TRUE JESUS CHURCH (LEICESTER) ANNUAL REPORT AND FINANaAL STATEMErirs FOR THE YEAR ENDED 30 SEPTEMBER 2023 Charity No: 1143059 Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
TRUE JESUS CHURCH (LEICEsfERI ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2023 COP4TENTS PAGES Church Board annual report 2to6 Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements IOto17
TRUE JESUS CHURCH {LEICEsfER) CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 REPORT OF THE CHURCH 8OARO FOR THE YEAR ENDED ao SEPTEMBER 2023 The Church Board, who are Trustees for the purposes of Charity taw, have Pleasu in presentinÈ their report and financial statemènts of the Church for the year ended 30 September 2023. The financial statements have been prepared in accordance wf(h the accounting policies set out in note I to the accounts and compfy with the church's constitution. the Charities Art 2011 las amendedl and Statement of Retommended Practice applicable to chartties preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191. 08JECTVdES AND A1V[riEs Pur The objertwe5 of the church are= to provide a place of worship forthe members of the True Jesv5 Church in Leicester. to worship the one tnje in accordance wtth the Old and the New Testaments of the Holy Bible. to advance the Bospel of Jesus Christ with the dottrines of one true God. one true thurch, water baptism. receiving the holy spirit. foot washin& holy communion and the 5abbath,' and to prepare for the Lord's second comtn& Aims andArtivities 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 actlvities, the trustees have considered the chartty tommission guidance on publi¢ benefit. Gmnt Makin The Church Board operates a polity to contribute a proportion of its income to the UKGA. The level of contribution is suggested by the UKGA and Is currently abotjt 30% of the total general offerings received by the church. ACHIEVEMENTS AND PERFORMANCE The church has been holding regular services every Sabbath Isaturdayl. Sunday. Wednesday and some Fridav. 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 church held a hymnal evangelical service on 11 December 2022 and two fvrther evangelical servites on 30 April and 5 August 2023.
TRUE JESUS CHURCH (LEICEsfER) CHURCH BOARD ANNUAL REPORT YEAR ENDED 30SEPTEMBER 2023 How ourartlvitles deliver bllc be Our main attivity is to preach the salvation grace ot thrist Je5US. the one True God. The benefit is for those who believe, to gain etemal lrfe in the firture. The thurch provrdes a place of worship for tF)e followers and any truth-seeking friends in Letcester and SUfroundin8 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 reIved from its followers. Totsl income from unrestricted funds were 147.831 12022= £182,263 including the property gain) and totsl resources expended were 114,86012022.. £90,545). The net incc•ning resources on the general unrestrirted funds, whlch are the operational reserves of the charity. were 32,971 12022- £54,166). The total income on unrestritted fund5 decreased by 18.9%12022.' increased by 20.4%) compared to last year although this was an Increase of 2.2%12022 - a reduttion of 1.6% if the property gain was Jgnoredl, total resources expended increased by 26.8%12022- 31.8%1. rotal income from restricted funds was £4.2ffi12022.- £1,359) of which £4.01612022'. £1,159) was for the church's building fund. and the total resources expended were £19012022.. £2¢JJl. During the year £452 12022.- £1.2581 was spent on the property rmprovements. eqLripment, furnTture. fitting5 and fixtu5 from the building fLFnd. Reserves Poll The General fund represents the free reserves of the church arisrng from past operating results. The free reserves, representing unrestricted fund5 less the designated funds. stood at £343,58912022: £306.0241. repre5entinE approximately thirty-five month's expenditure at current levels. The Church Comrnittee member5 have examined the requirement to maintarn free reserves and concluded that they would like to hold around £120.000 to account for unexperted building COSts and so they are holding an appropriate level of reSee$. Investment Poli The reserves are currently held in cash. which the Church Board feels is appropriate gNen the continuift8 volatility of the stock market. The Church Board will keep this pdicy under wiew. Rlskmona ement The Church Board have assessed the major risk5 to which the church is exposed, in particular those related to the operations and finances of the Trustees and are satisfied those 5Y5tems are in plao to mitigate the exposure to the major risks. The Churth Board places a high priority oft effective risk management to ensure that the thurch operate within its finanoal capabilitie5 and make prudent financial decisions. To minimise risk, all major finanaal decisions are required to be discussed and approved by the congregation in special motion. There are also Child Protèrtion poliry. Health and Safety poliry and Data Protertion policy in plao to minimise the risk in these areas.
TRUE JESUS CHURCH ILEICESTERI CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 PL4NS KiR FirruRE PERIODS The church plans to hold three evangelical services eath year to preach the gospel of Jesus Christ with the doctrines of one true God. one true church. water baptisrn, receiving the HO Spirit, footwashin& holy communion and the Sabbath, and to prepare for the L(Kd's second coming. srRucfuRI GOVERNANCE AND MANAGEMENT Status o chori overnin documen nda liqtion The True Jesus Church (Leicesterl is regittered ès a charity with the Charity Commi55ion wf(h the charity number 1143059. The chartty is governed by the detlaration of trust deed made on 2& 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 IUKI. IUKGAI. ementond intmento the Chur¢h Board The management of the church 15 the responsibiltty of the Church Board who are elerted and co-opted under the terms of the constitution. which states that the church will elert nine members to form the Church Board. This election will take place at the Annual General Meeting every three years and each member seNes for a period of three years until the next election. The next Church Board electron will be held at the Annual General Meeting in 2025. The financial matters are controlled by the Church Board and managed by the Finantial Affair5 section of the Church Board. Of anlsotionolstrurture The members are any person5 baptised in the True Jesus Church. Adult members are eliglble to Speak, vote, elect and be elected at the General Meeting of Members. The General Meeting of Member5 15 the highest decis40n-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 Religiou5, General and Financial Affairs Officer5. Many volunteers gFve up their time to help at the church, particulady at weekends and in the evenlngs. The Board 15 greatly indebted to these volunteer5 for their commitment and 5UPPOrt. Trustees. Troinin The currènt Trustees have held their posts for several years and a fully conversant with the work of the charity. Should a Trustee leave between AGM'S then the remaining Trustee5 will meet to appoint a new Trustee based on their skills and experience. The exi5tinB Trustees will rnentor the new Trustee until they are familiar with the day-twlay workings and aims of the charity, and they WFII be given the opportunity to contribute fulty to any management issues that a brought to the attention of the Church Board.
TRUE JESUS CHURCH {LEICEsfERI CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 REFERENCE ANDADMINisfRATIVE INFORMATION Charlty Name True Jesus Church Leicester CharftyNumber 1143059 Church Board Mrs. Achan E Kwok YTan8 C Shek Mrs. S Ho Mrs. M Ho M Kwok Resigned 04/0212024 CWLIU Religious affairs Ichalrl until 3111212022 Mrs M Shek from 0410212024 WFChan Religious affatrs (Chairl from OII0112023 General affairs Financial affairs Church Address 5 Granville Road Leicesrer LEI 7RU Independent examlner: Louise Pre5slie Whitelaw Wells Chartered Accountants 9 Atnslie Pla Edinburgh EH3 6AT Bankers National Westminster Bank PIC l Granby Street Leicester LEI 9GT
TRUE JESUS CHURCH ILEICESTER) CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 STATEMEKf OF RESPON5181LmES OFTHE CHURCH BOARD The Church Board are responsible for prèparing the Church Board's Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting Practice). The law applicable to ¢haritie5 in England and Wales requires the Church Board to prepare financial statements for each year wh¥ch give a true and fair view of the situation of the charity and of the incoming resources and application of resources. of thè charity for that period. In preparing the tinancial statements. the trustees are required to= • selert suitable accounting policies and then apply them consistently. observe the methods and principle5 in the applicable tharities SORP. make judgements and estimates that are re350nable and prudent. state whether applicable acCnting Standards have been followed. subjert to any material departures that must be drsclosed and explained in the financial statements. prèpare the finanoal statements on the going concern basis unle55 It is inappropriate to presume that the charity wll conttnue in business. The Church Board are responsible for keeping proper accounting records that dlsdose wlth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial Statements comply with the Charitie5 Art 2011 las amended), the applicable Charit$ (Accounts and Reports) Regulations. and the provision5 of the constit¢Jtion. They are also responsible for safeguarding the assets of the church and takin8 reasonable steps for the prevention and detection of fraud and other irreBularitie5. The Church Board are responsible for the maintenance and integrity of the church and financial nformation included on the charity5 websrte in accordance with legislation in the United Kingdom governing the preparation and disseminatFon of financial statements. Approved by the Church Board on /2 and signed on their behaff by.. Mrs A Chan Religious affairs (Chairl
TRUE JESUS CHURCH (LEICESfER) INDEPENDENT EXAMINER'S REPORT YEAR ENDED 30 SEPTEM8ER 2023 I report on the financial statements of the church forthe year ended 30 September 2023 set OLrt on paBes 8tol7. Respèrtlve respoThslbilrtie5 of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The Charits trustees consider that an audit is not required for this year under section 144 of the Charitles Act 2011 las amended) Ithe 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 procedtjres laid down in the 8eneral Directions given by the Charity Commi55ion under section 1451511bl of the Charities Act, and to state whether particular matters have come to rny attention Basis of Independent examinerfs 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 wtth those records. It also includes consideration of any unusual items or disclosu$ in the accounts and seeking explanation5 from the trustee5 concerning any such matters. The procedures undertaken do nol provide all the evidence that would be qUired in an audit, and consequently no opinion is gNen as to whether the actounts present a 'true and fairf vlew, and the report is limited to those matters set out in the statement below. Independent examinerfs statemerrt In connertion with my examinatKin. no matter has come to my attention- 111 which gives me reasonable cause to believe that in any material respect the requirements- to keep accounting COrdS in accordance with section 130 of the Chartties Act; and to prepare accounts which accord with the accounting records and Comp with the accounting qUirementS of the Charitie5 Act. have not been mel or 121 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 Accountsnts 9 Ain51ie Place Edinburgh EH3 6AT Date: 12 May 2024
TRUE JESUS CHURCH ILEICESTER) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNn YEAR ENDED 30SEPTEMBER 2023 Unrestrirted Restricted Funds Funds 2023 Total 2022 Total Notes Income and Endowments from: Donation5 and legacies Offering5 received Investments Bunk interest receNed Other income Goin on disposol of osset 147,831 1.210 149,041 146,058 2.996 2.996 12 37.552 Total Income 147,831 4,206 152,037 183,622 Expenditure on: Charitable a¢tivtties 114.860 19) 115.050 90,745 Total Expenditure 114.860 19) 115,050 90.745 Net Income for the year 32.971 4.016 36,987 92,877 Transfers between funds 452 14521 Net movement in fund5 for the period 33,423 3.564 36.987 92,877 Reconciliation of funds Total funds at l October 2022 1.840,651 15.002 1,855.653 1,762.776 Total funds at 30 Septernber 2023 1,874,074 18,566 1,892,640 1.855,653
TRUE JESUS CHURCH ILEICESTERI BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes rixed assets Tangible assets 1.530,485 1.534.627 Current assets Debtors Cash at bank and in hand 20.815 351.507 16,079 312,115 Current Ilabilities Creditors.- Amounts falling due within one year 372.322 328.194 110,1671 17.1681 Net Current assets 362,155 321,026 Total assets less current liabilitles 1.892.640 1,855.653 Creditors: Amounts falling due after more than one year Net assets 1.892,640 1.855,653 Funds Unrestricted funds Restritted funds 1,874,074 18,566 1,840,651 15,002 Totsl funds 1.892,640 1,855,653 and signed on their behalf by: YTang Financial affair5 officer
TRUE JESUS CHURCH ILEICESTERI NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2023 ACCOUNTING POUCIES Basls of accounting The financial statements have been prepared under the historical cost convention with items recognised at C05t or transartion value unless otherwise stated in the relevant notelsl 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 IFRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charf(ies Act 2011 las amended). The church constitutes a public benefit enttty as defined by FRS 102. Income Income is recognised when the charity has entitlement to the funds, any performance condition5 attached to the itemlsl 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 depostt is included when receivable and the amount can be measured reliably by the charity: this is normal upon nottfication ol the interest paid or payable by the Bank. Expenditure All expenditure is Included on an accruals basis and is recogni5ed when there 15 a legal or construrtive obligation to pay for expenditure. Costs have been direttly attributed to one of the functional categories of expenses in the Statement of Financial ActNities in full. The charity is not registered for VAT and accordinEly costs are shown gross of ircover3b1e VAT. Expenditure is classrfied under charitable activitie5. which include5 the costs inturred by the charity in delNery of its activities and services to its beneficiaries and their associated support Costs. 10-
TRUEJESUS CHURCH (LEICESTER) NOTES TO THE FINANCIAL STATEMEMrs AS AT 30 SEPTEMBER 2023 AccouMfiNG POUCIES {CONfD Support costs Support costs are those functions that assist the work of the charity but do not direttly undertake charitable artrvf(ies. Support Costs include governance costs which silPPOrt the Trusts programmes and activities. These costs have been allocated as expenditure on charitable activities. TanKible Fixed A$5ets 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 lrfe, as follows.'- Property improvements Equipment Furniture. fittin85 and fixtures Motor vehicle 2% straight line 5% reducing balance 5% reducing balance 25% reducing balance Expenditure on furniture, fittings and equrpment costing less than £250 has been charged to the income and expenditure account, unless bought from spectfic capital funding. Flnancial Instruments The charity only has finantial asset5 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 resource5 receNable or generated for the objects of the charity without further specrfied purpose and are available as general funds. Oesi8nated funds are hjnds designated by the Church Board for a specific purpose. Restricted funds are to be used forspecific purposes as laid down by the donor.
TRUE JESUS CHURCH ILEICEsfER) NOTES TOTHE FINANCIAL STATEMENT5 AS AT 30 SEPTEMBER 2023 INCOME Unrestrlrted Funds Restricted funds 2023 Total 2022 Total Donations and legacies General General gfft aided Building fund Building fund grft aided Leicester gift aid tax repayments IAIUKGA funds 52,097 74.453 52,097 74,453 1,020 63,316 63,471 1,159 1.020 19.359 19,359 190 15,8 21X) 19) UKGA subsi(ty- Nssciyrrc Sales of bibles, hymn 0ks, t-shirt5 1,49) 432 1,490 432 2,022 Total Donations and legacies 147,831 1.210 149,041 146,058 Investments 2,996 2.996 12 Other Sn¢ome-Bain on sale 37,552 Total Income 147,831 4.206 152.037 183,622 Income was £152,03712022'. £183,6221 of which 147.83112022- £182.2631 wa5 unrestricted and £4.20612022.. £1,359) was restricted. 12
TrUE JESUS CHURCH {LEICESTERI NOTES TO THE FINANCIAL STATEMENrs AS AT 30 SEPTEMBER 2023 EXPENDITURE Unrestrirted Restrirteil Funds funds 2023 Total 2022 Total Grant Making Contributions to UKGA IA/UKGA funds Church Activities Food & consumables Cleaning Waler rates Heat and light Insurance Repairs & maintenance Motor expenses Travel & subslstence Audio and computer expenses Telephone Printing, post & stationery EPG leaflet, publications & hymn book5 Sundry Depreciation NSSC/YTrc Governonce Costs Independent examination fee 43,770 43.770 190 42,796 2 7,054 7,054 660 1,731 29,903 4,644 10.054 727 4,416 689 643 743 402 544 4,594 2,616 2,274 466 1,436 22,179 4.858 5.934 185 458 475 749 608 1.731 29,903 10.054 727 4,416 689 643 743 402 544 4,594 2.616 189 4,704 1,794 1.670 1.670 1,440 114,860 19) 115,050 90.745 Expenditure was £115,050 12022- £90,745) of which £114.860 12022: £90,545) wa5 unrestricted and £19012022- £2001 was restricted. The trustees consider there to be onty one charitable attivity. NET INCOME 2023 2022 rhis is stoted after chorging.. Depreciation Independent examination fee 4,594 1.670 4,704 1,440 13
TRUE JESU5 CHURCH {LEICESTERI NOTESTO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2023 TANGIBLE FIXED ASSErs Property Improve- ments Furniture Fittings & Fixtures Land and Building Equis ment Motor Vehicle Total Cost At l October 2022 Additions Disposals 1.403,026 101.992 35,698 452 50.788 1,591,504 452 At 30 September 2023 1,403,026 101,992 36.150 50.788 1,591.956 Depreciation At l October 2022 21,016 14.264 21.597 56,877 Charge for the year Elimination on disposal 2,040 1,094 1.460 4,594 At 30 September 2023 23,056 15,358 23.OS7 61.471 Net Book Value At 30 September 2023 1.403.026 78,936 20,792 27.731 1,530,485 At 30 September 2022 1,403,026 80.976 21,434 29,191 1,534,627 The freehold property at 5 Granville Road Leicester is included at value by the trustees at £1,403,026 (original cost in February 2011- £1.403.0261. Under the transitional arrangements un(ler FRS102, this has been treated as the deemed cosL 14-
TRUE JESUS CHURCH {LEICESTERI NOTES TO THE FINANCIAL STATEMENrs AS AT 30 SEPTEMBER 2023 DEBTORS 2023 2022 Prepayments Other debtors 1,543 19,272 211 15,868 20,815 16,079 CREDITORS: AMOUNTS FALUNG DUE WtrHIN ONE YEAR 2023 2022 Accruals 10,167 7,168 10,167 7,168 FUNDS MOVEMENT Balance Gain/lL05s) Balance on lort 2022 Incoming Out8oin8 Transfers Revaluation 30 Sep 2023 Unrestrirted funds General fund 306.024 147,831 {110,2661 Designated church building 1,534.627 fund 14,5941 343,589 1.530,485 452 Total unrestricted fund 1,840,651 147,831 {114.860) 452 1.874,074 Restrirted funds WUKGA funds Other funds Building fund- Unspent funds 15.CK12 190 119)) 4.016 {452} 18,566 Total restricted fund5 15.002 4.206 119)) 1452) 18.566 Total funds 1,855,653 152,037 1115,0501 1,892,640 15
TRUE JESUS CHURCH ILEICESTERI NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEwfEMBER 2023 FUNDS MOVEMENT GainllLossl Balan¢e Balance on 30 Sep l Oct 2021 Incoming Oirtgoing Transfers Revaluation 2022 Unrestrfrted fvnds General fund 125.859 144.711 185,8411 121.295 Designated church building 1,623,074 37.552 14,70411121.2951 fund 306,024 1,534,627 Total unrestricted fund 1.748,933 182.263 190,5451 1,840,651 Restrirted tunds IA/UKGA funds Building fund- Unspent fund$ 13,843 2(M) 1,159 12(M)I 15,002 Total restrirted funds 13.843 1,359 12CQ) 15,002 Total fund5 1.762,776 183,622 190.7451 1.855,653 The Designoted church bui7ding Aund 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 £452 12022 £1,258) on equipment, furniture, fitting and rixtures and building improvement at S Granville Road. The UKGA fund and other appeal funds repent donations received by the church from the members for the United Kingdom General Assembty of True Jesus Church IUKGAI paching fund, the International Assembly of True Je5U5 Church11A1 fund and other appeal funds. These donattons are then paid over to the relevant funds. The other funds represent donations receNed specrfitalty for the True Jesus Church in other locations or for other purposes. These donations are then paid over to the levant funds. The Restrirted church building fund represents unspent donations from members specificalty for use toward repairs and maintenance of the existing freehold properties. The transfer in the prior year represents realisatn of the revaluation on the disposal of the property in Peterborough. 16-
TRUE JESUS CHURCH {LEICEsfERI NOTES TOTHE FINANaAL sfATEMENTS AS AT 30 SEPTEMBER 2023 ANALYSIS OF NET ASSEfs 8ETWEEN FUNDS Unrestricted Restrirted Total Tangible fixed assets Cash at bank Other net current assets 1,530,485 332,941 10,648 1,530,485 351,507 10,648 18.566 Net Assets as at 30 September 2023 1,874.074 18,566 1.892,640 Unrestricted Restricted Total Tangible fixed assets Cash atbank Other net current assets 1,534,627 297.113 8,911 1,534.627 312,115 8,911 15.002 Net Asset5 as at 30 Septernber 2022 1,840.651 15,002 1,855,653 10. 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. 11. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS No fees or expenses have been paid to Trustees12022- Nill. All Trustees act gratuitously. During the year. the Trustees donated a total of £27.13712022- £22.067). 12. sfAFF COSTS The Church has no employees. The preacherfs salary costs are met centralty by the UKGA. 17