**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 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 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:
- 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.
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