Unfortunately, I do not currently have the cipher for your code, so I'll have to make it clear using only the power of my brain.
Custard. This is the link from previous posts. It may be custard as it is, or perhaps custard as a symbol of this conspiracy in particular. Perhaps "custard" is the indicator that not everything in the remainder of the phrase is not what it appears.
A baker. Creates edible food from inedible components. Symbolic of a creator. Perhaps one who instigates. The designer or instigator of events alluded to by the rest of the phrase, perhaps.
However, Baker's Square indicates a location, a place where multiple bakers, or in this case instigators, gather. People are planning something. Not only planning, but as a baker will create from his or her oven with materials they have, and exchange recipes amongst other bakers, this implies that multiple people who are forming that plan together are pooling their resources in an attempt to make their plan a reality.
That only leaves the pie. A pastry of many meanings. It can be comedy, as in a pie in the face, or of sinister purpose, as in the blades or tools smuggled in through use of pies. Though its association with the bakers implies that it is the final product of their labor, its specific purpose is unknown. However, in context, its purpose becomes sinister.
A pie is, in its most basic concepts a pastry made to serve multiple people. You could also make the same case for cake, but while cake can be shaped into numerous forms, the nature and consistency of pie means that it is, more often than not, restricted to basic geometric shapes such as circles and squares. Thus, multiple people are gathering to cause something to fall apart...
Gasp! A conspiracy! Not only that, but a conspiracy used to hide another conspiracy! Hidden somewhere in the conspiracy we are dealing with now hides another, using the propagation of this conspiracy theory as a way to advance its own plans! But thanks to this cryptically ambiguous post, I now know about that conspiracy to keep this conspiracy theory upheld as the sole conspiracy theory! Thus, I can now begin my investigation anew!
HA! Take that, evils of ancient Egypt!
Wow, my bulletin board is absolutely covered in string and scraps of paper now. I'm even still wearing my blue lab coat from a few threads down, so I have something that can billow dramatically while I pace the floor. I feel like a genuine conspiracy theorist.
