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2021-12-31-accounts

TRUE JESUS CHURCH

(NEWCASTLE)

FINANCIAL STATEMENTS

FOR

31 DECEMBER 2021

Charity Number 1144002

1

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

CONTENTS

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS ....................................................... 3 ANNUAL REPORT OF THE MEMBERS OF THE BOARD ................................................................... 3 STATEMENT OF MEMBERS’ OF THE BOARD' RESPONSBILITIES ................................................. 7 INDEPENDENT EXAMINERS REPORT ................................................................................................ 8 STATEMENT OF FINANCIAL ACTIVITIES ........................................................................................... 9 BALANCE SHEET ................................................................................................................................ 10 NOTES TO THE FINANCIAL STATEMENTS ...................................... Error! Bookmark not defined. 1

2

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

The Members of the 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 31 December 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).

LEGAL AND ADMINISTRATIVE INFORMATION

Charity registration number 1144002 Registered charity name True Jesus Church (Newcastle) The Members of the Board C W Liu W K Ng T F Ho W S H Ho Appointed 23 August 2021 T W Ho Appointed 23 August 2021 A S M Tang Appointed 23 August 2021

Address Boyd Street Shieldfield Newcastle Upon Tyne NE2 1AP Independent examiner Louise Presslie CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT

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TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 30 DECEMBER 2021

ANNUAL REPORT OF THE MEMBERS OF THE BOARD

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status of Charity, Governing Document and Affiliation

The church is an unincorporated association governed by its Rules and Regulations. It is a registered charity with the Charities Commission.

The church is affiliated to the General Assembly of the True Jesus Church (UK).

Organisational Structure

The members are any persons baptised in the True Jesus Church, within the vicinity of Newcastle, 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.

Management and Appointment of the Church Board and other members of the Executive Committee

At the Annual General Meeting of Members, members are elected to form the Church Board and to carry out the administrative functions of the Church. Each member of the Board serves for a period of three years but is eligible for re-election for any number of terms. All Board members are honorary. Three of the board members serve as the Executive Committee under the three sections: Religious Affairs, General Affairs, and Financial Affairs.

Church Board training

The current Church Board have held their posts for several years and are fully conversant with the work of the charity. Should a Trustee leave between AGMs 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.

OBJECTIVES AND ACTIVITIES

The objectives of the Church are as follows:

Aims and Activities

The main activity of the Church is to provide a place of worship for the members of the True Jesus Church within the vicinity of Newcastle.

4

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 30 DECEMBER 2021

ANNUAL REPORT OF THE MEMBERS OF THE BOARD

Volunteers

Many volunteers give up their time to help out at the church, particularly at weekends and in the evenings. The Board is greatly indebted to these volunteers for their commitment and support.

Grant Making Policy

The Church Board operates a policy to contribute a proportion of its income to the General Assembly of the True Jesus Church (U.K.) on a quarterly basis and to other religious organisations as it sees appropriate, on an ad hoc basis. The Board reviews the level of the contributions each year.

ACHIEVEMENTS AND PERFORMANCE

During the year the church met regularly for worship and carried out various activities in pursuit of the above stated aims. Significant highlights, events and developments of note in the year include:

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 London. The Church also holds regular services on Saturday for the followers to keep the Sabbath.

FINANCIAL REVIEW

Total income from unrestricted funds were £347,741 (2020: £313,786) and total expenses were £151,047 (2020: £151,167). The net income on the general unrestricted funds before transfers was £196,694 (2020: £162,619).

Total income from restricted funds was £65,797 (2020: £96,524) and the total expenses from restricted funds were £61,810 (2020: £93,882).

At the balance sheet date the unrestricted reserves were £994,864 (2020: £798,170) and there were restricted reserves of £1,367,612 (2020: £1,363,625).

Principal sources of funding

The Church receives the majority of its funding from those in the fellowship by way of weekly offerings and from general donations.

Reserves Policy

The Reserve fund represents the unrestricted and restricted funds arising from past operating results. The unrestricted funds represent the free reserves of the church. The Church Board have examined the requirement to maintain free reserves and are aware that they are holding a relatively large amount of unrestricted funds. However, such funds are necessary for the continued maintenance of

5

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 30 DECEMBER 2021

ANNUAL REPORT OF THE MEMBERS OF THE BOARD

the church building and the future expansion of the church. The unrestricted free reserves of the church are £994,864 (2020: £798,170) of which £30,000 is committed in the form of loans to True Jesus Church in Cardiff which assisted them to purchase a church.

Investment Policy

The reserves are currently held in cash, which the Church Board feel is appropriate given the volatility of the investment market and external markets, given the church has its charity status and seeks to avoid risk with its holdings rather return on investment.

Risk Management

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 Church, and are satisfied that systems are in place to mitigate the exposure to the major risks.

Operational – Health and Safety within Church including COVID-19

Strategy to manage risk

The church has reviewed the health and safety risk in the church and first aiders have been appointed and necessary training provided. The general affairs team regularly review the church for safety measures and ensure these are kept. They also ensure the general maintenance of the church. The church has adopted further safety measures to ensure the safety of all members to maintain – hands, face, space and ventilation within the church. The church board and directive board meet on a regular basis to discuss this aspect with church re-opening from the pandemic situation. The risk is managed by changing room layouts and multiple floor usage during our Service Worship times.

Operational - Fire safety compliance for True Jesus Church Newcastle Strategy to manage risk

The church has reviewed their fire safety compliance and implemented the following strategies to ensure they can manage this risk effectively. There are regular fire alarm tests, fire marshalls have been appointed and trained, there is an annual fire risk assessment, the fire escapes have been kept clear, there are fire evacuation plans along with regular fire drills. The church also confirmed with building control and the local fire brigade department for building compliance, such as fire doors and room segregation. Appliances are also PAT tested.

Operational – Information Technology

Strategy to mitigate risk

The information group keep up to date with technological developments for online platforms for “Online Worship” such as using YouTube or other social media platforms. Currently True Jesus Church Newcastle have a YouTube channel in which members can subscribe and view online content. The church has progressed in being able to use online and social media platforms to be able to fulfil the church objectives.

PLANS FOR FUTURE PERIODS

The Church plans continuing the regular activities outlined above subject to satisfactory income arrangements.

6

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 30 DECEMBER 2021

ANNUAL REPORT OF THE MEMBERS OF THE BOARD

Covid-19 has been a significant event throughout 2020 and continues to have an impact everything in the world, including True Jesus Church Newcastle in 2021. It has affected the free movement of people and so we have had to close our doors since the UK wide lockdown in March 2020. Thankfully due to the advances within the information team, we were able to go ahead with online services and worship to ensure the churches key objectives could still be achieved.

STATEMENT OF MEMBERS’ OF THE BOARD' RESPONSBILITIES

The Members of the board are responsible for preparing the Board's Report and the accounts 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 Members of the board to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts, the Members of the board are required to:

The Members of the board are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities ( and reports ) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Members of the board 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 Board on 24 August 2022 and signed on their behalf by:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C W Liu Trustee

7

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

INDEPENDENT EXAMINERS REPORT

To the Trustees of True Jesus Church (Newcastle)

I report on the financial statements of the charity for the year ended 31 December 2021 which are set out on pages 9 to 17.

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:

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:

have not been met or

Louise Presslie CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT

Date: 24 August 2022

8

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL ACTIVITIES

Note
Income
Donations and legacies
4
Investment
3
Total Income
Expenditure on:
Charitable activities:
Grant payable
5
Other Charitable Activities
6
Total Expenditure
Net Income
Transfers
Net Movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
£
346,989
752
347,741
(104,851)
(46,196)
(151,047)
196,694
-
196,694
798,170
994,864		 Restricted
Funds
£
65,797
-
65,797
(61,810)
-
(61,810)
3,987
-
3,987
1,363,625
1,367,612		 Total
2021
Total
2020
£
£
412,786
409,400
752
910
413,538
410,310
(166,661)
(184,721)
(46,196)
(60,328)
(212,857)
(245,049)
200,681
165,261
-
-
200,681
165,261
2,161,795
1,996,534
2,362,476
2,161,795

The church has no recognised gains or losses other than the results for the year as set out above.

All activities relate to continuing operations.

The notes on pages 11 to 17 form part of these financial statements.

9

TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

BALANCE SHEET

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors due less than 1 year
9
Debtors due greater than 1 year
10
Cash at bank
Cash at hand
CREDITORS: Amounts due within 1
year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
12
FUNDS
12
Restricted
Unrestricted		 £
32,437
30,000
903,038
6,248		 2021
£
1,437,670

924,806		 £
31,687
45,000
699,050
30,299		 2020
£
1,456,295
705,500
971,723
(46,917)		 806,036
(100,536)
2,362,476 2,161,795
1,367,612
994,864		 1,363,625
798,170
2,362,476 2,161,795

The notes on pages 11 to 17 form part of these financial statements

These accounts were approved by the members of the board on 24 August 2022 and are signed on their behalf by:

…………………………………………………

C W Liu

Trustee

10

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of preparation

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 charity has taken advantage of the exemption from the requirement to prepare a Statement of Cash Flows as permitted under FRS 102 and the Charities FRS 102 SORP.

The True Jesus Church (Newcastle) meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going Concern

The financial statements have been prepared on a going concern basis. The Members of the Board have assessed the charity’s ability to continue as a going concern and this assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements.

Offerings

Offerings are included in the year in which they are receivable.

Donations

Donations are included in the year which they are receivable, and any goods donated are donated at market value.

Investment and other income

Bank interest and other income are included in the SOFA in the year in which they are receivable.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the SOFA. The church is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

11

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (cont.)

Fixed assets

Fixed assets are originally recorded at cost. Items of expenditure are capitalised where the purchase price exceeds £100. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment - 20% reducing balance Motor Vehicle - 25% reducing balance

Freehold property has not been depreciated, which is not in line with Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102). The Church Board do not feel that the freehold property is reducing in value and therefore have not applied any depreciation.

Financial assets

Trade and other debtors which are receivable within one year are initially measured at the transaction price. They are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount recoverable.

Financial Liabilities

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Concessionary Loans

Concessionary loans are provided at nil interest on the basis that they are provided wholly to advance the charitable purposes of the beneficiaries and for no financial return.

Critical Accounting Estimates and Areas of Judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no critical estimates or assumptions included in the Financial Statements.

Restricted Funds

Restricted funds are donations and other incoming resources generated for specific projects.

Unrestricted funds

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.

12

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

2. STAFF COSTS AND RELATED PARTY TRANSACTIONS

The church has no employees. The preacher’s salary costs are met centrally by the General Assembly of the True Jesus Church (UK). Members of the Board, who are key management personnel, have received neither remuneration nor expenses.

3. ANALYSIS OF INCOME FROM ALL SOURCES

2021
Unrestricted
£
Offerings
346,989
Bank interest
752
347,741		 2021
Restricted
£
65,797
-
65,797		 2021
Total
£
412,786
752
413,538		 2020
Unrestricted
£
312,876
910
313,786		 2020
Restricted
£
96,524
-
96,524		 2020
Total
£
409,400
910
410,310

4. OFFERINGS

Free Will
Youth Fellowship
Religious Education
Sisters' Fellowship
Members Thanksgiving
UKGA Evangelical Fund
IA World Evangelism Fund
African Ministry
Gift Aid
ATTC Offering
Special Offering
Building Fund (Longbenton)
Longbenton Church expenses
Cambridge Prayer House
Essex Place of Worship Fund
East Parish		 2020
Unrestricted
£
316,332
-
-
-
3,500
-
-
-
27,157
-
-
-
-
-
-
-
346,989		 2020
Restricted
£
-
-
-
-
-
4,188
50
8,512
-
-
-
41,897
9,840
-
815
495
65,797		 2021
Total
£
316,332
-
-
-
3,500
4,188
50
8,512
27,157
-
-
41,897
9,840
-
815
495
412,786		 2020
Total
£
277,546
1,088
5,210
650
300
2,270
665
13,330
25,457
1,025
1,600
64,461
13,168
30
2,600
-
409,400

13

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

5. ANALYSIS OF EXPENDITURE ON GRANT MAKING ACTIVITIES

UKGA offering
Longbenton Church
(UKGA)
Donations to churches		 2021
Unrestricted
£
104,851
-
-
104,851		 2021
Restricted
£
12,750
47,750
1,310
61,810		 2021
Total
£
117,601
47,750
1,310
166,661		 2020
Total
£
107,104
74,987
2,630
184,721

Total grants payable were £166,661 (2020: £184,721) of which £104,851 (2020: £90,889) was unrestricted and £61,810 (2020: £93,882) was restricted.

6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Food
Heat and light
Transport
Insurance
Stationery
Books and publications
Property running and
consumables
Telephone and internet
Bank charges
Repairs & maintenance
Water and rates
Depreciation
Accountancy fees
Professional fees
Other		 2021
Unrestricted
£
508
7,435
-
6,365
-
-
961
619
3,223
5,346
374
18,625
2,160
580
-
46,196		 2021
Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
£
508
7,435
-
6,365
-
-
961
619
3,223
5,346
374
18,625
2,160
580
-
46,196		 2020
Total
£
5,882
11,089
560
8,489
218
27
2,335
634
1,404
5,771
443
21,316
2,100
-
60
60,328

Total other Expenditure was £46,196 (2020: £60,328) of which £ 46,196 (2020: £60,328) was unrestricted and £Nil (2020: £Nil) was restricted.

7. GOVERNANCE COSTS INCLUDED IN CHARITABLE ACTIVITIES

2021 2020
£ £
Accountancy and independent examination 2,160 2,100

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

8.
TANGIBLE FIXED ASSETS
Freehold
Fixtures and
Property
Equipment
£
£
COST/VALUATION
At 1 January 2021
1,360,983
216,064
Additions
-
-
Disposals
-
-
At 31 December 2021
1,360,983
216,064
DEPRECIATION
At 1 January 2021
-
123,067
Charge
-
18,046
Disposals
-
-
At 31 December 2021
-
141,113
NET BOOK VALUE
At 31 December 2021
1,360,983
74,951
At 31 December 2020
1,360,983
92,996
9.
DEBTORS: Amounts due less than one year
Prepayments
Gift aid
10.
DEBTORS: Amounts due greater than one year
Loans to affiliated churches		 Fixtures and
Equipment
£
216,064
-
-








Motor
Vehicle
£
23,123
-
-		 Total
£
1,600,170
-
-
216,064 23,123 1,600,170
123,067
18,046
-		 20,808
579
-		 143,875
18,625
-
141,113 21,387 162,500
74,951 1,736 1,437,670
92,996 2,315 1,456,295
2021
£
1,754
30,683
32,437
2021
£
30,000		 2020
£
1,920
29,767
31,687
2020
£
45,000

Loans to affiliated churches comprise of concessionary loans, £Nil (2020: £15,000) to True Jesus Church in Cardiff, and £30,000 (2020: £30,000) to True Jesus Church in Dublin.

The loans were made towards the purchase of new church buildings. 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 this 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 (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

11. CREDITORS

Accruals
12.
MOVEMENT IN FUNDS
Restricted
Property Fund
Longbenton Church (UKGA)
Longbenton Church
expenses
UKGA Funds
East Parish
Essex
Total Restricted
Unrestricted
General Fund
Total Funds		 At 1
Jan 2021
£
851,285
509,698
2,642
-
-
-
1,363,625
798,170
2,161,795		 Income
£
-
41,897
9,840
12,750
495
815		 2021
£
46,917
Expenditure
£
-
(41,897)
(5,853)
(12,750)
(495)
(815)
(61,810)
(151,047)
(212,857)		 2020
£
100,536
At 31
Transfers
Dec 2021
£
£
-
851,285
-
509,698
-
6,629
-
-
-
-
-
-
-
1,367,612
-
994,864
-
2,362,476		 2020
£
100,536
At 31
Transfers
Dec 2021
£
£
-
851,285
-
509,698
-
6,629
-
-
-
-
-
-
-
1,367,612
-
994,864
-
2,362,476
Transfers
£
-
-
-
-
-
-
-
-
-
65,797 1,367,612
347,741 994,864
413,538 2,362,476

Property Fund – represents the purchase of the Newcastle church building.

Longbenton Church (UKGA) – represents the funds for a new church site at Longbenton and includes funds raised for the new church site as well as the church building itself. This fund will be transferred to the new church once completed.

Longbenton Church expenses - this fund represents donations received specifically to cover the running costs of the Longbenton property.

UKGA Funds – represents funding raised for donations to the UKGA for the International Assembly, African Ministry, and the UKGA Preachers Fund.

East Paris – represents amounts raised for East Paris church.

Essex – represents amounts raised for the TJC Essex Place of Worship.

Vancouver – represents amounts raised for TJC in Canada.

Cambridge – represents amounts raised for TJC Cambridge prayer House.

16

TRUE JESUS CHURCH (NEWCASTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

12. MOVEMENT IN FUNDS (CONTINUED)

Restricted
Property Fund
Longbenton Church
(UKGA)
UKGA Funds
Vancouver
Cambridge
Essex
Total Restricted
Unrestricted
General Fund
Total Funds		 At 1
Jan 2020
£
851,285
509,698
-
-
-
-
1,360,983
635,551
1,996,534		 Income
£
-
64,461
13,168
16,265
30
2,600
96,524
313,786
409,400		 Expenditure
£
-
(64,461)
(10,526)
(16,265)
(30)
(2,600)
(93,882)
(151,167)
(245,049)		 Transfers
£
-
-
-
-
-
-
-
-
-		 At 31
Dec 2020
£
851,285
509,698
2,642
-
-
-
1,363,625
798,170
2,161,795

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Debtors due greater than one year
Other net assets
As at 31 December 2021
Tangible fixed assets
Debtors due greater than one year
Other net assets
As at 31 December 2020		 Restricted
Funds
£
1,360,983
-
6,629
1,367,612
Restricted
Funds
£
1,360,983
-
2,642
1,363,625		 Unrestricted
Funds
£
76,687
30,000
888,177
994,864
Unrestricted
Funds
£
95,312
45,000
657,858
798,170		 Total
Funds
£
1,437,670
30,000
894,806
2,366,476
Total
Funds
£
1,456,295
45,000
660,500
2,161,795

17