Charities Act 2011 and Regulations made thereunder ANNUAL REPORT for the period of 12 months ending 31 December 2025 of the Charity entltled- THE CHURCH FUND (Registered No 2474651 more commonly known asTHE CHURCH FUND TRUST (ST MARVS, WALTON-ON-THAMES) PRINCIPAL ADDRESS: Mr AK Zwart, Secretary to the Trustees, 100 Cottimore Avenue, Wahon-on-Thames KT12 2AF GOVERNING DOCUMENT: The Church Fund was e5tabllshed by a Trust kheme dated 7 May 1964, as amended by further Trust Schemes dated 11 May 1965. 7 February 1973, 23 Au8USt 2006 and l February TRUSTEE The Trust Scheme provlded for the appolntment of six Trustees; two ex-officio, two ctropted 1servln8 for periods of five years) and two nominated (servin8 for periods of four years). Retlrlng Trustee5 are ellglble for re-appolntment for a further period subject to thelr retalnln8 the quallfications lald down In the Trust Scheme. The ex-offlclo Trustees are the two Church Wardens of the Church of St Mary, Walton-on-Thames who are appoSnted each year atthe Vestry meeting of WaIton￿n-Thaffles Parish. The nomlnated Trustees are appolnted by Walton-on-Thames PCC. Durln8 the twelve month's under review, the Trustees were:. Mrs T Clarke Mr M Felstead (Ex-officio) (Co-opted) Appointed July 2024 Appointed Ortober 2019 Rfrappolnted July 2024 for 2Trd terni Appolnted July 2021 Appointed January 2024 Appointed October 2024 Appointed July 2025 Resl8ned March 2025 Mrs J Gorrle Mr M Mllls Mr J Waggott Mr Nicholas Stuart Mr D Henderson IPCC-nomlnatedl ICowOPted) (Pcc-nominatedl (Ex-officiol (Ex-officlo) Davld Henderson served as eletted Chairman until his rpsignation. Mrs T Clarke was elected and has seprfed as Chalrman from March+ 2025. OFFICERS The Secretary to the Trustees: Mr AK Zwart (Appolnted September 2019) The"Independent Examinerf of the Trust Fund Report and Accounts for 2025 is Ms Frances Wilde, Warner Wilde. 4 Marigold Drive, Bisley, Surrey, GU24 9SF. AIMS The Church Fund Trust was establlshed in 1964 followlng the sale, for local authorlty housing and educational purposes, of an area of glebe land at Vicarage Flelds. Walton-on-Thames, which had for many years been held bythe Parish. The net proceeds of the sale were Invested In consultatton with and on the advice of the Charlty Commission and those Investments, which are revlewed on a regular basis and revised as and when felt de51rable, are the source of the income of the Trust Fund. The Trust Fund operates only wlthln the Ecclesiastical Parish of Walton-on-Thames and exists solely to provlde tlnanclal support for that Parlsh. In practSce the only body or persons who may legitlmately call upon the Trust for asslstance are the Parochlal Church Councll of St Mary with St John who approach the Trustees as necessary for advances from Trust Funds to meet expendlture arisin8 on Items which fall within the Trust Scheme. In February 2008 the Charity Commisslon agreed to Include the Church of St John and also a8reed to a broadenlng of the objectlves. Clause 22 of the Trust Scheme of 7 May 1964 was deleted and was replaced wlth the followln8. 22. Appllcatlon of Income 111 The Trustees shall apply the clear yearly Income of the Charlty for the followlng purposes and In the followlng order of prlorlty. 121 The Trustees shall apply a sufflclent part of the sald clear yearly Income In or towards defraylng the cost of the upkeepi repalr and insurance of the Parlsh Church of the Eccleslastical Parlsh of St Maryi Walton-on-Thames and the goods and ornaments thereof. (31 The Trustees shall apply the resldue of the sald clear yearly Income In or towards defrayln8 the cost of rnalntalnln8 and Improvln8 the sald parlsh church and the churchyard thereof. (41 If and in $0 far as the said clear yearly Income Is not required for appllcatlon In manner aforesald the Trustees may apply the same for the followln8 purposes and In the followln8 order of priority: In or towards defraylng the cost of the upkeep, repalr and Insurance of the Church of St John, Cottlmore, In the sald eccleslastlcal parlsh and the goods and ornament thereof. In or towards defrayln8 the cost of malntalnln8 and improving the Church of St John, Cottlmore, In the said eccleslastlcal parish and the churchyard thereof, (51 If and In so far as the sald clear yearly Income Is not requlred for application in manner aforesald the Trustees may apply the same In furtherance of the religious and other charltable work ofthe Church of England In the sald ecclesiastlcal parlsh. PUBLIC BENEFIT The Trust provides finance to the eccleslastlcal Parlsh of Waltonvon-Thames to maintain the fabric, frttln85 and runnln8 Costs of Its two churches and for the malntenance of the churchyards. Thls allows the PCC to ensure that the churches are avallable for regular public worship véhlch Is open to all and the prov15ion of sacred space for personal prayer and contemplatlon. VULNERABLE BENEFICIARIES The Charity does not deal directly with people, only with the Parochlal Church Council of Walton-on-Thame5, 50 it does not have a need for a specific policy for vulnerable beneflciaries. However, the Trustees note that the PCC ha5 a policy and procedures in place to safe8uard the needs of the vulnerable people wlth whom they may come Into contact as part of the runnlng of the parish. ORGANISAMON The Trustees routinely meet on a quarterly basls durin8 the months of January. April, July and October. Other meetings may be held for reasons of urgency. The Trust does not own or occupy any land or buildings. The Trust is connected to but totally separate from the Parochial Church Council for St Mary wlth St John, Walton-on-Thames reglstered charity number 1128597 as referred to above. The Secretsry to the Trustees works from their own home address. The Trust does not employ any staff. The Secretary to the Trustees Is a volunteer. There are no other volunteers and It Is not antlclpated that there wlll be any in the foreseeable future. INVESTMENT POLI The Trustees have a8reed an Investment poliry statement with Brewln Dolphln, the investment managers. Th15 date5 from October 2020 and has been reviewed; no changes were made. The document covers Investment objectives, risk, time horlzon, liquidity requlrements, ethical investment policy and admlnlstratlve provisions. The Trustees seek to produce the best financial return wlthln an acceptable level of rlsk. The investment objective for the consolldated portfollo Is to malntain and grow the value of the capltal over the long term {+lO years) and In excess of Inflation while 8eneratin8 an increaslng level of Income. Thls objective will be measured agalnst CPI + 3.5%. The Trustees adopt a total return approach to Investmenti 8eneratln8 the Investment return from Income and capital galn5 or losses. It Is expected that If In any one year the total return is insufflclent to meet the bud8eted 8rant makln8 expendlture, in the long tenn the real value of the Trust wlll still be maintained in accordance wlth the Investment objective above. 8rewln Dolphln manage the assets on a dixretlonary basls In Ilne wlth thls pollcy and provlde custody of the assets. Managers are requlred to produce a valuation and performance report quarterly. The Trustees have nomlnated a list of authori5ed Signatories, two of which are requSred to $18n Instructlon5 to the Investment mana8er. The Trustees meet wlth representatlves of Brewln Dolphln In Aprll and October when the latter present the Investment report. The Trustees have access to an online Portal whlch pro￿deS extenslve detalls of values, performance and predicted divldend receipts. THE YEAR UNDER REVIEW Ourlng the year 2025 income totalled £64,640 (2024: £67,144). Requests made by the PCC to the Trustees during 2025 in respect of the running expenses of St Marfs and St John's Churches, totalled -£52,767 (2024: £45.558). Major works were £Nil (2023: £Nil). Administration costs were £1,791 (2024: £1,772). The value of the investment assets held at 31 December 2025 was £2,673,195 (£2,470,814 at 31 December 20241. At the time of signing thi5 Annual Report, the forecast for receivable dividends per annum Is £69,107. There were no serious incidents to report. RISK MANAGEMENT The Trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures to manage those risks. At the same time the Trustees reviewed the financial controls and consider these controls to be sufficient to manage the risks identified. The value of the investments is always exposed to factors such as ongoing geo-political changes, inflation and investor confidence. The Trustees, view is that these trends will not jeopardise meeting the anticipated requests by the PCC in 2026. FUTURE COMMITMENTS Apart from the normal running costs ofthe two Churches the only known commitments are as follows.. In November 2023 a quinquennial inspection of St Mary's church was undertaken. It is anticipated that the schedule of running repairs and maintenance, arising from the report, will be phased over the following five years. The Trustees have granted some monies towards cost5 in 2024 and await notification from the PCC as to when the call for further funding will fall and how much it will be. RESERVES The Trustees have reviewed the need for holding funds as "reserves" Under guidance from the Charitv Commission the Trustees have set aside a permanent endowment held separately. All the funds are Invested by professional advisers Brewin Dolphin Limited, 12 Smithfield Street, London ECIA 9LA. Underused income in one year is held temporarily for expenditure in excess of income in later years. The Trust Deed contains a special provision for meetin8 extraordinary costs on application from the Parachial Church Council and a decision of the Trustees. Signe Date.. |ty12C, (,'HA.,fi¥MfjA ## **Independent examiner's report on the accounts** **Section A Independent Examiner’s Report** **Report to the trustees/** The Church Fund **members of On accounts for the year** 31 December 2025 **Charity no** 247465 **ended (if any) Set out on pages** 1 and 2 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2023. - **Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation **basis of report** 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. **Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Date:** 29/04/2026 **Signed: Name:** FJ Wilde **Relevant professional** FCCA DChA **qualification(s) or body (if any): Address:** 4 Marigold Drive Bisley Surrey GU24 9SF CHARITY (OMMISSION FOR ENGIAND AND WALES 247465 Receipts and payments a¢¢ounts CC16a To oinir2025 31n2P2025 Section A Receipts and payn7ents Unrestrl¢fed Restrfcted fun Eftdowment Tolal fun(ts L•*tyeèr2024 AIR 0*4 >Jg 251 Sub total( ro$$ Incom8 forAR) A2 Ass•t4ndlnve¥frn•rtgth. fu• 17,144 Att¥arKe (o St $8StJth*. Sub tota Toe•l rn¢&pts 64,620 17,144 AJP• Gronts ¥& SlJofvJ*ln lol A¢fvanLxloStM 81 StJDhn'i MJn4 Sub tot•1 MJ 47.320 A4Au•l endlnve•lment vrch*s•8 8•• t•bl• TrnnJf•ff•d(o C J•• 3•6 Sub total 4JO• 68,924 58,924 4,243 N•t of r•c•lptsl(paymon¢%) AS TrO￿r8￿ b•lw••n fvnds A6 C••h fvnth h￿t￿rend C•sh lund• Ihl8 y••r •nd 0,096 128,388 140 128.388 134,084 115.488 128.38 Section B Statement of assets and liabilities at the end of the period ilnreslricred fvAds Re51ricled fun Endo¥vfflent lunds i￿lL￿￿orieS to l*nearo5t£ Bl Cash funds Total cash funds 14084 Restricted fvnds Endowfflent nds Iv nearest£ fvnds rt¢arestt Details to n•arw$r£ Curr•nlvalu• rJoTral i)el3i15 B3 Investm•ntass•ts D CHUR0252 f43.097 Dealing. depo&1 and¢8sh attounts 1,331 O CHUR025J Un￿51￿cle￿ ZS*J.se4 15.203 Fundto whlch asset etails CoStlOPlion•l) Ilonal B4 Assets retained forthé charity's own usè Amount du• Whon duo (option&l) Dptails B5 Liabilities Jnd8p8ndenl EN3m￿Fee Unrtstntte &gn6dby one orhvo trusiee5 behsmof 811 Ihe tiusiees Date of Toval Swatu Print Name