BLOOMSBURY CENTRAL BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY COMMISSION NUMBER 1174891 Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW
BLOOMSBURY CENTRAL BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Referen and Administrative Details Trustees, Annual Report Independent Auditor's Report Slalemenl of Financial Activities Balan Sheet Cashflow statement Noles to the Financial Statements 10 11-22
BLOOMSBURY CENTRAL BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Ministers Rev Dr Simon Woodman- Minister Rev Dawn Savidge - Communities Minister (until 30.11.23) Church Secretary Nigel Redford Church Treasurer Tim Clifford Elected Deacons Howard Brown Fifi Evelyn Jean Harrison Udoka Okonkwo Matthew Streeter Life Deacons Brian Bowers (deceased 27.4.24) Maurice Johns ChurGh Operations Manager Abigail Muleta Church Accountant Stephen Mortimer (from 20.3 23) 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 SHA 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 Organisalion, number 1174891. governed by a Gonstilution. 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 aclivilies 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 lo the church's assets, liabilities, or activities, but simplified some aspects of its govemance and administration. and gives the trustees the benefit of limited Iiabilily. Under the church's constilulion, 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-lo-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 percentage increase in that standard stipend. Details of Ministers, remuneration. expenses reimbursed lo them, and all related party transactions are disclosed in note 8 to the financial stalemenls. 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" August 2008, with the church having the beneficial ownership of the premises. The trustees presenl their annual report for the year ended 31 March 2024 and confirm that the financial slalemÈnts have been prepared under the Charities Act 2011 and in accordance with the Charities, Slalemenl of Recommended Practice (Charities SORP (FRS 1021) and Financial Reporting Standard 102 IFRS 1021. Risk management The Iruslees 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 generale sufficient income, or a reduction in the number of people committing lime to voluntary work for the church, could compromise ils ability lo deliver planned activities. The trustees have implemented a new strategy, which is designed lo 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 lo 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, olher worshippers. and community., lo 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 il 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 The year from April 2023 has been a time of challenge and encouragement- a lime of review, and a time of Sooking forward. Following a period of reflection and review of our community ministries. it was decided at a Church Meeting in the Autumn that the post of Community Minister should be rested for the time being. Dawn Savidge ministered among us with crealivity and compassion, and left with the thanks and prayers of the church. Vvhile one chapter in the life of the church has closed. the Ghurch looks forward lo consider how we can continue to grow and thrive in a posl-COVID world. where new ways of engaging with each other and the community need to be learned. Since the autumn, the church has been working with the Centre for Theology and Community and looking at how we can Strengthen the congregation for the work of provoking faith in the centre of London. We are currently looking at ways of finding space for spiritual reflection and discussion in all our services and activities, and ways of engaging with our partners and other users of the building. Simon Woodman continues to lead us and bring Ihoughtful and challenging preaching lo us. Our services have been enhanced by significant works on our AV syslem this helps ServIS and hirers in the building, and the online experience of those joining slreaming services. Our Church Operations Manager, Abigail Muleta, and our Accountant, Stephen Mortimer, work hard lo keep things running in the background, and we are always grateful lo a team of volunteers who run the AV desk. lead, read, and pray al services, serve tea and coffee, and perform many other tasks lo keep things running smoothly. Our organist, Philip Luke, marked 40 years at Bloomsbury, and we continue lo benefit from his musicianship and leadership, and his running of Organ Concerts which bring many organ enlhusiasls lo the church each month. During the year 1 member died, and 2 members resigned their membership on moving away. The Gurrent membership slands at 106. As we look to the future, we look lo find new ways of engaging with each other and those around as we proclaim the unchanging message of God's love for Ihose in our great city. Fundraising In recent years, the church has limited its fund-raising aclivilies 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 forfunds beyond its members., rt has therefore not subscribed to any fundraising regulator. Page 4
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT (Continued) Financial Review 2024 The Church has now seen some of the benefits of the difficult decisions made in previous years under its new strategy. The Church produced an operating surplus on general funds forlhe year ended 31 March 2024 of £238k. Income from giving, renting out the building and from inve51menls have all increased, whilst expenditure has remained stable. This is a satisfactory oulcome. though there continue to be significant cost pressures for the current financial year. The church's non-property investment5 increased in value by £70k in the year. Property investments also fell in value, by £1 Ok. In addition, the church is due to receive a legacy, the value of which has yet to be confirmed bul tentatively of over £180k from the estate of a former member. A major upgrade of the Church's AV facilities and the Basement was carried out, financed from the Clive Weller Legacy and, for the Basement, from a generous donation of work carried out free of charge by the conlactor Overbury PLC for which they are thanked. This has been shown as a donation in kind in the accounts. Reserves policy The trustees have previously determined that free reseNes should not fall below one year's normal expenditure. Al 31 March 2024, free reserves amounted to £654k which are considered adequate to meet running costs, and lo provide a buffer again51 future operating deficits. They will also provide funding for future development of the Church's ministry. Trustees, responsibilities The Iruslees are responsible for preparing the Truslees, 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 slate 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 lo.. 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., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements.. and prepare the financial statements on Ihe going concem basis unless it is inappropriate to presume that the charity will continue in business. The Iruslees 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 slalements 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 Ihe charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities. Approved by the truslees on 8 September 2024 and signed on their behalf by.. Nigel R Church Secretary Tim Clifford Church Treasurer Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOOMSBURY CENTRAL BAPTIST CHURCH Opinion We have audited the finanaal statements ol Bloomsbury Central Baptisl Church (the 'Charity"I lor the year ended 31 March 2024 which cotnprise the Statement ol Financial Activities, the Balance Sheel and notes to the financial statements. induding a summary of significant accounting policie5. The financial reporting framework Ihal has been applied in their preparation 15 sppIic8ble law and United Kingdotn Accounting Standards. including Financial Reporting Standard 102.. The Finanryal Reporting Standard applicable in the UK and Republic ol Ire13nd (United Kingdom Generally Accepled Accounting Pracbcel. In our opinion, the financial statements. give a true and fair view ol the stale of the Charty's aftsirs as at 31 March 2024 and of its ineoming sOUrceS and applicalion of resoijrces for the year then ended", have been properly prepared in accordance wilh Unrted Kingdom Generally Accepted A<tountino Practice.. have been prepared In atcof¢Jance wilh the requirements of Ihe Charities Act 2011. 8asi5 for opinion We conducted our au(Jit in accordance with International Standards on Auditing IUKI IISAS IUKII 8nd applicable law Our responsibilitie5 under those standards are further described in the Auditor's responsibililies for the audit of the financial slalemenls section of our report. We are independent ol the Charity In accordance ¥wth the elhical requirernenls that are relevant lo our audit ol the financial statements In the UK, including the FRC'S Eth1 Standard. and we have fulfilled our other ethic21 responsibilities in 8ccord3nee with those requlremenls. We believe Ihal the audtt evidence we have obtained is suffirienl 8nd 8pproprialè to provide a basis for our opiriion. Conelu$ion$ Trlatlng to oolng concern In auditing the financial slalemenls. we have conduded thal the Iruslees. use of the going ¢on¢em basis of accounting in the prapaiaiion ol the financial slalemenls is appropriate. Based on the work we have performed. we have not idenlified 8ny material un¢ertainlie$ r$laling to events or conditions that, individually or collectively. may cast significant doubl on Ihe Charily's ability to wnbnue as a going concern for a period ol al least 12 months from when the financlal slalemenls are aulhorised lor issutr. Our responsibilities and Ihe responsibilrties ol Ihe Iruslees with re$pe¢l lo going ¢on¢am are described in the relevant seclions of this report. Other Infomiatlon The other information comprises the infomation Includ in the annual reporl. induding the trustees, report. othèr than thè financial slalements and our auditor's report tttereon. The Iruslees a responsible lor the other information contained within the annual report. Our opinion on Ihe financial slalements does not cover the othei inloimakn.on and, except to the extent otheiSe explicitly 51aled in our report. we do not express any form of assurance conclusion theOn. Our responsibility 1$ lo read the other inlormation and, in doing so. (xjnsider whelher Ihe other information is materially inconsistent wilh the financi81 slalernents or our knowledge obtained in the course ol the audil. or otherwise appears to be materially misslaled. If we identify such malen81 Inctsnsistenae5 or apparent material misslatemenls. we are required to determine whether this gives rise to a malerial rn15slalemènt In the finanaal statemenls themselves. If, based on the work we have performed. we conclude that there is a tn8lerial Thisslalement ol this other information, we are req¢Jired io ieport thal lact. We hav8 nothing to report in this regard. Mattèrs on which we are required to report by ex¢eptson 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 misslalements in the Iruslees. report. We have nothing to report in respect of the lollowing matter5 in relab.on to which the Charities Act 2011 requires us to report lo you if, in our opinion.. adequate and proper 8ccounting reco$ have not been kept, Of retums adequate for our audit have not been received Iiotn brarEches not visited by us,. or the financial statements are not in agreemenl wth the accounting records and returns; or certain disclosures of trtjstees. Teffluneiation speufied by law are not made. or we have not recewed all the info¥rnation and explanations we require for our audrt. Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOOMSBURY CENTRAL BAPTIST CHURCH (continued) Responsibilities of the trustee5 As explained more lully in the Iru51ees' responsibililies slalement. the tiustees ale responsible lor the preparation of the financial statem&nts and for being satisfied that they give a true and lair view. and for suth inleinal control as they determine is necessary lo enable the pieparation of financial ststements that are free Irom Material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees a responsible fot assessing Ihe Charity's a'litY to continue as a going concern. disclosing, as applicable, matter5 related lo gorng concern and using the 90ing concem basis ol accounting unless the Iruslees either intend to liquidate the Charity or to cease operations. Of have no realist alternative bul lo do so. Auditorfs re5ponsibilitie5 for the audtt of the financial Statements We have been appointed a5 audilor under section 145 and report in accordarKe wth the Act and relevant ¥egulalions rn8de or having effect thereLJnder. Our objective5 are to obtsin reasOnae assurance about whelher the ffinan¢ial statements as a whole are free from material rnlsslalemenl. whether due lo Iiaud or error, and lo issue an audilorfs report that indudes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee thal an audil conducted in accordance with ISAS IUKI will always delecl 8 material rnisslalemenl vthen st exists. Misslaternenls Can arisè from fraud or error and are nSidered material il. Individually or in the aggregate. they could reason8bly bè expected lo influènce the economic decisions of users laken on the ba51s of these finanaal stalemenls. The extent lo whi¢h our proc8dure5 are capable of detecting Irglarities. induding fraud Is detailed below. Based on our understanding of the charity, we identthed that Ihe princip81 risks of non-compliance with 18W3 and regul8tion$ related to employment and financial reportin9 legislation and we considereil the extent to which non<ompliance m1ght have 8 rnatèrial effect on the financial statements. We also considered those law5 and re9ulalions thal have a direct impad on the pieparation of the financial stalernenls su¢h as thè Charities Act 2011. We 85sessed the suseeplibilily ol the charily's financial slalements to mateiial misstatement, including oblaining an LJnder51anding ol how fraud might occur. by making enq¢Jiries ol management. considering the inlemal controls in placè an(1 dJ$¢ussion amongst the engagèmènt team. We determinèd that the princApal risks were related lo revenuè reco9nilion, management kn'8$ in •¢counting &slimates. presentation ol Separately disclosed ilems and managemenl override of¢ontrols. In response lo the risks idenlified we designed prrKedufes which included, were not Iimiled lo. substantive testing ol incorne, challellging significant accounting estimales. agreeing financial statement disdosures lo undedyin9 Sllpwrting documentation, Èvaluating the internal controls. reviewing trustees minutes. an¢J idenlrfying and testin9 ioumal entries. There are inharent limitations in the audit prOr$soscrlbed above. The more removed that laws and regulations are from financial transactions, the less likely it is thal we would become aware ol non-compliance. Material misstatements that arise due to fraud can be harder lo delect than Ih05e that 8ri5e frorn error as Ihey may involve deliberalè cOralMent or collusion. A further description of our responsibilitie5 for Ihe audrt of Ihe finanaal slalemenls 1$ located on the Financial Reporting Council'5 website al". www.frc.org.uklaudilor5responsib¥lities. This descfiplion forms part ol our auditorfs report. Uso of our report Thls report is made solely lo the Charity'$ Iwstees. as a body. in accord8nce wilh Part 4 01 the Charlties (Accounts and Reports) Regulations 2008. OUT audil work has been undertaken so that we mi9ht state to the Charity's truslees those matters we 8re required to state to them in an audiloT'S report and for no other purpose. To the lullest extent permitled by law. we do not accept or assume responsibility to anyone other than the charity and the charily's Iruslees as a tXMJy. forour audrt work, for Ihis report, or for the opinions we have formed. Jacob Cavenagh & Skeet ststutory Auditor Chartered Accountants 5 Rot*in Hood Lane Sutton Surrey SM1 2SW Dated". Jacob Cavenagh & Skeel is eligible fOrappntMen[ as auditorof Ihe charity by virtue ofits elI"bIlIty for appointment as auditor of8 company tjndersection 1212 of the Cow8nies Act 2006. I1012021F Page 7
)0 z¥ OOrnC> Inmr ¢J) <N ¢5) WJ17J ) In ¢JJ ¢0 QQOCOO
BLOOMSBURY CENTRAL BAPTIST CHURCH BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible fixed assets Fixed asset investments 769,297 783,003 900 000 2,452,300 529,805 712,956 910 000 12 Investment property 13 2,152,761 Current assets Debtors 14 228,420 1,315.396 29.412 959.093 512 981 1.501,486 Investments 15 Cash al bank 1,635,598 Creditors.. Amounts falling due within one year 16 54 910) 42 779) Net current assets 1580 688 1458 707 Net assets 17 Funds Designated 18 3,342,492 36,168 654 328 1,103,000 158,119 2 350 349 Restricted 18 General {unreslricted & undesignated) 18 Total funds Approved by the trustees on 8 September 2024 and signed on their behalf by. Tim Clifford Church Treasurer Page 9
BLOOMSBURY CENTRAL BAPTIST CHURCH CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash (used in}Iprovided by operating activities (see below) 117.0471 82,424 Cash flows from investing activities Investment income 76,883 {124.732) 1486,303) 130000 37,327 13,0511 1703,2451 695511 Purchase of property, plant and equipment Purchase of investments Proceeds on disposal of investments Cash {u5ed inllprovided by investing activities 404 1521 Net cash lourflowllinflow 1421,1991 108.966 Cash and cash equivalents at 1 April 2023 512 981 404 015 Cash and Gash equivalents at 31 March 2024 Cash flows from operating aclivities Net income Investment income 421,520 (76,8831 7,530 {60,0471 1122,2901 (199,0081 7,788 137.3271 17,466 89,888 Depreciation (Gainllloss on investments Donation in kind Increase in debtors 11,088} Increase in creditors Cash {used inllprovided by operating activities L471 Page 10
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 Ad 2011 and in accordance with the Charilies, Statement of Recommended Practi (Charities SORP IFRS 1021 and Financial Reporting Standard 102 IFRS 1021. The financial slaternents 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 Baplisl Church meets the definition of a public benefit entity under FRS 102. Going concern Al the lime of approving the financial slalements, the trustees have a reasonable expectation that the church has adequate resources lo continue in operational existence for the foreseeable future. The trustees therefore continue lo adopt the going concern basis of accounting in preparing the financial statements. Tangible fixed assets {1} Assets with a purchase price in excess of £500 are capilalised. (li} The church purchased the manse in 2013 al 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 100/0 for furniture and equipment, 330/0 for computer equipment and 20°/o for expenditure deemed appropriate on a case-by-case basis, of the purchase price per year. {ivl The church building (valued for insurance purposes at £18,814,922) 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 cosls of obtaining professional valuations would be justified by their limited utility to the church's members, who are the principal users of these accounls. 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, Ihis is shown at fair value al the balance sheet dale and any accumulated surpluses l (deficiencies) arising from revaluation are treated as unrealised surpluses l {losses) and credited l (debited} direclly 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 2024 {continued) ACCOUNTING POLICIES {continued) General funds The church's general funds comprise the original capital plus the accumulated nel 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.. {1} The Development Fund- an amount set aside for future redevelopmenl, i.e. for substantial work on the church's building. lill The Fixed Asset Reserve - equal to the book value of the church's tangible fixed assets al 31 March 2024. lili) The Manses Fund- an amount set aside for potential future property needs. 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 enlitlemenl to the income, Il is probable that the in¢ome will be received. and the amount of income receivable can be reliably determined. Leltings income is recognised when the church is entitled to the income. Donations in kind are recognised al an estimated value of the benefit received. Voluntary help The church is heavily dependent on activity carried out by volunteers. No value is atlribuled 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 expendilure on the objects of the charity and include governan cost5, which represent expenditure incurred in ensuring the church complies with its legal and regulatory requirements. Grants Grants are included when the payment has been aged 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 2024 (continued) 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 dale 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 Iransfef of funds to another party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Financial instruments The ¢hurch 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. Pension costs The Church Gontribules to a defined contribution scheme for Minislers under the Baptist Pension Scheme, and to a separate scheme for other staff. Contributions are recognised when due. VOLUNTARY INCOME 2024 2023 General Funds Restricted Funds Total Total Standing orders, cash collections, and other voluntary offerings and donations Tax recoverable {Gift Aid) 120.844 18,083 138,927 133,019 25,568 3,755 29,323 24.771 Legacies 180 000 180 000 132 074 2024 2023 General Funds Restricted Funds Total Total Donations in Kind 122 290 122 290 Restricted funds donations includes £122,290 which represents work free of charge carried out by the basement refurbishment conlraclor, Overbuy PLC, being a donation lo the project. The legacy represents an estimate of funds receivable under the will of a former member, Barbara Co11eti. Page 13
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {conlinued) OTHER TRADING ACTIVITIES 2024 2023 Room hire 48,365 39,875 Other lettings 127 546 INVESTMENT INCOME 2024 2023 Rent from investment property Interest 36,900 35,400 76 883 NET LOSSES ON INVESTMENT PROPERTIES 2024 2023 Loss on sale of former manse Deficit on revaluation of investment property (note 13) { 34,4951 179801 (10 000) Total Loss Page 14
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Iconlinued} EXPENDITURE 2024 2023 Activities undertaken directly Grant funding Support costs Total Total Unrestricted funds Payroll & expenses Manses 122,873 13.083 21,768 144,641 13,083 115,680 14.297 Church building.. Maintenance & repairs 53,624 53.624 59,506 30,132 16,384 16,709 1,810 28,180 Cleaning & waste disposal Eleclricily, gas, & water Insurance 36,837 36.837 14,697 19,756 1,003 14,697 19,756 Internel & telephone Major building works & repairs 1,003 2,006 Depreciation Grants lo Baptist organisalions (Note 7} Legal & other professional costs IT costs and licences 3.765 3.765 7,530 14,500 4,519 10,624 3,511 9,003 1790) 17,512 17,466 14,000 14.500 4.519 4,140 22,446 3,784 12,071 2,419 6,915 5.312 3,511 5,312 Websites & publi¢ity Investment propety Costs of former manse, now sold 9.003 (790) 17,512 1.296 3.162 11.808 Subscriptions & donations Printing. postage, & stationary Music-related costs 1,296 3,162 11,808 580 2,004 2,391 583 Conferences and training Bank charges Other 941 941 324 656 32 789 371 945 374 637 Restricted funds - Hardship and organ Governance costs Audit fee Total expenditure Page 15
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) GRANTS PAYABLE During the year grants for the amounts listed below were payable in furtherance of the church's objects.. 2024 2023 Baptlst 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 7.300 7,300 1,700 1,700 1,100 1,000 1,100 1,000 1,000 1,100 1,100 1.000 STAFF AND TRUSTEES 2024 2023 Stipends I Salaries I Wages etc Employer's National Insurance Employer's pension Totsl Total Ministers 74,894 55 688 2,465 6,814 936 84,173 60 468 78,205 Employees 2023.. The Church contributes to a defined contribution scheme for Ministers under the Baptist Pension Scheme. Other employees are aulo-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.. 2024 No 2024 FTE 2023 No 2023 FTE Ministers Employees Page 16
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinuedl STAFF AND TRUSTEES (continued) The ministers are Iruslees of the church and received remuneration as follows. which is permitted under the terms of the Ghurch's constitution: Stipend EmployeVs Employer's Nl Pension Simon Woodman 41,094 28,783 4,434 3.031 4,965 1.849 Dawn Savidge {part-time) The above figures include a Payment in Lieu of Notice of £10,759 made lo Dawn Savidge when her employment with the Church wa5 terminated on 30th November 2023. She also received an additional ex-gratia payment of £5,000 in recognition of the conlribulion she had made during her period in office. This figure is not included within the above. I n addition, the Minister, Simon Woodman, is provided with living accommodation. The Ministers were reimbursed expenses of £5.017 {2023'. £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 lo 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 accounlanl, with the day-lo day accounting from 1 November 2022 until 31 May 2023, during the current year her firm was paid a total of £216 by the church {2023.' £1,260). From June 2020, a flat within the church building was let to one of the Deacons, Nigel Redford, al a cvrrent monthly rental of £1,100. Donations totalling £51,900 {2023. £42,453) were received from trustees land their spouses and other related parties) during the year. These were split.. Unrestricted £40,680 (2023 £41.4331 and reslricled £11,220 {2023'.£1,020) NET INCOME This Is stated after charging: 2024 2023 Depreciation Auditor's remuneration for.. 7.530 17,466 Audit services 6,760 2,198 6,400 2.076 Other services Page 17
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued} 10 ANALYSIS OF TOTAL EXPENDITURE BY FUND TYPE General Designated Restricted Funds Funds Funds 2024 Total 2023 Total Activities undertaken directly Grant funding Support costs Governance costs 324.656 14.500 32.789 20.715 345,371 14,500 32,789 280,594 14,000 96,946 11 TANGIBLE FIXED ASSETS Residential Church Church Properties Equipment Renovations Total Cost or valuation Al 1 April 2023 Additions 502.109 218,445 53,001 720,554 194,021 247,022 Disposals At 31 March 2024 502 109 271446 194 021 967 576 Accumulated depreciation At 1 April 2023 Disposals Charge for year At 31 March 2024 190,749 190,749 198 279 198 279 Net book value Al 31 March 2024 At 31 March 2023 Page 18
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {continued) 12 FIXED ASSET INVESTMENTS 2024 2023 Fair value at 1 April 2023 Nel unrealised gainlllossl on revaluation Disposal Fair value al 31 March 2024 712,956 70.047 750.369 (37,413) COIF Ethical Fund 712956 Historical cost at 31 March 2024 13 INVESTMENT PROPERTY 2024 2023 Fair value at 1 April 2023 Disposal Transfer from fixed assets 910,000 730,000 {730,000} 927,980 17 9801 Revaluation in the year Fair value at 31 March 2024 10 0001 Historical cost The residential property was valued at 31 March 2024 by Rapleys, Qualified Surveyors, on a market value basis of £900,000. 14 DEBTORS 2024 2023 Tax recoverable (Gift Aid) Interest receivable 8,567 11.199 7,304 201 350 5.500 8,400 1,685 Room hire income receivable Other debtors and prepayments other debtors include an estimale of funds re1vable under the will of a former member, Barbara Collett. Page 19
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 15 CURRENT ASSET INVESTMENTS 2024 2023 Carrying value al 1 April 2023 Additions at cost 959,093 486.303 130 0001 255,853 703,245 Carrying value of disposals Carrying value at 31 March 2024 COIF Charities Deposit Fund London Baptist Property Board (LBPB) deposit 450.000 865 396 959 093 16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Baptist Union of Great Britain Home Mission Fund Baptist Missionary Society Ministerial training colleges Taxation and social security other creditors and accruals 7,634 1.778 5,229 3,471 36 798 7,300 1.700 5,000 2,517 26 262 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets 31 March 2024 Investment & net current assets Total Restricted funds 36,168 2,573,195 36.168 3,342,492 654 328 Designated funds General funds 769.297 31 March 2023 Tangible fixed assets Investment & net current assets Total Restricted funds 158,119 573,195 2 350 349 158,119 1,103,000 2 350 349 Designated funds General funds 529,805 Page 20
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {continued) 18 FUNDS Balance at 1 April Income Expenditure 2023 Gainsl Transfers {losses) between funds Balance at 31 March 2024 Restricted Funds Clive Weller Legacy Overbury Gift In kind Hardship Fund Organ Fund Friends of Bloomsbury 132.074 1123,0741 1122,2901 9,000 122,290 10,666 12,257 15.211 6.627 (10.7781 1 9.937) 15,099 8.947 158,119 144.128 120,715) {245,3641 36,168 Designated Funds Development Fund Manses Fund 573,195 S73,195 2,000,000 2,000,000 239,492 Fixed Asset Reserve 529,805 769,297 General Funds 1994 1281 654 328 Total Funds AJ.14fj8 . (19.9 42Ql Balance at 1 April 2022 Transfers between fund5 Incomè Expendlture Gainsl{losses) Balance at 31 March 2023 Rpstricted Funds Clive Weller Legacy Hardship Fund Organ Fund Friends of Bloomsbury 132.074 2.808 132,074 10.666 12.257 13.411 9,588 5,5531 (11.350} 14,019 26,121 148.901 { 16,903) 158,119 Designated Funds Development Fund Fixed Asset Reserve 573.195 573,195 529,805 1,472.201 1942,3961 General Funds 1532 163 381037 189 8881 942 396 2 350 349 Total Funds 1_397 94Ql Page 21
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {continuedl 18 FUNDS {continued) Restricted funds The Clive Weller Legacy represents fund received under Ihe will of a former member, which are to be used for the improvement of the Church building. The Overbury gifl in kind represents works carried out free of charge by the contractor Overbury PLC on the basement as part of a refurbishment project. 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-relaled costs. The Friends of Bloomsbury represents monies donated by people connected with the Church lo be used to fund events for maintaining these connections. Designated lunds The Fixed Asset Reserve repfesenls the book value of the church's tangible fixed assets at 31 March 2024 (See note 111. The transfers into this fund in 2023124 from the Clive Weller Fund and Overbury Fund represent equipment. furniture and building renovations now held within Balance Sheet Tangible Fixecl Assets and subject lo depreciation. The Development Fund represents an amount sel aside for future redevelopment- i.e. for substantial work on the church's building. The Manses Fund represents retaining value from the sale of a Manse in previous years so as to recognise that this former asset type may be purchased again to facilitate additions to the Ministerial team as a future aspiration when circumstances allow. Page 22