Charity registration number 273924 Company reglstratlon number 01318397 IEngland and Wales) FAIRFIELD FARM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 FAIRFIELD FARM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses IA Cooper A Best A Curran N Dawson-C¢xks J Fortune K O'connell Charity number 273924 Company number 01318397 Registered office 43 High Street Dillon Marsh Westbury Wif(shire BA13 4DL Audltor David Owen & Co 17 The Market Pla Devizes shire SN10 1BA Bankers Lloyds Bank PIC 37 Market Place Warminsler Wif(shire BA12 9BD Soll¢ltors Stone King 13 Queens Square Bath BA1 2XF FAIRFIELD FARM TRUST CONTENTS Page Trustees, report Stslemenl of Trustees, responsibilities Independent auditorfs report 8-11 Statement of financial activities 12 Balance sheet 13 Stslemenl of cash flows 14 Notes lo the financial statements 15-31 FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY2024 The trustees , who are also directors of the charity for the purposes of the Companies Act 2006, present their report and financial stslemenls for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial slalements and comply with the charity's Articles of Association (governing documenll, the Companies Act 2006 and 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" Objectlves and actlvltles Overvlgw Fairfield Farm Trust is a registered charity (charity registration no. 2739241 and limited company (company registration no. 013183971. The principal and registered office of the Trust is 43 High Street, Dillon Marsh, Weslbury, Willshire, BA13 4DL. Our purpose is.. To enable young people to live and work wilhoul bamers At the time of writing this report, as a result of the pandemic. and national and international events, the disability employment gap is at its widest point since 2018. The disability employment gap measures the difference between the employment rate of people with additional needs, compared to that of people without additional needs. The employment rale of people with additional needs is 53°/o, compared to 82 /0 of people wilhoul additional needs. The next few years will be even more challenging for young people looking for èmployment. Fairfield is uniquely placed to bring together education, employment opportunities and services for young people. 11 is our responsibility lo work with each young person so that the change we make in their lives is purposeful, positive and sustainable. Our strategic plan sets out our vision lo Continue lo transform our organisalion, and influence change in those around us. Our Vision Our vision describes ¥Nhere we want lo be as an organisalion. We are striving to make this vision a reality. Fairfield provides exceptional employment and training for independent living opportunities for young people with additional needs Clear strategic direction, Collaborative and inclusive organisalional culture and skilled, happy, and productive young people and workforce est practice specialist provision nd training Financial stability and robust commercial areas focused on opportunities for young people Fairfield is a place where people want o work, now and in the future Communication is effective and improves Fairfield-wide and external onnections Feedback from young people and staff is valued highly and informs strategic decisions and policy Fairfield works with Wiltshire ouncil to plan slralegically for post 16 provision across Wiltshire All staff are trained In systematic nsttuclion Fairfield offers allernalive mployment. enterprise and training or independent living provision to nclude more young people across Financial position is continually reviewed and refined to ensure Inancial stability Commercial settings ensure maximum revenue and best possibilities for the development of employment skills Best practice SEND training for rofe5sionals improves practice cross Wiltshire FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 About Fairfield Fairfield Trust is a règistered charity and limited company that comprises". A college of further education for young people with additional needs Commercial businesses for the pracli¢al application of work skills lcanleen, bakery. cafe, pub, shop, animal cenlre, day care for dogs and market garden) Preparation for independent living services for young people Iresidenlial accommodation, short breaks, training for independent living and supported living) Where are now Young People We recognise that listening to the vol￿$ of our young people is essential if we are lo deliver services that will have a positive impact on their lives. We are proud that $0 many of our colleagues bring the value of their experience, empathy and compassion to the work they do every day. This enables us to understand the needs of our young people. It is essential that our whole community feels confident and empowered and that Dur dIfferen￿S are respected and valued. Our people We are proud to say that our people are connected lo our values and our purpose, and il is this and their experience that enables them to deliver the best possible services for young people. We need to be continually focused on the wellbeing and personal development of our people, and we will provide a workplace that is always diverse and inclusive. We recognise the need lo embed our purpose and values so that the whole organisalion is working in the same way towards the same goal. Our people will always be our greatest asset. The pandemic and national and global issues have contributed lo our people working al capacity, with less time and mental resource to focus on wellbeing. For Fairfield this is even more important because of the work that we do. Our business Turnover, staffing, and assets have increased over recent years. This growth has been as the result of our desire lo do even more for our young people through the development of new services. We have maintained a rating of good with both Ofsted and CQC. We recognise the need to deliver alternative. responsive and flexible employability and training for independent living provision so that more young people can become independent and employed. The challenges ahead Global pandemic We don't know the long-temi impact this will have on physical and mental health, the economy and our ability lo deliver services. Cost Increases Cost of living, utilities and and general cost rises create increasing financial pressure for the organisation and its commercial businesses. Inequality widenened The pandemic and other economic factors have widened existing inequalities, induding the widening of the disability employment gap. FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Public Benefit The Trust's work has an identifiable public benefrt through the provision of high-qualily further education for young people laged 16 10 251 with additional needs through the development of individual competencies and skills via training and employment opportunities. Students, trainees and residents are predominanlly from Wiltshire and neighbouring local authorities, although we do have students that come from across the UK. There are no geographical restrictions, nor any regarding gender, race, ethnic origin or religion. students are funded by both the Education and Skills Funding Agency IESFAI and their Local Aulhorty ILA). Fees are determined following a full assessment of individual need which are then negotiated and agreed wth each LA. The ¢harily does not require students lo contribute pèrsonally lo their educational or support costs and no restrictions are imposed based upon an individual's ability lo pay. Neither Is a student or potential sludenl excluded or prevented being given the opportunity lo benefit because they are unable lo pay the fees. There are no private benefits arising from the activities of the charity other than lo the intended benefi¢iaries. The trustees are pleased to confirm that they have paid due regard to the Charity Commission guidance 'Charities and Public Benefit,. A full explanation of the charity's more significant activities can be found in the following paragraphs of this report. strategic report The description under the headings Achievements and performance" and "Financial review. meet the company law requirements for the trustees lo present a strategic report. Achievements and performance The college was last inspected by the CQC in June 2019,. the outcome of the inspection was good. The last inspedion by Ofsted was ￿ndUCted in December 2019., the Out￿Me of the short inspe¢tion was good. Fundralslng Fairfield Farm Trust IFFD take its responsibilities under the Code of Fundraising Practice {20191 very seriously. Sponsorship and donations are sought with the objective to constantly improve resources and faalities and to strive to become a centre of excellence for learning and training. Any grants and donations secured are normally for specific projects from targeted donors. Financial review The surplus for the year 202312024 amounted to £295,470. In accordan￿ with the charity's Articles of Assoaation. no portion of income or property shall be paid or transferred directly or indirectly, by way of dividend, bonus or otherwise from profit, to members or trustees of the charity. Trustees are reimbursed for reasonable travel, subsistence and training expenses incurred in the course of their duties as trustees. Re$grvg$ Pollcy The charity retains reserves al a level sufficient to cover approximately four months lone temil of normal operating costs., for 2023124 this reserve was £1,850,000. The Trust's current level of available reserves Ilotal unrestricted funds less the amount held in the fixed asset fund) is £2,914,822. Designated ￿SerVeS al the year-end lots1 £1,100,000 and are detailed in note 25. The charity has never offered a defined benefit pension scheme and there are no liabilities on the charity's reserves. FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Principal funding sources The charity's principal funding sources are feès from the Education and Skills Funding Agency IESFAI and Local Authorities for educational and residential services. Other funding is generated through sales in the charity's animal park, pub and fundraising and donations. student numbers for September 2024 include 132 students on roll, 14 college residents, 15 on the Steps programme, 5 regular respite residents and 12 supported living . For the year ended 31 July 2024 educational fee income increased by 4.fi 10 £3.17m', income from care fees increased by 21°/o from £1.54m lo £1.87m. The charity's trading activities, including the pub and animal park lolaled just under £1 m, a dee￿ase from last year's total £1.17m. The trading activities are carried out mainly by the beneficiaries of the charity and is Considered to be the primary purpose of trading. The educational benefits for students, trainees and residents in gaining real work experience in the commercial areas is a real positive that does not allract a monetary retum, and this should not be overfooked in assessing the overall value of these facilities. Donations and grants have fallen this year to £2.7k. Bank interest has seen a significant increase due to higher interest rates and change to the investment policy. The charity's total income has remained al £6m. Investment Policy As the charity's activities require readily available liquid assets, most of Ils funds a￿ currendy held on bank deposit in the form of shortlmedium temi fixed deposits or in cash. During the 202>24 financial year the trustees implemented a new investment policy which included engaging the services of an investment management company. The fund manager acts in line with the charity's values as a responsible investor to invest funds with a view to securing the best possible finanaal return which will help deliver on our strategic objectives. TrLJStees have taken the decision to invest ethically, taking the charity's purpose and values into account, even if a particular investment provides a lower return than an alternative. Risk Management A Finance Committee, comprising nominated trustees and senior managers, meets to review potential major risks ID which the charity might be exposed and lo set In place systems and controls lo mitigate these risks. The potential risks a￿ priorilised in order of severity onlo a gridlmalrix in five main Categories so that planned actions can be monitored at regular intervals. The trustees have assessed the major risks lo which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future perlods The trust will continue to implement the objectives of the Iruslees, strategic plan 2023-25, as detailed earlier in this report. structure, governance and management The charity's governing documents are ils Articles of Association. The share capital of the company is £10, divided into shares of £1 each. FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial stslemenls were". A M Irving (Resigned 2 February 20241 M Cooper A Best A Curran N Dawson-cocks J Fortune K O'connell Recruitment and appointment of new trustees TrusleeslDireclors are currently appointed by Ordinary Resolution following nomination by other board members. The maximum number of trustees who may serve on the Board is len, cutrenlly numbers reside at 6 with four vacanciès. Qualifying third party indemnity provisions The charity has professional indemnity insurance which protects trustees from claims arising from negligent acts, errors or omissions occurring whilst on charity business, and provides cover up to £5,000.000. InduGtlon and tralnlng of new trustees New trustees are given an induction programme Dn joining which includes meeting members of the SLT, a tour of the Trusts properties. Training courses, which are identified as relevant, are attended by trustees Dn an individual or collective basis as appropriate. Oryanisational Structure TrusleeslDireclors govem the charity and sel overall strategy, objectives and targets. The day-to-day management of the charity has been delegated, by the trustees, to senior employees that fomi the Senior Leadership Team ISLT). The following senior employees that formed the SLT in year ended 31 July 2024 are as follows.. V Dunnicliffe G Athey M Curran T Jones K Durrant CEO Principal Director of Young People's Services Iresigned 30th April 20241 Head of Human Resources Head of Finance Executive Remuneration The arrangements for setting pay and remuneration of the charity's key management personnel ISLTI are determined by reference to", benchmarking of other specialist education providers through the National Association of Specialist Colleges INalspecl", consullalion with recruitment consullanls, market forces. There are two employees with annual emoluments of more than £60,000 for the reporting period. Auditor In accordance with the company's articles. a resolution proposing that David Owen & Co be reappointed as auditor of the company will be put at a General Meeting. FAIRFIELD FARM TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Disclosure of infomiation to auditor In so far as the Iruslees are aware.. There is no relevant audit infomiation of which the cornpany's auditors are unaware, and The trustèes have taken all steps that they ought lo have taken in order lo make themsèlves aware of any relevant audit Information and lo estsblish that the auditors are aware of that information. The Trustees. report, including the strategic report, was approved by the Board of Trustees. A Best Trusta8 20 March 2025 FAIRFIELD FARM TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2024 The Iruslees, who are also the directors of Fairfield Farm Trust for the purpose of company law, are responsible for preparing the Truslee5' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom GenerallyAccepted Acwunting Practice). Company Law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the Charity and of the in¢oming resources and application of resour￿$, induding the income and expenditure, of the charitable ¢ompany for that year. 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 eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the fi'nancial statements comply with the Companies Act 2006. 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. FAIRFIELD FARM TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FAIRFIELD FARM TRUST Opinion We have audited the financial ststemenls of Fairfield Farm Trust Ilhe 'charily'l for the year ended 31 July 2024 which comprise the slalemenl of financial aclivilies. the balance sheet. the stslemenl of cash flows and notes lo the financial ststemenls, including significant a¢counling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting SlandaKI applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give a true and fail view of the slate of the charitable company's affairs as al 31 July 2024 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts ￿SponsIbl1rfAes for the audit of the finanoi81 statements sedion of our report. We are independent of the charity in accordance with the ethi¢al 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 ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In aud(ting the financial stslemenls, 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 casl significant doubt on Ihe charity's ability to continue as a going concern for a period of at least Melve rnonlhs from ¥Nhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect lo going concern are described in the relevant sections of this report. other inforniation The other information comprises the information included in the annual report other than the financial $18lements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the fi'nancial slalemenls does not cover the other infomiation and. except to the exlenl otherwise explicitly stated in our report, we do not express any fomi of assuran￿ conclLJsion thereon. Our responsibility is to read the Other information and, in doing so, consider whether the other information is materially inconsistent ¥Mth the finanaal slalements or our knowledge obtained in the course of the audit, or olhenNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise to 8 material misstatement in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we a￿ required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the Information given in the Trustees, report for the financial year for which the financial slalements are prepared, which includes the directors, report and the strategic report prepared for the purposes of company law, is consistent with the financial slatemenls", and the strategic report and the directors, report included within the Trustees, report have been prepared in accordance with applicable legal requirements. FAIRFIELD FARM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FAIRFIELD FARM TRUST Matters on which are required to report by exception In the light of the knowledge and understsnding of the charity and its environment obtained in the course of the audit. we have not identified material misstslemenls in the strategic report or the directors, report included within the Trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿iVed from branches not visited by us., or the financial slalements are not in agreement with the accounting records and returns., or rtain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Re5ponsibilitie5 of trustees As explained more ftjlly in the slalement of Trustees, responsibilicies. the Iruslees, who are also the directors of the charity for the purpose of ¢ompany law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such intemal 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 slatemenls, the trustees are responsible for assessing the charity's ability ID continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable Company or to cease operations, or have no realistic altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 lo influence the economic decisions of users taken on the basis of these financial slatemenls. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. FAIRFIELD FARM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FAIRFIELD FARM TRUST Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misslatemenl of the financial slatemenls, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures induded the following.. We obtained an understanding of laws and regulations that affect the eharity, focusing on those that had a direct effect on the financial slalements or that had a fundamental effect on Ils opttralions. Key laws and regulations that we identified included the UK Companies Act, lax legislation, OFSTED, Care Quality Commission, food hygiene, occupational health and employment legislation. Vve enquired of the trustees and reviewed Iruslees meeting minutes for evidence of non-complian￿ with relevant laws and regulations. We also reviewed controls the trustees have in place lo ensure complian￿. We gained an understanding of the controls that the Iruslees have in place to pievenl and detect fraud. We enquired of the Iruslees about any incidences of fraud that had taken place during the a¢counling period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and perfomied to address these risks. We reviewed financial statements disclosures and tested lo supporting documentation lo assess compliance with relevant laws and regulations discussed above. We enquired of the trustees and senior sL9ff about actual and potential Iitigalion and claims. We perfomed analytical procedures lo identify any unusual or unexpected relationships that might indicate risks of material misstslement due lo fraud. In addressing the risk of fraud due to management override of internal Controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to the inherent limitslions of an audit, there is an unavoidable risk that we may not have detected some material misstatements In the financi81 slalements, even though we have properly planned and ￿rfOrmed our audit in accordance with auditing stsndards. For example, as wlh any audit, there remained a higher risk of non-deleclion of irregularities, as these may involve collusion. forgery, intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing fraud or non-complian￿ with laws and regulations and cannot be expected to delect all fraud and non-compliance with laws and regulations. 10- FAIRFIELD FARM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FAIRFIELD FARM TRUST Use of our report This report is made solely lo the charitable company's members, as a body, in a￿rdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters we are required to stsle to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Julian Pocock (Senior Statutory Auditorl forand on behalf of David Owen & Co 4 April 2025 Chartered Accountants Ststutory Auditor 17 The Market Place Devizes Imltshire SN10 1BA FAIRFIELD FARM TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds fund$ 2023 2023 Total 2024 2023 Notes Income and endowments from- Donations and legacies Charitable activities Educational services Care services 2,729 153,267 155,996 21,445 173,414 194,859 3,172,244 1,865,256 3,172,244 1,865,256 3.058,972 1,535,461 3,058,972 1,535,461 other trading acb'vities Investments Other income 994,992 30,211 994.992 30,211 1,229.135 9,266 1.195 1,229,135 9,266 1,195 Total income 6,065,432 153,267 6,218,699 5,855,474 173,414 6,028,888 Expenditure on- Raising funds Charitable activities Other expendrture 1,432,408 4,510,407 4,700 1,432,408 4,510,407 4,700 1.673.507 4,080,852 1,673,507 4,080,852 14 Total expenditure 5,947,515 5,947,515 5,754,359 5,754,359 Net gainsllloss&sl on investments 15 24,286 24,286 275 275 Not Income 142,203 153,267 295.470 101.390 173,414 274,804 Transfers be￿een funds 123,956 1123,9561 146.838 {146,8381 Net movement In funds 11 266,159 29,311 295,470 248,228 26,576 274,804 Reconciliation of funds- Fund balan￿$ a11 August 2023 9,030,522 26,578 9,057,098 8,782,294 8,782,294 Fund balances at 31 July 2024 9.296,681 55,887 9.352.568 9.030.522 26,576 9,057.098 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. 12- FAIRFIELD FARM TRUST BALANCE SHEET ASAT31 JULY2024 2024 2023 Notes Flxed assets Tangible assets Investments 17 18 6,381,849 774,286 6,605,230 481 7,156,135 6,605,711 Current assets Stocks Debtors Cash at bank and in hand 19 20 75,478 475,448 1,970,361 48.352 252,876 2,518,098 2,521,287 2,819,326 Credltors: amounts falllng due wlthln ona year 21 1324,8541 1367,9391 Net current assets 2,196,433 2,451,387 Total assets less current liabilities 9,352,568 9,057,098 Income funds Restricted funds Unrestricted funds Fixed asset funds General unrestricted funds Share capital 24 55,887 26,576 6,381,849 2,914,822 10 6.605.230 2,425,282 10 9,296,681 9,030,522 9,352,568 9,057,098 The financial stslemenls We￿ approved by the Trustees on 20 March 2025 A Best Trustee Company Registration No. 01318397 13- FAIRFIELD FARM TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 29 305,074 517,782 Invgstlng actlvltlgs Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received 1135,9781 1277,0151 2,475 1750,0001 481 30,211 4,499 30,265 9,266 Net cash used In Investlng actlvltles 1852,8111 1232,9851 Net cash used in financing activities Net Idecreasellincrease in cash and cash equivalents 1547,7371 284,797 Cash and cash equivalents at beginning of year 2,518,098 2,233,301 Cash and cash gquivalents at end of year 1,970,361 2,518,098 14- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 Accounting policies Charity inforniation Fairfield Farm Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 43 High Street, Ditton Marsh, Westbury, Willshire, BA13 4DL. 1.1 Accounting convention The financial statements have been prepared in accordance with the charitsble company's articles of association. the Companies Act 2006. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The financial slalements are prepared in slerfing, which is the functional currency of the charity. Monetsry amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial stslemenls, the trustees have a reasonable expectation that the Charity has adequate resources to ¢onlinue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of a￿O￿ntIng in preparing the financial ststemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for speafic purposes. The purposes and uses of the designated funds are set out in the notes to the financial slalements. Reslricled funds are subject lo specific condits'ons by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial slalements. 1.4 Income Income is recognised when the charity is legally enlided to il after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on re￿ipl. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relab'on to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or olhetwise If the charity has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conlingenl asset. Income from government and other grants are recognised at fair value when the charity has entitlement lo the funds, any performan￿ conditlDns have been mel, it is probable that the income will be received and the amount can be measured reliably. If enlilement is not met then these amounts are deferred. Income from trading activities includes income received from fundraising events and trading activities. 15- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 Accountlng pollcles Icontlnuedl Investment income is eamed through holding assets for investrnenl purposes such as shares. 11 includes dividends and interest. 11 is included when the amount can be measured reliably. Interest on funds held on deposit is inclLJded when receivable and the amounts can be measured reliably by the charity., this is norrnally Upon notification of the interest paid or payable by the bank. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amDunt of the obligation can be measured reliably. Expenditure is recognised on an accruals basis and has been classified under headings that aggregate all cost relating lo the category. Expenditure includes any VAT which cannot be fully recovered. All costs are allocated beiween expenditure categories of the Statement of Financial Activities on 8 basis designed lo reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases". Land and buildings Property refurbishment Plant and equipment Fixtures and fittings Computers Motor vehides 2Qh on a straight line basis 40/0 011 a slraighl line basis 250h on a slraighl line basis 20°A on a straight line basis 500/0 on a slraighl line basis 25OA on a straight line basis The gain or loss arising on the disposal of an asset is determined as the differen￿ between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Assets costing £1,000 or more are capilalised as tangible fixed assets and are carried at cost, nel of depreciation and any provision for impaimient. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale, using the dosing quoted market price. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction ¢osls are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the exlenl of the impairment loss lif any). 16- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 Accountlng pollcles Icontlnuedl 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Nel realisable value is the eslimaled selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call wth banks, other short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.11 Flnan¢ial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils finanaal instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial stslemenls, when there is a legally enfor￿able right to set off the recognised amounts and there is an intenb'on lo settle on a net basis or to realise the asset and settle the liability simultaneously. 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 al amortised cost using the effective Interest method unless the arrangement constilules a financing transaction, where the transaction is measured at the present value of the future retsipls discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilitie$ Basic finanaal liabilities. including creditors and bank loans 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 payments discounted at a market rale of interest. Financial liabilities dassified as payable thin one year are not amortised. Debt instruments are subsequendy carried al amortised cost, using the effective Interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequendy measured at amortised cost using the effective interest method. Derecognition of finan¢i81 liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 17- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 Accountlng pollcles Icontlnuedl 1.12 Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from laxalion in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exienl th81 such income or gains are applied exclusively lo charitable putposes. 1.13 Employee benefits The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's setvices are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits Payments to defined contribution rets"remenl benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting Policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The eslimales and associated assumptions are based on historical experience and other factors that a￿ Considered lo be relevant. Actual ￿su11$ may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and ftjlure periods where the revision affects both Current and future periods. Income from donatlons and legacles Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrfcted funds funds 2023 2023 Total 2024 2023 Donations and gnls Grants 2,729 2,729 153,267 17.935 3,510 17,935 176,924 153,267 173,414 2,729 153,267 155.996 21.445 173,414 194,859 Grants Education and Skills Funding Agency Youth Sports Trust Willshire Council 121,867 5,400 26,000 121,867 5,400 26,000 114,637 7,000 51,777 114,637 7,000 55,287 3,510 153,267 153,267 3,510 173,414 176,924 18- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 Income from donatlons and legacles Icontlnuedl Donated goods and servlces The charity benefits from the involvement and support of its volunteers. In accordan￿ with the FRS102 and the charities SORP {FRS 1021, the economic contribution of general volunteers is not recognised in the accounts. Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Educational $orvl¢g$ Sale of goods 3,172,244 3,058,972 Care servlces Sale of goods 1,865,256 1,535,461 5,037,500 4,594,433 Other tradlng actlvltles Unrestricted Unrestricted funds funds general general 2024 2023 Farm, shop and café sales Other income 959.401 35,591 1,178,448 50,687 Other trading activities 994,992 1,229,135 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 30,211 9,266 19- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Net gain on disposal of tangible fixed assets 1,195 Raising funds Unrestricted Unrestricted funds funds general general 2024 2023 Tradin costs Operating Commercial activities Staff costs Depreciation and impaimienl Support costs 537,960 665,058 138,272 91,118 653,263 743,262 147.074 129,908 Trading costs 1,432,408 1,673,507 1,432.408 1,673,507 Charitable activiti&s Educatlonal $grvlcos Carg $ervlce$ 2024 2024 Totsl 2024 Totsl 2023 Staff costs Depreciation and impaimienl Premises costs Provision of services Irrecoverable VAT Bad and doubtful debt 1,666,262 178,455 72,423 542,037 66,587 320 1,289,612 37.457 62,477 171,145 28,173 26,047 2,955,874 213,912 134,900 713,182 94,760 26,367 2,507,818 190.446 149,440 745,958 116,603 570 2,524,084 1,614,911 4,138,995 3,710,835 Share of support costs (see note 101 Share of governance costs (see note 101 243,158 113,800 356,958 359,024 9,848 4,608 14,454 10,993 2,777,088 1,733,319 4,510,407 4,080,852 -20- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 10 Support costs Support Governanco Costs Costs 2024 Support Governance costs Costs 2023 staff costs Bank charges 444,530 444,530 458,523 27,362 458,523 27,362 Audit fees 18,000 18,000 14,040 14,040 444,530 18,000 462,530 485,885 14,040 499,925 Analysed be￿een Trading Charitable activities 87,572 356,958 3,546 14,454 91,118 371,412 126,861 359,024 3,047 10,993 129,908 370,017 444,530 14,454 462,530 485,885 14,040 499,925 11 Net movement In funds 2024 2023 The nel movement in funds is slated after chargingllcredilingl.. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Lossllprofitl on disposal of tangible fixed assets 18,000 352,184 4,700 14,040 337,520 {1,1951 12 Trustees None of the trustees lor any persons connected wth them) received any remuneration or benefits from the charity during the year. 21 FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 13 Employees Numberofemployees The average monthly number of employees during the year was". 2024 Number 2023 Number 161 160 Employment costs 2024 2023 Wages and salaries Social security costs Olhei pènsion costs 3,624,582 303,956 136,924 3,315,887 269,107 124,609 4,065,462 3,709,603 The number of employees whose annual remuneration was £60,000 or more were". 2024 Number 2023 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 Key management personnel of the charity comprises the Trustees and the Senior Management Team. The total employee benefits lincluding employer pension contributions and employer national Insuran contributions) received by key management personnel during the year were £403,56612023.' £390,914). 14 Other UnreStrl￿ed funds Totsl 2024 2023 Nel loss on disposal of tangible fixed assets 4,700 4,700 -22- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 15 Net gainslllossesl on investments Unrestrlcted Unrestrlcted funds funds general general 2024 2023 Revaluation of investments 24,286 275 16 Taxation The charity is exempt from laxalion on its activities because all its income is applied for charitable purposes. 17 Tangible fixed assets Land and Plant and Flxture8 and Computsrs buildings equipment fittings Motor vehicle5 Total Cost Al 1 August 2023 Additions Disposals 7,760,343 136,283 918,703 205,165 40,851 7,216 59,221 28,690 117,4921 6,500 9,026,994 135,978 117,4921 Al 31 July 2024 7,801,194 143,499 960,432 233,855 6,500 9,145,480 Depreciation and impaiment At 1 August 2023 Depreciation charged in the year Eliminated in respect of disposals 1,579,342 185,565 115,074 536.500 11,990 135,820 110,3171 190,442 17,184 406 1,625 2,421,764 352,184 110,3171 Al 31 July 2024 1,764,907 127,064 662,003 207,626 2,031 2,763,631 Carrying amount Al 31 July 2024 8,036,287 16,435 298,429 26,229 4,469 6,381,849 Al 31 July 2023 6,181,001 21,209 382,203 14,723 6,094 6,605,230 -23- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 18 Fixed asset investments Llsted Unllsted Investments Investments Total Cost or valuation At 1 August 2023 Additions Valuation changes Disposals 481 481 750,000 24,286 14811 750,000 24,286 14811 Al 31 July 2024 774,286 774,286 Carrylng amount At 31 July 2024 774,286 774,286 Al 31 July 2023 481 481 19 Stocks 2024 2023 Feed stuffs and consumables Livestock 39,97e 35,500 22,222 26,130 75.478 48.352 20 Debtors 2024 2023 Amounts falllng due wlthln ono yoar: Trade debtors Other debtors Prepayments and accrued income 380,531 5,250 89,667 194,585 58,291 475,448 252,876 21 Creditors- amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 104,873 151,278 27,570 41,133 82,984 225,114 21,852 37,989 324,854 367,939 -24- FAIRFIELD FARM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2024 22 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 136,924 124,609 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charty in an independently administered fund. 23 Share capital 2024 2023 Ordinary share capital 10 Ordinary shares of £1 each -25- O*trJ 0￿ryi JO Tto oc lj c a)DJ ow£ E -u otslo)(bl a o >E