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2025-10-31-accounts

Charity registration number 266699 (England and Wales)

THE FAIRFIELD TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

THE FAIRFIELD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr J N Bray
Mrs U C Price-Moss
Mr M Tester
Dr D Moss
Charity number 266699
Principal address Old Buck House
Buck Yard
Helhoughton
Fakenham
Norfolk
NR21 7BW
Business address Fairfield
Huxtable Hill
Chelston
Torquay
Devon
TQ2 6RN
Independent examiner Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Solicitors Thomas Eggar
Belmont House
Station Road
Crawley
West Sussex
RH10 1JA

THE FAIRFIELD TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the accounts 7 - 14

THE FAIRFIELD TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The Trustees present their report and accounts for the year ended 31 October 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document (see below), the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The objects of the Trust are to provide good accommodation for missionaries, clergy and other Christian church workers, their spouses, widows or widowers, who have given up opportunities of lucrative careers for the purpose of serving humanity whether in the United Kingdom or overseas and have been unable to provide a home of their own.

The objectives of the Trustees for the year are shaped by these strategic aims, with a view to improving the number of units of accommodation available, and obtaining income for the benefit of the Trust and its residents by maintaining and improving the value of its investments.

The Trust does not actively fundraise, but seeks to continue to further its objectives through the careful stewardship of its existing resources.

Details of the activities of the Trust during the year were as follows:

Achievements and performance

During the year 2024-2025 there were periods when one or more of the flats were unoccupied, after existing residents left Fairfield, whilst Trustees found suitable new residents. The total number of months in which revenue from rents and service charges was lost was 8. As the Landlord, the Trust also incurred Council Tax and electricity supply costs whilst these flats were vacant.

The Trust engaged iMove Block Management to oversee the management of Fairfield and Fairfield West from 1st November 2024. iMove successfully engaged contractors as and when required, and Trustees are very pleased with this arrangement.

After increasing rents by 6% on 1st May 2024, these were unchanged in 2024-2025. The service charge continued to be unchanged for the 7th successive year.

The Trust's investments with M&G and Vanguard have performed similarly to other funds in the sector and underlying market conditions. Income from these investments enable the Trust to support residents on housing benefit, who would otherwise be unable to live at Fairfield and to provide a long-term sinking fund to cover anticipated future costs of major building repair and maintenance works.

The Trust remains well endowed, with sufficient reserves to keep the properties in good order and a clear line of

succession of Trustees is in place to provide continuity for the Trust.

The Fairfield Trust remains in a stable position for the foreseeable future.

How the activities of the Trust deliver public benefit:

The main activity of the Trust and who it tries to help are described below. In planning its activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit to aid them in determining their objectives. The focus of the activities of the Trust therefore continued to be the provision of independent living quarters for missionaries, clergy and other Christian church workers, their spouses, widows or widowers, either on retirement or during leave who have been unable to provide a home of their own.

Who used and benefited from the services of the Trust:

The objects of the Trust and its funding limit the accommodation available to 16 flats (of which one is currently a guest flat). The Trustees take account of the financial means of potential beneficiaries, when determining the rent or other contribution towards the costs of providing the accommodation. The Trustees estimate the number of people helped by the Trust during the year at 18 (2024: 15).

THE FAIRFIELD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Financial review

During the year, the Total income of the Trust decreased from £141,011 for 2024 to £125,007, as a result of a decrease in rents and service charges received from residents of £9,536 and a decrease in income from investments of £6,568.

Total resources expended by the Trust amounted to £94,561 (2024: £71,855). The increase in 2025 of £22,706 is due mainly to increase in Repairs and maintenance of £21,612.

The value of the Trust's existing investments has risen by £123,755 from £338,429 at 31 October 2024 to £462,184 at 31 October 2025, mainly as a result of an additional investment of £50,000, dividends accumulated of £9,319 and an increase in market value of £64,436. This compares with a rise in the stock market generally of 18% over the year to 31 October 2025 (based on the FTSE All Share Index).

The Net movement in funds for the year was a surplus of £104,201 (2024: surplus of £96,160). The Trustees consider the overall financial position of the Trust to be good.

Reserves policy

It is the policy of the Trust that free unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately three year’s expenditure on charitable activities, which at 31 October 2025 amounted to approximately £283,500. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised.

Actual free unrestricted funds not designated for a specific use at 31 October 2025 amounted to £57,899 (2024: £87,317). The Trustees have invested an additional £50,000 with Vanguard in order to boost the Trust's income, and hence increase free unrestricted funds in the future.

Risk management :

The Trustees have assessed the major strategic, business and operational risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

The Trust is a lasting testimony to the generosity and charitable concerns of past donors, including the late Revd. A W Dick and others. The Trust plans to continue the activities outlined above in the forthcoming years, subject to satisfactory levels of income generated from rent and investments.

Structure, governance and management

The Fairfield Trust is an unincorporated Trust, established by a charitable trust deed dated 12 November 1973 (as subsequently amended on 18 August 2003, 22 April 2004 and 25 September 2017), and is a registered charity with the number 266699 (England and Wales).

The Trustees who served during the year and up to the date of signature of the financial statements were: Dr J N Bray

Mrs U C Price-Moss Mr M Tester Dr D Moss

The Trustees regret to report that the former Chair Brigadier R C J Dick CBE died in December 2024.

THE FAIRFIELD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Recruitment and appointment of Trustees:

The Trust has 4 Trustees. The Trustees meet at least once a year to administer the Trust.

The Board of Trustees discusses the recruitment of new Trustees for their experience, empathy and knowledge of the Trust, and to keep the skills and composition of the Trustee body as a whole and succession planning under review. New Trustees may be sought by open advertisement or through dialogues with other institutions with similar objects.

All the Trustees give their time voluntarily and receive no benefits from the Trust. Any expenses reclaimed by the Trustees from the Trust are set out in note 7 to the accounts.

Organisational structure:

The Trust is managed by the Board of Trustees. With effect from 1 November 2024, the day-to-day management of the Trust's properties has been delegated to iMove Block Management.

The Trustees' report was approved by the Board of Trustees.

Mrs U C Price-Moss

Trustee

Dated: 6 August 2026

THE FAIRFIELD TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE FAIRFIELD TRUST

I report to the Trustees on my examination of the financial statements of The Fairfield Trust (the Trust) for the year ended 31 October 2025.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr J Milden FCCA Darnells Chartered Accountants

Dated: 13 August 2026

Quay House Quay Road Newton Abbot Devon TQ12 2BU

THE FAIRFIELD TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Charitable activities 2 109,865 119,401
Investments 3 15,142 21,710
Total income 125,007 141,111
Expenditure on:
Charitable activities 4 (94,561) (71,855)
Net gains/(losses) on investments 9 64,436 26,904
Net movement in funds 94,882 96,160
Fund balances at 1 November 2024 2,934,543 2,838,383
Fund balances at 31 October 2025 3,029,425 2,934,543

THE FAIRFIELD TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2025

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
General unrestricted funds
Revaluation reserve
17		 2025
£
£
2,509,342
462,184
2,971,526
70,183
50,184
120,367
(62,468)
57,899
3,029,425
2,919,174
110,251
3,029,425
3,029,425		 2024
£
£
2,508,797
338,429
2,847,226
16,509
75,223
91,732
(4,415)
87,317
2,934,543
2,888,728
45,815
2,934,543
2,934,543		 2024
£
£
2,508,797
338,429
2,847,226
16,509
75,223
91,732
(4,415)
87,317
2,934,543
2,888,728
45,815
2,934,543
2,934,543
2,847,226
87,317
2,934,543
2,934,543
2,934,543

The financial statements were approved by the Trustees and authorised for issue on 6 August 2026 and are signed on its behalf by:

Mr M Tester Dr D Moss Trustee Trustee

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

Charity information

The Fairfield Trust is an unincorporated trust, established by a charitable Trust Deed dated 12 November 1973 (as subsequently amended on 18 August 2003, 22 April 2004 and 25 September 2017), and is a registered charity with the number 266699 (England and Wales). The principal address of the Trust is Old Buck House, Buck Yard, Helhoughton, Fakenham, Norfolk NR21 7BW.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

(Continued)

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 4 below.

Support costs are those that assist the work of the Trust but do not represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Trust. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with the use of the resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Nil Fixtures, fittings & equipment 25% & 10% Straight-line

Freehold land is not depreciated. No depreciation is provided on freehold buildings as in the opinion of the Trustees the useful economic life and residual value are such that any depreciation charge would be insignificant.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value determined with reference to the quoted market price at each reporting date. Transaction costs are expensed as incurred.

Changes in fair value are recognised in net income/(expenditure) for the year.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

2 Charitable activities

Rents and service charges receivable from residents
Discretionary grants - see below
Guest suite income
Parking permit receipts		 2025
£
116,912
(11,203)
105,709
3,075
1,081
109,865		 2024
£
129,045
(12,947)
116,098
2,300
1,003
119,401

Discretionary grants to residents

In order to bridge the gap between the Housing Benefit received by some residents and the costs of the rents and service charges, the Trust made discretionary grants to residents of £11,203 (2024: £12,947).

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

3 Investments

Income from listed investments
Interest receivable		 2025
£
14,605
537
15,142		 2024
£
21,342
368
21,710

4 Expenditure on charitable activities

Provision of Provision of
homes for homes for
retired retired
clergy & clergy &
others others
2025 2024
£ £
Direct costs
Depreciation and impairment 2,256 2,148
Rates 3,827 632
Light and heat 12,007 14,131
Insurance 6,126 4,712
Cleaning 7,504 6,173
Gardening 6,976 2,632
Repairs and maintenance 44,283 28,541
Sundry expenses 923 1,578
Computer expenses 463 375
Bank charges 25 26
84,390 60,948
Share of support and governance costs (see note 5)
Support 5,851 2,076
Governance 4,320 8,831
94,561 71,855
Analysis by fund
Unrestricted funds 94,561 71,855

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

5 Support costs allocated to activities

Property management fees
Telephone
Travelling
Governance costs
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2025
£
4,800
458
593
4,320
10,171
2025
£
2,190
2,256		 2024
£
23
525
1,528
8,831
10,907
2024
£
2,190
2,148

7 Trustees

During the year a trustee received consultancy fees of £Nil (2024: £2,451) for professional services provided to the Trust. None of the other Trustees (or any persons connected with them) received any remuneration during the year.

During the year trustees' travel expenses of £593 were reimbursed by the Trust (2024: £1,528).

8 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.
Net gains/(losses) on investments
2025 2024
£ £
Unrealised gains on revaluation of investments 64,436 26,904

9 Net gains/(losses) on investments

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

11
Tangible fixed assets
Cost
At 1 November 2024
Additions
At 31 October 2025
Depreciation and impairment
At 1 November 2024
Depreciation charged in the year
At 31 October 2025
Carrying amount
At 31 October 2025
At 31 October 2024		 Land and
buildings
£
2,493,380
-
2,493,380
-
-
-
2,493,380
2,493,380		 Fixtures,
fittings &
equipment
£
21,082
2,801
23,883
5,665
2,256
7,921
15,962
15,417		 Total
£
2,514,462
2,801
2,517,263
5,665
2,256
7,921
2,509,342
2,508,797

In the opinion of the Trustees the market value of the freehold property at 31 October 2025 (based on current market values for similar properties) is at least equal to its cost of £2,493,380.

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

12
Fixed asset investments
Cost or valuation
At 31 October 2025
Additions
Valuation changes
At 31 October 2025
Carrying amount
At 31 October 2025
At 31 October 2024
13
Financial instruments
Carrying amount of financial assets
Trade and other debtors measured at undiscounted amount receivable
Investments measured at fair value
Carrying amount of financial liabilities
Trade and other creditors measured at undiscounted amount payable
14
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Deferred income
16
Trade creditors
Accruals		 Listed
investments
£
338,429
59,319
64,436
462,184
462,184
338,429
2025
2024
£
£
54,338
4,821
462,184
338,429
4,094
-
2025
2024
£
£
54,338
4,821
15,845
11,688
70,183
16,509
2025
2024
£
£
54,744
-
4,094
-
3,630
4,415
62,468
4,415
2025
£
54,744
4,094
3,630
62,468

THE FAIRFIELD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

16
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 November 2024
Resources deferred in the year
Deferred income at 31 October 2025
17
Revaluation reserve
At 1 November 2024
Unrealised profits on investments
At 31 October 2025		 2025
£
54,744		 2024
£
-
2025
£
54,744
2025
£
-
54,744
54,744		 2024
£
-
2024
£
-
-
-
£
45,815
64,436
110,251

The revaluation reserve above represents the cumulative unrealised gains on the listed investments.

18 Related party transactions

During the year the Trust paid consultancy fees of £Nil (2024: £2,451) to Mr R Balfry, a trustee.

THE FAIRFIELD TRUST MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 OCTOBER 2025 15-

THE FAIRFIELD TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2025

Income from:
Charitable activities
Rents and service charges receivable from
residents
Guest suite income
Parking fund
Discretionary grants to residents
Investment income
Dividends from listed investments
Bank interest received
Total income
Resources expended:
Charitable activities
Provision of homes for retired clergy and other
Christian workers
Depreciation
Rates
Light and heat
Insurance
Cleaning
Gardening
Repairs and maintenance
Sundry expenses
Computer expenses
Bank charges
Support costs - see below
Governance costs - see below
Net incoming resources		 £
2,256
3,827
12,007
6,126
7,504
6,976
44,283
923
463
25
5,851
4,320		 2025
£
116,912
3,075
1,081
(11,203)
109,865
14,605
537
125,007
(94,561)
30,446		 £
2,148
632
14,131
4,712
6,173
2,632
28,541
1,578
375
26
2,076
8,831		 2024
£
129,045
2,300
1,003
(12,947)
119,401
21,342
368
141,111
(71,855)
69,256

THE FAIRFIELD TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Net gains on investments
Revaluation of investments
Net movement in funds		 64,436 64,436
94,882		 26,904 26,904
96,160

THE FAIRFIELD TRUST

SUPPORT AND GOVERNANCE COSTS FOR THE YEAR ENDED 31 OCTOBER 2025

Support costs
Property management fees
Telephone
Travelling
Governance costs
Accountancy
Legal and professional
Independent Examiner's fees		 £
2,040
180
2,100		 2025
£
4,800
458
593
5,851
4,320
10,171		 £
3,000
3,641
2,190		 2024
£
23
525
1,528
2,076
8,831
10,907