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2020-12-31-accounts

Wakefield and Tetley Trust

Annual Report and Accounts

31 December 2020

Registered Charity Number: 1121779 Website address: www.wakefieldtrust.org.uk

Contents

Charity Information ............................................................................................................................................. 3 Chair of Trustees’ Foreword ............................................................................................................................... 4 Trustees’ Report ......................................................................................................................................... 5 Independent Auditor’s Report to the Trustees of Wakefield and Tetley Trust .......................................... 15 Statement of Financial Activities ....................................................................................................................... 19 Balance Sheet .......................................................................................................................................... 20 Notes to the Accounts .............................................................................................................................. 21

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 2

Charity Information

Reference and Administrative Details

Registered Address

Marshall House, 66 Newcomen Street, London SE1 1YT

Trust Deed Made

A Charity Commission Scheme dated 12 October 2007 (entered into force 01 January 2008), governs the Trust, which brings together the former Wakefield (Tower Hill Trinity Square) Trust (Trust Deed made 25 May 1937, registered charity number 209123), and the former Charity of Charlotte Tetley in connection with Toc H (Trust Deed made 27 April 1931, registered charity number 209122).

Trustees

Dr Stuart Morganstein (Chair) The Venerable Peter Delaney MBE Patrick Kelly Lawrence Kilshaw Tim McNally Clare Murphy Dawn Plimmer Susan Reardon Smith

Bankers

HSBC, 60 Fenchurch Street, London EC3M 4BA

Solicitor

Wedlake Bell, 71 Queen Victoria Street, London EC4V 4AY

Auditor

Buzzacott LLP, 130 Wood Street, London EC2V 6DL

Investment Advisors

CCLA Investment Management Ltd, 85 Queen Victoria Street, London EC4V 4ET

Investec Wealth and Investment Limited, 30 Gresham Street, London EC2V 7QN

Principal Officers

Cherry Bushell, Joint Clerk to the Trustees

Elaine Crush, Joint Clerk to the Trustees

Registered charity: 1121779

Website address: www.wakefieldtrust.org.uk

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 3

Foreword from the Chair of Trustees

This year has been hard for so many of those whom the Wakefield and Tetley Trust has supported over the previous few years. The Trust responded to the Covid Pandemic by releasing reserves and joining with other providers to ensure that as much funding as possible was available to provide help wherever it was needed. The Clerks worked to ensure that funding was targeted where it could be effectively spent. The priorities were identified in Tower Hamlets and funding provided for multiple organisations within the Borough. Further details can be found in the Trustees’ report below.

We will continue to monitor both our traditional groups and new grantees and whilst we will hope to replace our reserves in the future we will be ready to raise the level of support we can provide if the need arises. We said goodbye to three Trustees last year, and their replacements have been active in the Trust even if the lack of face-to-face meetings has required that they act as ‘shadow’ trustees until they can be fully inducted. For most of the year the Trust has managed to continue operating with the Clerks working from home and Trust meetings being held entirely online. I wish to take this opportunity to thank and praise the Clerks, Elaine Crush and Cherry Bushell, for adapting so quickly to the new circumstances, we Trustees are incredibly grateful to them.

The Trust has continued to develop the relationship with All Hallows by the Tower and the Vicar the Reverend Katherine Hedderly has addressed the Trustees with progress reports and proposed activity within the Parish. The Trust continues to deliver the office facilities for Tower Hill Trust and a new agreement on how this support will be provided in the future has been agreed.

The Trustees have all been working beyond expectations to ensure that the Trust can move forward, confident that we have the assets, expertise, and ability to continue to serve the communities that are in need.

Dr. Stuart Morganstein Chair to the Trustees

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Trustees’ Report

Structure, Governance and Management

By a Charity Commission Scheme of 12 October 2007, as amended by resolutions of 29 September 2009 and 01 October 2012, the former Wakefield (Tower Hill Trinity Square) Trust (registered charity number 209123), the former Lady Wakefield Benevolent Trust (registered charity number 2091230-1), and the former Charity of Charlotte Tetley in connection with Toc H, or Tetley Trust (registered charity number 209122), have since 01 January 2008 been administered as one charity, the Wakefield and Tetley Trust.

The Charity is governed by a Board of Trustees. The Scheme gives the Board of Trustees the power to adopt amendments to the text of the Scheme, subject to certain limitations. The power has been used twice, once in 2009 to clarify the position regarding the operation of the Trust’s bank accounts, and again in 2012 to improve the clarity of the document, to correct certain inaccurate cross-references, and to make specific provision for the execution of documents to which the charity and/or its Trustees are party. The power was not used during 2020.

The maximum number of Trustees is twelve. At the beginning of the year there were eight Trustees. The Trust governing instrument states that Trustees are appointed for life and several remaining Trustees have been in post for ten years or more.

Open recruitment for new appointees was held in early 2020 and shortlisted applicants were invited to shadow the board and to attend all relevant meetings, without voting rights, as part of their probation. As the Covid-19 shutdown made it impossible to meet in person, the probationary period was extended, and it is intended that formal appointments can be made in mid-2021 to bring the number of Trustees to 10; Trustees intend to start recruitment in mid-2021 for the remaining two vacancies. New Trustees are always appointed by the existing Board of Trustees and future Trustees will be invited to serve for an initial term of three years, and to extend their term if they feel they can commit, subject to an appraisal of each Trustee by fellow Trustees every third year. In recruiting, choosing and appointing new Trustees, the Trustees seek to ensure that the Board contains a suitable balance of experience, expertise, and knowledge of the Trust’s area of benefit. Before new Trustees are appointed, they are provided with documentation about the Trust, and are invited to meet the existing Trustees and to familiarize themselves with the work of the Trust. Trustees are always encouraged to attend relevant courses and seminars to improve their knowledge of charity law and of good practice. The Trust is a member of the Association of Charitable Foundations and of London Funders, both provide training and networking opportunities for Trustees and staff.

The Board meets regularly, normally quarterly, to discuss Trust matters. Additionally, the Trustees have two sub- committees. The Grants Sub-Committee meets regularly and makes recommendations for grants to the quarterly meetings of Trustees, with delegated authority to award Fast Track grants up to £5,000. The Finance and General Purposes Sub-Committee meets regularly to deal with finance, property, personnel and investment matters, and makes recommendations on these matters to the quarterly meetings of Trustees. During the special circumstances of 2020, several of the SubCommittee meetings were subsumed into the main Board meetings and all meetings were held virtually with no interruption to business continuity.

The staff work as a job-share, and are responsible for all day-to-day administrative matters, and for making recommendations to the Trustees, but all significant decisions are taken by the Board of Trustees, usually based on a proposal from the appropriate Sub-Committee, and by delegating grant award decisions to two or more nominated Trustees for the Fast Track grant programme. The Trustees therefore consider that they alone comprise the key management personnel of the Trust. Trustees are not remunerated for their services to the charity.

The staff deliver a part-time support service to a separate charitable trust, the Tower Hill Trust, as part of their employment. The cost of that service is reimbursed to the Trust by way of an annual fee, paid in

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instalments and the level is set at the agreement of both parties as part of a Memorandum of Understanding agreed in 2020.

Objectives and Activities for the Public Benefit

In making grants and setting priorities, the Trustees have regard to the Charity Commission’s general guidance on public benefit. The objects of the Trust are defined by the Charity Commission Scheme as:

  1. To relieve the inhabitants of the area of benefit (defined as the London Borough of Tower Hamlets and Southwark and the City of London as their boundaries exist from time to time) who are in need by virtue of their age, financial hardship or sickness, by the provision or support of appropriate facilities, programmes or other initiatives.

  2. Any other charitable purpose in connection with the Anglican parish of All Hallows by the Tower or Toc H.

The Trust seeks to do these things not by making grants to individuals or by carrying out programmes of its own, but by making grants to registered charities, not-for-profit companies, and the church of All Hallows by the Tower, for activities and projects which in the view of the Trustees will help to advance the objects. In making grants, the Trust always looks at the question of who will be the ultimate beneficiaries, and what will be the benefit to them.

The Trust aims to support work that will ‘make a positive difference to the lives of people who face significant disadvantage and have limited choices and opportunities’, for example because they lack skills, have difficulty in accessing resources or face discrimination.

The Trust prioritises projects and activities:

Finally, the Trust targets funding to charities and community groups with incomes of less than £500,000. Most charities working in our communities are small and locally focused, knowing the needs of local people and how to reach vulnerable groups. The Trust aims to support their vitally important work.

The Trust is happy to consider requests to fund core costs, project costs and associated training. These may include revenue costs such as staff salaries and overheads; however, the Trust is unlikely to support equipment or capital costs. At present, we award grants for a maximum period of one year (although grants may be renewed annually for a finite period of three years). There are two grant programmes: Main Grants offer amounts averaging £8,000 to organisations with an annual income under £500,000; and Fast Track Grants, offering amounts up to £5,000 for time-limited projects and emergency requests, awarded within 8 weeks, and targeted at organisations with an annual income under £300,000.

The strategy is to maximise the proportion of the Trust’s income which is used for grant-giving, while ensuring that there is proper provision for future years, that the Charity is efficiently administered, and that its investments are properly safeguarded.

Achievements and Performance – grants awarded during the year

Total income was £377,155. Expenditure on grants, including the support costs for grant giving activities, was £442,959. Staff worked with a portfolio of just over 45 ‘active’ grants; making payments, reviewing activities and progress and providing occasional support around a range of issues including governance, financial management and fundraising. The total amount of grants awarded in the year was £260,731; of this £169,700 was for Main and Emergency Grants, £69,375 was awarded as core

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funding for All Hallows by the Tower Church and £21,656 was for Fast Track Grants.

2020 Grant programmes

The Trust delivers grant programmes to help charities and community groups respond to acute social needs, and we worked to quickly adapt our programmes to respond to new and emerging issues in light of the Covid-19 pandemic. Trustees prioritised funding for emergency work in the London Borough of Tower Hamlets as there were fewer funding opportunities for the charity and not-for-profit sector in Tower Hamlets compared to London Borough of Southwark and the City of London. For instance, independent funders in Southwark successfully established a Southwark Community Response fund, pooling nearly £600k to support local community groups and charities to respond to the Covid-19 pandemic in 2020.

Tower Hamlets is one of the most ethnically diverse local authorities in the country, with significant Bangladeshi and Somali communities alongside the White British population. Over the last few decades, the borough has experienced one of the fastest growing populations nationally, however, there is also significant endemic deprivation, particularly in the youngest and oldest populations. For example, over a third of children in Tower Hamlets live in poverty (the highest rate in the London), Tower Hamlets has (by far) the highest proportion of older people in receipt of adult social care in England and the borough has one of the highest proportion of years spent in disability in the country for both males and females. In-work poverty is an increasing issue with a high proportion of means tested financial support now going to people in-work. The Covid-19 pandemic has also created worklessness, which may have a long-term impact on the extent and nature of poverty and deprivation within the borough.

The Trust’s longstanding Main and Fast Track Grant programmes were suspended during the year considering the Covid-19 pandemic, and grant-making was adapted to respond to immediate and anticipated needs.

The Fast Track grant programme was closed to new applicants in March 2020; four grants were awarded before the programme was closed, and some examples of these grants and their public benefit can be found below. Trustees decided to ring-fence the programme for existing grantees, who were pro-actively contacted by staff to assess their immediate needs. Three further grants were awarded to Bow Haven (£3,000), Ocean Women’s Association (£4,610) and Women’s Environmental Network (£5,000), to enable them to adapt and respond to the unfolding crisis.

Main Grant funds were re-directed towards two emergency funding programmes coordinated by London Funders and the East End Community Foundation and an additional emergency grant was awarded to All Hallows by the Tower, as follows:

London Funders, London Community Response (LCR) Fund: £108,900 This fund was launched on 27 March to provide coordinated funding to support groups responding to the needs of communities in the capital affected by the Covid-19 pandemic. The Trust joined this alliance of funders and committed to four main ways of working as follows:

  1. Adapting activities – acknowledging that agreed outcomes may not be achieved in the timeframes originally set.

  2. Discussing dates – not adding pressure on organisations to meet tight reporting deadlines.

  3. Financial flexibility – allowing organisations to use money differently e.g. buying equipment and covering staff sickness.

  4. Listening – encouraging frank conversations between funders and grantees, with funders being supportive of their needs.

As an affiliated funder, the Trust was able to align its funding with the scheme and gain priority access to relevant applications in our area of benefit to review. The LCR scheme was widely promoted and its priorities were developed in consultation with the sector and using the latest research and intelligence.

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The Trust made 11 grants through the LCR scheme, to the value of £108,900. All grants were for work to support communities in Tower Hamlets, and included the following:

Bromley-by-Bow Centre £12,000 : Match funding for a City Bridge Trust grant, to pilot a remotely delivered ESOL programme and develop a Centre-wide digital learning approach. In response to the restrictions necessitated by Covid-19, it will model a permanent transformation in the way the community access essential services at Bromley-By-Bow, benefitting 150 people.

Burdett FC £10,000: To support the establishment of a new pilot Food Pantry in Poplar for 700 acutely vulnerable people including young children, BAME and No Recourse to Public Funds residents. Pantry projects provide heavily subsidised groceries to struggling low-income households. Members pay a nominal fee and can shop once a week. Food support will be accompanied by welfare support from the partner organisations.

Carers Centre Tower Hamlets £4,400: Virtual health and wellbeing sessions for carers isolated due to Covid-19. Delivered twice weekly, sessions aim to improve the physical and mental wellbeing of carers through an innovative fusion of shadow boxing and mindfulness.

First Love Foundation £10,000: To support new telephone triage and welfare advice service for food bank clients, specifically to support an Adviser who can provide additional capacity to deal with more complex cases (e.g. cancellation of Disability Living Allowance/Personal Independence Payments assessments by the Dept. Of Work and Pensions due to lockdown and sudden loss of jobs including people with No Recourse to Public Funds).

Jesuit Refugee Service (JRS) £10,000: A contribution towards the delivery of monthly food and toiletry parcels for 350 destitute asylum seekers and 75 children with No Recourse to Public Funds, people previously supported at the JRS Day Centre in Wapping.

Real DPO Ltd £5,500: To enable the charity to adapt and support clients in different ways due to the significant service disruption caused by the Covid-19 pandemic. The grant supported an existing part-time staff member to focus on reaching out to, and connecting with, isolated disabled people in Tower Hamlets and regular ‘connection sessions’ as virtual social meetings.

Toynbee Hall £20,000: Core delivery costs for three months, to support the continued delivery of the First Response Advice Service until the summer. The service runs five days a week over the phone and has grown increasingly important as an accessible source of advice on welfare benefits and general issues. Each week, around 50 individuals are supported, enabled by experienced advisors and committed volunteers, improved remote accessibility, and community outreach.

East End Community Foundation, East End Emergency Fund: £30,000 The Trust provided match-funding for seven initiatives through this fund that was set up with money from the National Emergencies Trust and managed by East End Community Foundation. Grants supported work in Tower Hamlets for the following: Emergency food provision (via Coffee Afrik, Kahalia, Wadajir Somali Community Centre and Aishah Help), mother tongue counselling to migrants and refugees (via Waterloo Community Counselling), a community support hub for older and vulnerable residents (St Hilda’s East) and 1-2-1 mental health support to vulnerable young people and their families (It’s Your Life).

All Hallows by the Tower Church: £30,000 An emergency grant was awarded to the church at the end of the financial year. Between March and December 2020, the Church lost a significant proportion of its expected income, with a reduction in local and international visitors to Tower Hill.

Analysis of grants made

Trustees want to ensure that grant programmes are accessible to new applicants and 57% of all grants awarded were to organisations not previously supported by the Trust.

Of the total awarded to Main and Emergency Grants and Fast Track Grants in the year, 61% (23 grants) were for work in Tower Hamlets to the value of £160,180, and 12% (8 grants) were for work in Southwark to the

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value of £31,346. Outside of these programmes, two grants were awarded to All Hallows by the Tower Church, benefitting people in both the City of London and Tower Hamlets, representing 27% of the value of all grants awarded. The Trust’s grant programmes support work or activities which address disadvantage in a targeted way. In 2020:

17% of all grants supported people living with disabilities and ill health

23% supported vulnerable women and families

73% supported advice and welfare support initiatives

13% were targeted at children and young people

35% of all grants supported the work of organisations run by and for Black, Asian and minority ethnic communities, with three projects specifically targeting asylum seekers and refugees (9% of funding).

A proportion of payments made during 2020 were for grants awarded in previous years and similarly, a proportion of grants awarded in 2020 will be paid out in subsequent years. The amount shown in the Statement of Financial Activities under “Grants for Charitable Purposes” is the total of grants awarded during 2020, irrespective of when those grants will be paid. Appendix A to the accounts shows the detail of new grants awarded and historical grants paid out in 2020.

Examples of Public Benefit: Grants and projects completed during the year

Public benefit is measured against the achievements of the organisations and activities funded. We expect grant recipients to provide regular or one-off progress reports, depending on the nature of the work and the size of grant awarded. The monitoring process aims to be ‘light touch’, since organisations and projects can struggle under the burden of monitoring requirements from different funders. Grant recipients can devise their own report styles and they may submit information that has been prepared for another funder if this is appropriate. Recipients are asked to reflect on the progress they have made and share any learning that has taken place.

All Hallows by the Tower Church: One of the Objects of the Trust is to support the Anglican parish of All Hallows by the Tower. The Trust leases the Vicarage at 43 Trinity Square, London EC3 to the Church on a peppercorn rent. The Trust also supports the Church with an unrestricted annual grant determined as a percentage of the Main Grant budget for that year, and in 2020 this grant was set at £58,500 (recorded as a commitment in the 2019 accounts). As recorded above, an emergency grant of £30,000 was also awarded at the year-end in December 2020.

All Hallows is a busy, thriving parish church in a unique setting, serving the needs of the surrounding business and civic community and welcoming visitors from across the world. The City is dominated by professional services industries, and the area around All Hallows has many insurance companies, brokers and traders, as well as legal firms and financial technology companies. There are also many restaurants and food outlets catering for the lunchtime market, which means that, in addition to well-paid City employees, the parish is the workplace of many low-paid catering and cleaning jobs, as well as construction workers and others working on the tube, bus and river transport services. The area around Tower Hill has also seen an increasing number of hotels being developed in recent years, catering for both the business and tourist markets. This draws in many visitors to the church, from the casual tourist wanting to explore the church's history to those looking for a moment of prayer and quiet reflection or seeking pastoral support

However, the Covid-19 2020 pandemic had a significant impact on the Church. Fortunately, worship continued throughout the pandemic via virtual live streaming and the Church was open for prayer from June 2020 and for public worship from July 2020, before entering lockdown again. However, the Crypt museum at the Church had to remain closed due to poor ventilation. The unrestricted emergency grant helped the Church to maintain essential staffing and supported core running costs.

At the end of the year, Trustees agreed an unrestricted annual grant of £39,375 to the Church for payment in 2021.

Main Grants

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Central Southwark Community Hub (CSCH): A grant of £5,000 enabled CSCH to employ a part-time Holiday Club Coordinator over one year, allowing them to ramp up holiday club activities during the pandemic. CSCH is dedicated to tackling food insecurity across Southwark and, over the course of 2020, demand for their services increased exponentially due to Covid-19. In a borough where 40% of children live in poverty, CSCH made the decision, as the UK went into lockdown, to provide additional support to families by extending the Holiday Club scheme to run throughout the two lockdowns. Some of these holiday clubs were held online, with food and activity kits either picked up by parents or delivered to their homes. With lockdown restrictions lifted during the summer months, the Holiday Club was able to offer limited in-person activities such as storytelling, arts and crafts, games, cooking and fitness classes, as well as coach trips for the children to Whitstable and to Bocketts Farm in Surrey. The Co-ordinator’s support was particularly crucial over during this period, when the Club catered to a record 237 children from 114 families. To meet this increased demand, the Co-ordinator oversaw the expansion of the holiday club from 3 to 5 locations across Southwark, offering 4 hours of structured activities for children of all ages over 4 days a week, for a total of 4 weeks during the summer holidays. The outings were even more important last year, bringing a sense of normality to the children, who spent months adapting to home-schooling, without social interaction with their peers at school. Parents also expressed their gratitude for the lunches, which helped relieve the pressure on them to provide extra meals while their children were at home during the holidays.

Disability Sports Coach (DSC): A grant of £5,000 had been awarded in 2019 to support a Community Club in Southwark, providing weekly sport and activities for local disabled people, including football, tennis, basketball, athletics and Paralympic sports such as Boccia or Goalball. As with many charities, plans were hugely impacted by the global pandemic and subsequent lockdown, and the Trust agreed to be flexible with the grant and DSC repurposed their activities. In March 2020, in accordance with Government regulations, the Community Club was suspended. Overnight, disabled people who relied on Club Southwark to enjoy weekly exercise and social interaction were cut off from each other. While many sports providers went online, around 75% of people who join their clubs are unable to access the internet independently. Many led sedentary lives for years and struggled to find local, appropriate and affordable opportunities to keep active. The closure of clubs also led to a seriously detrimental impact on mental wellbeing. Members with learning disabilities told DSC that they were feeling lonelier than ever. The charity swiftly adapted to create a Home Activity Programme, reaching 65 disabled people in Southwark, with:

•Packages of sports equipment including tennis balls, beanbags and skipping ropes •Easy-to-follow activity guides delivered, full of resources to keep people engaged

•Live exercise sessions delivered virtually to promote activity during isolation

•Online social sessions to reduce feelings of loneliness

•Phone calls to vulnerable members, parents and carers with guidance on staying active/reducing loneliness

The impact on individuals has been life-changing. 80% said the programme had made them more active during lockdown; 75% said the programme made them feel more confident, more engaged with other people and it improved their self-esteem. The demand for the programme means that DSC want to continue the service, even when their Community Clubs reopen.

Latin Elephant: A grant of £6,000 was awarded in 2019 to promote the inclusion, engagement and participation of the Latin American community in the process of urban change at the Elephant and Castle. The programme aimed to prevent the displacement of approximately 150 established BAME micro business traders from Elephant and Castle. According to their research, over 40% of these businesses are owned or run by women; many of whom are sole traders and the only source of income in their household. Some of the women were helped to secure alternative relocation space. Traders, who were already in distress and under duress due to the imminent demolition of the shopping centre, were hit in March by the unprecedented events triggered by the Covid-19 pandemic. So, additional challenges were posed by the pandemic, potentially compounding an already difficult situation for migrant and ethnic traders. These traders had to experience altered working arrangements, sudden loss of income and were at risk of closure due to heightened business disruption provoked by restrictions imposed by the Covid-19 crisis. The grant allowed Latin Elephant to increase its capacity when most needed, being hands-on since the pandemic broke out, and reaching those most affected.

Spitalfields City Farm (SCF): A grant of £6,000 was awarded towards the ‘Learning Gardens’ education

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programme at the Farm. It became clear in March 2020 that the programme could not go ahead as planned and a change of use was agreed so the funding could be used for essential core costs. The pandemic has been a hugely challenging time and funding was used to meet salary costs for staff posts which are usually funded from the provision of paid-for services and fundraising events, which all ceased because of Covid-19. The Farm needs a minimum staffing level to care for the animals and the gardens. Staff also adjusted the whole site to enable safe and secure public access within the current Covid-secure regulations. Funding enabled SCF to re-open to the public in a limited capacity, which has been important to many from the local community who live in overcrowded housing and do not have access to private or communal green space. For them, the Farm is an urban oasis, somewhere to improve their physical and mental health and feel part of a community. SCF was also able to work with local schools to identify and work with children who needed extra support during this time; recipe and gardening packs were developed and some of the children were hosted on site for growing and cooking activities over the summer.

Fast Track Grants

Free to be Kids: A grant of £2,200 was awarded for a residential project to support vulnerable young people in Southwark. Following the pandemic outbreak in March, the charity was forced to cancel all Easter residential projects, postponing this work to the summer. As summer approached, the Government released guidance to out-of-school settings providers, making it clear that residential overnight stays for schools and youth groups were not permitted. Despite this, the charity was able to run two programmes, both targeted to their most vulnerable existing young people. The first was ‘Thrive Inside’, a virtual mentoring service launched in early April to help the charity stay in contact with particularly vulnerable children through lockdown, especially as many of these children/families have poor relationships with schools and other statutory services, leaving the children in heightened risk of being 'hidden' through lockdown . The work provided emotional support during this time whether via direct discussion of anxieties/challenges, or simply providing some fun and laughter at difficult times , support with schoolwork, and provided parents (often single parents in large families in small over crowded London flats) with some respite. Thrive Inside worked with 10 young people from Southwark (34 in total) providing a total of just over 450 sessions. The second programme was ‘Summer outdoor activity days’. It was apparent that many of the young people were struggling during lockdown, had absolutely no access to the family holidays and desperately needed, and deserved, an opportunity to be outside, have space, to play, connect with safe adults, and more than anything just to have some fun, more than ever before . Whilst clearly not a replacement for therapeutic residential work, getting out and having fun was therapy for many. The activity days catered for 14 vulnerable Southwark young people (53 in total), 6 of whom also completed the Thrive Inside programme.

Financial Review

The Trust’s overall financial position is relatively strong. The total level of the reserves as at 31 December 2020 was £11,394,812, of which £11,194,357 was restricted and £200,455 was unrestricted. Assets in the form of property and securities are held to produce income for grant-giving, and to give support to the Anglican parish of All Hallows by the Tower. Partly for historical reasons, most of the assets are held in property. The property assets were revalued in March 2018, resulting in an increase in the valuation of the investment property portfolio to £9,370,000, £230,000 of which was restated in the 2018 and 2019 financial statements as investment property rather than tangible fixed assets.

The outbreak of the Novel Coronavirus (Covid-19), declared by the World Health Organisation as a global pandemic on 11 March 2020, has impacted global financial markets, and this includes the UK commercial property market. Trustees recognise that the current response to the Covid-19 pandemic means that we are faced with an unprecedented set of circumstances on which to base a judgement as to the value of the property portfolio. Given the unknown future impact that Covid-19 might have on the commercial property market in central London, we are keeping the status of our property portfolio under review.

One of the Trust’s properties, 43 Trinity Square, is let at a peppercorn rent to All Hallows by the Tower Church as a Vicarage, apart from the basement, which is let commercially. The Trustees are the legal owners of 43 Trinity Square. However, except for the basement to this property which is included in the accounts as an investment property carried at fair value, there has been no value attributed in these accounts to the remainder of this property, which is used exclusively by the parish of All Hallows Church as a

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Vicarage. The Parish was granted a 99-year lease in January 1986, for which a peppercorn rent is payable for the ground and upper floors of this property, these areas of this property are not susceptible to meaningful valuation and are therefore excluded from the accounts.

The Trust’s other properties are let on a commercial basis to provide an income, on leases of 150 or 152 years from 1987 or 1988, with (upward only) rent reviews every 5 years. Most of the properties are sub-let by the head tenants and, in these cases, the share of rent received by the Trust can be affected when subleases come to an end. Regular rental income from property during the year amounted to £283,909 (2019: £287,881).

For investment other than in properties, the Trustees have the power to invest in such assets as they see fit and have concluded that the most appropriate vehicle for the Trust’s funds is specialised unit trusts, designed for the charity sector, which meet the requirement to generate both income and capital growth. The Trust’s reserves have for some years been held in funds managed by CCLA Investment Management Ltd. At the end of 2020, the total market value of these investments (excluding cash in the COIF Charities Deposit Fund) was £1,824,357 (2019: £1,743,874), of which approximately 86% (2019: 84%) was held in Charities Investment Fund units and 14% (2019: 16%) in Charities Property Fund units. A small proportion of the listed investments are also managed by Investec (see below). Trustees are mindful of the economic impact of the Covid-19 pandemic and the possibility of a reduction in investment income in the short to medium term.

With respect to the £200,000 settlement earned from the loss of rights to light in November 2015 and placed with Investec to manage, this was invested in a range of funds, equity holdings and other securities. The market value of these investments stood at £114,988 as at 31 December 2020 (2019: £218,451). £102,489 is now held in cash at Investec; this was drawn down in June to boost unrestricted cash reserves in light of fluctuations to Trust income in 2020-22 and may be drawn on to support grant expenditure in 2021.

Fundraising

The Trust does not work with any commercial or professional fundraisers and does not solicit donations from the general public.

Reserves Policy

The charity’s reserves are divided between the expendable endowment, consisting of investments held for the purposes of income generation, and the income reserves. The Trustees may, if necessary, draw on the expendable endowment to further the objects of the charity, but their policy is not to do so, and they have not in fact done so for many years.

The income reserves are money which has been received as income generated by the permanent endowment and the expendable endowment. In general, the Trustees’ policy is that income reserves should be held at a level equivalent to between 3- and 6-months’ normal expenditure (including expenditure on grants).

If for any reason a fall in income is anticipated, then the utilisation of the capital value of expendable endowment funds may be increased to ensure that grant expenditure can be maintained during the trough in income. When there is no reason to anticipate a future drop in income, and income reserves rise above the level of 6 months’ normal expenditure including expenditure on grants, the Trust will take steps to increase its spending on grants to ensure that cash is not unnecessarily accumulated. Income reserves must always be held in accounts which can be accessed immediately, so that they can be drawn upon at any time.

The charity’s reserves which are available for spending do not include its permanent endowment, made up of the investment properties. These properties are owned to provide income for the charity. If any of them were to be sold at any time, the proceeds could not be spent for the purposes of the charity, except with the express consent of the Charity Commission, but would have to be re-invested to continue to provide income. An analysis of the distribution of the Trust’s net assets between its permanent endowment, its expendable endowment, and its income reserve, is contained in note 10 to the accounts. The Trustees confirm the availability to the Wakefield and Tetley Trust of assets to fulfil all its charitable obligations, and to ensure that all plans and commitments can be carried out. The value of income reserves i.e., the unrestricted funds was

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 12

£200,455 explicitly, compared to the target of £108,000 so trustees are content that this is sufficient.

Policy on Ethical Investment

Since the Trust’s properties are let on long leases to head tenants who can in turn sub-let, the Trust is not able to adopt any ethical policy in relation to this part of its assets. The COIF Charity Funds are promoted as responsible funds that consider the economic, social and environmental impacts of the companies in which the Funds invest. The Funds avoid direct investment in armaments, gambling and tobacco, and have a proactive engagement policy on such issues as supply chain management, environmental impacts, human rights and labour standards.

Risks and Uncertainties

The Trustees have assessed the major risks to which the Trust is exposed, particularly those relating to the operations and finances of the Trust and are satisfied in general that systems are in place to protect grantmaking activities and to guard against the possibility of fraud. The Trustees review the Risk Register annually. The financial risks to the Trust are assessed as low, since the Trust has large and diversified endowments which produce a secure and regular income, while most of the Trust’s expenditure is on grants, and can be relatively easily and quickly adjusted if at any time there is a reduction in income. However, like any grant-giving charity, the Trust must face the possible risk of fraud, and the risk that grants might be used for purposes outside the Trust’s objects. Procedures are in place to guard against these risks so far as possible, and there have been no identified cases in recent years of fraud or of inappropriate use of the Trust’s grants. The 2020 Risk Register noted no risks assessed as major or needing urgent mitigating action.

In early 2020 the Trustees reviewed the risks raised in the Covid-19 pandemic crisis and agreed to adopt an emergency response policy for future grant-making and to make improvements to the business continuity plan to address the impact of future pandemic outbreaks .

Going Concern

The Trustees believe that there are no material uncertainties that may cast significant doubt about the ability of the Trust to continue as a going concern. Even given the ongoing additional challenges of the pandemic emergency, the Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Plans for Future Periods

The Trustees’ plan to hold a financial and strategic review in 2020 was delayed by the pandemic crisis and that review will be held during 2021, to help determine a new three-year strategic plan. The review will look at the needs of communities in the three boroughs of Tower Hamlets, Southwark and the City of London. We will consult with local authorities, charities and community groups as well as other local funders, to assess the priorities for our support and how to achieve the best outcomes with our funds. Another priority during the year will be to support new Trustees appointed in the year and to pursue a succession plan which will include recruiting two further new Trustees, to bring the Board to maximum capacity. The Trustees will work to ensure that income from investments and commercial property rents is maximized to support grantmaking ambitions.

Trustees’ responsibilities in relation to the financial statements

The Trustees 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).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these financial statements, the Trustees are

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 13

required to: 80lect Suitable 8¢C￿nt￿9 KASlde$ and then 8PPty them Con￿$tenty'. obsefye the methods and pAn¢iples In knunh.ng and Rep￿ting by Charrties: state￿nt of Recommondgd Pradce apptlGable io charitth proparlng Iheir accounts in accordanc4 with F￿anc￿l Reporung S￿ndard Jpplkable In the UK anol RtrpuL4ic of Ireland IFRS 1021: m8ke ludgements and e8tirnale8 th* are r88son8bl8 and prudgnL stsl& wh$lher applicable Unrted KlngdDm 8cc<Junting 8tsndafd8 hav• boon folltr1￿d. ￿bJ.￿t to any matgrial doparturos disdosed and Ex￿ain@d in the financial slat•ments'. and preparg the financial ststoM￿ts on th• wng basij ur￿8$$ it NlaPFropfi8ts to wewme that the Trust w￿1 in operation. The Trusteos are re8pon8lbte for ke8plrvJ woper records ￿1￿ch di8dose wlth ro88tt4bl8 xcuracy Ihe financSal p￿t￿on of the Tnjst and enable them k) ￿$LFre that the fnanoal ststements CoM￿Y with the Charitses Act 2011, the Chaiity IAccfAnts and RepNtsI R&Juja￿n¥ 2008 and the pW•i81L￿ trust d•ed. Thay aTe Also responsikle for saf•guarding the Trusfs a$s8ts herKe tskmg roa%￿lI)le steps for the weventÉtsn ond deteclton af fraud and iY8ach8s of18w and reg￿0￿5. The Trustees are rewslble lorthe maintena1￿ and integrity otlhe Tntst and Inf(xmats)n Indudod on ts Tw8t'$ website. Lfjglslall￿ in the Unhed lfjngdom goveming the Prewati￿ and St•l•mont of dh¢lo•ur• to •udllor So far as the Board of Twstoes Is awaro.. th•re Is no rfjlevanl audlt InfcKm8tlon of vthlch the Trusfs audltcn are unawArn,' and tlwy h8¥0 takan •ll $t•ps Ihat diey ouglrtto h￿8 IAken as TWI￿$ In tyd•rto m•k• Ih•m8•lv•8 aware of any relev8nt audlt Inf0M￿ti￿ and to establish that the Trnst's A￿11t01$ 8r8 aware of that Infom8110n. b) Dr Stu7rt M¢xgan8tsln P8trid( Kejty Dat 24,06 21 Dal• 24 96-Z rwl Repc¥t Flnwrjal &otom8ni• yw •ndDd 31 Ooc•mbor%)2Q W•krfgld Teloy TnMI 14

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE WAKEFIELD AND TETLEY TRUST

Opinion

We have audited the accounts of The Wakefield and Tetley Trust (the ‘Trust) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, and the notes to the accounts (including the principal accounting 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 Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 15

the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Auditor’s responsibilities for the audit of the accounts (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 16

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Auditor’s responsibilities for the audit of the accounts (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust 17

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

As a result of our procedures we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

19 August 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

18

Statement of Financial Activities (Incorporating Income and Expenditure Account) For the year ended 31 December 2020 Wakefield and Tetley Trust

Notes
Investments
2
Other income
2
Total
Expenditure on:
Raising Funds
3
Charitable Activities
3
Total
Income and Endowments from:		 Unrestricted
Funds
Endowment
Funds
Total Funds
2020
Unrestricted
Funds
Endowment
Funds
Total Funds
2019
£
£
£
£
£
£
346,942
-
346,942
354,413
-
354,413
30,213
-
30,213
47,597
-
47,597
377,155
-
377,155
402,010
-
402,010
20,354
-
20,354
17,697
-
17,697
422,605
-
422,605
333,732
1,279
335,011
442,959
-
442,959
351,429
1,279
352,708
Net (expenditure)/income
before investment gains and
losses		 (65,804)
-
(65,804)
50,581
(1,279)
49,302
(Losses)/gains on investments
6c
Net income
Transfers between funds
Net Movement in Funds
Reconciliation of Funds
Funds brought forward
9,10
Funds carried forward		 (12,320)
80,483
68,163
23,338
215,773
239,111
(78,124)
80,483
2,359
73,919
214,494
288,413
-
-
-
(4,383)
4,383
-
(78,124)
80,483
2,359
69,536
218,877
288,413
278,579
11,113,874
11,392,453
209,043
10,894,997
11,104,040
200,455
11,194,357
11,394,812
278,579
11,113,874
11,392,453

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

19

Balance Sheet For the year ended 31 December 2020 Wakefield and Tetley Trust 4540 11340.no 287J24 wrt#edfunds XI.1gU57 IIII#W4 2?837• Rt¥•YChath Its1779 Report Fln*Klal Statementsywtnth031 DKemb¥2010 wakefie￿ andTdtyTrust

Notes to the Accounts

For the year ended 31 December 2020

Wakefield and Tetley Trust

1. Accounting Policies

Basis of Preparation and assessment of going concern

The accounts are prepared for the year to 31 December 2020 with comparative information provided in respect of the year to 31 December 2019. All figures are presented in Sterling to the nearest pound.

The financial statements have been prepared under the historical cost convention, with the exception that investments and functional freehold properties are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from I January 2015.

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investments.

The Charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgment

Preparation of the accounts require the Trustees and management to make significant judgments and estimates. The items in the accounts where these judgment and estimates have been made include:

 The Trustees' assessment of market value of investment properties. Also, see policy note 'Investments' below for further commentary on the basis of valuation;

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Rental income is recognised on the accruals basis; rent free periods are apportioned over the life of the lease. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment managers of the dividend yield of our holdings.

Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that 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 3 below.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

Raising Funds

Expenditure on raising funds includes the cost of managing the Trust's listed investments and the cost of upkeep of the Trust's investment properties.

Charitable Activities

Costs of charitable activities includes grants, support and governance costs.

Allocation of overhead and support costs

Overhead and support costs are allocated between support costs and governance. It is considered that more is spent monitoring and assessing grants of greater value. The allocation of overhead and support costs is analysed in note 3.

Governance costs

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with an apportionment of overhead and support costs.

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

21

Notes to the accounts continued

Tangible fixed assets

The freehold properties used for the purpose of the Trust's beneficiaries are carried on the balance sheet at valuation. The properties were revalued last by the Trust's professional advisers as at August 2018. The Trustees are of the opinion that any potential depreciation charge would be immaterial as the estimated useful life of the properties is very long and the estimated residual values of the assets are close to the carrying amounts as the properties undergo a regular programme of maintenance. Office equipment, defined as those assets with an ongoing use to the Trust are shown at cost, and written off over their useful lives.

For the Vicarage, 43 Trinity Square, the Parish was granted a 99-year lease in January 1986, for which a peppercorn rent is payable for the ground and upper floors of this property. These areas of the property are not susceptible to meaningful valuation and are therefore excluded from the valuation of tangible fixed assets.

Depreciation is calculated to write off the cost of fixed tangible assets by equal annual instalments over their estimated useful lives at the following rates:

Fixtures and fittings - 25% straight line

Office equipment - 25% straight line

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.

Investment properties are shown in the accounts at their market value based on the last independent revaluation in 2018 which is considered to be the best estimate of the properties' fair value. They are held for the long term to provide income for future grant payments. The outbreak of the Novel coronavirus (Covid-19) means that we are faced with an unprecedented set of circumstances on which to base judgement as to the value of the property portfolio. Due to unknown future impact that Covid-19 may have on the commercial property market in central London, we are keeping the status of the property portfolio under review and recognise that there may be valuation uncertainty.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Fund accounting

The Permanent Endowment Fund represents the original investment of the capital of the Trust in properties. Gains and losses on disposals and on revaluation of these properties are recognised in the statement of financial activities. The Expendable Endowment Fund represents the original investment of the capital of the Trust in the functional property and other investments. Gains and losses on disposals and on revaluation of these properties and investments are recognised in the statement of financial activities.

The Income Fund represents the unrestricted funds of the Trust, with all income generated being spent in accordance with the terms of the Trust’s constitution. Gains and losses on disposal or revaluation of properties and other investments held within this fund are recognised in the Statement of Financial Activities and taken to the Income Fund.

Pension costs

The Trust does not run its own separate scheme but regular payments are made into the employees' own personal pension plans.

Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from:

Cashflow

The disclosure exemptions permitted by Update Bulletin 1 of the Charities SORP FRS 102 have been taken advantage of in these financial statements and a statement of cash flows has not been prepared.

Leases

Rental income from operating leases is recognised on a straight-line basis after adjusting for any lease incentive over the term of the relevant lease.

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

22

Notes to the accounts continued

2. Income

----- Start of picture text -----
2020 2019
£ £
Unrestricted Unrestricted
Funds Funds
Investments
Rental income from investment properties 283,909 287,881
Income from dividends 62,883 65,941
Bank interest 150 591
Total investments 346,942 354,413
Other income
Other 30,213 47,597
Total other income 30,213 47,597
Total Income 377,155 402,010
----- End of picture text -----

All income is unrestricted.

3. Analysis of expenditure

(a) Expenditure on raising funds

Investment management fees
Maintenance of investment properties		 2020
£
Unrestricted
Funds
1,766
18,588
Total expenditure on raising funds 20,354
(b) Expenditure on charitable activities
Grants (note 3c)
Support costs
Governance costs
Support and Governance costs
Total charitable expenditure

The charity has allocated the share of staff and office costs according to the percentage of time spent on activities. These figures are inclusive of the costs of providing a service to Tower Hill Trust, which reimbursed £30,212 (2019: £40,044) in the year as a contribution to staff and pension costs, office and rental costs (included within Other Income). For governance, the Trust holds at least 4 formal meetings each year and staff time is calculated for the arrangement of those meetings and governance associated activities. No Trustees received any remuneration in the period (2019: £Nil).

During 2020, an amount of £7,286 (2019: £7877) was paid to maintain the Vicarage at 43 Trinity Square, which is a functional property.

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

23

Notes to the accounts continued

(c) Grants reconciliation

----- Start of picture text -----
2020 2019
£ £
Outstanding obligations at 1 January (note
164,546 205,340
8)
Grants approved in the year 260,731 202,496
Grants withdrawn in the year (6,340) (16,600)
Grants paid in the year (287,052) (226,690)
Outstanding obligations at 31 December
131,885 164,546
(note 8)
----- End of picture text -----

A list of approved grants for 2020 are shown in Appendix A.

(d) Allocation of support costs and overhead

Cost type Support
Costs
£		 Governance
£
10,739
1,000
3,584
14,230
-
29,553		 Total
Allocated
£
Staff costs
Pension costs
Office and rental costs
Audit fees
Legal and professional fees		 96,649
8,998
32,252
-
762		 107,388
9,998
35,836
14,230
762
Total 138,661 168,214

The audit fees of £14,230 consisted of £10,030 for the 2020 fee and an underprovision of £4,200 relating to the 2019 fee.

The charity has allocated the share of staff and office costs according to the percentage of time spent on activities, as follows:

----- Start of picture text -----
Governance
Cost type Support costs
costs
Staff costs 90% 10%
Pension costs 90% 10%
Office rental and costs 90% 10%
Audit fees 0% 100%
Legal and professional fees 100% 0%
----- End of picture text -----

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

24

Notes to the accounts continued

4. Employee costs

----- Start of picture text -----
2020 2019
£ £
Salaries 99,984 96,000
Social security 7,384 7,881
Pensions 9,998 9,600
Total Employee costs 117,366 113,481
----- End of picture text -----

The average weekly number of employees during the period was 2 (2019: 2). No employee earned more than £60,000 in emoluments.

The Trustees consider that they alone comprise the key management personnel of the Trust in charge of directing, controlling,

5. Fixed assets

5. Fixed assets
Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for year
At 31 December 2020
Net book value 31 December 2020
Net book value 31 December 2019		 Fixtures and
fittings
Office
Equipment
Total
£
£
£
1,954
5,825
7,779
-
-
-
-
-
-
1,954
5,825
7,779
407
872
1,279
488
1,472
1,960
895
2,344
3,239
1,059
3,481
4,540
1,547
4,953
6,500

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

25

Notes to the accounts continued

6. Investments

(a) Total Investments

----- Start of picture text -----
2020 2019 2019 Expendable
2020 Expendable 2020 Permanent Total 2019 Permanent Total
Unrestricted Unrestricted Endowment
Endowment Fund Endowment Fund 2020 Endowment Fund 2019
Fund Fund Fund
£ £ £ £ £ £ £ £
Investment Properties
- - 9,370,000 9,370,000 - - 9,370,000 9,370,000
note 6 (b)
Listed Investments note
217,477 1,824,357 - 2,041,834 226,846 1,743,874 - 1,970,720
6 (c)
Total 217,477 1,824,357 9,370,000 11,411,834 226,846 1,743,874 9,370,000 11,340,720
(b) Investment properties
6-7 8-11 41 Trinity 42 Trinity 42 Crutched 43 Trinity Square
Total
The Crescent The Crescent Square Square Friars (basement)
£ £ £ £ £ £ £
At 1 January 2020 1,390,000 4,150,000 760,000 2,250,000 590,000 230,000 9,370,000
At 31 December 2020 1,390,000 4,150,000 760,000 2,250,000 590,000 230,000 9,370,000
Historic cost 22,047 136,628 - 15,805 9,114 210,000 393,594
Rental income:
Rents receivable during
40,950 141,750 19,582 52,351 16,826 12,450 283,909
the year (note 2)
----- End of picture text -----

All properties were externally revalued by Lambert Smith Hampton, consultant surveyors and valuers as at August 2018. The revaluation was prepared based on market value. The trustees are not aware of any material changes to the properties’ values since the date of that valuation to 31 December 2020.

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a global pandemic on 11 March 2020, has impacted global financial markets, and this includes the UK commercial property market. Trustees recognise that the current response to the COVID-19 pandemic means that we are faced with an unprecedented set of circumstances on which to base a judgement as to the value of the property portfolio. Given the unknown future impact that COVID-19 might have on the commercial property market in central London, we are keeping the status of our property portfolio under review and recognise that there may be valuation uncertainty.

(c) Listed Investments

Investments are held for the purposes of income generation.

COIF Charities
Investment Fund
(Expendable
Endowment)
COIF Property Fund
(Expendable
Endowment)
Investec (Unrestricted)
Cash of a capital nature
(Unrestricted)
Total		 Market value
31 Dec 2019
Additions
Disposals
Realised/
unrealised
gains/(losses)
Market value 31
Dec 2020
£
£
£
£
£
1,472,517
-
-
94,177
1,566,694
271,357
-
-
(13,694)
257,663		 Market value
31 Dec 2019
Additions
Disposals
Realised/
unrealised
gains/(losses)
Market value 31
Dec 2020
£
£
£
£
£
1,472,517
-
-
94,177
1,566,694
271,357
-
-
(13,694)
257,663
1,743,874
-
-
80,483
1,824,357
218,451
51,532
(142,675)
(12,320)
114,988
1,962,325
51,532
(142,675)
68,163
1,939,345
8,395
102,489
1,970,720
2,041,834
2,041,834

CCLA income received net of investment management fees, which are £548 (2019: £552)

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

26

Notes to the accounts continued

7. Debtors

----- Start of picture text -----
2020 2019
£ £
Unrestricted Unrestricted
Funds Funds
Trade debtors 4,413 -
Property rental income accrued
40,504 10,836
and owed
Prepayments 8,294 5,375
Total Debtors 53,211 16,211
8. Creditors
2020 2019
£ £
Unrestricted Unrestricted
Funds Funds
Grants payable (note 3 (c)) 131,885 164,546
Tax, social security and pensions 10 464
Trade creditors 4,809 4,123
Property rental income received in
116,586 21,923
advance
Accruals 32,134 23,136
Other creditors 2,500 10,804
Total Creditors 287,924 224,996
----- End of picture text -----

The table below details property rental income received in advance

Balance Cash received Released to Deferred to
1 Jan 2020 in year income 2021
41 Trinity Square 835 32,630 (19,582) 13,883
42 Trinity Square - 68,178 (52,351) 15,827
6-7 The Crescent 4,057 46,800 (40,950) 9,907
8-11 The Crescent - 210,000 (152,250) 57,750
42 Crutched Friars 12,881 16,513 (16,826) 12,568
The Wine Library 4,150 12,450 (12,450) 4,150
The Peter Minet Trust - 11,092 (8,591) 2,501
21,923 397,663 (303,000) 116,586

9. Movement of Funds

9. Movement of Funds
Balance 1 January
Income
Expenditure
Gains and losses
Transfers
Balance 31 December		 2020
Unrestricted
Fund
2020
Expendable
Endowment
Fund
2020
Permanent
Endowment
Fund
Total 2020
2019
Unrestricted
Fund
2019
Expendable
Endowment
Fund
2019
Permanent
Endowment
Fund
Total 2019
£
£
£
£
£
£
£
£
278,579
1,743,874
9,370,000
11,392,453
209,043
1,524,997
9,370,000 11,104,040
377,155
-
-
377,155
402,010
-
-
402,010
(442,959)
-
-
(442,959)
(351,429)
(1,279)
-
(352,708)
(12,320)
80,483
-
68,163
23,338
215,773
-
239,111
-
-
-
-
(4,383)
4,383
-
-
200,455
1,824,357
9,370,000
11,394,812
278,579
1,743,874
9,370,000 11,392,453

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

27

Notes to the accounts continued

10 . Analysis of Funds

10.Analysis of Funds
Tangible fixed assets
Investment properties
Listed investments
Cash at bank and in hand
Debtors
Creditors
Total		 2020
Unrestricted
Fund
2020
Expendable
Endowment
Fund
2020
Permanent
Endowment
Fund
Total 2020
2019
Unrestricted
Fund
2019
Expendable
Endowment
Fund
2019
Permanent
Endowment
Fund
Total 2019
£
£
£
£
£
£
£
£
4,540
-
-
4,540
6,500
-
-
6,500
-
-
9,370,000
9,370,000
-
-
9,370,000
9,370,000
217,477
1,824,357
-
2,041,834
226,846
1,743,874
-
1,970,720
213,151
-
-
213,151
254,018
-
-
254,018
53,211
-
-
53,211
16,211
-
-
16,211
(287,924)
-
-
(287,924)
(224,996)
-
-
(224,996)
200,455
1,824,357
9,370,000
11,394,812
278,579
1,743,874
9,370,000 11,392,453

11. Trustees’ Expenses and Related Party Transactions

No trustees were paid expenses in 2020 (2019 : Nil) There were no related party transactions in 2020 (2019: None)

12. Operating lease commitments

Lessee

At 31 December 2020, the charity had outstanding commitments for future minimum lease payments under non-cancellable leases which falls due as follows:

Within one year
Between two and five years
In over five years		 2020
£		 2019
£
21,500
48,375
-		 21,500
69,875
-
69,875 91,375

Lessor

At 31 December 2020, the charity had contracted with tenants for all the following minimum lease payments, which fall due as follows:

Within one year
Between two and five years
In over five years		 2020
£		 2019
£
342,142
406,277
7,553,552		 326,503
597,992
7,637,255
8,301,971 8,561,750

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

28

Appendix A

----- Start of picture text -----
Due at 31 Approved Paid in 2020 Due at 31
Grantee Grant purpose Dec 2019 (£) in 2020 (£) (£) Dec 2020 (£)
All Hallows Core running costs and a Covid-19 emergency grant 69,375 30,000 39,375
Aphasia Re-connect To establish a new Younger Person’s Aphasia Group in Southwark 2,346 2,346 -
Emergency Covid-19 resources for tenants and leaseholders of
Bancroft TMC Bancroft Estate 9,000 - 9,000
Bow Haven New technology for staff and operational costs 3,000 3,000 -
Bromley-By-Bow Centre Match funding for a remotely delivered ESOL pilot programme 12,000 12,000 -
Burdett FC To support the establishment of a new Food Pantry in Poplar 10,000 - 10,000
Carers Centre Tower Hamlets Health & wellbeing sessions for carers isolated due to Covid-19 4,400 - 4,400
Central Southwark Community
Hub Holiday Clubs for families experiencing food insecurity 5,000 5,000 -
CPU London Psychotherapy sessions for people on low incomes in Tower Hamlets 2,500 2,500 -
Disability Sports Coach Activity Clubs for disabled children and adults in Southwark 5,000 5,000 -
East End CAB Accessible advice pilot in two Tower Hamlets schools 10,000 - 10,000
East End Community Match funding for five projects through the East End Emergency
Foundation Grant Programme 30,000 30,000 -
Faith Regen Foundation Domestic violence support services for women in Tower Hamlets 7,000 7,000 -
A new telephone triage and welfare advice service for food bank
First Love Foundation clients 10,000 - 10,000
Therapeutic nature-based residentials for young people in
Free to be Kids Southwark 2,200 2,200 -
Delivery of monthly food and toiletry parcels for people with no
Jesuit Refugee Service recourse to public funds 10,000 10,000 -
Core costs and project costs to support work with displaced Latin
Latin Elephant American traders 6,000 6,000 -
Remote Covid-19 support project for Bangladeshi women on the
Oceans Women's Association Ocean Estate 4,610 - 4,610
Real DPO Ltd Outreach to isolated disabled people in Tower Hamlets 5,500 - 5,500
Robes Project A contribution to the costs of the Winter Nightshelter in Southwark 5,000 5,000 -
Salem Academy of Music Music tuition for young people from low-income families 3,800 3,800 -
Core costs to enable the Farm to provide Covid-19 emergency
Spitalfields City Farm support services and reopen when safe to do so 6,000 6,000 -
St Hilda's East Community
Centre Covid-19 outreach service for at risk older people 11,000 11,000 -
Core delivery costs for the First Response Advice service over three
Toynbee Hall months 20,000 - 20,000
Walworth Community Garden
Network Targeted gardening events and training for local residents 2,000 2,000 -
Women's Environmental
Network Co-ordination of Tower Hamlets Food Partnership 5,000 5,000 -
2019 grants: 158,206 - 139,206 19,000
2018 grants withdrawn in 2020 6,340 (6,340) - -
Total 164,546 254,391 287,052 131,885
----- End of picture text -----

2019 grants outstanding at 31 Dec 2020 were East End Community Foundation (£15,000), Clean Slate (£5,000) and Splash (£1,000 overpayment).

Annual Report and Financial Statements year ended 31 December 2020 Wakefield and Tetley Trust

29