1 Cor. 10: 16 The cup of blessing which we bless, is it not the communion of the blood of Christ? The bread which we break, is it not the communion of the body of Christ?
Yes, we believe the bread and water are symbolic of the body and blood of Christ. The effect of taking the sacrament worthily is a renewal of the covenant, we again pledge to follow Christ by taking it, he again cleanses us of our sins.