REGISTERED CHARITY NUMBER: 800079
The Wakefield Trust
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2024
The Wakefield Trust
Contents of the Financial Statements for the Year Ended 31 July 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 14 |
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The Wakefield Trust Report of the Trustees for the Year Ended 31 July 2024
The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. 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 provided by financial assistance to other charities and organisations working in these areas.
The Charity founded and supports The Christ Church Oxford Wakefield Graduate Scholarship in partnership with Christ Church Oxford and Canterbury University New Zealand and has been instrumental in establishing The Wakefield-Ngai Tahu Scholarship more recently. Both scholarships fund graduates from Canterbury University to attend MA courses at Oxford with particular provision for the advancement of education of the Ngai Tahu Maori people.
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: The Wildlife Trust for Bedfordshire, Cambridgeshire & Northamptonshire, Totnes & Rural Community Transport (Bob the Bus), Cruse, Exmoor Calvert Trust, The Flavel Trust, Help our Ukrainian Friends, Jamming Station Totnes, Liverpool University (Glioblastoma research), RNLI, Shaldon Music Festival, Sirona Horse Therapy, Students and Refugees Together - Plymouth, The Burton at Bideford, Ups and Downs and The YMCA South Devon.
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.
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The Wakefield Trust Report of the Trustees for the Year Ended 31 July 2024
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.
Recruitment and appointment of new trustees
Under the powers given to them by The Trustee Act 1925 (Section 36) the current trustees appoint new trustees as appropriate.
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 The Coach House Station Road
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 Frost Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU
Solicitors
Windeatts 19 High Street Totnes TQ9 5NW
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The Wakefield Trust Report of the Trustees for the Year Ended 31 July 2024
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.
Approved by order of the board of trustees on 29 March 2025 and signed on its behalf by:
Mr C D Torlesse - Trustee
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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 2024.
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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1
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2 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
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3 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
The Institute of Chartered Accountants in England and Wales
Frost
Riversdale Ashburton Road TOTNES Devon TQ9 5JU
Date: 2 April 2025
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The Wakefield Trust Statement of Financial Activities for the Year Ended 31 July 2024
| 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 |
2024 2023 Unrestricted Total funds funds £ £ 57,449 51,756 15,541 14,740 9,550 7,527 43,815 107,556 68,906 129,823 212,420 38,421 200,963 (39,646) 2,423,809 2,463,455 2,624,772 2,423,809 |
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The Wakefield Trust
| Balance Sheet 31 July 2024 Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2024 2023 Unrestricted Total funds funds £ £ 2,581,886 2,373,726 45,986 52,967 (3,100) (2,884) 42,886 50,083 2,624,772 2,423,809 2,624,772 2,423,809 2,624,772 2,423,809 2,624,772 2,423,809 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 29 March 2025 and were signed on its behalf by:
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Mr C D Torlesse - Trustee
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The Wakefield Trust
Notes to the Financial Statements
for the Year Ended 31 July 2024
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 corporation 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 |
2024 2023 £ £ 57,449 51,676 - 80 57,449 51,756 |
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The Wakefield Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
3 RAISING FUNDS
Investment management costs
| Investment brokers' fees 4 GRANTS PAYABLE Grant making The total grants paid to institutions during the year was as follows: St Mary's Church, Stoke by Nayland RNLI Ups and Downs Flavel Shelter Box Christ Church Oxford Cruse Shaldon Music Festival Start Dartmouth Caring Sirona Horse Therapy Rowcroft Hospice The Burton at Bideford Bob the Bus Support Through Court BCN Wildlife Liverpool University Jamming Station Exmoor Calvert Trust YMCA (South Devon) Help our Ukranian Friends 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 |
2024 2023 £ £ 15,541 14,740 2024 2023 £ £ 43,815 107,556 2024 2023 £ £ 10,000 1,000 - 1,000 - 2,500 - - 2,000 - 1,000 2,000 - 1,000 1,000 2,000 - - 2,000 2,000 - - 2,500 2,000 - 5,000 - - 2,000 2,000 - 15,315 - 2,000 - 1,000 - 2,000 2,000 3,000 - - 2,000 - 2,000 - 1,460 - 10,000 - 2,000 - 1,596 - 2,000 - 60,000 - 2,000 - 2,000 43,815 107,556 |
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The Wakefield Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
5 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
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 £ 51,756 14,740 7,527 107,556 129,823 38,421 (39,646) 2,463,455 2,423,809 |
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The Wakefield Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
7 FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 August 2023 Additions Disposals Revaluations At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 Cost or valuation at 31 July 2024 is represented by: Valuation in 2024 The following investments were held: 2024 No. £ 1.25% Treasury Stock 22,370 42,888 3.5% Treasury Stock 74,849 74,623 4.125% Treasury Stock 41,464 42,340 4.5% Treasury Stock 24,616 25,818 4.625% Treasury Stock 24,178 25,958 Adobe Inc 110 - Alphabet Inc 313 41,805 Amazon 261 37,998 Apple Inc 160 - Applied Materials 380 62,784 Ashtead Group Ord 10p 1,150 64,423 Baillie Gifford Japanese 680 11,057 Baillie Gifford Overseas 440 13,477 Berkshire Hathaway 220 75,113 Biotech Growth Trust 2,045 21,023 Blackrock Throgmorton Trust PLC 3,400 - Compass Group 940 22,522 Croda Intl 247 9,984 Deutsche Telecom 1,500 - Diageo Ord 1,250 30,237 DB X-Trackers 870 56,054 Estee Lauder 130 - |
Listed investments £ 2,373,726 465,808 (470,068) 212,420 2,581,886 2,581,886 2,373,726 Listed investments £ 2,581,886 2023 £ 41,318 72,866 40,499 - - 46,708 - - 24,437 44,784 66,263 10,384 15,748 60,198 16,319 19,686 19,054 - 25,519 42,469 49,007 18,192 |
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The Wakefield Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
7 FIXED ASSET INVESTMENTS - continued
| No. European Assets Trust PLC 14,000 Experian PLC 1,520 Fidelity European Values 22,010 Fidelity UCITS 17,800 First State Inv Asia Pacific B Nav 4,800 Greencoat UK Wind 21,895 Informa PLC Ord 0.001p 2,750 I Shares II PLC 8,039 I Shares II PLC 10,653 I Shares 2,665 I Shares Core 8,125 Institutional Cash Series PLC 54,829 International Exchange 283 John Laing Environmental Asset 32,150 JP Morgan American IT 14,500 JP Morgan Asian IT 15,230 JP Morgan Ireland 610 Kone OYJ 280 Lloyds Banking Group Ord 10p 12,225 Legal & General 10,000 Legal & General UT 90,000 Legal & General Ucits 6,400 Maitland Inst SVC 58,850 MI Select Managers Bond 63,718 Mercantile Investment Ord 25p 5,600 Microsoft 110 Nuveen Global Investors 1737 Personal Assets 4,500 Polar Capital Fund 1,060 Prudential 5p 2,260 Rio Tinto 820 Schroder Global Energy 78,890 Schroder Global Cities 33,750 Schwab (Charles) Corp 594 Segro 4360 Sherwin-Williams 50 Smiths Group PLC 790 Royal Dutch Shell Euro .07 1,400 Templeton Emerging Mts IT 26,375 Taylor Wimpey 7,970 Texas Instruments 129 TR Property Investment Trust 10,000 Twentyfour AM Investment Funds 845 Unilever PLC 655 Vanguard Funds PLC 2,110 Vodafone Group 14,615 Winton Ucits Funds 181 Worldwide Healthcare Trust 7800 |
2024 2023 12,404 12,740 - 45,737 88,700 78,906 146,360 126,380 96,217 87,999 31,901 24,888 23,903 20,851 39,399 49,532 46,607 - 114,302 79,537 66,138 - 54,829 62,829 33,396 - 30,993 33,886 146,740 114,405 55,589 54,980 - 47,699 11,126 11,192 - 5,493 23,170 23,340 44,028 44,181 66,096 69,733 - 55,795 59,775 - 14,756 11,312 35,830 15,669 38,197 - 21,937 21,172 - 69,186 15,802 24,465 41,213 42,230 31,911 40,873 - 27,486 30,150 30,525 39,929 - - 10,748 14,109 13,422 39,760 33,124 43,519 40,512 12,700 9,114 20,471 - - 28,800 72,526 67,913 31,283 27,451 172,334 142,663 - 10,878 27,134 18,956 28,548 23,673 2,581,886 2,373,726 |
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The Wakefield Trust
for the Year Ended 31 July 2024
Notes to the Financial Statements - continued
8 CREDITORS: AMOUNTS FALLING DUE WITHIN
| Accrued expenses 9 MOVEMENT IN FUNDS - continued Unrestricted funds General fund Net movement in funds, included in the above ar Unrestricted funds General fund TOTAL FUNDS |
e as follows: Incoming resources £ 57,449 57,449 |
2024 2023 £ £ 3,100 2,884 Net movement At At 1.8.23 in funds 31.7.24 £ £ £ 2,423,809 200,963 2,624,772 2,423,809 200,963 2,624,772 Resources Gains and Movement expended losses in funds £ £ £ (68,906) 212,420 200,963 (68,906) 212,420 200,963 |
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Comparatives for movement in funds
| Unrestricted funds General fund Net movement in funds, included in the above ar Unrestricted funds General fund TOTAL FUNDS |
e as follows: Incoming resources £ 51,756 51,756 |
Net movement At At 1.8.22 in funds 31.7.23 £ £ £ 2,463,455 (39,646) 2,423,809 2,463,455 (39,646) 2,423,809 Resources Gains and Movement expended losses in funds £ £ £ (129,823) 38,421 (39,646) (129,823) 38,421 (39,646) |
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The Wakefield Trust Notes to the Financial Statements - continued for the Year Ended 31 July 2024
10 RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2024.
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