REGISTERED CHARITY NUMBER: 1126891 Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for WALTON BAPTIST CHURCH
WALTON BAPTIST CHURCH Contents ofthe Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Ito4 Independent Examiner'5 Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t017
WALTON BAPTIST CHURCH Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial Statements of the charity for the year ended 31 December 2024. 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 leffective l January 20151. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1126891 Principal address Walton Baptist Church Winchester Road Walton on Thames Surrey KT12 2RG Trustees Yvonne Anderson Joan Fairhurst Andrew Hodge Robert Hart Ruth Harvey Phil Wigley Appointed Resigned 16th February 2025 Il, May 2025 Appointed 16th February 2025 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 Sh3fte5bury Avenue, London WC2H 8EP act as Holding Trustees of the fixed assets of Walton Baptist Church. Page I
WALTON BAPT15T CHURCH Report of the Trustees for the Year Ended 31 December 2024 Aims and Objectives The principal purpose of Walton Baptist Church 15 the advancement of the Christian faith in and around Walton on Thames according to the Beliefs of the Church as laid down in our Constitution. The Church is a member of both the Baptist 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 mission5. We were 3150 able to put significant resources into ministry work while taking care of the maintenance and expenses required to keep the Church running. Plans for the Future The Charity plans to continue to carry out its objectives and activities under the current board of Trustees. Membership Mem ber5hip of Walton Baptist Church during the period of this report.. l January 2024 50 31 December 2024 52 Walton Baptist Church does not restrict its activities only to members, but welcomes all believers and non-believers to its activities as part of its role within the community. Baptism During the period of this report, no people passed through the waters of baptism. Artivities In addition to Sunday Services there are many other activities held throughout the week, such as weekly prayer meetings, home group meetings held in peoples, homes, a weekly lunch for the elderly, Israeli dancing and ladies, activities. We also host local community groups and activities during the week, including a sing and sign children's group, Pilates classes and a children's dance school. We are active member5 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 2024 Structure. Governance & Management The Charity is controlled by the Trustees The Trustees consider that there are sufficient reserves. considered and taken into account in future budgets. All Trustees are appointed when necessary and are given sufficient training on appointment. Any possible risks have been Risk Management The Trustee5 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 Responsiblllties Charity law requires the Trustees to prepare in respect of each financial year of the Charity a statement of accounts complying with such requirements as to its form and content as may be prescribed by regulations made by the Secretary of State. In preparing those financial 5tatementS, 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 basis 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 accuracy at any time with the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charitie5 Act 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 requirements 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 Commissioll'5 general guidance on public benefit when reviewing the objectives and activities in forward planning for our organisation, and it is the judgement of the Trustees that the above objectives fully meet the public benefit test. Page 3
WALTON BAPTIST CHURCH Report of the Trustees for the Year Ended 31 December 2024 Flnance 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 as set out in the annexed Statement of Financial Activities. General Reserves Policv The General Reserve is to enable the church to continue to operate even when unexpected changes occur in its income or expenditure. In keeping with Charity Commission and Baptist Union guidance, the Church aims to maintain a General Reserve of 25% of its budgeted annual income, or 6 months budgeted staff and housing costs, whichever is the greater. This may be increased to take account of potential risks relating to ncome 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. 2024 Reserves Statement In line with the General Reservos Policy the following are the calculations for the General Reserve as at the End of Year 2024 Budgeted Income for 2025 £87,100 £21,775 Standard month staff & housing costs £4,242 £25,452 The 2025 budgets include an allowance for a new Minister and reduced manse rental income, however at the time of signin8 the accounts the Trustees do not anticipate making any Staffing appointments before the end of the year. The Trustees understand that a significant proportion of the Church's income comes from people over 70 and have therefore decided to maintain the general reserve at 50Yo over a quarter of the budgeted income to take accou nt of this, giving a General Reserve for 2025 of £32,663. ON BEHALF OF THE MANAGING TRUSTEES: Phil Wigley Trustee Page 4
Independent Examiner's Report to the Trustees of WALTON BAPT15T CHURCH I report to the charity trustees on my examination of the accounts of the Walton Baptist Church (the Tru5tl for the year ended 31 December 2024. Responsibilities and basis of rèport As the charity's trustees of the Trust YOU 8re 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 Trusvs accounts carried out under sertion 145 of the Act and in carrying out my exarrination I have followed all applicable Directions glven by the Charity Commission under section 14515llbl of the Act. Independènt Examinees Statement I have completed my examinatio)n. I confirm that no material matters have come to my attention in connection with the examination giving me cause to belSeve that in any material respect.. accountin8 records were not kept in respect of the Trust as required by settion 130 of the Act; or 2. thè 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 IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which 4£ 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. Date.. ig ioL A l Bennewith FCA, FIPA, DChA, FRSA Upper Ground Floor 18 Farnham Road Guildford Surrey, GUI 4XA CPA, F Page S
Walton Ba tist Church Statement of Financial Activities for the Year Ended 31 December 2024 Notes Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 INCOME AND ENDOWMENTS FROM: Donations and legacies Tax refunds Rent receiv6ble Interest received 57,731 7,514 44,457 9,243 57,731 7,514 44,457 9,243 61,206 7,255 29,264 6,692 TOTAL 118,945 118,945 104,417 EXPENDITURE ON- Ministry Administration Tithe payments Outreach Fellowship 158 60,935 7,775 3,274 689 158 1.608 66,041 10,820 2,080 60,935 7,775 3,274 689 13 TOTAL 72,831 72.831 80,549 NET INCOME/IEXPENDITUREI 46,114 46,114 23,868 TRANSFERS BETWEEN FUNDS 46,114 46.114 23,868 OTHER RECOGNISED GAINSIILOSSESI Actuarial gain51llossesl on defined benefit pension schemes 2,091 2.091 NET MOVEMENT IN FUNDS 48,205 48,205 23,868 RECONCILIATION OF FUNDS.. TOTAL FUNDS BROUGHT FORWARD 1,070,730 1,070,730 1,046,862 TOTAL FUNDS CARRIED FORWARD 1.118,935 1,118,935 1,070,730 The notes form part of these financial staterrents Page 6
Walton Ba tist Church Balance Sheet as at 31 Detember 2024 Unrestricted Restrirted Total Funds Funds Fund5 31.12.24 Total Fund5 31.12.23 Notes FIXED ASSETS Tattgible assets 807,750 807,750 807,750 807,750 816,835 816,835 CURRENT A55ETS Debtors Cash at bank and in hand 2.294 315,038 317,332 2,294 315,038 317,332 10,093 262,635 272,728 CURRENT LIABILITIES Creditor5 6,147 6,147 6,147 6.147 18,833 18,833 NET CURRENT ASSETS 311,185 311,185 253,895 TOTAL ASSETS LESS CURRENT LIABILITIES 1,118,935 1.118,935 1,070.730 PROVISIONS FOR LIABILITIE5 AND CHARGES NET ASSETS 1,118,935 1,118,935 1,070,730 FUNDS Central fund5 Designated funds 1,103,925 15,010 1,103.925 15,010 1,060.151 10,579 1,118,935 1.118,935 1,070,730 The financial statements were approved by the board of Trustees on . ryl io 'JotsS and were signed on its behalf bv.. Phll Wigle Trustee The notes form part of these financial statements Page 7
WALTON BAPTIST CHURCH Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of Preparing the Financial Statements The financial statement5 of the charity, which is 6 public benefit entity under FRS 102. have been prepared in accordance with the Charitie5 SORP IFRS 1021 '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, Financial Reporting Standard 102 'The Financial Reporting Standard applicable 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 c8Pltalised at Cost and are not depreciated, as it is considered that the useful economic life of the property Is so long that any depreciation charEe would have no material effect on the accounts. Improvements to the Church building are written off over 20 years on a straight line ba5[5. Income and Expenditure Recognition Voluntary income is received in cash by way of donations and fundraising and is included in full in the Statement of Financial Activlties as soon as 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 accounting 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 purpose5 Wlthin the object5 of the charity. Restrictions arise when specified L)y the donor or when funds are raised for particular restricted purposes. Pension costs The Church pays pension contributions for 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 details on the pension scheme are set out in notes 8 and 11. Page 8
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2024 Anal sls of Incomin Resources 2024 2023 Unrestricted Income Gift Aid General income including CAFS Tax refunds Interest received Rent received 30,055 27,676 7,514 9,243 44,457 29,018 32,068 7,255 6,692 29,264 118,945 104,297 Designated Income Designated gifts 120 120 Total Incoming Resource5 118,945 104,417 Administration Ex enses 2024 2023 Salaries, speakers, fees & expenses Maintenance of Church btJildinE Gas, electricity & rates Insurance Repairs & renewals Telephone & internet Bank charges & subscriptions Consultants, legal & professional fees Independent Examiner's fee Printing, postage, stationery & photocopying Computer costs Staff training HoLJsekeeping, service costs & catering anses maintenance c05t5 Depreciation to freehold building improvements 3,827 4,482 12,777 4,990 14,586 798 2,712 3.675 13,488 5,796 15,663 924 i i 1,390 503 1.320 350 4,410 1,336 2,864 1,440 256 480 203 1881 2,505 9,085 8.119 9,085 60,935 66,041 Page 9
Walton Ba tist Church Notes to the Financial Statement5 for the Year Ended 31 December 2024 Staff Costs 2024 2023 Gross wages Employers National Insurance Pension costs Average number of employees No employee received emolutnent5 in excess of £60,000 during the year ended 31 December 2024 nor for the year ended 31 December 2023. Tan ible Fixed Assets Church Premises Improvements to Premises Manses Total C05t A5 at 1st January 2024 65,555 181,701 633,369 880,625 A5 at 31st December 2024 65,555 181.701 633,369 880,625 Depreciation As at lstlanuary 2024 Charge for the year 63,790 9,085 63,790 9,085 As at 31st December 2024 72,875 72,875 Net Book Value As at 31st December 2024 65,555 108,826 633,369 807,750 As at 31st December 2023 65,555 117,911 633,369 816,835 Page 10
Walton Ba tist Church Note5 to the Financial Statements for the Year Ended 31 December 2024 Debtor5 2024 2023 Income tax recoverable Other debtors & prepayment5 1,180 1,114 5,671 4,422 2,294 10,093 Creditors 2024 2023 Accrua15 6,147 18,833 6.147 18,833 Provisions For Liabilities and Char es Section 28 IIA of FRS 102 requires agreed deficit recovery payments to be reco8nised as a liability. The movement in the provision is set out in the table below.. 2024 2023 Balance sheet lièbility at year start Minu5 deficiency contributions paid Interest costs Remaining Icreditl/charge to balance sheet liability" 2,091 12,0911 Balance sheet liability at year-end Comprises any change in the agreed deficit recovery plan and change in assumptions between vear-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date. Page 11
Walton Ba t15t Church Note5 to the Financial Statements for the Year Ended 31 December 2024 Movement in Funds Brought Forward Incoming Resource5 Resources Expended Attuarial GainslLosses Carried Forward Tran51er Unrestricted Funds.. Centrèl funds 1,060,151 118.945 112.8951 164.3671 2,091 1,103,925 1.060,151 118,945 112.8951 164,3671 2,091 1,103,925 Restritted Funds.. Grants received Designated Funds: rithe Fund Dpsignated gifts Sabbatical Reserve Fellowship Fund 5,348 1,042 4,189 11.895 17,7751 9,468 1,042 4,189 311 dl 1.0 16891 10,579 12,895 18,4641 15,010 Total Funds 1.070.730 118,945 172,8311 2,09L 1.118.935 Designated funds form part of the unrestricted funds of the churd) that have been set aside for a particular purpose bythe trustees. The purpose of each fund is as follows.. al The church distributes IO% of its annual Income to other charities and worthy causes both in the UK and abroad. bl Designated gift5 represent funds of thE church received and sÈt aside by thÈ trustees for specific charrtablÈ purposes. cl The Sabbatical Reserve 15 set a51de to fund the periodic sabbaticals of ministers of the church. dl The Fellowship Fund is a reserve 5Pt 35ide to support those tnember5 of the Church experiencin8finantial hardship. io rustee5' Remuneration and Related Pa Transactions During the year, the following amounts were paid to trustees in respett of remuneration-. 2024 2023 Stipend PÈn5ion In addltlon to the above, no trustees received any expense payments during rhe year12023.. £nill. There were no related pattr transactions during the year other than those disclosed above12023.. fnill. Page 12
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2024 li Pensions The Church is an etnployer p3rticipatinE In a pension scherne known as the 8aptist Pension Scheme I'the Scheme I, which is administered by the Pension Trustee (Baptist Pension Trust Lirnitedl. The Scheme is a separate legal entity and the asset5 of the Scheme are held separately Irorn those of the Employer and the other participating employers. For any monrh, each participating ernployer in the Scherre pays contributions as set out in the Schedule of Contributions in force at that time. The Scheme is considered to be a multi-employer scheme as described in Settion 28 of FRS 102. This 15 because it is not possible to attribute the Scheme's assets and liabilities to specific employers and mean5 that contribLrtions are accounted lor as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year. plus any impact of deficiency contributions (see belowl. The Ministers are eligible to join the Scheme. Since January 2012. pension provision ha5 been madÈ through the Defined Contribution IDCI Plan within the Scheme. In general. Members pay 8'A of their Pensionable Income and employers pay 6% of member5. Pensionable Income into Individual pension accounts, which are operated and managed on behalf of the Pen510n Trustee by Broadstone Corporate Benefits Ltd. In addirion, the employer pays a further 4'A of Pensionable Income to cover Death in Service 8enefits, administration costs, and an associèted insurance policy which provide5 income protection for scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy ha5 been insured by the Baptist Union of Great Britain with Aviva plc. Imembers of the Basic Section pay reduced contributions of 5'h of Pensionable Income, and their employers also pay 3 total of S'h). The further 4% contribution rate is reduced to 3°A for Employer contributions made to the Segregated DC Arrangement. Benefits in respect of service prior to l Janu3ry 2012 are provided through the Define(J Benefit IDBI Plan within the Scheme. The main benefits for pre-2012 Service wore a defined benefit pension of one eightieth of Final Minium Pensionable Income lor each year of Pensionable Service, together with additional pen5i0n in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers. Pension Fund, started In 1925, but was closed to future atcrual of defined benefit5 on 31 December 2011. At the end of June 2022, the BPS si8ned an agreement with the insurance company Just Group to secure members, pension benefit5 under the DB Plan. As a result, the Schewe no longer has a shortfall. A revised statement of contribution5 wa5 announced ir? July 2022 with deficit contributions from each participating employer in the DB Plan reducing to £1 per rnonth from August 2022. However, the participating employers remain responsible for providing a share of any additional funds that the DB Plan May require in the future. Page 13
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2024 li Pensions continued The key financial assumptions underlying the valuation were as follow5.. RPI price inflation assumption CPI price inflation assumption Minirnurn Pensionable Income increases (CPI plus 1.0% pal 3.20% pa 2.70% p 3.20% pa Assumed investment returns Pre-retirement Post-retirement 2.95% p3 1.70% pa Deferred pension increases Pre April 2009 Post April 2009 3.20% pa 2.50% pa Pension increases Mèin Scheme pension 2.70% pa Post-retirement mortality in accordance with 80% 01 the $3NFA and S3NMA tables, with allowance for future improvements in mortality rates from 2013 in liTre with the CMI 2019 core projections, with a long term annual rate of improvement of 1.75% for males and l.S°A lor females. with the core Smoothing parameter and with additional initial rrorrality improvement factor A=0.5%. In Ottober 2024, the insurance company Just Group completed 3 buy out of the Ilabilities of the closed defined benefit scheme. From that date any remaining liability of the participating scheme rnembers to the defined benefit scherne ceased 8nd the El per month deficit contributions payable by the participating employers which were agreed in the recovery plan approved in August 2022 also ceased from that date. Administration ol the closed defined benefit scherne trar)sferred from the pension trustee5 to Just Group from that date. Page 14
Walton Ba tist Church Notes to the Financial Statements r Ended 31 Decem r 2024 12 Com aratives for the Statement ol Financial Activities Notes Unrestricted Funds Restritted Funds Total Fund5 2023 INCOME AND ENDOWMENTS FAOM: Donations and legacies Tax refunds Rent received Interest received Grant5 received 61,206 7,255 29,264 G,692 61,206 7.255 29,264 6,692 TOTAL 104,417 104,417 EXPENDITURE ON.. Ministry Administr8tlon Tithe payments Outreath Designated gifts 1,608 66,041 10,820 2.080 1,608 66,041 10,820 2.080 13 13 TOTAL 80,549 80,549 NET INCOME/IEXPENDITUREI 23,868 23,868 TRANSFERS BETWEEN FUND5 23,868 23,868 OTHER RECOGNISED GAINSIILOSSESI defined benefit pension schemes NET MOVEMENT IN FUNDS 23,868 23,868 RECONCILIATION OF FVNDS.. TOTAL FUNDS BROUGHT FORWARD 1,046,262 1,046,862 TOTAL FUNDS CARRIED FORWARD 1.070,730 1,070.730 Page 15
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2024 13 Missionar Account and Outside Causes Main Account Tithe Fund Call to Service Designated Gifts 2024 Total 2023 Total Opening balance Receipt5 Transfer 5,348 11,895 5,348 11,895 6,660 10.550 17,243 17,243 17.210 Payments 7,775 7,775 10,820 C105ing balance 9,468 9.468 6,390 Summary Missionary & Society Society Support 7,775 7,775 10,820 TOTAL 7,775 7,775 10,820 TOTAL DISTRIBUTION Personallmissionary 7,775 7,775 10,820 Page 16
Walton Ba tist Church Notes to the Financial Statements for the Year Ended 31 December 2024 MAIN ACCOUNT 13 Missiona Account and Outside Causes Continued Societies and Other Causes Tithe Fund Designated Gifts 2024 Total 2023 Total Auckland Christian youth hostel Barnabas Fund BMS Worldwide Compasslon Crisi5 UK Faith Awareness in Children Trust Father Heart Ministries FEBA Radio 455 840 840 910 455 840 840 843 1,686 1,686 1,686 910 500 200 420 200 soo 200 420 200 843 Hope UK Indonesia appeal Jews For Jesus Royal Britlsh Legion Salvation Army Walton & Hersham Foodbank YWAM Su55ex 420 420 150 420 843 150 420 500 500 1,000 420 843 500 500 1.000 420 1,547 843 7.775 7.775 10,820 Page 17