Wakefield and Tetley Trust Annual Report and Accounts 31 December 2021 Registered Charity Number.. 1121779 Website address.. www.wakefieldtrust.or .uk Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust Contents Charity Information . ChairofTruslees' Foreword............................................................................................................................... Trustees, Report... Independent Auditor's Report to the Trustees of Wakefield and Tetley Trust.......................................... 15 ststemenlof FinancialAclivities.......................................................................................................................19 Balance Sheet.......................................................................................................................................... 20 Notes to the Accounts.............................................................................................................................. 21 The following pages do not form part of the slatulory accounts AppendixA.......................................................................................................................................................29 Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust Charity Infomiation 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 lenlered into force 01 January 20081, govems the Trust, which brings together the former Wakefield (Tower Hill Trinity Squarel Trust (Trust Deed made 25 May 1937, registered charity number 2091231, the former Lady Wakefield Benevolent Trust {registered charity number 2091230-11 and the former Charity of Charlolle Tetley in connection with Toc H (Trust Deed made 27 April 1931, registered charity number 2091221. Trustees Dr Stuart Morganslein (Chairl The Venerable Peter Delaney MBE Mohima Kamaly Patrick Kelly Lawrence Kilshaw Tim McNally Clare Murphy Clare Payne Dawn Plimmer Susan Reardon Smith Retired as Chair, 07 October 2021 Appointed 07 October 2021 Appointed Chair, 07 October 2021 Appointed 07 October 2021 Bankers HSBC, 60 Fenchurch Street, London EC3M 4BA Solicitor (governance) Stone King, 13 Queen Square, Bath BA1 2HJ Solicitor Ipropertiesl Wedlake Bell, 71 Queen Victoria Street, London EC4V 4AY Auditor Buzzacott LLP, 130 Wood Street, London EC2V 6DL Investment Advisors CCLAlnveslmenlManagemenl Ltd, 85QueenVictoria Street, London EC4V4ET Investec Wealth and Investment Limited, 30 Gresham Street, London EC2V 7QN Principal Officers Cherry Bushell, Joint Clerk lo the Trustees O'ob-sharel Elaine Crush, Joint Clerk to the Trustees Qob-sharel Registered charity: 1121779 Website address: www.wakefieldtrust.org.uk Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust Foreword from the Chair of Trustees I was delighted to be appointed Chair of Trustees in October, taking over from Stuart Morganslein who has provided such consistent and SUPF)Ortive leadership in recent years. My thanks go to him as he steps down from that role to continue as a Trustee. At the same time, we welcome the appointment of Tim McNally as Chair of the Finance and General Purposes Sub-committee. Trustees were pleased to formally appoint two new Trustees, Mohima Kamaly and Clare Payne in the year. Both had spent a year shadowing the Board prior to their formal appointments and we were grateful for their enthusiasm and advice during that period. We look forward to working with our new colleagues in the years to come. 2021 saw the ongoing Covid-19 pandemic continue to cause disruption and increased need across our area of benefit. As in 2020, we decided that Tower Hamlets must lake priority for our funding to charities and community groups and that we should continue our responsive approach during this difficult and unpredictable period. We targeted the majority of our funding towards advice charities who were under pressure of demand from families and individuals struggling with an array of financial hardship issues. A significant grant was £50,000 lo Cityzens Advice East End for a pilot project lo deliver advice from within schools in Tower Hamlets, reaching out to families in need. This was the largest Main Grant the Trust has given in many years and these funds given lo advice services were a response lo the worrying impact of rising levels of personal debt and the affordability of food and utilities for communities who were already struggling prior lo the Covid-19 pandemic. Our Fast Track Grant programme was tweaked to offer a higher level of funding and we were sympathetic to requests for essential core costs, especially salaries,. for grassroots organisalions, this core funding could enable services to stay open. We hope that the emergency status of the Covid-19 pandemic is drawing to a Close and we plan to direct our funds to address the increased needs of local communities most affected in the past two years. Patrick Kelly Chalr to the Trustees Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 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 Odober 2012, the former Wakefield (Tower Hill Trinity Square} Trust Iregislered charity number 2091231, the former Lady Wakefield Benevolent Trust (registered charity number 2091230-11, and the former Charity of Charlotte Tetley in connection with Toc H, or Tetley Trust (registered charity number 2091221, have since 01 January 2008 been administered as one charity, Wakefield and Tetley Trust. The Charity is governed by a Board of Trustees. The Scheme gives 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 andlor its Trustees are party. The power was not used during 2021. The maximum number of Trustees is twelve. At the beginning of the year there were eight Trustees. The Trust's governing instrument slates that Trustees are appointed for life and several remaining Trustees have been in post for ten years or more. Two Trustee applicants, Mohima Kamaly and Clare Payne were selected in 2020 from an open recruitment process and their probationary period was extended in 2021 due lo the ongoing Covid-19 pandemic. Both Trustee appointments were approved by the Board of Trustees in June 2021 and the Deed of Appointment was formally updated on 07 October 2021. We intend to start recruitment in 2022 for the remaining I￿0 Trustee vacancies. New Trustees are always appointed by the existing Board of Trustees and future Trustees will be invited lo serve for an initial term of three years, and lo 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 allend relevant courses and seminars to improve their knowledge of charrty 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 quarterly, lo discuss Trust governance and strategy, and lo ensure the Trust complies with charity law. Additionally, there are two sub-committees. The Grants Sub-committee meets regularly and makes recommendations for grants to the quarterly meetings of Trustees, with delegated authorrty to award Fast Track grants up to £5,000. The Finance and General Purposes Sub-committee meets regularly lo deal with finance, property, personnel and investment matters, and makes recommendations on these lo the quarterly meetings of Trustees. During the special circumstances of 2021, several of the SulFCommittee meetings continued to be subsumed into the main Board meetings, and all bul one meeting was held virtually with no interruption lo business continuity. The staff work as a job-share, and are responsible for all daY-t￿daY administrative mallers, and for making recommendations lo the Trustees, but all significant decisions are taken by the Board . The Trustees therefore consider that they alone comprise the key management personnel of the Trust. Trustees are not remunerated for their services lo the charity. Staff deliver a part-lime support service lo a separate charitable trust, Tower Hill Trust, as part of their employment. The cost of that service is reimbursed to the Trust by way of an annual fee, and the level is set at the agreement of both parties as part of a Memorandum of Understanding agreed in 2020. Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 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 benefrt. The objects of the Trust are defined by the Charity Commission Scheme as.. 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 timel 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. Any other charitable purpose in connection with the Anglican parish of All Hallows by the Tower or Toc H. The Tnjst seeks to do these things not by making grants lo individuals or by carrying out programmes of its own, bul by making grants lo registered charities, community groups, 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 lo the lives of people who face significant disadvantage and have limited choices and opportunities,, for example because they lack skills, have difficutty in accessing resOUr￿S or face discrimination. Funding is targeted to charities and community groups with incomes of less than £500,000. Most charities working in our communities are small and locally focused, understanding the needs of local people and how to reach vulnerable groups. The Trust aims to support their vitally important work. The Trust is happy lo 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 unlikety lo support equipment or capital costs. Al 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, offering amounts over £5,000, Fast Track Grants, offering amounts up lo £5,000 for tim&limiled projects and emergency requests, awarded within 8 weeks, and targeted at organisalions with an annual income under £300,000. In 2021 Trustees decided to use Main Grant funds to support applications made via the London Community Response Fund Covid-19 emergency programme. Further details of this programme and the grants made can be found below. The strategy is to maximise the proportion of the Trust's income which is used for granl-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 Perfomiance- grants awarded during the year Total income was £420,838 {£377,155 - 20201. Expenditure on grants, including the support costs for grant giving activities, was £463,609 {£442,959 - 20201. Staff worked with a portfolio of just over 40 'active' grants,. making payments, reviewing activities and progress and providing occasional support around a range of issues including governance, financial management and fundraising. The lolal amount awarded as grants in the year was £276,423., of this £148,800 was for Main Grants, £55,000 was awarded as core funding for All Hallows by the Tower Church and £72,623 was for Fast Track Grants. Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 2021 Grant programmes The Trust delivers grant programmes to help charities and community groups respond lo 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, when it first started to have an impact on commLJnities back in March 2020. Trustees prioritised funding for emergency work in the London Borough of Tower Hamlets where there were fewer funding opportunities for the charity and not-for-profit sector in the borough compared to London Borough of Soulhwark and the City of London. Tower Hamlets is one of the most ethnically diverse local authorities in the country, with significant Bangladeshi and Somali communities alongside the White British populats'on. Over the last few decades, the borough has experienced one of the fastest growing populations nationally, however, there is also significant endemic deprivation. For example, over a third of children in Tower Hamlets live in povety (the highest rale in London), the borough has (by farl the highest proportion of older people in receipt of adult social care in England and one of the highest proportions of years spent in disability in the country for both males and females. In-work povety continues lo be an issue with a high proportion of means tested financial support now going lo people in-work. The Covid-19 pandemic has exacerbated this and may have a long-lerm impact on the extent and nature of poverty and deprivation within the borough. The Trust's longstanding Main and Fast Track Grant programmes were adapted once again, lo respond to immediate and anticipated needs as a result of the Covid-19 pandemic. The Fast Track grant programme re-opened lo new applicants in March 2021, and the priorities were to.. Support urgent work with marginalised individuals and communities most affected by the Covid-19 crisis., Fund core activities and services, to enable organisations working with vulnerable communities to adapt or maintain their work in light of Covid-19', Make a practical differenTr to the work of organisations andlor to the lives of the people they support. Some examples of these grants and their public benefit can be ft)und below.. Friends of Tower Hamlets Cemetery Park A grant of £3,000 was made for core funding to enable the charity lo continue lo provide vital therapeutic gardening sessions to those most in need, and assist with the restoration of wellbeing for those with mental ill heatth in Tower Hamlets. 215 people were assisted, primarily local residents who were furloughed or working from home and had b'me to spare to join organised, staff-led volunteer sessions in the Cemetery Park. So many people still had little lo no human contact with others, and volunteering allowed people to mix with like-minded individuals, socialise, chat and get active. Limehouse Town Hall Consortium Trust A grant of £4,200 was awarded lo help widen access and reduce barriers for local people to the community space at Limehouse Town Hall", the grant made a remarkable difference lo the a¢￿SSIbl11fy of the Town Hall benefitting over 220 people, including 50 building residents, 4 local Bangladeshi women (opening up the hall for ease of use and employment as duty managers), 50 new users of the hall through local groups (who now have affordable, accessible space), and 100 local people who attended a community day in May. The Co-ordinators trained 20 local people and building residents to duty Manage the hall for London Living Wage. They also supported the creation of a Hall Management Group, made up of building users and residents. The group collaborab'vely wrote a manifesto for the hall, prioritising access to local community groups, and organised a community day in May, collabooting with Limehouse Causeway TRA., this brought 100 local residents including local muslim women, young people and groups including The Vvheelers (who share skills and tools for fixing bikes) and Concrete Action (who share carpentry and tool using skills). Ocean Women's Association IOWAI A grant of £4,610 was made to SLJPPOrt core costs and re-launch women's coffee mornings at Stepney City Farm in August 2021. benefitting elderly and vulnerable Bangladeshi women from the local area over six months. A total of 55 women were supported overall, with an Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust average weekly attendance of 12 people at the sessions. Pre-pandemic, OWA clients were women, aged between fifty and eighty years, from the Stepney and Limehouse areas. 23 women from this group resumed attendance, albeit on an irregular basis due lo illness, and the charity set up a telephone befriending service to support women who were unable lo return. The coffee morning engaged 22 new people, some ofwhom had additional needs SLJch as employment, housing, financial and legal advice. Five were referred lo external agencies, including Praxis. In addition there were three asylum clients with highly complex needs, which proved challenging for this small charity. It was evident that the pandemic had taken its loll on the women, physically, mentally and emotionally," this was challenging lo manage and the service needed to adapt, but overall the feedback received from the women attending demonstrated that the project helped alleviate people's isolation and provided a much needed space for support and companionship. Our Time A grant of £4,000 for drama workshops for children whose parents have a mental illness, or mental health difficulty during the school holidays. In collaboration with the Half Moon Theatre, they delivered part time workshops over a week and, later in the year, a three-day workshop was joined by children with similar lived experiences who had been referred by local schools and social services. In the sessions, the children played games, practiced drama techniques and explored the themes of bullying, empathy, friendships, supporting friends through difficult times and responsibility. The output of the sessions included a poem about bullying which was written and performed by the children., the themes identified by the children also laid the foundations for an awareness raising play about having a parent with a mental illness, which Our Time and the Half Moon Theatre will try to develop further and take into schools. The Main Grant progfftmme re-directed funds towards the London Community Response (LCRI emergency programme coordinated by London Funders. This fund was launched on 27 March 2020 to provide coordinated funding support for organisalions responding lo the needs of communities in the capital affected by the Covid-19 pandemic. The Trust joined this alliance of funders and committed lo 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 organisalions lo meet tight reporting deadlines. 3. Financial flexibility allowing organisalions 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 ils funding with the scheme and gain priority access to relevant applications in our area of benefit. The LCR scheme was widely promoted and its priorities were developed in consultation with the sector, using the latest research and intelligence. Examples of grants made under Wave 5 ofthe programme can be found below.. East End Citizens Advice £50,000 over 12 months, to extend the social welfare advice pilot in Mulberry School for Girls, Manorfield and Mamer schools in Tower Hamlets, providing social welfare advice direct to families to resolve their benefit, debt, housing, employment and immigration problems and to increase family incomes. The pilot aims to meet the huge and increasing demand for advice and support as a result of the impact of the Covid- 19 pandemic. The pilot will test several approaches lo make advice more accessible for parents, with input from school safeguarding leads. East London Cares £12,500 over 12 months, lo support a setwice connecting older neighbours165+1 and younger volunteers118-351 to reduce isolation and loneliness, supporting individual needs and bridging divides. The service will be delivered through group social clubs, a one lo one friendship matching programme and proactive outreach work. The grant matched funding of £12,500 commilled by London Borough of Hackney. Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust Island Advice Centre £37,500 over 12 months, to support a new full-lime adviser to act as first point of contact for Clients and referrers accessing services by telephone or online. The Centre needed to increase capacity in response to a 1500/0 increase in referrals and a loos of volunteer lime as a result of the pandemic. The new adviser will assist up to 520 clients with emergency fund applications, make referrals lo food bank banks and other emergency SLJPPOrt, carry out income maximisalion assessments and identify underlying issues such as benefit enlillemenls, indebtedness and risk lo housing, making referrals lo appropriate specialist advisers. Anatysis of grants made Trustees want lo ensure that grant programmes are accessible to new applicants and 400/01570/D 20201 of all grants awarded were to organisalions not previously supported by the Trust. Of the total awarded to Main Grant and Fast Track Grants in the year, 97 % was for work in Tower Hamlets 161010 20201 to the value of £217,423, with 30/014 grants) for work in Southwark lo the value of £8,000. Outside of these programmes, funding was awarded to All Hallows by the Tower Church, benefitting people in both the City of London and Tower Hamlets. The Trust's grant programmes support work or activities which address disadvantage in a targeted way. In 2021.. 100/0 of all grant funding supported people living with disabilities and ill health {5 grants) 37 /0 of all grant funding supported initiatives lo improve mental health and wellbeing112 grants) 12 /0 of all grant funding supported vulnerable women and families15 grants) 50 /0 of all grant funding supported advice and welfare support initiatives18 grants) 13 /0 of grant funding was targeted at children and young people18 grantsl 57 /0 of all grants supported the work of organisations run by and for Black, Asian and minority ethni communilies111 grants), including three projects specifically tsrgeting asylum seekers and refugees. A proportion of payments made during 2021 were for grants awarded in previous years and similarly, a proportion of grants awarded in 2021 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 2warded during 2021, irrespective of when those grants will bè paid. Appendix A to the accounts shows the detail of new grants awarded and historical grants paid out in 2021. Examples of Public Benefit- Main Grants 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 'lighl touch,, Sin￿ 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 lo support the Anglican parish of All Hallows by the Tower. The Trust leases the Vicarage al 43 Trinity Square, London EC3 to the Church on a peppercom rent. The Trust also supports the Church with an unrestricted annual grant and in 2021 this grant was set at £39,375 (recorded as a commitment in the 2020 accounts). All Hallows is in the unique setting of Tower Hill, straddling the City of London and the edge of Tower Hamlets, it serves City workers and visitors from across the world to the World Heritage sile of the Tower of Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust London. However, the Covid-19 pandemic has been hugely challenging for all aspects of the life and ministry of the Church, Ils congregation, parish and the wider community. Fortunately, they were able to adapt., worship continued throughout the pandemic via virtual live streaming and the Church opened for prayer as soon as was possible. The Church has been involved with the support for the 700 Afghan citizens who have come recently through the resetuemenl programme. many of whom are housed in a hotel in the parish. As well as donating items, and raising funds for the Afghan charity working alongside the Corporation, they initiated a women's group, which mel in the Porch Room at the Church, providing a much-needed place of community and support during this time of transition for the families. An emergency grant of £30,000 was awarded to the church al the end of 2020 to help them weather the storm in 2021, and cover on-going overheads and staffing costs al a lime when other regular sources of income had slopped, including the closure of the Crypt museum, the significant reduction in domestic and international visitors lo Tower Hill, and a significant reduction in footfall in the City, with the growth in hybrid working. The Church began building back their events, special services and offerings lo visitors in the year, and Rev. Katherine Hedderly, in her role as Chaplain, offered pastoral care to those members who had a particularly difficult lime through the year, especially with loss and illness due to Covid-19. Al the end of the year, Trustees agreed an unrestricted annual grant of £55,000 lo the Church for payment in 2022. Main Grants Bubble Club Bubble Club run an arts programme for learning disabled people, with inclusive club nights, creative workshops, podcast sessions and radio shows In and around East London. A grant of £5,800 was made to support 'Bub Hub, _ an online pr￿ramme of 36 creative workshops with Bubble Club members over Zoom, including the production of 12 podcasts across 12 months. Despite some initial set-backs and delays, Bub Hub developed into a positive and very unique offering and was a rewarding project for everyone that contributed. Project delivery shifted a lit￿e as the work developed and as cireumslances changed coming out of lockdown. Content formats were broadened lo include You Tube videos, USB drives and audiograms all helping lo improve the accessibility. Bubble Club members who wanted lo contribute were in charge of the content and the resulting variety was very broad. Genemlly episodes where either under the bracket of meaningful." eg. mental health, social media, role models, beauty standards & lockdowns, or entertaining." e.g. soap operas, Movie reviews, food and music. A totsl of 25 shows (radio and podcaslsl were pmduced., significantly more conlenl than planned, with 1,823 listeners overall. With great overall results Bubble Club are now making plans with new members for future shows. Jesuit Refugee Service (JRSI A grant of £10,000 was made towards the delivery of monthly food and loilelry parcels for the 350 deslitule asylum seekers and 75 children previously supported through the charity's day centre in Wapping, over the summer period until 31 October 2021. To ensure refugee friends were not left without basic necessities throughout lockdown and beyond, JRS quickly re-oriented their services and re- deployed team members lo form a new Emergency Response Team. The Team - in coordination with a fantastic ne￿Ork of volunteers (many newly recruiledl delivered regular parcels lo over 300 destitute refugee friends. With the suspension of JRS, Day Centre, and others like it, a¢￿sS to food and hardship funds was very limited, so JRS worked lo provide everyone they supported with a pre-paid card, lopped up with £15 every I￿0 weeks, lo assist with food and travel, and much-needed phone credit. At a time of great isolation, this allowed refvgee friends to keep in contact with JRS volunteers and the broader team, who provided emotional support and advice over the phone. Refugee friends were also able to attend the virtual activities al JRS., and crucially, keep in touch with family and friends. The Trust's grant specifically helped support people who were based in and around Tower Hamlets. Legal Advice Centre A grant of £10.000 was made lo support a Covid-19 Special Support Project- providing a new model of advice and advocacy for users with complex health and social issues who are in Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 10 crisis and have complex health and social needs. A Caseworker was funded lo offer on-going slruclured SLJPPOrt over six months, via regular meetings or remote contact where necessary. The support includedl￿al advice and casework, income maximisalion and debt management, with an 80010 success rate on appeals for all disability related benefit appeals. Cases were also kept open so ongoing support could be provided until all matters were resolved. LAC has found that this user%roup repeatedly calls Ljpon their services seeking help on a wide range of issues. The initiative supported 160 people with income maximisation and debt solutions, and more effective referral pathways were created between agencies. Users were also assisted with life management skills, empowering them to improve their own circumstances long term and reduce the need for third-paty involvement. Women's Trust A grant of £10,000 was made towards the salary costs of a Domestic Violence counsellor in Tower Hamlets, from April 2020- August 2021. The funding enabled the charity lo provide 221 counselling sessions for 22 Tower Hamlets women. This was an increase on the initial larget1180 sessions for 18 women} since all provision was by telephone, and not face-to-face. Clients received up lo 18, weekly sessions, provided by the same counsellor on the same day and lime every week. The grant funded 260kn of counselling sessions provided to 70 Tower Hamlets women overall. Women's Trust could have seen more people, bul there were periods when they had lo close referrals due lo insufficient capacity. 560/0 of women were self-referrals, with 140/0 from Victim Support, 14Q/o from slalulory mental health services, 6Qkn from refuges and the remainder from a variety of organisations including Children's Centres and the council. Women also came from diverse backgrounds, but the largest groups, al 29Q/o were of Bangladeshi heritage. 410/0 of women had experienced more than 5 years of abuse, and on arrival, 97 /0 of women were suffering moderale-significant stress & anxiety, 38 /0 were suicidal, 25°/o were self-harming, S4,￿ were depressed. The service adapted well during the pandemic, and women continued lo achieve positive outcomes., for example 94°/o experienced reduced stress and anxiety and 63°h less traumatised. For those clients who were unable lo make a weekly limeslot, they offered check-ins rather than formal counselling, with Calls of up lo 30 minutes at convenient limes. A significant challenge was the increase in trauma women experienced due lo worsened abuse and also lockdown conditions, so the charity brought in more experienced, employed counsellors to help support women with complex issues. Financial Review The Trust's overall financial position is relatively strong. The total level of the reserves as al 31 December 2021 was £8,905,368, of which £8,738,303 was restricted and £167,065 was unrestricted. Assets in the form of property and securities are held to produce income for granl%iving, and to give support lo the Anglican parish of All Hallows by the Tower. Partly for historical reasons, most of the assets are held in property, with six commercial head leases relating lo properties in the vicinity of Tower Hill in the City of London. The property assets were revalued after year-end and that revised value at 31 March 2022 is included in these accounts. The re-valuation was conducted by Gerald Eve LLP, external valuers, in accordance with the Royal Institute of Chartered Surveyors Valuation Guidance Standards, Red Book Global. The valuation resulted in a 290/. decrease in the valLJe of the investment property portfolio to £6,855,000 (balance sheet value £9,370,000 in 2020, 50 a fall of £2,715,000). In part this related to the recent expiry of two leases, which left those buildings empty and awaiting refurbishment, which inevilabty SLJppressed their value. Trustees noted that the portfolio value should improve within a year if those buildings are re-let or redeveloped and there are polenb'al new head leases for two properties on Trinity Square. However, Trustees recognise that the ongoing effects of the Covid-19 pandemic means that we still face an unprecedented sel of circumstances. Trustees will keep the status of our property portfolio under review and will seek a re-valuation in 2023. 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 Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust Trinity Square. However, ex￿pt for the basement, which is included in the accounts as an Investment property carried al fair value, there has been no value attributed in these accounts to the remainder of this property, which is used exclusivety by the parish of All Hallows Church as a Vicarage. The Parish was granted a 99-year lease in January 1986, for which a peppercom rent is payable for the ground and upper floors of this propety, these areas of this property are not Su￿ptIb1e lo meaningful valuation and are therefore excluded from the accounts. The Trust's other properties are let on a commercial basis lo 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 sub-leases come to an end. Regular rentsl income from propety during the year amounted lo £327,29812020'. £283,909). We are expecting income to fall in 2022 as two leases are ending and the properties will need to under go refurbishment. Trustees have unrestricted reserves to manage the expected drop in income in 2022 and 2023 and minimise the impact that this might have on grant-making. 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 unil Irusls, designed for the charity sector, which meet the requirement lo generate both income and capital growth. The Trust's reserves have for some years been held in funds managed by CCLA Investment Management Ltd. Al the end of 2021, the lolal market value of these investments (excluding cash in the COIF Charities Deposit Fund) was £2,083,30312020'. £1,824,357), of which approximately 86 /0 was held in Charities Investment Fund units and 14,10 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 wider geo-political factors impacting portFolios, which might mean the possibility of a reduction in investment income in the short lo medium temi. With respect to the £200,000 settlement eamed 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 £126,541 as al 31 December 2021 12020.. £114,988). £82,162 is now held in cash al Inveslec", an amount was drawn down in June 2020 to boost unrestricted cash reserves in light of fluetualions lo Trust income in 2020-22 and the remaining balance will be drawn on lo support grant expenditure in 2022 and 2023. Fundraising The Trust does not work with any commercial or professional fundraisers and does not solicit donations from the general public. Resenies Pollcy The charity's reserves are divided be￿een 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 lo further the objects of the charity, bul their policy is to retain these funds lo support income generation. The income reserves are money which has been re￿1Ve￿ 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 be￿eell 3 and 6 months, normal expenditure (including expenditure on granlsl, and this is deemed to be £108,000. If for any reason a fall in income is anticipated, then the utilisalion of the capital value of expendable endowment funds may be increased lo ensure that grant expenditure can be maintained during the trough in Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 12 income. When there is no reason lo 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 lake steps lo increase ils spending on grants to ensure that cash is not unnecessarily accumulated. Income reserves musl always be held in accounts which can be awessed immediately, so that they can be drawn upon at any time. The charity's reserves which are available for spending do not include its pemanent endowment, invested in the investment properties. These properb'es are owned to provide income for the charity. If any of them were to be sold al any time, the proceeds could not be spent for the PLJrposes of the charity. except with the express consent of the Charity Commission, but would have to be re-invested to continue lo 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 lo Wakefield and Tetley Trust of assets to fulfil all its charitsble obligations, and to ensure that all plans and commitments can be carried out. The value of income reserves i.e. the unrestricted funds was £167,065 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 lo adopt any ethical policy in relation to this part of ils assets. The CCLA COIF Charity Funds are promoted as responsible fvnds 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 stsndards. Risks and Uncertainties The Trustees have assessed the major risks lo which the Trust is exposed, particulady those relating to the opemtions and finances of the Trust, and are satisfied in general that systems are in place to protect grant- making activities and lo guard against the possibility of fraud. The Trustees review the Risk Register annually. The financial risks lo the Trust are assèssed 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 lo guard against these risks so far as possible, and there have been no identified cases in re￿nI years of fraud or of inappropriate use of the Trust's grants. The 2021 Risk Register noted no risks assessed as major or needing urgent mitigating action. Golng Concern The Trustees believe that there are no material uncertainties that may cast significant doubt about the ability of the Trust lo continue as a going COn￿rn. Even given the ongoing challenges of the pandemic emergency, and the impact this still continues lo have on the commercial propety market in London, and now concerns about the wider economic outlook, which has resulted in significant falls in capital values in 2022, the Trustees are of the opinion that the charity will have sufficient resources lo meet its liabilities as they fall due. Plans for Futuro Poriods The Trustees, plan lo hold a financial and strategic review was delayed by the pandemic crisis and that review will now be held during 2022, to help determine a new three-year strategic plan. The review will look al 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, lo assess the Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust priorities for our support and how lo achieve the best outcomes with our funds. Another priority during the year will be to recruit two further new Trustees, lo bring the Board to maximum capacity. The Trustees will also work to ensure that income from investments and commercial property rents is maximized to support granl-making 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 Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees lo prepare financial ststemenls for each financial year which give a true and fair view of the stste of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these financial slatemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable United Kingdom accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Trust will continue in operation. The Trustees are responsible for keeping proper records which disclose with reasonable accuracy the financial position of the Trust and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the Trust's assets and hence taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations. The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislab'on in other jurisdictions. Statement of dlsclosure to audltor So far as the Board of Trustees is aware.. there is no relevant audit information of which the Trust's auditors are unaware., and they have taken all steps that they ought lo have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Trust's auditors are aware of that information. bl Patrick Kelly Tim McNally 0910912022 2210912022 Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 14 Date Dale INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WAKEFIELD AND TETLEY TRUST Opinion We have audited the accounts of Wakefield and Telley Trust Ilhe 'Trusl'l for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, principal accounting policies and the notes lo the accounts. The financial reporting framework that ha5 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.. give a true and fair view of the slate of the charity's affairs as at 31 December 2021 and of its 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 Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities forthe aLJdit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo 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 eviden￿ we have obtained is sufficient and appropriate lo 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 concem 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 doubl on the charity's ability to continue as going concern for a period of at least twelve months from when the accounts are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust other infomiation The Iruslees 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 lo 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 lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misslalement in 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 lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the trustees, annual report is inconsistent in any material respectwith the accounts., or sufficient accounting records have not been kept,. or • the accounts are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of tmstees 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 Iruslees 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 lo cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the accounts Our objectives are lo obtsin reasonable assurance aboutwhether the accounts as a whole are free from material misstatement, whether due lo 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 misslalement when il 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 accounts. Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust 16 Auditor's responsibilities for the audit of the accounts Icontinuedl 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 exlenl to which our procedures are capable of delecling irregularities, including fraud is detailed below". How the audit was considered capable of detecting irregularities including fraud Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., We identified the laws and regulations applicable lo the charity through discussions with management and from our knowledge and experience of the charity sector., We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited lo the Charities Act 2011, Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021, and those laws and regulations that relate to the ownership and rental of real estate in the UK,. and We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management and those charged with governance and review of minutes of trustees, meetings. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. Making enquiries of management and those charged with governance as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud", and Considering the internal controls in place to mitigate risks of fraud and non-eompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. Performed analytical prO￿dureS to identify any unusual or unexpected relationships., Reviewed journal entries to identify unusual transactions., Tested the authorisalion of expenditure including grant awards", Assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potential bias,. and Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures Annual Report and Financial Statements year ended 31 De￿mber 2021 Wakefield and Tetley Trust which included, bul were not limited lo.. Agreeing financial ststemenl disclosures to undedying supporting documentation.. Reading the minutes of meetings of trustees", and Enquiring of as to actual and potential litigation and claims. 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 Iransaclions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit pmcedures required lo 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 misslalements that arise due lo 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 al www.frc.org.uklaudilorsresponsibilities. 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 stale lo the charity's Iruslees those mallers we are required lo slate 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 Date 29 September 2022 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 De￿mber 2021 Wakefield and Tetley Trust 18 Statement of Financial Activities (Incorporating Income and Expenditure Account) For the year ended 31 December 2021 Wakefield and Tetley Trust Notes Unrestricted Funds Endowrnent Total Funds Funds 2021 Unrestricted Endowment Total Funds Fund5 Funds 2020 Incorne and Endowments from.. Inveglmen 389,086 31,7$2 420,83B 389 088 346.942 30.213 377,155 346,942 31,213 377,155 Olh8r incotne Total Expèndlttsyo on.. Raising Funds 31,752 420,838 9,076 454,533 463,609 9,076 454 533 20,354 422.605 442,959 ZQ,354 4￿,605 442,959 Totsi 463,609 Net expenditure before Investment galns and losses Gains Ik>sse51 on Investments Unrealised Ilossl on revalu81ion offixed *sw$ Not18xptynditur•llin¢om• 142,7711 142,7711 {65,8041 165,8041 6c 9,381 258.946 268 327 80,483 68,163 12.71S,ODOI 12.718,0001 133,3901 12,456,0541 12,489,444) 178,1241 80,483 2,359 Re¢on¢iliatioD of Funds Funds brought forward Funds camed foTrvard 9,10 200,455 187.065 278.579 200.455 8.738.303 8.905.368 11,194.357 11.394.812 Annual Reptrrt and Finantial Ststements ￿arend￿ 31 Dècèmber 2021 Wakèfield and TetlÈy Trust 19 Balance Sheet As at 31 December 2021 Wakefield and Tetley Trust Notes 2021 2020 Fixed Assets.. T£ngible fixed Essets Investments Total Fixed Assets.. Cuffènt $$swt$'. Debtors C85h al bank And In hand 3,433 8.947,006 8,950,439 4,540 11,411,834 11,416,374 40,857 136.992 177,849 Total Curr9nt8S80ts'. LiabilitRs eredilors. Amounts falling due within one ye8r 266,362 222,920 287,924 222,920 287,924 Net current Ilabl1￿e$ 14S,0711 Total nèt assèts 8,905,M8 11,394,812 Total furtd¥ of th• charity Endowment funds 9.10 9.10 8.738.303 I67,(￿$ 8,905,368 11,194357 200,455 11,394,812 Unrestricted funds Total Fund$ ofthe Charty R￿l$le￿ Charrty Number 1121779 The financ181 st818m6nts on 19 to 29 wsr$ 8prwv#d by the Trustees and giyn8d on its behalf by Patrick K&LI¥. Signature. 0910912022 Tim J Mcma Signature. 2210912022 Annual Reptrrt and Finantial Ststements ￿arend￿ 31 Dècèmber 2021 Wakèfield and TetlÈy Trust 20 Notes to the Accounts For the year ended 31 December 2021 Wakefield and Tetley Trust 1. Accounting Policies Basls of Preparatlon and assessment of golng concern The 8CCOUnts are prepared for the year to 31 December 2021 with comparative information provKled in respect of the year to 31 December 2020. All figures are presented in Sterling lo the nearest pound. The finanGial statetnents have been prepared under the historiGal cost convention. ￿1￿ the exception that investments and funGlional freehol(I properties are included at market value. The financial statements have been prepared in accordan￿ with the Staternent of Recomrnended PractiTr ¥pplicable lo charities preparing their accounts in accordance with the FiD¥ncial Reporting Stsndard applicable in the Unitetl Kingdom and Republic of Ireland IFRS 1021 (Charities SORP IFRS 1Q211, the Financial Reporting Standard applicabk in the UK and Republic of Ireland IFRS 1021. and the Charities Act 2011. The Trustees consider that there are no material uncertainties 8boul the Trusvs ability lo continue as a going conttrn. With respect lo the next reporting period. the most signrficanl areas of uncert8inty Ih8t affect the carrying v81ue of assets held by the Trust are the level of investment retum and the perfomiance of investments. The Charty conslilLrte5 a public benefit enlily a5 defined by FRS 102. Critical accounting estimates and areas of judgment Preparation of the accounts require the Trustees 8nd management lo make signifi'cant judgment5 and estimates. The items in the accounts where these judgment and estimates have been made include.. The Trustees, assessment of fair value of investment propertie5. Also. see policy note 'lnveslments' below for further comrnenlary on the basis of valuation., The basis of alloc8ting support costs acr055 different categories of charilabk expenditure". The rates of depreaalion being applied in ord&r lo write off tangible fix8d assets over their useful economic lives. Income All income is r&cognised once the charity has entitl&menl lo the Incom&. il is probab￿ that the income will be received, and the amount of income receivable can be mÈ2sured reliably. Rental Intom& is recognised on thÈ atcmals basis, rent free periods are apportioned ovèr the life of the lease Dividend$ are retognised once the dividend has been declared and notification has bèen ￿te1Ved of the dividend due. This is normally upon nolificalion by our investment manager5 of the dividend yiel(l of our holdings. Expenditure and irrecoverable VAT Liabilities ar8 recognised 88 &xp&nditure as soon as there 18 8 18gal or constmctiva obligation committing the charrty to that 8xpenditur8, It is probable that $ettlÈmenl will ￿ required, and th& amount of the obligation can b& measured reliably. All expenditure Is attounted for on an accrual$ basis. All expens&s. including support costs and govemance costs, are 211ocated or apportioned lo the applicablè expenditure headings. For more infomation on this attribution ￿er lo note 3 below. Irrecoverable VAT is charged against the category of 8xp8nditure forwhich It was incurr8d. Grants pay8ble are payments made to third parties in th8 furtherance of th& charrtable objects of the Trust In the case of an unconditional grant ofter. this is accmed once the recipient has been notified of the grant award. The nolificalion gives the recjpient a ￿8$Onable exp&ctation that they Mll r&ceive IhÈ grant. Raising Funds Expenditure on raising funds indudas the cost of managing the Trust'$118t8d investments and the cost of upke&p of the Trust's investment properties. Charltsble Actlvltoes Co8t8 of charitable activitles Indud88 grants, support and govern8nc8 costs. Allocatlon of overhead and support costs Overhead and support costs are alloc8ted be￿88￿ 8UPPOrt costs and governanc&. 11 18 considered that more is spant monrtoring and assessing grant8 of greater value. The allocation of overhead and support C08t8 is analysed in not8 3. Govemance costs Governance costs comprise all Costs involving the public aCr￿untabllItY of the Trust and its compliance with regulation and good practiee. The8& costs Includè costs ￿lated to statutory audit fèes tog&ther with an apportionment of overhead and support costs. Annual Reptrrt and Finantial Ststements ￿arend￿ 31 Dècèmber 2021 Wakèfield and TetlÈy Trust 21 Notes to the accounts continued Tangible fixed assets The freehold prop&rties used for the purpos& of the Trust's beneficiariÈ8 are c2rried on the balancè sheet at valuation. The properties wer& revalued last by the Trust's professional advisers in March 2022 and the Trustèes consider that this is a fair refi&ction of the valDÈ at 31 D&cembÈr 2021. Th& Trusteès are of th& opinion that any pol&ntial d&prÈciation charge would bè Immaterial a$ the è$limatÈd useful life of the prOpert￿S is very long and the estimated residual value5 of Ihe assets are rlo$e to the carrying atnounls as the propertie$ undergo a regular programtne of maintenanGe. Orr1￿ equipment. defined a5 those assets with an ongoing use to the Trust are shown at C05t. and written off overtheir useful lives. For the Vicarag&. 43 Trinity Squ2re. the Parish was granted 8 9￿year lease in January 1986, for which a peppertom rent is payab￿ for the ground and upper floors of this property. These areas of the pro￿rtY are not suscèptible lo meaningful valuation and are therefore ex¢luded from the valuation of tangible fixed a$$els. Depreciation 18 calculated lo wrte off the cost of fixed tangible assets by equal annual instalments over their estimated useful live8 at the following rale8'. Fixtures and fitting8- 25¥ts Str8KJhl line Offiff equipment- 25% straight line Investsnet Investments sre a fom of basic fin8ncial instrument 8nd are initially recognised al their tr8nsaclion value 8nd subsequentty measured at their fair value as at the balance sheet dale using the dosing quoted market price. The statement of finanual activities include8 the net gains and losses arising on revalu8tion and disp08al8 throughout the year. The Trust does not acquire pul options, derivatives or other cornpkx fin8ncial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and Investment marf(els due lo wider economic conditions, th8 allilude of investors to investment risk and changes in sentiment concerning 8quilie8 and within particular sector8 or sub-seclors. Invesltnent properties are Shown in the aGGOUnts al their market value based on the last independent revaluation in MarGh 2022 which is considered to be the best estitnate of the properties, fair value as al 31 Decetnber 2021. They are held for the long term to provide income for future grant payments. Realised gain5 and 105se5 All gains and losses afy taken to the Statement of Finan¢ial Activite$ a$ they arise. Reali$ed gain$ and lo$$e$ on investments are GalGulated as the drfference between sales proceeds and their opening tsrrying value or their purGhase value if acquired subsequent to the first day of the financial year. Unre8lised gains and 105se5 are calculated a5 the difference belween the fair value at Ihe year end and their carrying value. Realised and unrealised inveslmeDI gains and losses are cornbined in the Stslemenl of Financial Acti¥itie5. Fund accounting The Petmanenl Endowtnent Fund represents the original investment of the Gapitsl of the TTUSt in properties. Gain$ and bsses on disposals and on revaluation of Ihese properties are recognised in the st8tement of financial activilies. The Expendable Endowtnent Fund represents the origin81 inve5tmeDt of the capit81 of the Trust in the functional property and other invesltnenls. Gains and losses OD disposals and on re¥alualion of these properties anLI investments are recognised in the statement of financial aclivilies. The Intom& Fund represents the unrÈstricted funds of the Trust. with all income genèrated bèing spent in accordance with thÈ terms of the Trust'$ constitution Gains and losses on di$posal or revaluation of properties and other inve$tments held within this fund are recognised in the Stalemenl of Financial AGtivities and taken to the Income Fund. Pension costs The Trust does not run ils own separate schame bul regular payments are made Into the employ8e8' own p8r80nal pension plans. Cashflow The disdosure ex8mplion8 P8rmilled by the Charities SORP FRS 102 hav8 b8en taken adv8ntag8 of in the88 financial statem8nts and statement of ca8h flows h88 not b8en prepar8d. Leases Rental inGome from opertting lease$ 1$ re¢ogni$ed on a straight4ine basi$ after adjusting for any kase in¢enb've overthe tem of the relevant lease. Annual Reptrrt and Finantial Ststements ￿arend￿ 31 Dècèmber 2021 Wakèfield and TetlÈy Trust 22 Notes to the Accounts Icontinuedl 2. In¢ome 2021 2020 Unrostrl¢tsd Funds UnTr$tri¢tod Funds Investments Rental IncDme from Invesknenl properties Income frotn dividends 327.298 283,909 61.783 62,883 Total investments 389.086 346.942 Olherincome 31.752 30.213 Total Income 420,838 377.155 All Income is unrestricted. 3. Analysis of exppDditure lal Expenditurp on raising funds 2021 2020 Inveslmenl management fees m8inien8n¢¥ of Inve$im8ni properti88 Total &X￿ndItur￿ on ralslng funds 1.786 IB,$88 20,3S4 7.920 9,076 Ibl Expenditure on charitable 2021 2020 Gr£nls (note 3cl Provision ol knlilies 276.423 254,391 7,28fj 261.677 Direct grant giving activities 288.178 Supwth cos16 Governan￿ costs 140.766 25.589 166,355 131,375 29.553 160,92 Support and Govemance costs Total charitable expenditure 454,533 422.605 The chanty has sllttated the sh£re of st2ff and offits costs £ccordin9 to the pertsnlage ol time spent Dn activities. These figures are inclusive of the costs of providing a service to Tower Hill Trust, which reimbursed £31.752 IZ020 £30.2131 in the year as a contribution lo staff 8nd wnsion cosis office and ￿nI￿1 costs (included Vvilhin Other Income). For govern8n￿. the Trust hdds Al least fourformal rneelings each year arhd staff limp Is cakulalpd lor th8 atrangem8nt of Ih05e m88tings govemanc8 asstsi81gd activities. No TTuslees re￿1Ve￿ any rernuneralion In the year12020 £NIll. During 2021. an £m￿nI of £6.621 12020. £2.400 restAledl was pa￿ lo maintsin the Vic£r£ge al 43 Trinity Squ£re Annu31 Report and Finantial Statements year Ènded 31 Deten)bèr 2021 Wakèfield and Tetley Trust 23 Notes to the Accounts Icontinuedl 1¢> Grnnts ro¢Trn¢iliation 2021 2020 Outstanding obligations at 1 Janu£ry (note 81 Gr8nls Approved in the year Gr¥ni$ withdrawn In Ihtr year Grants paid In th8 year Outstsnding obligatlQn8 4t 31 December (note 81 131.885 164,S46 276.423 260,731 16,3401 1287,0521 1301,5581 106.750 131.885 A list of approved gr8nls for 2021 are In AppendixA. Idl Allo¢ation of $upporttosts and overhead Support Costs Governance Total Jlocatsd Costtype Stsff ¢o$i$ Pen510n cos16 Offits and rent£l CDSts 102.1B8 9.489 28.270 11,3S4 1,054 113.S42 10.543 Audit fees Legal and profes￿0￿￿1 fees Totsi 10,040 10,NO 819 819 140,766 25,589 166,355 All èxpèndiluo in 2020 and 2021 w8s from unr*sln¢t#d lund$. The audit of £10.040 con5i5tsd of £10,6UO for the 20Z1 fee and an overprovision of £560 reLalirbg lo the 2020 fee. The chgnty has all￿￿ted the share of st8ff and Offi￿ costs according to the pe￿nI￿ge ol Iirne spent on activities. as follows. Costtypo Support costs Governane costs Staff Gosls 90, 10% Pen510n costs 90P 10g Offitt rentsi and cosis 90Q o¥. 100% Legal and professional tses 100% o¥. Annu31 Report and Finantial Statements year Ènded 31 Deten)bèr 2021 Wakèfield and Tetley Trust 24 Notes to the Accounts Icontinuedl 4. Employee costs 2021 2020 Sabrie$ Social secutrty Pensions 105.430 8.113 10.544 124,087 99,984 7,384 9,998 117,366 Total Ernployoo ¢OSts No employee more than £60.000 in emolurnenls. The average weewy number of employees during the penod wa5 212020 21. The Trustees Con￿der1battheY Blone comprise the key management ￿[sO￿ne1 of the Trust in charge ol directing, controlling. runnino and operatin9 the Trd91. The TrUS￿e3 are not remuner8led for their seNitss ID the Trust. 5. FLxed Fixture5 and O￿lC2 flttings Equlprnent Total Cost Al 1 Janvary 2021 1.954 5.825 1.077 7,779 1,0 DisposBIs At 31 Decpmlxr 2021 1.954 6.902 Depreciation At 1 JanuBry 2021 Charge for year At 31 DeCem￿r Z021 895 2.344 1.696 3,239 2,184 5,423 488 1,383 4,040 Net book value 31 Decembpr 2D21 Net book value 31 DeceM￿r 2020 571 1,059 2,862 3,481 3.433 4540 Annu31 Report and Finantial Statements year Ènded 31 Deten)bèr 2021 Wakèfield and Tetley Trust 25 Notes to theA¢¢ounts l¢ontinuedl 6. Investments lal Totsllnv•s1rn•Thts 2021 Unre51rkied Fund 2021 Pgmianwt EThdowmwt Fund 2020 2020 Expenilatj P•rnan•nt Effld¢)wrnnt End¢)wrnint Fund Fund 2021 Exp•ndJble Endowm•nt Fynd 2020 Vhrestrfcted Fund Totsl 2021 Totsl 202 Inv*5￿￿ni Piopenies e6 Ibl Li*ed Inve￿me￿5 note 6 ICI Totsl ,655,000 9.370,000 9,370,000 206.703 2.083.303 2.292.006 217.477 1.824.357 2.041 834 208 703 2 083 3D3 5 655 DOD 8947￿6 1 8243S7 9 370 000 11 411 834 bl 1nvestmgntpvoport￿J 8-11 ThB Crnscont 41 Trinty Squar 42 Trinity S4uar• 43 TrSnty Square Ibasement) Th• Crusc•nt crutched Frkrs Al 1 January 2021 ImpsiThnent 1,390.000 540.000 4,150,000 1.350.DOO 780,000 110.ODO 2,250.000 750.000 590,000 65 000 230,000 100 000 9.370,000 2.715.000 Al 31 December 2021 650,000 2,800,000 650,000 1,600,000 525,000 330,000 6,656,000 Hi*cth¢ost 22.047 138.628 15.805 210,000 393.$94 Rental Incotne.. Rents rac8K¥a￿￿ dufjng lh&y￿r (note 44.850 141,750 36,171 $3,309 28,788 12,450 327,298 All prOPert￿SWere e￿emSty revalued asat 31 hfiaich 2022. The revalu￿￿￿ was prepared GeTald Eve LLP extern￿ v￿￿erS, based on mark8t value. The vauation repgrnand v*u*ion$were ￿KIl9d th&leTrnsof thg RICS Valuation- Glgbal Standards (January 2020 edrtionl and Ihe nabonal stsndardsand gjidance sei out In the UK nation￿ supphment (November 2018 edrtionl I￿1￿CtIVelY Ihe Standards'l putlished bythe Royal lThstilthion of Chortered Sufvey¢rsiRicsi&nd IFRS 13 The Financial Reporting Stsndard ap￿1¢￿ble In the UK 2nd RepuL4ic cl Ireland. IUtwJ3ted Stsndard3weipissuEd postthe vduation daiel. ThÈvÉluercDnfiThned the vduation wa5 Ptepared by RICS Registered Vsluers In ￿rd￿nce vthh the requirements ufthe Stsndards Icl Lthd Inv•*trn•nts Investrnents are heldfarthEput￿ses of IthEome gEneratilln. MAt*etv4lue 31 Dec 2020 R￿*S￿dI Unr•al￿Od gains M4Yket vAlue 31 Dec 2021 Di¥pos* COIF Chanti9$ IDv&4meni Fund IExpendab Endtswmenti COIF Property Fund IExpendab Endtrwmenti 1,566.$94 222,243 1,788,937 257.663 36,703 294,366 2 083 303 Inve5tec IUnre5tmtedl 114.988 1.939.345 13.496 13A96 11.324 11.324 268.327 2.209.844 Ca$h of a ¢aprt naiure (Unrestricted Total 102,489 82,162 2 041834 CCLA iDcom• reCe￿￿d ofinveslmenl managemenlfee$, ￿£1.1581202o.. £1.786 rest*ed from £5481 ADnual Report Bnd Financial StatEments year Ended 31 December2021 Wakefield and Tetley Trust 26 Notes to the Accounts Icontinuedl 7. Dobtors 2021 2020 Unresmcted Funds Unrestrlcted Funds Trade debtors Propprty rentsl ino>yne8CCtue and owe Prep¥ymenlg Total Debtors 3,180 4,413 31,903 40.504 5,774 40,8S7 8,294 53,211 8. Credltors 2021 2020 Unrestricted Funds unF￿trICted Fund8 Grants p¥y¥Lle Inole 3 Icll 1￿,750 131,885 Tax. Social 5ecuTity and pensions Trade creditors Propprty rental InoJTne received In advan Accruals Other creditors 10 904 4,809 80,874 116.586 31,89Z 2,500 222,920 32,134 2,500 287,924 Tot81 Croditors The table belowdetails proKErty rental Income receiv￿ In ￿VanCe Balance l Jan 2021 Cash received In year 26.103 63,309 41,700 126,000 21,600 12,450 Release(I to Deferre(I to income 2022 41 Trinity Square 42 Tnnily Square 6-7 The ¢re8¢eni E-11 The cr￿ent 42 Crulched Fn?rs The Wine Library The Peter Minel Tru51 13,883 1S,827 9,907 57,750 12,568 4,150 2.501 118,S86 3.815 15.827 6.757 42.000 5,400 4.150 2.925 80,874 163,3091 128,7681 302,330 1338,Q421 9. Movement of Funds 2021 Unrestricted Fund 2021 2021 Expendable Permanent Endowment Endowment Fund Fund 2020 Total Z021 Unresthcted Fund 2020 202 Expendable Perrnanent Endowment Endowme Fund nt Fund Total 2020 Balan￿ 1 January Income 200,455 420,838 1463 6091 9,381 167,06S 1,824,357 9.370.000 11.394.812 420.838 1463.6091 12,715,000) 12,448.6731 6,655,000 8,905,368 278.579 377,155 1442.9591 1,743,874 9,370.WO 11,392,453 377,15S 1442.9591 llO,4B3 68,163 1024,357 9,370,WO 11,394,612 Exwdiiure Gain$ and lo$$e$ Balance 31 December 2S8,94E 2,083,303 200,4SS Annual Reptrrt and Financial Statements yÈarended 31 Dècember 2021 WakÈfield and Tetley Trust 27 Notes to the Accounts Icontinuedl 10. Analy¥i$ of Futhd8 2021 Unr•8trirt•d Fund 2021 2021 Exp9ndablp Pprmanprt Endowment Endowmprt Fund Fund 2020 2020 Expend8WF P9rtnanent Endowment Endowrn Fund trt Fund 2020 T¢)ts12021 Unr8stri¢t8d Fund Totsi 2020 TangiW8 fixed 8ssets Investment properbes Listed Inve5tfflen15 3,433 3.433 6.655.000 2.292.006 136.892 40.B57 1222,9201 8,905,368 4,540 4,540 9,370,000 9,370,000 2.041.834 6,655,000 208,703 136,992 40,8S7 222,9201 167,06S 2,083,303 217.477 1,824,357 Cash at bank and In hand Debtors S3,211 1287,9241 1￿24,357 9,370,WO 11,394,612 Creditys 1287.9241 200,4SS Total 2,083,303 6,655,000 11. Trustees, Expenses and Related Party Transacthins NOtrusl￿Were pa￿ expense5 in 2021 12020. Nlll There vEre no rdated Iransaebtsns in 2021 12020. None) 12. Operating leasecomrnitments Lessee Al 31 Decemttr 2021, the ¢h8rlty had ¢￿s￿nd1Th9 Commitments forfU￿re mlnimum lea$e p8yments Undern0n-¢a￿ll*tyk leases lall$ due as follows. 2021 2020 Vvilhin year Between ana live yea 21,500 26,875 48,37S 21,500 48,375 69,875 Les¥or At31 De￿mbEr 2021, ihe charity had contractedwth lenantsfor all the Idk)wing rninimum lease payrnents. ¥thiGh fall due asfdk)w5 2021 2020 Within one year tween two and five years In overfive years 134,062 342,866 7.473.000 7,949,928 342,142 406,277 7.553.552 8,301,971 Annual Reptrrt and Financial Statements yÈarended 31 Dècember 2021 WakÈfield and Tetley Trust 28 This page does not foim part of the statutory accounts. Appendix A Due at 31 Dec 2020 Approv*d in 2021 p•id Due tyt 31 Dec 2021 Grantee Ability Bow All Hallows Grant purpose 5000 5.000 39.375 Core runnin9 Costs 2nd 2 Covi&19 emergency yrant Em8ry8Dcy Covid-19 resources lor tenants and leasehO￿ers of Bancrort Estate 39 375 ss,000 55,000 Bancroft TMC Bubble Cl¢ Burdetl FC c8￿rS Centre Tower H¥mlel$ ChaiD Reaction Theatr8 9000 9.000 5,800 10.000 Forlhe'Bub Hub. online pr￿raMMe ol ¢re8iive wtyk$hop$ To supportthe e5tabli5hmenl of a Dew Food Pantry in Poplar Heallh and wellbeing sessions for carers isolated due lo Covid- 19 S,BOO 10,000 4,400 4,400 4.708 A summer holiday scheTne for 11-18 years 4.708 Community of Refugees from Vietnam East End CAB East London Catt$ English lorActv)n Vietnamese and Chinese Older PeO￿e Befriending Setvjce AC￿ssible advi￿ pilot project in Tower Hamlets schools Contnbution to salaries and on-costg 5,000 50.000 12,500 5.000 5,000 25.000 10000 35.000 12.500 5,000 ESOL Hub digital infrastructure costs A newtelephone Iiiaoe and welfare adV￿e Servi￿ forfood bank Fitsi Love Foundati 10.000 10.000 Therapeutic nature￿ased re6idenlials for young PeDple in Soulhwark Free ￿ be ￿d5 Friends of Towsr Haml*¥ Cemelary Park Globe Communiiy Project Island Advice Centre Latin Afflerica D15abled People's Project 2.000 2.000 Core costs lo delrlertherapeuiic gardening ses510nS Towards core Stsffing costs over 6 months Salary and on-coslsfor a newfull tirneAdvisor 3.000 3.000 4.S76 18.750 4.576 37,500 18,7 Digit81 equipment and on-¢o$is for remote worki 2.000 2.000 Legal AdV￿e Centre Limehouse Toym HJI Consortium eovid-19 Speugl Support Project for users with Com￿eX needs 10.000 10.000 To reduce batriers and W￿en access lo the cotnfflunity space To support a new generation of young female leaders Covid-19 re$ponse proi¢GI fproldpr people Refflole Covid-19 suppK>rt project for Bangladeshi wotnen on the Oce8n Esla 4.200 2.000 4,ZQO 2.000 London BubNe Theatre 3.000 3,ODO Oceans Women's Associ8lion 4.610 4.610 4,DOO 5.500 5.000 Our Timp Real DPO LI Ren&is$8nce Foundaiion Shadwdl Cotnrnunity Proiecis Southwark Day Cent¢ for Asylum Seekers Kids Time Workshops over the sumtner In Tower Harnlels Outreach lo isolated disabled people In Tower Hamlets Towards ¢ore ¢ost$ over 5 month$ 4,000 5500 s.000 Outreach and ￿Site p￿Y al Gl8mis Adventure Playground 4.800 4.800 Emergerbcy remote advice service over 1 month CO￿ costs to enable the Farm lo provide Covi&19 emergency support s#rvi¢6¥ and rsop8n when s¥fe 10 do 80 2.000 2,OUO spita￿e1￿¥ Crfy F8rm St Hilda's East Community Centre St Peter'$ Community ellbeirbg Project The Fe£sl Youth Proieci s,000 5,MO Covid-19 outreach servits for ai risk 0￿er people 23,000 23.000 Bangladeshi women'swellb81ng project Contribution ￿ cost of 8 new Youth Worker Suppth for up to 100 vuln8rabk¥ mutns 10 b¥ and b¥bi#$ 10 15,000 2.500 15.000 2.SOO Toyhouse Centre 3.839 3.839 CO￿ delivery coslg fv the First RespDn5eAdVi￿ service over 3 months Toynbee Hall Clean slate lawarded In 20191 Sp￿Sh lawarded ID 20191 EECF (awarded in 20191 Total 20.000 20.000 s,000 5,000 15000 15.000 3Q1,S 131,885 276,423 106,750 Annual Reptrrt and Financial Statements yÈarended 31 Dècember 2021 WakÈfield and Tetley Trust 29