Company number: 08488814 Charity Number: 1153131
## Fairfield Environment Trust
Financial statements for the year ended 31 May 2023
Doc ID: 014641b35dc307f503d2c19a181eaa3a51c4cfba
Fairfield Environment Trust Reference and administration information
Company number 08488814
Charity number 1153131
Registered office and operational address
Bridge 5 Mill, 22a Beswick Street, Ancoats, Manchester M4 7HR
## Trustees
The trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Ian Trippier - Secretary
Neil Corney
Chris Walsh - Chair
Helen Woodcock
Darren Pegram (resigned 6/11/23)
Key management personnel
The key management personnel were the trustees.
Bankers
Co-operative Bank plc Triodos Bank N.V.
## Solicitors
Christopher Murphy Whitehead’s Solicitors 6 Water Street Newcastle-under-Lyme Staffordshire ST5 1HR
Independent examiner
Patrick Morrello Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS.
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## Fairfield Environment Trust
## Trustees’ annual report for the year ended 31 May 2023
The trustees present their report and the audited financial statements for the year ended 31 May 2023. Included within the trustees’ report is the directors’ report as required by company law.
Reference and administrative information forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Objectives and activities**
The purposes of the charity are:
- a. The protection and preservation of the environment for the public benefit by:
- i. the promotion of waste reduction, re-use reclamation, recycling use of recycled products and the use of surplus;
- ii. advancing the education of the public about all aspects of waste generation, waste management and waste recycling.
- b. The promotion of sustainable development for the benefit of the public by:
- i. the preservation, conservation and the protection of the environment and the prudent use of natural resources;
- ii. the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities;
- iii. the promotion of sustainable means of achieving economic growth and regeneration.
Sustainable development means “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”.
- c. The promotion for the benefit of the public of urban or rural regeneration in areas of social and economic deprivation (and in particular in North West England) by all or any of the following means:
- i. the relief of unemployment
- ii. the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
- iii. the protection or conservation of the environment.
Through its wholly-owned trading subsidiary Bridge 5 Mill Limited (“B5M”) the charity provides serviced office accommodation, conference and meeting spaces for the voluntary and environmental sector in Bridge 5 Mill, Ancoats, Manchester.
Through its wholly-owned subsidiary The Kindling Trust Limited (“KT”) the charity delivers sustainable food projects, improving health and well-being and increasing skills and knowledge through: education, volunteering opportunities, and increased access to fresh food . Additionally it is accomplishing all these charitable objects through its work to establish the Kindling Community Farm.
Through its wholly-owned trading subsidiary Fairfield Environmental Services Limited (“FES”) the charity in the past provided a leading-edge waste re-use and recycling service at New Smithfield Market in East Manchester, however, FES activity ceased this activity during the previous year.
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## Fairfield Environment Trust
## Trustees’ annual report for the year ended 31 May 2023
Through all these enterprises it has created employment and volunteering opportunities and provided workexperience places to local residents and provided a home for a number of community and voluntary sector groups.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
## **Achievements and performance**
The charity's main activities and who it tries to help are described below. All its charitable activities focus on sustainability and are undertaken to further Fairfield Environment Trust’s charitable purposes for the public benefit.
## _Financial performance_
The charity’s assets continue to be used by its trading subsidiaries.
Bridge 5 Mill continued to see an increase in income during the 22/23 financial year and at least 13 out of the 15 offices were occupied by tenants on any given month. Events bookings did not recover to pre-Covid levels but brought in some additional revenue for the Mill. The staff team worked on a new business plan to promote the workspaces and events spaces and some exciting new projects for the mill. However, the lift which is essential for tenants and full accessibility became unreliable, requiring a major fundraising drive for its refurbishment.
It was a busy year for the Kindling Trust with a wide range of events and activities at their Woodbank Community Food Hub site in Stockport, engaging over 1,000 people from local communities in sustainable food and farming. A particularly exciting development was that with the support of the Kindling Trust team, our sister organisation, Kindling Farm, purchased a farm at the end of March 2023!
## _Employment, Training and Volunteering_
B5M and Kindling continued to provide its staff with additional training and to update mandatory training as required.
## _Charitable objectives and activities_
The charity’s environmental objects have been carried out in a number of ways through its wholly-owned subsidiaries:
Bridge 5 Mill Limited - offering environmentally friendly office and event space for those seeking it in Manchester, specifically for charities and social enterprises and by offering reduced rates for event space for these types of organisations, as well as community groups local to the Mill.
The Kindling Trust - held a number of community activities at Woodbank Community Food Hub to engage people in environmental and social issues. This included a wellbeing programme with Afghan refugees, focused on growing and cooking sustainable food and sharing a meal together; a range of community activities to engage the public that engaged over 1000 people in our communities; and educational and volunteering opportunities for over 160 people on the land and improving their wellbeing and sense of community. The Kindling Trust also continued work to establish the Kindling Community Farm where it aims to build on and expand these charitable activities.
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Trustees’ annual report for the year ended 31 May 2023
## Fairfield Environment Trust
## **Financial review**
The charity’s main income derives from its ownership of its trading subsidiaries Fairfield Environmental Services Limited and Bridge 5 Mill Limited, receiving the subsidiaries’ profit as a donation at the end of each financial year. The charity and the directors of the subsidiaries, which it appoints, are aware of the need to diversify the income of the subsidiaries and certain investments have been made to bring this about.
This year Fairfield Environment Trust received no additional grants to those mentioned in last year's accounts. The Kindling Trust was awarded an additional three year grant by the Joseph Rowntree Charitable Trust, towards its core costs.
## **Reserves policy**
Fairfield Environment Trust is committed to maintaining the subsidiaries which carry out its charitable activities. These subsidiaries require a level of reserves, so our reserve policy is at a group level.
The reserves policy is based on 3 months group core costs which we estimate to be £50,000. This is based on the amount that would be needed to fill the gap in core salaries in the situation that Bridge 5 Mill were to have no event bookings over 3 months and a core wage to run down the activities of the other subsidiaries. Current free reserves are £30,000 which is still short of our target but a better position than last year. The trustees remain committed to reaching the desired level of reserves through our marketing strategy for Bridge 5 Mill and our fundraising strategy for the Kindling Trust and the group as a whole.
Fairfield Environment Trust has no employees or other financial commitments and has a limited but reasonably constant income from group companies, so does not need reserves of its own.
## **Risk management**
Internal financial risks are controlled by the directors through the receipt of a monthly financial report from the General Manager encompassing management accounts, bank statements and reconciliation reports.
Internal control risks are managed by the adoption of a set of policies and procedures implemented by the General Manager covering Health and Safety and Standard Operating Procedures.
External risks to the charity are subject to constant review by the directors and will, in time, result in a strategic plan designed to minimise or eliminate their potential effects.
The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks.
## **Plans for the future**
The charity will continue with its current activities and attempt to diversify them through the development of additional services.
Some investment has been made by the charity in the Bridge 5 Mill Limited’s building, and will continue to be invested in as we go forward to maximise income generated from the office and events spaces. Fairfield Environment Trust are staying up to date with the progress of the Kindling Farm as an official supporter member of Kindling Farm through a community shares investment.
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## Fairfield Environment Trust
## Trustees’ annual report for the year ended 31 May 2023
## **Structure, governance and management**
The organisation is a charitable company limited by guarantee, incorporated on 15 April 2013 and registered as a charity on 30 July 2013.
The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 May 2023 was 5. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.
The board of trustees administers the charity. The board normally meets monthly. A General Manager is appointed by the trustees to manage the day-to-day operations of the charity.
## **Appointment of trustees**
As set out in the Articles of Association trustees are elected annually by the members of the charitable company attending the Annual General meeting. The directors of the company are also charity trustees for the purposes of charity law and under the charity’s articles are known as directors. Directors serve for three years with one third of the board of directors retiring every year. Directors are elected at the Annual General Meeting.
As disclosed in note 10, the Trustees received remuneration for their paid roles as employees of subsidiary companies. This did not include their duties as trustees and was a continuation of their paid roles within the organisations that have now became part of the group. None of the Trustees received any remuneration or benefits for their duties as Trustees. The payment of trustees is permitted by the charity’s governing document.
## **Trustee induction and training**
New trustees are generally recruited from individuals who have had some previous experience of or involvement in the charity. New trustees are welcomed with an induction pack containing the Memorandum and Articles, latest published accounts and a set of the charity’s adopted policies and procedures.
## **Related parties and relationships with other organisations**
None of our trustees receive remuneration or other benefit from their work with the charity, except as disclosed above and in note 10. Any connection between a trustee or senior manager with any service providers must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.
## **Remuneration policy for key management personnel**
The charity was in the process of conducting a full staffing and structure review when the pandemic started, but the challenges and increased workload brought about by the pandemic and changing lockdown rules and regulations meant that we put this on hold. We have made some progress but aim to continue this review in the coming year. This will include a review of the pay scales with the levels of responsibility of the management personnel for each subsidiary. The pay scale reflects management level regarding number of staff, health and safety risk and responsibility and budget and financial management and responsibility.
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Fairfield Environment Trust Trustees’ annual report for the year ended 31 May 2023
## **Statement of responsibilities of the trustees**
The trustees (who are also directors of Fairfield Environment Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- There is no relevant audit information of which the charitable company’s auditors are unaware
- 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
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.
26 / 02 / 2024
The trustees’ annual report has been approved by the trustees on ____________ and signed on their behalf by
Helen Woodcock
Trustee
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Independent examiner’s report to the trustees of Fairfield Environment Trust
I report on the accounts of the charity for the year ended 31 May 2023 set out on pages 8 to 20.
## Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## Independent examiner's statement
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
- have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS
26 / 02 / 2024
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## Fairfield Environment Trust
## Consolidated Statement of Financial Activities
(including Income and Expenditure account) for the year ended 31 May 2023
|Unrestricted
funds
Note
£
Income from:
Donations and legacies
3
36,715
Charitable activities
4
-
5
-
Investments
6
145
Total income
36,860
Expenditure on:
Charitable activities
7
53,471
Total expenditure
53,471
8
(16,611)
Transfer between funds
-
Net movement in funds for the year
(16,611)
Reconciliation of funds
Total funds brought forward
548,182
Total funds carried forward
531,571
Net income/(expenditure) for the year
Other trading activities - discontinued operation|Restricted
funds
£
-
21,570
_-_
_-_
21,570
21,570
21,570
-
-
-
-
-|Total funds
2023
£
36,715
21,570
-
145
58,430
75,041
75,041
(16,611)
-
(16,611)
548,182
531,571|_Unrestricted_
_funds_
_£_
_965_
_-_
_11,950_
_1,674_
_14,589_
_59,215_
_59,215_
_(44,626)_
_-_
_(44,626)_
_592,808_
_548,182_|_Restricted_
_funds_
_£_
_-_
_87,280_
_-_
_-_
_87,280_
_87,280_
_87,280_
_-_
_-_
_-_
_-_
_-_|_Total funds_
_2022_
_£_
_965_
_87,280_
_11,950_
_1,674_
_101,869_
_146,495_
_146,495_
_(44,626)_
_-_
_(44,626)_
_592,808_
_548,182_|
|---|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## Fairfield Environment Trust Company number 08488814 Balance Sheets
## as at 31 May 2023
|Fixed assets
Tangible assets
Investments
Total fixed assets
Current assets
Debtors
Cash at bank and in hand
Total current assets
Liabilities
Creditors: amounts falling
due in less than one year
Net current assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
Net assets
Funds of the charity:
Restricted income funds
Unrestricted income funds
Total charity funds|2023
£
445,688
40,002
485,690
18,453
29,325
47,778
(1,895)
45,883
531,573
-
531,573
-
531,573
531,573|_2022_
_£_
_451,459_
_40,002_
_491,461_
_22,256_
_40,244_
_62,500_
_(5,778)_
_56,722_
_548,183_
_-_
_548,183_
_-_
_548,183_
_548,183_|
|---|---|---|
These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
For the financial year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.
The notes on pages 10 to 20 form part of these accounts.
## 26 / 02 / 2024
Approved by the trustees on ___________________ and signed on their behalf by:
Helen Woodcock (Trustee)
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Fairfield Environment Trust
Notes to the accounts for the year ended 31 May 2023
## 1 Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## a Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Fairfield Environment Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
- b Preparation of the accounts on a going concern basis
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
## c Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
## d Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
## e Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
## f Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes staff and administration costs relating to obtaining grant funding, paying grants and supporting the activities of the subsidiary companies, which carry out chartitable activities on behalf of the charity. Included in the costs are the associated support costs.
## g Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated as expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.
## h Tangible fixed assets
Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
- Freehold building 1% per annum Plant and equipment 20% per annum
- 20% per annum
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023
## i Fixed asset investments
The charity holds investments in the subsidiary companies and an equity investment. The investments are stated at cost.
The charity holds a £40,000 programme related equity investment in a community benefit society, Kindling Farm Limited (see note 10).
## j Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## k 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 of three months or less from the date of acquisition or opening of the deposit or similar account.
## l Creditors and provisions
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 normally recognised at their settlement amount after allowing for any trade discounts due.
## m Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## 2 Legal status of the charity
The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered office address is disclosed on page 1.
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## Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
|3
Income from donations and legacies
Donations from subsidiaries
Total
4
Income from charitable activities
Grants
Total
5
Income from other trading activities
Asset disposal
Equipment hire charges|Unrestricted
£
36,715
36,715
Unrestricted
£
-
-
Unrestricted
£
-
-
-|Restricted
£
-
-
Restricted
£
21,570
21,570
Restricted
£
-
-
-|Total 2023
£
36,715
36,715
Total 2023
£
21,570
21,570
2023
£
-
-
-|_Unrestricted_
_£_
_965_
_965_
_Unrestricted_
_£_
_-_
-
_Unrestricted_
_£_
_7,450_
_4,500_
11,950|_Restricted_
_£_
_-_
_-_
_Restricted_
_£_
_87,280_
87,280
_Restricted_
_£_
_-_
_-_
-|_Total 2022_
_£_
_965_
_965_
_Total 2022_
_£_
_87,280_
87,280
_2022_
_£_
_7,450_
_4,500_
11,950|
|---|---|---|---|---|---|---|
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## Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
## 6 Investment income
|Income from bank deposits
Cost of charitable activities
Staff costs
Professional fees
Operations and administration
Depreciation
Grants paid|Unrestricted
£
145
145
Unrestricted
£
9,518
1,830
7,315
5,771
29,037
53,471|Restricted
£
-
-
Restricted
£
_-_
-
-
-
21,570
21,570|Total 2023
£
145
145
2023
£
9,518
1,830
7,315
5,771
50,607
75,041|_Unrestricted_
_£_
_1,674_
_1,674_
_Unrestricted_
_£_
_12,000_
_12,177_
_8,205_
_13,833_
_13,000_
59,215|_Restricted_
_£_
_-_
_-_
_Restricted_
_£_
_-_
_-_
_-_
_-_
_87,280_
87,280|_Total 2022_
_£_
_1,674_
_1,674_
_2022_
_£_
_12,000_
_12,177_
_8,205_
_13,833_
_100,280_
146,495|
|---|---|---|---|---|---|---|
## 7 Cost of charitable activities
The grants were paid to The Kindling Trust Limited (£48,607) and Kindling Farm Limited (£2,000).
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## Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
- 8 Net income/(expenditure) for the year
|This is stated after charging/(crediting):
Depreciation
Loss/(profit) on disposal of fixed assets
Interest payable
Auditor's remuneration - audit fees
Auditor's remuneration - accountancy fees
Independent examiner's remuneration
Staff costs
Staff costs during the year were as follows:
Net wages
Payroll admin|2023
£
5,771
-
-
-
-
700
2023
£
9,117
34
9,151|_2022_
_£_
_13,833_
_7,450_
_1,674_
_4,000_
_1,500_
_-_
_2022_
_£_
_12,000_
_-_
_12,000_|
|---|---|---|
- 9 Staff costs
No employees has employee benefits in excess of £60,000 (2022: Nil).
The average number of staff employed by the charity during the period was 1 (2022: 1).
The key management personnel of the charity are trustees and the manager. The total employee benefits of the key management personnel of the charity were £9,151 (2022: £12,000).
Two trustees also received remuneration for their work for The Kindling Trust Limited (see note 10).
## 10 Trustee remuneration and expenses, and related party transactions
In accordance with the charity's governing document, the following trustees received remuneration for carrying out the activities of the subsidiaries. No trustee was paid for their work as trustees.
The remuneration of trustees was as follows:
|||Helen||
|---|---|---|---|
||Chris Walsh|Woodcock|Amy Haigh|
|Employed by|The Kindling|The Kindling|Fairfield|
||Trust Ltd|Trust Ltd|Environment|
||||Trust|
|Gross pay|17,159|19,041|9,151|
|Pension contributions|1,751|1,570||
|Reimbursed expenses|3,535|20||
Apart from the above, neither the trustees nor any persons connected with them received any remuneration or reimbursed expenses during the year.
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
## 10 Trustee remuneration and expenses, and related party transactions - cont
The Kindling Trust Limited is a wholly owned subsidiary of the charity. During the year the charity made grant payments totalling £50,607 (2022: £86,280) and paid £9,151 for wage recharges (2022: £12,000) to The Kindling Trust Limited. At the year end, £895 (2022: £778) was owed by the charity to the Kindling Trust Limited.
Fairfield Environment Trust held a loan of £15,000 (2022: £15,000) to its wholly owned subsidiary Bridge 5 Mill Limited. This loan is unsecured, interest free, and has no fixed repayment date. During the year, the charity made no payments to Bridge 5 Mill Limited (2022: £30).
Fairfield Environmental Services Limited is a wholly owned subsidiary of the charity. At the year end, the balance of a loan made to Fairfield Environmental Services Limited by the charity was nil (2022: £4,160). Interest on the loan was payable at normal commercial rates. During the year, Fairfield Environmental Services Limited made payments totalling £35,715 (2022: £5,465) to the charity.
Fairfield Environmental Trust hold a £40,000 (2022: £40,000) equity investment in Kindling Farm Limited, a community benefit society. During the year a £2,000 donation was made by the charity to Kindling Farm Limited (2022: nil). Chris Walsh and Helen Woodcock are directors of Kindling Farm Limited.
Apart from the above, no trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).
## 11 Corporation tax
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
The charity's trading subsidiaries gift aid available profits to the parent charity. No tax charges arose in the subsidiary companies.
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## Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
12 Fixed assets: tangible assets
|The charity
Cost
Additions
Disposals
Depreciation
Charge for the year
Disposals
Net book value
13
Investments
At 31 May 2023
At 01 June 2022
At 01 June 2022
Cost at the end of the year
Share in Fairfield Environmental
Services Limited
Share in Bridge 5 Mill Limited
Kindling Farm Limited
At 31 May 2023
At 31 May 2023
_At 31 May 2022_|Plant and
equipment
£
16,847
-
-
16,847
13,202
1,916
-
15,118
1,729
_3,645_|Land and
buildings
£
473,374
-
-
473,374
25,560
3,855
-
29,415
443,959
_447,814_
2023
£
1
1
40,000
40,002|£
490,221
-
-
490,221
38,762
5,771
-
44,533
445,688
_451,459_
_2022_
_£_
_1_
_1_
_40,000_
_40,002_
Total|
|---|---|---|---|
All investments are stated at cost.
The shares in Fairfield Environment Services Limited and Bridge 5 Mill Limited confer 100% ownership on the parent charity.
Kindling Farm Limited is a programme related investment. The shares are society shares and are not transferable but may be repaid. They give the charity only an insignificant voting power at the AGM of Kindling Farm Limited.
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
11 Debtors
|11|Debtors||||
|---|---|---|---|---|
||||2023|_2022_|
||||£|_£_|
||Trade debtors||-|_13_|
||Loans to subsidiaries||15,000|_19,160_|
||Other debtors||1,275|_1,348_|
||Prepayments and accrued income||2,178|_1,735_|
||||18,453|_22,256_|
|12|Creditors: amounts falling due within one year||||
||Trade creditors||2023
£
895|_2022_
_£_
_778_|
||Accruals||1,000|_5,000_|
||||1,895|_5,778_|
|13|Analysis of movements|in group restricted funds|||
||Heritage Trust|Balance at
01 June
2022
Income
Expenditure
£
£
£
-
21,570
(21,570)|Transfers
£
-|Balance at 31
May 2023
£
-|
||Total|-
21,570
(21,570)|-|-|
||Analysis of movements|in restricted funds - comparative period|||
||_Balance at_
_01 June_
_2021_
_Income_
_Expenditure_
_£_
_£_
_£_
_Sustainable food production_||_Transfers_
_£_|_Balance at_
_01 June_
_2022_
_£_|
||_Heritage Trust_|_-_
_87,280_
_(87,280)_|_-_|_-_|
||_Total_|_-_
_87,280_
_(87,280)_|_-_|_-_|
||Name of||||
||restricted fund|Description, nature and purposes of the fund|||
||Heritage Trust|Heritage tree nursery: mitigating climate change and building biodiversity|||
|||through edible trees|||
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
## 14 Analysis of movement in unrestricted funds
|General fund
Designated property
assets fund
_General fund_
_Designated property_
_assets fund_|Balance at
01 June
2022
£
96,724
451,459
548,183
_Balance_
_at 01 June_
_2021_
_£_
_114,104_
_478,705_
_592,809_|Income
£
36,862
-
36,862
_Income_
_£_
_101,869_
_-_
_101,869_|Expenditure
£
(53,471)
-
(53,471)
_Expenditure_
_£_
_(146,495)_
_-_
_(146,495)_|Transfers
£
5,771
(5,771)
-
_Transfers_
_£_
_27,246_
_(27,246)_
_-_|As at 31 May
2023
£
85,886
445,688
531,574
_As at 01_
_June 2022_
_£_
_96,724_
_451,459_
_548,183_|
|---|---|---|---|---|---|
Name of
Description, nature and purposes of the fund
General fund The free reserves after allowing for all designated funds Designated property The fixed assets, net of related hire purchase liabilities, are essential for the assets fund future operation of the charity and so are excluded from free reserves.
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Fairfield Environment Trust
## Notes to the accounts for the year ended 31 May 2023 (continued)
- 15 Analysis of net assets between funds
Current reporting period
|Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Total
_Previous reporting period_
_Tangible fixed assets_
_Fixed asset investments_
_Net current assets/(liabilities)_
_Total_|General
fund
£
-
40,002
45,883
85,885
_General_
_fund_
_£_
_-_
_40,002_
_56,722_
_96,724_|Designated
funds
£
445,688
-
-
445,688
_Designated_
_funds_
_£_
_451,459_
_-_
_-_
_451,459_|Restricted
funds
£
-
-
-
-
_Restricted_
_funds_
_£_
_-_
_-_
_-_
_-_|Total
£
445,688
40,002
45,883
531,573
_Total_
_£_
_451,459_
_40,002_
_56,722_
_548,183_|
|---|---|---|---|---|
- 16 Operating lease commitments
The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:
|Less than one year
One to five years|2023
_2022_
£
_£_
-
-
-
-
-
_-_
Property|2023
_2022_
£
_£_
-
_27,212_
-
_40,818_
-
_68,030_
Equipment|
|---|---|---|
The charity had no commitments under non-cancellable operating leases.
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