THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
FINANCIAL STATEMENTS
FOR
30 SEPTEMBER 2025
Charity No: 1161556
WHITELAW WELLS Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT
THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2025
| CONTENTS | PAGE |
|---|---|
| General Assembly Board Annual Report | 2 - 6 |
| Independent Auditor’s Report | 7 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 23 |
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
GENERAL ASSEMBLY BOARD ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2025
The General Assembly Board members have pleasure in presenting their report for the year ended 30 September 2025.
The financial statements comply with the General Assembly’s constitution, the Charities Act 2011 (as amended), and Accounting and Reporting by Charities: 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 (FRS 102).
OBJECTIVES AND ACTIVITIES OF THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
Purpose
The objectives of the General Assembly are:
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to co-ordinate and support the local churches, prayer houses and places of worship of the True Jesus Church in the UK and provide policies and guidance to them;
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to worship the one true God, keep the teachings of the Bible, proclaim the complete gospel of salvation of Jesus Christ, and prepare for the second coming of the Lord Jesus.
Aims and Activities
These objectives are met through regular meetings to discuss the needs within each local community and co-ordinating all the affiliated churches. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit.
Grant Making Policy
The General Assembly Board operates a policy to contribute a proportion of its income to the International Assembly of the True Jesus Church. The level of this contribution is suggested by the International Assembly on an annual basis. Other donations are made by identifying projects and organisations they wish to support and are discussed before any donation is made.
ACHIEVEMENTS AND PERFORMANCE
The General Assembly has increased in membership and has generally strengthened the faith of its members in line with the objectives outlined above by such activities as special services, seminars, fellowships, religious education, convocations and publications.
The organisation serves all the communities in the UK, although most members are from the Chinese Community.
In March 2025, the General Assembly Board approved the final design drawings for the office building at Cramlington in Northumberland, intended to serve as an administrative building and chapel. Due to unforeseen fit-out issues, the Board approved an increased project budget of £3,600,000 in early June and authorised a further round of fundraising. Contributions were received from various overseas and local churches. The renovation works were completed in early 2026, and a transition working group has been established to oversee the handover to the new local church in Cramlington.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
GENERAL ASSEMBLY BOARD ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2025
FINANCIAL REVIEW
Allocated offerings received during the year totalled £507,019 (2024: £525,248) and restricted donations totalled £2,344,229 (2024: £89,654). Total income for the year was £2,891,362 (2024: £651,725), with expenditure of £672,189 (2024: £557,995) leaving a surplus for the year of £2,219,173 (2024: £93,730). At the balance sheet date, the unrestricted reserves were £672,090 (2024: £1,331,302), including designated funds of £278,901 (2024: £303,794) with £6,051,547 (2024: £3,173,162) in restricted funds.
Investment Policy
The reserves are currently held in cash, which the General Assembly Board considers appropriate given the continuing volatility of the stock market and the significant capital investment in the office building at Cramlington. The General Assembly Board will continue to keep this policy under review.
Risk Management
The General Assembly Board has assessed the major risks to which the General Assembly is exposed and are satisfied that systems are in place to mitigate the exposure to the major risks. The principal risks and uncertainties facing the General Assembly are:
Financial Risk
Following the purchase of the office building in Cramlington, the ongoing capital development project represented a significant financial commitment for the organisation. The risk of negative cash flow has been mitigated through successive fundraising rounds and careful monitoring of expenditure.
Other Risks
Internal control risks are minimised by procedures for authorisation of all transactions.
Reserves Policy
The free reserves are the total unrestricted funds less the amount designated for the acquisition of church buildings, and equate to £393,189 (2024: £1,027,508). The General Assembly Board, and indeed the True Jesus Church in general, adopt a very conservative financial management strategy and would not normally borrow funds from commercial financial institutions. Hence the General Assembly Board has accumulated a large surplus of free reserves but such a reserve is held for the purpose of capital expenditure when necessary, e.g. purchase of properties by affiliated churches or when large programmes need to be undertaken requiring resources larger than the normal operating budget.
In addition, it is not unusual to lend funds to affiliated churches upon their request when they in turn require to incur capital expenditure. In such cases, money would be lent at zero rate of interest and be repaid when the affiliated church was capable to do so.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
GENERAL ASSEMBLY BOARD ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2025
PLANS FOR FUTURE PERIODS
The General Assembly will continue to advance evangelism in the UK through online national evangelistic services, evangelistic training for members and coordination with local churches, prayer houses and places of worship to preach the gospel. A new Department of Evangelism and Pioneering was established in November 2025 to lead and coordinate these evangelistic activities, ensuring a more structured approach across the UK.
In addition, the organisation will maintain its programme of online Bible studies, spiritual convocations, seminars and theological training courses to support members’ spiritual growth in line with its stated objectives.
Following the completion of the fit-out works of the office building at Cramlington in Northumberland, the organisation will focus on its operational use as an administrative centre and chapel, with the transition working group overseeing the handover to the new local church.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status of Charity and Governing Document
The General Assembly of the True Jesus Church, United Kingdom is registered as a charity with the Charity Commission for England and Wales with charity number 1161556. The General Assembly is governed by its Bylaws, Rules and Regulations and Trust Deed. The Bylaws, Rules and Regulations and the Trust Deed were last updated on 24 November 2025 and 10 September 2018 respectively.
The General Assembly acts as an “umbrella organisation” for the local churches, prayer houses and places of worship of the True Jesus Church in the UK, these bodies being affiliated but independent of the General Assembly. In order to achieve its objectives, the General Assembly co-operates, assists and works in collaboration with the various local churches, prayer houses and places of worship.
Organisational Structure
The organisation is formed by all the local churches and prayer houses of the True Jesus Church in the UK. Each church sends delegates to the annual Church Delegate Conferences. They in turn elect the General Assembly Board triennially. The General Assembly Board, with the exception of the salaried full-time divine workers employed by the General Assembly, are appointed Charity Trustees. Following the election held in November 2025, the General Assembly Board consists of 15 members who will serve for a term of three years and are eligible for re-election. The General Assembly Board is the highest executive body in the organisation and executes resolutions passed by the Church Delegate Conferences as well as carrying out the day to day running of the General Assembly.
Trustees’ Training
The current Trustees have held their posts for several years and are fully conversant with the work of the charity. Should a Trustee leave between Church Delegate Conferences, 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 General Assembly Board.
Related Parties
The General Assembly is affiliated to the International Assembly of the True Jesus Church but remains an independent charity.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
GENERAL ASSEMBLY BOARD ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2025
Pay Policy for Senior Staff
The General Assembly consider the board members to be the key management personnel of the charity. The pay of all staff is reviewed annually and normally increased in accordance with the UKGA Pay Scale and the Retail Price Index published by the government.
LEGAL AND ADMINISTRATIVE INFORMATION
Charity Name The General Assembly of the True Jesus Church, United Kingdom (known as TJC UKGA) Charity Number 1161556 General Assembly Board Fook Fah Chong Chairman from 24 November 2025; Head of Department of Religious Affairs until 24 November 2025 (UKGA Preacher) # Kon Fah (Ezra) Chong Chairman until 24 November 2025 (London) * Stephen Tin Loi Sek Vice-Chairman (Elgin) Johnny Koon Wong Liu Head of Department of Pastoral Care from 24 November 2025 (UKGA Preacher) # Chi Wing (Michael) Chan Head of Department of Evangelism and Pioneering from 24 November 2025; Head of Department of Training until 24 November 2025 (UKGA Preacher) # Michael Parrett Head of Department of General Affairs (Forest Hill) * Michael (Zephaniah) Hsu Head of Department of Financial Affairs (Edinburgh) Yuk Kong (Amos) Tang Head of Department of Literary Ministry (Leicester) * Sam (Chung Pok) Chan (Edinburgh) * Tak Fai (Stephen) Ho Resigned on 24 November 2025 (Newcastle) * Tin Wan (Simon) Ho (Newcastle) * William (Nahum) Ho (Newcastle) * Johnny (Jonah) Liu (Newcastle) * Wai Kee (Habakkuk) Ng Elected on 24 November 2025 (Newcastle)* Anthony (Nathan) Tang (Newcastle) * Kenneth (Nehemiah) Zhou (London) *
- signifies board member is also a trustee of the local church # signifies board member is not a trustee of the General Assembly
Secretary Michael Parrett
Principal Address Boyd Street Shieldfield, Newcastle upon Tyne England, NE2 1AP
Independent Auditor Whitelaw Wells Chartered Accountants & Statutory Auditors 9 Ainslie Place, Edinburgh, EH3 6AT Bankers The Royal Bank of Scotland Edinburgh West End Office Branch 142-144 Princes Street, Edinburgh, EH2 4EQ
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
GENERAL ASSEMBLY BOARD ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2025
RESPONSIBILITIES OF THE GENERAL ASSEMBLY BOARD
The General Assembly Board are responsible for preparing the General Assembly 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 General Assembly Board to prepare financial statements for each 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 period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material
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departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in business.
The General Assembly Board are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The General Assembly Board are responsible for the maintenance and integrity of the charity 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.
Statement as to Disclosure of Information to Auditors
So far as the General Assembly Board are aware, there is no relevant audit information (as defined by the Charities Act 2011) of which the charity’s auditors are unaware, and each members of the board has taken all steps he ought to have as a member of the board in order to make himself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Approved by the General Assembly Board 31 May 2026 and signed on their behalf by:
Michael Parrett Secretary
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
YEAR ENDED 30 SEPTEMBER 2025
Opinion
We have audited the financial statements of The General Assembly of the True Jesus Church, United Kingdom for the year ended 30 September 2025, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 September 2025 and of its incoming resources and application of the resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with The Charities Act 2011 (as amended) (the Charities Act).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in Auditors’ responsibilities for the audit of financial statements in our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to Going Concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
YEAR ENDED 30 SEPTEMBER 2025
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which The Charities Act 2011 (the Charities Act) requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ annual report; or
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Proper accounting records have not been kept; or
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The financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustees
As explained more fully in the Trustees’ responsibilities statement set out on page 6, the Trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees intend to liquidate the Trust or cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 155 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.
From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
YEAR ENDED 30 SEPTEMBER 2025
Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.
We performed income and expenditure testing which was designed to identify any irregularities as a result of mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities.
This description forms part of our Report of the Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with The Charities Act 2011 (the Charities Act). Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Whitelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT
Whitelaw Wells is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
31 May 2026
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 SEPTEMBER 2025
| Note | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations | |||||
| Contributions from local churches | 507,019 | 2,344,229 | 2,851,248 | 614,902 | |
| Investment income |
24,597 |
15,517 | 40,114 | 36,823 | |
| Total income | 2 | 531,616 | 2,359,746 | 2,891,362 | 651,725 |
| Expenditure on: | |||||
| Charitable activities | 3 | 490,828 | 181,361 | 672,189 | 557,995 |
| Total expenditure | 490,828 | 181,361 | 672,189 | 557,995 | |
| Net income | 40,788 | 2,178,385 | 2,219,173 | 93,730 | |
| Transfers between funds | (700,000) | 700,000 | - | - |
|
| Net movement in funds | (659,212) | 2,878,385 | 2,219,173 | 93,730 | |
| Funds brought forward | 1,331,302 | 3,173,162 | 4,504,464 | 4,410,734 | |
| Funds carried forward | 672,090 | 6,051,547 | 6,723,637 | 4,504,464 |
The General Assembly 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 13-23 form part of these financial statements.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
BALANCE SHEET
30 SEPTEMBER 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible assets | 7 | 5,276,903 | 2,380,215 | |
| CURRENT ASSETS | ||||
| Debtors:amounts falling due in less than one year | 8 | 170,541 | 204,772 | |
| amounts falling due in greater than one year | 9 | 55,410 | 86,541 | |
| Cash at bank and in hand | 2,231,321 | 1,875,362 | ||
| 2,457,272 | 2,166,675 | |||
| CREDITORS:amounts falling due within one year | 10 | (1,010,538) | (42,426) | |
| NET CURRENT ASSETS | 1,446,734 |
2,124,249 |
||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 6,723,637 | 4,504,464 | ||
| FUNDS | ||||
| Unrestricted Funds | 11 | 393,189 | 1,027,508 | |
| Designated Funds | 11 | 278,901 | 303,794 | |
| Restricted Funds | 11 | 6,051,547 | 3,173,162 | |
| 6,723,637 | 4,504,464 |
These financial statements were approved by the General Assembly Board and are signed on their behalf by:
Michael (Zephaniah) Hsu Date 31 May 2026
The notes on pages 13-23 form part of these financial statements.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
STATEMENT OF CASH FLOWS
30 SEPTEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash provided by operating activities | 3,229,137 |
68,182 |
| Cash flows from investing activities: | ||
| Interest | 37,941 | 34,075 |
| Purchases of fixed assets | (2,911,119) | (47,493) |
| Net cash provided by investing activities | (2,873,178) |
(13,418) |
| Change in cash and cash equivalents in the year | 355,959 | 54,764 |
| Cash and cash equivalents at the beginning of the year | 1,875,362 | 1,820,598 |
| Cash and cash equivalents at the end of the year | 2,231,321 |
1,875,362 |
| RECONCILIATION OF NET EXPENDITURE | ||
| TO NET CASH FLOW FROM OPERATING ACTIVITES | ||
| Net income for the year (as per the Statement of | ||
| Financial Activities) | 2,219,173 | 93,730 |
| Adjustments for: | ||
| Depreciation charge | 14,431 | 603 |
| Interest from investments | (37,941) | (34,075) |
| (Increase)/Decrease in debtors | 65,362 | (18,021) |
| Increase in creditors | 968,112 | 25,945 |
| Net cash provided by operating activities | 3,229,137 |
68,182 |
| ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
| Instant access bank deposits | 2,231,361 | 1,875,362 |
| Total cash and cash equivalents | 2,231,361 |
1,875,362 |
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The General Assembly of the True Jesus Church, United Kingdom 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).
The General Assembly Board is not aware of any factors that affect the charity’s ability to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements as such have prepared the accounts under the going concern principle.
Income recognition
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations and income from charitable activities are included in the year in which they are receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The General Assembly is not registered for VAT and accordingly is shown gross of irrecoverable VAT.
Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries and governance costs. It includes both costs that can be allocated directly to activities and those costs of an indirect nature necessary to support them.
Grants are only regarded as commitments when the Trustees have approved a request for support that is payable over a financial year-end and have written to the beneficiary stating the amount and period over which grants will be made. If, within the commitment period, a beneficiary ceases or materially adversely changes its charitable operations or fails to meet any funding condition the Trustees would have no hesitation in withdrawing their commitment. If the grant is not recognised as a commitment it is recognised as paid.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
1. ACCOUNTING POLICIES (Continued)
Expenditure (continued)
Support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Depreciation
Fixed assets are originally recorded at cost. Items are not capitalised if expenditure is less than £500. 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:
Freehold property – nil Computer equipment – 25% SL Fixtures and fittings – 25% SL
Freehold property is not depreciated, but is reviewed for impairment on an annual basis. The General Assembly Board do not feel that the freehold property is reducing in value and therefore have not applied any depreciation.
Loans
The provision for a multi-year loan debtor is recognised at its present value where settlement is due over more than one year from the date of the award, there are no conditions under the control of the General Assembly that would result in the debtor ceasing to make future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is 3%, the General Assembly Board consider this to be appropriate.
Other Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Pensions
The charity contributes to the individual personal pensions of its employees. The annual contributions are charged to the income and expenditure account.
Restricted funds
Restricted funds are to be used for specific purposes as laid down by the donor.
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.
Designated funds
Designated funds are funds designated by the General Assembly Board for a specific purpose.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
1. ACCOUNTING POLICIES (Continued)
Provisions
Provisions are recognised when the charity has a present obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligations and a reliable estimate can be made of the amount of the obligation.
Judgements and key sources of estimation uncertainty
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| 2. INCOME Unrestricted Restricted 2025 Funds funds Total £ £ £ Donations Contributions from local churches 507,019 2,344,229 2,851,248 Investments Bank interest 22,425 15,517 37,941 Finance income 2,172 - 2,172 Total Income 531,616 2,359,746 2,891,362 |
2024 Total £ 614,902 34,075 2,748 |
|---|---|
| 651,725 |
Income was £2,891,362 (2024: £651,725) of which £531,616 (2024: £548,771) was unrestricted and £2,359,746 (2024: £102,954) was restricted.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
3. TOTAL EXPENDITURE
| TOTAL EXPENDITURE | |||||
|---|---|---|---|---|---|
| Church | Total | Total | |||
| Note | Donations | Activities | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Donations | 5 | 60,137 | - | 60,137 | 106,541 |
| Salaries and wages | 6 | - | 358,540 | 358,540 | 336,816 |
| Board travel expenses | - | 24,576 | 24,576 | 19,103 | |
| Department of Religious Affairs | - | 7,467 | 7,467 | 12,328 | |
| Department of Training | - | 12,000 | 12,000 | 24,037 | |
| Department of General Affairs | - | 3,292 | 3,292 | 2,535 | |
| Finance costs | - | 1,146 | 1,146 | - | |
| Building expenses | - | 181,361 | 181,361 | 44,219 | |
| Depreciation | - | 14,431 | 14,431 | 603 | |
| Bank charges | - | 54 | 54 | 3,159 | |
| Sundry | - | 1,169 | 1,169 | 1,520 | |
| Support Costs: | |||||
| Accountancy fees | - | 2,376 | 2,376 | 1,974 | |
| Audit fees | - | 5,640 | 5,640 | 5,160 | |
| 60,137 | 612,052 | 672,189 | 557,995 |
Expenditure was £672,189 (2024: £557,995) of which £181,361 (2024: £44,219) was restricted and £490,828 (2024: £513,776) was unrestricted. Further breakdown of expenses is not undertaken as the Trustees believe there is only one main activity.
4. NET INCOME FOR THE YEAR
| NET INCOME FOR THE YEAR | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| This is stated after charging:- | ||
| Depreciation | 14,431 | 603 |
| Auditor’s remuneration: audit fees | 5,640 | 5,160 |
| Auditor’s remuneration: non-audit fees | 2,376 | 1,974 |
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
5. GRANTS & DONATIONS PAYABLE
| Unrestricted Restricted International Assembly 44,137 - Donations to local churches - - Donations to overseas churches 16,000 - Essex Building Fund - - 60,137 - |
2025 2024 £ £ 44,137 76,000 - 10,541 16,000 - - 20,000 60,137 106,541 |
|---|---|
Grants and donations payable were £60,137 (2024: £106,541) of which £60,137 (2024: £106,541) was unrestricted and £nil (2024: £nil) was restricted. No grants and donations were awarded to individuals during the year (2024: £nil).
6. STAFF COSTS
| The average number of staff during the year calculated on a head count basis was: Staff costs comprise: Salaries and wages Social security costs Pension costs |
2025 9 £ 318,347 26,339 13,854 358,540 |
2024 9 £ 299,278 30,219 7,319 336,816 |
|---|---|---|
The General Assembly considers its key management personnel to comprise the Board members of which 3 members are full-time preachers. The total employment benefits, including employer pension contributions of the key management personnel, were £132,013 (2024: £125,586). No employee was paid a salary of more than £60,000 per annum.
The General Assembly employs seven full-time preachers, a secretary and a literary ministry office worker. The preachers are not attached to any particular local church but their work is based on assignments coordinated by the Department of Religious Affairs. A preacher’s annual schedule is confirmed by the General Assembly Board in the preceding year.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
7. TANGIBLE FIXED ASSETS
| ANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|
| Computer | Fixtures & | Freehold | |||
| equipment | Fittings | Property | Total | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 October 2024 | 2,410 | - | 2,380,215 | 2,382,625 | |
| Additions | 55,310 | 141,103 | 2,714,706 | 2,911,119 | |
| At 30 September 2025 | 57,720 | 141,103 | 5,094,921 | 5,293,744 | |
| DEPRECIATION | |||||
| At 1 October 2024 | 2,410 | - | - | 2,410 | |
| Charge for the year | 2,605 | 11,826 | - | 14,431 | |
| At 30 September 2025 | 5,015 | 11,826 | - | 16,841 | |
| ______ | ______ | ______ | ______ | ||
| NET BOOK VALUE | |||||
| At 30 SEPTEMBER 2025 | 52,705 | 129,277 | 5,094,921 | 5,276,903 | |
| At 30 September 2024 | - | - | 2,380,215 | 2,380,215 | |
| The original cost of the properties were: | |||||
| Apartment 5, Stranmillis Reach, Off Stranmillis Embankment, Belfast: | £133,825 | ||||
| Unit 1, Silverton Court, Northumberland | Business Park, | Cramlington: | £2,086,000 |
The property in Belfast is rented to the Place of Worship in Belfast at no cost. The property in Cramlington is being developed into an administrative building for the organisation.
After the year end, ownership of the property in Belfast was transferred to the designated Trustees of the General Assembly.
8. DEBTORS: Amounts due in less than one year
| Accrued income – contributions from affiliated churches receivable Loans to affiliated churches Prepayments |
2025 £ 161,414 6,325 2,802 170,541 |
2024 £ 195,425 9,347 - |
|---|---|---|
| 204,772 |
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
9. DEBTORS: Amounts due in more than one year
| DEBTORS: Amounts due in more than one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Loans to affiliated churches | 55,410 | 86,541 |
Loans to affiliated churches comprise one loan (2025: two loans) to the Place of Worship in Manchester.
The loan was made for the purpose of purchasing a new church building. The loan is interestfree and repayable in annual instalments of £6,325. At the year end, the outstanding amount before discounting was £75,900.
10. CREDITORS: Amounts falling due within one year
| CREDITORS: Amounts falling due within one year 2025 £ Accruals 392,605 Other creditors 135,433 Loans from affiliated churches 482,500 1,010,538 |
2024 £ 42,426 - - |
|---|---|
| 42,426 |
Loans from affiliated churches comprise five loans from local churches and places of worship of the True Jesus Church in the UK.
The loans were made for the purpose of supporting the building project in Cramlington. The loans are interest-free and repayable on demand.
11. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Balance | Balance at | ||||
| at 01.10.24 | Income | Expenditure | Transfers | 30.09.25 | |
| £ | £ | £ | £ | £ | |
| RESTRICTED FUNDS | |||||
| Building Fund: Belfast | 133,825 | - | - | - | 133,825 |
| UKGA Building Fund | 2,482,741 | 2,298,698 | (181,361) | 700,000 | 5,300,078 |
| UKGA Evangelism Fund | 340,115 | 13,962 | - | - | 354,077 |
| International Assembly | 11,974 | 11,483 | - | - | 23,457 |
| Africa & India Fund | 116,767 | 35,603 | - | - | 152,370 |
| IA Internet Ministry | 42,150 | - | - | - | 42,150 |
| Donations to Essex Place of | - | ||||
| Worship | 590 | - | - | - | 590 |
| Belfast Place of Worship Fund 45,000 | - | - | - | 45,000 | |
| Total restricted funds | 3,173,162 | 2,359,746 | (181,361) | 700,000 | 6,051,547 |
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
11. MOVEMENT IN FUNDS (continued)
| Balance at 01.10.24 £ UNRESTRICTED FUNDS General funds 1,027,508 Designated funds: UKGA Church Building Development Fund 303,794 Total unrestricted funds 1,331,302 |
Balance at Income Expenditure Transfers 30.09.25 £ £ £ £ 526,819 (490,828) (670,310) 393,189 4,797 - (29,690) 278,901 531,616 (490,828) (700,000) 672,090 |
Balance at Income Expenditure Transfers 30.09.25 £ £ £ £ 526,819 (490,828) (670,310) 393,189 4,797 - (29,690) 278,901 531,616 (490,828) (700,000) 672,090 |
|---|---|---|
| 672,090 |
The above funds at the end of the year represent:-
Purposes of Restricted Funds
Building Fund - Belfast: The building fund represents the cost of the church building held on behalf of the Place of Worship in Belfast.
UKGA Building Fund: The building fund represents the cost of the office building in Cramlington and the funds received from members for the payment of related expenses. The transfer in the year represents costs incurred to date that were paid for from the general fund and capital additions to the property.
UKGA Evangelism Fund (formerly UKGA Preaching Fund): Funds received for the specific purpose of preaching the gospel and supporting divine works, particularly in pioneer areas where the True Jesus Church has not yet been established. The transfer represents funds reallocated to the general funds, as agreed by the General Assembly Board, in line with the organisation’s purposes.
The other restricted funds represent monies received from donors specified for particular purposes. Those funds passed on to the organisations are listed in Note 5.
Purposes of Designated Funds
UKGA Church Building Development Fund: funds designated to support affiliated churches in building or acquiring premises.
Other designated funds represent funds passed to other organisations as decided by the trustees.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
11. MOVEMENT IN FUNDS (continued)
| Balance at 01.10.23 £ RESTRICTED FUNDS Building Fund: Belfast 133,825 UKGA Building Fund 2,473,578 UKGA Evangelism Fund 400,083 International Assembly 6,163 Africa & India Fund 112,417 IA Internet Ministry 41,600 Donations to Essex Place of Worship 590 Belfast Place of Worship Fund - Total restricted funds 3,168,256 Balance at 01.10.23 £ UNRESTRICTED FUNDS General funds 965,486 Designated funds: UKGA Church Building Development Fund 276,992 Donations to local churches - Donation to Essex Place of Worship - International Assembly - Total unrestricted funds 1,242,478 |
Balance at Income Expenditure Transfers 30.09.24 £ £ £ £ - - - 133,825 27,211 (44,219) 26,171 2,482,741 20,032 - (80,000) 340,115 5,811 - - 11,974 4,350 - - 116,767 550 - - 42,150 - - - 590 45,000 - - 45,000 102,954 (44,219) (53,829) 3,173,162 Balance at Income Expenditure Transfers 30.09.24 £ £ £ £ 543,319 (407,235) (74,062) 1,027,508 5,452 - 21,350 303,794 - (10,541) 10,541 - - (20,000) 20,000 - - (76,000) 76,000 - 548,771 (513,776) 53,829 1,331,302 |
|---|---|
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2025 | |||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| £ | £ | £ | |
| Fixed assets | 181,982 | 5,094,921 | 5,276,903 |
| Cash at bank and in hand | 749,644 | 1,481,677 | 2,231,321 |
| Other net current liabilities | (259,536) | (525,051) | (784,587) |
| At 30 September 2025 | 672,090 | 6,051,547 | 6,723,637 |
| 2024 | |||
| Unrestricted | Restricted | Total | |
| £ | £ | £ | |
| Fixed assets | - | 2,380,215 | 2,380,215 |
| Cash at bank and in hand | 1,107,639 | 767,723 | 1,875,362 |
| Other net current assets | 223,663 | 25,224 | 248,887 |
| At 30 September 2024 | 1,331,302 | 3,173,162 | 4,504,464 |
13. USE OF THE TRUE JESUS CHURCH, NEWCASTLE
The General Assembly operates from the True Jesus Church, Newcastle premises. No rental is paid for the use of premises.
14. RELATED PARTIES AND TRUSTEES’ EXPENSES AND REMUNERATION
During the year, 8 members (2024: 5) of the General Assembly Board received reimbursements for expenses incurred during the year of £6,742 (2024: £46,690) while working on behalf of the General Assembly. All trustees act gratuitously.
The General Assembly Board Members as noted on page 5 are also trustees of local True Jesus Churches.
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THE GENERAL ASSEMBLY OF THE TRUE JESUS CHURCH, UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
30 SEPTEMBER 2025
15. ACTING AS AGENT
The charity acts as an agent for administrative purposes on behalf of the International Assembly of the True Jesus Church, by collecting income and making payments for associated expenses from a UK bank account held in the name of the International Assembly of the True Jesus Church to support local workers and churches in Africa. In summary, the transactions were as follows:
| were as follows: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Donations received | 51,337 | 83,453 |
| Expenses reimbursed | 198,959 | 79,379 |
| Bank balance at the year-end | 277,892 | 425,513 |
16. CONTINGENT LIABILITY
The charity entered into contracts with contractors for the improvement works on the office building in Cramlington. The total budgeted works were expected to be £3,780,000, of which £2,754,190 has been recognised up to 30/09/2025. Since the year end, costs incurred but not yet provided in the financial statements were £1,164,557 (2024: £103,497).
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