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2022-03-31-accounts

Registered Charity Number: 309241

THE WALTER BIGG FOUNDATION

for Wallingford School

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

The Walter Bigg Foundation for Wallingford School

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 16

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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
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
Solicitors: Winckworth Sherwood
6 Beaumont Street
Oxford, OX2 2LZ

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their Report and Financial Statements for the year ended 31 March 2022.

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

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:

in the above order of priority;

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

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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 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 £274,181 to Wallingford School. A further £146,000 was approved in the year, to be paid in the 2022/23 year. 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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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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 easily feel they are not
recognised.
Staff Conference This is a high-impact event and crucial in a year in which so much change
took place. Staff from Buckinghamshire UTC and 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		 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 staffingfor theprogramme 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.

In addition, funding was provided for a new school minibus and towards development of a new biodiversity area, designed to enhance the environment for all those living near to the school.

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 come 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 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 £5,872,072 (2021: £5,723,708). The investment income was similar to the prior year with income of £93,584 (2021: £97,511) from listed investments with Rathbone Investment Management Ltd 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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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

Financial position at year end

The financial position of the Charity at 31 March 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:

2022
£		 2021
£
Net (expenditure) / income after
accounting for realised and unrealised
gains on investment assets		 (28,242) 1,244,333
Unrestricted Revenue Funds available for
the general purposes of the Charity		 45,064 258,474
Restricted Revenue Funds 3,951 3,951
Endowment Funds 5,693,740 5,508,571
Total Funds 5,742,755 5,770,996

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 £45,064 (2021: £258,474) – a reflection of the continuing decline of dividend and fixed interest yields, though with some good recovery on last year. The lower balance on unrestricted reserves is due to the trustees approving in advance grants of £146,000. The reserves policy is subject to ongoing review.

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

Investment policy objectives

The Trustees adopted a resolution to invest the charity’s permanent endowment on a total return basis in 8 December 2020 with effect from 1 April 2021. Trustees agreed an original value of the endowment of £2,995,158 and unapplied total return of £2,513,414, through review of historic accounts and based on being the value of the endowed investment as at 31 March 2010. It was agreed to use 30% (£443,953) of the increase in the value of the endowed investment in the period 2010-2020 to fund the transfer to income for ongoing charitable activities. £221,977 was transferred to income in the year, with the balance to be transferred in the next year. Trustees will review this annually.

The Trustees’ agreement, in the 2020/21 year, to adopt a policy of Total Return on the Charity’s investments took effect this year. The change, driven by low dividend payments and interest rate yields, is designed to allow the Charity to be further able to use funds that will assist its beneficiaries.

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

Work towards the construction of a new two-storey building on the Wallingford School site (to support the accommodation of additional pupils) is nearing completion, and the Charity will continue to support the building project as effectively as it can.

The Charity will also continue to support the development of the ‘biodiversity area’ at the school, set up in memory of a former Trustee of the Charity. School pupils and local charities have been 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.

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustee appointments

The composition of the board is made up of the following:

Induction and training of 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.

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The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Charity and its wider network

There is no official link between these entities; however their fields of operation are central to the Charity’s considerations.

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:

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 25[th] day of January 2023 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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The Walter Bigg Foundation for Wallingford School

INDEPENDENT EXAMINTER’S REPORT FOR THE YEAR ENDED 31 MARCH 2022

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WALTER BIGG FOUNDATION FOR WALLINGFORD SCHOOL

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 2022.

Respective Responsibilities of Trustees and Examiner

As the 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:

  1. accounting records were not kept in respect of the Charity 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.

Signed (If I type or otherwise electronically sign my name, I confirm that I intend to authenticate this document by so doing):

Claire Wills 26 January 2023 Claire Wills FCA, DChA Saffery Champness LLP Chartered Accountants 71 Queen Victoria Street, London, EC4V 4BE

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The Walter Bigg Foundation for Wallingford School

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Current Year Current Year Current Year Current Year Prior Year
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds
Note 2022 2022 2022 2022 2021
£ £ £ £ £
Income and endowments from:
Donations and legacies 1 144 - 144
-
Investments income 2 - - 93,584 93,584
97,511
Total return allocated to income 13 221,977 - (221,977) -
-
Total income 222,121 - (128,393) 93,728
97,511
Expenditure on:
Raising funds
Investment management costs 9 - - 17,542 17,542
16,463
Expenditure on charitable 8 435,531 - - 435,531
9,153
activities
Total expenditure 435,531 - 17,542 453,073
25,616
Net income (213,410) - (145,935) (359,345) 71,895
Net gains on investments
Realised & unrealised gains on 3 - - 331,103 331,103
1,172,438
investment assets
- - 331,103 331,103
1,172,438
Net (expenditure) / income and net -
movement in funds (213,410) 185,168 (28,242) 1,244,333
Fund balances brought forward at 1 258,474 3,951 5,508,572 5,770,997 4,526,664
April 2021
Fund balances carried forward 31 45,064 3,951 5,693,740 5,742,755 5,770,997
March 2022

All income and the net movement in funds are derived from continuing activities.

The notes on pages 16 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 2022

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
Cash at bank
Creditors: amounts
falling due within one
year
12
Net current liabilities
Total net assets of the charity
Funds
Restricted funds
Restricted revenue funds
14
Unrestricted fund
Unrestricted revenue funds
14
Endowment funds
Capital
14
Income
14
Total Charity Funds		 £
-
27,613		 2022
£
5
5,872,072
5,872,077

(129,322)
5,742,755
3,951
45,064
5,693,740
5,742,755		 £
-
58,009		 2021
£
5
5,723,708
5,723,713
47,284
5,770,997
27,613
156,935		 58,009
10,725
5,693,740
-		 5,508,572
-
3,951
258,474
5,508,572
5,770,997

These financial statements were approved by the Trustees on the 25[th] day of January 2023.

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 16 to 24 form part of these financial statements.

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The Walter Bigg Foundation for Wallingford School

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2022

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, 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 reasonable accuracy. 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.

Income from charitable activities is accounted for when earned.

Donations of 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.

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Walter Bigg Foundation for Wallingford School

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2022

1.4 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and raising investment income.

Expenditure on charitable activities includes those costs incurred by the Charity in the delivery of its objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary 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.

1.5 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.

1.6 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.

1.7 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.

1.8 Taxation

The Charity is a registered Charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.9 Total return accounting

The Trust is entitled to adopt a 'total return' basis when accounting for the permanent endowment fund. The Trust can use its discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or released to income at the discretion of the Trustees.

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Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2 Income from investments

Income from listed investments
3Investment gains
Realised gains/(losses)
Realised (losses) on Listed Investments
Total realised gains
Unrealised gains/(losses)
Unrealised gains on Listed Investments
Total unrealised gains
Total of realised and unrealised gains		 Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
93,584
97,511
Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
(59,150)
-
(59,150)
-
390,253
1,172,438
390,253
1,172,438
331,103
1,172,438

All realised and unrealised gain and losses relate to endowment funds

4 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration or reimbursement of expenses, from the charity, or related entity (2021: none).

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Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5 Grants

Grants paid to organisations
Total grant making costs
Breakdown of grants paid to organisations
Wallingford School		 Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
420,181
-
420,181
-
Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
420,181
-

Applications for grants are put forward by the Headmaster 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. 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. The charity made a total of 8 grants to the school in the year.

6 Supporting costs for charitable activities

Administrative overheads
Management Fees
Financial costs
Bank charges
Total Support costs		 Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
8,604
6,848
366
276
8,970
7,124

All support costs are from unrestricted funds.

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Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7 Other expenditure – Governance costs

Current Year Prior Year
Total Funds Total Funds
2022 2021
£ £
Independent Examiner's fee 6,380 1,840

Independent examiner's fee is from unrestricted funds.

8 Total expenditure on charitable activities

Total direct spending
Total grants payable
Total governance costs		 Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
8,970
7,124
420,181
-
6,380
1,840
435,531
8,964

All expenditure was from unrestricted funds.

All grants made were to Wallingford School (see note 5).

9 Expenditure on raising funds and costs of investment management

Investment management costs Current Year
Total Funds
Prior Year
Total Funds
2022
2021
£
£
17,542
16,463

All the above expenditure was from endowment funds.

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Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10 Tangible fixed assets

Cost
At 1 April 2021 and 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2021
At 31 March 2022
11Investments held as fixed assets

Carrying value of investments
At 1 April 2021
Additions
Movement in cash
Revaluation at 31 March 2022
Disposals
At 31 March 2022
12Creditors: amounts falling due within one year
Grants and donations payable
Accruals		 Land and
Buildings
Total
£
£
21,175
21,175
21,170
21,170
-
-
21,170
21,170
5
5
5
5
Listed Investments
£
5,723,708
1,111,274
286,017
331,103
(1,580,028)
5,872,072
2022
2021
£
£
146,000
-
10,935
10,725
156,935
10,725

19

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13 Statement of investment total return

Gift component of permanent endowment
Unapplied total return
Total Endowment at start of period
Investment return: investment income
Investment return: realised and unrealised gains
and losses
Less: investment management costs
Total return
Transfers to income
Gift component of permanent endowment
Unapplied total return
Total Endowment at end of period
14Movement in funds
Unrestricted funds
Unrestricted funds
Restricted funds
The Hedges Chemical Science Fund
Endowment Funds
Walter Bigg Trust Property Fund -Capital
Total Endowment Funds
Total Charity Funds		 Original gift
Unapplied
total return
Total
Endowment
£
£
£
2,995,158
-
2,995,158
-
2,513,414
2,513,414
2,995,158
2,513,414
5,508,572
-
93,584
93,584
-
331,103
331,103
-
(17,542)
(17,542)
-
407,145
407,145
-
(221,977)
(221,977)
2,995,158
-
2,995,158
-
2,698,582
2,698,582
2,995,158
2,698,582
5,693,740
Balance
Movement
Balance
1 April 2021
In Funds 31 March 2022
£
£
£
258,474
(213,410)
45,064
3,951
-
3,951
5,508,572
185,168 5,693,740
5,508,572
185,168 5,693,740
5,770,997
(28,242)
5,742,755

See note 20 for split of comparative information.

20

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15Analysis of movement in funds
Income Expenditure Other Gains Movement
& Losses in funds
£ £ £ £
Unrestricted funds
Unrestricted revenue fund
 222,121 (435,531) - (213,410)
Restricted funds
The Hedges Chemical Science Fund
 - - - -
Endowment Funds
Walter Bigg Trust Property Fund - Capital
 (128,393) (17,542) 331,103 185,168
Walter Bigg Trust Property Fund - Income
 - - - -
93,728 (453,072) 331,103 (28,242)
See note 20 for split of comparative information.

16 Analysis of net assets

Tangible assets
Investments
Current assets
Total
Tangible assets
Investments
Current assets
Total		 Unrestricted
Funds
Restricted &
Endowment
Funds
Total
2022
2022
2022
£
£
£
-
5
5
174,386
5,872,072 6,046,458
(129,322)
-(129,322)
45,064
5,872,077 5,917,141
2021
2021
2021
-
5
5
211,190
5,512,517 5,723,707
47,284
- 47,284
258,474
5,512,522 5,770,996

21

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17 The purposes for which the funds as detailed in note 14 & 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 the 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 15 as the Walter Bigg Trust Property Fund - Income.

18 Ultimate Controlling party

The charity is under the control of its Trustees.

19 Related parties

There were no related party transactions in the year.

22

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20 Comparative information

Income and endowments from:
Investments income
Total income
Expenditure on:
Raising funds
Investment management costs
Expenditure on charitable activities
Total expenditure
Net income after transfers
Net gains / (losses) on investments
Realised & Unrealised losses on
investments
Net movement in funds
Fund balances brought forward at
1 April 2020
Fund balances carried forward
31 March 2021		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Current Year
Total Funds
2021
2021
2021
2021
£
£
£
£
97,511 -
-
97,511
97,511-
-
97,511
16,463 -
-
16,463
9,153 - -
9,153
25,616 -
-
25,616
71,895
-
-
71,895
-
-
1,172,438
1,172,438
- -
1,172,438
1,172,438
71,895
- 1,172,438
1,244,333
186,579
3,951
4,336,134
4,526,664
258,474
3,951
5,508,572
5,770,997

All income and the net movement in funds are derived from continuing activities.

23

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Movement in revenue and capital funds for the year ended 31 March 2021

Unrestricted funds
Unrestricted revenue fund
Restrictive funds
The Hedges Chemical Science Fund
Endowment Funds
Walter Bigg Trust Property Fund - Capital
Walter Bigg Trust Property Fund - Income
Total
Total Charity Funds
Analysis of movement in funds
Unrestricted funds
Unrestricted revenue fund
Restrictive funds
The Hedges Chemical Science Fund
Endowment Funds
Walter Bigg Trust Property Fund - Capital
Walter Bigg Trust Property Fund - Income		 Balance
1 April 2020
Movement
in funds
Transfer
between funds
Balance
31 March 2021
£
£
£
£
186,579
71,895
-
258,474
3,951 -
-
3,951
4,336,134
1,172,438
- 5,508,572
-
-
-
-
4,336,134 1,172,438
- 5,508,572
4,526,664
1,244,334
-
5,770,997
Income
Expenditure
Other Gains
& Losses
Movement
in funds
£
£
£
£
97,511
(25,616)
-
71,895
-
-
- -
-
-
1,172,438
1,172,438
-
-
- -
97,511
(25,616)
1,172,438 1,244,333

24