Wakefield and Tetley Trust
Annual Report and Accounts
31 December 2022
Registered Charity Number..
1121779
Website address.. www.wakefieldtrust.or
Contents
Charity Information
Chair of Trustees, Foreword
Trustees, Report............................................................................................................................................
Independent Auditorfs Report lo the Trustees of Wakefield and Telley Trust .
-14
Statement of Financial Activities
.18
Balan Sheet..............................................................................................................................................19
Notes to the Accounts ..................................................................................................................................20
The following pages do not form part of the statutory accounts
Appendix A....................................................................................................................................................28
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
Charlty Infomiatlon: Reference and Admlnlstratlve Detalls
Registered Address
Marshall House, 66 Newcomen Street, London SEI 1YT
Trust Deed Made
A Charity Commission Scheme dated 12 October 2007 {enlered into for 01 January 20081, govems the
Trust, which brings together the fomier Wakefield (Tower Hill Trinity Squarel Trust (Trust Deed made 25 May 1937,
registered charity number 2091231. the former Lady Wakefield Benevolent Trust Iregistered charity nLJmber
2091230-11 and the former Charity of Charlotte Tetley in connection with Toc H (Trust Deed made 27 April 1931,
registered charity number 2091221-
Trustees
Patrick Kelly Ichairl
The Venerable Peter Delaney MBE
Mohima Kamaly
Lawren Kilshaw
Tim McNally
Clare Murphy
Clare Payne
Dawn Plimmer
Dr Stuart Morganstein
Susan Reardon Smith
Resigned 23 September 2022
Bankers
HSBC, 60 Fenchurch Street, London EC3M 4BA
Solicitor (govemance)
Stone King. 13 Queen Square, Bath BA12HJ
Solicitor (properties)
Wedlake Bell, 71 Queen Wicloria Street, London EC4V 4AY
Auditor
BLJzzacoll LLP, 130 Wood Street, London EC2V 6DL
Investment Advisors
CCLA Investment Management Ltd, 85 Queen Victoria Street, London EC4V 4ET
Inveslec Wealth and Investment Limited, 30 Gresham Street, London EC2V 7QN
Prlnclpal Officers
Cherry Bushell, Joint Clerk to the Trustees O'ob-sharel
Elaine Crush, Joint Clerk to the Trustees liob-sharel
Registered charity- 1121779
Website address.. www.wakefieldlrust.or
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
Foreword from the Chalr of Trustees
This year we saw that the lingering and long-lasting effects of the Covid-19 pandemic joined with the
emerging cost of living crisis lo create further stress for the communities that we support. People who were
marginalised, or disadvantaged were disproportionally affected by the effects of this stress because they
have difficulty in accessing resources, face discrimination or may experience poorer social, economic and
health outcomes.
We offer support in the City of London, Southwark and Tower Hamlets but, because of the comparatively
higher levels of need in Tower Hamlets, we decided that Tower Hamlets must continue to lake priority for
our funding io charities and community groups in 2022. To direct our support to lower income households
hil hardest by the cost-of-living crisis, we targeted the majority of our funding towards debt and money
advi charities who support large numbers of people. Our remaining funds went to frontline services
dedicated to support vulnerable people and communities. We were pleased to award £214,580 as 26
grants by Ihe year-end for these causes.
It was olherwise a year of some internal governance change including the resignation of Lawrence Kilshaw
as Trustee and our thanks go to him for his contribution over recent years. We had already begun an open
recruitment process to fill one or more of the existing trustee vacancies and we hope to appoint additional
Trustees in 2023. The Trust depends on income from property rents to fund our grants and 2022 saw some
considerable churn with changes to our property leases and tenancies and this gave rise to some income
uncertainty- The sucSsful re-gearing of two leases and other negotiations are likely to be resolved in 2024
which should improve financial security for Ihe Trust. Lastly, Ihe Trusl resolved to replace our ralher
antiquated website and that involved a gentle redesign of our logo and our 'working name, and so, from
mid-2023, we will be known as Wakefield Tetley Trust.
Patrick Kelly
Chair of the Trustees
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
Trustees. Report
Structure. Govemance 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 Squarel Trust Iregislered charity number 2091231, the former
Lady Wakefield Benevolent Trust (registered charity number 2091230-1 }, and the former Charity of Charlotle Tetley in
connection with Toc H, or Tetley Trust Iregistered charity number 2091221, have Sin 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 lo 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 rtain inaccurate crOss-referens, and lo make specific provision for the execution of documents lo which
the charity andlor its Trustees are party. The power was not used during 2022.
The maximum number of Trustees is twelve. At the beginning of the year there were ten Trustees. The Trust's
governing instrument stales that Trustees are appointed for life and several remaining Trustees have been in post for
ten years or more. Guided by the Charity Governance Code, the Trust believes that the long-serving Trustees offer
stability and vital experience while the Trust seeks to promote diversity and rotation by recruitment of new Trustees.
Two potential Trustees shadowed the board in the second half of 2022 and they are expected to formally join the
board by mid-2023. 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 lo an
appraisal of each TrLJStee by fellow Trustees every third year. In recruiting, choosing and appointing new Trustees, the
TrLJStees 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 lo familiarize themselves with the work of the Trust. Trustees are always
encouraged to attend relevant courses and seminars lo improve their knowledge of charity law and of good practice.
The Trust is a member of the Association of Charitable Foundations, London Funders, and NCVO., all provide training
and networking opportunities for Trustees and staff.
The Board meets quartedy, lo discuss Trust govemance 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 quartedy meetings of Trustees, with delegated authority lo award Fast Track grants
up lo £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 lo the quartedy meetings of Trustees. In
2022, several of the Sub-committee meetings were subsumed into the main Board meetings, and the Trustee
meetings reverted to being in-person only meetings.
The stsff work as a jolFshare. and are responsible for all day-to-day administrative matters. 8nd for making
recommendations to the Trustees, bul 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 to the charity.
Staff deliver a part-time support Servi for governance, financial management and grant-making to a separate
charitsble trust, Tower Hill Trust, as part of their employment. The cost of that Servi 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.
Objectives and Activities for Public Benefit
In making grants and selling 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=
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
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 Toe 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, 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 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.
Funding is targeted to charities and community groups with incomes of less than £600,000. 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 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, offering amounts over £5,000, and Fast Track Grants, offering amounts up to £5,000 for time-limited projects and emergency requests, awarded within eight weeks, and targeted at organisations with an annual income under £300,000.
## **Achievements and Performance - grants awarded during the year**
Total income was £342,449 (£420,838: 2021 ). Expenditure on grants, including the support costs for grant giving activities, was £480,724 (£463,609: 2021 ). Staff worked with a portfolio of approximately 30 '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 awarded as grants in the year was £214,580; of this £92,870 was for Main Grants, £55,000 was awarded as core funding for All Hallows by the Tower Church and £66,710 was for Fast Track Grants.
The Trust delivers grant programmes to help charities and community groups respond to acute social needs, and we worked to quickly adapt our programmes in response to new challenges. Our focus on the London Borough of Tower Hamlets, where there were fewer funding opportunities for the charity and not-for-profit sector compared to the London Boroughs of Southwark and the City of London, started in 2019 and continued into 2022.
Most charities and community groups working in our communities are small and locally focused, understanding the needs of local people and how to reach vulnerable groups, and the Trust aims to support their vitally important work. Some larger multi-borough charities are also funded to provide essential work within our area of benefit.
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.
## **2022 Grant programmes**
The Trust delivers grants to help charities and community groups respond to acute social needs, Trustees have prioritised funding for work in the London Borough of Tower Hamlets since 2020 as there were fewer funding
Annual Report and Financial Statements year ended 31 December 2022
Wakefield and Tetley Trust
6
opportunities for the charity and nol-for-profit sector in the borough compared lo London Borough of Southwark 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 population. Over the last few decades, the boroLJgh has experienced
one of the faslesl growing populations nationally, however, there is also significant endemic deprivation. For example,
over a third of children in Tower Hamlets live in poverty {Ihe 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 poverty continues to be an iSSLJe with a high
proportion of means lesled financial support now going lo people in-work. The Covid-19 pandemic exacerbated these
issues and the longer-term impact on the extent and nature of poverty and deprivation within the borough has been
deepened by the cosl-of-living crisis.
The Trust's longstanding Main Grant and Fast Track Grant programmes aimed lo support work with individuals
and communities who continued to be affected by the lingering effects of the Covid-19 pandemic and the cost-of-living
crisis more rently. We re¢ognised that people who are marginalised, or disadvantaged may be disproportionally
affected by the current situation, for example because they have difficulty in a¢ssing reSoUrs, face discrimination
or may experience poorer social. economic and health outcomes because of the lingering effects of the Covid-19
pandemic and the rising cost of living.
The Fast Track grants were offered in an open application process, and the priorities were to..
1. Support urgent work with marginalised individuals and communities most affected by the effects of the pandemic
and the cosl-of-living crisis.,
2. Fund core activities and ServIS to enable organisalions working with vulnerable Communities lo adapt or
maintain their work to adjust to the ongoing pandemic. We were unlikely lo support new projects or work where there
was no track record of delivery.,
3. Make a practical difference lo the work of the organisation andlor to the lives of the people they support.
The Trust made 18 Fast Track grants lo the value of £66,710 including the following..
Blossom Project, Tower Hamlets
£2,575 towards cost of a new part-lime outreach worker to encourage more BAME older and vulnerable people to
benefit from the services and activities offered by the charity to support their health and wellbeing, induding aCsS
to a lunch club On a week.
Canaan Project. Tower Hamlets
£2,500 towards high quality youth work for up to 30 young women and girls aged 11-19 years in the Isle of Dogs.
The support offered includes including drop-ins, individual mentoring, lunch clubs and excursions lo encourage the
young people to flourish by broadening their horizons and raising their aspirations.
Free to be Kids, Southwark
£3,500 towards their longstanding engagement project 'Thrive Outside, for the places allocated lo Soulhwark
children. For children to experience nature and the outdoors in 8 highly supportive environment and residentials and
with a therapeutically slruclured programme including mentoring, lo broaden their horizons and build Confiden and
self-esteem.
Grants made in 2022 were mostly for work continuing into 2023 and not yet completed al the publication of this
report. Examples of grants that completed in 2022 and their public benefit, can be found below..
Brick Lane Women and Girls. Tower Hamlets
£2,500 to support a continuing Bangladeshi women's project, meeting twice a week al Ensign Youth Club and Kobi
Nazrul Centre. The project provided a range of social and personal development related activities in early 2022 for
22 women from the Spilalfields and Banglatown area. The project aimed lo build confidence, community and skills,
to improve health and overcome isolation generated or eXa¢e>ated by the long-lasling pandemic restrictions. The
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
participants were offered ESOL sessions, group sewing classes. advice for finance and benefits entitlements and
social gatherings including day trips. The participants reported feeling less isolated as a result and some had been
able lo a¢$5 public seNices not available lo them prior to the project.
Consortium 50, Tower Hamlets
£3,000 towards their Link In projeel to bringing together isolated men who faee challenges in their own lives. Around
twelve men attended each session, and the age range was 45-76 years with one or two younger men. Many had
experienced homelessness, family breakdowns, addiction, isolation and loneliness and all were recovering from or
living with long term physical or mental health conditions. Though the project, they experienced social connection
through eXperienS, places and outings and that led to increased confidence, new relationships, reduced stress and
anxiety and a wllingness lo try new experiences. After the set of weekly sessions finished, 90,10 of participants felt
more confident in using public transport and all members increased confidence in going out. 70Q/o had begun
something new or discovered a new way lo reduce stress or cope in moments of anxiety, such as swimming, cyding,
allending a walking group, reading, and realising the power of talking and sharing with others. The group continued
via other small funding achieved al the end of this grant.
Thai Boxing Fighters Academy, Tower Hamlets
£2,500 was awarded for the first time lo this small club which works with vulnerable members of society and children.
The club is part funded by London Borough of Tower Hamlets and provides an important Sour of support for
people who have poor mental health and often feel isolated. The academy enables and empowers students to
develop themselves physically, mentslly, through training, inclusion and participation in training and social group
activities run by volunteer coaches. Many of the attendees cannot pay for member fees or buy team kit. This grant
funded boxing gloves for children and safety equipment and registration fees for adults lo participate in tournaments
as well as contributing lo venue hire fees.
Tower Hamlets Friends and Neighbours, Tower Hamlets
£3,000 towards core cost of befriending, stimulating activities, advocacy and self-advoca¢y ServIS for up to 200
older people. The objective was lo directly tackle the loneliness, isolation and lack of mental and physical stimulation
which reduces the quality of life and wellbeing of elderly isolated residents, and likewise directly bring atry)ul
engagement and re-engagement with the community. Services were provided to older people across the entire
borough, mixing befriending, including relevant and stimulating activities, with advocacy and self-advocacy services,
helping people to access the support they need. They hoped to preserve independence and inclusion and thereby
improve quality of life.
Maln Grants were offered in a single competitive round by invitation lo previously funded organisalions in Tower
Hamlets under following objectives and 7 awards were made to the value of £92,870..
1. Support for organisalions working with targeted groups identified as particul8dy vulner8ble,' awards were made to..
Toyhouse Library
Woman's Trust
Account 3
£ 9,900- Targeted support for up to 250 new parents, babies and toddlers
£15,000- Specialist 1-1 counselling for women survivors of domestic violence
£20,000- Tailored skills training and ESOL support for 66 women
2. Support for people to claim benefits,. awards were made lo..
Clean Slate Training and Employment £15,000- Financial resilience programme for people on low incomes
East End Citizens Advice
£15,000- To extend the 'AdVI Service in Schools, Project
First Love Foundation
£10,000- Towards a triage service for Advice servi clients
Island Advice Centre
£14,970- Support for an additional 200 people in financial difficulty
Ongoing ways of working
Since 2020 and prompted by the Covid-19 crisis, the Trust has followed the pledge made by funders under the
London Funders, alliance, lo work in the following ways with grant applicants and grant holders..
Adapting activities - acknowledging that agreed outcomes may not be achieved in the timeframes originally set.,
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
Discussing dates- not adding pressure on organisalions to meet tight reporting deadlines.,
Financial flexibility- allowing organisalions to use money differenuy e.g. buying equipment and covering staff
sickness.,
Listening- encouraging frank conversations between funder8 and grantees, with funders being supportive of their
needs.
Analysls of grants made
Trustees generally want to ensure that grants are accessible to new applicants, however this year 840/01600/0 2021)
of all grants awarded were lo organisations previously supported by the Trust, reflecting the fact that we held a
closed grant programme al the yearend lo extend the work of trusted organisations lo provide emergency support in
response to the cosl-of-living crisis.
Of the total awarded to Main Grants and Fast Track Grants in the year, 96 /0 (24 grants) was for work in Tower
Hamlets197 /0, 20201 lo the value of £156,080, with 4'/011 grant) for work in Southwark lo the value of £3,500.
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 aim to support work or 8Ctivities which
address disadvantage in a targeted way. In 2022
160/0 of gont funding supported work with people living with disabililies15 grants)
24 /0 of grant funding supported initiatives for mental health and wellbeing {6 grants)
32 /0 of grant funding supported work with women or men only {8 grants)
200/0 of grant funding contributed to advice and welfare support initiatives15 grants}
20Q/o of grant funding was tsrgeled at children and young people15 grants)
24Q/o of grant funding supported work with older people16 grants}
40/0 of grant funding supported work with people experiencing domestic abuse11 grant}
320/0 of grants supported the work of organisations run by and for Black, Asian and minority ethnic communities18
grants)
A proportion of payments made during 2022 were for grants awarded in previous years and similarfy, a proportion of
grants awarded in 2022 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 2022, irrespective of when
those grants will be paid. Appendix A lo the accounts shows the detail of new grants awarded and historical grants
paid out in 2022.
Examples of Publlc Beneflt: Maln Grants completed durlng 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 organisalions 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 leaming 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 at 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 2022 this grant was sel al £55.000 (recorded as a commitment in the 2021
accounts).
All Hallows is in the unique selling of Tower Hill, straddling the City of London and the edge of Tower Hamlets, it
serves City workers and visitors from across the world lo the World Heritage site of the Tower of London. The
lingering effects of the Covid-19 pandemic remained challenging for all aspects of the life and ministry of the Church,
its congregation, parish and the wider community into 2022. The Church continued pastoral support for the Afghan
citizens housed in the parish through the resettlement programme. The Afghan women's group continues lo be
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
hosted by the Church and the Vie8r sils on the Afghan Resettlement Group with local agencies. In 2023. the Church
will need to raise significant capital funds to undertake major roof renovation works.
Al the end of the year, Trustees agreed an unrestricted annual grant of £55.000 to the Church for payment in 2023.
Main Grants
Al the Main Grants made this year were for work to be conducted in 2023. Examples of previous year grants that
completed during the year were..
East End Citizens Advice, Tower Hamlets
£50,000 was awarded in 2021 to continue a pilot project lo establish the satellite social welfare advice Servi in 3
primary schools. The pilot project had proved SUCssful so far in supporting new clients, many of whom had caring
responsibilities for disabled children and faced food and fuel povety. A specialist Bengali speaking work supported
up to 96 families who were predominantly Bangladeshi alongside African and British families. There were
challenges around the lingering effects of the pandemic reslriclions, so services were often delivered remotely with
limited face lo fa appoinlmenls. The top issues for clients were welfare benefits, council lax and housing benefits,
fuel and gas vouchers and personal independence payments. The service achieved £355,000 worth of financial
outcomes for families and supported clients through successful benefit appeals, benefits adviTr and benefit
entitlements. They made successful grant applications for basic necessities and they empowered clients lo
challenge the system. This led to improved confidence in the community to advocate for their rights. The charity
believed that the satellite service was reaching people in need and should be rolled out to other schools if statutory
and other funding could be found.
St Peter's Community Wellbeing Projects
£15,000 was granted to provide essential outreach support during pandemic lockdowns fmm eady 2021 for
m8rginalised minority groups particularly elderly and vulnerable women from the Bangladeshi community. Many of
the beneficiaries were people facing difficulties in accessing mainstream servi$ such as healthcare, housing and
welfare rights due lo language and cultural barriers and physical and mental health problems which restrict their
independence. Online exercise sessions and drop-in club activities once restrictions were lifted. Other support was
immediate intervention in situations such as domestic abuse, mental-heallh aid, bereavement. Over 80 emergency
care food and essential supplies packages were delivered. From June 2021 drop-in club activities were resumed.
120 individuals benefited from the project.
Toyhouse Centre
£3,839 was granted to support vulnerable new parents from communities around the Toyhouse Centre who were
referred from the perinatal mental health team. Toyhouse re*stablished the weekly Baby Group with sensory play
after the third pandemic lockdown ended and the group could go ahead with social distancing and other protections.
Parents and carers had been very isolated and were desperate to get out and meet others, mix and start the process
of socializing. The charity was able to restart their baby massage courses with their three trained infant massage
tutors and they ran five courses, interacting with at least 30 parents and their babies. They ran a referral-only
session for parents with young children who other professionals were raising concerns about, and a team of trained
Peer Support Volunteers accompanied apprehensive and hesilanl new parents to the session. This support was
critical for babies and toddlers who were at risk during the pandemic of delays in acquisition of language and a fear
of other babies and toddlers., an Ofsted report acknowledged that young children were the most adversely affected in
society by the pandemic disruptions. In total, around 100 parents accessed the services with their babies and
toddlers.
Financial Review
The Trust's overall financial position is relatively strong. The total level of the reserves as al 31 December 2022 was
£8,164,241, of which £6,320,000 was reslricled permanent endowment funds, £1,829,173 was expendable
endowment funds and £15,068 was unrestrieled. Assets in the form of property and securities are held to produce
income for granl-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, with six commercial head leases relating to properties in the vicinity
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
10
of Tower Hill in the City of London. All property assets were revalued between December 2022 - May 2023 by
Gerald Eve LLP, external valuers. Gerald Eve also conducted a re-valuation for 41 and 42 Trinity Square, in
accordance with the Royal Inslilule of Chartered Surveyors Valuation Guidance Standards, taking account of a
successful head lease rearing that had taken place in 2022 for those two properties, which saw a combined
increase in value of £100.000. However, the combined value of all freehold interests decreased by £335.000.
One of the Trust's properties, 43 Trinity Square, is let 218 peppereorn rent to All Hallows by the Tower ChLJrch 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, which is included in the accounts as an investment property carried at
fair value, there has been no value allributed in these accounts to the remainder of this property, which is used
exclusively by the parish of All Hallows chUh as a 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
pmpety 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. with the exception of the new head leases al 41 and 42
Trinity Square, EC3, which now run from October 2022 for 150 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 rental income from property during the year amounted to £245,5191£327,298.' 20211.
For investment other than in properties, the Trustees have the power to invest in such assets as they see fit and
have nCluded that the most appropriate vehicle for the Trust's funds is specialised unil 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 2022, the total
market value of these investments (excluding cash in the COIF Charities Deposit FLJndl was £2,205,496
(£2,083,303.. 20211, of which approximately 88Q/o was held in Charities Investment Fund units and 12Q/o in Charities
Property Fund units. A small proportion of the listed investments are also managed by Inveslec (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 term.
With respect to the £200,000 settlement earned from the loss of rights to light in November 2015 and plaTrd with
Investec lo manage, this was invested in a range of funds, equity holdings and other securities. The market value of
these investments stood al £31,337 as al 31 December 20221£126,541= 2021 }. £80,000 funds held or converted lo
cash were drawn down in August 2022 to boost unrestricted cash resetves in light of fluclualions to Trust income
and the remaining balan was converted to cash and drawn down in early 2023 to support grant expenditure and
the account was closed.
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 neSsary, draw on the expendable
endowment lo further the objects of the charity, but their policy is lo relain these funds to support income generation.
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), and this is deemed lo
be £195,000.
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 antlClP8te a future drop in income, and income reserves rise above the level of 6 months,
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
normal expenditure including expenditure on grants, the Trust will lake steps lo increase its spending on grants to
ensure that cash is not UnneSSarIlY accumulated. Income reserves must always be held in accounts which can be
aCsSed immediately, so that they can be drawn upon at any lime.
The charity s reserves which are available for spending do not include ils permanent endowment, invested in the
investment properties. These properties are owned lo provide income for the charity. If any of them were lo be sold
al any time, the proceeds could not be spent for the purposes of the charity, expt with the express consent of the
Charity Commission, but would have to be re-invested lo eontinue to provide ineome.
An analysis of the distribution of the Trust's net assets beleen its pemianenl endowment, ils expendable
endowment, and its income reserve, is contained in note 10 to the accounts. The Trustees confirm the availability to
Wakefield and Tetley Trust of assets lo fulfil all ils charitable obligations, and lo ensure that all plans and
commitments can be carried out. The value of income reserves i.e. the unrestricted funds was £15,068 explicitly,
compared to the target of £195,000, however trustees are also able to draw on expendable endowment funds, and
these funds stood al £1,829,173 al the year-end, so Iruslees are content that the funds held by the Trust are
sufficient.
The Trust's overall financial position is relatively strong. The total level of the resetves as al 31 December 2022 was
£8,164,241 of which £6,320,000 was restricted permanent endowment funds, £1,829,173 were expendable
endowment funds and £15,068 was unreslricled.
Pollcy on Ethlcal Investment
Since the Trust's properties are let on long leases to head tenants who can in tum sub-let, the Trust is not able to
adopt any ethical policy in relation lo this part of ils assets. The CCLA 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 lo which the Trust is exposed, particularfy those relating to the
operations and finances of the Trust and are satisfied in general that systems are in place to protect grant making
activities and to guard against the FX)ssibility of fraud. The Trustees review the Risk Register annually. The financial
risks lo the Trust are assessed as low, Sin 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.
PrOdureS are in pla 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 2022 Risk Register noted that the income
from property rents had been predicted to fluctuate during this period, but no risks were assessed as major or
needing urgent mitigating action.
Going Concern
The Trustees of the Charity believe that there are no material uncertainties that may cast significant doubt about the
ability of the Charity lo continue as a going concern.
Plans for Future Periods
The Trustees, plan to hold a financial and strategic review was delayed by the pandemic crisis and that review will
now be held during 2024, to help detemiine a new three-year strategic plan. The review will look al the needs of
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
12
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 lo achieve the best outcomes with our funds. Another priority during the year will be to recruit two further new
Trustees, lo strengthen the Board. The Trustees will also work lo ensure that income from investments and
commercial property rents is maximised lo 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
th applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Praclicel.
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 slate of affairs of the Trust and of the income and expenditure of
the Trust for that period. In preparing these financial stslemenls, the Trustees are required lo=
Select suitable accounting policies and then apply them consistendy.,
Observe the methods and principles in Accounting and Reporting by Charities.. Slalemenl of
Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 102).,
Make judgements and estimates that are reasonable and prudent.,
Slate whether applicable United Kingdom accounting standards have been followed, subject lo any material
departures disclosed and explained in the financial slatemenls., and
Prepare the financial statements on the going concern basis Ljnless it is inappropriate to presLJme 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 slalemenls 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 hen taking reasonable steps for the prevention and
detection of fraud and breaches of18W and regulations.
The Trustees are responsible for the Maintenan and integrity of the Trust and financial infomialion included on the
Trust's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Statement of disclosure lo auditor
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 lo establish that the Trust's auditors are aware of that information.
bl
Patrick Kelly
Tim McNally
Dale 24 July 2023
Dale 24 July 2023
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
13
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WAKEFIELD AND TETLEY TRUST
Oplnlon
We have audited the accounts of Wakefield and Telley Trust (the 'Trust'l for the year ended 31 December 2022
which comprise the statement of financial aclivilies, the balan sheet, principal accounting policies and the notes
to the accounts. 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 Praclicel.
In our opinion, the accounts:
give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its income and
expenditure for the year then ended.,
have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordan with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS {UKII 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 independentoflhe charity in awordance 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 evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going ¢on¢ern
In auditing the accounts, we have concluded that the Iruslees, use of the going COnM 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 lo 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 aulhorised for issue.
Our responsibilities and the responsibilities of the trLJStees with respect to going concern are described in the
relevant sections of this report.
Other infomiation
The trustees are responsible for the other information. The other information comprises the infomialion induded
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 infomialion 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 infom)alion 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 misslatemenls, we are required lo determine whether there is a material misslatemenl 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 to report that fact.
We have nothing lo report in this regard.
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
14
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 lo you rf, in our opinion..
the infomialion given in the trustees, annual report is inconsistent in any material respect with 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 reiVed all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities stalemenl, 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
Iruslees determine is ne$Sary 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 lo continue as a going
concern, disclosing, as applicable, mallers related lo going wn¢em 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
altemative but to do so.
Auditor's responsibilities for the audit of the accounts
Our objectives are lo obtain reasonable assurance about whether the accounts as a whole are free from material
misstatement, whether due to fraud or error, and lo issue an auditor's report that includes ouropinion. Reasonable
assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUK}
will always delect a material misstatement 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 to influence the
economic decisions of users taken on the basis of these accounts.
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
15
Auditor's responsibilities for the audit of the accounts Icontinued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS
in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities,
including fraud. The exlenl lo which our prOdureS are capable of detecting irregularities, including fraud is
detailed below..
Our approach to identifying and assessing the risks of material misstatement in respeel of irregularities, including
fraud and non-complian with laws and regulations, was as follows..
The engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-complian 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 inclLJded but were not limited to the Charities Act 2011,
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable to 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 governan and review of minutes of trustees,
meetings.
We assessed the susceptibility of the charity's financial statements to material misstalemenl, 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 to fraud, their knoedge of actual, suspected and alleged fr8ud', and
Considering the internal controls in pla to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and oveIde of controls, we-
Performed analytical procedures to identify any unusual or unexpected relationships.,
Reviewed journal entries to identify unusual transactions-
Tested the aulhorisalion of expenditure including grant awards.,
Assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias,. and
Investigated the rationale behind signfficant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS
which included, but were not limited to..
Agreeing financial statement disclosures lo underlying supporting documentation.,
Reading the minutes of meetings of trustees., and
Enquiring of as lo actual and potential litigation and claims.
Annual Report and Financial Statements year ended 31 Deeember 2022
Wakefield and Tetley Trust
16
As a result of OLJr procedures we did not identify any key aLJdit 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 it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence, if
any.
Material misstalemenls that arise due lo fraud can be harder to delect 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 ww.frc.org.uklaudilorsresponsibilities. This description fomis part of our auditorfs 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 stale to them in an auditorfs report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone
other than the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions
we have formed.
Buzzacott LLP
Slatulory Auditor
130 Wood Street
London
EC2V 6DL
Date 31 July 2023
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 Deeember 2022
Wakefield and Tetley Trust
17
## **Statement of Financial Activities (Incorporating Income and Expenditure Account)** For the year ended 31 December 2022 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**
**2022**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total Funds**
**2021**
£
£
£
£
£
£
309,606
-
309,606
389,086
-
389,086
32,843
-
32,843
31,752
-
31,752
**342,449**
**-**
**342,449**
**420,838**
**-**
**420,838**
89,958
-
89,958
9,076
-
9,076
390,766
-
390,766
454,533
-
454,533
**480,724**
**-**
**480,724**
**463,609**
**-**
**463,609**|
|---|---|
|**Net expenditure before**
**investment (losses)**|**(138,275)**
**-**
**(138,275)**
**(42,771)**
**-**
**(42,771)**|
|(Losses)/gains on investments
6c
Unrealised (loss) on revaluation
of investment properties
6b
**Net expenditure**
**Reconciliation of Funds**
Funds brought forward
9,10
Funds carried forward|(13,722)
(254,130)
(267,852)
9,381
258,946
268,327
-
(335,000)
(335,000)
-
(2,715,000)
(2,715,000)
**(151,997)**
**(589,130)**
**(741,127)**
**(33,390)**
**(2,456,054)**
**(2,489,444)**
167,065
8,738,303
8,905,368
200,455
11,194,357
11,394,812
**15,068**
**8,149,173**
**8,164,241**
**167,065**
**8,738,303**
**8,905,368**|
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
18
## **Balance Sheet**
## As at 31 December 2022 Wakefield and Tetley Trust
|**Notes**
**Fixed Assets:**
Tangible fixed assets
5
Investments
6a
**Total Fixed Assets:**
**Current assets:**
Debtors
7
Cash at bank and in hand
**Total Current assets:**
**Liabilities**
Creditors: Amounts falling due within one
year
8
**Total Liabilities**
**Net current liabilities**
**Total net assets**
**Total funds of the charity**
Endowment funds
9,10
Unrestricted funds
9,10
**Total Funds of the Charity**|**2022**
£
1,266
8,642,697
**8,643,963**
34,711
130,981
**165,692**
645,414
**645,414**
**(479,722)**
**8,164,241**
8,149,173
15,068
**8,164,241**|**2021**
£
3,433
8,947,006
**8,950,439**
40,857
136,992
**177,849**
222,920
**222,920**
**(45,071)**
**8,905,368**
8,738,303
167,065
**8,905,368**|
|---|---|---|
Registered Charity Number : 1121779
The financial statements on pages 18 to 27 were approved by the Trustees and signed on its behalf by:
Name: ___________________ Signature: _________________________ Date: ________________Tim McNally 24 July 2023 Paddy Kelly Name: ___________________ Signature: _________________________ Date: ________________24 July 2023
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
19
## **Notes to the Accounts**
## For the year ended 31 December 2022 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 2022 with comparative information provided in respect of the year to 31 December 2021. 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
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 fair value of investment properties. Also, see policy note 'Investments' below for further commentary on the basis of valuation;
- The basis of allocating support costs across different categories of charitable expenditure;
- The rates of depreciation being applied in order to write off tangible fixed assets over their useful economic lives.
## **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 2022 Wakefield and Tetley Trust
2 0
Notes to the accounts continued
## **Tangible fixed assets**
For 43 Trinity Square, the Parish was granted a 99-year lease in January 1986 and it is currently used as a vicarage, for which a peppercorn rent is payable for the ground and upper floors of this property.The Vicarage is on the ground and upper floors of the property and this area is not susceptible to meaningful valuation and is therefore exclude from the valuation of tangible fixed assets.
Only tangible assets with a cost of over £500 will be capitalised.
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 revaluations which were undertaken between December 2022 and May 2023 which the trustees consider to be the best estimate of the properties' fair value as at 31 December 2022. They are held for the long term to provide income for future grant payments.
## **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.
## **Cashflow**
The disclosure exemptions permitted by 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 2022 Wakefield and Tetley Trust
2 1
Notes to the Accounts (continued)
## **2. Income**
**----- Start of picture text -----**
2022 2021
£ £
Unrestricted Unrestricted
Funds Funds
Investments
Rental income from investment
245,519 327,298
properties
Income from dividends 63,923 61,783
Bank interest 164 5
Total investments 309,606 389,086
Other income 32,843 31,752
Total Income 342,449 420,838
**----- End of picture text -----**
All income is unrestricted.
## **3. Analysis of expenditure**
## **(a) Expenditure on raising funds**
|Investment management fees
Management of investment properties
**Total expenditure on raising funds**|**2022**
£
1,436
88,522
**89,958**
**2022**
£
214,580
12,883
**227,463**
138,592
24,711
**163,303**
**390,766**|**2021**
£
1,156
7,920
**9,076**
**2021**
£
276,423
11,755
**288,178**
140,766
25,589
**166,355**
**454,533**|
|---|---|---|
||||
|**(b) Expenditure on charitable**
**activities**|||
|Grants (note 3c)|||
|Provision of office facilities
**Direct grant giving activities**|||
|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 £32,853 (2021: £31,752) 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 four 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 year (2021: £Nil).
During 2022, an amount of £5,329 (2021: £6,621) was paid to maintain the Vicarage at 43 Trinity Square.
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 2
Notes to the Accounts (continued)
## **(c) Grants reconciliation**
**----- Start of picture text -----**
2022 2021
£ £
Outstanding obligations at 1
106,750 131,885
January (note 8)
Grants approved in the year 214,580 276,423
Grants withdrawn in the year - -
Grants paid in the year (168,460) (301,558)
Outstanding obligations at 31
152,870 106,750
December (note 8)
**----- End of picture text -----**
A list of approved grants for 2022 are shown in Appendix A.
## **(d) Allocation of support costs and overheads**
|**Cost type**|**Support**
**Costs**
£|**Governance**
£
11,728
1,088
2,455
9,440
-
**24,711**|**Total**
**Allocated**
£|
|---|---|---|---|
|Staff costs
Pension costs
Office and rental costs
Audit fees
Legal and professional fees|105,556
9,792
22,093
-
1,151||117,284
10,880
24,548
9,440
1,151|
|**Total**|**138,592**||**163,303**|
All expenditure in 2021 and 2022 was from unrestricted funds.
The audit fees of £9,440 consisted of £10,020 for the 2022 fee and an overprovision of £580 relating to the 2021 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 -----**
Cost type Support costs [Governance ]
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 2022 Wakefield and Tetley Trust
2 3
Notes to the Accounts (continued)
## **4. Employee costs**
**----- Start of picture text -----**
2022 2021
£ £
Salaries 108,648 105,430
Social security 8,187 8,113
Pensions 10,880 10,544
Total Employee costs 127,715 124,087
**----- End of picture text -----**
No employee earned more than £60,000 in emoluments.
The average weekly number of employees during the period was 2 (2021: 2).
The Trustees consider that they alone comprise the key management personnel of the Trust in charge of directing, controlling, running and operating the Trust. The Trustees are not remunerated for their services to the Trust.
## **5. Fixed assets**
|**5. Fixed assets**||
|---|---|
|**Cost**
At 1 January 2022
Additions
Disposals
**At 31 December 2022**
**Depreciation**
At 1 January 2022
Charge for year
**At 31 December 2022**
**Net book value 31 December 2022**
Net book value 31 December 2021|**Fixtures and**
**fittings**
**Office**
**Equipment**
**Total**
**£**
**£**
**£**|
||1,954
6,902
8,856
-
-
-
-
-
-
**1,954**
**6,902**
**8,856**|
|||
||1,383
4,040
5,423
488
1,679
2,167|
||**1,871**
**5,719**
**7,590**|
|||
||**83**
**1,183**
**1,266**
571
2,862
3,433|
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 4
Notes to the Accounts (continued)
## **6. Investments**
## **(a) Total Investments**
**----- Start of picture text -----**
2022 2021 2021
2022 2022 2021
Permanent Total Expendable Permanent Total
Unrestricted Expendable Unrestricted
Endowment 2022 Endowment Endowment 2021
Fund Endowment Fund Fund
Fund Fund Fund
£ £ £ £ £ £ £ £
Investment Properties - - 6,320,000 6,320,000 - - 6,655,000 6,655,000
note 6 (b)
Listed Investments
117,201 2,205,496 - 2,322,697 208,703 2,083,303 - 2,292,006
note 6 (c)
Total 117,201 2,205,496 6,320,000 8,642,697 208,703 2,083,303 6,655,000 8,947,006
(b) Investment properties
42 43 Trinity
6-7 8-11 41 Trinity 42 Trinity
Crutched Square Total
The Crescent The Crescent Square Square
Friars (basement)
£ £ £ £ £ £ £
At 1 January 2022 850,000 2,800,000 650,000 1,500,000 525,000 330,000 6,655,000
Revaluation 250,000 (500,000) (230,000) 330,000 (25,000) (160,000) (335,000)
At 31 December 2022 1,100,000 2,300,000 420,000 1,830,000 500,000 170,000 6,320,000
Historic cost 22,047 136,628 - 15,805 9,114 210,000 393,594
Rental income:
Rents receivable
during the year (note 26,557 71,458 24,647 84,657 21,600 16,600 245,519
2)
**----- End of picture text -----**
All properties were externally revalued between December 2022 and May 2023 and the trustees consider this to be a fair reflection of the value of the properties at 31 December 2022. The revaluation was prepared Gerald Eve LLP, external valuers, based on market value. The valuation report and valuations were carried out in accordance with the terms of the RICS Valuation - Global Standards (January 2020 edition) and the national standards and guidance set out in the UK national supplement (November 2018 edition) (collectively “the Standards”) published by the Royal Institution of Chartered Surveyors (RICS) and IFRS 13 The Financial Reporting Standard applicable in the UK and Republic of Ireland. (Updated Standards were issued post the valuation date). The valuer confirmed the valuation was prepared by RICS Registered Valuers in accordance with the requirements of the Standards.
## **(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 2021**
**Additions**
**Disposals**
**Realised/**
**unrealised**
**losses**
**Market value**
**31 Dec 2022**
£
£
£
£
£
1,788,937
376,323
-
(219,081)
1,946,179
294,366
-
-
(35,049)
259,317|**Market value**
**31 Dec 2021**
**Additions**
**Disposals**
**Realised/**
**unrealised**
**losses**
**Market value**
**31 Dec 2022**
£
£
£
£
£
1,788,937
376,323
-
(219,081)
1,946,179
294,366
-
-
(35,049)
259,317|
|---|---|---|
||**2,083,303**
**376,323**
**-**
**(254,130)**
**2,205,496**||
||
126,541
10,226
(91,708)
(13,722)
31,337
**2,209,844**
**386,549**
**(91,708)**
**(267,852)**
**2,236,833**
82,162
85,864
**2,292,006**
**2,322,697**||
|||**2,322,697**|
Investec income (2021: restated from COIF income) received net of investment management fees, which are £1,436 (2021: £1,156)
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 5
Notes to the Accounts (continued)
## **7. Debtors**
**----- Start of picture text -----**
2022 2021
£ £
Unrestricted Unrestricted
Funds Funds
Trade debtors - 3,180
Property rental income accrued
28,402 31,903
and owed
Prepayments 6,309 5,774
Total Debtors 34,711 40,857
8. Creditors
2022 2021
£ £
Unrestricted Unrestricted
Funds Funds
Grants payable (note 3 (c)) 152,870 106,750
Trade creditors 4,797 904
Property rental income received
423,555 80,874
in advance
Accruals 61,692 31,892
Other creditors 2,500 2,500
Total Creditors 645,414 222,920
**----- End of picture text -----**
The table below details property rental income received in advance
||**Balance**
**1 Jan 2022**|**Cash**
**received**
**in year**|**Released to**
**income**|**Deferred to**
**2023**|
|---|---|---|---|---|
|41 Trinity Square|3,815|128,925|(24,647)|108,093|
|42 Trinity Square|15,827|365,217|(84,657)|296,387|
|6-7 The Crescent|6,757|26,400|(26,557)|6,600|
|8-11 The Crescent|42,000|29,458|(71,458)|-|
|42 Crutched Friars|5,400|21,600|(21,600)|5,400|
|The Wine Library|4,150|16,600|(16,600)|4,150|
|Peter Minet Trust|2,925|23,861|(23,861)|2,925|
||**80,874**|**612,061**|**(269,380)**|**423,555**|
## **9. Movement of Funds**
|**9. Movement of Funds**||
|---|---|
|Balance 1 January
Income
Expenditure
Gains and losses
**Balance 31 December**|**2022**
**Unrestricted**
**Fund**
**2022**
**Expendable**
**Endowment**
**Fund**
**2022**
**Permanent**
**Endowment**
**Fund**
**Total 2022**
**2021**
**Unrestricted**
**Fund**
**2021**
**Expendable**
**Endowment**
**Fund**
**2021**
**Permanent**
**Endowment**
**Fund**
**Total 2021**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|
||167,065
2,083,303
6,655,000
8,905,368
200,455
1,824,357
9,370,000
11,394,812
342,449
-
-
342,449
420,838
-
-
420,838
(480,724)
-
-
(480,724)
(463,609)
-
-
(463,609)
(13,722)
(254,130)
(335,000)
(602,852)
9,381
258,946
(2,715,000)
(2,446,673)
**15,068**
**1,829,173**
**6,320,000**
**8,164,241**
**167,065**
**2,083,303**
**6,655,000**
**8,905,368**|
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 6
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**|**2022**
**Unrestricted**
**Fund**
**2022**
**Expendable**
**Endowment**
**Fund**
**2022**
**Permanent**
**Endowment**
**Fund**
**Total 2022**
**2021**
**Unrestricted**
**Fund**
**2021**
**Expendable**
**Endowment**
**Fund**
**2021**
**Permanent**
**Endowment**
**Fund**
**Total 2021**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|
||1,266
-
-
1,266
3,433
-
-
3,433
-
-
6,320,000
6,320,000
-
-
6,655,000
6,655,000
493,524
1,829,173
-
2,322,697
208,703
2,083,303
-
2,292,006
130,981
-
-
130,981
136,992
-
-
136,992
34,711
-
-
34,711
40,857
-
-
40,857
(645,414)
-
(645,414)
(222,920)
-
-
(222,920)
**15,068**
**1,829,173**
**6,320,000**
**8,164,241**
**167,065**
**2,083,303**
**6,655,000**
**8,905,368**|
|||
## **11. Trustees’ Expenses and Related Party Transactions**
In 2022, one trustees was paid travel expenses of £65 (2021 : Nil)
In 2022, Mohima Kamaly, a trustee, is a project manager responsible for applying for grants at the charity SPLASH who received a £5,000 grant in 2022.
## **12. Operating lease commitments**
## **Lessee**
At 31 December 2022, 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|**2022**
**£**|**2021**
**£**|
|---|---|---|
||||
||21,500
5,375
**26,875**|21,500
26,875|
|||**48,375**|
## **Lessor**
At 31 December 2022, 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|**2022**
**£**
139,418
456,245
12,750,890
**13,346,553**|**2021**
**£**|
|---|---|---|
|||134,062
342,866|
|||7,473,000|
|||**7,949,928**|
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 7
This page does form part of the statutory accounts.
## Appendix A
**----- Start of picture text -----**
Due at 31 Approved Paid Due at 31
Dec 2022 in 2022 in 2022 Dec 2022
Grantee Grant purpose (£) (£) (£) (£)
Account 3 Work skills training with ESOL and welfare advice, for women - 20,000 - 20,000
All Hallows Core running costs 55,000 55,000 55,000 55,000
Blossom Project To employ a part time worker for BAME outreach - 2,575 2,575 -
Brick Lane Women and Girls
Project Weekly women’s projects over 20 weeks - 2,500 2,500 -
Lunch clubs and one to one mentoring for young women and
Canaan Project girls - 2,500 2,500 -
Clean Slate Financial inclusion and resilience project - 15,000 15,000
Community of Refugees from
Vietnam Vietnamese and Chinese Older People Befriending Service 5,000 - 5,000 -
Consortium 50 (East India
over 50's Consortium) Link-In programme for men - 2,450 2,450 -
East End CAB Continued support for accessible welfare advice within schools 25,000 15,000 25,000 15,000
First Love Foundation Towards a support worker to triage advice service clients - 10,000 - 10,000
Therapeutic nature-based residentials for young people in
Free to be Kids Southwark - 3,500 3,500 -
Globe Community Project Towards core staffing costs over 6 months - 5,000 5,000 -
Island Advice Centre Towards additional advice sessions 18,750 14,970 18,750 14,970
Island House Community Free classes for the mental, physical, spiritual health of
Centre residents - 2,500 2,500 -
Its Your Life Sew-Talented, a group sewing project for BAME women - 3,120 3,120 -
Limehouse Town Hall
Consortium To reduce barriers and widen access to the community space - 3,900 3,900 -
London Bubble Theatre To support a new generation of young female leaders - - - -
Neighbours in Poplar Covid-19 response project for older people 3,000 - 3,000 -
Oceans Women's Core funding for ongoing services for Bangladeshi women on
Association the Ocean Estate - 5,000 5,000 -
Head Tutor salary to deliver accredited training to people with
Poetry in Wood disabilities - 5,000 5,000 -
Core costs towards a Community Gardener to continue to
Spitalfields City Farm deliver the ‘Coriander Club’ - 5,000 - 5,000
SPLASH A contribution to Playworker and other costs - 4,665 4,665 -
Stepney Community Trust Healthy in Body and Mind project - 3,500 3,500 -
Thai Fighters Boxing
Academy To provide team kit and equipment and running costs - 2,500 2,500 -
Tower Hamlets Friends N Towards core costs of services for older people - 3,000 3,000 -
Toyhouse Centre Specialist support for new parents, babies and toddlers - 9,900 - 9,900
Wapping Bangladeshi To support the sewing project ‘Skills for Tomorrow’ for BAME
Association women - 5,000 5,000 -
Weavers Adventure
Playground To pay staff during a funding gap - 5,000 5,000 -
Womans Trust Person-centred counselling for women - 8,000 - 8,000
Total 106,750 214,580 168,460 152,870
**----- End of picture text -----**
Annual Report and Financial Statements year ended 31 December 2022 Wakefield and Tetley Trust
2 8