BLOOMSBURY CENTRAL BAPTIST CHURCH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
CHARITY COMMISSION NUMBER 1174891
BLOOMSBURY CENTRAL BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Contents Page Reference and Administrative Details 1-2 Trustees, Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Cashflow statement Notes to the Financial Statements 10 11-23
BLOOMSBURY CENTRAL BAPTIST CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Minister Rev Dr Simon Woodman - Minister Church Secretary Nigel Redford Church Treasurer Tim Clifford Elected Deacons Howard Brown Fifi Evelyn Judith Gardiner (from 6.10.24) Jean Harrison {to 6.10.24) Udoka Okonkwo Matthew Streeler Life Deacons Brian Bowers (deceased 27.4.24) Maurice Johns Church Operations Manager Abigail Muleta Church Accountant Stephen Mortimer Key Management Personnel Minister 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 Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM12SW 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 311 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, liabililies, 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, ils executive body comprises the Minister, the Church Secretary and the Church Treasurer, and the elected Deacons; and these people are the charity trustees. The Minister, Secretary and Treasurer, and elecled 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 14th August 2008, with the church having Ihe beneficial ownership of the premises. The trustees present their annual report for the year ended 31 March 2025 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 Ihe number of people committing time to volunlary 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 benef¢t 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 2024-25 has been a year in which the church has continued to seek to develop our relationships with one another, and with our "neighbours" the organisations that use our church building. Helped by the Centre for Theology and Community, the deacons have been exploring this together, and furthering discussions in our quarterly church meetings. Two things have come out of this.. firstly, Breathing Space. The Breathing Space group meets once a month for discussion and fellowship, exploring how we encounter God, and how we can find the place and the language to discuss that together. The group is now looking at ways of introducing these practices in our weekly worship on Sundays. Secondly, a meeting Meet the Neighbours" was held where we invited representatives from the various organisations who hold regular meetings and activities in our building. We spent time learning about our mutual aims and looking at how we can all work together for the good of the community around us. Future meetings are planned. We continue to be grateful for the labours of Simon Woodman, our minister, together with Abigail, Church Operations Manager, Stephen, our Accountant, Philip, our organist, and Paul, our receptionist, who all contribute to the smooth running of the church, on Sundays and during the week. Behind them stands an army of volunteers making sure things happen, from manning the sound desk, to making coffees and teas, to our Safeguarding Team who work hard to ensure the church is a safe place for all. All perform vilal functions in the body of Christ at Ihis church. During the year, 2 members joined the church, and four memberships ended. The currenl membership stands at 102. We give thanks to our God for sustaining the church, and for the message of love and hope we seek to proclaim as we provoke faith in the city 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
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BLOOMSBURY CENTRAL BAPTIST CHURCH Opinion We have audited the financial statements of Bloomsbury Central Baptist Church {Ihe "Charily'l for the year ended 31 March 2025 which comprise the Stslement of Financial Aclivilies, the 88lance Sheet 8nd notes lo the financial slalemenls, 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 Praclicel. In our opinion, the fin8n¢ial slalemenls.. give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practic8; have been prepar8d in accordance with the requirements of the Charities Act 2011. Basls for opinlon We conducted our audit in accordance with Inlèrnalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls 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 slalemenls, we have concluded that the Iruslees. use of the going concern basis of accounting in the preparation of the financial stsiements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or colleolively, may cast significant doubl on the Ch8rily's ability lo continue as a going concern for a period of al leasl 12 months from when the financial slalemenls are aulhorised for issue. Our responsibilities and Ihe responsibilities of the Iruslees with respect lo going concem are described in the relevant sections of this report. Othèr Informatlon The other information comprises the information included in the annual report. including the Iruslees, report. other than the financial slalemenls 8nd our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent olhenNise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obiainerj in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsi51encies or apparent material misslalements, we are required lo determine whether thi5 gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Mattèrs on whi¢h wo are required to report by exception In the light ol 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 lo report in respect of the following matters in relation lo which the Charities Act 2011 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept, OT returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and relums-, or cert2in disclosures of Iruslees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Page 6
BLOOMSBURY CENTRAL BAPTIST CHURCH TRUSTEES, ANNUAL REPORT (Continued) Financial Review 2025 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 for the year ended 31 March 2025 of £83k, mainly from an increase in renting out the building. This is a satisfactory outcome, Ihough there continue to be cost pressures, as seen by the increase in expenditure on general fund regular charitable activities. The church's non-property investments decreased in value by £33k in the year. Property investments are deemed unchanged in value. Main items of improvement & refurbishment on the Church property during the year consisted of paying the deposits for a major refurbishment of the lift and for a new Sanctuary carpet with both works due to commence in 2025126. The remaining balance of the Clive Weller Legacy was allocated against the cost of the new Sanctuary carpet. Resenies policy The trustees have previously determined that free reserves should not fall below one year's normal expenditure. At 31 March 2025, free reserves amounted to £704k 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 materi21 departures disc5osed 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. Approved by the trustees on 2 September 2025 and signed on their behalf by.. Nigel Redford Church Secretary Tim Clifford Church Treasurer Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOOMSBURY CENTRAL BAPTIST CHURCH (continued) Responsibllities of the trustees As explained more fully in the Iruslees, responsibilities statement, the Iruslees 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 misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the Charity or lo cease operations, or have no realistic alternative bul lo 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 Acl and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misslalement when il exists. Misslalements can arise from fraud or error and are considereé material if, individually or in the aggregate, they could reasonably bo expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The exlenl lo which our procedures are capable of delecling irregularities. including fraud is detailed belc)w'. Based on our understanding of the charity, we idenlif1ed that the principal risks of non-compliance with laws and regulations related lo employment and financial reporting legi$181ion and we considered the exlenl lo which non-compliance might have a material effect on the financial slalemenls. We also considered those laws and regulations Ihal have a direct impact on th8 preparation of the financial slalemenls such as the Charities Act 2011. We assessed the susceplibilily of the charity's financial slalemenls lo material misslalemenl. 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 eslimales, 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 lo.. substantive lesling of income, challenging significant accounting eslimaies, agreeing financial slalemenl disclosures lo undedying supporting documenlalion, evaluating the inlernal conlrols, reviewing Iruslees minutes, and identifying and lesling joumal entries. There are inherent limitations in the audit procedures described above. The more removed Ihal laws 8nd regulalions are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Material misslalemenls that arise due lo fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description ol our responsibilities for the audit of the financial slalemenls is located on Ihe Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made 501ely lo the Charity's Iruslees, 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 slate to the Charity's trustees those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do riot accept or assume responsibility lo 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. Y kncL4 F CA%L) Xeinadln Audit Limited Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW Dated= 2¥ September 2025 Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointrnenl 8s auditor of a con?pany undar section 1212 of the Companies Act 2006. Page 7
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BLOOMSBURY CENTRAL BAPTIST CHURCH BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible fixed assets Fixed asset investments Investment property 778,386 749,787 900,000 769,297 783,003 900,000 2.452,300 12 13 2.428,173 Current assets Debtors Investments Cash at bank 14 15 154,041 1,451,435 121,861 1,727,337 228,420 1,315,396 91,782 1,635,598 Creditors: Amounts falling due within one year 16 (71,417) (54,910) Net current assets 1,655,920 1,580,688 Net assets 17 4,084,093 4,032,988 Funds Designated Restricted General (unrestricted & undesignated} 18 18 3,351,581 27,732 3,342,492 36,168 654,328 18 704,780 Total funds 4,084,093 4,032,988 Approved by the trustees on 2nd September 2025 and signed on their behalf by.. Tim Clifford Church Treasurer Pagè 9
BLOOMSBURY CENTRAL BAPTIST CHURCH CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash provided byl{used in) operating activities (see below) 95,930 (53,9471 Cash flows from investing activities Investment income Purchase of property, plant and equipment Purchase of investments Proceeds on disposal of investments Cash (used in) investing activities 117,817 {47,629) 113,783 (124,732) (136,039) {486,303) 130,000 65,851 367,252 Net cash inflowl(oufflow> 30,079 (421,1991 Cash and cash equivalents al 1 April 2024 91,782 512,981 Cash and cash equivalents at 31 March 2025 121,861 91,782 Cash flows from operating activities Net income Investment income Depreciation Lossl(gain) on investments Donation in kind Decreasel(increase) in debtors Increase in creditors Cash provided byl{used in) operating activities 51,105 (117,817) 38,540 33,216 421,520 (113,783) 7,530 (60,0471 (122,290) {199,008} 12,131 (53,947) 74,379 16,507 95,930 Page 10
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 Charilies, 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 Ihe foreseeable future. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements. Tangible fixed assets li) 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 Irustees 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 al the rate of 10 % for furniture and equipment, 330/0 for computer equipment and 200/0 for expenditure deemed appropriate on a case-by-case basis, of the purchase price per year. liv) The church building (valued for insurance purposes at £18,814,460) 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 surpluses l (deficiencies) arising from revaluation are treated as unrealised surpluses l (losses) and credited l {debited} directly to the Generas Reserve. Other investments are shown at fair value. Page11
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 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. (ill The Fixed Asset Reserve equal to the book value of the church's tangible fixed assets at 31 March 2025. (iii) 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 entitlement to the income, it is probable that Ihe 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. Donations in kind are recognised at an estimated value of the benefit received. 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 2025 {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 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. ContribLStions are recognised when due. VOLUNTARY INCOME 2025 2024 General Funds Restricted Funds Total Total Standing orders, cash collections and other voluntary offerings and donations 124,232 8,166 132,398 138,927 Tax recoverable (Gift Aid) 25,649 3,755 29,404 29,323 Legacies 180,000 149,881 11,921 161,802 348,250 2025 2024 General Funds Restricted Funds Total Total Donations in kind 122,290 Page 13
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) OTHER TRADING ACTIVITIES 2025 2024 Room hire Other lettings 88,302 134,107 222,409 48,365 127,546 175,911 INVESTMENT INCOME 2025 2024 Rent from investment property Interest 38,370 79,447 36,900 76,883 117,817 113,783 NET LOSSES ON INVESTMENT PROPERTIES 2025 2024 Loss on sale of former manse Deficit on revaluation of investment property (note 13) Total Loss 10,000 10,000 Page 14
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 {continued) EXPENDITURE 2025 2024 Activities undertaken directly Grant funding Support costs Total Total Unrestricted funds Payroll & expenses 102,005 27,621 129,626 144,641 Manses 6,257 6,257 13,083 Church building.. Maintenance & repairs 57,133 57,133 53,624 Cleaning & wasle disposal 40,609 40,609 36,837 Eleclricily, gas, & water 28,695 28,695 14,697 Insurance 18,582 18,582 19,756 Internet & telephone 1,444 1,443 2,887 2,006 Depreciation 19,270 19,270 38,540 7,530 Grants lo Baptist organisalions (Note 7) Legal & other professional costs 14,000 14,000 14,500 5,835 5,835 4,519 IT costs and licences 4,523 4,522 9,045 10,624 Websites & publicity 1,972 1,972 3,511 Investment property 12,626 12,626 9,003 Costs of former manse, now sold 17901 17,512 Subscriptions & donations 19,743 19,743 Printing, postage, & stationary 1,025 1,025 1,296 Music-related costs 3,596 3,596 3,162 Conferences and training Bank charges Other 3,280 3,280 11,808 1,390 1,390 941 3,695 3,695 3,685 330,290 14,000 54,246 398,536 371,945 Restricted funds- Hardship and organ 11,357 11,357 20,715 Governance costs Audit fee 8,220 8,220 6,760 Total expenditure 341,eA7 14,000 62,466 418,113 399,420 Page 15
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) GRANTS PAYABLE During the year grants for the amounts listed below were payable in furtherance of the church's objects.. 2025 2024 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 7,300 1,700 1,000 1,000 1,000 1,000 1,000 7,300 1,700 1,100 1,100 1,100 1,100 1,100 14,000 14,500 STAFF AND TRUSTEES 2025 2024 Stipends I Salaries I Wages etc Employer's National Insurance Employer's pension Total Total Ministers 47,006 570 5,326 52,902 84,173 Employees 69,628 5,445 1,651 76,724 60,468 116,634 6,015 6,977 129,626 144,641 2024: 130,582 6,309 7,750 144,641 The Church contributes to a defined contribution scheme for Ministers under the Baptist Pension Scheme. Other employees are auto-enrolled wilh 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.. 2025 No 2025 FTE 2024 No 2024 FTE Ministers Employees Page 16
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 {continuedl 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 Employer's Pension Simon Woodman 44,504 5,570 5,326 In addition, the Minister, Simon Woodman, is provided with living accommodation. The Minister was reimbursed expenses of £2,502 (2023124 £5,017). The minister represents the key management personnel of the church. No remuneration was paid to any other trustee during the year nor any person connected to them. In the previous year £216 was paid to S F Financial Solutions Ltd to assist with accounting. This company is owned by the daughter of the trustee Howard Brown. From June 2020, a flat within the church building was let to one of the Deacons, Nigel Redford, al a current monthly rental of £1,133 (2024.. £1,100 per month)- Donations totalling £41,995(2024: £51,900) were received from the trustees, their spouses and other related parties during the year. These were split.. Unrestricted £40,795 (2024.. £40,680) and restricted £1,200 (2024.. £11,220). NET INCOME This is stated after charging: 2025 2024 Deprecialion Auditor's remuneration for: 38,540 7,530 Audit services 8,220 2,630 6,760 2,198 Other services Page 17
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 10 ANALYSIS OF TOTAL EXPENDITURE BY FUND TYPE General Funds Designated Funds Restricted Funds 2025 Total 2024 Total Activities undertaken directly Grant funding Support costs 330,290 11,357 341,647 345,371 14,000 14,000 14,500 54,246 54,246 32,789 Governance costs 8,220 8,220 6,760 406,756 11,357 418,113 399,420 11 TANGIBLE FIXED ASSETS Residential Properties Church Equipment Church Renovations Total Cost or valuation At 1 April 2024 Additions 502,109 271,446 194,021 967,576 7,495 40,134 47,629 Disposals At 31 March 2025 502,109 278,941 234,155 1,015,205 Accumulated depreciation At 1 April 2024 Charge for year 198,279 198,279 18,088 20,452 38,540 At 31 March 2025 216,367 20,452 236,819 Net book value At 31 March 2025 502,109 62,574 213,703 778,386 At 31 March 2024 502,109 73,167 194.021 769,297 Page 18
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 12 FIXED ASSET INVESTMENTS 2025 2024 Fair value at 1 April 2024 Net unrealised (loss)Igain on revaluation Disposal 783,003 712,956 (33,216) 70,047 Fair value at 31 March 2025 749,787 783,003 COIF Ethical Fund 749,787 783,003 Historical cost at 31 March 2025 450,000 450,000 13 INVESTMENT PROPERTY 2025 2024 Fair value at 1 April 2024 Disposal Transfer from fixed assets 900,000 910,000 Revaluation in the year {10,000) Fair value at 31 March 2025 900,000 900,000 Historical cost 516,482 516,482 The residential property was va5ued at 31 March 2024 by Rapleys, Qualified Surveyors, on a market value basis of £900,000. On the basis of indicative online valuation, the trustees have concluded that this sum continues to remain appropriate for the year ended 31 March 2025. Page 19
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 {continued) 14 DEBTORS 2025 2024 Tax recoverable (Gift Aid) Interest receivable 6,799 8,567 9,960 11,199 Room hire income receivable 43,686 7,304 Other debtors and prepayments 93,596 201,350 154,041 228,420 Other debtors include an estimate of funds receivable under the will of a former member, Barbara Collett. 15 CURRENT ASSET INVESTMENTS 2025 2024 Carrying value at 1 April 2024 Additions at cost 1,315,396 959,093 136,039 486,303 Carrying value of disposals (130,000) Carrying value at 31 March 2025 1,451,435 1,315,396 COIF Charities Deposit Fund 550,000 450,000 London Baptist Property Board {LBPB) deposit 901,435 865,396 1,451,435 1,315,396 16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Baptist Union of Great Britain Home Mission Fund Baptist Missionary Society Ministerial training colleges Taxation and social security Other creditors and accruals 7,300 7,634 1,700 1,778 5,000 5,229 4,627 3,471 52,790 36,798 71,417 54,910 Page 20
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Icontinuedl 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Investment & net current assets 31 March 2025 Tangible fixed assets Total Restricted funds 27,732 27,732 Designated funds General funds 778,386 2,573,195 3,351,581 704,780 704,780 778,386 3,305,707 4,084,093 31 March 2024 Tangible fixed assets Investment & net current assets Total Restricted funds 36,168 36.188 Designated funds General funds 769,297 2,573,195 3,342,492 654,328 654,328 769,297 3,263,691 4,032,988 Page 21
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 18 FUNDS Balance at 1 April 2024 Gainsl Ilossesl Transfers between funds Balance at 31 March 2025 Income Expenditure Restricted Funds Clive Weller Legacy 9.000 19.0001 Hardship Fund 15,099 3,217 {1.4361 16.880 Organ Fund 8,947 8,704 19,9211 7,730 Friends of Bloomsbury 3,122 3,122 36,168 11,921 111,357) {9,0001 27,732 Designated Funds Development Fund 573,195 573,195 Manses FLJnd 2,000,000 2,000.000 Fixed Asset Reserve 769,297 9,089 778.386 General Funds 654,328 490.513 1406,7561 133,2161 {891 704.780 Total Funds 4,032,988 502,434 1418,1131 133,2161 4.084,093 Balan¢e at 1 April 2023 Income Expèndlture Gainsl Ilossesl Transfers between funds Balance at 31 March 2024 Restricted Funds Clive Weller Legacy 132,074 1123,0741 9,000 Overbury Gift in kind 122.290 1122,2901 Hardship Fund 10,666 15,211 {10,778} 15,099 Organ Fund 12,257 6,627 19,9371 8,947 Friends of Bloomsbury 3.122 3,122 158,119 144.128 120,715) 1245,3641 36,168 Designated Funds Development Fund 573,195 573,195 Manses Fund 2,000,000 2,000,000 Fixed Asset ReseNe 529,805 239,492 769,297 General Funds 2,350,349 616,765 1378,7051 60,047 11,994,128) 654,328 Total Funds 3,611,468 760,893 1399.4201 60.047 4,032,988 Page 22
BLOOMSBURY CENTRAL BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 18 FUNDS {continued) 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 remaining balance was allocated against the cost of the new Sanctuary carpet.This fund, having been used for fixed asset expenditure, has now been fully transferred to the Fixed Asset Reserve (please see below). The Overbury gift 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 lo 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 2025 (See note 11). The transfers into this fund in 2024125 and 2023124 from the Clive Weller Fund and from the Overbury Fund in 2023124, represent equipment, furniture and building renovations now held within Balance Sheet Tangible Fixed Assets and subject to depreciation. The Development Fund represents an amount set 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 23