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 Finan￿al Statements
1￿23

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
SU￿eY
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 per￿ntage
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 cOnsequen￿S 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 V￿ek 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, O￿aS1onal, 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 break*ven 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 CC￿OrdInated 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 finan￿S 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 ScheM￿efined 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 defi￿tS 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 KIngd￿n 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 g￿n9 c(WK*m basi8 unless it is inapproFYiate to presume
that the tharity will continue in bu￿.
The trustees are responsible for keepng prow a￿oUntIng re￿rdS 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 foll0v￿d 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

¢DOaJ
In
om
¢0
f4 E CFJ7J
OOw>>£
vQOCCuO-

LOOMSBURY cEl￿RAL 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
cUrT￿rt 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 Se￿b8r %)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 reSoUr￿S 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 finan￿al 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 re￿iVed 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 re￿ived, 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 V￿re 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 Y￿thin the church I￿lIding 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 re￿iVed 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 Se￿iceS
4.790
2.132
Other ServI￿S
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￿•th￿r 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 re￿1vable
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