The Fairfield Charitable Trust Annual Report and Financial Statements
For the Year Ended 31 March 2025
Charity Registered in England and Wales Number: 1124356
The Fairfield Charitable Trust Contents For the Year Ended 31 March 2025
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 – 5 |
| Independent auditor’s report | 6 – 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the accounts | 12 – 19 |
The Fairfield Charitable Trust Reference and Administrative Details For the Year Ended 31 March 2025
Trustees
Mr J C Acland-Hood Mr P R J Spear Mrs S Andrews
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 2025
Report of the Trustees for the year ended 31 March 2025
The Trustees present their annual report and financial statements of the Charity for the year ended 31 March 2025. 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 has retired and another experienced trustee has been 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 2025
The Fairfield Charitable Trust seeks to provide grant funding to tackle a wide range of issues. The trust focuses activity on Somerset and the South West of England, in particular focusing on areas of disadvantage and in particular on West Somerset. The charity prioritises causes based on human need, the alleviation of poverty, the promotion of education, support for people with disabilities and especially children with disabilities, people with medical conditions, counselling support for those in need and support for families in need. The trust also gives some funds to support the promotion of music for those that might not otherwise be able to access it, for sports organisations (especially those serving disadvantaged communities), for environmental causes in particular those aimed at the preservation or restoration of important habitats in Somerset and West Somerset and for the renovation or repair of historic buildings.
Achievements and performance, including grant making policy
The charity provided 46 grants totalling £357,534, (2024 - 37 grants totalling £302,370) with an average grant of £7,773 (2024 - £8,172), continuing its policy of concentrating on smaller and less well funded charities to provide help whilst encouraging self-sufficiency.
Overall the trust has provided grants totalling almost £358,000 in 2024-25, covering a range of charities and focusing on the areas set out above. Examples of the impact of specific grants and grants in different areas are set out below. The charity undertakes no direct work itself, but makes grants to other organisations to carry out charitable activities. Costs for the charity are kept very low and consist of costs to manage charity investments, and some very small administrative costs.
Trustees will consider applications from any source, but will prioritise applications from charities and those that meet the objectives set out above. The trust continues to hold sufficient reserves to be able to react quickly and substantively to urgent issues that arise.
In 2024-25 the charity continued it's focus on providing funds focused on human need, education, healthcare and older people, vulnerable and disadvantaged people, people with disabilities and funding to help local communities. The trust has prioritised projects in West Somerset close to the Fairfield Estate, but has not limited grant giving to those areas.
Educational grants and those for the benefit of young people included grants to Escapeline to help young people escape involvement in drug gangs, funding for Avalon Camps to help provide camping trips for young people, funding for Young Somerset to help young people find suitable activity and employment, funding for South Bristol Youth to expand their Insight into Apprenticeships programme into Bridgwater, and a grant to help pay for new play equipment in Stoke St Gregory.
Funding for older people has included funding for a new room at Weston Hospice, a small grant to support the Minehead Shed that helps provide a space for older people to do maintenance and repair work and socialise and a grant to Wivey Cares to help them in transition to new premises.
The charity has provided a large number of grants to groups supporting those with disabilities. These include funding to help Wimbleball Sailability provide a safety boat and an electric wheelchair to help disabled people go sailing, funding to the Somerset Cricket Foundation to support their Super 1s disability programme for young people, funding to create a new sensory room at Sense's Woodside Family Centre, funding for Gympanzees for their 'lending library' of equipment for disabled children, funding to the Calvert Trust to support their bursary funding, funding for the Open University Disabled Veterans' Scholarship Fund and funding to Somerset Sight to support those newly diagnosed with sight loss.
The charity has also funded a range of groups that support recreation and music, including cricket clubs, supporting communities to renovate playing fields, grants to support the renovation and repair of village halls, supporting the Stogursey Art Photographic Society for their project to create an archive of village life, a small grant towards repair work to a beam at Stringston Church and funding to help Minehead Music Festival provide free tickets for low income children and families.
The charity has supported a range of other groups, for instance a grant to Sixty-One to support a mentoring programme that helps ex-prisoners to live crime-free, Spaxton Community Land Trust with initial set up costs
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The Fairfield Charitable Trust Trustees’ Report For the Year Ended 31 March 2025
as they seek to build homes for those in need, funding for Citizens Advice West Somerset to provide support and advice to those in need and funding two organisations that helps refugees based in Somerset to learn the language and integrate with the local community and one grant to support the provision of wheelchairs for those in need in India.
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.
The trust actively discusses the investments held with investment managers and encourages them to invest in companies that benefit society and benefit the environment. Trustees have specifically ruled out direct investments in firms producing tobacco and armaments.
Investment performance against objectives set
Investment objectives for the Fairfield Trust are to maintain a capital fund in real terms that produces income that can be used to make grants to further it’s objectives. Our aims are to retain the value of the investments related to CPI, and to produce an income of around 2-3% of the capital value. In the past year investment performance has been volatile, however investments have still produced significant enough income to make substantial grants to a range of charities. Over a longer period, the value of the investments being managed for the trust have performed well compared to comparable indices, and have increased their value in real terms.
Finance review
The investment income for the Charity has decreased slightly when compared to the prior year from £721,668 in 2024 (including other income total income was £753,445) to £667,111 in 2025.
The charity’s net assets increased to £25,317,853 (2024: £24,939,626) 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.
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The Fairfield Charitable Trust Trustees’ Report For the Year Ended 31 March 2025
Reserves policy
The Charitable Trust holds significant investment funds to provide income to make grants, and expect this amount to at least keep its value in real terms. At 31 March 2025, total Charity funds held were £25,317,853 of which £23,752,171 is invested and £1,565,682 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. Trustees consider that holding at least £750,000 in liquid funds to allow for both regular giving and to give trustees the option to react quickly where there is an immediate need to provide funds to alleviate suffering or to support deprived communities. The trust currently has reserves above this level and has consequently increased the grants available, partly through active discussions with West Somerset Charities that align with the objectives of the trust and through encouraging a limited number of charities to apply for repeat funding. Trustees will continue to actively discuss projects with local charities to generate high quality applications and encourage further work in West Somerset to alleviate poverty and suffering.
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 22 January 2026 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 2025
Opinion
We have audited the financial statements of the Fairfield Charitable Trust (the ‘charity’) for the year ended 31 March 2025, 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 2025, 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 2025
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 5 the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under 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 2025
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: 27 January 2026
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 2025
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Total Funds Total Funds
Unrestricted Unrestricted
2025 2024
Notes £ £
Income and endowments from:
Other income - 31,777
Investments 2 667,111 721,668
Total 667,111 753,445
Expenditure on:
Raising funds 3 113,532 55,636
Charitable activities 4 373,688 312,718
Total 487,220 368,354
Net income / (expenditure) before other
recognised gains 179,891 385,091
Realised and unrealised (losses) / gains
on investment assets 5 198,336 2,226,161
Net income / (expenditure) & net movement 378,227 2,611,252
in funds for the year
Reconciliation of funds
Total funds brought forward 24,939,626 22,328,374
Total funds carried forward 25,317,853 24,939,626
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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 2025
| Notes Fixed assets Investments 5 Current assets Cash at bank and in hand Liabilities Creditors falling due 6 within one year Net current assets Net assets The funds of the charity Expendable endowment 7 fund Total charity funds |
£ 1,572,102 (6,420) |
2025 £ £ 23,752,171 1,497,908 (6,240) 1,565,682 25,317,853 25,317,853 25,317,853 |
2024 £ 23,447,958 1,491,668 |
|---|---|---|---|
| 24,939,626 | |||
| 24,939,626 | |||
| 24,939,626 | |||
The notes on pages 12 to 19 form part of these accounts.
Approved by the Trustees on 22 January 2026 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 2025
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2025 2024
£ £
Notes
Cash flows from operating activities
Net movements in funds for the year 378,227 2,611,252
Adjustments to cash flows from non-cash items
Dividends and interest from investments 2 (599,137) (689,891)
Investment revaluations 5 (198,336) (2,226,161)
(419,246) (304,800)
Working capital adjustments
Increase / (decrease) in creditors 6 180 (3,840)
Net cash flow from operations (419,066) (308,640)
Cash flows from investing activities
Dividends and interest from investments 2 599,137 689,891
Acquisition of investments 5 (1,964,800) (2,522,851)
Investment disposals 5 1,858,923 2,465,910
Dividends added to share cost 5 - -
Net cash provided by investing activities 493,260 632,950
Net increase / (decrease) in cash and cash equivalents 74,194 324,310
Cash and cash equivalents at the beginning of 1,497,908 1,173,598
the reporting period
Cash and cash equivalents at the end of the 1,572,102 1,497,908
reporting period
Cash & cash equivalents reconciliation:
Cash at bank 1,032,381 716,813
Cash held by investment managers 539,721 781,095
Total cash & cash equivalents at the end of the 1,572,102 1,497,908
reporting period
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
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 2025
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 2025
2. Income from investments
| 2. Income from investments |
||
|---|---|---|
| Dividends received Rent received Interest on fixed interest securities Interest on cash deposits |
2025 £ 432,510 67,974 141,818 24,809 667,111 |
2024 £ 549,270 31,777 124,045 16,576 |
| 721,668 | ||
| 3. Expenditure on raising funds Investment management fees Foreign exchange losses / (gains) |
2025 £ 113,515 17 |
2024 £ 55,621 15 |
| 113,532 | 55,636 | |
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.
| Grants given Consultancy fees Bank charges Administrator costs Governance costs Legal fees Audit fee Accountancy fee |
2025 £ 357,534 7,000 434 2,240 - 4,300 2,180 |
2024 £ 302,370 - 489 2,180 1,439 4,200 2,040 |
|---|---|---|
| 373,688 | 312,718 | |
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
4. Analysis of charitable expenditure (cont.) Breakdown of grants given
| 4. Analysis of charitable expenditure (cont.) Breakdown of grants given |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| The Wells Cathedral Chorister Trust | 40,000 | - |
| SCF Care Leavers Programme | 20,000 | - |
| HomeStart West Somerset | 20,000 | - |
| Wembdon Village Hall and Playing Fields Trust | 20,000 | - |
| Somerset Sight | 10,875 | - |
| Altar Frontal (Royal School of Needlework) | 10,859 | - |
| Open University | 10,000 | 10,000 |
| Townsend House Trust | 10,000 | - |
| Seed Sedgemoor | 10,000 | - |
| Asthma Relief | 10,000 | - |
| Weston Hospice Care | 10,000 | - |
| Sixty-One | 10,000 | - |
| Young Somerset | 10,000 | - |
| P C C Lydeard St Lawrence | 10,000 | - |
| Exmoor Calvert Trust | 10,000 | - |
| Broadlands Homes Limited | 10,000 | - |
| Centre for Sustainable Energy | 10,000 | - |
| Motivation | 10,000 | - |
| Wimbleball Sailability | 10,000 | - |
| Blue Anchor Toilets CIC | 8,000 | - |
| Citizens Advice West Somerset | 7,500 | 16,500 |
| Somerset Cricket Foundation | 7,500 | - |
| Purple Elephant | 6,000 | - |
| Spaxton CLT | 5,000 | - |
| On Your Bike | 5,000 | - |
| Somerset Victoria County History Partnership Group | 5,000 | - |
| Old Cleeve School | 5,000 | - |
| West Somerset Railway Association | 5,000 | - |
| Escapeline | 5,000 | - |
| Curry Woods Conservation Trust | 5,000 | - |
| Ruishton Primary School PTA | 5,000 | - |
| The Friends of Mendip PTFA | 5,000 | - |
| Wivey Cares | 5,000 | 5,000 |
| In the Mix Youth Project | 4,000 | - |
| The Minehead Shed | 3,200 | - |
| Somerset Wildlife Trust | 3,000 | - |
| The Panathlon Foundation | 3,000 | - |
| Survivors of Bereavement by Suicide (SoBS) | 3,000 | - |
| Exmoor & Lyn Museum | 2,000 | - |
| Avalon Camps | 2,000 | - |
| Avon Wildlife Trust | 2,000 | - |
| Lennox Children Cancer Fund | 1,500 | - |
| Golden Oldies | 1,000 | - |
| PCC of South Petherton (East Lambrook School Room) | 1,000 | - |
| Minehead Music Festival | 600 | - |
| St George’s Parish Church, Ruishton | 500 | - |
| Stogursey PCC | - | 32,500 |
| St Margaret's Hospice | - | 22,500 |
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
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4. Analysis of charitable expenditure (cont.) 2025 2024
£ £
Amount brought forward 357,534 86,500
Holford Cricket Club - 20,000
-
Quantock Education - Stogursey School 17,000
South Bristol Youth - 12,000
CHARIS - 10,000
-
Key4Life CIO 10,000
Calvert Trust - 10,000
-
Oake and Nynehead Primary School 10,000
-
Sense Trusts Woodside Family 10,000
-
Somerset Archaeological 10,000
Women's Work Lab - 10,000
Live Music Now South West - 8,000
-
Stand Against Violence 8,000
-
Spaxton Cricket Club 7,500
We the Curious - 7,500
-
Love Glastonbury 7,200
-
Minehead Hope Centre 6,500
-
St Mary the Virgin Stringston PCC 6,000
-
Taunton Team Chaplains 5,500
-
Gympanzees 5,300
-
Bicknoller Village Hall 5,000
-
Lopen 5,000
Able to Achieve Trust - 4,000
-
Stacked Wonky 4,000
-
Storgursey Arts Festival Photographic Socity 3,370
Arts Taunton - 3,000
-
Stoke St Mary Parish Council 3,000
Merriott Tithe - 2,500
-
Wellington Squash Club 2,500
-
North Curry Sport 1,000
Kingsmead School - 750
Tiddlygigs - 750
Minehead and Exmoor Music Festival - 500
357,534 302,370
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
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5. Fixed asset investments 2025 2024
Movements in fixed assets investments: £ £
Market value as at 01 April 2024 23,447,958 21,164,856
Additions at cost 1,964,800 2,522,851
Dividends added to share cost - -
Disposals at carrying value (1,858,923) (2,465,910)
Realised (losses) / gains on disposals 21,368 62,560
Unrealised (losses) / gain on revaluation 176,968 2,163,601
Market value as at 31 March 2025 23,752,171 23,447,958
Historical cost as at 31 March 2025 16,778,152 16,549,388
2025 2024
Investments at market value compromised: £ £
Equities 20,014,850 19,906,572
Fixed interest securities 3,737,321 3,541,386
Total 23,752,171 23,447,958
All investments are held to provide a return for the charity
2025 2024
6. Analysis of current liabilities £ £
Accruals 6,420 6,240
Total 6,420 6,240
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
7. Analysis of charitable funds
| Unrestricted funds: Expendable endowment Total Prior year funds: Unrestricted funds: Expendable endowment Total |
Fund B/fwd 01.04.24 £ 24,939,626 |
Income £ 667,111 |
Expenditure £ (487,220) |
Investment gains/(losses) £ 198,336 198,336 |
Fund C/fwd 31.03.25 £ 25,317,853 |
|---|---|---|---|---|---|
| 24,939,626 | 667,111 | (487,220) | 25,317,853 | ||
| Fund B/fwd 01.04.23 £ 22,328,374 |
Income £ 753,445 |
Expenditure £ (368,354) |
Investment gains/(losses) £ 2,226,161 |
Fund C/fwd 31.03.24 £ 24,939,626 |
|
| 22,328,374 | 753,445 | (368,354) | 2,226,161 | 24,939,626 |
8. Trustees and employees
The charity has no employees, and hence none that receive remuneration of over £60,000 (2024 – none).
None of the Trustees (or persons connected with them) received any remuneration during the current year (2024 – none).
There are no other related party transactions requiring disclosure (2024 – none).
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The Fairfield Charitable Trust Notes to the Financial Statements For the Year Ended 31 March 2025
9. Financial instruments
Categorisation of financial instruments
| Categorisation of financial instruments | Categorisation of financial instruments | |
|---|---|---|
| 2025 £ 23,752,171 1,572,102 25,324,273 Financial liabilities measured at amortised cost 6,420 Item of income, expenditure, gain or losses Income Expense 2025 £ £ 667,111 113,515 - - Income Expense 2024 £ £ 721,668 55,621 Financial liabilities measured at amortised cost - - Financial assets that are debt instruments 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 Financial assets that are debt instruments measured at amortised cost |
2024 £ 23,447,958 1,497,908 24,945,866 6,240 Net gains Net losses £ £ 198,336 - - - |
|
| Financial assets measured at fair value through income and expenditure account |
||
| 2024 Financial assets that are debt instruments measured at amortised cost |
||
| Income Expense £ £ 721,668 55,621 - - |
Net gains Net losses £ £ 2,226,161 - - - |
|
| Financial assets measured at fair value through income and expenditure account |
||
| Financial liabilities measured at amortised cost Financial assets that are debt instruments |
||
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