REGISTERED CHARITY NUMBER: 800079
The Wakefield Trust
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2021
The Wakefield Trust
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
The Wakefield Trust
Report of the Trustees for the Year Ended 31 July 2021
The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The trustees have had due regard to guidance published by the Charities Commission on public benefit.
OBJECTIVES AND ACTIVITIES
The charity has a broad aim to support such legal charitable objectives as the trustees think fit. Currently the trustees see fit to provide support to charities working in the following areas:-
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The advancement of education
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The advancement of citizenship and community development
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The advancement of the arts, culture and heritage
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The advancement of environmental protection and improvement
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The relief of those in need by reason of age, ill-health, disability or other disadvantages
The charity's support is almost exclusively provided by financial assistance to other charities and organisations working in these areas.
The charity does not have any restriction to the area of operation, however it does maintain a special relationship with Christchurch New Zealand, through the Wakefield family history and Devon where Priscilla Mitchell who founded the charity lived during the latter part of her life.
ACHIEVEMENT AND PERFORMANCE
During the financial year the charity has awarded funding to the following organisations for the advancement of various charitable purposes:BC & N Wildlife Trust, English Touring Opera, Totnes & Bridgetown PCC, Black Mountain College, British Museum, Libraries Unlimited, Dartmoor Search & Rescue, Lifeworks, YMCA South Devon, Stoke-by-Nayland St Mary, RNLI, St Mary Magdalene Huntshaw, Babbacombe & St Marychurch Lion Club, Noah's Place, Love Enterprise Group, Rowcroft Hospice and Told by an Idiot.
SPECIFIC INVESTMENT POWERS
The Trust Deed provides that the trustees may invest at their absolute discretion, as they think fit. The trustees continue to monitor the management of their investment portfolio, and in partnership with their stockbrokers they manage the portfolio, as a risk category 6 which is regarded as moderate investment risk and is described as: The trustees are prepared to have the significant majority of the charity's investments in equities in order to achieve higher returns at the expense of greater risk to the capital. The portfolio will typically have a substantially higher weighting towards equities than fixed income investments and is likely to have moderate market volatility.
The portfolio is managed with an aim to balance these three objectives:
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The need to reduce investment risk through diversification
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The need to take 'proper advice'
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Maximise the returns for the benefit of the charity.
The investment portfolio is under discretionary management by the trust's stockbroker allowing the execution of appropriate transactions in a timely fashion without prior reference to the trustees.
FINANCIAL REVIEW
The trustees continue to review the Charity's financial arrangements guarding against fraud and financial crime.
FUTURE PLANS
The trustees continue to review their grant making policy, balancing the numerous applications for funding received with the long-term financial health of the trust and the provision for the continued administration of the trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust was constituted by a Deed dated 19 July 1988.
Page 1
The Wakefield Trust
for the Year Ended 31 July 2021
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
There were no changes of trustees during the financial year.
Management
The trustees are responsible for the overall management of the trust and meet twice a year to review and maintain the direction and consider grant applications. The day to day running of the trust is delegated to the secretary who reports to the board of trustees. All trustees give their time freely and no remunerations were paid during the year.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
800079
Principal address
c/o Dr J Severn The Coach House Station Road South Brent Devon TQ10 9BB
Trustees
Mr C D Torlesse Mr J H B Wakefield Mr E M Mitchell Dr T Mitchell Mr J Torlesse Mrs J Mitchell Ms H Torlesse
Independent Examiner
R J Lewis ACA W R Frost & Co Limited Riversdale Ashburton Road Totnes Devon TQ9 5JU
Solicitors
Windeatts 19 High Street Totnes TQ9 5NW
Secretary
Dr John Severn
RELATIONSHIP WITH CONNECTED CHARITIES
The trust has continued to cooperate with other local trusts. Two trustees and the secretary being common to the D W Mitchell Charitable Trust; one trustee and the secretary being common to the Wakefield Almshouses Charity and one trustee and the secretary being common to the Birdwood House Trust.
Page 2
The Wakefield Trust
Report of the Trustees for the Year Ended 31 July 2021
Approved by order of the board of trustees on 12 March 2022 and signed on its behalf by:
Mr C D Torlesse - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Wakefield Trust
Independent examiner's report to the trustees of The Wakefield Trust
I report to the charity trustees on my examination of the accounts of The Wakefield Trust (the Trust) for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
R J Lewis ACA W R Frost & Co Limited Riversdale Ashburton Road Totnes Devon TQ9 5JU
21 March 2022
Page 4
The Wakefield Trust
Statement of Financial Activities for the Year Ended 31 July 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities The Wakefield Studios Grant making Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted funds £ - 47,518 47,518 14,984 7,092 37,050 59,126 414,825 403,217 2,183,646 2,586,863 |
2020 Total funds £ 10,000 55,999 65,999 13,472 8,244 43,940 65,656 (122,396) (122,053) 2,305,699 2,183,646 |
|---|---|---|
The notes form part of these financial statements
Page 5
The Wakefield Trust
Balance Sheet
31 July 2021
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2021 Unrestricted funds £ 2,357,083 232,948 (3,168) 229,780 2,586,863 2,586,863 2,586,863 2,586,863 |
2020 Total funds £ 2,017,479 167,338 (1,171) 166,167 2,183,646 2,183,646 2,183,646 2,183,646 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 March 2022 and were signed on its behalf by:
Mr C D Torlesse - Trustee
The notes form part of these financial statements
Page 6
The Wakefield Trust
Notes to the Financial Statements for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investments
Investments are included on the balance sheet at market value at the balance sheet date. Both realised gains/losses on the sale of investments and unrealised gains/losses on the revaluation of investments are included on the SOFA.
2. INVESTMENT INCOME
| Investment income Deposit account interest |
2021 £ 47,437 81 47,518 |
2020 £ 55,681 318 |
|---|---|---|
| 55,999 |
continued...
Page 7
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
3. RAISING FUNDS
Investment management costs
| Investment brokers' fees GRANTS PAYABLE Grant making The total grants paid to institutions during the year was as follows: Devon Guild of Craftsman British Museum Lifeworks Christ Church Oxford Shaldon Music Festival Start Great Western Air Ambulance Dartmouth Caring Abbey Hall Charity Personal Support Unit Friend of St Mary Magdalene Huntshaw The Shallowford Trust Young Carers Development Trust Foodcycle University of Canterbury NZ South Western Community Chaplaincy St Mary Magdalene Huntshaw Devon Wildlife BC & N Wildlife Trust English Touring Opera Totnes & Bridgetown PCC Black Mountain College Libraries Unlimited Dartmoor Search & Rescue YMCA South Devon Stoke-by-Nayland St Mary RNLI St Mary Magdalene Huntshaw Babbacombe & St Marychurch Noah's Place Love Enterprise Group Rowcroft Hospice Told by an Idiot |
2021 £ 14,984 2021 £ 37,050 2021 £ - 2,000 1,500 - - - - - - - - - - - - - - - 1,000 2,000 3,000 2,000 1,000 1,000 2,000 10,000 500 1,000 1,050 1,000 5,000 2,500 500 37,050 |
2020 £ 13,472 |
|---|---|---|
| 2020 £ 43,940 |
||
| 2020 £ 2,000 2,000 - 1,000 1,000 1,000 1,040 2,000 2,000 2,000 1,000 3,000 1,000 2,000 20,000 2,000 500 400 - - - - - - - - - - - - - - - |
||
| 43,940 |
4. GRANTS PAYABLE
continued...
Page 8
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
6.
| Trustees' expenses 2021 £ Trustees' expenses - Travel and subsistence expenses were paid to two trustees. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities The Wakefield Studios Grant making Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 £ 281 Unrestricted funds £ 10,000 55,999 65,999 13,472 8,244 43,940 65,656 (122,396) (122,053) 2,305,699 2,183,646 |
|---|---|
continued...
Page 9
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 August 2020 Additions Disposals Revaluations At 31 July 2021 NET BOOK VALUE At 31 July 2021 At 31 July 2020 |
Listed investments £ 2,017,479 248,709 (270,660) 361,555 2,357,083 2,357,083 2,017,479 |
|---|---|
| Cost or valuation at 31 July 2021 is represented by: Valuation in 2021 |
Listed investments £ 2,357,083 |
|---|---|
| The following investments were held: | |
| 2021 | 2020 |
| £ | £ |
| 22,370 1.25% Treasury Stock 48,466 |
49,201 |
| 10,910 2.5% Treasury Stock 39,289 |
39,432 |
| 2,240 Aberforth Smlr Cos Ord 1p 34,720 |
18,278 |
| 550 Applied Materials 55,350 |
26,953 |
| 1,570 Ashtead Group Ord 10p 84,560 |
38,230 |
| 680 Baillie Gifford Japanese 11,914 |
10,091 |
| 120 Berkshire Hathaway 24,026 |
17,913 |
| 2,045 Biotech Growth Trust 25,072 |
24,908 |
| 3,400 Blackrock Throgmorton Trust PLC 32,844 |
19,380 |
| 1,050 CRH Ord Euro .32 37,853 |
29,043 |
| 940 Compass Group 14,297 |
9,875 |
| 480 Croda Intl Ord 10p 40,416 |
27,504 |
continued...
Page 10
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
7. FIXED ASSET INVESTMENTS - continued
| 1,500 Deutsche Telecom |
22,380 | - |
|---|---|---|
| 1,250 Diageo Ord |
44,631 | 35,013 |
| 1,490 DB X-Trackers |
79,149 | 66,886 |
| 1,520 Experian PLC |
48,154 | 40,690 |
| 25,840 Fidelity European Values |
81,008 | 65,892 |
| 65,754 Fidelity Investments Management |
68,515 | 68,055 |
| 17,800 Fidelity UCITS |
110,182 | - |
| 3,500 First State Inv Asia Pacific B Nav |
63,328 | 51,246 |
| 2,175 Glaxo Smithkline |
30,837 | 33,273 |
| 17,000 Greencoat UK Wind |
23,188 | 24,888 |
| 1,600 Henderson Investments Janus |
66,288 | 23,780 |
| 24,800 Hicl Infrastructure Co Ltd |
- | 41,614 |
| 4,604 HSBC Holdings Ord USD .50 |
18,299 | 15,755 |
| 2,750 Informa PLC Ord 0.001p |
13,613 | 10,172 |
| 12,025 I Shares II PLC |
67,701 | 64,550 |
| 1,970 I Shares V PLC |
- | 145,947 |
| 61,000 Impala Phoenix 5.25% |
- | 70,433 |
| 32,150 John Laing Environmental Asset |
34,272 | 38,419 |
| 14,500 JP Morgan American IT |
96,425 | 70,180 |
| 15,230 JP Morgan Asian IT |
69,753 | 60,463 |
| 280 Kone OYJ |
16,738 | 16,970 |
| 12,225 Lloyds Banking Group Ord 10p |
5,579 | 3,213 |
| 10,000 Legal & General |
26,140 | 21,400 |
| 90,000 Legal & General UT |
53,424 | - |
| 5,600 Mercantile Investment Ord 25p |
15,456 | 10,237 |
| 785 Muzinich Funds |
82,668 | 82,221 |
| 1,830 National Grid Transco Ord 11 17/43p |
16,911 | 16,477 |
| 90 Personal Assets |
44,100 | - |
| 1,060 Polar Capital Fund |
72,122 | 58,692 |
| 20,405 Primary Health Properties |
33,423 | 31,383 |
| 2,260 Prudential 5p |
30,657 | 24,984 |
| 430 Reckitt Benckiser Ord 10p |
23,749 | 33,136 |
| 820 Rio Tinto |
50,028 | 37,843 |
| 2,850 Sage Group |
19,996 | 20,788 |
| 790 Smiths Group PLC |
12,288 | 10,705 |
| 2,100 Royal Dutch Shell Euro .07 |
29,816 | 22,697 |
| 22,075 Templeton Emerging Mts IT |
40,728 | 35,188 |
| 7,970 Taylor Wimpey |
13,119 | 9,433 |
| 10,000 TR Property Investment Trust |
47,400 | 34,200 |
| 845 Twentyfour AM Investment Funds |
89,004 | 88,176 |
| 655 Unilever PLC |
27,189 | 29,953 |
| 2,900 Vanguard Funds PLC |
173,944 | 135,800 |
| 14,615 Vodafone Group |
16,980 | 16,889 |
| 2,230 WPP PLC |
- | 12,666 |
| 780 Worldwide Healthcare Trust |
29,094 | 26,364 |
| 2,357,083 | 2,017,479 | |
continued...
Page 11
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses 9. MOVEMENT IN FUNDS At 1.8.20 £ Unrestricted funds General fund 2,183,646 TOTAL FUNDS 2,183,646 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 47,518 (59,126) TOTAL FUNDS 47,518 (59,126) Comparatives for movement in funds At 1.8.19 £ Unrestricted funds General fund 2,305,699 TOTAL FUNDS 2,305,699 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 65,999 (65,656) TOTAL FUNDS 65,999 (65,656) |
2021 £ 3,168 Net movement in funds £ 403,217 403,217 Gains and losses £ 414,825 414,825 Net movement in funds £ (122,053) (122,053) Gains and losses £ (122,396) (122,396) |
2020 £ 1,171 At 31.7.21 £ 2,586,863 2,586,863 Movement in funds £ 403,217 403,217 At 31.7.20 £ 2,183,646 2,183,646 Movement in funds £ (122,053) (122,053) |
|
|---|---|---|---|
continued...
Page 12
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2021.
Page 13