TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS FOR 31 DECEMBER 2023 Charity Number 1144002
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS MEMBERS OFTHE BOARD AND PROFESSIONAL ADVISERS...................................................... ANNUAL REPORT OF THE MEMBERS OF THE BOARD............... INOEPENDENT EXAMINERS REPORT........................................................ STATEMEMf OF FINANCIAL ACTIVITIES............................................................ BALANCE SHEET................................. .10 NOTES TO THE FINANCIAL STATEMENTS..... .
TRUE IESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 MEMBERS OF THE BOARD AND PROFESSIONALAOVISERS 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 forthe year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policie5 set out in note I to the accounts and cornpty with the church's constitution, the Charities Act 2011 las amendedl and Statement of Recommended Practice applicable to tharitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191. LEGAL AND ADMINISTRATIVE INFORMATION Char¥ reglstratlon number 1144002 Registered tharity nzme True Jesus Church INewc35tlel The Members of the Board JCWLiu WKNg TFHO WSHHO TWHO ASMTang Address Boyd street Shieldfield Newcastle Upon Tyne NE2 IAP Independent examiner Louise Presslie CA Whitelaw Wells Chartered Accountants 9 Ainslie Pla Edinburgh EH3 6AT
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ANNUALREPORTOF THE MEMBERS OF THE BOARD STRucfuRE. GOVERNANCE AND MANAGEMENT Status of Charlty, Governing Document and Affiliation The church is an unincorporated associ3tion governed by its Rules and Regulations. It is a registered charity with the Charities Commission. The church is affiliated to the General Assembly ol the True Jesus Church IUKI. Organlsatlonal StrKture The member5 are any persons baptised in the True Jesus Church, within the vicinity of Newcastle, and they are eligible to speak, vote, elect and be elerted at the General Meeting of Mernber5. The General meIng of Members is the highest deci5ion-making meeting. Any decisions made are to be dealt with by the Church Board, and then executed by the Church Executive Committee coThslSting of the Religious. General and Financial Affair5 Officers. Management and Appointment of the Church Board and other members of the Executive Comrnittee At the Annual General Meeting of Members, members are elected to form the Church Board and to carry out the administrative function5 of the Church. Each Member of the Board serves for a period of three years but is eligible for re*lection for any number of term5. All 8oard mernbers are honorary. Three of the board member5 serve as the Executive Committee under the three sections.. Religious Affair5, Gerberal Affairs, and Financial Affairs. Church Board training The current Church Board have held their posts for several years arid are fully conwer5ant with the work of the charity. Should a Trustee leave between AGM5 then the remaining Trustees will meet to appoint a new Trustee based on their skills and experience. The existing Trustees will mentorthe new Trustee until they are familiar with the day to day workings and airns of the charity, and they will be given the opportunity to contribute fully to any management issues that are brou8hi to the attention of the Board. 08JECTIVES AND AcnvrriES The objectives of the Church are as follows.. To worship the one true God in accordance with the Old and the NewTe5taments of the Holv 8ible.' To preach the full 8ospel of the Lord Jesus Christ unto the world,. To prepare for the Lord'5 second corning. Alms and Actlvftles The main activity of the Church is to provide a place of worshlp for the members of the True Jesus Church within the vlcinlty of Newcastle. Volunteers Many volunteers give up their tirne to help out at the church, particularly at weekends and in the evenin8s. The Board 15 greatly indebted to these volunteer5 for their cornmitment and support.
TRUE IESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ANNUAL REPORTOFTHE MEMBERS OF THE BOARD Grant Maklng Pollcy The Church Board operate5 a policy to contribute a proportion of its income to the General Assembly of the True Jesus Church IU.K.l on a quarterly basis and to other religious organisatlons as It sees appropriare, on an ad hoc basls. The Board reviews the level of the contributions each year. ACHIEVEMENfs AND PERFORMANCE During the year the ehurch met regularly for worship and carried out various activities in pur5UIt of the above stated aims. Si8nificant hi8hli8hts, events and developtnents of note in the year include.. Holding activities for the young and old e.g. Religiou5 Education classes, Fellowships, Bible Studies and New Year Thank5givinB service. Administering the Sacraments of Water Baptism, Footwashing and Holy Communlon Donations to other churches including International Assembly and the LIK General As5emblv. Yow our artivltles dellver publ[¢ benefit Our main artivity is to preach the salvation and 8iace of Christ jesus, the one True God. The benefit 15 for ihose who are yet to believe and 3150 for the believers in the Church, to gain eternal life in the future. The Church provides a place of worship for the congre8ation and any truth-seeking friends in Newcastle. The Church also holds regular servlces on Friday and Saturday forthe congregation to keep the sabbath. FINANCIAL REVIEW Total income from unrestricted funds were £425,338 12022.. £399,522) and total expenses were £228.07112022.. £182,5111. The net income on the general unrestricted fvnds before transfers was £197,26712022.. £217,011). Total income from restricted funds was £39,443 12022.. £47.3951 ènd the total expen5e5 from restricted funds were £36.86812022.. £49.2321. At the balance sheet date the unrestricted reserves were £1.409,14212022.. £1,211,875) and there were restricted reserves of £1,368,35012022.. £1,365,775). Prlndpal sources of fundi The Church receives the majorityof r(s fundlng from those in the fellowship byway of weekly offerings and from general donations. Reserve5 Policv The Reserve fund represents the unrestricted and restrirted funds arisingfrom past operdting 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 holdlng a relatively large amount of unrestTlCted fund5. However. such funds are necessary for the continued maintenance of the church building and the future expansion of the church remains a key prlorlty. The unrestricted free reserves of the church are £1.409,14212022.. £1.211.8751 of whith £30,000 is committed in the form of loans to True Jesus Church in Dublin which assisted them to purchase a church. There is also £30,000 approved to be loaned to True Jèsus Church in Essex, which will not be transacted until it is talltd upon.
TRUE IESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ANNUAL REPORT OFTHE MEMBERS OFTHE BOARD Investment Policy The reserves are currently held in cash, which the Church Board feel is appropriate given the volatility of the investrnent market and external markets. given the church ha5 Its charity st3tU5 and seeks to avoid risk with its holdings rather than return on investment. Rlsk Management The Church Board have assessed the major risks to which the Church is exp05ed, in particular those related to the operations and finances of the Church, and are satisfied that systems afe in place to mitigate the exposure to the major risks. Operatlonal- Heakh and Safety wlthln Church Strategy to manage risk The church has reviewed the health and safety risk in the church and first aider5 have been appointed and necessary training provided. The general affairs team regularly review tthe church fof safety measures and ensure these are adhered to. They also ensure the general malntenante of the church. The safeguarding and child protection policy has also been formali5ed. Operatlonal- Flre safety cornpllznce for True Jesus Church NeaStle Strate8V to mana£e rlsk The church has reviewed thelrflre safwy compllance and Smplemented the following strategiès to ensure they can manage thi5 risk effectively. There are regularfire 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 plan5 along with fire drill practice. The church also confirmed with building control and the local fire brigade department for building compliance, such as fire doors and room segregation. Appliance5 are a150 PAT tested. Operatlonal- Informatlon Technolo Strategy to mitigate risk The Information Group keep up to date with technolo8ical developmenis for onllne platforms for 'Online Worship" such a5 using YouTube or other soci31 media platforms. Currently True Jesus Church Newcastle have a YouTube channel in which mernbers can subscribe and view online content. The church has progressed in being able to use online and social media platfomis to be able to fulfil the church objectives. The Information Group continues to implement WiFi password changes to keep the network secure. Social media content is alsts managed by administrators. PLANS FOR FUTURE PERIODS The Church plans continuing the regular activities outlined above subject to satisfactory income arrangement5. In 2023, True Jesus Church (Newcastle) has returned to holding in-person services. LNe stream services continues to be available for those who have difficulties attending physically. The plan to dispose of the Longbentoa property ha5 progressed. with True Jesus Church (Newcastle) now working with True Jesus Church IUKGAI to expand into pioneering areas. The Church will continue caring for the growing church membershlp and pursue the key objectives set out.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ANNUAL REPORTOF THE MEMBERS OFTHE BOARD STATEMENT OF MEMBERS, OF THE BOARD, RESPONSIBILITIES The Members of the board are responsible for preparin8 the Board's Report and the accounts in accordance with applicable law and United Kingdom Aceountlng Standard5 Iunited Kingdom Generally Accepted Accounting Practicel. The law appllcable to charities in England and Wales requires the Members of the board to prepare accounts for each financial year which give a true and fairview of the state of affair5 of the charity and of the incotning resource5 and application of resources of the charity for that year. In preparing these account5. the Members of the board are required to.. select 5Ultable accounting policies and then apply them consistently,. observe the methods and principle5 in the Charitie5 SORP.. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to arny material departure5 disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless it *s inapprtsprlate to presurne that the charity will continue in operation. The Members of the board are responsible for keèping proper accounting records that disclose wfch reasonable accurary at any time the financial posltion of ihe char.rty and enable them to ensure that the accounts comply with the Charities Act 2011 las amended). Ihe Charities l and reports I Regulations and the provisions of theTrust Deed. They are 3150 responsible forsafeguarding the assets of the charity 3nd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Members of the board are re5pon5ible for the naintenance and integrity of the church and financial information included on the charitvs website in accordance with legislation in the United Kingdom 8overning the preparation and dissemination of financial 5taternent5. Approved by the Board on 2024 and siged on their behalf bv.. 3191 JCWLiu Trustee
TRUE IESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENOED 31 OECEMBER 2023 INDEPENDENT EXAMINERS REPORT To the Trustees of True Jesus Church (Newcastle) I report on the flnancial staternents of the charity forthe year ended 31 December 2023 which are set ut on page5 9 to 18. Respectlve responslbllltles of trustèés and exorniner The charit¢s trustees are responsible for the preparation of the account5. The charl5 trustees consider that an aUt is not required for this year under section 144 of the Charities Act 2011 las amended) (the Charitie5 Act) and that an independent examination is needed. It is my responsibility to.. exarnine the accounts under section 145 of the Charities Act to follow the procedures laid down in the general Directions given by the Charity Commrssion under Section 14515llbl of the Charities Act, and to state whether particular matters have come to my attention Basis of independerlt 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 with those records. 11 also includes consideration of anv unusual iterns or disclosure5 in the accounts and 5eekin8 explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evldente that would be required In an audit, and consequently no OnIOn is given as to whether the accounts present a 'true and fairf vièw and the report is limited to those matters set out in the statement below. Independent examinerfs statement In connection with my examination. no matter has come to my attention.. 111 which gives me reasonable tause to believe that in any material respert the requirements.. to keep accountin8 records in accordance with section 130 of the Charities Act.. and to prepare accounts which accord with the accountin8 records and comply with the accounting requirements of the CharSties Act have not been met or 121 to which, in rny opinion, attention should be drawn in order to enable a proper understandin8 of the accounts to be reached. Louise Presslie CA Whitelaw We115 Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Date.. 31912024
TRUE IESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 STATEMENT OF FINANCIAL A1VITIEs Unrestricted Funds Re5trirted Funds Totsl 2023 Total 2022 Note Donations and le8acies 423.843 39,443 463.286 446,261 Investment 1,495 1.495 656 Total Income Expenditure on.. Charitable activitie5: 425.338 39,443 464,781 446,917 Grants payable 1128.9491 127.8681 1156.8171 1171,1591 Other Charitable ActNlties 199,1221 19,0001 1108,1221 160.5841 Total Expenditure 1228,0711 136,8681 1264,9391 1231.7431 Net Income/leMpenditurel 197.267 2,575 199,842 215,174 Transfer5 Net Movement in funds 197,267 2.575 199.842 21S,174 Reconciliatlon of funds Total funds brought forward 1,211.875 1,365,775 2,577,650 2,362.476 Total funds carried forward 12 1.409,142 1.368.350 2.777,492 2,577,650 The church has no recognised gains or1055es other than the results for the year as set out above. All activities ielate to coThtinuing operations. The notes on pages 11 to 18 form part of these financial statements.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 BALANCE SHE 2023 2022 Note FIXED ASSETS Tangible fixed assets 1,430,367 1,422,483 CURRENT ASSETS Debtors due less than l year Debtors due greater than I year 35,876 30.000 36,361 30.OQX) io Cash at bank 1,301,343 8,439 1,375,658 1.104.391 21,711 1,192,463 Cash at hand CREDITORS.. Amounts due wrthin l year li 128,5331 137,2961 NET CURRENT ASSETS 1,347,125 1,155,167 TOTAL ASSETS LESS CURRENT LIABILITIES 12 2,777,492 2.577.650 FUNDS 12 Restricted 1,368,350 1,409.142 1,365,775 1,211,875 2,577,650 Unrestricted 2.777.492 The note5 on pages 11 to 18 form part of these financial statements. These accounts were approved by the members of the board on behalf by.. lfi{ 2024 and are signed orTr their JCWLIU Trustee 10
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basis of preparation The financial statements have been pPared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prattice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLtblic of Ireland IFRS 1021 leffecfive l January 20191. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFR5 1021 and the Charlties Att 2011 las amended). The charity ha5 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 FRSIO2. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwlse stated in the relevant accounting policy notelsl. Golng Concern The financial statements have been prepared on a going concern basis. The Members of the 8oard have a55essed the charl5 ability to continue as a 80in8 Concern and thi5 as5e55ment covers the period 12 months folli)wing the 51gning of these financial statements. Offering5 Offerin8s a included in the year in which they are receivable. Dona¥ons 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 incorne are Inclded in the SOFA in the year in which they are te1vable. Expenditure All expenditure is included on an accruals basis and is recognised when the is a legal or constructive obli6ation to pay for expenditure. All cost5 have been directly attributed to one of the functional categorie5 of re50urce5 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 bythe charity in the delivery of it5 activities and services for its beneficiaries. It includes both costs that can be allocated directty to such activities and those costs of an indirect nature necessary to support them.
TRUE IESUS CHURCH INEWCA5TLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENOED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Icont.) Flxed a55ets Fixed assets are orlglnally recorded at wst. Items of expenditure are capitslised where the purchase price exceed5 £IIXJ. 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.. Fixture5, fittings and equipment 20% reducing balance Motor Vehicle 25% reducing balante Freehold propetty has not been depreciated. which is not in line with Accounting and Reporting bv Charities.. Statement of Recomrnended Practice IFRS 1021. The Church Board do not feel that the freehold property is reducin8 in value and therefore have not applied any depreciation. Financial assets Trade and other debtors which are receivable within one year are inStlally 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 provi5ron for impairment of debtors is established when there is objertive evidence that the amounts due will not be collected according to the original terrns of the contract. Prepayments are valued at the amount prepaid. Accrued income 15 measured at the amount recoverable. Finantial knabditie5 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 econornic benefits and that obligation can be estimated reliably. Provisions are measured ai the best estimate of the arnounts required to settle the obligation. Where the effect of the time value of money is materSal, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specificto the Ilability. The unwinding of the discount is recognised within interest payable and simllar charges. Concesslonary Loan5 Concessionary 103ns are provided at nil Inte5t on the b35iS that they are provided wholly to advance the Charitable purposes of the beneficiaries and for no financial return. Critical Accounting Estlmate$ and Areas of Judgement In preparing the financial statements jud8ements have been made when applying the accounting policies, These judgements are evaluated on an ongoing basis and are based on historical experience. The only area where judgement has a material effect on the values within the financial statements relates to depreciation as noted above. Restrlrted Funds Restrlcted funds are donations and other incoming resources generated for specific projects. Unrestrlcted fund5 Unrestricted funds are donations and other incorning resources receivable or generated for the objects of the charity without further specified purpose and are available as general fvnils. 12
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEM8ER 2023 NOTE5 TO THE FINANCIAL STATEMENTS STAFF COSTS AND RELATED PARTY TRANSAcfioNS The church has no employees. The preacher's salary costs are met centrally by the General Assembly of the True JesLts Church IUKI. Members of the Board, who are key manaEernent personnel, have received neither rernuneration nor expenses. ANALYSIS OF INCOME FROM ALL SOURces 2023 2023 Restrirted 2023 Total 2022 2022 Restricted 2022 Total Unrestricted Unrestricted Offerin8S 423,843 39.443 463,286 398,866 47,395 446,261 gank interest 1,495 425,338 1,495 464,781 656 399,522 656 446,917 39,443 47,395 DONATIONS AND LEGACIES 2023 2023 Restricted 2023 Total 2022 Total Unrestricted Free Will Youth Fellowshlp Books and Publications Reli6ious Education Sisters, Fellowship Members Thanksgiving UKGA Evangelical Fund IA World Evangelism Fund African Ministry HMRC Gift Aid Rebate Buildin£ Fund ILon8bentonl Longbenton Church Other churches rc IA internet ministry Fund 370.419 1.964 1.850 IS.455 370,419 1,964 1,850 15,455 329,062 562 800 15,098 4.196 S.990 5.563 50 2,030 43,158 33.484 5,819 23 5,885 518 5,885 518 34,155 34,155 10.799 11,541 1.700 9,000 10.799 11,541 1.700 9,000 426 446,261 423.843 39.443 463.286 13
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS ANALYSIS OF EXPENDITURE ON GRANT MAKING A1VITIEs 2023 Unrestricted 2023 Restrirted 2023 Total 2022 Total UKGA offerlng Longbenton Church IUKGAI Donations to churches 128,949 6,916 19,252 135,865 19.252 129,483 41.653 1,700 27.868 1,700 IS6,817 23 171,159 128,949 Total grants payable were £156,81712022.. £171,159) of which £128,949 12022.. £121,927) was unrestrirted and £27,868 12022.. £49,232) wa5 restricted. ANALYSIS OF EXPENDITURE ON OTHER CHARITABLE AcfiviTIES 2023 Unrestricted 2023 Restricted 2023 Total 2022 Total Food & hospitality Heat and light Tran5POrt Insurance Stationery Property running & consumables Books & P(Jblications Telephone and Internet Bank charges Repairs & maintenance Water and rates Depreciation Atcountancy fees Professional fees Other 20,346 12,957 8,159 7,550 178 6,748 29.346 12,957 8,159 7.550 178 6.748 7,411 9,168 5,420 7,962 298 4.041 1.560 563 1,824 9,033 2,315 17,428 2,640 1.560 563 1,824 9,033 2,315 17.428 2,640 719 2.159 3,292 224 16.037 2.400 106 1,347 60,584 7,821 99,122 7,821 108,122 9,(K)O Total other expenditure was £108,12212022.. £60.5841 of which £99,12212022.. £60,584) was unrestricted and £9,1XJO12022.. £Nill was re5trirted. GOVERNANCE COSTS INCLUDED IN CHARITABLE AcfiviTIES 2023 2022 Accountancy and independent examination 2,640 2,400 14
TRUEIESU5 CHURCH (NEWTLE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEM8ER 2023 NOTES TO THE FINANCIAL STATEMENTS TANGIBLE FIXED ASSETS Freehold Property Fixtures and Equipment Motor Vehicle Total COST/vALUATION At I january 2023 Additions Di5posa15 At 31 December 2023 1,360,983 216,914 25.312 23.123 1.601.020 25,312 1,360,983 242,226 23.123 1,626.332 DEPRECIATION At l January 2023 Charg Disposals At 31 Oecember 2023 156.716 17,102 21,821 326 178,537 17.428 173,818 22,147 195.965 NET BOOK VALUE At 31 December 2023 At 31 Decernber 2022 1.360.983 1.360,983 68,408 60,198 976 1,302 1,430,367 1.422,483 DEBTORS- Amounts due less than ont year 2023 2022 Prepayments Gift aid 1,721 34,155 35,876 1,596 34,765 36,361 io. DEBTORS: Amounts due greater than ont year 2023 2022 Loans to affiliated churches 30.000 30.0 Loans to affiliated churches comprise of conce55ionary loans, of £30,0(M)12022: £30,0} to True jesu5 Church in Dublin. The loans were made towards the purchase of new churth buildings. The loan5 are interest free. By rnutual agreement between the affiliated churches, repayment will become due at the earliest of sufficient funds becomin6 available to repay the loan or once the vacated prerni5es of the respective ¢hurches have been sold. A5 there is no fixed repayment date this loans has not been discounted to their fair value as it is not known what term the loan will be repaid over however at least a yearfs notice will be required before a repayment is made.
TRUE JESU5 CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS ii. CREDITORS 2023 2021 Accruals 28.533 37.2% li MOVEMENTIN FUNDS Atl lan 2013 At31 Dec 2023 Incomè Expenditure Transfers Restrirted Property Fund Longbenton Church IUKGAI Longbenton Church expenses UKGA Funds IA World Evangelism Fund Leeds YC 851.285 509,698 4.279 851,285 509.698 7,367 10,799 11.541 110.7991 18,4531 513 5.885 518 1.700 9,000 16.3981 15181 11.7001 19,0(X)I Total Restrl¢ted 1.365,775 39.443 136.8681 1.368,350 Unrèstricted General Fund 1.211,875 425,338 1228.0711 1,409,142 Total Funds 2,577.650 464,781 1264,9391 2,777,492 Property Fund- represents the purchase of the Newcastle church building. Longbenton Church IUKGAI- 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 expen5e5 this fund represents donations received Specifical to cover the running costs of the Longbenton property. UKGA Funds- represents fundin8 raised for donatlons to the UKGA for the International Assembly. African Ministry. and the UKGA Preacher5 Fund. IA World EvangelSsm Fund- represents the funding raised for preaching the gospel to other countries worldwide. Leed5 represent5 amounts raised for Leed5 Place ol Worship building fund. YC- represents donations received to cover Yc expenses. 16
TRUE IESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR EMDEO 31 OECEM8ER 2023 NOTES TO THE FINANaAL STATEMENTS 12. MOVEMENT IN FUNDS ICONTINUEDI Essex- represents amounts raised for the TJC Es5£x Place of Worship. Atl Jan 2022 At31 Oec 2022 Income Empendlture Transfers Restrirted Property Fund Longbenton Church IUKGAI Lon8benton Church expenses UKGA Funds Essex 851,285 509.698 8SI,285 509.698 33,484 133,4841 6,629 5.819 18,1691 4,279 8.069 23 17.5561 1231 513 Total Restrlcted 1.367.612 47.395 149,2321 1,365,775 Unrestricted General Fund 994.864 399,522 1182,5111 1.211.875 Total Funds 2.362.476 446.917 1231,7431 2,577,650 13. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Restricted Funds Unrestrirted Funds Total Funds Tangible fixed assets Debtors due greater than oThe year Other net assets As at 31 December 2023 1.360,983 69.384 30,0(MI 1,309,758 1.¢709.142 1.430,367 30,0] 1,317,125 2,777.492 7,367 1,368,350 Restrlcted Funds Unrestrlcted Fund5 Total Funds Tangible fixed assets Debtors due greater than one year Other net assets A5 at 31 December 2022 1,360,983 61.500 30,000 1.120.375 1.211,875 1.422,483 30,000 1.125,167 2.577,650 4,792 1.365.775 17
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENT5 YEAR ENDED 31 DECEMBER 2023 14. posr BALANCE SHEE[ EVENT During the year, there h35 been discussion in relation to the sale of St PeT and St Paul RC Church. Benton Lane, Newcastle upon Tyne, NE12 8PB. The sale of properry was completed for £6CQ.000 in April 2024. 18