## **BLOOMSBURY CENTRAL BAPTIST CHURCH FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
## **31 MARCH 2023**
## **CHARITY COMMISSION NUMBER 1174891**
**Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW**
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
**31 MARCH 2023**
|**Contents**|**Page**|
|---|---|
|Reference and Administrative Details|1-2|
|Trustees’ Annual Report|3-6|
|Independent Auditor’s Report|7-8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11-23|
**BLOOMSBURY CENTRAL BAPTIST CHURCH**
## REFERENCE AND ADMINISTRATIVE DETAILS
**Ministers** Rev Dr Simon Woodman – Minister Rev Dawn Savidge – Communities Minister **Church Secretary** Nigel Redford **Church Treasurer** Tim Clifford **Elected Deacons** Howard Brown Fifi Evelyn Jean Harrison Udoka Okonkwo Nyaueth Riam (until 30 October 2022) Jackie Somerville (until 30 October 2022) Matthew Streeter **Life Deacons** Brian Bowers Maurice Johns **Church Operations Manager** Abigail Muleta **Key Management Personnel** Ministers Secretary and Treasurer Elected Deacons
Page 1
**BLOOMSBURY CENTRAL BAPTIST CHURCH**
## REFERENCE AND ADMINISTRATIVE DETAILS (continued)
|**Principal Address**|235 Shaftesbury Avenue|
|---|---|
||London|
||WC2H 8EP|
|**Bankers**|Metro Bank PLC|
||One Southampton Row|
||London|
||WC1B 5HA|
|**Auditor**|Jacob Cavenagh & Skeet|
||5 Robin Hood Lane|
||Sutton|
||Surrey|
||SM1 2SW|
|**Solicitors**|Carter Lemon Camerons|
||20 King Street|
||London|
||EC2V 8EG|
|**Legal Status**|The church is a Charitable Incorporated Organisation, number|
||1174891, governed 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 church was first registered as a charity on 9 January 2009, and from that date until 31 March 2018 it 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 difference to the church’s assets, liabilities, or activities, but simplified some aspects of its governance and administration, and gives the trustees the benefit of limited liability.
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 to 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 (BUGB), and their pay is reviewed annually and increased in accordance with the percentage increase in that standard stipend. Details of Ministers’ remuneration, expenses reimbursed to them, and all related party transactions are disclosed in note 8 to the financial statements. Deacons, and the Secretary and the Treasurer, are elected by the members of the church at the church’s Annual General Meeting.
The church building’s freehold is held on trust by The London Baptist Property Board Limited, under a declaration of trust dated 14[th] August 2008, with the church having the beneficial ownership of the premises.
The trustees present their annual report for the year ended 31 March 2023 and confirm that the financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities’ Statement of Recommended Practice (Charities SORP (FRS 102)) 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 inability 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 implemented 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 consequences of the Covid-19 Pandemic. This strategy will continue to develop in response to changes in behaviour and needs in Central London.
## **Objects and activities**
The church’s aims are:
- to maintain and develop the worship life of the church;
- 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 objects are outlined below.
Page 3
**BLOOMSBURY CENTRAL BAPTIST CHURCH** TRUSTEES’ ANNUAL REPORT (Continued)
## **Public benefit**
When planning the church’s activities, the trustees have considered the Charity Commission’s guidance on public benefit.
The church’s worship services are open to all and it operates an open communion table. The church building is available throughout the week 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 and generally ministers to those in need, without distinction as to faith or otherwise.
## **The past year and the future**
As we look over the last twelve months, there is much to be encouraged by. We have seen society and the church emerge from the shadows and restrictions of the COVID pandemic – restrictions on meetings have been removed, and we are again welcoming more attenders and visitors at services. It’s been good to see more people at church, and to enjoy meeting each other over coffee and monthly shared lunches. And yet some things remain changed – we still benefit from technology which allows online attendance at services, and regularly have online participants leading prayers or readings during services.
We are grateful to our ministers, Simon Woodman and Dawn Savidge for labouring with commitment and imagination among us. Simon’s careful and challenging preaching is the centre of our Sunday services. Dawn has led the creative ministries of the church, forming partnerships with arts groups. As part of the local Bloomsbury Festival, the church hosted a “Breathing Space” installation, and two organ concerts where classic silent films were accompanied live on the organ, thrilling all present.
Our Bookkeeper, Doreen Chapman retired during the year, and we record our thanks for her hard work in looking after the accounts at the church. We recently appointed Stephen Mortimer to replace Doreen. During the year we also welcomed Abigail Muleta, our Church Operations Manager. Abi looks after the day to day running of the church, from bookings and hires through to ensuring services run smoothly each Sunday. Many members of the church have also served us – from the team of deacons who meet monthly, to those who lead worship, make coffee, run the AV desk, and many other acts of service. The body of the church is composed of many parts, all benefitting the whole, and we are grateful for all those who volunteer their skills and time.
During the year 2 members died, 2 members left, and we welcomed 4 members into membership. The current membership stands at 107.
As we look to the future, we continue to seek to build relationships and connections in the congregation, and have series of social events planned for this purpose. Our aim is to build the congregation that we might better serve our local community, and find new ways of “provoking faith in the heart of London”.
## **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.
Page 4
**BLOOMSBURY CENTRAL BAPTIST CHURCH** TRUSTEES’ ANNUAL REPORT (Continued)
## **Financial review**
The Church has now seen some of the benefits of the difficult decisions made in the previous year under its new strategy. The Church incurred an operating deficit on general funds for the year ended 31 March 2023 of £34k, but this is after charging £28k of major repairs to the two flats in the Church building. This is a satisfactory outcome, though there continue to be significant cost pressures for the current financial year.
The church’s non-property investments suffered a fall in value of £37k in the year. Property investments also fell in value, by £52k. In addition, the church received a legacy of £132k from the estate of a former member, which has been treated as a restricted fund to reflect the wishes of the donor that the monies be used to improve the Church building.
## **Reserves policy**
The trustees have previously determined that free reserves (General Fund and Development Reserve) should not fall below one year’s normal expenditure. At 31 March 2023, free reserves amounted to £2,923k which are considered adequate to meet running costs, and to provide a buffer against future operating deficits. They will also provide funding for future development of the Church’s ministry.
## **Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including financial reporting standard FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
Page 5
**BLOOMSBURY CENTRAL BAPTIST CHURCH** TRUSTEES’ ANNUAL REPORT (Continued)
Approved by the trustees on 10 September 2023 and signed on their behalf by:
_Nigel Redford_
_Tim Clifford_
Nigel Redford **Church Secretary**
Tim Clifford **Church Treasurer**
Page 6
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF **BLOOMSBURY CENTRAL BAPTIST CHURCH**
## **Opinion**
We have audited the financial statements of Bloomsbury Central Baptist Church (the “Charity”) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
Page 7
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF **BLOOMSBURY CENTRAL BAPTIST CHURCH (continued)**
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.
We determined that the principal risks were related to revenue recognition, management bias in accounting estimates, presentation of separately disclosed items and management override of controls.
In response to the risks identified we designed procedures which included, but were not limited to: substantive testing of income, challenging significant accounting estimates, agreeing financial statement disclosures to underlying supporting documentation, evaluating the internal controls, reviewing trustees minutes, and identifying and testing journal entries.
There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
_**Jacob Cavenagh & Skeet**_
**Jacob Cavenagh & Skeet Statutory Auditor** 5 Robin Hood Lane **Chartered Accountants** Sutton Surrey SM1 2SW
## Dated: 15 September 2023
_Jacob Cavenagh & Skeet is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006._
Page 8
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
## STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2023
|**General**)
**Funds**)
**Designated**)
**Funds**)
**Restricted**)
**Funds**)
**Note**
**£**)
**£**)
**£**)
**Income from**:
Donations and legacies
2
16570165140,963
-
148,901
Other trading activities
4
166,275
-
-
Investments and deposits
4
37,327
-
-
Other
3
2,150
-)
-)
**Total income**
346,715
-)
148,901)
**Expenditure on**:
_Raising funds_
– Investment property
6
12,071
-)
-)
_Charitable activities_
– Regular
6
368,966
-)
16,903)
**Total expenditure**
381,037
-)
16,903)
**Income less expenditure**
(34,322)
131,998
Net (losses)/gains on
investment assets
12
(37,413)
-)
-)
Net (losses)/gains on
investment properties
5
(52,475)
-
-
**Net (expenditure)/income**
09
(124,210)
-)
131,998
Transfer between funds
18
942,396 (942,396))
-)
**Reconciliation of funds**
Total funds brought forward
1,532,163)
2,045,396)
26,121)
**Total funds carried forward**
2,350,349)
1,103,000)
158,119)
|**2023**)
**Total**)
**£**)
289,864)
166,275)
37,327)
2,150)
495,616)
12,071)
385,869)
397,940)
97,676
(37,413)
(52,475)
7,788
-
3,603,680|**General**)
**Funds**)
**Designated**)
**Funds**)
**Restricted**)
**Funds**)
**£**)
**£**)
**£**)
16570165167,7187
-
25,446
108,310)
-
-
27,260)
-
-
36,364)
-)
-)
339,652)
-)
25,446)
47,218)
-)
-)
311,331)
-)
22,648)
358,549)
-)
22,648)
(18,897)
2,798
67,144
-)
-)
(45,000)
-)
–
3,247
-)
2,798
842,790
(842,790))
-
686,126)
2,888,186)
23,323)
1,532,163)
2,045,396)
26,121)|**2022**)
**Total**)
**£**)|
|---|---|---|---|
||||193,164)
108,310)
27,260)
36,364)
365,098)
47,218)
333,979)
381,197)
(16,099)
67,144
(5,000)
6,045
-)
3,597,635|
||
3,611,468||
3,603,680|
Page 9
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
## BALANCE SHEET AS AT 31 MARCH 2023
|**Note**
**Fixed assets**
Tangible fixed assets
11
Fixed asset investments
12
Investment property
13
**Current assets**
Debtors
14
Investments
15
Cash at bank
**Creditors**: Amounts falling due within
one year
16
**Net current assets**
**Net assets**
17
**Funds**
Designated
18
Restricted
18
General (unrestricted & undesignated)
18
**Total funds**|**2023**
**£**)
**£**)
529,805)
712,956)
910,000)
2,152,761)
29,412)
959,093)
512,981)
1,501,486)
(42,779)
1,458,707)
3,611,468)
1,103,000
158,119)
2,350,349)
3,611,468)||**2022**
**£**)
**£**)
1,472,201)
750,369)
730,000)
2,952,570)
28,324)
255,853)
404,015)
688,192)
(37,082)
651,110)
3,603,680)
2,045,396)
26,121)
1,532,163)
3,603,680)|
|---|---|---|---|
|||
||
Approved by the trustees on 10 September 2023 and signed on their behalf by:
_Tim Clifford_
## Tim Clifford **Church Treasurer**
Page 10
**BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **1 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 Practice (Charities SORP (FRS 102) and Financial Reporting Standard 102 (FRS 102). The financial statements are 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 definition of a public benefit entity under FRS 102.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Tangible fixed assets**
- (i) Assets with a purchase price in excess of £500 are capitalised.
- (ii) The church purchased the manse in 2013 at a cost of £502,109. The trustees believe that the residual value of the property renders any depreciation immaterial; accordingly, no depreciation has been charged in these accounts.
- (iii) Depreciation on capitalised fixed assets other than residential properties is charged at the rate of 10% for furniture and equipment and 33% for computer equipment, of the purchase price per year.
- (iv) The church building (valued for insurance purposes at £18,100,000) 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, are not available. The trustees do not believe the costs of obtaining professional valuations would be justified by their limited utility to the church’s members, who are the principal users of these accounts. Furthermore, the trustees do not believe that any accumulated depreciation on the cost of the building would be material.
## **Fixed asset investments**
When any of the church’s property is classified as investment property, this is shown at fair value at the balance sheet date and any accumulated s urpluses / (deficiencies) arising from revaluation are treated as unrealised surpluses / (losses) and credited / (debited) directly to the General Reserve. Other investments are shown at fair value.
Page 11
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **1 ACCOUNTING POLICIES** (continued)
## **General funds**
The church’s general funds comprise the original capital plus the accumulated net surplus of income over expenditure, and are available to be used for the church’s general purposes.
## **Designated funds**
The balances retained in the designated funds represent:
- (i) The Development Fund – an amount set aside for future redevelopment, i.e. for substantial work on the church’s building.
- (ii) The Fixed Asset Reserve – equal to the book value of the church’s tangible fixed assets at 31 March 2023.
## **Restricted funds**
The restricted funds are made up of a number of funds received for specific purposes.
## **Income**
Voluntary income and donations – including legacies – are accounted for once the church has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be reliably determined.
Lettings income is recognised when the church is entitled to the income.
## **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. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include governance 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.
## **Debtors**
Tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
Page 12
**BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **1 ACCOUNTING POLICIES** (continued)
## **Cash and current asset investments**
Cash and current asset investments include cash and short term highly liquid investments with a maturity of one year or less from the date of opening of the deposit.
## **Creditors and provisions**
Creditors and provisions are recognised when the church has a present obligation arising from a past event which will probably result in the transfer of funds to another party 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 church 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 at their settlement value.
## **Pension costs**
The Church 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.
## **2 VOLUNTARY INCOME**
|Standing orders, cash collections, and
other voluntary offerings and donations
Tax recoverable (Gift Aid)
Legacies||**2023**|**Total**
**£**
133,019
24,771
132,074
289,864|**2022**
**Total**
**£**
141,820
26,988
24,356
193,164|
|---|---|---|---|---|
|||**General**
**Funds**
**Restricted**
**Funds**
**£**
**£**
116,714
16,305
24,249
522
-
132,074
140,963
148,901|||
Page 13
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **3 OTHER INCOME**
|**3**|**OTHER INCOME**||||||||
|---|---|---|---|---|---|---|---|---|
||||||**2023**||**2022**||
||||||**£**||**£**||
||COVID job retention scheme grant -_Ministers_|||||-|8,718||
|||_Other staff_||||-|19,736||
|||||||-|28,454||
||Other||||2,150||7,910||
||||||2,150||36,364||
|**4**|**ANALYSIS OF TOTAL INCOME BY FUND TYPE**||||||||
|||**General**
**Designated**||**Restricted**||**2023**||**2022**|
|||**Funds**
**Funds**||**Funds**||**Total**||**Total**|
|||**£**|**£**|**£**||**£**||**£**|
||_Donations and_||||||||
||_Legacies:_||||||||
||Donations|140,963|-|16,827||157,790||168,808|
||Legacies|-|-|132,074||132,074||24,356|
||_Other Trading_||||||||
||_Activities:_||||||||
||Room hire|39,875|-|-||39,875||12,910|
||Other lettings|91,000||||91,000||78,000|
||Rent from investment
property|35,400|-|-||35,400||17,400|
||_Investments &_
_deposits_|37,327|-|-||37,327||27,260|
||_Other income_|2,150|-|-||2,150||36,364|
||**Total income**|346,715
|-|148,901||495,616||365,098|
|**5**|**NET (LOSSES)/GAINS ON INVESTMENT PROPERTIES**||||||||
||||||**2023**||**2022**||
||||||**£**||**£**||
||Loss on sale of former manse|||(|34,495)|||-|
||Deficit on revaluation of investment property (note||13)|(|17,980)||(45,000)||
||Total Loss|||(|52,475)||(45,000)||
Page 14
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
|**6**
**EXPENDITURE**
**Unrestricted funds**
Payroll & expenses
Manses
Church building:
Maintenance & repairs
Cleaning & waste disposal
Electricity, gas, & water
Insurance
Internet & telephone
Major building works & repairs
Depreciation
Grants to Baptist organisations (Note
7)
Legal & other professional costs
IT costs and licences
Websites & publicity
Investment property
Costs of former manse, now sold
Subscriptions & donations
Printing, postage, & stationary
Music-related costs
Conferences and training
Bank charges
Other
**Restricted funds –**_Hardship and_
_organ_
**Governance costs**
Audit fee
Independent examination fee
**Total expenditure**||**20 23**|**Total**
**£**
115,680
14,297
59,506
30,132
16,384
16,709
1,810
28,180
17,466
14,000
4,140
22,446
3,784
12,071
2,419
6,915
580
2,004
2,391
583
3,140
374,637
16,903
6,400
–
397,940|**2022**
**Total**
**£**
139,742
9,410
39,034
19,273
14,198
15,534
2,263
-
17,725
14,800
5,435
6,984
1,615
47,217
13,443
4,016
409
1,407
1,067
510
2,867
356,949
22,648
4,000
(2,400)
381,197|
|---|---|---|---|---|
||**Activities**
**undertaken**
**directly**
**£**
78,205
14,297
59,506
30,132
16,384
16,709
–
28,180
–
–
–
-
3,784
12,071
2,419
–
–
2,004
–
–
–
263,691
16,903
–
–
280,594|**Grant**
**funding**
**Support**
**costs**
**£**
**£**
–
37,475
–
–
–
–
–
–
–
–
–
–
–
1,810
–
–
–
17,466
14,000
–
–
4,140
-
22,446
–
–
–
–
-
-
–
6,915
–
580
–
–
–
2,391
–
583
–
3,140
14,000
96,946
–
–
–
6,400
–
–
14,000
103,346|||
Page 15
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **7 GRANTS PAYABLE**
During the year grants for the amounts listed below were payable in furtherance of the church’s objects:
|Baptist Union of Great Britain Home Mission Fund
Baptist Missionary Society
Bristol Baptist College
Northern Baptist College
Regent’s Park College
Spurgeon’s College
South Wales Baptist College|**2023**
**£**
7,300
1,700
1,000
1,000
1,000
1,000
1,000
14,000|**2022**
**£**
7,500
1,800
1,100
1,100
1,100
1,100
1,100
14,800|
|---|---|---|
## **8 STAFF AND TRUSTEES**
|Ministers
Employees
2022:|**2023**||**2022**|
|---|---|---|---|
||**Stipends /**
**Salaries /**
**Wages etc/**
**Employer’s**
**National**
**Insurance**
**Employer’s**
**pension**
**£**
**£**
**£**
69,050
1,807
7,348
35,014
2,025
436
104,064
3,832
7,784
126,164
5,735
7,843|**Total**
**£**
78,205
37,475
115,680
139,742|**Total**
**£**
68,352
71,390
139,742|
The Church contributes to a defined contribution scheme for Ministers under the Baptist Pension Scheme. Other employees are auto-enrolled with NEST Pensions, a defined contribution scheme, with contributions payable by the church and the employee.
No employee received benefits of more than £60,000.
The average number of employees and full-time equivalent employees during the year was:
||**2023**|**No**|**2023**|**FTE**|**2022**|**No**|**2022**|**FTE**|
|---|---|---|---|---|---|---|---|---|
|Ministers||2||2||2||2|
|Employees||3||2||3||2|
|||5||4||5||4|
Page 16
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **8 STAFF AND TRUSTEES** (continued)
The ministers are trustees of the church and received remuneration as follows, which is permitted under the terms of the church’s constitution:
||**Stipend**|**Employer’s**
**NI**|**Employer’s**
**Pension**|
|---|---|---|---|
||**£**|**£**|**£**|
|Simon Woodman|38,264|4,222|4,760|
|Dawn Savidge (part-time)|26,896|2,585|2,588|
In addition, the Minister, Simon Woodman, is provided with living accommodation. The Ministers were reimbursed expenses of £3,890.
The ministers represent the key management personnel of the church. No remuneration was paid to any other trustee during the year nor any person connected to them except as follows. Following the illness and subsequent retirement of the Church’s bookkeeper, the responsibilities for accounting were temporarily assumed by Howard Brown, a Trustee and former Treasurer. He was assisted by his daughter, a qualified accountant, with the day-to day accounting from 1 November 2022 until 31 May 2023, during which time her firm was paid a total of £1,476 by the church.
From June 2020, a flat within the church building was let to one of the Deacons, Nigel Redford, at a current monthly rental of £1,100.
Donations totalling £36,140 (2022: £44,600) were received from trustees (and their spouses) during the year.
## **9 NET INCOME / (EXPENDITURE)**
This is stated after charging:
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Depreciation|17,466|17,724|
|Remuneration for:|||
|Independent examination|-|(2,400)|
|Audit services|6,400|4,000|
|Other services|2,076|2,195|
Page 17
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **10 ANALYSIS OF TOTAL EXPENDITURE BY FUND TYPE**
|Activities undertaken directly
Grant funding
Support costs
Governance costs|**General**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**£**
**£**
**£**
263,691
–
16,903
14,000
–
–
96,946
–
–
6,400
–
–
381,037
–
16,903|**2023**
**Total**
**£**
280,594
14,000
96,946
6,400
397,940|**2022**
**Total**
**£**
252,131
14,800
112,666
1,600
381,197|
|---|---|---|---|
## **11 TANGIBLE FIXED ASSETS**
|**Cost or valuation**
At 1 April 2022
Additions
Disposals
Transfer to Investment Property
At 31 March 2023
**Accumulated depreciation**
At 1 April 2022
Disposals
Charge for year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022|**Residential**
**Properties**
**Church**
**Equipment**
**£**
**£**
1,430,089
265,251
-
3,051
-
(49,857)
(927,980)
-
502,109
218,445
-
223,140
-
(49,856)
-
17,465
-
190,749
502,109
27,696
1,430,089
42,111|(
|**Organ**
**£**
96,016
-
96,016)
-
-
96,015
96,016)
1
-
-
1||**Total**
**£**
1,791,356
3,051
(145,873)
(927,980)
720,554
319,155
(145,872)
17,466
190,749
529,805
1,472,201|
|---|---|---|---|---|---|
|||||||
|||(
||||
Residential properties included a former manse held at valuation of £920,000 (when reclassified from investment property), together with additions of £7,980 representing the cost of acquiring the freehold. This property is no longer used as a manse and was reclassified as an investment property during the year. The current manse is included at cost of £502,109.
Page 18
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **12 FIXED ASSET INVESTMENTS**
|**2023**)
**£**)
Fair value at 1 April 2022
750,369
Net unrealised (loss)/gain on
revaluation
Disposal
(37,413)
-
(
Fair value at 31 March 2023
712,956
COIF Ethical Fund
712,956
Historical cost at 31 March 2023
450,000
**13**
**INVESTMENT PROPERTY**
**2023**)
**£**)
Fair value at 1 April 2022
730,000
Disposal
(730,000)
Transfer from Fixed Assets
Revaluation in the year
927,980
(17,980)
Fair value at 31 March 2023
910,000
Historical cost
516,482|**2022**)
**£**)
906,582
59,911
216,124)
750,369
750,369
450,000
**2022**)
**£**)
775,000
-
-
(45,000)
730,000
92,500|
|---|---|
|||
The residential property was valued at 31 March 2023 by Rapleys, Qualified Surveyors, on a market value basis at £910,000.
## **14 DEBTORS**
|Tax recoverable (Gift Aid)
Interest receivable
Insurance claim re organ
Room hire income receivable
Other debtors and prepayments|**2023**
**£**
5,500
8,400
-
1,685
13,827
29,412||**2022**
**£**
8,402
212
7,500
533
11,677
28,324|
|---|---|---|---|
|||||
Page 19
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
|**15**
**CURRENT ASSET INVESTMENTS**
**2023**)
**£**)
Carrying value at 1 April 2022
255,853)
Additions at cost
703,245)
Carrying value of disposals
(5)-
Carrying value at 31 March 2023
959,093)
Triodos Bank deposits
-)
London Baptist Property Board (LBPB) deposit
959,093)
959,093)
**16**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2023**
**£**
Baptist Union of Great Britain Home Mission Fund
7,300
Baptist Missionary Society
1,700
Ministerial training colleges
5,000
Taxation and social security
2,517
Other creditors and accruals
26,262
42,779|**2022**)
**£**)
255,469)
384)
-
255,853)
5)
255,848)
255,853)
**2022**
**£**
7,500
1,800
5,500
3,058
19,224
37,082|
|---|---|
|||
Page 20
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **17 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**31 March 2023**
) **Tangible fixed**)
**assets**)
**Investment &**)**net**
**current**)**assets**)
**£**)
**£**)
Restricted funds
–)
158,119)
Designated funds
529,805)
573,195)
General funds
–)
2,350,349)
529,805)
3,081,663)
**31 March 2022**
) **Tangible fixed**)
**assets**)
**Investment &**)**net**
**current**)**assets**)
)
**£**)
**£**)
Restricted funds
)
–)
26,121)
Designated funds
)
1,472,201)
573,195)
General funds
–)
1,532,163)
1,472,201)
2,131,479)|**Total**)
**£**)
158,119)
1,103,000)
2,350,349)
3,611,468)
**Total**)
**£**)
26,121)
2,045,396)
1,532,163)
3,603,680)|
|---|---|
Page 21
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **18 FUNDS**
|**Balance at**
**1 April**
**2022**
**£**
**Restricted**
**Funds**
Clive
Weller
Legacy
-)
Hardship Fund
13,411)
Organ Fund
9,588)
Friends
of
Bloomsbury
3,122)
26,121)
**Designated**
**Funds**
Development
Fund
573,195)
Fixed
Asset
Reserve
1,472,201)
**General**
**Funds**
1,532,163)
**Total Funds**
3,603,680|**Income**
**Expenditure**
**Gains/(losses)**
**Transfers**
**between funds**
**Balance at 31**
**March 2023**
**£**
**£**
**£**
**£**
**£**
132,074)
-)
–)
-)
-
132,0743
13132
2,808)
5,553)
–)
-)
10,666)
14,019)
11,350)
–)
–)
12,257)
–)
–)
–)
–)
3,122)
148,901)
16,903)
–)
–)
158,119)
)
-)
–)
–)
–)
573,195)
–)
–)
–)
(942,396))
529,805)
346,715)
381,037)
(89,888)
942,396
2,350,349
495,616)
397,940)
(89,888)
–)
3,611,468|
|---|---|
Page 22
## **BLOOMSBURY CENTRAL BAPTIST CHURCH**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)
## **18 FUNDS (continued)**
|**Balance at**
**1 April**
**2021**
**£**
**Restricted Funds**
Bloomsbury Bursary
454)
Hardship Fund
9,842)
Organ Fund
9,905)
Friends of Bloomsbury
3,122)
23,323)
**Designated Funds**
Development Fund
573,195)
Fixed Asset Reserve
1,489,925)
Revaluation Reserve
825,066)
**General Funds**
686,126)
**Total Funds**
3,597,635)|**Income**
**Expenditure Gains/(losses)**
**Transfers**
**between**
**funds**
**Balance at 31**
**March 2022**
**£**
**£**
**£**
**£**
**£**
–
–
–)
(454))
-)
14,650)
11,535)
–)
454)
13,411)
10,796)
11,113)
–)
–)
9,588)
–)
–)
–)
–)
3,122)
25,446)
22,648)
–)
–)
26,121)
)
–)
–)
–)
–)
573,195)
–)
–)
–)
(17,724)
1,472,201)
–)
–)
-)
(825,066)
-)
339,652)
358,549)
22,144)
842,790
1,532,163)
365,098)
381,197)
22,144)
–)
3,603,680|
|---|---|
## **Restricted funds**
The Clive Weller Legacy represents funds received under the will of a former member, which are to be used for the improvement of the Church building.
The Hardship Fund holds money given to be spent at the discretion 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 future organ concerts and to contribute to some other organ-related costs.
The Friends of Bloomsbury represents monies donated by people connected with the Church to be used to fund events for maintaining these connections.
## **Designated funds**
The Fixed Asset Reserve represents the book value of the church’s tangible fixed assets at 31 March 2023 (See note 11).
The Development Fund represents an amount set aside for future redevelopment – i.e. for substantial work on the church’s building.
Page 23