Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School
Trustees’ Report and Financial Statements
for the year ended 31 March 2021
Registered Charity Number: 309241
Index
| Trustees’ Report | 3 |
|---|---|
| Reference and Administrative Details | 3 |
| Objects and Activities | 4 |
| Achievements and Performance | 5 |
| Financial Review | 7 |
| Future Plans | 8 |
| Structure, Governance and Management | 9 |
| Statement of the Trustees’ Responsibilities | 10 |
| Independent Examiner’s Report | 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Accounting Policies | 14 |
| Notes to the Financial Statements | 17 |
Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
TRUSTEES’ REPORT
Reference and Administrative Details
The Charity Name:
The Walter Bigg Foundation for Wallingford School
Registered Charity Number:
309241 (registered with the Charity Commission for England & Wales)
Legal structure of the Charity:
Established by a Scheme dated 25 November 1998, amended via a resolution dated 30 September 2015 and its governing document is a Scheme Document.
Charity Address:
Merchant Taylors’ Hall 30 Threadneedle Street London, EC2R 8JB
The Trustees in office at year end and at the approval of the accounts:
Mr H Carter (Chairman) Cllr N Hughes Cllr R Lester Mr C O’Callaghan Mr J Peel Dr J Sichel
Bankers: C. Hoare and Co. 37 Fleet Street London, EC4P 4DQ Solicitors : Winckworth Sherwood 16 Beaumont Street Oxford, OX2 2LZ Investment advisors : Rathbone Investment Management Ltd 8 Finsbury Circus London, EC2M 7AZ Independent Examiner: Claire Wills FCA DChA Saffery Champness LLP 71 Queen Victoria Street London, EC4V 4BE
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
The Trustees present their Report and Financial Statements for the year ended 31 March 2021.
The Financial Statements comply with FRS102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) (Second edition) applicable to charities preparing their accounts in the UK and Republic of Ireland and in accordance with the Charities Act 2011.
Objects and Activities of the Charity
Charitable Objects
The principal Object of the Charity is to invest in property to be used as part of a secondary school in Wallingford. Under the Activities and Achievements below, we report that currently no suitable asset has been identified. Income arising from the Charity’s investments is, as a first priority, applied to providing items, services and facilities for Wallingford School and, as a second priority, to promoting education (including instruction in the doctrines of the Church of England and social and physical training) for young persons aged 11-25 residing in Wallingford.
The Charity operates three separate funds:
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1) Walter Bigg Fund – Wallingford School: income from investments in this fund and the Walter Bigg Foundation Property Fund is used:
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a. To provide items, services and facilities for Wallingford School,
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b. Otherwise to promote the education of children and young persons (aged between 11 – 25) resident in Wallingford,
in the above order of priority;
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2) Hedges Chemical Science Fund – Wallingford School: provides income to award prizes in natural sciences to pupils attending Wallingford School;
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3) Walter Bigg Foundation Property Fund, in which the proceeds from the sale of property formerly owned by the Trust on the upper school site are held. Revenue income from this fund is paid into the Walter Bigg Fund.
Activities
The Trustees have reviewed their activities throughout the year and are satisfied that they have acted in accordance with the Charity’s Objects and have met their aims and objectives.
The Charity aims to have a demonstrable positive impact on Wallingford School and its students. The Charity’s objectives for the year were to continue to pursue the stated aims as faithfully as possible, whilst maximising income from investments. The Trustees considered all options for the best use of funds in advancement of the Charity’s Objects. Trustees worked closely with Wallingford School and also assessed requests for funding in connection with young people residing in Wallingford.
The Charity owns 100% of the Title ON238572, which makes up 55% of a playing field in Wallingford, situated west of St Georges Road. During the year, the charity continued to work with the Oxfordshire County Council (OCC) and Wallingford School to make the best use of the combined estate in order to satisfy the request by the OCC to accommodate further children at the school. It is anticipated that the School will need to accommodate a further 200 pupils by 2022/23, bringing the
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School
Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
total pupil numbers up to 1600. The above-mentioned expansion of the School could only be undertaken if there was a car parking solution. As a consequence the Charity has leased its ownership of the field to Wallingford School. On the field there is a car park – principally for the benefit of the School.
The aforementioned Title also includes the Charity’s ownership of a one-meter-wide ransom strip between Walter Bigg Way and Ayres Yard in Wallingford. During the year the Trustees continued to explore options of how the ransom strip should be managed in the future.
Strategy
The strategy for the year has been to continue to consider favourable applications that matched the Charity’s Objects. The Trustees endeavoured to make the best use of monies available from the funds of the Charity.
Public benefit
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in managing the activities of the Charity. The Charity is established for purposes which benefit Wallingford School and the wider public in Wallingford’s immediate environs.
The Charity’s public benefit is enshrined in its Charitable Objects. The Trustees reserve the right not to disclose reasons why a particular application may have been approved or rejected, so as not to impugn their discretion, but will not discriminate on the grounds of any characteristic protected by the Equality Act or any other relevant legislation.
Grant-making policies
Grants are awarded in accordance to the funds’ purposes as outlined in the Charity’s Objects. Due regard is paid to the requirement to balance the needs of current and future beneficiaries.
Achievements and Performance
Following the impasse in negotiations with the OCC to invest the Charity’s capital in the Wallingford School site, as reported previously, the Charity Commission directed the Trustees, in April 2005, to invest the proceeds from the sale of part of Wallingford School upper site and to apply the income arising in accordance with clause 26 of the Trust scheme.
The Charity Commission directed that the Trustees should regularly review this position and acquire further property for the purposes of a school, when a suitable opportunity should arise. At each meeting, the Trustees have considered whether a suitable property may be acquired for the purposes of the school; no such property was identified in this year.
During the year the Trustees paid grants of £122,689 to Wallingford School that had been accrued for in the 2019/20 year. No grants were accrued in the 2020/21 year due to the meeting at which grants were discussed having taken place after year-end (which explains the significant decrease in charitable activities). Most of the grants paid out were for projects that made a genuine difference for specific school groups, including the following:
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School
Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
| STARS Programme | This project aims to celebrate every student at some point in their school career, through departmental nominations and prizes. It is unusual for a school to give every student the chance of an event outside of school for doing well, but without particularly standing out. These students are the ones that shape the culture of the school, but could easilyfeel theyare not recognised. |
|---|---|
| Staff Conference | This is a high-impact event and crucial in a year in which so much change took place. The conference was designed to reinforce the basics that makes Wallingford such a strong school. Staff from Brightwell School also attended for the first time, and the conference provided the opportunity for all staff to spend time reflecting, learning, discovering and working together. Following the conference, the school had a ‘risk week’ where staff were encouraged to select ideas, strategies and initiatives showcased at the conference that theyhad not used before. |
| Scholars’ Programme (formerly Gifted Programme) |
The Scholars’ Programme is an essential element of the school’s provision and particularly so under the new Inspection Framework. The school has grown the staffing for the programme and started some in- class delivery. |
| SEN Residential | This event reinforces the sense that SEN kids are a ‘cool’ group in themselves. It is a trip the students look forward to and other children are aware of. It says much about the school that this event is run. |
| Year 13 Residential Revision Trip |
This event is crucial to preparation for A-Level examinations. The students spend a week revising for 7.5 hours a day, with staff on hand to be able to take smallgroups for targeted revision sessions. |
Performance against strategy
The Trustees, at each meeting, review property opportunities as mandated and then consider applications for funding that fall within the scope of the Charity. Those funding requests will be both from interactions with the full Governing Body of Wallingford School and those in the required location (Wallingford) and age range (11-25). Awards are made with an attempt to reach as large a number as possible (the School, a year group or a particular initiative) or those whose individual circumstances (less fortunate than others) which could be materially changed by something that they would not usually experience. The Trustees are satisfied that they have performed well against their strategy and made a difference to the beneficiaries of the Charity.
The Charity benefits the wider society by enhancing facilities at Wallingford School and the opportunities for its students and staff. In addition, grants are awarded to enable Wallingford students to undertake community work and volunteering opportunities abroad.
Investment performance
The market value of the investments at year end was £5,723,708 (2020: £4,567,012). The investment income was similar to the prior year with income of £97,511 (2020: £111,040) from listed investments with Rathbone Investment Management Ltd and Ruffer LLP, as well as holdings with CCLA-COIF and Schroders. The Charity’s Trustees are pleased to note that the value of the investments has recovered since year end, but will be reviewing the situation regularly in light of the likely long term impact on the global economy of the Covid-19 pandemic and other factors.
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School
Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
A final liquidation payment of £564 was transferred to Rathbones in April 2020, completing the redemption and liquidation of shares (begun in the 2019/20 year) that were held in the Ruffer Illiquid Strategies Fund 2011 Ltd.
Financial Review
Financial position at year end
The financial position of the Charity at 31 March 2021 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:
| 2021 £ |
2020 £ |
|
|---|---|---|
| Net (expenditure) / income after accounting for realised and unrealised gains on investment assets |
1,244,333 | (427,078) |
| Unrestricted Revenue Funds available for the general purposes of the Charity |
258,474 | 186,579 |
| Restricted Revenue Funds | 3,951 | 3,951 |
| Endowment Funds | 5,508,571 | 4,336,134 |
| Total Funds | 5,770,996 | 4,526,664 |
Financial review of position at the end of the reporting period
The Trustees consider the financial performance by the Charity during the year to have been satisfactory. Specific changes in fixed assets are detailed in the notes to the accounts.
The board of Trustees is satisfied that the Charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Reserves policies
The high level of accumulated revenue, from the capital arising from the sale of Charity land, is being spent in accordance with the Charity’s Objects. The aim of the Trustees has been that expenditure should exceed income for a short period so that the revenue balance is reduced over time but at a rate that ensures donations from the Charity benefit pupils of several generations in Wallingford School. The revenue balance is itself generating further income. The Trustees have in the past expected to hold at least £300,000 in free unrestricted reserves and this expectation compares with the actual free reserves of £258,474 (2020: £186,579) – a reflection of the continuing decline of dividend and fixed interest yields, though with some good recovery on last year. The reserves policy is subject to ongoing review.
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
Investment policy objectives
The Trustees have drawn up an investment policy covering the investment of the capital held in the Walter Bigg Foundation Property Fund. The main performance aims are that the capital value and income should grow at least in line with growth in the UK RPI, with a minimum overall income target of 3.25% per annum, net of any tax. Benchmarks are agreed with the Investment Manager to apply to each individual investment. Quarterly reports are made to the Trustees by the Investment Manager.
Recognising the inherent volatility of investment markets, the Trustees are looking for sound performance of individual investments against their benchmarks and achievements of the overall growth target against RPI on a running five-year time scale.
Risk management
The Trustees regularly review their Risk Register, which details the present status of those operational risks which might diminish the Charity’s effectiveness, and the measures in place to mitigate them.
The most significant risk to which the Charity is exposed is the value of, and yield from, its investments. Investments in financial instruments are monitored closely, with regular scrutiny of the Investment Managers’ performance taking place.
The Trustees militate against financial fraud through funds being awarded by the collective decision of the Trustees. At least two Trustees have to approve payments before being administered by the Merchant Taylors’ Company. A further two authorised signatories are required for payments to be sent electronically or via cheque.
Future Plans
The Trustees have agreed to move to a policy of Total Return on the Charity’s investments, with formal implementation to be effected from the 2021/22 year. This change, driven by low dividend payments and interest rate yields, will allow for the Charity to be further able to use funds that will assist its beneficiaries.
Work towards the construction of a new two-storey building on the Wallingford School site (to support the accommodation of additional pupils) is underway, further to the relevant permissions having been granted by South Oxfordshire District Council in 2020 and the Charity will support the building project as effectively as it can.
The Charity is also lending support to the development of a ‘biodiversity garden’ at the school, set up in memory of a former Trustee of the Charity. School pupils and local charities are currently involved in the design and planning stages, and it is intended that the garden will ultimately be open to both school members and local communities.
In recognition of the Charity’s commitment to supporting the education of all young people aged 11 to 25 resident in Wallingford the Trustees are bringing focus to various expansion opportunities at both Brightwell School and Wallingford School under a broad umbrella narrative called Think Bigg.
Finally, the Charity is cognisant of the recent and continuing impact of the Covid-19 pandemic on the schools’ operations and will continue to support emerging priorities where possible.
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
Structure, Governance and Management of the Charity
Trustee appointments
The composition of the board is made up of the following:
-
A minimum of five to a maximum of seven Trustees in total.
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Up to two governors from Wallingford School, appointed by the full governing body, who are eligible to serve a four-year term at the end of which a reappointment or a new appointment is made.
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Up to two Trustees appointed by the Wallingford Town Council, who are eligible to serve a four-year term at the end of which a reappointment or a new appointment is made.
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One Director from the Merchant Taylors’ Oxfordshire Academy Trust, appointed by the Board of Directors.
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Up to two co-opted Trustees to be nominated by the existing Trustees.
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There should always be one member of the Merchant Taylors’ Company serving within the Trustees of the Walter Bigg Foundation.
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The Chair of the Merchant Taylors’ Oxfordshire Academy Trust, the Headmaster and the Chairman of Wallingford School’s governing body are in attendance at the meetings.
Induction and training of new Trustees
New Trustees are briefed by a fellow Trustee after appointment. Trustees are able to attend annual training at the Merchant Taylors’ Hall, led by legal and accountancy advisers.
Decision and delegation
Decisions relating to the Trust are taken by the Trustees in accordance with the rules in the governing document. Decisions are made by a simple majority of votes, the Chairman having a casting vote in the event of a tie. A quorum exists when three Trustees are present.
The Trust does not employ any staff. The Trustees are volunteers and do not receive payment for fees or expenses. Their involvement is through their close association to Wallingford School, the Merchant Taylors’ Company and/or the environs of Wallingford.
The management of the Charity is delegated to Bradestrete Services Ltd, a subsidiary of the Merchant Taylors’ Company.
The Chief Executive Officer is Rear Admiral John Clink CBE, as Clerk to the Merchant Taylors’ Company.
The Charity and its wider network
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1) Wallingford Town Council
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2) Governors and Headmaster of Wallingford School
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3) Directors of the Merchant Taylors’ Oxfordshire Academy Trust
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4) The Merchant Taylors’ Company
There is no official link between these entities; however their fields of operation are central to the Charity’s considerations.
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School Trustees' Annual Report and Financial Statements for the year ended 31 March 2021
Statement of the Trustees’ Responsibilities
The Charity's Trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) (Second edition.)
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Report of the Trustees was approved by the Trustees on the 11[th] day of January 2022 and signed on their behalf.
Hugh B Carter John D Peel Trustee Trustee
(If we type or otherwise electronically sign our names, we confirm that we intend to authenticate this document by so doing.)
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Registered Charity Number: 309241
The Walter Bigg Foundation for Wallingford School
Independent Examiner’s Report for the year ended 31 March 2021
INDEPENDENT EXAMINER’S REPORT
I report to the trustees on my examination of the accounts of the Walter Bigg Foundation for Wallingford School (the Charity) for the year ended 31 March 2021.
Respective Responsibilities of trustees and examiner
As the charity trustees of the Charity 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
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 Charity 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.
Signed (If I type or otherwise electronically sign my name, I confirm that I intend to authenticate this document by so doing):
Claire Wills FCA DChA Saffery Champness LLP Chartered Accountants 71 Queen Victoria Street, London, EC4V 4BE
14 January 2022
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The Walter Bigg Foundation for Wallingford School
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 March 2021
| Note Income and endowments from: Investments income 2 Total income Expenditure on: Raising funds Investment management costs 9 Expenditure on charitable activities 8 Total expenditure Net income Net gains / (losses) on investments Realised & Unrealised gains / (losses) Investment assets 3 Fund balances brought forward at 1 April 2020 Fund balances carried forward 31 March 2021 Net income / (expenditure) and net movement in funds |
2021 £ 97,511 Current Year Unrestricted Funds |
2021 £ - - - - - - - - - 3,951 Current Year Restricted Funds 3,951 |
2021 £ - - - - - - 1,172,438 1,172,438 1,172,438 5,508,572 4,336,134 Current Year Endowment Funds |
2021 £ 97,511 97,511 16,463 9,153 25,616 71,895 1,172,438 1,172,438 1,244,333 5,770,997 4,526,664 Current Year Total Funds |
2020 £ 111,040 Prior Year Total Funds |
|---|---|---|---|---|---|
| 97,511 | 111,040 | ||||
| 16,463 9,153 |
17,406 97,371 |
||||
| 25,616 | 114,777 | ||||
| 71,895 | (3,737) | ||||
| - | (423,340) | ||||
| - | (423,340) | ||||
| 71,895 186,579 |
(427,077) 4,953,741 |
||||
| 258,474 | 4,526,664 |
All income and the net movement in funds are derived from continuing activities.
-
The notes on pages 14 to 24 form part of these financial statements.
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The Walter Bigg Foundation for Wallingford School
BALANCE SHEET AS AT 31 March 2021
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank Creditors: amounts falling due within one year Net current liabilities Total net assets of the charity Funds Restricted Funds Restricted revenue funds 14 Unrestricted Funds Unrestricted revenue funds 14 Endowment Funds Capital 14 Income 14 Total Charity Funds 13 |
£ £ 5 5,723,708 - 58,009 58,009 47,284 5,770,997 3,951 258,474 5,508,571 - 5,508,571 5,770,996 10,725 5,723,713 2021 |
£ £ 5 4,567,012 710 93,995 94,706 (40,353) 4,526,664 3,951 186,579 4,336,134 - - 4,336,134 4,526,664 135,059 4,567,017 2020 |
£ £ 5 4,567,012 710 93,995 94,706 (40,353) 4,526,664 3,951 186,579 4,336,134 - - 4,336,134 4,526,664 135,059 4,567,017 2020 |
|---|---|---|---|
| (40,353) 4,567,017 |
|||
| 4,526,664 | |||
| 3,951 186,579 - 4,336,134 |
|||
| 4,526,664 |
These financial statements were approved by the Trustees on 11 January 2022.
Hugh B Carter John D Peel Trustee Trustee
(If we type or otherwise electronically sign our names, we confirm that we intend to authenticate this document by so doing.)
The notes on pages 14 to 24 form part of these financial statements.
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The Walter Bigg Foundation for Wallingford School
ACCOUNTING POLICIES FOR THE YEAR ENDED 31 March 2021
1 Accounting policies
These financial statements have been prepared in accordance with 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) (second edition) (Charities SORP (FRS 102)) and applicable accounting standards.
1.1 Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on an accruals basis under the historic cost convention, with the exception of investments which are stated at market value. The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP rather than Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn.
Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement
The Charity constitutes a public benefit entity as defined by FRS102.
1.2 Going concern
At the time of approving the financial statements, the governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Income and endowments
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, and it is probable that the income will be received and the amount can be measured reliably. All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonableaccuracy. The following specific policies are applied to particular categories of income:
Donations and legacies are included in full in the Statement of Financial Activities when receivable.
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The Walter Bigg Foundation for Wallingford School
ACCOUNTING POLICIES FOR THE YEAR ENDED 31 March 2021
1.4 Income and endowments (continued)
Income from charitable activities is accounted for when earned.
Donations services and facilities are included in the accounts on the basis of the value of the gift to the charity.
Income from investments is included when receivable.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which can be fully recovered, and is reported as part of the expenditure to which it relates:
Expenditureonraisingfundscomprisesthosecostsdirectlyattributabletomanaging theinvestment portfolioand raising investment income.
Expenditureoncharitableactivitiesincludesthose costsincurredby the Charityin thedelivery of its objectives.It includesbothcoststhatcan be allocateddirectlytosuchactivities and those costsof an indirectnaturenecessary to support them.
Grants are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The provision for an multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award. There are no unfulfilled performance conditions under the control of the Charity that would permit the Charity to avoid making future payment(s), settlement is probable and the effect of discounting is material. The discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity.
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The Walter Bigg Foundation for Wallingford School
ACCOUNTING POLICIES FOR THE YEAR ENDED 31 March 2021
1.6 Fixed asset investments
Investments are stated at market value at the balance sheet date. Net gains and losses arising on revaluation and disposals throughout the year are taken to the Statement of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.
1.9 Taxation
The Charity is a registered Charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
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The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
| 2 Investments Income 2021 £ Income from listed investments 97,510 Total investment income 97,510 3 Investment gains Realised gains/(losses) Realised (losses)/gains on Listed Investments Total realised gains Unrealised gains/(losses) Unrealised gains / (losses) on Listed Investments Total unrealised gains / (losses) Total of realised and unrealised gains / (losses) All realised and unrealised gain and losses relate to endowment funds Current Year Unrestricted Funds |
2021 £ 97,510 97,510 Current Year Unrestricted Funds |
2021 £ - - Current Year Restricted and Endowment Funds |
2021 £ 97,510 97,510 Current Year Total Funds |
2020 £ 111,039 111,039 Prior Year Total Funds |
|---|---|---|---|---|
| 2021 £ - Current Year Total Funds |
2020 £ (55,240) Prior Year Total Funds |
|||
| - | (55,240) | |||
| 1,172,438 | (368,100) | |||
| 1,172,438 | (368,100) | |||
| 1,172,438 | (423,340) | |||
4 Remuneration and payments to Trustees and persons connected with them
No trustees or persons connected with them received any remuneration from the charity, or related entity (2020: none).
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The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
5 Grants
| Grants paid to organisations Total grant making costs Breakdown of grants paid to organisations Wallingford School |
2021 £ - Current Year Total Funds |
2020 £ 90,161 Prior Year Total Funds |
|---|---|---|
| - | 90,161 | |
| 2021 £ - Current Year Total Funds |
2020 £ 90,161 Prior Year Total Funds |
Applications for grants are put forward by the Head of Wallingford School for the Trustees' consideration. Grants awarded are clearly aligned with the objects of the charity. Most grants are made for the purpose of improving Wallingford School facilities or for educational trips and projects. A smaller proportion of grants are awarded for the benefit of individual students at the school who may require additional or specialist assistance. All grants noted here are from Unrestricted Funds.
6 Supporting costs for charitable activities
| Administrative overheads Management fees Financial costs Bank charges Total support costs |
2021 £ 6,848 276 Current Year Total Funds |
2020 £ 5,820 2 Prior Year Total Funds |
|---|---|---|
| 7,124 | 5,822 |
All support costs are from Unrestricted Funds.
18
The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
7 Other expenditure - Governance costs
| Independent examiner's fee Over accrual from prior year Independent examiner's fee Independent examiner's fee is from Unrestricted Funds. 8 Total expenditure on charitable activties Total direct spending Total grants payable Total governance costs All expenditure was from Unrestricted Funds. 9 Expenditure on raising funds and costs of investment management Investment management costs All expenditure was from Unrestricted Funds. |
2021 £ 3,180 (1,340) Current Year Total Funds |
2020 £ 4,200 - Prior Year Total Funds |
|---|---|---|
| 1,840 | 4,200 | |
| 2021 £ 7,124 - 1,840 Current Year Total Funds |
2020 £ 1,622 90,161 4,200 Prior Year Total Funds |
|
| 8,964 | 95,983 | |
| 2021 £ 16,463 Current Year Total Funds |
2020 £ 17,406 Prior Year Total Funds |
|
19
The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
10 Tangible fixed assets
| Cost At 1 April 2020 and 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net Book Value At 31 March 2020 At 31 March 2021 |
£ 21,175 21,170 - 21,170 5 5 Land and Buildings |
Total £ 21,175 |
|---|---|---|
| 21,170 - |
||
| 21,170 | ||
| 5 | ||
| 5 |
The freehold land consists of a ‘ransome’ strip, the value of which is uncertain. The Trustees determined in 2015 to write this asset off over ten years, on the grounds of prudence.
11 Investments held as fixed assets
| Investments held as fixed assets | |
|---|---|
| Carrying value of investments At 1 April 2020 Additions Movement in cash Revaluation at 31 March 2021 Disposals At 31 March 2021 Market value and historical cost of investments Market value Historical cost |
£ 4,567,011 753,747 (113,515) 1,172,440 (655,975) Listed Investments |
| 5,723,708 | |
| 5,723,708 | |
| 4,262,286 |
20
The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
| 12 | Debtors | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Prepayments and accrued income | - | 710 | |
| 13 | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grants and donations payable | - | 122,500 | |
| Trade and other Creditors | - | 5,820 | |
| Accruals | 10,725 | 6,739 | |
| 10,725 | 135,059 | ||
| 14 | Movements in funds | ||
| Unrestricted Funds |
| Balance | Movement | Transfer | Balance | ||
|---|---|---|---|---|---|
| 1 April 2020 | In Funds | Between Funds | 31 March 2021 | ||
| £ | £ | £ | £ | ||
| Unrestricted Funds | 186,579 | 71,895 | - | 258,474 | |
| Restricted Funds | |||||
| The Hedges Chemical Science Fund | 3,951 | - | - | 3,951 | |
| Endowment Funds | |||||
| Walter Bigg Trust Property Fund -Capital | 4,336,134 | 1,172,438 | - | 5,508,572 | |
| Walter Bigg Trust and Property Fund -Income | - | - | - | - | |
| Total Endowment Funds | 4,336,134 | 1,172,439 | - | 5,508,572 | |
| Total Charity Funds | 4,526,664 | 1,244,334 | - | 5,770,997 |
See note 19 for split of comparative information
| 15 Analysis of movement in Funds Unrestricted Funds Unrestricted revenue fund Restricted Funds The Hedges Chemical Science Fund Endowment Funds Walter Bigg Trust Property Fund - Capital Walter Bigg Trust Property Fund - Income |
Income £ 97,511 - - - |
Expenditure £ (25,616) - - - (25,616) |
Other Gains & Losses £ - - 1,172,438 - 1,172,438 |
Movement in Funds £ 71,895 - 1,172,438 - |
|---|---|---|---|---|
| 97,511 | 1,244,333 |
See note 19 for split of comparative information
| 16 Analysis of net assets Tangible assets Investments Current assets Total Tangible assets Investments Current assets Total |
Unrestricted Funds 2021 £ - 211,190 47,284 |
Restricted & Endowment Funds 2021 £ 5 5,512,517 - 5,512,522 2020 5 4,340,079 - 4,340,084 |
Total 2021 £ 5 5,723,707 47,284 |
|---|---|---|---|
| 258,474 | 5,770,996 | ||
| 2020 - 226,933 (40,353) |
2020 5 4,567,012 (40,353) |
||
| 186,580 | 4,526,664 |
21
The Walter Bigg Foundation for Wallingford School
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
- 17 The purposes for which the funds as detailed in note14 & 15 are held by the charity are:
Unrestricted Funds
Unrestricted revenue fund
These funds are held for the meeting of the objectives of the charity and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.
Restricted Funds
The Hedges Chemical Science Fund
These funds were originally set up on 29th January 1901 to provide chemical science for the benefit of Wallingford Grammar School pupils.
Endowment Funds
Walter Bigg Trust Property Fund - Capital
The Walter Bigg Trust Property Fund is the fund which the proceeds from the sale of the property on the upper school site , formerly owned by the trust are held. The capital of this fund cannot be converted into income under the terms of the trust, but the charity can benefit from the income. This fund is included within these financial statements.
At the end of the year the charity benefited from the above endowment fund.
Walter Bigg Trust and Property Fund - Income
The income from the endowment fund is spent in full on charitable activities. Any funds that have not being expended are shown in notes 18 as the Walter Bigg Trust Property Fund - Income.
- 18 Ultimate Controlling party
The charity is under the control of its Trustees.
22
The Walter Bigg Foundation for Wallingford School
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2021
| 19 Comparative information Income and endowments from: Investments income Total income Expenditure on: Raising funds Investment management costs Expenditure on charitability activities Total expenditure Net income after transfers Net gains / (losses) on investments Realised & unrealised losses on investment Net movement in funds Fund balances brought forward at 1 April 2019 Fund balances carried forward 31 March 2020 |
2020 £ 109,273 109,273 17,406 97,371 114,777 (5,504) - - (5,504) 186,579 Current Year Unrestricted Funds 192,083 |
2020 £ 1,766 1,766 - - - 1,766 (423,340) (423,340) (421,574) 4,340,084 4,761,658 Current Year Restricted and Endowment Funds |
2020 £ 111,039 Current Year Total Funds |
|---|---|---|---|
| 111,039 | |||
| 17,406 97,371 |
|||
| 114,777 | |||
| (3,738) | |||
| (423,340) | |||
| (423,340) | |||
| (427,078) 4,953,741 |
|||
| 4,526,663 |
All income and the net movement in funds are derived from continuing activities.
23
The Walter Bigg Foundation for Wallingford School
MOVEMENT IN REVENUE AND CAPITAL FUNDS FOR THE YEAR ENDED 31 March 2021
Movement in revenue and capital funds for the year ended 31 March 2020
| Unrestricted Funds Unrestricted Funds Restricted Funds The Hedges Chemical Science Fund Endowment Funds Walter Bigg Trust Property Fund -Capital Walter Bigg Trust and Property Fund -Income Total Endowment funds Total Charity Funds Analysis of movement in Funds Unrestricted Funds Unrestricted revenue fund Restricted Funds The Hedges Chemical Science Fund Endowment Funds Walter Bigg Trust Property Fund - Capital Walter Bigg Trust Property Fund - Income |
Balance 1 April 2020 £ 192,083 |
Movement In Funds £ (5,504) |
Transfer Between Funds £ - |
Balance 31 March 2021 £ 186,579 |
|---|---|---|---|---|
| 2,185 | 1,766 | - | 3,951 | |
| 4,759,472 - |
(423,340) - |
- - |
4,336,133 - |
|
| 4,759,472 | (423,339) | - | 4,336,133 | |
| 4,953,740 | (427,076) | - | 4,526,664 | |
| Income £ 109,273 1,766 - - |
Expenditure £ (114,777) - - - |
Other Gains & Losses £ - - (423,340) - |
Movement in Funds £ (5,504) 1,766 (423,340) - |
|
| 111,040 | (114,777) | (423,340) | (427,077) |
24