## TRUE JESUS CHURCH (LEICESTER)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2021
Charity No: 1143059
Whitelaw Wells Chartered Accountants
9 Ainslie Place Edinburgh EH3 6AT
TRUE JESUS CHURCH (LEICESTER)
## ANNUAL REPORT AND FINANCIAL STATEMENTS
## YEAR ENDED 30 SEPTEMBER 2021
|CONTENTS|PAGES|
|---|---|
|Church Committee annual report|2 to 6|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 to 18|
- 1 -
TRUE JESUS CHURCH (LEICESTER)
## CHURCH COMMITTEE ANNUAL REPORT
## YEAR ENDED 30 SEPTEMBER 2021
## REPORT OF THE CHURCH COMMITTEE FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Church Committee, who are Trustees for the purposes of Charity Law, have pleasure in presenting their report and financial statements of the Church for the year ended 30 September 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the church’s constitution, the Charities Act 2011 and Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
## OBJECTIVES AND ACTIVITIES
## Purpose
The objectives of the church are:
- to provide a place of worship for the members of the True Jesus Church in Leicester, Peterborough and the surrounding areas;
- to worship the one true God in accordance with the Old and the New Testaments of the Holy Bible;
- to advance the gospel of Jesus Christ with the doctrines of one true God, one true church, water baptism, receiving the holy spirit, foot washing, holy communion and the Sabbath; and
- to prepare for the Lord's second coming.
## Aims and Activities
These objectives are met through regular meetings for worship where they are preached to the congregation. In shaping our objectives for the year and planning our activities, the trustees have considered the charity commission guidance on public benefit.
## Grant Making Policy
The Church Committee operates a policy to contribute a proportion of its income to the UKGA. The level of contribution is suggested by the UKGA and is currently about 30% of the total general offerings received by the church.
## ACHIEVEMENTS AND PERFORMANCE
The church has been holding regular services every Sabbath (Saturday), Sunday and Wednesday. The average attendance varies from about twenty-five on Wednesdays and one hundred and ten on the Sabbath and on Sundays. Apart from services, the church has also been running religious education classes for the children. The attendance rate for the latter has been as high as 90%.
The church services have resumed in person at the church from July 2021 as Covid-19 restrictions eased. However, only Sabbath and Sunday’s services are back in church, Wednesday service continue to be held using online platform. The church continues to plan and resume more evangelical services in the coming year.
- 2 -
TRUE JESUS CHURCH (LEICESTER)
## CHURCH COMMITTEE ANNUAL REPORT
## YEAR ENDED 30 SEPTEMBER 2021
## How our activities deliver public benefit
Our main activity is to preach the salvation grace of Christ Jesus, the one True God. The benefit is for those who believe, to gain eternal life in the future. The Church provides a place of worship for the followers and any truth-seeking friends in Leicester and surrounding counties. The Church also holds regular services on Saturday for the followers to keep the Sabbath.
## FINANCIAL REVIEW
The church’s principal source of income is from offerings received from its followers. Total income from unrestricted funds were £147,136 (2020: £123,563) and total resources expended were £68,713 (2020: £72,672). The net incoming resources on the general unrestricted funds, which are the operational reserves of the charity, were £78,423 (2020: £50,891). The total income on unrestricted funds increased by 19.0% (2020: 2.0%) compared to last year, total resources expended increased by 5.4% (2020: increased by 7.5%).
Total income from restricted funds was £4,165 (2020: 4,433) of which £1,965 (2020: 2,904) was for the church’s building fund, and the total resources expended were £2,400 (2020: £1,329). During the year £5,015 (2020: £1,395) was spent on the property improvements, equipment, furniture, fittings and fixtures from the building fund. The church repaid £50,000 (2020: £50,000) of loans.
## Reserves Policy
The General fund represents the free reserves of the church arising from past operating results. The free reserves, representing unrestricted funds less the designated funds, stood at £125,859 (2020: £97,673), representing approximately twenty-one month’s expenditure at current levels. The Church Committee members have examined the requirement to maintain free reserves and concluded that they would like to hold around £120,000 to account for unexpected building costs and so they are holding an appropriate level of reserves.
## Investment Policy
The reserves are currently held in cash, which the Church Committee feels is appropriate given the continuing volatility of the stock market. The Church Committee will keep this policy under review.
## Risk Management
The Church Committee have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the Trustees and are satisfied those systems are in place to mitigate the exposure to the major risks. The Church Committee places a high priority on effective risk management to ensure that the Church operate within its financial capabilities and make prudent financial decisions. To minimise risk, all major financial decisions are required to be discussed and approved by the congregation in special motion. There are also Child Protection policy, Health and Safety policy and Data Protection policy in place to minimise the risk in these areas.
- 3 -
TRUE JESUS CHURCH (LEICESTER)
## CHURCH COMMITTEE ANNUAL REPORT
## YEAR ENDED 30 SEPTEMBER 2021
## PLANS FOR FUTURE PERIODS
The church plans continuing the activities outlined above for the forthcoming years. The church plans to raise £50,000 each year for the building fund to pay down the outstanding loans owed to other UK churches.
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Status of charity, governing document, and affiliation
The True Jesus Church (Leicester) is registered as a charity with the Charity Commission with the charity number 1143059. The charity is governed by the declaration of trust deed made on 26 June 2011. Prior to this the Church was an unincorporated association governed by its Rules and Regulations.
The Church is affiliated to the General Assembly of True Jesus Church (UK), (UKGA).
## Management and Appointment of the Church Board and Church Committee
The management of the Church is the responsibility of the Church Committee who are elected and coopted under the terms of the constitution, which states that the church will elect nine members to form the Church Committee. This election will take place at the Annual General Meeting every three years an ach member serves for a period of three years until the next election. The next Church Committee election will be held at the Annual General Meeting in 2022. The financial matters are controlled by the Church Committee and managed by the Financial Affairs section of the Church Committee.
## Organisational Structure
The members are any persons baptised in the True Jesus Church and they are eligible to speak, vote, elect and be elected at the General Meeting of Members. The General Meeting of Members is the highest decision-making meeting. Any decisions made are to be dealt with by the Church Board, and then executed by the Church Executive Committee consisting of the Religious, General and Financial Affairs Officers.
Many volunteers give up their time to help at the church, particularly at weekends and in the evenings. The Board is greatly indebted to these volunteers for their commitment and support.
## Trustees’ Training
The current Trustees have held their posts for several years and are fully conversant with the work of the charity. Should a Trustee leave between AGM’s then the remaining Trustees will meet to appoint a new Trustee based on their skills and experience. The existing Trustees will mentor the new Trustee until they are familiar with the day-to-day workings and aims of the charity, and they will be given the opportunity to contribute fully to any management issues that are brought to the attention of the Board.
- 4 -
TRUE JESUS CHURCH (LEICESTER)
## CHURCH COMMITTEE ANNUAL REPORT
## YEAR ENDED 30 SEPTEMBER 2021
## REFERENCE AND ADMINISTRATIVE INFORMATION
Charity Name True Jesus Church Leicester Charity Number 1143059 Church Committee C W Liu Religious affairs (Chair) E Kwok General affairs Y Tang Financial affairs C Shek Mrs. S Ho Mrs. A Chan Mrs. M Ho E Shek M Kwok Church Address 5 Granville Road Leicester LE1 7RU Independent examiner: Louise Presslie Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Bankers National Westminster Bank Plc 1 Granby Street Leicester LE1 9GT
- 5 -
TRUE JESUS CHURCH (LEICESTER)
## CHURCH COMMITTEE ANNUAL REPORT
## YEAR ENDED 30 SEPTEMBER 2021
## STATEMENT OF RESPONSIBILITIES OF THE CHURCH COMMITTEE
The Church Committee are responsible for preparing the Church Committee’s Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the church committee to prepare financial statements for each year which give a true and fair view of the situation of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the applicable Charities SORP.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material
- departures that must be disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to
- presume that the charity will continue in business.
The Church Committee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeguarding the assets of the church and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Church Committee are responsible for the maintenance and integrity of the church and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Church Committee on 26 April 2022 and signed on their behalf by:
…………………………… C W Liu Religious affairs (Chair)
- 6 -
TRUE JESUS CHURCH (LEICESTER)
## INDEPENDENT EXAMINER’S REPORT
## YEAR ENDED 30 SEPTEMBER 2021
I report on the financial statements of the church for the year ended 30 September 2021 set out on pages 8 to 18.
## Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention
## Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to those matters set out in the statement below.
## Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act.
have not been met or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Louise Presslie Chartered Accountant Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
Date: 26 April 2022
- 7 -
TRUE JESUS CHURCH (LEICESTER)
## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
## YEAR ENDED 30 SEPTEMBER 2021
|YEAR ENDED 30 SEPTEMBER 2021||||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|2021|2020|
|||Funds|Funds|Total|Total|
||Notes|
£|£|£|£|
|Income and Endowments from:||||||
|Donations and legacies||||||
|Offerings received||147,106|4,165|151,271|127,957|
|Investments||||||
|Bank interest received||30|-|30|39|
|Total Income|2|147,136|4,165|151,301|127,996|
|Expenditure on:||||||
|Charitable activities|3|68,713|2,400|71,113|74,001|
|Total Expenditure||68,713|2,400|71,113|74,001|
|Net income for the year||78,423|1,765|80,188|53,995|
|Transfers between funds|9|-|-|-|-|
|Net movement in funds for the period||78,423|1,765|80,188|53,995|
|Reconciliation of funds||||||
|Total funds at 1 October 2020||1,670,510|12,078|1,682,588|1,628,593|
|Total funds at 30 September 2021|9|1,748,933|13,843|1,762,776|1,682,588|
- 8 -
TRUE JESUS CHURCH (LEICESTER)
## BALANCE SHEET
## AS AT 30 SEPTEMBER 2021
|Notes
Fixed assets
Tangible assets
5
Current assets
Debtors
6
Cash at bank and in hand
Current liabilities
Creditors: Amounts falling due
within one year
7
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year
8
Net assets
10
Funds
9
Unrestricted funds
Restricted funds
Total funds
9|2021
2020
£
£
£
1,673,073
1,673,151
18,734
12,926
127,932
104,576
146,666
117,502
(6,963)
(8,065)
139,703
109,437
1,812,776
1,782,588
(50,000) (100,000)
1,762,776
1,682,588
1,748,933
1,670,510
13,843
12,078
1,762,776
1,682,588|
|---|---|
Approved by the Church Committee on 26 April 2022 and signed on their behalf by:
- 9 -
TRUE JESUS CHURCH (LEICESTER)
NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 1. ACCOUNTING POLICIES
## Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The church constitutes a public benefit entity as defined by FRS 102.
The Church Committee have assessed the ability of the Church to continue as a going concern and are satisfied that the schedule of loan repayments and normal pattern of incoming resources will allow the Church to continue to meet its liabilities as they fall due. The church committee going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.
## Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Offerings are included in the year in which they are receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Costs have been directly attributed to one of the functional categories of expenses in the Statement of Financial Activities in full. The charity is not registered for VAT and accordingly costs are shown gross of irrecoverable VAT.
Expenditure is classified under charitable activities, which includes the costs incurred by the charity in delivery of its activities and services to its beneficiaries and their associated support costs.
- 10 -
TRUE JESUS CHURCH (LEICESTER)
NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 1. ACCOUNTING POLICIES (CONT’D)
## Support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the Trusts programmes and activities. These costs have been allocated as expenditure on charitable activities.
## Tangible Fixed Assets
Tangible fixed assets are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: -
|Property improvements|-|2% straight line|
|---|---|---|
|Equipment|-|5% reducing balance|
|Furniture, fittings and fixtures|-|5% reducing balance|
|Motor vehicle|-|25% reducing balance|
Expenditure on furniture, fittings and equipment costing less than £250 has been charged to the income and expenditure account, unless bought from specific capital funding.
## Financial Instruments
The charity only has financial assets and financial liabilities 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.
## Fund Accounting
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Designated funds are funds designated by the Church Committee for a specific purpose.
Restricted funds are to be used for specific purposes as laid down by the donor.
- 11 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 2. INCOME
|Unrestricted
Restricted
Funds
funds
£
£
Donations and legacies
General
62,436
-
General gift aided
67,862
-
Building fund
-
690
Building fund gift aided
-
1,200
Leicester gift aid tax repayments
16,248
75
IA/UKGA funds
-
2,200
Other funds gift aid tax repayments
-
-
Other funds
-
-
UKGA subsidy – NSSC/YTTC
-
-
Sales of bibles, hymns, t-shirt
560
-
Total Donations and legacies
147,106
4,165
Investments
30
-
Total Income
147,136
4,165|2021
Total
£
62,436
67,862
690
1,200
16,323
2,200
-
-
-
560
151,271
30
151,301|2020
Total
£
55,441
54,654
2,240
300
13,774
1,329
-
200
19
-
127,957
39
127,996|
|---|---|---|
Income was £151,301 (2020: £127,996) of which £147,136 (2020: £123,563) was unrestricted and £4,165 (2020: £4,433) was restricted.
- 12 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 3. EXPENDITURE
|EXPENDITURE|||
|---|---|---|
|Unrestricted
Restricted
Funds
funds
£
£
Grant Making
Contributions to UKGA
43,188
-
IA/UKGA funds
-
2,200
Other funds
2,000
200
Church Activities
Sunday tea-break refreshments
-
-
Food & consumables
269
-
Water rates
1,044
-
Heat and light
7,750
-
Insurance
4,736
-
Repairs & maintenance
1,691
-
Motor expenses
240
-
Travel & subsistence
-
-
Audio and computer expenses
-
-
Telephone
767
-
Printing, post & stationery
75
-
EPG leaflet, publications & hymn books
531
-
Legal and professional fees
250
-
Sundry
60
-
Depreciation
4,779
-
Loss fixed assets disposal
13
-
Governance Costs
Independent examination fee
1,320
-
68,713
2,400|2021
Total
£
43,188
2,200
2,000
-
269
1,044
7,750
4,736
1,691
240
-
-
767
75
531
250
60
4,779
13
1,320
71,113|2020
Total
£
36,629
1,329
-
1,100
2,342
1,865
11,346
4,868
3,634
2,212
186
541
858
371
71
-
344
4,925
-
1,380|
|||74,001|
Expenditure was £71,113 (2020: £74,001) of which £68,713 (2020: £72,672) was unrestricted and £2,400 (2020: £1,329) was restricted.
The trustees consider there to be only one charitable activity.
## 4. NET INCOME
|NET INCOME|||
|---|---|---|
||2021|2020|
||£|£|
|This is stated after charging:|||
|Depreciation|4,925|4,925|
|Loss fixed assets disposal|13|-|
|Independent examination fee|1,320|1,380|
- 13 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 5. TANGIBLE FIXED ASSETS
|Cost
At 1 October 2020
Additions
Disposals
At 30 September
2021
Depreciation
At 1 October 2020
Charge for the year
Elimination on
disposal
At 30 September
2021
Net Book Value
At 30 September
2021
At 30 September
2020|Land and
Building
£
1,538,026
-
-
1,538,026
-
-
-
-
1,538,026
1,538,026|Property
Improve-
ments
£
96,977
5,015
-
101,992
16,937
2,039
-
18,976
83,016
80,040|Equip-
ment
£
34,440
-
-
34,440
12,014
1,122
-
13,136
21,304
22,426|Furniture
Fittings &
Fixtures
£
50,789
-
-
50,788
18,443
1,618
-
20,061
30,727
32,346|Motor
Vehicle
£
17,589
-
(17,589)
-
17,276
-
(17,276)
-
-
313|Total
£
1,737,821
5,015
(17,589)|
|---|---|---|---|---|---|---|
|||||||1,725,246|
|||||||64,670
4,779
(17,276)|
|||||||52,173|
|||||||1,673,073|
|||||||1,673,151|
The semi-detached house at Oxford Road, Peterborough, is included at the trustees’ value of £135,000 (original cost in December 1992: £36,786). The freehold property at 5 Granville Road Leicester is included at value by the trustees at £1,403,026 (original cost in February 2011: £1,403,026). Under the transitional arrangements under FRS102, both have been treated as the deemed cost.
- 14 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
|6.
DEBTORS
Prepayments
Other debtors
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
8.
CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Loans from other UK True Jesus Churches|2021
£
1,294
17,440
18,734
2021
£
6,963
6,963
2021
£
50,000
50,000|2020
£
487
12,439
12,926
2020
£
8,065
8,065
2020
£
100,000
100,000|
|---|---|---|
The loans were received towards the purchase of church building. The loans are interest free. By mutual agreement between the affiliated churches, repayment will become due at the earliest of sufficient funds becoming available to repay the loan or once the vacated premises of the respective churches have been sold. As there is no fixed repayment date, these loans have not been discounted to their fair value as it is not known what term the loan will be repaid over however at least a year’s notice will be required before a repayment is made.
- 15 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
|9.|FUNDS MOVEMENT|||||Gain/(Loss)|Balance|
|---|---|---|---|---|---|---|---|
|||Balance||||on|30 Sep|
|||1 Oct 2020|Incoming|Outgoing|Transfers Revaluation||2021|
|||£|£|£|£||£|
||Unrestricted funds|||||||
||General fund|97,673|147,136|(63,935)|
(55,015)|
-|125,859|
||Designated church building 1,572,837||-|(4,778)|
55,015|-|1,623,074|
||fund|||||||
||Total unrestricted fund|
1,670,510|147,136|(68,713)|
-|-|1,748,933
|
||Restricted funds|||||||
||IA/UKGA funds|-|2,200|(2,200)|
-|-|-|
||Other funds|200|-|(200)|
-|-|-|
||Building fund: Unspent|funds 11,878|1,965|-|-|-|13,843|
||Total restricted funds|12,078|4,165|(2,400)|
-|-|13,843|
||Total funds|1,682,588
|151,301
|(71,113)
|
-
|-
|1,762,776|
- 16 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
|9.|FUNDS MOVEMENT||||||Gain/(Loss)|Balance|
|---|---|---|---|---|---|---|---|---|
||||Balance||||on|30 Sep|
|||1 Oct 2019||Incoming|Outgoing|Transfers Revaluation||2020|
||||£|£|£|£||£|
||Unrestricted funds||||||||
||General fund||93,355|123,563|(67,850)|
(51,395)|
-|97,673|
||Designated church building 1,526,264|||-|(4,822)|
51,395|-|1,572,837|
||fund||||||||
||Total unrestricted fund|
1,619,619||123,563|(72,672)|
-|-|1,670,510
|
||Restricted funds||||||||
||IA/UKGA funds||-|1,329|(1,329)|
-|-|-|
||Other funds||-|200|-|-|-|200|
||Building fund: Unspent|funds|
8,974|2,904|-|-|-|11,878|
||Total restricted funds||8,974|4,433|(1,329)|
-|-|12,078|
||Total funds|1,628,593
||127,996
|(74,001)
|
-
|-
|1,682,588|
The Designated church building fund represents the net book value of the freehold properties, improvements, equipment, and furnishings owned by the Church net of loan financing. During the year, the church spent in total £5,015 (2020 - £1,395) on equipment, furniture, fitting and fixtures and building improvement at 5 Granville Road and repaid £50,000 (2020 - £50,000) of building fund loan.
The UKGA fund and other appeal funds represent donations received by the church from the members for the United Kingdom General Assembly of True Jesus Church (UKGA) preaching fund, the International Assembly of True Jesus Church (IA) fund and other appeal funds. These donations are then paid over to the relevant funds.
The other funds represent donations received specifically for the True Jesus Church in other locations or for other purposes. These donations are then paid over to the relevant funds.
The Restricted church building fund represents unspent donations from members specifically for use toward the refurbishment work of the new church building and toward repairs and maintenance of the existing freehold properties. The transfer in the prior year represents funds that were used to repay previous loans made by other churches and members for the upkeep of the property.
- 17 -
TRUE JESUS CHURCH (LEICESTER)
## NOTES TO THE FINANCIAL STATEMENTS
## AS AT 30 SEPTEMBER 2021
## 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
||Unrestricted|Restricted|Total|
|---|---|---|---|
||£|£|£|
|Tangible fixed assets|1,673,073|-|1,673,073|
|Cash at bank|114,089|13,843|127,932|
|Other net current assets|11,771|-|11,771|
|Creditors due after more than one year|(50,000)|-|(50,000)|
|Net Assets as at 30 September 2021|1,748,933
|13,843
|1,762,776|
||Unrestricted|Restricted|Total|
||£|£|£|
|Tangible fixed assets|1,673,151|-|1,673,151|
|Cash at bank|92,573|12,003|104,576|
|Other net current assets|4,786|75|4,861|
|Creditors due after more than one year|(100,000)|-|(100,000)|
|Net Assets as at 30 September 2020|1,619,619
|12,078
|1,682,588|
## 11. TAXATION
As the charity is exempt under the terms of Section 505 of the Income and Corporation Taxes Act 1988, there is no tax charge.
## 12. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS
No fees or expenses have been paid to Trustees (2020: Nil). All Trustees act gratuitously.
During the year, the Trustees donated a total of £30,471.
## 13. STAFF COSTS
The Church has no employees. The preacher’s salary costs are met centrally by the UKGA.
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