TRUE JESUS CHURCH (NEWCASTLE) FINANCIAL STATEMENTS FOR 31 DECEMBER 2024 Charity Number 1144002
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS....................................................... ANNUAL REPORT OF THE MEMBERS OF THE BOARD................................................................... INDEPENDENf EXAMINERS REPORT................................................................................................ STATEMENT OF FINANCIAL ACTIVITIES......................................................................................... 70 BALANCE SHEET................................................................................................................................ NOTES TO THE FINANCIAL STATEMENTS......................................................................................12
TRUE JESUS CHURCH INEWCA5TLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 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 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the church's constitution, the Charities Act 2011 las amended) and Statement of Recommended Practice applicable to charities 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 Chartty registration number 1144002 Re8iStered charlty name True Jesus Church {Newcastlel 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 Place Edinburgh EH3 6AT
TRUE JESUS CHURCH INEWCA5TLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ANNUAL REPORT OF THE MEMBER5 OF THE BOARD STRucfuRE, 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 IUKI. 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 deci5ion-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 Appolntment of the Church Board and other rneMbe of the Executive Committee At the Annual General Meeting of Member5, members are elected to form the Church Board and to carry out the administrative functions of the Church. Each member of the Board seNes 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.. Religiou5 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. OBJEcfivES AND ACTIVITIES The objectives of the Church are as follow5.. To worship the one true God in accordance with the Old and the New Testaments of the Holy Bible,. To preach the full gospel of the Lord Jesus Christ unto the world,. To prepare for the Lord's second coming. Aims and Actlvitie5 The main activity of the Church 15 to provide a place of worship for the members of the True Jesus Church within the vicinity of Newcastle. 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.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ANNUAL REPORT OF THE MEMBERS OF THE BOARD Grant Making Pollcv The Church Board operates a policy to contribute a proportion of it5 income to the General Assembly of the True Jesus Church IU.K.l on a quarterly basis and to other religious organisations a5 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: Holding activities for the young and old e.g. Religious Education classes, Fellowships, Bible Studies and New Year Thanksgiving service. Administering the Sacraments of Water Baptism, Footwashing and Holy Communion Donations to other churche5 including International Assembly and the UK General Assembly. How our artivities delfver publlc benefit Our main activity is to preach the salvation and grace of Christ Jesus, the one True God. The benefit is for those who are yet to believe and also for the believers in the Church, to gain eternal life in the future. The Church provides a place of worship for the Congregation and any truth-seeking friends in Newcastle. The Church also holds regular services on Friday and Saturday for the congregation to keep the Sabbath. FINANCIAL REVIEW Total income from unrestricted funds were £428,65012023: £425,3381 and total expenses were £241.89612023.' £228,0711. The net income on the general unrestricted funds before transfers was £186,75412023= £197,2671. Total income from restricted funds was £207,065 12023.. £39,443) and the total expenses from restrirted funds were £125,93412023.. £36,868). At the balance sheet date the unrestricted reserves were £2,194,09212023'. £1,409,142) and there were restricted reserves of £851.28512023- £1,368.3501. Principal sources of fundlng The Church receives the majority of its funding from those in the fellowship by way of weekly offerings and from general donations. ReseNes Pollcv 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 reserve5 and are aware that they are holding a relatively large amount of unrestricted funds. However. such funds are necessary for the continued maintenance of the church building and the future expansion of the church remain5 a key priority. The unrestricted free reserves of the church are £2.194,09212023'. £1,409,142) of which £30,000 is committed in the form of loans to True Jesu5 Church in Essex.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 310ECEM8ER 2024 ANNUAL REPORT OF THE MEMBERS OF THE BOARD 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 than return on investment. Risk Management The Church 8oard 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 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 nece55ary trainin8 provided. The general affairs team regularly review the church for safety measures and ensure these are adhered to. They also ensure the general maintenance of the church. The safeguarding and child protection policy has also been formalised. Operatlonal- Flre safety compliance for True Jesus Church Newcastle Strategy to manage rlsk The church has reviewed their fire safety compliance and implemented the following strategie5 to ensure they can manage this risk effectively. There are regular fire alarm test5, fire marshalls have been appointed and trained, there is an annual fire risk asse55ment. the fire escapes have been kept clear, there are fire evacuation plans 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. Appliances are also PAT tested. Operational- Informatlon 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 platforrns. Currently True Jesus Church Newcastle have a YouTube channel in which members can subscribe and view online content. The church has pro8re55ed in being able to use online and social media platforms 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 also managed by administrators. PLANS FOR FUTURE PERIODS True Jesus Church (Newcastle) plans to continue its core activities in the coming year, subject to the income arrangements. Following the successful sale of the Longbenton property, the Church will maintain close collaboration with True Jesus Church IUKGAI to develop the newly acquired UKGA building in Cramlington. This expansion aligns with our broader mission to pastor the members and preach the gospel of salvation. To deepen community engagement, the Church will host regular open day events. Livestream Services will remain available for members who are unable to attend in person, ensuring access to spiritual encouragement and pastoring for all. Recognising the growth in membership, the Church remains committed to pastoral care and the pursuit of its spiritual objectives.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ANNUAL REPORT OF THE MEMBERS OF THE BOARD PLANS FOR FUTURE PERIODS {Continuedl Ongoing investment in building maintenance and improvements will ensure that facilities remain safe, welcoming, and fit for purpose supporting the needs of our congregation and the holy work locally and across the UK.
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ANNUAL REPORT OF THE MEMBERS OF THE BOARD STATEMENT OF MEMBERS. OF THE BOARD, RESPONSIBILITIES The Members of the board are responsible for preparing the Board'5 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 incomin8 resources and application of resources of the charity for that year. In preparin8 these accounts. the Members of the board are required to.. select suitable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 account5 comply with the Charitie5 Act 2011 las amended), the Charities l and reports I Regulations and the provisions of the Trust Deed. They are a150 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 2025 and 518ned on their behalf by.. JCWLIU Trustee
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 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 2024 which are set out on pages 10 to 19. Respective responsibilities of trustees and examiner The charity's trustee5 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 las amended) (the Charities Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under settion 145 of the Charities Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 1451Sllbl of the Charities Act, and to State whether particular matters have come to my 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 account5 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 fai view and the report is limited to those matters set out in the statement below. Independent examlnerfs ststement In connection with my examination, 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 records in accordance with section 130 of the Charities Act,. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act . have not been met or 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 CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Date= 271912025
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL AcfiviTIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Note Income Donation5 and legacies 427.275 123,999 551,274 463.286 Investment 1,375 1,375 1,495 Other income 83.066 83,066 Total Income Expenditure on: Charitsble actlvities: 428,650 207,065 635,715 464,781 Grants payable 1130,0021 1125,9341 1255,9361 1156.8171 Qther Charitable Activitie5 1111,8941 1111,8941 1108,1221 Total Expenditure 1241.8961 1125,9341 1367,8301 1264,9391 Net Income/lexpenditurel 186,754 81,131 267,885 199.842 Transfers 598,196 1598,1961 Net Movement in funds 784,950 {517,0651 267,885 199,842 Reconclllation of funds Total funds brought forward 1,409,142 1,368,350 2.777.492 2,577,650 Total funds carried forward 12 2,194,092 851,285 3,045,377 2,777,492 The church has no recognised gains or losses other than the results for the year a5 set out above. All activities relate to continuing operations. The note5 on pages 12 to 19 form part of these financial statements. 10
TRUE JESUS CHURCH INEWCASTLEI FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET 2024 2023 Note FIXED ASSETS Tangible fixed assets 952,478 1,430,367 CURRENT ASSETS Debtors due less than l year Debtors due greater than l year 30,752 30,000 35,876 30,000 io Cash at bank 2,165,236 5,161 2.170,397 1.301,343 8,439 1,375,658 Cash at hand CREDITORS: Amounts due within I year li 1138.2501 128,5331 NET CURRENT ASSETS 2,092,899 1,347,125 TOTAL ASSETS LESS CURRENT LIABILITIES 12 3,045,377 2,777,492 FUNDS 12 Restricted 851,285 2,194,092 3,045.377 1,368,350 1.409,142 2,777,492 Unrestricted The notes on pages 12 to 19 form part of these financial statements. These accounts were approved by the members of the board on behalf by.. 025 and are signed on their JCWLIU Trustee
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 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 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 102) and the Charities Act 2011 las amended). 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 FRSIO2. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Going Concern The financial statements have been prepared on a going concern bas15. The Members of the 8oard have assessed the charity's ability to continue as a going concern and this assessment covers the period 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. Expendlture All expenditure is included on an accrua15 basis and is reco8nised 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 resource5 expended in the SOFA. The church is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT. Charitable expenditure comprises those cost5 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. 12
TRUE JESUS CHURCH {NEWCASTLEI NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTE5 TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Icont.) Fixed a55ets 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 follow5.. 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 ChartIes.. Statement of Recommended Practice IFRS 1021. 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 contrart. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount recoverable. Financlal Llabllltles Provisions are recognised when the charity has an obligation at the reporting date as a result of past event which it 15 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 obligarion. 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 recogni5ed within interest payable and similar char8es. Concessionary Loans Concessionary loans are provided at nil interest on the basis that they are provided wholly to advance the charitable purposes of the beneficiarie5 and for no financial return. Crltlcal Accountin8 Estimates and Areas of Judgement In preparing the financial statements judgements 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 ha5 a material effect on the values within the financial statements relates to depreciation a5 noted above. Restricted Funds Restricted funds are donations and other incoming resources generated for specific projects. Unrestricted funds Unrestritted 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. 13
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS STAFF COSTS AND RELATED PARTY TRANSAcfioNS The church has no employees. The preacherfs salary c05t5 are met centrally by the General Assembly of the True Jesus Church IUKI. Members of the Board, who are key management personnel. have received neither remuneration nor expenses. ANALYSIS OF INCOME FROM ALL SOURCES 2024 Unrestricted 2024 Restricted 2024 Total 2023 Unrestricted 2023 Restricted 2023 Total Offerings Bank interest Other income.. Goin on sole ol property 427,275 1,375 123,999 551,274 1,375 423,843 1,495 39,443 463,286 1,495 83,066 83.066 428,650 207.065 635,715 425,338 39,443 464,781 DONATIONS AND LEGACIES 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Free Will Youth Fellowship 8ooks and Publications Religious Education Member5 Thanksgiving UKGA Evangelical Fund IA World Evangelism Fund African Ministry HMRC Gift Aid Rebate Building Fund (Longbentonl Longbenton Church Other churches C Silverton Refurbishment Fund Reimbursements 336,416 1,829 1,758 15.559 2,960 336,416 1,829 1.758 15,559 2,960 5,286 113 423 67,061 44,522 4,262 370,419 1,964 1,850 15,455 5,286 113 423 5,885 518 67,061 34,155 10,799 11,541 1,700 9,000 44,522 4,262 69.393 69,393 1,692 551,274 1.692 427,275 123,999 463,286 14
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEM8ER 2024 NOTES TO THE FINANCIAL STATEMENTS ANALYSIS OF EXPENDITURE ON GRANT MAKING AcfiviTIES 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total UKGA offering Longbenton Church {UKGAI 130,002 5,709 50,719 135,711 50,719 135.865 19,252 Donations to churches 69,506 125.934 69,506 255,936 1,700 156,817 130,002 Total grants payable were £255,936 12023: £156,817) of which £130,002 12023.. £128,949) was unrestricted and £125,93412023.. £27,8681 was restricted. ANALYSIS OF EXPENDITURE ON OTHER CHARITABLE AcfiviTIES 2024 Unrestricted 2024 Restritted 2024 Total 2023 Total Food & hospitality Heat and light Transport Insurance Stationery Property runnin8 & consumables Books & Publications Telephone and internet Bank charges Repairs & maintenance Water and rates Depreciation Loss on disposal Accountancy fees Other 24.195 14,810 15,247 8,128 24,195 14,810 15,247 8,128 29,346 12,957 8.159 7.550 178 6,748 10,604 10,604 3,345 771 1,862 6,855 2,019 13,884 210 2,880 7,084 111,894 3.345 771 1,862 6,855 2,019 13,884 210 2,880 7,084 111,894 1,560 563 1,824 9.033 2,315 17.428 2,640 7,821 108,122 Total other expenditure was Elll,89412023: £108,122) of which £111.89412023.. £99,122) was unrestricted and £nil12023: £9,000) wa5 restricted. GOVERNANCE COST5 INCLUDED IN CHARITA8LE AcfiviTIES 2024 2023 Accountancy and independent examination 2,880 2,640 15
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS TANGIBLE FIXED ASSETS Freehold Property Fixtures and Equipment Motor Vehicle Total COST/VALUATION At l January 2024 Additions Disposa15 At 31 December 2024 1.360,983 242,226 45,903 113,4001 274,729 23,123 1,626,332 45,903 1523,0981 1,149,137 1509,6981 851,285 23,123 DEPRECIATION At l January 2024 Charge Disp05als At 31 December 2024 173,818 13,640 113,1901 174,268 22,147 244 195,965 13,884 113,1901 196,659 22,391 NET BOOK VALUE At 31 December 2024 At 31 December 2023 851,285 100,461 732 952,478 1,360.983 68,408 976 1,430,367 DEBTORS: Amounts due less than one year 2024 2023 Prepayments Giftaid 1,965 28,787 30,752 1,721 34,155 35,876 io. DEBTORS: Amounts due greaterthan one year 2024 2023 Loans to affiliated churches 30,000 30,000 Loans to affiliated churches comprise of concessionary loans, of £30,00012023'. £Nill to True Jesus Church in Essex. and of ENil12023'. £30.0001 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 thi5 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 year's notice will be required before a repayment is made.
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS ii. CREDITORS 2024 2023 Accruals 138,250 28,533 12. MOVEMENT IN FUNDS Atl Jan 2024 At31 Dec 2024 Income Expenditure Transfers Restrlrted Property Fund Longbenton Church IUKGAI Longbenton Church expenses UKGA Funds IA World Evangelism Fund Silverton Refurbishment Fund IUKGAI 851,285 509,698 851,285 127.588 144,5221 1592,7641 7,367 4,262 16,1971 15,4321 5,709 113 69,393 15,7091 11131 169,3931 Total Restricted 1.368.350 207,065 1125.9341 1598,1961 851,285 Unrestricted General Fund 1,409,142 428,650 1241,8961 598,196 2.194,092 Total Funds 2,777,492 635,715 1367,8301 3,045,377 Property Fund- represents the purchase of the Newcastle church building. Longbenton Church IUKGAI- represents the fund5 for a new church slte at Longbenton and intludes funds raised for the new Church site as well as the church building itself. The site was sold in April 2024. Longbenton Church expense5 thi5 fund represents donations received spetifically to cover the running Costs of the Longbenton property. The slte was sold in April 2024. UKGA Funds- represents funding raised for donations to the UKGA for the International Assembly, African Ministry, and the UKGA Preachers Fund. IA World Evangelism Fund - represents the funding raised for preaching the gospel to other countries worldwide. Silverton Refurbishment Fund IUKGAI - represents the funds for the refurbishment of the new church in Cramlington. Leeds represents amounts raised for Leeds Place of Worship building fund. 17
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 12. MOVEMENT IN FUNDS (CONTINUED) YThC- represents donations received to cover Yc expenses. Atl Jan 2023 At31 Dec 2023 Income Expendlture Transfers Restricted Property Fund Longbenton Church IUKGAI Longbenton Church expenses UKGA Funds IA World Evangelism Fund Leeds YTTC 851,285 509,698 851,285 509,698 10,799 110,7991 4,279 11,541 18,4531 7,367 513 5.885 518 1.700 9,000 16,3981 15181 11,7001 19,0001 Total Restricted 1,365,775 39,443 136.8681 1.368,350 Unre5trirted General Fund 1,211.875 425,338 1228,0711 1,409,142 Total Funds 2,577,650 464,781 1264,9391 2,777,492 13. ANALYSIS OF NET A55ET5 BETWEEN FUNDS Restrirted Funds Unrestricted Funds Total Funds Tangible fixed assets Debtors due greater than one year Other net a55ets As at 310ecember 1024 851,285 101,193 30,000 2.062,899 2,194,092 952.478 30,000 2,062.899 3.045,377 851,285 Restrlcted Funds Unrestricted Funds Total Funds Tangible fixed assets Debtors due greater than one year Other net assets As at 31 December 2023 1,360,983 69,384 30,000 1,309,758 1,409.142 1,430,367 30,000 1,317,125 2,777,492 7,367 1,368,350 18
TRUE JESUS CHURCH INEWCASTLEI NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 14. POST BALANCE SHEET EVENT True Jesus Curch in Newcastle pledged funds of £1,000,000 to the True Jesus Church UKGA for the refurbishment of the new church building, Silverton House in Cramlington. The funds were transferred in January 2025. 19