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← Wakefield Trust

2025-07-31-accounts

REGISTERED CHARITY NUMBER: 800079

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 July 2025

for

The Wakefield Trust

The Wakefield Trust

Contents of the Financial Statements
for the Year Ended 31 July 2025
Page
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13

1

The Wakefield Trust

Report to the Trustees for the Year Ended 31 July 2025

The trustees present their report with the financial statements of the Charity for the year ended 31 July 2025. 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 2015).

The trustees have had due regard to guidance published by the Charities Commission on public benefit.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

800079

Principal address

c/o Dr John Severn The Coach House Station Road South Brent TQ10 9BB

Trustees

Mr C D Torlesse Mr J H B Wakefield Mr E Mitchell Dr T Mitchell Mr J Torlesse Mrs J Mitchell Ms H Torlesse

Independent Examiner

Ian Webb A.C.M.A. I A W Accountancy Services Grosvenor House 1 New Road Brixham Devon TQ5 8LZ

The stockbrokers and investment advisors are:

RBC Brewin Dolphin

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.

Risk management

The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

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.

2

The Wakefield Trust

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 Charity’s support is provided by financial assistance to other charities and organizations working in these areas of public benefit.

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-Ngāi 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 Ngāi Tahu Māori 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 organizations for the advancement of various charitable purposes: The Wildlife Trust for Bedfordshire, Cambridgeshire and Northamptonshire, The Buckfastleigh Trust, Bowden Springs, Cruse Bereavement Support, Dart Valley Bushcraft School, Friends & Families of Special Children, FareShare Southwest, Foodcycle, Freedom Community Alliance, Gallmann Memorial Trust, Gifted Women, Go Beyond, Kingston Reading Room, Network of Wellbeing ,Sands Dam Worldwide, Shaldon Music Festival, Sheriff Hutton Cricket Club, Sunrise Diversity, Christ Church Oxford, The Sunflower Community Project, Totnes United Free Church, 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 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.

PLANS FOR FUTURE PERIODS

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.

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.

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 2025.

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:

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.

Ian Webb A.C.M.A.

IAW Accountancy Services Grosvenor House 1 New Road Brixham Devon TQ5 8LZ

Date: 28/03/2026

4

The Wakefield Trust

Statement of Financial Activities

for the Year Ended 31 July 2025

INCOME AND ENDOWMENTS FROM
Notes
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
The Wakefield Studios
Grant making
Total
Net gains/(losses) on investments
4
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
2025
Total
2024
Total
funds
£
fund
£
funds
£
funds
£
70,337
-
70,337
57,449
70,337
-
70,337
57,449
16,202
-
16,202
15,541
7,259
-
7,259
9,550
43,150
-
43,150
43,815
66,611
-
66,611
68,906
(5,581)
-
(5,581)
212,400
(1,855)
-
(1,855)
200,963
2,624,772
-
2,624,772
2,423,809
2,622,917
-
2,622,917
2,624,772

5

The Wakefield Trust

Balance Sheet

31 July 2025
FIXED ASSETS
Notes
Investments
8
CURRENT ASSETS
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
9
TOTAL FUNDS		 2025
2024
Unrestricted
funds
£
Restricted
fund
£
Total
funds
£
Total
funds
£
2,568,443
2,568,443
2,581,886
2,568,443
-
2,568,443
2,581,886
55,771
-
55,771
45,896
1,297
-
1,297
3,100
54,474
-
54,474
42,886
2,622,917
-
2,622,917
2,624,772
2,622,917
-
2,622,917
2,264,772
2,622,917
2,622,917
2,264,772
2,622,917
2,622,917
2,264,772

The financial statements were approved by the Board of Trustees and authorised for issue on 28 March 2026 and were signed on its behalf by:

Mr C D Torlesse - Trustee

6

The Wakefield Trust

Notes to the Financial Statements

for the Year Ended 31 July 2025

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.

Tangible fixed assets

There is no policy that requires the revaluation of the freehold property. No depreciation has been provided on the freehold property as it is the Trust's policy to maintain the building in such condition that any provision would be immaterial.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Investments quoted on the Stock Exchange are included at their market value at the balance sheet date. The property is at cost as a valuation is not considered justified as the cost of such a valuation would not be commensurate with the benefit derived from including this in the balance sheet.

7

The Wakefield Trust

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

2 INVESTMENT INCOME

Income from Investments
3
RAISING FUNDS
Investment management costs
Investment brokers’ fees
4
GAINS/(LOSSES) ON INVESTMENTS
Opening Balance
Additions
Disposals
Closing Balance
Unrealised gains/(losses) on investments
5
GRANT PAYABLE
Grant making
The total grants pard to institutions during the year was as follows:
RNLI
Ups and Downs
Flavel
Christ Church Oxford
Cruse
Shaldon Music Festival
Start
Sirona Horse Therapy
Rowcroft Hospice
The Burton at Bideford
Bob the Bus
BCN Wildlife
Liverpool University
Jamming Station
Exmoor Calvert Trust		 2025
2024
£
£
70,337
57,449
2025
2024
£
£
16,229
15,541
2025
2024
£
£
2,581,886
2,374,581
721,617
465,392
(729,507)
(469,652)
(2,568,443)
(2,581,886)
(5,554)
212,400
2025
2024
£
£
43,150
43,815
2025
2024
£
£
-
1,000
-
1,000
-
2,500
1,000
-
2,000
2,000
1,000
1,000
-
2,000
-
2,000
-
-
-
2,000
-
5,000
2,000
2,000
-
15,315
-
2,000
-
1,000

8

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

5 GRANT PAYABLE - continued

YMCA (South Devon)
Help our Ukranian Friends
Bickfastlaigh Trust
Bowden Springs
Dart Valley Bushcraft School
Friends & Families of Special Children
FareShare Southwest
Foodcycle
Freedom Community Alliance
Gallmann Memorial Trust
Gifted Women
Go Beyond
Kingston Reading Room
Network of Wellbeing
Sands Dam Worldwide
Sheriff Hutton Cricket Club
Sunrise Diversity
The Sunflower Community Project
Totnes United Free Church
Young Carers Development Trust		 -
2,000
-
3,000
2,500
-
2,000
-
2,000
-
2,000
-
2,000
-
2,000
-
1,000
-
2,650
-
1,000
-
1,200
-
2,000
-
2,300
-
3,500
-
3,500
-
2,000
-
2,000
-
2,000
-
1,500
-
43,150
43,815

6 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

Trustees were paid a total of £152.19 for travel and subsistence expenses for the year ended 31 July 2025 and £215.69 for the year ended 31 July 2024.

9

The Wakefield Trust

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

7
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
8
FIXED ASSET INVESTMENTS
MARKET VALUE
At 31 July 2024

Additions
Disposals
Revaluations
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024
Cost or valuation at 31 July 2025 is represented by:
Valuation in 2025



Unrestricted
funds
£
70,337
16,229
7.259
43,150
50,409
(5,554)
(1,855)
2,624,772
2,624,209
Listed
investments
£
2,581,886
721,617
(729,507)
(5,554)
2,568,443
2,568,443
2,581.886
Listed
investments
£
2,568,443


10

The Wakefield Trust

8 FIXED ASSET INVESTMENTS - continued

The following investments we held:

The following investments we held:
No. 2025 2024
£ £
1.25% Treasury Stock 22.370 - 42,793
3.5% Treasury Stock 74.849 - 73,907
4.125% Treasury Stock 41,464 41,609 41,476
4.5% Treasury Stock 44,280 45,060 25,101
4.625% Treasury Stock 98,253 99,587 25,402
Aberforth Smaller Companies Trust 3,145 49,502 -
Alcon AG 546 36,493 -
Alphabet Inc 313 45,393 41,805
Amazon 261 46,177 37,998
Applied Materials 278 37,829 62,784
Ashtead Group Ord 10p 1,150 58,397 64,423
Astrazeneca PLC 313 35,444 -
Baillie Gifford Japanese 680 11,499 11,057
Baillie Gifford Overseas 440 14,419 13,477
Berkshire Hathaway 220 78,455 75,113
Biotech Growth Trust 2.045 - 21,023
Compass Group 940 25,051 22,522
Croda Intl 247 6,452 9,987
Diageo Ord 1,250 - 30,238
DB X-Trackers 870 58,212 56,054
DB X-Trackers S&P 500 660 44,418 -
Estee Lauder 130 - -
European Assets Trust PLC 14,000 - 12,404
Experian PLC 1,520 - -
Fidelity European Values 22,010 88,150 88,700
Fidelity UCITS 10,341 89,941 146,361
First State Inv Asia Pacific B Nav 4,800 92,198 96,217
Greencoat UK Wind 21,895 26,296 32,618
Haleon Plc 7,802 28,048 -
HSBC Index Trackers Europe 5,990 54,647 -
Informa PLC Ord 0.001p 2,750 - 23,903
I Shares II PLC 8,039 - 39,399
I Shares II USD PLC 10,653 46,181 46,607
I Shares 2,665 128,193 114,302
I Shares Core 8,125 72,337 66,138
Institutional Cash Series PLC 58,329 58,329 54,829
International Exchange 283 39,530 33,396
John Laing Environmental Asset 32,150 - 31,549
JP Morgan American IT 6,510 70,568 146,740
JP Morgan Asian IT 15,230 60,311 55,590
JP Morgan Ireland 610 - -

11

The Wakefield Trust

8 FIXED ASSET INVESTMENTS – continued

No.
Kone OYJ
280
Lloyds Banking Group Ord 10p
12,225
Legal & General
10,000
Legal & General UT
90,000
Legal & General Ucits
2,143
Maitland Inst SVC
58,850
MI Select Managers Bond
168,711
MI Select Managers Alt Dist
76,370
Mercantile Investment Ord 25p
5,600
Microsoft
110
Nividia Corp
315
Nuveen Global Investors
1,737
Personal Assets
4,500
Polar Capital Fund
1,060
Prudential 5p
2,260
Relx Plc
564
Rio Tinto
617
Schroder Global Energy
78,890
Schroder Global Cities
33,750
Schwab (Charles) Corp
594
Segro
4,360
Sherwin-Williams
50
Smiths Group PLC
790
Royal Dutch Shell Euro .07
1,400
Templeton Emerging Mts IT
20,947
Taylor Wimpey
7,970
Texas Instruments
129
Thermo Fisher Sientific Inc
85
TR Property Investment Trust
10,000
Twentyfour AM Investment Funds
845
Unilever PLC
655
United Health Inc
123
Vanguard Funds PLC
2,110
Vodafone Group
14,615
Winton Ucits Funds
181
Worldwide Healthcare Trust
7,800		 2025
2024
-
11,126
-
-
25,680
23,170
44,325
44,028
23,421
66,191
- -
155,941
59,775
85,515
-
14,280
14,756
44,350
35,830
42,343
-
36,702
38,913
22,995
21,938
-
-
-
15,802
22,199
-
27,787
41,213
-
31,911
-
-
-
30,150
30,479
40,793
-
-
-
14,109
37,954
39,760
41,894
43,519
-
12,700
-
20,471
30,042
-
-
-
-
72,526
28,872
31,283
23,198
-
193,070
172,334
-
-
23,905
27,134
24,765
28,548
2,568,443
2,581,886

12

The Wakefield Trust

9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued expenses
10
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Net movement in funds, included in the above are
as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
70,337		 At
1.8.24
£
2,624,772		 2025
2024
£
£
1,297
3,100
Net
Movement
At
in funds
31.7.25
£
£
(1,855)
2,622,917
2,624,772 (1,855)
2,622,917
Resources
expended
£
(66,638)		 Gains and
Movement
losses
in funds
£
£
(5,554)
(1,855)
(5,554)
(1,855)
70,337 (66,638)
TOTAL FUNDS
Incoming
resources
£
57,449
57,449		 A
1.8.23
£
2,423,809		 Net
movement
At
in funds
31.7.24
£
£
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

11 RELATED PARTY DISCLOSURE

There were no related party transactions for the year ended 31 July 2025.

13