REGISTERED CHARITY NUMBER: 1126891 Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for WALTON BAPTIST CHURCH
WALTON BAPTIST CHURCH Contents of the Financlal Statements for the Year Ended 31 December 2023 Page Report ofthe Trusteès Ito4 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Staternents 8t017
WALTON BAPTIST CHURCH Report of the Trustees for the Year Ended 31 December 2023 The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1126891 Principal address Walton Baptist Church Winchester Road Walton on Thames Surrey KT12 2RG Trustees loan Fairhur5t Yvorine Ander50n Andrew Hodge Robert Hart Phil Wigley Resigned 31 January 2023 Independent examiner A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA Upper Ground Floor 18 Farnham Road Guildford, Surrey GUI 4XA Treasurer Phil Wigley FCCA Holding Trustees The London Baptist Property Board, 235 Shaftesbury Avenue, London WC2H 8EP act as Holding Trustees of the fixed assets of Walton Baptist Church. Page I
WALTON BAPTIST CHURCH Report of the Trustees for the Year Ended 31 December 2023 Aims and Objectives The principal purpose of Walton BaptlSt Church is the advancement of the Christian faith in and around Walton on Thames according to the Beliefs of the Church as laid down in our ConstitutiOFI. The Church 15 a member of both the Baptlst Union of Great Britain and the London Baptist Association. In addition, the Church has a history of sending members to the Christian mission field both within the UK and abroad. Achievements and Performance During the year the Charity was able to use its resources to contribute to a variety of causes and give grants to several missions. We were also able to put significant resources into ministry work while taking care of the rnaintenance and expenses required to keep the Church running. Plan5 for the Future The Charity plans to continue to carry out its objectives and activities under the current board of Trustees. Membership Membership of Walton Baptlst Church during the period of this report: I lanuary 2023 54 31 December 2023 50 Waltorj Baptlst Church doe5 not restritt its activities only to members, but welcomes all believers and non-believers to its activities as part of its role within the communitv. Baptism During the period of this report, no people pa55ed through the waters of baptism. Actlvlties In addition to Sunday Services there are many other activities held throughout the week, such as weekly prayer meetings, home group meeting5 held in peoples, homes, a weekly lunch for the elderly, keep-fit classes, Israeli dancing and ladies activities, We also host local ¢ommunlty groups and activitie5 during the week, including a sing and sign children's group. Pilates classes and a Children's dance school. We are active members of the Walton Churches Working Together initiative, along with other churches in the town. Page 2
WALTON BAPTIST CHURCH Report of the Trustees for the Year Ended 31 December 2023 Strurture, Governance & Management The Charity is controlled by the Trustees The Trustees consider that there are sufficient reserves. ¢onsidered and taken into account in future budgets. All Trustees are appointed when neeèssary and arè given sufficient training on appointment. Any possible risks have been Risk Management The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Statement of Trustees Responsibilities Charity law require5 the Trustees to prepare in respect of each financial year of the Charity a statement of account5 complying with sueh requirements as to its form and content as may be prescribed by regulations made by the Secretary of State. In preparing those financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent,. Prepare financial Statements on the going concern basls unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records which comply with reasonable aceuracy at any time with the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Aet 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud. Public Benefit The Trustees believe that the Charity clearly meets the public benefit requirement5 of charity law. This is demonstrated by the activities reported upon in this document in furtherance of the Charity's objectives, which provide the opportunity for social interaction, pastoral and practical support and engagement with the local community. The Trustees confirm that they have referred to the Charity Commission'5 general guidance on publlc benefit when reviewin8 the objertive5 and activities in forward planning for our organisation, and it IS the judgement of the Trustee5 that the above objectives fully meet the publi¢ benefit test. Page 3
WALTON BAPTIST CHURCH Report of the Trustee5 for the Year Ended 31 December 2023 Finance Walton Baptist Church is entirely self-financing. We believe in tithing and offerings to be part of our worship and distribute 10 per cent of our income to other charities and worthy causes both within the UK and abroad as described in the accompanying Statement of Financial Activities. The results for the year are a5 set out in the annexed Statement of Financial Activities. General Reserves Policy The General Reserve is to enable the church to continue to operate even when unexperted changes occur in its income or expenditure. In keeping with Charity Commission and Baptist Union 8uidance, the Church aims to maintain a General Reserve of 25Yo of its budgeted annual income, or 6 months budgeted staff and housing eosts, whichever is the greater. This may be increased to take account of potential risks relating to income security. It 15 important that the General Reserve is maintained at the appropriate level at the beginning of each financial year. Therefore, if it falls below the agreed level, urgent steps should be taken to rectify this. The General Reserve should be the first of any transfers to reserves that take place at the end of the year. 2023 Resee5 Statement In line with the General Reserves Pollcy the following are the calculations for the General Reserve as at the End of Year 2023 Budgeted lrncome for 2024 E99,600 x 25Y. £24,900 Standard month staff & hoLt5ing costs £0 £0 The Church does not currently have any staff or housing costs, however the Trustees understand that a significant proportion of the church's income comes from people over 70. They have therefore decided to maintain the general reserve at 50% over a quarter of the budgeted income to take account of this, giving a General Reserve for 2024 of £37,350. ON BEHALF OF THE MANAGING TRUSTEES: Phil Wlglev Trustee Page 4
Independent Examiner's Report to the Trustees of WALTON BAPTIST CHURCH I report to the charity trustees on my exlmination of the accounts of the Walton Baptist Church (the Trust) for the year ended 31 December 2023. Responsibilities and basis of report As the charity's trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out rny examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent Examine¢s Statement I have completed my examination. confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respert.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,- or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention Should be dr3wn in this report in order to enable a proper understanding of the account5 to be reached. Date.. A J Bennewith FCA, FIPA, DChA, FRSA Upper Ground Floor 18 Farnham Road Guildford Surrey, GUI 4XA Page 5
Walton Ba tist Church Ststement of Financial Activities for the Year Ended 31 December 2023 Notes Unrestricted Fund5 Restrlrted Funds Total Fund5 2023 Total Funds 2022 INCOMEAND ENDOWMENT5 FROM: Donations and legacies Tax refunds Rent receivable Interest received Grants received 61,206 7.255 29,264 6,692 61,206 7,255 29.264 6,692 69,786 9,078 18,206 1,610 13,750 TOTAL 104,417 104,417 112,430 EXPENDITURE ON: Ministry Administration Tithe payments Outreach Designated gifts 1,608 66,041 10,820 2.080 1,608 66,041 10.820 2,080 414,920 51,310 7,101 3,336 750 13 13 TOTAL 80,549 80,549 107,417 NET INCOMEIIEXPENDITUREI 23,868 23,868 5.013 TRANSFERS BETWEEN FUNDS 23,868 23,868 5,013 OTHER RECOGNISED GAINSIILOSSESI Actuarial gains/l1055esl on defined benefit pension schemes 20,790 NET MOVEMENTIN FUNDS 23,868 23,868 25.803 RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 1,046,862 1,046,862 1,021,059 TOTAL FUNDS CARRIED FORWARD 1,070,730 1,070.730 1,046,862 The notes form part of these financial statements Page 6
Walton Ba tist Church Balance Sheet as at 31 December 2023 Unrestrlrted R•5tricted Total Funds Funds Funds 31.12.23 Tolal Funds 31.12.22 Notes FIXED ASSETS Tangible asset5 816,835 816,835 816.835 816,835 825.920 825,920 CURRENT ASSETS Debtors Cash at bank and in hand 10.093 262,635 272.728 10,093 262,635 272.728 6,958 218,842 225,800 CURRENT LIABILITIES Creditors 18,833 18,833 18,833 18,833 4,858 4,858 NET CURRENT ASSETS 253,895 253,895 220,942 TOTAL ASSEfs LESS CURRENT LIABILITIES 1,070,730 1,070,730 1,046,862 PROVISIONS FOR LIABILITIES AND CHARGES Ntr ASSETS 1,070,730 1,070,730 1,046,862 FUND5 Central funds Designated funds 1,060,151 10,579 1.060,151 10.579 1.036,013 10,849 1,070.730 1.070,730 1,046,862 The financial statements weie approved by the boa¥d of Trustees on and were slgned on its behalf bv.. Phil Wigley Trustee The notes form part of these financial statements Page 7
WALTON BAPTIST CHURCH Notes to the Financlal Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of Preparing the Financial Statements The financial statements of the charityi which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitie5.' 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 IFRS 1021 leffective l January 20151, Financial Reporting Standard 102 "The Financial Reporting Standard appllcable in the UK and Republic of Ireland" and the Charitie5 Act 2011. The financial statements have been prepared under the historical cost convention. Taxation The charity is exempt from tax on its charitable activities. Tangible Fixed Assets The Church buildings are capitali5ed at cost and are not depreciated, as it is considered that the useful economi¢ life of the property is so long that any depreciation charge would have no material effect on the accounts. Improvements to the Church building are written off over 20 years on a straight line b851S. Income and Expenditure Recognltlon Voluntary income is received in cash by way of donations and fundraising and is included in full In the Statement of Financi31 Activities as soon a5 It is received. Tax reclaimable in respect of Gift Aid is credited in the period to which it relates. Expenditure Is included on an accruals basis. Value Added Tax The Charity is not registered for VAT and all costs are inclusive of VAT. Fund accountln8 Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when SpecIfd by the donor or when funds are raised for particular restricted purposes. Pension costs The Church pays pen5i0n contribution5 fgr its eligible ministerial staff to the Baptist Ministers Pension Trust Ltd, which is a final salary defined benefit scheme, which is not contracted out of the State Second Pension. Further detai15 on the pension scheme are set in notes 8 and 11. Page 8
Walton Ba tist Church Notes to the Financial Statement5 forthe Year Ended 31 December 2023 Anal sis of Incomin Resources 2023 2022 Unrestrlcted Income Gift Aid General income iriclyding CAFS Tax refunds Interest received Rent received 29.018 32,068 7,255 6.692 29,264 36.313 32,638 9,078 1.610 18,206 104,297 97.845 Restricted Income Community Infiastructure Levy grant 13,750 13,750 Designated Income Designated gifts 120 835 120 835 rotal Incoming Resources 104,417 112,430 Administration Ex enses 2023 2022 Salaries, speakers, fees & expenses Maintenance of Church building Gas, electricity & rates Insurance Repairs & renÈwals Telephone & internet Bank charges & subscriptions Consultant5, legal & professional fees Independent Examiner's fee PrSnting, postage, stationery & photocopyin8 Staff training Housekeeping, service costs & cateiin Manse5 maintenance costs Depreciation to freehold building improvements 2.712 3,675 13.488 5,796 15,663 924 1,336 2.864 1,440 256 480 925 2,922 2,953 4,201 24,963 1,282 1,633 810 1,320 542 203 323 634 8,802 8.119 9.085 66,041 51,310 Page 9
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2023 Staff Costs 2023 2022 Gr0$5 wages Employers National Insurance Pension costs 34,650 4,095 38,745 Average number of employees No employee received emolument5 in excess of £60,000 during the year ended 31 DecemL7er 2023 nor for the year ended 31 December 2022. Tan ible Fixed Assets Churth Premises Improvements to Premises Manse5 Total Cost As at 1st January 2023 65,555 181,701 633,369 880,625 As at 31st December 2023 65,555 181,701 633,369 880,625 Depreciarlon As at 1st January 2023 Charge for the year 54.705 9,085 54,705 9.085 As at 31st December 2023 63,790 63,790 Net Book Value As at 31st December 2023 65,555 117,911 633,369 816,835 As at 315t December 2022 65,555 126,996 633,369 825,920 Page 10
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2023 Debtors 2023 2022 Income tèx recoverable Other debtors & prepayments 699 698 6.260 9,394 10,093 6,958 Creditors 2023 2022 Accruals 18,833 4,858 18,833 4,858 Provlslons For Liabllltles and Char es Section 28 IIA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below.. 2023 2022 Bzlance sheet liability at year start Minus deficiency contribution5 paid Interest costs Remaining Icreditllcharge to balance sheet liability. 23,300 12.9471 437 120.7901 Balance sheet liability at ye2r-end Comprises any change in the agreed deflclt recovery plan and change in assumption5 between year-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumption5 set by reference to the duration of the deficit recovery payments. 2023 2022 2021 Discount rate Future increases to Minimum Pensionable Income 5.7% 0.0% 5.7Yo O.OYo 2.0% 3.2% Page 11
Walton Ba tist Church Notes to th¢ Flnan£lal Statemet)ts tor the Ye r Ended 31 Der mber 2023 Movement In Fund5 STou8hl Forward Incomln8 Resour¢es Aegources Expendad Aduarial Galn5lLosses C•rrfjed Forward Tran51er Unrt$tri¢ted Fy#ds'. Central fund5 1,036,013 104,297 110.4301 169.7291 1.060,151 1,036,013 104,297 110.4301 169,7291 1.060.151 Restrtrted Funds- Grènt5 recelved Dqslgn¥t¢d Funds.. rithe Fund Designated Éift5 Sabbatical Reserve 5.738 922 4,189 LO,430 110,8201 5,348 1,042 4.189 120 10,849 120 10,430 110,8201 10.579 Total Fund% 1,046,862 104,417 180,5491 1,070,730 Designated fund5 fvrin part of the unresiricied fund5 of the church tli8t have bepn sei aside for a p3nicul8r purpose by the trusieÈs. The purpose of e3ch fund is a5 follows.. 31 A Community Infrastructure Levy grant Was awarded by Elmbridge Borough C¢uncil to improve the of the buildlng snd enhance the dis8bled entrance poinis. bl The church distribuits IO% of its annual income to tsther ¢h3rities and worrhy causes both ID the VK and abroad. el Designated gifts represent funds of rhe church feceived 8nd sei a%ide by the trustÈe5 for specific charitable purpos@5. dl The Sabbatical Reser 15 Set aside to fund the periodicsabbètlca15 of mlnister5 of thE church. io Trustees, Remuneratlon ond Related Part Transartlons DUriflhe year. the following amounts weTe pald to trustee5 In respea of rernuneraiion.. Reverth)d Stephen Austln-Spark5 2023 202Z 51ipend Penslon 34.650 4.095 38.745 In addirion to the abovÈ remunerarion, the trustee received expenges totallin8 Inil12022'. £1,398> In respect Df travel, subsistence, books, telephone, Internetand 5undries. There were no reloted party transaction5 during rh£ year other than those d15closed above12022.. £nill. Page IZ
Walton Ba tist Church Notes to the Financial Statements for the Yeor Ended 31 Decewnber 20Z3 li Pensions The Church Is an employer participating in a pension scheme known 35 the Baptist Pension Scheme.I'the Scheme"), which is administered by the Penslon Trustee IBapt15t Pension Trust Limited). The Scherne 15 a separate legal entity and the assets of the Scheme are held 5epar3tely from those of the Employer and the other participating employers. For any month, each partlcipatin8 employer in the Scheme pays tontrlbutiofjs as Set out In the Schedule of Contributions In force at that time. The Scheme Is cO51dered to be a tHulti-employer scheme as described in Section 28 of FRS 102. Thi5 is be¢3use it is not possible to 3ttrlbute the Scheme'5 assets and Ilabllities to specific employers and means that contributions arè accounted for 3s if the Scheme were a defined contribution stheme. The pensions tost5 charged to the SOFA in the year are contributions payable towards benefits and expenses acerued in that year. plus any impact of deficiency contributSons Isee below). The Ministw is eli8ible to loin the Scheme. Slncejanuary 2012, pension provision has been made through tho Dellned Contribution (DCI Plan within the Scheme. In general, rnernbers pay 8% 01 their Pensionable Income and ernployers pay 6% 01 mefflber5' Penslonable Income into Individual pension accounts, which Rre operated ènd managed on beh2lf of the Pension Trustee by Legal and General Life Assurance Society Lirnited. In addition, the employer pay5 a further 4% of Pensionable Income to cover Death In Servlce benefS, drnini5tr?tion cost5, and an associated insurance policy which provides income protettion for Scheme members in the event that they are unable to work due to long-term incapacity. Thi5 income protettion policy has been Insured by Ehe 8aptlst Unlon of Grear Britain wlth Aviva plc. IMernber5 of the Basic Sectlon pay reduced contfiburions of 5% of PensionaLJle Income, 3nd their employers also pay a total of 5%>. The further 4% rontribution rate is reduced to 3% for Employer ¢orttribution5 tnade to the Segregated DC ArranB£mÈnt. Benefits in respert of service prltsr to l January 2012 are provided through the Defined Benefit 1081 Plan within the scheme. The main benefits for pre-2012 Service were a defined benefit pension of one eightierh of Final Minium Pensionable Incorne for o3ch yÈar of Pensionable Service, together with additional pensign in Yespect ol premium5 paid on Perisionable Income in excess of Minlmurn Pensionable Income. The Scheme, previously known as the 8aptist Ministers, Pension Fund, st3rted in 1925, but was cI05ed to future accrual of defined benefit5 on 31 DecÈmber 2011. A formal valuation of the Oefined Benefit IDBI plan was performed at 31 December 2019 by a professionally qualified Actuary using rhe Projected Unlt Method. The market value ol the DB Plan assets at the valuatlon date was £298 million. Pa8È 13
Walton Ba ti5t Church Notes to the Financial Statements for the Yèar Ended 31 Oecember 2023 li Pensions contlnued The traluation of the D8 Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a p3St service funding level o194%1. The Church and the other employers are responsbile for funding this deficit. At the end of lune 2022, the BPS signed an agreement with the insurance company Just Group to secure mernbers, pension benefit5 under the DB Plan. As a result, the Scheme no longer has a shortfall. A revised st?tement of contriburlons was announced in July 2022 with deficit coniributions from eèch participating employer in the DB Plan reducine to £1 per month from August 2022. However, the participatin8 employers rernain responsible lor providing a share of any additional funds that the D8 Plan may require in the future. The key finar)cial assumptions underlying the valuation were as follows.. RPI price inflation assumptlon CPI price inflation assumption Minimum Pensionable Income Increases ICPI plus 1.0% pal 3.20% pa 2.70% p 3.20% pa Assumed investment returns Pre-retirement Post-retirement 2.95QA pa 1.70°A pa Deferred pension increases Pre April 2009 Post April 2009 3.20% pa 2.50% pa Pension increases Main Scheme pension 2.70% pa Page 14
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 DÈc*mber 2023 12 aratives for the Statement of Flnanclal Activities Notes Unrosrrlcted Funds Restrlcted Fund$ Total Fund5 2022 INCOME AND ENDOWMENTS FROM.. Donarions and legacies Tax refvnds 69,786 9,078 18.206 1.610 69.786 9,078 18,206 1.610 13,750 Rent received Interest received Grants received 13,750 TOTAL 98,680 13,750 112,430 EXPENOITURE ON: Ministry Administration Tithe payments Outreach Designated gifts 44,920 51,310 7.101 3,336 750 44,920 51,310 7,101 3,336 750 13 13 TOTAL 107.417 107,417 NET INCOMEIIEXPENDITUREI 8,737 13.750 5,013 TRANSFERS BETWEEN FVNDS 13,750 13.750 5,013 5.013 OTFIER RECOGNISED GAINSIILOSSESI defined benefit pension schetne5 20.790 20,790 NET MOVEMENT IN FVNDS 25,803 2S,803 RECONCILIATION OF FUNDS.. TOTAL FUNOS BROUGHT FORWARD 1.021.059 1,021,059 YOTAL FUNDS CARRIED FORWARD 1,046.862 1.046,862 Page IS
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2023 13 Missiona Account and Outslde Causes Maln Account Tithe Fund Call to Service Designated Gifts 2023 Total 2022 Total Opening balance Receipt5 Transfer 5,738 10,430 922 120 6,660 10,550 3,892 835 9,784 16,168 1,042 17,210 14,511 Payments 10,820 10,820 7,851 Closing balance 5,348 1,042 6,390 6,660 Summary Missionary & Society Society Support 10,820 10,820 7.851 TOTAL 10,820 10,820 7,851 TOTAL DISTRIBUTION Personal/Missionary 10,820 10,820 7,851 Page 16
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2023 MAIN ACCOUNT 13 Misslonar Account and Outside Causes Continued Socleties and Other Causes Tlthe Fund Designated Gifts 2023 Total 2022 Total Auckland Christian youth hostel 8arnabas Fund BMS Worldwide BMS Worldwide Ukraine 3ppeal Compassion Father Heart Ministries Hope UK Jews For Jesu5 Tearfund General YWAM Sussex 843 843 1,686 1,686 519 1,109 1,109 450 1,339 554 1,686 1,686 1,686 843 843 843 1,547 843 1,686 843 843 843 554 554 1,109 554 1,547 843 10,820 10,820 7,851 Page 17