TRUE JESUS CHURCH (LEICESTER) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charity No: 1143059 Whltelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
TRUE JESUS CHURCH ILEICESTER} ANNUAL REPORT AND FINANaAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 CONTENTS PAGES Church Board annual report 2to6 Independent examiner's report Statement of financial artivities Balance sheet Motes to the financial ststements IOto17
TRUE JESUS CHURCH ILEICESTER) CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024 REPORT OF THE CHURCH BOARD FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Church Board, 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 September2024. The financial statements have been PrePad in a¢cofdan¢e with the accounting policies set out in note I to the accounts and cornply with the church's constitution. the Charfcies Act 2011 las amended) and Statement of Retommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 20191. OBJECTIVES AND ACTIVITIES The objectives of the church are: to provide a place of worship for the members of the True Jesus Church in Leicester. to worship the one true God in accordan with the Old and the New Testaments of the Holy Bible. to advance the gospel of Jesus Christ with the doctrines of one true G¢)d, one true chur¢h, water bapt15m. receiving the holy spirit. foot Washi holy communion and the Sabbath: and to prepare for the Lord's second coming. Alms andArtfvitles These objettives are met through regular meetings for worship where they are preached to the congreBation. In shaping our objectNes for the year and planning our actiVTties, the trustees have considered the charity commission guidance on public benefrt. rnn Mokl The Church Board operates a policy to Contribute a proportion of its income to the UKGA. The level of contribution is suggested by the UKGA and is Current about 30% of the totsl general offerings received by the church. ACHIEVEMENTS AND PERFORMANCE The church has been holding regular servi5 every Sabbath (Friday evening and Saturday). Sunday. Wednesday and some Friday. The average attendance varies from about twenty-fwe on Wednesdays and one hundred and twenty on the Sabbath and on Sundays. Apart from 5ervites. the thurch has also been running religious education classes for the children. The church held three evan8elical services on 4 May. 27 July and 13 October 2024.
TRUEJESUS CHURCH (LEICESTER) CHURCH BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024 How ourartlvltles dellver bllcben Our main artivity is to preach the Saation grace of Christ Jesus. the one True God. The benefit is for those who belreve. 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 service5 on Saturday for the followers to keep the Sabbath. FINANaAL REVIEW The church's principal source of income is from offerings ceIved from fcs followers. Total income from unrestricted funds were £177.35712023.. £147.8311 and total resources expended were £124.89312023: £114,860). The net incomin8 resources on the general unrestricted funds. which are the operational reserves of the charity, were 52.46412023= £32.9711. The total income on unrestricted funds increased by 20.0%12023: de¢ased by 18.9%1, total resources expended increased by 8.7%12023- 26.8%). The total income from restricted funds was £34,82212023: É4.2061. of which £31.16212023- £4,016) wa5 allocated to the church's building fund. The total resource5 expended amounted to £333.776, with £330.116 used for repairing the flat roof 12023.. £1901. Of this. £296,416 was spent on replacing the waterproofing system for the flat roof due to leaking. This system tomes wrth a thirty-year guarantee provided by the supplier. Additionally. £33.7(KJ was spent on repairing the brickwork of the parapet walls. (er the year, £57.88412023= £4521 was spent on prortY improveThtnts, equipment, furniture, frttinEs, and fixture5, funded by the building fund Resee5 Poll The General lund represents the free reserves of the church arising from past operating results. The free reserves, representing unrestricted funds less the designated funds, stood at £56,19412023.. £343,5891. representing approximately five month's expenditure at current levels. The Church Committee members have examined the requirement to maintain free serveS and eoncluded that thi5 is sufficient, although the free reserve has dropped this year due to the one-off large expenditure incurred in repairing the flat roof. The Church Committee would like to build this reserve back to £IIXI.(110 going forward. InvestmentPoli The reserves are currently held in cash, which the Church Board feels is appropriate given the continulng volatility of the stock market. The Church Board will keep this policy under review. Risk Ma ment The Church Board 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 Board places a high priortty on effettive risk management to ensure that the church operate within its financial capabilities and make prudent financial decision5. To rninimise risk. all major financial decisions are required to be discussed and approved by the congregation in special motion. There are also Child Protertion policy, Health and Safety pollcy and Data Protertion policy in place to minimise the risk in these areas.
TRUE JESUS CHURCH (LEICESTER) CHURCH BOARD ANNUAL REpoKr YEAR ENDED 30 SEPTEMBER 2024 PiANS FOR FUTURE PERIOOS The church plans to hold three evangelical services each year to preach the gospel of Jesus Christ with the doctrines of one true God. one true church, water baptism, receiving the Holy Spirit. footsvashin& hoty communion and the Sabbath. and to prepare for the Lord's second coming. STRUCTURE. GOVERNANCE AND MANAGEMENT Status Chorf overnin docume ond llotion 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 As5embty of True Jesu5 Church IUKI. IUKGAI. Mon ement and inthient the Church 8oord The management of the church is the responsibility of the Church Board who are elected and CoPted under the terms of the constitution, which states that the church will elect nine members to form the Church Board. This elettion will take place at the Annual General Meeting every three years and each member serves for a period of three years until the next elertion. The next Church Board election will be held at the Annual General Meeting in 2025. The financial matters are controlled by the Church Board and managed by the Financial Affairs sertion of the Church Board. anls(rtionol Structure The members a any persons baptised in the True Jesu5 Church. Adult members are eligible to speak, vote. elert 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 gNe up their time to help at the church. particuLirly at weekends and in the evenings. The Board is greatly indebted to these volunteers fortheir tommitment and support. TNstee frolnln The current Trustees have held their posts for several years and are fully conversant with the work of the tharity. 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 vntil thev are familiar with the day-ttrday workings and aims of the charity, and they will be given the opportuntty to contribute fully to any management issues that are brought to the attention of the Church Board.
TRUE JESUS CHURCH (LEICEsfER) CHURCH BOARD ANNUAL REpoirr YEAR ENDED 30 SEPTEMBER 2024 REFERENCE AND ADMINlSnlATIVE INFORMATION Charlty Name True Jesus Church Leicester Charlty Number 1143059 Church Board Mrs. Achan E Kwok YTang Cshek Mrs. S Ho Mrs. M Ho CWLIU Mrs. M Shek From 4 February 2024 WFChan M Kwok Religious affairs (Chairl General affairs Financial affairs Resigned 4 February 2024 Church Address 5 Granville Road Leicester LEI 7RU Independent emamlner: Louise Presslie CA Whitelaw Wells Chartered Accountsnts 9 Ainslie Place Edinburgh EH3 6AT Bankers National Westminster Bank PIC l Granby Street Leicester LEI 9GT
TRUE JESUS CHURCH ILEICESTER) CHURCH BOARD ANNUAL REpoKr YEAR ENDED 30 SEPTEMBER Z024 STATEMEKf OF RESPONSIBIUTIES OF ThE CHURCH BOARD The Church Board are responsible for preparing the Church Board'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 Board to prepare financial Statements for each year which give a true and fair wew of the sttuation of the charty and of the incoming resources and application of resources, of the charty for that period. In preparing the financial statements, the trustees are required to: select suitable atcounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP. • make judgements and estimatesthat a reasonable and prudent. state whether applicable accounting standards have been followed, sublect 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 charbty will continue in business. The Church Board are spOnSible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position ol the charrty and to enable them to ensure that the financlal statements comply with the Charities Act 2011 las amended). the applicable Charities IAccounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeBuarding the assets of the church and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Church Board are responsible for the maintenance and integrity of the church and financial information included on the charitvs website in accordance with legislation in the united Kingdom governing the preparation and dissemination of financial statements. Approved by the Church Board on op/o)-/>< and signed on their behalf by: A6L&' Mrs Achan Religious affairs (Chairl
TRUE JESUS CHURCH (LEICESTER) INDEPENDENT EXAMINER'S REPORT YEAR ENDED 30 SEPTEMBER 2024 I report on the financial statements of the church for the year ended 30 September 2024 set out on pages 8tol7. Re5pectlve responsibllttles of trustees and examlner The charitvs trustees are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for this year under sertion 144 of the Charitie5 Art 2011 las amended) Ithe Charities Act) and that an independent examination is needed. It is my responsibilwty to: • examine the accounts under sertion 145 of the Chartties Act to follow the procedures laid down in the general Directions given by the Charity Commission under sertion 1451511bl of the Chartties Act. and to state whether particular matter5 have come to my attention Basis of Independent exarninerfs report My examination was carried out in accordance wtth the general Dirertions given by the Charity Commission. An examination includes a rewew of the attounting records kept by the charity and a cornparison of the accounts presented with those records. It also includes consideration of ony unusual items or disclosures in the accounts and seeking explanations from the trustees concernins any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is grven as to whether the accounts present a 'true and fairf view. and the report is limtted to those matters set out in the statement below. Independent examlnerfs ststement In connection with my examination, no matter has come to my attention: {11 which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with settion 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Art. have not been met or {21 to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Louise Presslie CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Date.. 4 May 2025
TRUE JESUS CHURCH ILEICESTER) STATEMENT OF FINANaAL AcrivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNn YEAR ENDED 30 SEFfEMBER 2024 Unrestrirted Restrirted Funds Funds 2024 Total 2023 Totsl Notes Income and Endowments from: Donations and legacies Offerings received Investments Bank interest received 177,357 28,274 205,631 149.041 6,548 2,996 Totsl Incorne 177.357 34.822 212.179 IS2,037 Expenditure on: Charltable activities 124.893 333.776 458,669 115,050 Total Expendlture 124.893 333.776 458.669 115.050 Net Income for the year Transfers between funds 52,464 {281.976) 1298.9541 1246,4901 281,976 36,987 Net movement In funds for the perlod 1229,5121 116,9781 {246.49Jl 36,987 Reconciliatlon of funds Total funds at l Ortober 2023 1,874.074 18.566 1,892,640 1.855,653 Total fund5 at 30 Septernber 2024 1,644,562 1.588 1,646,150 1.892.640
TRUE JESUS CHURCH {LEICESTER) BALANCE SHEEr AS AT 30 SEPTEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 1.583.868 1.530.485 Current assets Debtors Cash at bank and in hand 27,377 50.634 20.815 351.507 78,011 372.322 Current liablllties Creditors.. Amounts falling due within one year 115.7291 110,1671 Net current assets 62.282 362,155 Total assets less Current liabilities 1,646.150 1,892,640 Creditors: Amounts falling due after more than one year Net assets 1,646.150 1,892,640 Fund5 Unrestricted funds Restritted funds 1.644,562 1,588 1,874,074 18,566 Total funds 1,646,150 1.892,640 Approved by the Church Committee on o¥/¢rfv<and signed on their behalf by: YTang Financial affairs officer
TRUE JESUS CHURCH ILEICESTER) NOTES TO THE FINANaAL STATEMENrs AS AT 30 SEPTEMBER 2024 ACCOUNTING pouaES Basis ol accountin£ The financial statements have been prepared under the historical cost convention with item5 recognised at cost or transaction value unless Otherwise stated in the relevant notel51 to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prartice- Accounting and Reporting by Charities preparing their accounts in accordante with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffertive l January 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} and the Charities Act 2011 las amended). The church constitutes a public benefft entity as defined by FRS 102. Income Incorne 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 rneasured reliably. Offerings are included in the year in which they are receNable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is nomially upon notification of the interest paid or payable by the Bank. Expenditure All expenditu is included on an accruals basis and is recognised when there is a legal or construrtlve 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 delrvery of its activitie5 and serrfices to its beneficiaries and their a550ciated support Costs. io-
TRUE JESUS CHURCH (LEICESTER) NOTES TO THE FINANaAL STATEMENTS AS AT 30 SEPTEMBER 2024 ACCOUNTING pouaES {CONfD) Support costs Support costs are those functions that assist the work of the chartty but do not dirert undertake charitable activities. Support Costs include governance costs whlch support the Trusts programmes and attivities. These costs have been allocated as expenditure on charitable activities. Tangible Fixed A55ets 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 Equipment Furniture, fitting5 and fixiures Motor vehicle 2% straight line 5% reducing balan 5% reducing balan 25% reducing balance Expenditure on furniture. fittings and equipment costing les5 than £250 has been charged to the income and expenditure account. unless bought from spe¢ifi¢ Capital funding. Flnanclal Instruments The charity only has financial assets and finantial liabilities of a knnd that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund Accountln8 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 Board for a specific purpose. Restricted funds are to be used for specific purposes as laid down by the donor.
TRUE JESUS CHURCH (LEICESTER) NOTES TO THE FINANaAL STATEMENrs AS AT 30 SEPTEMBER 2024 INCOME Unrestrlrted Fun(ts Restrirted fvnds 2024 Total 2023 Total Donatlon5 and legacles General General gift aided Building fund Building fund gift aided Leicester gift aid tax repayments IA/UKGAfunds 39,408 102.2S5 1,920 41,328 102,255 16.930 6.354 27.341 1,740 52,097 74,453 1.020 16.930 6.354 1.330 1.740 26.011 19,359 190 UKGA subsidy- NsscNrrc Sales of bibles. hymn books, t-shirts 9.551 132 9,551 132 1.490 432 Total Donatlons and legacies 177,357 28,274 205.631 149,041 Investments 6.548 2.996 Totsl Income 177.357 34.822 212,179 152,037 Income was £212.17912023: £152,037) of which £177.357 {2023: £147,831) was unrestricted and £34.82212023- E4.2061 was restricted. 12-
TRUE JESUS CHURCH (LEICESTER) NOTES TO THE FINANCIAL STATEMEPITS AS AT 30 SEPTEMBER 2024 EXPENDITURE Unrestritted Funds Restrlrted funds 2024 Totsl 2023 Totsl Grant Making Contributions to UKGA IA/UKGA funds Church Artivltles Food & consumables Cleaning Water rates Heat and light Insurance Repairs & maintenance Motor expenses Travel & subsistence Audio and computer expenses Telephone Printin& post & stationery EPG leaflet, publications & hymn books Professional fees Sundry Depreciation NSSCIYTTC Donations to other churches Governance Costs Independent examination fee 50.166 50.166 1.740 43.770 190 1.740 6.389 642 2.CrfJ5 34.509 4,821 3.670 529 3,073 6.389 642 2,5 34,509 4.821 333,786 529 3.073 21)0 647 306 799 174 154 4.501 7,558 4,920 7.054 660 1,731 29,903 330.116 10.054 727 4,416 689 643 743 402 647 799 174 154 4.501 7.558 544 4.594 2.616 1.920 1.750 1.750 1,670 124.893 333,776 458.669 115,050 Expenditure was £458,669 12023: £115.050} of which £124.893 (2023: £114.8601 was unrestricted and £333.77612023: £1901 was restricted. The trustees consider there to be only one charitable attNity. NEf INCOME 2024 2023 This 15 5toted ofter charging.. Depreciation Independent examination fee 4,501 1,750 4.594 1,670 13
TRUE JESUS CHURCH {LEICESTER) NOTE5 TO THE FINANaAL STATEMENTS AS AT 30 SEPTEMBER 2024 TANGIBLE FIXED ASSErs Property Improve- ments Furniture Fittings & Fixtures Land and Building Equi ment Motor Vehicle Total At l October 2023 Additions Disposals 1,403,026 101.992 36.150 57,884 50.788 1,591,956 57,884 At 30 September 2024 1,403,026 101,992 94.034 50,788 1,649.840 Depreclatlon At l October 2023 23,056 15.358 23.057 61,471 Charge for the year Elimination on disposal 2,040 1.075 1.386 4,501 At 30 September 2024 25,096 16.433 24,443 65,972 Net Book Value At 30 September 2024 1.403.026 76.896 77,601 26.345 1,583,868 At 30 September 2023 1.403,026 78.936 20.792 27.731 1.530.485 The freehold property at 5 Granville Road Leicester is included at value by the trustees at £1.403,026 loriginal cost in February 2011.. £1,403,026). Under the transitional arrangements under FRS102. this has been treated a5 the deemed c05t. 14-
TRUE JESUS CHURCH ILEICEsfER) NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2024 DEBTORS 2024 2023 Prepayments Other debtors 225 27,152 1,543 19.272 27,377 20,815 CREDITORS: AMOUNTS FAWNG DUE wmiiN ONE YEAR 2024 2023 Accruals 15.729 10.167 15.729 10.167 FUNDS MOVEMENT Gain/{Loss} Balance Balance on 30 Sep l Oct 2023 Incomln8 Oirtgolnz Transfers Revaluation 2024 Unrestricted fvnds General fund 343,589 177.357 1120.3921 {339,8601 Designated church building 1,530,48S 14.501) 57.884 fund 60,694 1.583,868 Total unrestricted fund 1.874.074 177.357 {124.893} 1281,9761 1,644.562 Restrlrted funds IA/UKGA funds Other funds Building fund: Unspent fvnds 18,566 1,740 11.740} 1.920 11.9201 31.162 1330.1161 281,976 1.588 Total restricted funds 18.566 34.822 1333,7761 281.976 1.588 Total funds 1.892,640 212.179 {458.669) 1,646.150 15
TRUE JESUS CHURCH (LE1TER) NOTES TO THE FINANCIAL sfATEMENTS AS AT 30 SEPTEMBER 2024 FUNDS MOVEMENT (CONfD) Gain/(Lossl Balance on 30 Sep 2023 Balance l Oct 2022 Incoming Oirt8oin8 Tran5fer5 Revaluation Unrestrlcted fvnds General fund 306,024 147,831 1110,266} Designated church building 1,534,627 {4,5941 fund 343,589 1,530,485 452 Total unrestricted fund 1,840.651 147.831 1114.8601 452 1,874,074 Restrirted funds IAIUKGA funds Other funds Building fund.. Unspent fund5 15.CK)2 19) {1sy)I 4.016 14521 18,566 Total restricted funds 15.(K12 4.206 1190) 1452) 18.566 Total funds 1.855.653 152.037 1115.0501 1,892,640 The Designated Church building fund represents the net book value of the freehold properties, improvements, equipment, and fumishings owned by the Church net of loan financing. During the year. the church spent in totsl £57.88412023 £452) on equipment. furniture. fltting and fixtures and building irnprovement at 5 Granville Road. The UKGA fvnd and other appeal funds represent donations received by the church from the members for the United Kingdom General Assembfy of True Jesus Church IUKGAI preaching fund. the International Assembly of True Jesus Church IIA) fund and other appeal funds. These donations are then paid over to the relevant funds. The other fvnds represent donations 1Ved specifically for the True Jesus Church in other locations or for other purposes. These donations a then paid over to the relevant funds. The Restrirted church buildingfund represents unspent donations from members specifically for use toward repairs and maintenance of the existing freehold properties. The transfer in 2024 from unrestrirted general fund to re5trirted Building fund: Unspent funds represents the shortfrdll in planned repairs and maintenance costs covered by the general fund. 16-
TRUE JESUS CHURCH (LEJCESTER) NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2024 ANALYSIS OF NEf ASSEfs BETWEEN FUNDS Unrestrfcted Restrfrted Total Tangible fixed assets Cash at bank Other net current assets l.S83,868 50.634 10.060 1.583,868 50,634 11.648 1.588 Net Assets as ot 30 September 2024 1.644.562 1.588 1,646.150 Unrestrlrted Restrfrted Totsl 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 10. TAXATION As the charity is exempt under the tems of Section 505 of the Income and Corporation Taxes Art 1988, there is no tsx charge. 11. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS No fees or expenses have been paid to Trustees {2023: Nill. All Trustees act gratuitously. During the year. the Trustees donated a total of £37,261 {2023 - £27,137). 12. STAFF COSTS The Church has no employees. The preacherfs salary costs are met ntrallY by the UKGA. 17-