2023-03-31-accounts - Walter Bigg Foundation For Wallingford School

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Registered Charity Number: 309241

THE WALTER BIGG FOUNDATION

FOR WALLINGFORD SCHOOL

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

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

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 during the year and
at the approval of the accounts:	Ms L Atkins_(appointed 11 July 2023)_
	Mr H Carter (Chair)(resigned 28 January 2023)
	Mr J Cuthbert_(appointed 2 November 2022)_
	Cllr C Holford_(appointed 30 June 2023)_
	Cllr N Hughes
	Cllr R Lester_(resigned 27 March 2023)_
	Mr C O’Callaghan_(Chair from 13 July 2023)_
	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 LLP
	71 Queen Victoria Street
	London, EC4V 4BE
Solicitors:	Winckworth Sherwood
	6 Beaumont Street
	Oxford, OX2 2LZ

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their Report and Financial Statements for the year ended 31 March 2023.

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:

1) Walter Bigg Fund – Wallingford School: income from investments in this fund and the Walter Bigg Foundation Property Fund is used:
a. To provide items, services and facilities for Wallingford School,
b. Otherwise to promote the education of children and young persons (aged between 11 and 25) resident in Wallingford,

in the above order of priority;

2) Hedges Chemical Science Fund – Wallingford School: provides income to award prizes in natural sciences to pupils attending Wallingford School;
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. Trustees have adopted total return for this 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 continue to grow in

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

the coming years, bringing the total pupil numbers up to around 1,600 by 2024/25. 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 £95,000 to Wallingford School. A further £27,500 was approved in the year, to be paid in the 2023/24 year . Most of the grants paid out were for projects that made a genuine difference for specific school groups, including the following:

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2023

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 Aylesbury UTC and Brightwell School also attended again, 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 they had 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 children 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 the kitting out of some classrooms in the new two-storey block that was officially opened in summer 2023 and to support alternative provision for some of the school’s pupils.

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 £5,403,344 (2022: £5,872,072). The investment income was similar to the prior year with income of £118,261 (2022: £93,584) 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.

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Financial position at year end

The financial position of the Charity at 31 March 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:

Financial review of position at the end of the reporting period

	2023 £	2022 £
Net (expenditure) / income after accounting for realised and unrealised gains on investment assets	(339,568)	(28,242)

Unrestricted Revenue Funds available for the general purposes of the Charity	132,744	45,064
Restricted Revenue Funds	3,951	3,951
Endowment Funds	5,266,492	5,693,740
Total Funds	5,403,187	5,742,755

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 £132,744 (2022: £45,064) – 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 £27,500. The reserves policy is subject to ongoing review.

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Investment policy objectives

The Trustees adopted a resolution on 8 December 2020 to invest the charity’s permanent endowment on a total return basis with effect from 1 April 2021. 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.

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 2022, with the balance transferred in 2023. Trustees will review this annually.

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 Charity is continuing to support the development of a ‘biodiversity area’ at the school, set up in memory of a former Trustee of the Charity and due to be opened in the 2023/24 school year. 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.

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 remains 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.

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.
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.
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.
One Director from the Merchant Taylors’ Oxfordshire Academy Trust, appointed by the Board of Directors.
Up to two co-opted Trustees to be nominated by the existing Trustees.
There should always be one member of the Merchant Taylors’ Company serving within the Trustees of the Walter Bigg Foundation.
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 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 day to day 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

Though the Charity operates fully independently, considerations about its grant-making can be usefully informed by working relationships with several entities: Wallingford Town Council, the Governors and Head of Wallingford School, the Directors of the Merchant Taylors’ Oxfordshire Academy Trust, and the Merchant Taylors’ Company. There are no official links between these entities.

The Walter Bigg Foundation for Wallingford School

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 26[th] day of January 2024 and signed on their behalf.

(If we type or otherwise electronically sign our names, we confirm that we intend to authenticate this document by so doing.)

Conor O’Callaghan John Peel Trustee Trustee

The Walter Bigg Foundation for Wallingford School

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

Respective Responsibilities of Trustees and Examiner

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 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:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
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:

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

26 January 2024

The Walter Bigg Foundation for Wallingford School

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note Income and endowments from: Donations and legacies Investments income 2 Total return allocated to income 13 Total income Expenditure on: Raising funds Investment management costs 9 Expenditure on charitable activities 8 Total expenditure Net income Net gains on investments Realised & unrealised gains on investment assets 3 Net (expenditure) / income and net movement in funds Fund balances brought forward at 1 April 2022 Fund balances carried forward 31 March 2023	Current Year Unrestricted Funds Current Year Restricted Funds Current Year Endowment Funds Current Year Total Funds Prior Year Total Funds 2023 2023 2023 2023 2022 £ £ £ £ £ - - - 144 - - 118,261 118,261 93,584 221,977 - (221,977) - -
	221,977 - (103,716) 118,261 93,728 - - 16,167 16,167 17,542 134,297 - - 134,297435,531
	134,297 - 16,167 150,464 453,073
	87,680 - (119,883) (32,203) (359,345) - - (307,365) (307,365) 331,103
	87,680 - (427,248) (339,568) (28,242) 45,064 3,951 5,693,740 5,742,755 5,770,997
	132,744 3,951 5,266,492 5,403,187 5,742,755

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.

The Walter Bigg Foundation for Wallingford School

BALANCE SHEET AS AT 31 MARCH 2023

£ 41,846	£ 27,613	2022 £ 5 5,872,072
		5,872,077 (129,322) 5,742,755
41,846 42,008	27,613 156,935
5,266,492	5,693,740
		3,951 45,064 5,693,740

		5,742,755

These financial statements were approved by the Trustees on the 26[th] day of January 2024.

(If we type or otherwise electronically sign our names, we confirm that we intend to authenticate this document by so doing.)

Conor O’Callaghan John Peel Trustee Trustee

The notes on pages 14 to 24 form part of these financial statements.

The Walter Bigg Foundation for Wallingford School

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2023

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.

Walter Bigg Foundation for Wallingford School

ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2023

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.

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023 2022 £ £ 118,261 93,584 Current Year Total Funds Prior Year Total Funds 2023 2022 £ £ (69,263) (59,150)
	(69,263) (59,150)
	(238,102) 390,253
	(238,102) 390,253
	(307,365) 331,103

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 (2022: none).

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5 Grants

Grants paid to organisations Total grant making costs Breakdown of grants paid to organisations Wallingford School

	Current Year	Prior Year
	Total Funds	Total Funds
	2023	2022
	£	£
	122,500	420,181
	122,500	420,181
	Current Year	Prior Year
	Total Funds	Total Funds
	2023	2022
	£	£
	122,500	420,181

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. 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	Current Year Total Funds Prior Year Total Funds 2023 2022 £ £ 4,952 8,604 365 366
	5,317 8,970

All support costs are from unrestricted funds.

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7 Other expenditure – Governance costs

Independent examiner's fee Independent examiner's fee is from unrestricted funds.	Current Year Total Funds Prior Year Total Funds 2023 2022 £ £ 6,480 6,380

8 Total expenditure on charitable activities

Total direct spending Total grants payable Total governance costs	Current Year Total Funds Prior Year Total Funds 2023 2022 £ £ 5,317 8,970 122,500 420,181 6,480 6,380
	134,297 435,531

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 2023 2022 £ £ 16,167 17,542

All the above expenditure was from endowment funds.

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10 Tangible fixed assets

Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2022 At 31 March 2023 1Investments held as fixed assets Carrying value of investments At 1 April 2022 Additions Movement in cash Revaluation at 31 March 2023 Disposals At 31 March 2023 2Creditors: amounts falling due within one year Grants and donations payable Accruals		Land and Buildings Total £ £ 21,175 21,175 21,170 21,170 - -	Land and Buildings Total £ £ 21,175 21,175 21,170 21,170 - -
		21,170 21,170 5 5
			5 5
		Listed Investments £ 5,872,072 930,378 (608,154) (307,365) (483,587) 5,403,344 2023 2022 £ £ 31,500 146,000 10,508 10,935	Listed Investments £ 5,872,072 930,378 (608,154) (307,365) (483,587)
			5,403,344
		42,008 156,935

11 Investments held as fixed assets

12 Creditors: amounts falling due within one year

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 losses Less: investment management costs Total return Transfers to income Gift component of permanent endowment Unapplied total return Total Endowment at end of period	Original gift Unapplied total return Total Endowment £ £ £ 2,995,158 - 2,995,158 - 2,698,582 2,698,582
	2,995,158 2,698,582 5,693,740 - 118,261 118,261 - (307,365) (307,365) - (16,167) (16,167)
	- (205,271) (205,271) - (221,977) (221,977) 2,995,158 - 2,995,158 - 2,271,334 2,271,334
	2,995,158 2,271,334 5,266,492

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14 Movement 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 See note 17 for split of comparative information. 15Analysis of movement in funds Income £ Unrestricted funds Unrestricted revenue fund 221,977 Restricted funds The Hedges Chemical Science Fund - Endowment funds Walter Bigg Trust Property Fund - Capital (103,716) 118,261	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 See note 17 for split of comparative information. 15Analysis of movement in funds Income £ Unrestricted funds Unrestricted revenue fund 221,977 Restricted funds The Hedges Chemical Science Fund - Endowment funds Walter Bigg Trust Property Fund - Capital (103,716) 118,261	Balance Movement Balance 1 April 2022 In Funds 31 March 2023 £ £ £ 45,064 87,680 132,744 3,951 - 3,951 5,693,740(427,248)5,266,492 5,693,740(427,248)5,266,492 5,742,755 (339,568) 5,403,187 Expenditure Other Gains & Losses Movement in funds £ £ £ (134,297) - 87,680 - - - (16,167) (307,365) (427,248) (150,464) (307,365) (339,568)
	118,261

See note 19 for split of comparative information.

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16 Analysis of net assets

Tangible assets Investments Current assets Total Tangible assets Investments Current assets Total	Unrestricted Funds Restricted & Endowment Funds Total 2023 2023 2023 £ £ £ - 5 5 132,906 5,270,438 5,403,344 (162) - (162)
	132,744 5,270,443 5,403,187
	2022 2022 2022 - 5 5 174,386 5,697,686 5,872,072 (129,322) - (129,322)
	45,064 5,697,691 5,742,755

17 The purposes for which the funds as detailed in notes 14 and 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. 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. This fund is included within these financial statements.

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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.

19 Comparative information

Income and endowments from: Donations and legacies Investments income Total return allocated to 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 2021 Fund balances carried forward 31 March 2022	Unrestricted funds Restricted funds Endowment funds Current Year Total funds 2022 2022 2022 2022 £ £ £ £ 144 - - 144 - - 93,584 93,584 221,977 - (221,977) -
	222,121- (128,393) 93,728
	- - 17,542 17,542 435,531 - - 435,531
	435,531 - 17,542 453,073
	(213,410) - (145,935) (359,345)
	- - 331,103 331,103
	(213,410) - 185,168 1,244,333 258,474 3,951 5,508,572 5,770,997
	45,064 3,951 5,693,740 5,742,755

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

Walter Bigg Foundation for Wallingford School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Movement in revenue and capital funds for the year ended 31 March 2022

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	Balance 1 April 2021 Movement in funds Transfer between funds Balance 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
	Income Expenditure Other Gains & Losses Movement in funds £ £ £ £ 222,121 (435,531) - (213,410) - - - - (128,393) (17,542) 331,103 185,168 93,728 (453,072) 331,103 (28,242)