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 ServI￿S 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 Inmr ¢J)