**REGISTERED CHARITY NUMBER: 800079** ## The Wakefield Trust Report of the Trustees and Financial Statements for the Year Ended 31 July 2023 The Wakefield Trust Contents of the Financial Statements for the Year Ended 31 July 2023 |||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 2023 The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. 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:- - The advancement of education - The advancement of citizenship and community development - The advancement of the arts, culture and heritage - The advancement of environmental protection and improvement - 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: 1. The need to reduce investment risk through diversification 2. The need to take 'proper advice' 3. 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 2023 ## 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 Chartered Accountants 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 2023 Approved by order of the board of trustees on 16 March 2024 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 2023. ## **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU 3 April 2024 Page 4 The Wakefield Trust ## Statement of Financial Activities for the Year Ended 31 July 2023 |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**|2023
Unrestricted
funds
£
51,756
14,740
7,527
107,556
129,823
38,421
(39,646)
2,463,455
2,423,809|2022
Total
funds
£
53,001
15,379
7,265
45,294
67,938
(108,471)
(123,408)
2,586,863
2,463,455| |---|---|---| The notes form part of these financial statements Page 5 The Wakefield Trust ## Balance Sheet ## 31 July 2023 |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**|2023
Unrestricted
funds
£
2,373,726
52,967
(2,884)
50,083
2,423,809
2,423,809
2,423,809
2,423,809|2022
Total
funds
£
2,277,235
188,993
(2,773)
186,220
2,463,455
2,463,455
2,463,455
2,463,455| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 16 March 2024 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 2023 ## **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|2023
£
51,676
80
51,756|2022
£
52,950
51| |---|---|---| |||53,001| continued... Page 7 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **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:
St Mary's Church, Stoke by Nayland
Children & Families in Grief
British Museum
Lifeworks
Shelter Box
Christ Church Oxford
The Amber Foundation
Shaldon Music Festival
Start
Dartmouth Caring
The Shallowford Trust
Rowcroft Hospice
YMCA Exeter
Cognivity
Support Through Court
Our Only World
Disaster Emergency Committee (Ukranian Refugees)
Young Carers
Dartington Community Choir
YMCA (South Devon)
Dart Valley Bushcraft
Southwest Chaplaincy
Barn Owl Trust
St Mary's Totnes
Seachange Devon
Ivybridge CTA
Langaford Farm
DW Mitchell Trust
Dartington Hall Trust
Fairshare SW|2023
£
14,740
2023
£
107,556
2023
£
10,000
-
-
-
2,000
1,000
-
1,000
-
2,000
-
2,500
-
-
2,000
-
-
-
-
2,000
2,000
2,000
1,460
10,000
2,000
1,596
2,000
60,000
2,000
2,000
107,556||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| ## **4. GRANTS PAYABLE** continued... Page 8 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022. 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/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
53,001
15,379
7,265
45,294
67,938
(108,471)
(123,408)
2,586,863
2,463,455| |---|---| continued... Page 9 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **7. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 August 2022
Additions
Disposals
Revaluations
At 31 July 2023
**NET BOOK VALUE**
At 31 July 2023
At 31 July 2022|Listed
investments
£
2,277,235
374,055
(312,752)
35,188
2,373,726
2,373,726
2,277,235| |---|---| |Cost or valuation at 31 July 2023 is represented by:
Valuation in 2023|Listed
investments
£
2,373,726| |---|---| |The following investments were held:|| |2023|2022| |£|£| |22,370
1.25% Treasury Stock
41,318|46,739| |10,910
2.5% Treasury Stock
-|41,185| |74,849
3.5% Treasury Stock
72,866|-| |41,464
40,499|-| |3,200
Aberforth Smlr Cos Ord 1p
-|40,640| |110
Adobe Inc
46,708|-| |160
Apple Inc
24,437|21,376| |380
Applied Materials
44,784|33,096| |1,150
Ashtead Group Ord 10p
66,263|70,242| |680
Baillie Gifford Japanese
10,384|10,581| |440
Baillie Gifford Overseas
15,748|17,134| |220
Berkshire Hathaway
60,198|54,357| |2,045
Biotech Growth Trust
16,319|17,383| |3,400
Blackrock Throgmorton Trust PLC
19,686|21,591| |1,050
CRH Ord Euro .32
-|32,981| |940
Compass Group
19,054|17,996| |480
Croda Intl Ord 10p
-|35,914| continued... Page 10 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **7. FIXED ASSET INVESTMENTS - continued** |1,500
Deutsche Telecom|25,519|3,3283| |---|---|---| |1,250
Diageo Ord|42,469|48,525| |870
DB X-Trackers|49,007|44,914| |130
Estee Lauder|18,192|29,185| |14,000
European Assets Trust PLC|12,740|13,188| |1,520
Experian PLC|45,737|43,518| |22,010
Fidelity European Values|78,906|65,480| |17,800
Fidelity UCITS|126,380|122,286| |4,800
First State Inv Asia Pacific B Nav|87,999|87,230| |17,000
Greencoat UK Wind|24,888|26,180| |2,750
Informa PLC Ord 0.001p|20,851|16,341| |10,150
I Shares II PLC|49,532|54,100| |2,240
I Shares|79,537|75,071| |62,829
Institutional Cash Series PLC|62,829|-| |32,150
John Laing Environmental Asset|33,886|39,995| |14,500
JP Morgan American IT|114,405|109,,330| |15,230
JP Morgan Asian IT|54,980|55,590| |610
JP Morgan Ireland|47,699|-| |280
Kone OYJ|11,192|10,459| |12,225
Lloyds Banking Group Ord 10p|5,493|5,531| |10,000
Legal & General|23,340|26,100| |90,000
Legal & General UT|44,181|48,654| |6,400
Legal & General Ucits|69,733|-| |58,850
Maitland Inst SVC|55,795|59,000| |5,600
Mercantile Investment Ord 25p|11,312|11,480| |60
Microsoft|15,669|13,844| |785
Muzinich Funds|-|75,227| |1,830
National Grid Transco Ord 11 17/43p|-|20,706| |4,500
Personal Assets|21,172|22,118| |1,060
Polar Capital Fund|69,186|59,943| |2,260
Prudential 5p|24,465|22,736| |430
Reckitt Benckiser Ord 10p|-|28,578| |820
Rio Tinto|42,230|40,381| |2,850
Sage Group|-|20,075| |78,891
Schroder Global Energy|40,873|42,048| |33,750
Schroder Global Cities|27,486|32,565| |594
Schwab (Charles) Corp|30,525|-| |50
Sherwin-Williams|10,748|9,939| |790
Smiths Group PLC|13,422|12,186| |1,400
Royal Dutch Shell Euro .07|33,124|30,506| |26,375
Templeton Emerging Mts IT|40,512|39,615| |7,970
Taylor Wimpey|9,114|10,130| |10,000
TR Property Investment Trust|28,800|40,050| |845
Twentyfour AM Investment Funds|67,913|75,154| |655
Unilever PLC|27,451|26,223| |2,110
Vanguard Funds PLC|142,663|134,304| |14,615
Vodafone Group|10,878|17,655| |133
Winton Ucits Funds|18,956|-| |780
Worldwide Healthcare Trust|23,673|26,598| |||| |||| ||2,373,726|2,277,235| |||| |||| continued... Page 11 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accrued expenses
**9.**
**MOVEMENT IN FUNDS**
At 1.8.22
£
**Unrestricted funds**
General fund
2,463,455
**TOTAL FUNDS**
2,463,455
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
51,756
(129,823)
**TOTAL FUNDS**
51,756
(129,823)
**Comparatives for movement in funds**
At 1.8.21
£
**Unrestricted funds**
General fund
2,586,863
**TOTAL FUNDS**
2,586,863
Comparative 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)||2023
£
2,884
Net
movement
in funds
£
(39,646)
(39,646)
Gains and
losses
£
38,421
38,421
Net
movement
in funds
£
(123,408)
(123,408)
Gains and
losses
£
(108,471)
(108,471)|2022
£
2,773
At
31.7.23
£
2,423,809
2,423,809
Movement
in funds
£
(39,646)
(39,646)
At
31.7.22
£
2,463,455
2,463,455
Movement
in funds
£
(123,408)
(123,408)| |---|---|---|---| ||||| ||||| ||||| ||||| continued... Page 12 The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 July 2023. Page 13