,519,841 22,060,020
Historical cost as at 31 March 2022 15,813,930 14,946,292
2022 2021
Investments at market value compromised: £ £
Equities 20,788,458 19,373,178
Fixed interest securities 2,731,383 2,686,843
Total 23,519,841 22,060,020
All investments are held to provide a return for the charity
6. Analysis of current liabilities 2022 2020
£ £
Accruals 4,200 8,030
Accrued grants payable - -
Total 4,200 8,030
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
7. Analysis of charitable funds
| Unrestricted funds: Expendable endowment Total Prior year funds: Unrestricted funds: Expendable endowment Total |
Fund B/fwd 01.04.21 £ 22,985,674 |
Income £ 476,181 |
Expenditure £ (335,171) |
Investment gains £ 1,394,726 1,394,726 |
Fund C/fwd 31.03.22 £ 24,521,410 |
|---|---|---|---|---|---|
| 22,985,674 | 476,181 | (335,171) | 24,521,410 | ||
| Fund B/fwd 01.04.20 £ 17,803,329 |
Income £ 392,712 |
Expenditure £ (423,961) |
Investment losses £ 5,213,594 |
Fund C/fwd 31.03.21 £ 22,985,674 |
|
| 17,803,329 | 392,712 | (423,961) | 5,213,594 | 22,985,674 |
8. Trustees and employees
The charity has no employees, and hence none that receive remuneration of over £60,000 (2021 – none).
None of the Trustees (or persons connected with them) received any remuneration during the current year (2021 – none).
There are no other related party transactions requiring disclosure (2021 – none).
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2022
9. Financial instruments
Categorisation of financial instruments
| Categorisation of financial instruments | |
|---|---|
| 2022 £ 23,519,841 1,005,769 24,525,610 Financial liabilities measured at amortised cost 4,200 Item of income, expenditure, gain or losses Income Expense 2022 £ £ 476,181 97,319 Income Expense 2021 £ £ 392,712 66,687 Financial assets measured at fair value through income and expenditure account Financial assets that are debt instruments measured at amortised cost Financial assets measured at fair value through income and expenditure account Financial assets measured at fair value through income and expenditure account |
2021 £ 22,060,020 933,684 22,993,704 8,030 Net gains Net losses £ £ 1,394,726 - |
| Net gains Net losses £ £ 5,213,594 - |
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