Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Registered Charity Number: Xl9241 THE WALTER BIGG FOUNDATION FOR WALLINGFORD SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C The Walter Bigg Foundationfor Wallingford School INDEX Trustees, Report Reference and Administrative Details Objects and Activities Achievements and Performance Financial Review Future Plans Structure, Governance and Management Statement of the Trustees, Responsibilities io Independent Examinerfs Report li Statement of Financial Activities 12 Balance Sheet 13 Accounting Policies 14 Notes to the Financial Statements 16
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 goi'erning document is a Scheme Document. Charity Address: Merchant Ta},lors' Hall 30 Threadneedle Street London, EC2R 8JB The Trustees in office during the year and Mr N Carberry (appoiiited 23 SLVteinber 2024) at the approval of the accounts: Mr J Cuthbert Cllr C Holford Cllr N Hughes Mr C O'callaghan (appointed Chairmfin 13 Iuly 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: Cara Turtington, FCA Saffery LLP 71 Queen Victoria Street London. EC4V 4BE Solicitors: Winckworth Sherwood 6 Beaumont Street Oxford, OX2 2LZ
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their Report and Financial Statements for the year ended 31 March 2025. The Financial Statements comply with FRS102 SORP (Statement of Recommended Prartice 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 ChaTitable Ob'ects 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 Charitys 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 operate5 three separate funds: 1 } Walter Bigg Fund - Wallingford School: income from investments in this fund and the Walter Bigg Foundation Propety Fund is used: To provide items, services and facilities for Wallingford Sch(x)l. 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 Charitws 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 ndS 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, sltuated 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 coming years, bringing the total pupil numbers up to around 1,600 by 2024125. The above-mentioned
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 Charitys ownership of a one-meter-wide ransom strip between Walter Bigg Way and Ayres Yard in Wallingford. tknring the year the Trustees continued to explore Options of how the ransom strip should be managed in the future. Strate The strategy for the year has been to continue to consider favourable applications that matched the Charitf 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 Charit! is e5tabli5hed for purposes which benefit Wallingford School and the wider public in Wallingford's immediate enl'irons. The Charitf 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 approi'ed or rejected, so as not to impugn their discretion, but will not discriminate on the grounds of any characteristic protected by the EqualityAct or any other relevant legislation. GTant-makin olicies Grants are awarded in accordance to the funds, purposes as outlined in the Charitys Objects. Due regard is paid to the requirement to balance the needs of current and future beneficiaries. ACHIEVEMENTS AND PERFORMANCE Following the itnpasse in negotiations with the OCC to invest the Charitrfs capital in the Wallingford School site, as TepoTted 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 meetin& 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 £295,105 to Wallingford School, of which £124,255 had been accrued in the previous year. Most of the grants paid out were for projects that made a genuine difference for specific school groups, including the following:
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STARS PTogramme 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 reco ised. This is a high-impact event and crucial in a year in which so much change took place. Staff from Merchant Tavlors, Oxfordshire Academy Trust attended again, and the conference proi'ided the opportunity for all staff to spend time reflecting, learnin& discovering and MTOTking together. Following the conference, the school had a 'risk week, where staff were encouraged to select ideas, strategies and initiatii'es showcased at the conference that the had not used before. The Scholars, Programme is an essential element of the school's provision and particularly so under the new Inspertion Framework. The school has grown the staffing for the programme and started some in-class delivery. This event reinforce5 the Sense that SEN children are a 'cool' group in themselves. It Is a trip the students look fornrard to and other children are am'are of. It sa s much about the school that this event is run. 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 small rou s for tar eted revision sessions. Staff Conference Scholars, Programme SEN Residential Year 13 Residential Revision Trip Perforniance a ainst strate The Trustees, at each meeting, reviem, 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 erforniance The market value of the investments at year end was ts,647,818 (2024: £5.760,315). The investment income was similar to the prior year with income of £128,977 (2024- £114,721) 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 rei'iewing the situation regularly in light of the likely long terni impact on the global economy of the Covid-19 pandemic and otheT factors.
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Financial osition at ear end The financial position of the Charity at 31 March 2025 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 2025 2024 Net (expenditure) / income after accounting for reali5ed and unrealised gains on investment a55ets (24,040} 288,295 Unrestricted Revenue Funds available for the general purposes of the Charity 102,890 21,032 Restricted Revenue Funds 3,951 3,951 Endowment Funds 5,560,601 5,666,499 Total Funds 5,667,442 5,691,482 The TTUStees 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 lfIl its obligations in respect of each fund. Reserves olicies 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 oi'er 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 £102.890 (2024: £21,032) - a recovery on the previous year. The reserves policy is subject to ongoing review.
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Investment oli ob'ectives The Trustees adopted a resolution to invest the charitys permanent endowment on a total return basis on 8 December 2020 with effect from l April 2021. Trnstees agreed an original value of the endoMFment 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 transfer £228,977 to income in 2024125. The Trustees, agreement, in the 2020121 year, to adopt a policy of Total Return on the Charity's investments took effect in the 2021122 year. The change, driven by low dividend paynients and interest rate yields, is designed to allow the Charity to be further able to Use funds that will a5SlSt 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 perfonnance 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 3.25010 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 investtnent 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 Tunning five-year time scale. Risk mana ement The Trustees regularly review their Risk Register, which details the present status of those operational risks which might diminish the Charitys 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 c105ely, with regular scrutiny of the Investment Managers, performance taking place. The Trnstees 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. FirruRE 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. School pupils and l(Kal charities have been involved in the design and planning stages, and it is intended that the garden will ultimately be open to members of both the school and local community. In recognition of the Chariws commitment to supporting the education of all young people aged 11 to 25 Tesident 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 continuing impact of the Covid-19 pandemic on the schools, operations and will continue to support emerging priorities where possible.
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee a ointments 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, M,ho are eligible to serve a four-year terni 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 trainin 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 deIe ation 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 3nd/or the environs of Wallingford. The day to day management of the Charity is delegated to Brade5trete Service5 Ltd, a subsidiary of the Merchant Taylors, Company. To the date of signing the Chief Executive Officer is Brigadier Christopher Coles, as Clerk to the Merchant TayloTS' Company. The Chari and its wider network 1 } Wallingford Town Council 2} Governors and Headteacher of Wallingford School 3) Directors of the Merchant Taylors. Oxfordshire Academy Trust 4} The Merchant Taylors'company There is no official link between these entities; however their field5 of operation are central to the Charity's considerations.
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 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. Noh%Fithstanding 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 deteTmined 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 trne 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 estitnates 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. 10 October 2025 The Report of the Trustees was approved by the Trustees on ............................ and signed on their behalf. SwJhÈd by. br. Conog'OEAffashan Trustee F4414.. Trustee (If we type or otherwise electronically sign our names. we confirm that we intend to authenticate this document by so doing.) io
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundation for Wallingford School INDEPENDELVF EXAMINTER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 2025. Respective Responsibilities of Trustees and Examlner As the Charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the Tequirements 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 examinefs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination include5 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 Vie 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 an), material respert: l. 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 l intend to authenticate this document by so doing): Docllsigned by: 14 Ortober 202S Saffery LLP 71 Queen Victoria Street, London, EC4V 4BE li
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundationfor Wallingford School STATEMENT OF FINANCIAL ACTtvrFIES FOR THE YEAR ENDED31 MARCH 2025 Current Year Unrestrided Funds Current Year Current Current Year Prior Year Restricted Year Total Funds Total Funds Funds Endowmen t Funds 2025 Note 2025 2025 2025 2024 Income and endowments from: Donations and legacies 98 Investments income 128,977 128,977 114,721 Interest 483 483 1,003 Total return allocated to income 13 228,977 (228,977) Total income 229.460 (ioo.000) 129.460 115,822 Expenditure on: Raising funds Investment management costs Expenditure on charitable activities Total expenditure 18,472 18,472 147,602 17,794 334,789 147,602 147,602 18,472 166,074 352,?83 Net income 81,858 (118,472) (36.614) (236,761) Net gains on investments Realised & unrealised gain5 on investment assets 12,574 12,574 525,056 Net (expenditure) l income and net movement in funds 81.858 {105,898) (24,040) 288,295 Fund balances brought forward at l April 2024 21,032 3,951 5,666.499 5.691,482 5,403,187 Fund balances Calea forward 31 March 2025 102,890 3,951 5,560,601 5,667,442 5,691,482 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. 12
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C Walter Bigg Foundutionfor Wallingford School BALANCE SHEET AS AT 31 MARCH 2025 Note 202i 2024 Fixed assets Tangible assets Investments io li 5,647,818 5,647,823 i,760,31i 5,760,320 Current assets Cash at bank 29,635 29,635 105,844 105,844 Creditors: amounts falling due within one year 12 10,016 174,682 Net current liabilities 19,619 (68,838) Total net assets of the charity 5,667,442 5,691,482 Funds Restricted funds Restricted revenue funds 14 3,951 3,951 Unrestricted fund Unrestricted revenue funds 14 102,890 21,032 Endowment funds Capital 14 5,560,601 5,666,499 Total Charity Funds 5.667.442 5.691.482 10 October 2025 These financial statements wereapproved by theTrustees on................................... SkJned by.. Sbjned by.. PLtL Conor Trustee F4414.. Trustee The notes on pages 14 to 24 forni part of these financial statements. 13
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C The Walter Bigg Foundationfor Wallingford School ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2025 Accounting poIicies These finanaal statetnents 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 sterlin& which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statetnents 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 proi'ide 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 FRSI 02. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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. Donation5 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. 14
Docusign Envelope ID.. 245B773A-CA37441 [A422B81 D80853C Walter Bigg Foundutionfor Wallingford School ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 MARCH 2025 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 fund5 Cotnprises 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 partie5 in the furthera of the charitable objects of the Charity. In the case of an unconditional grant offer this 15 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 OT multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are onl}F accrued when the recipient has been notified of the grant and any remaining Unlfilled 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-terni liquid investments with original maknrities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 FinanciaI 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 actii'ities. 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 POMTer is exercised the total retum 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. 15
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Income from investments Cuent Year Total Funds Prior Year Total Funds 2025 2024 Income from listed investments 128,977 114,721 3 Investment gains Current Year Total Funds Prior Year Total Funds ReaIised gainsl(losses) 2025 2024 Realised (losses) on Listed Investments (494) (41,385) Total realised gains (494) (41,385) Unrealised gainsl(losses) Unrealised gains/(losses) on Listed Investments 13,068 566,441 Total unrealised gainsl(losses) 13,068 566,441 Total of realised and unrealised gains/(losses) 12,574 525,056 All realised and unrealised gain and losses relate to endowment funds 4 Remuneration and payments to Trustees and peTsons connected with them No trustees or persons connected with them received any remuneration or reimbursement of expenses, from the charity, or related entity (2024: none). 16
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5 Grants Current Year Total Funds 2025 Prior Year Total Funds 2024 Grants paid to organisations 130,105 319,000 Total grant making costs 130,10? 319,000 Breakdown of grants paid to organisations Current Year Total Funds 2025 Prior Year Total Funds 2024 Wallingford Girl Guiding Wallingford Sch(x)I 1,3iO 128,7i5 319,000 Applications for grants are put forward by the Head of Wallingford School for the Trustees, consideration. Grants awarded are clearly aligned M'ith 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. A grant carried over from 2024 of £40.74? Mras not llY utilised and was written off in this financial year. 6 Supporting costs for charitable activities Current Year Total Funds Prior Year Total Funds 2025 2024 Admin support Professional fees Insurance Management fees Financial costs Bank charges Total Support costs 1,050 828 461 8,740 467 9,066 432 436 11,ill 9,969 All support costs are from unrestricted funds. 17
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 7 Other expenditure- Governance costs Current Year Total Funds Prior Year Total Funds 2025 2024 Independent examiner's fee i,986 5,820 Independent examiner's fee is from unrestricted funds. 8 Total expenditure on charitable activities Current Year Total Funds Prior Year Total Funds 2025 2024 Total support costs Total grants payable Total governance costs 11,511 130,105 i,986 147,602 9,969 319,000 5,820 334,789 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 Current Year Total Funds Prior Year Total Funds 2025 2024 Investment management cost5 18,472 17,794 All the above expenditure was from endowment nds. 18
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10 TangibIe fixed assets Land and Buildings Total Cost At l April 2024 and 31 March 2025 21,175 21,175 Depreciation At l April 2024 Charge for the year At 31 March 2025 21,170 21,170 21,170 21,170 Net book value At 31 March 2024 At 31 March 2025 11 Investsnents held as fixed assets Listed Investments Carrying value of investments At l April 2024 Additions Movement in cash Revaluation at 31 March 2025 Disposals 5,760,315 1,770,856 (28,977) 12,574 (1,866,950) At 31 March 2025 ,647,818 12 Creditors: amounts falling due within one year 2025 2024 Grants and donations payable Accrua15 165,000 9,682 10,016 10,016 174,682 19
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Statement of investment total return Original gift Unapplied total Teturn Total Endowment Gift component of pernianent endowment Unapplied total return 2,995,158 2,995,158 2,671,341 2,671,341 Total Endowment at start of period 2,995,158 2,671,341 5,666,499 Investment return: investment income Investment return: realised and unrealised losses Less.. investment management costs 128,977 12,574 (18,472) 128,977 12,574 (18,472) Total return 123,079 123,079 Transfers to income (228,977) (228,977) Gift component of permanent endowment Unapplied total return 2.995,158 2,995,158 2,565,443 2,565,443 Total Endowment at end of period 2.995,158 2,565,443 5,560,601 The Trnst is entitled to adopt a 'total return. basis M,hen 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. 20
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Movement in funds Balance l April 2024 Movement Balance In Funds 31 March 2025 UnTestricted funds Unrestricted funds 21,032 81,858 102,890 Restricted funds The Hedges Chemical Science Fund 3,951 3,951 Endowment Funds Walter Bigg Trust Property Fund -capital 5.666,499 (IOi,898) 5,560,601 Total Endowment Funds 5.666,499 (IOi,898) 5,560,601 Total Charity Funds i,691,482 (24,040) ,667,442 See note 20 for split of comparative information. 15 Analysis of movement in funds Income Expenditure Other Gains & Losses Movement in funds Unrestricted funds Unrestricted revenue fund 229.460 {147,602) 81,858 Restricted funds The Hedges Chemical Science Fund Endowment funds Walter Bigg Trust Property Fund - Capital (iOO,(KiO) 129.460 (18,472) (166,074) 12,574 12,574 (105,898) (24,040) See note 20 for split of comparative information. 21
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16 Analysis of net assets UnTestricted Funds RestTiCted & Endowment Funds 2025 Total 2025 2025 Tangible assets Investments Current assets 83,271 19,619 5,564,547 5,647,818 19,619 Total 102,890 5,564,552 5,667,442 2024 2024 2024 Tangible assets Investments Current assets Total 89,870 (68,838) 21,032 5,670,445 5,760,315 (68,838) 5,691,482 5,670,450 17 The PUTposes 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 Propert! 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. 22
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18 UItimate controlling party The charity is under the control of its Trustees. 19 ReIated parties There were no related party transactions in the year. 20 Comparative infonnation Unrestricted funds Restricted Endowment funds funds Total funds 2024 2024 2024 2024 Income and endowments from: Donations and legacies Investments income Interest Total return allocated to income Total income 98 98 114,721 1,003 114,721 I,(K)3 221,976 223,OT7 (221,976) 1107,255) 115,822 Expenditure on: Raising funds Investment management costs Expenditure on charitable activities Total expenditure 17,794 17.794 334,789 352,583 334,789 334,789 17,794 Net income after transfers (111,712) (125,049) (236,761) Net gains / (losses) on investments Realised & Unrealised losses on investments 525,056 525.056 525,056 525,056 Net movement in funds (111,712) 400,007 288,295 Fund balances brought forward at l April 2023 132,744 3,951 5,266,492 5,403,187 Fund balances carried foTward 31 March 2024 21,032 3,951 5,666,499 5,691,482 All income and the net movement in funds are derived from continuing artivities. 23
Docusign Envelope ID." 245B773A-CA37441 tkA48&22B81 D80853C Walter Bigg Foundationfor Wallingford School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Movement in revenue and capital funds for the year ended 31 Marth 2024 Balance l April 2023 Movement in funds Transfer between funds Balance 31 March 2024 Unrestricted funds Unrestricted revenue fund 132,744 (111,712) 21,032 Restrictive funds The Hedges Chemical Saence Fund 3,951 3,951 Endowment funds Walter Bigg Trust Property Fund - Capital Walter Bigg Trust Property Fund - Income 5.266.492 400.007 5,666,499 Total 5.266.492 400,(K)7 5,666,499 Total Charity funds 5,403,187 288,295 5,691,482 Analysis of movement in funds Income Expenditure Other Gains & Losses Movement in funds Unrestricted funds Unrestricted revenue fund 221,976 (334.789) (112,813) Restrictive funds The Hedges Chemical Science Fund Endowment funds Walter Bigg Trust Property Fund - Capital (106.154) 115,822 (17,794) (352,583) 525,056 i25,Oi6 401,108 288,295 24