REGISTERED CHARITY NUMBER: 800079
The Wakefield Trust
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2022
The Wakefield Trust
Contents of the Financial Statements for the Year Ended 31 July 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 31 July 2022. 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:British Museum, Children & Families in Grief, Cognivity, Dartington Community Choir, DEC (Ukraine Disaster Relief), Lifeworks, Our Only World, Shaldon Music Festival, Shallowford Trust, Students & Refugees Together (START), Support Through Court, The Amber Foundation, YMCA Exeter and Young Carers Development Trust.
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 2022
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 2022
Approved by order of the board of trustees on 18 March 2023 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 2022.
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
17 April 2023
Page 4
The Wakefield Trust
Statement of Financial Activities for the Year Ended 31 July 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 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 |
2022 Unrestricted funds £ 53,001 15,379 7,265 45,294 67,938 (108,471) (123,408) 2,586,863 2,463,455 |
2021 Total funds £ 47,518 |
|---|---|---|
| 14,984 7,092 37,050 |
||
| 59,126 | ||
| 414,825 | ||
| 403,217 2,183,646 |
||
| 2,586,863 |
The notes form part of these financial statements
Page 5
The Wakefield Trust
Balance Sheet
31 July 2022
| 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 |
2022 Unrestricted funds £ 2,277,235 188,993 (2,773) 186,220 2,463,455 2,463,455 2,463,455 2,463,455 |
2021 Total funds £ 2,357,083 232,948 (3,168) 229,780 2,586,863 2,586,863 2,586,863 2,586,863 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 March 2023 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 2022
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 |
2022 £ 52,950 51 53,001 |
2021 £ 47,437 81 |
|---|---|---|
| 47,518 |
continued...
Page 7
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| Investment brokers' fees GRANTS PAYABLE Grant making The total grants paid to institutions during the year was as follows: Children & Families in Grief British Museum Lifeworks The Amber Foundation Shaldon Music Festival Start The Shallowford Trust 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 YMCA Exeter Cognivity Support Through Court Our Only World Disaster Emergency Committee (Ukranian Refugees) Young Carers Dartington Community Choir |
2022 £ 15,379 2022 £ 45,294 2022 £ 2,100 3,000 1,500 2,000 1,000 1,000 5,000 - - - - - - - - - - - - - - - 1,940 1,754 2,000 1,000 20,000 1,000 2,000 45,294 |
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 |
4. GRANTS PAYABLE
continued...
Page 8
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Travel and subsistence expenses were paid to two trustees.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities The Wakefield Studios Grant making Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 47,518 |
|---|---|
| 14,984 7,092 37,050 |
|
| 59,126 | |
| 414,825 | |
| 403,217 2,183,646 |
|
| 2,586,863 |
continued...
Page 9
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 August 2021 Additions Disposals Revaluations At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 |
Listed investments £ 2,357,083 465,919 (436,428) (109,339) 2,277,235 2,277,235 2,357,083 |
|---|---|
| Cost or valuation at 31 July 2022 is represented by: Valuation in 2022 |
Listed investments £ 2,277,235 |
|---|---|
| The following investments were held: | |
| 2022 | 2021 |
| £ | £ |
| 22,370 1.25% Treasury Stock 46,739 |
48,466 |
| 10,910 2.5% Treasury Stock 41,185 |
39,289 |
| 3,200 Aberforth Smlr Cos Ord 1p 40,640 |
34,720 |
| 160 Apple Inc 21,376 |
- |
| 380 Applied Materials 33,096 |
55,350 |
| 1,530 Ashtead Group Ord 10p 70,242 |
84,560 |
| 680 Baillie Gifford Japanese 10,581 |
11,914 |
| 440 Baillie Gifford Overseas 17,134 |
- |
| 220 Berkshire Hathaway 54,357 |
24,026 |
| 2,045 Biotech Growth Trust 17,383 |
25,072 |
| 3,400 Blackrock Throgmorton Trust PLC 21,590 |
32,844 |
| 1,050 CRH Ord Euro .32 32,981 |
37,853 |
| 940 Compass Group 17,996 |
14,297 |
| 480 Croda Intl Ord 10p 35,914 |
40,416 |
continued...
Page 10
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
7. FIXED ASSET INVESTMENTS - continued
| 1,500 Deutsche Telecom |
23,283 | 22,380 |
|---|---|---|
| 1,250 Diageo Ord |
48,525 | 44,631 |
| 870 DB X-Trackers |
44,914 | 79,149 |
| 130 Estee Lauder |
29,185 | - |
| 14,000 European Assets Trust PLC |
13,188 | - |
| 1,520 Experian PLC |
43,518 | 48,154 |
| 22,010 Fidelity European Values |
65,480 | 81,008 |
| 65,754 Fidelity Investments Management |
- | 68,515 |
| 17,800 Fidelity UCITS |
122,286 | 110,182 |
| 4,800 First State Inv Asia Pacific B Nav |
87,230 | 63,328 |
| 2,175 Glaxo Smithkline |
- | 30,837 |
| 17,000 Greencoat UK Wind |
26,180 | 23,188 |
| 1,600 Henderson Investments Janus |
- | 66,288 |
| 4,604 HSBC Holdings Ord USD .50 |
- | 18,299 |
| 2,750 Informa PLC Ord 0.001p |
16,341 | 13,613 |
| 10,150 I Shares II PLC |
54,100 | 67,701 |
| 2,240 I Shares |
75,071 | - |
| 32,150 John Laing Environmental Asset |
39,995 | 34,272 |
| 14,500 JP Morgan American IT |
109,330 | 96,425 |
| 15,230 JP Morgan Asian IT |
55,590 | 69,753 |
| 280 Kone OYJ |
10,459 | 16,738 |
| 12,225 Lloyds Banking Group Ord 10p |
5,531 | 5,579 |
| 10,000 Legal & General |
26,100 | 26,140 |
| 90,000 Legal & General UT |
48,654 | 53,424 |
| 58,850 Maitland Inst SVC |
59,000 | - |
| 5,600 Mercantile Investment Ord 25p |
11,480 | 15,456 |
| 60 Microsoft |
13,844 | - |
| 785 Muzinich Funds |
75,227 | 82,668 |
| 1,830 National Grid Transco Ord 11 17/43p |
20,706 | 16,911 |
| 45 Personal Assets |
22,118 | 44,100 |
| 1,060 Polar Capital Fund |
59,943 | 72,122 |
| 20,405 Primary Health Properties |
- | 33,423 |
| 2,260 Prudential 5p |
22,736 | 30,657 |
| 430 Reckitt Benckiser Ord 10p |
28,578 | 23,749 |
| 820 Rio Tinto |
40,381 | 50,028 |
| 2,850 Sage Group |
20,075 | 19,996 |
| 78,891 Schroder Global Energy |
42,048 | - |
| 33,750 Schroder Global Cities |
32,565 | - |
| 50 Sherwin-Williams |
9,939 | - |
| 790 Smiths Group PLC |
12,186 | 12,288 |
| 1,400 Royal Dutch Shell Euro .07 |
30,506 | 29,816 |
| 26,375 Templeton Emerging Mts IT |
39,615 | 40,728 |
| 7,970 Taylor Wimpey |
10,130 | 13,119 |
| 10,000 TR Property Investment Trust |
40,050 | 47,400 |
| 845 Twentyfour AM Investment Funds |
75,154 | 89,004 |
| 655 Unilever PLC |
26,223 | 27,189 |
| 2,110 Vanguard Funds PLC |
134,304 | 173,944 |
| 14,615 Vodafone Group |
17,655 | 16,980 |
| 780 Worldwide Healthcare Trust |
26,598 | 29,094 |
| 2,277,235 | 2,357,083 | |
continued...
Page 11
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses 9. MOVEMENT IN FUNDS At 1.8.21 £ Unrestricted funds General fund 2,586,863 TOTAL FUNDS 2,586,863 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 53,001 (67,938) TOTAL FUNDS 53,001 (67,938) Comparatives for movement in funds At 1.8.20 £ Unrestricted funds General fund 2,183,646 TOTAL FUNDS 2,183,646 Comparative 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) |
2022 £ 2,773 Net movement in funds £ (123,408) (123,408) Gains and losses £ (108,471) (108,471) Net movement in funds £ 403,217 403,217 Gains and losses £ 414,825 414,825 |
2021 £ 3,168 At 31.7.22 £ 2,463,455 2,463,455 Movement in funds £ (123,408) (123,408) At 31.7.21 £ 2,586,863 2,586,863 Movement in funds £ 403,217 403,217 |
|
|---|---|---|---|
continued...
Page 12
The Wakefield Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2022.
Page 13