BLOOMSBURY CEKfRAL BAiYfisT CHURCH FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 MARCH 21Y21 CHARrrY COMMISSION NUMBER 1174891 Jacob Cavenagh & Skwt Chartered Accountsnts 5 Robin Hood Lane Sutton Surrgy SM12SW
BLOOMSBURY CENTRAL BAFfisT CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Contents Pago Referen and Administrative Detsils Trustees, Annual Report Independent Examinerfs Report Statement of Finanaal Activities Balance Sheet Notes to the Finanal Statements 123
BLOOMSBURY CENTRAL BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Ministers Rev Dr Simon Woodman - Minister Rev Dawn Cole-savidge Communities Minister Church Secretary Nigel Redford Church Treasurèr Howard Brown (from 18 August 2020 to 25 Odober 2020) Tim Clrfford (from 25 October 2020) Elected Deacons Duncan Bartlett Howard Brown Luke Dowding Fifi Evelyn Andreea Gherman Jean Harrison Nigel Redford Nyaueth Riam Matthew Streeter Helen Swinyard Llfe Deacons Brian Bowers Maurice Johns Fred Mardell (died 23 October 2020) Church Manager James Fisher Key Management Personnel Ministers {see at)ove) Secretary and Treasurer (see above) Elected Deacons (see above) Page I
BLOOMSBURY CENTRAL BAPTIST CHURCH REFERENCE AND ADMINISTFiATIVE DETAILS (continued) Principal Address 235 Shaftesbury Avenue London WC2H 8EP Bankers Metro Bank PLC One Souihampton Row London WC1B SHA Independent Examiners Jacob Cavenagh & Skeet 5 Robin Hood Lane SLrtton SUeY SM12SW Solicitors Carter Lemon Camerons 10 Aldersgate Street London EC1A 4HJ Legal Status The church is a Charitable Incorporated Organisation, number 1174891, govemed by a constitution. Page 2
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT Structure, governance, and management The church's name is Bloomsbury Central Baptist Church. The chur¢h was first registered as a charity on 9 January 2009, and from that date until 31 Marth 2018 ti was an unincorporated charitable association. On 1 April 2018, the church transferred all of its assets, liabilities, and activities to a new Charitable Incorporated Organisation (CIO), which retained the name Bloomsbury Central Baptist Church and is registered with charity number 1174891. Incorporation made no substantial dsfference to the church's assets, liabilities. or activities. but simplrfies some aspects of tts govemance and administration, and gives the trustees the benefit of limited liabilty. Under the church's constitution. its executive body comprises the Ministers (including the Communities Minister). the Church Secretary and the Church Treasurer. and the elected Deacons,. and these people are the charity trustees. The Ministers, Secretary and Treasurer, and elected Deacons are considered lo be the charity's key management personnel as they are in charge of directing. controlling. running, and operating the church on a day-to-day basis. Apart from the Ministers. these people give their time freely and receive no remuneration. Ministers are paid a stipend based on the standard stipend set by the Baptist Union of Great Britain IBUGBI, and their pay is reviewed annually and increased in accordance with the perntage increase in that standard stipend. Details of Ministers, remuneration. expenses reimbursed to them, and all related party transactions are disclosed in note 7 to the financial statements. Deacons. and the Secretary and the Treasurer, are elected by the members of the thurch at the church's Annual General Meeting. In Odober 2020, because of the difficulty of holding elections in an on-line forum, the Ghurch members agreed at the AGM that the appointment tems of all Trustees would be extended automats'cally by one year. The church building's freehold is held on trust by The London Baptisl Property Board Limited, under declaration of trust dated 14th August 2008, with the church having the beneficial ownership of the premises. The trustees present their annual report for the year ended 31 March 2021 and confim) that the financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities, Statement of Recommended Pra¢ti¢e (Charities SORP (FRS 1021) and Financial Reporting Standard 102 (FRS 102). Risk management The trustees have reviewed the principal risks to which the church is exposed, and have identified appropriate mitigating measures. The greatest risk facing the church is that an inabilty to generate sufficient income, or a reduction in the number of people committing time to voluntary work for the church. could compromise its ability to deliver planned activities. The trustees have devised a new strategy, which is designed to be financially sustainable and to address staff and volunteer requirements. It also takes account of the changes required of a Central London church to respond to the cOnsequenS of the Covid-19 Pandemic. This strategy will be implemented over the next year. and will continue to develop in response to changes in behaviour and needs in Central London. Objects and actlvltles The church's aims a.. to maintain and develop the worship life of the church; Page 3
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT (Continued) to provide pastoral care for the members. other worshippers, and community" to develop the building for the use of the community,. and to develop the ministry to the area. The activities undertaken to achieve these obj.eds are outlined below. Public benefit When planning the churth's activities. the trustees have considered the Charity Commission's guidance on public benefit. Under normal circumstances, the church's worship services are open to all and it operates an open communion table. The church building is available throughout the Vek for use by or hire to people of all faiths and none. and by bodies both Christian and secular. The church provides services for local communities, including homeless people, and generally ministers to those in need. without distinction as to faith or otherwise. The past year and the future This last year for the church has been dominated by the effeds of the COVID-19 pandemiG which has impacted the church in all its activities. Lockdown restridions have meant that it has not been possible to hold services at the church for much of the year, and online "Provoking Falth" services have been held each Sunday. The fomat of an online selv1. with prayers. readings, recorded hymns, and a discussion following the sermon has provided weekly worship for all at home. and one benefit has been the larger number of participants leading parts of the selv1. As restrictions ease, OaS1onal, then regular services at church have been held. which are streamed live to those unable to come into central London. Other online meetings have been held during the year. A fortnightly study group has met to discuss bible passages, the gifts of the Spirit, the influence of Gospel Music, and a book on racism, supplemented by discussions on various sermons preached by Martin Luther King Jr. The Lent course this year used the Wisual Commentary on Scripture to look at the bible narrative through works of art. Occasional 'Communi- teas. have provided a Chan for members and friends to connect online, as well as weekly swal meetings after the church service. The greatest impact of the pandemic has been on community activities and commercial lettings, which have had to cease during this time. The deacons have met regulady online throughout the pandemic, and have sought to mitigate the effects of the pandemic on the life and finances of the church. With the Vision Slatement "Provoking faith in the heart of London. before them, they have been considering how best the building can support the implementation ofthat vision. To this end, the fourth floor ofthe church has been lel lo Impact Dance. a hip-hop theatre gfOUP whiL reaches out to empower 11-19 year olds, teaching dance and mentoring ihem. This iniiiative wll provide a more stable income than ad hoc lettings, and the ommunity fo¢ussed vision of Impact Dance makes them an ideal partner for the ¢hurch. Towards the end of 2020, the deacons Commissioned a working group to address the financial shortfall of the church. The working group has reported back to the deacons. and a package of financial measures was approved by the church meeting in July 2021. The aim of these is to put the church on a stable footing for future ministry. and to achieve breakven at the operating level in 2022-23. We gratefully acknowledge the untiring work of our ministers amoro us. Dawn Cole-savidge was on malernity leave for most ofthe financial year. Simon Woodman has led the online ministries and his creative approach has been greatly appreciated. Our Church Manager, James Fisher, has used the hiatus of church-based aclivities to carry out many overdue maintenanc£ tasks and has CCOrdInated the decoration and refurbishment as our new tenants moved in. Page 4
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT (continued) During the year. a review of church members was held. and 38 members who have moved on were removed from Ihe membership list. We welcomed one new member. and one member resigned. Sadly, five members died during the year. and each one is remembered gratefully before God. The current membership at 31 March 2021 stands at 110. We pray that as we look to the future in these changing times, we can find new ways to encourage one another. and reath out to the city around us with a faith that provokes. Fundraising In recent years. the church has limited its fund-raising activities to discussions of its finances at meetings of trustees and of church members. The Church does not employ outside or commercial fund-raisers, and does not make appeals for funds beyond its members.. it has therefore not subscribed to any fundraising regulator. Financial review The Pandemic has had a major and detrimental effect on the finanS for the year. The Church has been unable to accept bookings throughoLrt the year, catering was not possible. and giving was affected by the absence of physical seNices. The Treasurer announced at the AGM in October 2020 a predicted operating deficit for the financial year to 31 March 2021 of some £210k. He also made an appeal to members to help fund this predicted deficit. which raised £40k in one-off gifts. including related gift-aid, plus a number of increased standing orders. Revd Simon Woodman made a voluntary reduction in salary, saving the ¢hurGh £4k in the period. The trustees implemented a number of other immediate measures, including joining the HM Government furlough stheme (saving £23k in the year). Separately, the church settled the outstanding debt to the Baptist Pension ScheMefined benefits section in the sum of £73k, resulting in a release to income of £19k from the previous provision. As a result of the measures taken and the other effects described above, the church incurred an operating deficit on general funds of £104k. compared wtth the previous year's surplus of £59k, which included an unanticipated legacy of £102k. Savings were achieved during the year on a number of building and administration expenses due to the redLAced activity. but the opportunity was tsken to carry out a number of overdue maintenance projects. resulting in an increase in Maintenan costs. Addrtionally, the contribution to the denomination was reduced to £20k in line with the fall in income. The church's investments recovered after the effeds of the Pandemic on the valuations at 31 March 2020 and showed a surplus on revaluation of £114k. As a resutt, the general fund shows an overall Surplus of £1 Ok for the year. Reserves policy The trustees have previously determined that free reserves (General Fund. Revaluation Reserve and Development Reserve) should not fall below one yeaf's nomial expenditure. At 31 March 2021. free reserves amounted to £2,084,000 which are considered adequate to meet running costs. and to provide buffer against future operating defitS arising from the Covid-19 Pandemic. They will also provide funding for future development of the Church's ministry. Page 5
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT (contirtued) Trustees, responslbllllle8 The trustees a responsible for preparing the Trustees. Annual Report and the finan¢ial statements in accordan with applicable law and United KIngdn Accounttng Starx1ards (United Kingdom Generally Accepted Accounting Practtce). The law applicable to charities in England arKJ Ivales requires the trustees to prepare financial statements for each financial year which give a true and fair vtew of the state of affairs of the chanty and of the incoming resources and application of resources of the charity during that period. In pTrparing these financial ststements, ts trustees are required to: setect suitable accounting policies arKI then ap them cortsislenty. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and wudent; stat8 whether applicable accounting starKJards have been folk>1. subje( to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the gn9 c(WKm basi8 unless it is inapproFYiate to presume that the tharity will continue in bu. The trustees are responsible for keepng prow aoUntIng rerdS that dBdose with aSOnable accuracy at any time the financial position of the Charity arKI eThab them to ensure that the financial statements compty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the trust deed. They are also responsible for safeguardirKJ the assets of the charty arKI hence for takn'ng reasonable steps to prevent and detect fraud and other wregularilies. Approved by the trustees on 21 September 2021 aThJ signed on their behalf by." Nigel Redfo Church Secretary rim Clifft)rd Church Treasurer
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF BLOOMSBURY CENTRAL BAPTIST CHURCH I report to the charity trustees on my examination of the accounts of the Bloomsbury Central Baptist Church (the charity) for the year ended 31 March 2021 set out on pages 8 to 23. Rosponslbllltles and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in resped of my examination of the Trust's accounts as carried OLrt under section 145 of the Ad and in carrying out my examination I have foll0vd all the applicable Directions given by the Charity Commission under section 145{5)(bl of the Act. Independent examinerfs statement I have cornpleted my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Trust as required by sedion 130 of the Act- or the accounts do not accord with those records., or the accounts do not comply with Ihe applicable requirements ¢onGeming the fomi and content of accounts set out in Ihe Charities (Accounts and Report) Regulations 2008 other than any requirement that the accounts give a Irue and fair view, which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in a¢cordan¢e wtih the methods and principles 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 the Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connedion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to b8 reached. Miriam Hickson CTA FG4 Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM12SW Date: 3tylDq P89è 7
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LOOMSBURY cElRAL BAiYfisT CHURCH BAL4NCE SHEET AS AT 31 MARCH 2021 2021 2020 Flxed assets Tangible fixed assets Fixed asset investments 11 1.489.925 906.582 1,601.812 792,566 12 Investment propety 13 3.171,507 2,394,378 cUrTrt assots stocks 14 550 83.399 468.888 Debtors Investrnents Cash at bank and in hand 15 16 21.997 255.469 469,715 688,323 Credltors: Amounts falling due within one year 17 Nèt current assets 426 128 612680 Total assets less Current liabilities 3.597,635 3,007,058 Provlslons for liabilitios and charges 20 Net assets 18 Funds D8signated Restricted General (unr8Strided & undesi9nated) 19 2.888,186 23,323 686 126 2,317,572 33,432 19 19 Total funds Approved by the trustees on 21 Seb8r %)21 and signed on tr*ir behalf by: Tim Clifford Church Treasurgr
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES The principal accounting policies adopted. judgements. and key sources of estimation uncertainty in the preparation of the financial statements are as follows= Accounting convention The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities. Statement of Recommended Prartice (Charities SORP (FRS 102) and Financial Reporting Standard 102 (FRS 102). The financial statements a drawn up on the historical cost basis of accounting, as modified by the revaluation of fixed asset investments and {when relevant) investment property. Bloomsbury Central Baptist Church meets the definttion of a public benefrt entity under FRS 102. Going Goncern At the time of approving the financial statements. the trustees have a reasonable expectation that the church has adequate reSoUrS to continue in operational existence for the foreseeable future. The church expects to forgo a significant amount of income during 2021-22 as a result of the Covid-19 pandemic, but has reserves sufficient to meet ils anticipated costs. In July 2021, the Church approved measures designed to achieve break*ven at the operating level in 2022-23. The trustees therefore continue to adopt the going concem basis of accounting in preparing the financial statements. Tangiblè fixed assets (i) Assets with a purchase price in excess of £500 are ¢apitalised. (li) The original ministerfs manse is held on a lease exFwring in 2058. The thurch purchased this property in 1987. at a cost of £92.500. Subsequently. the church has acquired the freehold, jointly with the other leaseholders. During the current finanal year, the property has been re- classrfied as an investment protErty (see note 13). The church acquired a second manse in 2006 at a cost of £508.502. This property is included in these accounts at a value of £927.980. following a revaluation perfomed while it was classified as an investment property. and the acquisition. jointly with other leaseholders, of the freehold. (See note 11) The church purchased a third manse in 2013 at a cost of £502,109. The trustees believe that the residual value of these properties renders any depreciation immaterial; accordingly. no depreciation has been charged in these accounts. (iii) Depreciation on capitalised fixed assets other than the residential properties described above is charged at the rate of 100A of the purchase price per year. (iv) The church building (valued for Insuran purposes at £15.135,0001 and the church site are under the custodian trusteeship of the London Baptist Property Board, and the church is the beneficial owner. The original costs of these assets, and the costs of subsequent improvements thereto. ale not available. The trustees do not txlieve the Gosls of obtaining professional Page 10
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) ACCOUNTING POLICIES {continued) valuations would be justrfied by their limited utility to the church's members, who are the principal users of these accounts. Furthermore, the trustees do not believe thal any accumulated depreciation on the cost of the building would be material. Fixed asset invèstments When any of the church's propety is classtfied as investrnent property. this is shown at fair value at the balance sheet date and any accumulated surpluses l (deficiencies} arising from revaluation are treated as unrealised surpluses l (losses) and credited l (debtied) directly to the Revaluation Reserve. Other investments are shown at fair value. General funds The church's general furKls comprise the original capital plus the accumulated net surplus of income over expenditure, and are available to be used for the churth's general purposes. Designated funds The balances retained in the designated funds represent: (i) The Development Fund - an amount set aside for future redevelopmenl, i.e., for substantial work on the church's building. In accordan with a decision taken when this fund was designated by the trustees at the time. it accrues interest at a notional rate set judgementally by referen to the actual rates payable on the church's deposits. (li) The Fixed Asset Reserve- equal to the tmxjk value of the thurth's tangible fixed assets at 31 March 2021. (See note 11.) {iii) The Revaluation Reserve- comprising the accumulated surpluses and deficienaes on revaluation of investment assets and investment property- (See notes 12, 13.1 Restricted funds The restricted funds are made up of a number of small collections and fvrKls reiVed for specific purposes. Income Voluntary income and donations - induding legacies - are accounted for On the church has entitlement to the income. tt is probable that the income will be reived, and the amount of income retsivable can be reliably detemiined. Lettings income is recognised when the church is entitled to the income. P8ge 11
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) ACCOUNTING POLICIES (continued) Voluntary help The church is heavily dependent on activity carried out by volunteers. No value is attributed to this in the financial statements. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-temi liabilities. SupF)Ort costs are those costs incurred directly in support of expenditure on the objects of the charity and include govemance costs. which represent expenditure incurred in ensuring the church complies with its legal and regulatory requirements. Grants Grants are included when the payment has been agreed by the trustees. Stocks Stocks are stated at the lower of cost and net realisable value. Debtors Tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Cash and current asset investments Cash and current asset investments include cash arKI short tenn highly liquid investments with a maturity of one year Of less from the date of opening of the deposit. Creditors and provisions Creditors and provisions are recognised when the church has a wesent obligation arising from a past event wthich will probably resum in the transfer of funds to another paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Financial instruments The churGh has financial assets and liabilities only of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. Page 12
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 {continued) ACCOUNTING POLICIES (continued) Pension costs The church has for many years paid Contributions to the Baptist Pension Scheme in respect of Ministers. The Defined Benefits Sedion of the Scheme was closed to new entranls in 2011. Previously these Financial Statements induded a provision for its share of the discounted liability for the Deficiency Contributions. During the year the Church settled and paid the outstanding liability to the Scheme {see note 20). The Church also contributes to a defined contribution scheme for Ministers under the Baptist Pension Scheme, and to a separate scheme for other staff. Contributions are recognised when due. VOLUNTARY INCOME 2021 2020 General Restricted Funds Funds Totsl Total Standing orders, cash collections, and other voluntary offerings and donations 136,691 2,320 139.011 126,869 Tax recoverable (Gift Aid) 27.987 525 28,512 28,206 Legacies 102 500 CHARITABLE ACTIVITIES: CATERING 2021 2020 Income Sunday lunches. Tuesday lunches. and other fo¢>J and drink sales 12,513 Expendituro Purchase of fo¢Jd and drink, and other expenses Surplus l (deficit) for the year Page 13
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) OTHER INCOME 2021 2020 COVID job retention scheme grant-ministers Other staff 4,267 23,540 Other ANALYSIS OF TOTAL INCOME BY FUND TYPE General Funds Designated Funds Restricted Funds Total Donations 164,678 2.845 167,523 Legacies 1,022 (7.549) 12.000 1,022 Room hire (7,549) 12,000 Other lettings Investments & deposrts Other sources 29.023 29.023 Total income Page 14
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 {continued) EXPENDITURE 2021 2020 Activities undertaken direcuy Grant funding Support costs Total Total Unrestrlctèd funds Payroll & expenses Manses 54,965 17.434 82,347 137,312 17.434 159,625 16.957 Church building.. Maintenance & repairs Cleaning & waste disposal Electricty. gas. & water Insurance 48,051 15.809 19,153 15.650 48.051 15,809 19,153 15,650 2,077 1,934 19,616 20,000 12,242 1,111 39.155 31,105 16,478 15,274 3,080 Internet & telephone Major building works 8 paIrS Depreciation Gifts to Baptist organisations {Note 7) Legal & other professional costs Catering activities Websites & publicity Investment propety Subscriptions & donations Printing, postage, & stationary Music-reiated costs 2,077 1.934 19,616 21,266 42,000 15,237 12.382 7.940 3,207 4,487 2.535 2,730 2,177 514 20,LNJO 12,242 1,111 404 13,972 13,972 4,770 804 4.770 804 272 272 Conferences and training Bank charges Other 1,401 494 1,401 414959 Restricted funds Governance costs Audit fee 4,790 Independent examination fee Total expenditure Page 15
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) GRANTS PAYABLE During the year grants for the amounts listed below Vre payable in furtherance of the church's objects.. 2021 2020 Baptist Union of Great Britain Home Mission Fund Baptist Missionary Soaety 10,000 2,500 21,LYJo 5,250 Bristol Baptist College Northem Baptist College Regent's Park College Spurgeon's College South Wales Baptist College 3,150 3.150 3,150 3.150 1,500 STAFF AND TRUSTEES 2021 2020 Stlpends l Employerfs Salaries I National Wages Insurance Employevs Employerfs pension: DC pension: DB Total Total Ministers 43,609 673 6.389 4.294 54.965 83.428 Employees 2020.. The pension arrangements for Ministers are explained in note 20. Other employees are auto*nrolled with NEST Pensions, a defined conlnbution scheme, wyth contributions payable by the church and the employee. The number of fijll-time equivalent employees during the year was: 2021 2020 Ministers Employees Page 16
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 {continued) STAFF ANO TRUSTEES (continued) The ministers a trustees of the church and receNed remuneration as follovts: Stipend Employerfs Employerfs Nl Pension Simon Woodman 34,407 12,144 3.697 976 4,222 2,167 Dawn Cole-savidge In addition, Rev Simon Woodman was reimbursed expenses of £312. Rev Dawn Cole-savidge was on maternty leave for part of the year arKI retumed to work on a part- time basis on 1 December 2020. The church made deficiency payments to the Baptist Pension Scheme DB plan of £4,294 up to the date when the liability was settled (see note 20). From June 2020, a flat Ythin the church IlIding was let to one of the Deacons. Nigel Redford, at a monthly rental of£1,000. One of the Deacons is employed part-time by a charity. "OneBodyOneFaith". to vthich the Church made a donation of £1.000 during the year to support a ministry project which the charity is facilttating. Donations totalling £56,231 (2020: £47,979) were reiVed from trustees (and their spouses) during the year. NET INCOME I IEXPENDITURE) This is stated after charging.. 2021 2020 Depreciation Remuneration for. 19,616 21.266 Independent examination Audit SeiceS 4.790 2.132 Other ServIS 2,166 Page 17
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 10 ANALYSIS OF TOTAL EXPENDITURE BY FUND TYPE General Designated Restri¢ted Funds Funds Funds Total Activrties undertaken directly Grant funding Support costs Governan costs 188,755 20,000 132,443 12,954 201,709 20,000 132,443 11 TANGIBLE FIXED ASSETS Residential Properties Assorted Church Equipment Organ Total Cost or valuation At 1 April 2020 Additions for year Transfer to investment property (note 13) At 31 March 2021 1,522,360 229 265.251 96,016 1,883,627 229 1430 089 265 251 1791 356 Accumulated depreciation At 1 April 2020 Charge for year At 31 March 2021 186,409 95,406 348 281,815 205 677 301431 Net book value At 31 March 2021 At 31 March 2020 IA¢iAon+i*l invli wl• g mgno• h•lrl Al ii?li i?linn nf PQ?n Mn tr•thr wilh 2Aflitinno nf
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 12 FIXED ASSET INVESTMENTS 2021 2020 Fair value at 1 April 2020 Net gain l {loss) on revaluation Fair value at 31 March 2021 792,566 114016 815,075 Triodos Microfinance Fund 216,124 217,884 574 683 COIF Ethical Fund Historical cost at 31 March 2021 13 INVESTMENT PROPERTY During the year. the residential property in London NbWJ. previously used as a manse, was unoccupied. The Church decided to redesignate tl as an investment property and the cost of 92,500 was transferred accordingly. The property was valued at 31 March 2021 by Rapleys. Qualified Surveyors, on a market value basis at £775.000. and the resultant surplus of £682,500 has been added to the Revaluation Reserve. 14 STOCKS 2021 2020 Consumable stocks 15 DEBTORS 2021 2020 Tax recoverable (Gift Aid) Interest receivable 6,712 13.830 1,398 50.000 7,637 Legacy income re1vable Room hire income receivable 785 COVID job retention scheme Other debtors and prepayments 5.299 Page 19
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 16 CURRENT ASSET INVESTMENTS 2021 2020 Carrying value at 1 April 2020 Additions at wst 468,888 4,079 217 498 471,728 17.160 Carrying value of disposals Carying value at 31 March 2021 Triodos Bank deposits London Baptist Property Board (LBPB) deposit 215,582 253 306 255 464 17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Baptist Union of Great Britain Home Mission Fund Baptist Missionary Society Ministerial training colleges Other creditors and acLYuals 10,000 2,500 7.500 21,000 5,250 15,750 Page 20
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 18 ANALYSIS OF NET ASSEfs BEtWEEN FUNDS 31 March 2021 Tangible fixed assets Inveslment & net current assets Provisions Total Restricted funds 23.323 1.398,261 686 126 23,323 2,888,186 686 126 Designated funds General funds 1,489,925 31 March 2020 Tangible fixed assets Investment & net current assets Provisions Total Restricted funds 33,432 715,760 656 054 33,432 2,317,573 563911 Designated funds General funds 1,601,812 19 FUNDS Balance at 1 April 2020 Transfers between funds Balance at 31 March 2021 Incomg Expgnditure Rgvalualion$ Restrlcted Funds Bloomsbury Bursary Hardshlp Fund Organ Fund Friends of Bloomsbury 454 454 19.732 10,124 2,845 12.735 9.842 219 9,905 33.432 2.845 12.954 23,323 Dgsignat8d Funds Development Fund Fixed Asset ReseNe 573.195 1.601.811 142.566 573,195 1,489,925 825,066 1111,886) Revaluation Reserve 682.SCKJ
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 19 FUNDS {contlnued) Balance at 1 April 2019 Transfers between funds Balance at 31 March 2020 Income Expenditure Rovaluations Restrfcted Funds Christsan Aid 121 121 West End Welcome 263 263 BloomsbLtry Bursary Hardship Fund Organ Fund Friends of Bloomsbury 2,293 27,242 9.722 2.399 15,865 5,594 454 8,355 19,732 10,124 42.379 15.295 24.242 33.432 Designated Funds Development Fund Fixed Asset Reserve 571,795 687,928 1,400 573.195 913,883 434,0081 1,601.811 142.566 Revaluation Reserve 576.574 General Funds 1007 025 409 837 479 875 Total Funds Restricted funds Christian Aid and West End Welcome represented fijnds collected specifically to be passed on to the respective recipient organisations. The Bloomsbury Bursary was originally set up in memory of a fomier member and provides grants for the enwuragement of young people. The Hardship Fund holds money given to be spent at the disLYetion of the church's Ministers to alleviate hardship. The Organ Fund holds the accumulated surplus of donations received over costs in connection with the church's organ concerts since 1 January 2013, and is to be used to meet the costs of fLrture organ concerts and to contribute lo some other organ-related costs. The Friends of Bloomsbury represents monies donated by people connected viith the Church to be used to fund events for maintaining these connections. The Fixed Asset Reserve represents the book value of the church's tangible fixed assets at 31 March 2021. {See note 11.) Pagè 22
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued) 19 FUNDS Icontlnued Designatod funds The Development Fund represents an amount set aside for future redevelopment - i.e.. for substantial work on the church's building. This fund accrues interest at a notional rate sel judgementally by referen to the aclual rates payable on the church's deposits. In the current year this rate was set at 0%. The Revaluation Reserve represents the accumulated revaluation gains and losses Sin acquisition of the church's fixed investment assets, at 31 March 2021 (including investment property. when any of the church's properties are so classified). (See notes 11. 13.) 20 PENSIONS The church has for many years paid contributions to the Baptist Pension Scheme in respect of Ministers. The Defined Benefits Section of the Scheme was closed to new entrants in 2011. Previously these Financial Statements included a provision for the Church's share of the discounted liability for the Deficiency Contributions. During the year the Church settled and paid the oulstsnding liability lo the Scheme in the amount of £72,971, and the resultant surplus provtsion of £19,172 was released to income. The Church also contritKrtes to a defined contribution sdieme for Ministers under the Baptist Pension Scheme. and to a separate scheme for other staff. Contributions are recognised when due. Page 23