**TRUE JESUS CHURCH IN EDINBURGH**
**FINANCIAL STATEMENTS**
**FOR YEAR ENDED 31 August 2024**
**Charity Number SC002215**
**WHITELAW WELLS Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT**
**TRUE JESUS CHURCH IN EDINBURGH**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
|**CONTENTS**|**PAGE**|
|---|---|
|Members of the Board Annual Report|2 - 6|
|Independent Examiner’s Report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 18|
**- 1 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**MEMBERS OF THE BOARD ANNUAL REPORT**
## **YEAR ENDED 31 AUGUST 2024**
The Members of the Board are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ending 31 August 2024.
The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Trust Deed, 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
The objectives of the Church are as follows:
- To worship the one true God in accordance with the Old and the New Testaments of the Holy Bible;
- To proclaim the complete gospel of the salvation of the Lord Jesus; to keep and uphold all teachings in the Bible;
- To prepare for the Second Coming of the Lord Jesus.
These objectives are met through regular meetings for worship where they are preached to the congregation.
## Volunteers
Many volunteers give up their time to help out at the church, particularly at weekends and in the evenings. The Board is greatly indebted to these volunteers for their commitment and support.
## Grant Making Policy
The Church Board operates a policy to contribute a proportion of its income to the General Assembly of the True Jesus Church, United Kingdom on an annual basis at a level set by the General Assembly and to other religious organisations as it sees appropriate on an ad hoc basis. The Board reviews the level of the contributions each year to other religious organisations.
## **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:
- Spiritual Convocation: 10th- 12th September 2023
- Annual General Meeting: 26[th] November 2023
- Thanksgiving Service: 1[st] January 2024
- Youth Class Winter Fellowship: 17[th] – 18[th] February 2024
- National Married Couples Fellowship: 10[th] – 11[th] March 2024
- National RE Teacher Training Seminar (English) 19th – 21[st] April 2024
- Spiritual Cultivation Seminar: 18[th] – 19[th] May 2024
- Gospel Open Day: 2[nd] June 2024
- National Student Spiritual Convocation: 28[th] July – 1[st] August 2024
**- 2 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**MEMBERS OF THE BOARD ANNUAL REPORT**
## **YEAR ENDED 31 AUGUST 2024**
During the year the church held funerals for:
- Sister Yuen Kiu Ho Shek: 19[th] September 2023
- Brother Loi Shing Ho: 5[th] August 2024
## **FINANCIAL REVIEW**
The net income for the year, which are the operational reserves of the Church, was £154,735 (2023: £171,704). The church received total income of £387,826 (2023: £343,361) and £150,701 (2023: £105,821) was applied in making donations.
At the balance sheet date the unrestricted reserves were £1,041,204 (2023: £886,469). There were restricted reserves of £NIL (2023: £NIL) and permanent endowment reserves of £70,000 (2023: £70,000).
## Principal sources of funding
The Church receives the majority of its funding from those in the fellowship by way of weekly offerings and from general donations. The church does not organise specific activities for the purpose of raising income.
## Reserves Policy
The Reserve fund represents the unrestricted and restricted funds arising from past operating results. The unrestricted funds represent the free reserves of the church. The Church Board have examined the requirement to maintain free reserves and are aware that they are holding a relatively large amount of unrestricted funds. However, such funds are necessary for the continued maintenance of the church building and the future expansion of the church. £10,000 of the unrestricted reserve is committed in the form of loans to other True Jesus Churches to enable them to purchase their own church property.
## Investment Policy
The reserves are currently held in cash, which the Church Board feel is appropriate given the continuing volatility of the stock market. The Board will keep this policy under review.
## Risk Management
The Members of the Board have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate the exposure to the major risks.
**- 3 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**MEMBERS OF THE BOARD ANNUAL REPORT**
## **YEAR ENDED 31 AUGUST 2024**
## **PLANS FOR FUTURE PERIODS**
The Church plans to continue the regular activities outlined above subject to satisfactory income arrangements.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## Status of Charity, Governing Document and Affiliation
The Church, which is a registered charity with the Office of the Scottish Charity Regulator, is an unincorporated association governed under the rules of its constitution dated June 1988. The Church is affiliated to the General Assembly of the True Jesus Church, United Kingdom.
## Management, Appointment and induction of the Church Board and Executive Committee
At the Annual General Meeting of Members, up to eleven church members are elected to form the Church Board and to carry out the administrative functions of the Church. Each member of the Board serves for a period of three years but is eligible for re-election for any number of terms. All Board members are honorary. Three of the board members serve as the Executive Committee Members of the three sections: Religious Affairs, General Affairs and Financial Affairs.
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 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.
## Organisational Structure
The members of the Church are any persons, over 18, baptised in the True Jesus Church and they are eligible to speak, vote, elect and be elected to the Church Board at the General Meeting of Members.
The Church Board are responsible for the management of the Church and this is executed by the Church Executive Committee.
**- 4 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**MEMBERS OF THE BOARD ANNUAL REPORT**
## **YEAR ENDED 31 AUGUST 2024**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Charity registration number** SC002215 **Registered charity name** True Jesus Church in Edinburgh **Board members Secretary Registered office & address Independent examiner** Whitelaw Wells 9 Ainslie Place Edinburgh EH3 6AT **Solicitors** Peterkin & Kidd WS 8 High Street Linlithgow EH49 7AF **Bankers** The Royal Bank of Scotland Edinburgh West End Office 142-144 Princess Street Edinburgh EH2 4EQ
**- 5 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**MEMBERS OF THE BOARD ANNUAL REPORT**
## **YEAR ENDED 31 AUGUST 2024**
## **RESPONSIBILITIES OF THE MEMBERS OF THE BOARD**
The Members of the Board are responsible for preparing a trustees’ annual 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 Scotland requires the charity trustees to prepare financial statements for each year which show 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Members of the Board are responsible for keeping proper accounting records which 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 and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Members of the Board are responsible for the maintenance and integrity of the charity and financial information on the congregation’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Board on 8 March 2025 and signed on their behalf by
**- 6 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
## **YEAR ENDED 31 AUGUST 2024**
I report on the financial statements for the year ended 31 August 2024 set out on pages 8 to 18.
## **Respective responsibilities of trustees and examiner**
The charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention:
- 1 which gives me reasonable cause to believe that in any material respect the requirements:
- a) to keep accounting records in accordance with Section 44(1) (a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the 2006 Accounts Regulations (as amended); and
- b) to prepare accounts which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended)
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Whitelaw Wells 9 Ainslie Place Edinburgh EH3 6AT
Date: 8 March 2025
**- 7 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **INCOME AND EXPENDITURE ACCOUNT (INCORPORATING STATEMENT OF FINANCIAL ACTIVITIES)**
## **YEAR ENDED 31 AUGUST 2024**
|**Permanent**
**Un-**
**Endow-**
**2024**
**Note**
**restricted Restricted**
**ment**
**Total**
**£**
**£**
**£**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
309,533
51,305
- 360,838
Investments
26,988
-
-
26,988
**Total Income**
**2**
336,521
51,305
- 387,826
**EXPENDITURE ON:**
Charitable activities
182,858
50,233
- 233,091
**Total Expenditure**
**3**
182,858
50,233
- 233,091
**NET INCOME**
153,663
1,072
- 154,735
Transfer between funds
1,072
(1,072)
-
-
**Net movement in funds**
154,735
-
- 154,735
**RECONCILIATION OF FUNDS**
Funds brought forward at
1 September 2023
886,469
-
70,000 956,469
**Funds carried forward at**
**31 August 2024**
1,041,204
-
70,000 1,111,204|**2023**
**Total**
**£**
336,725
6,636
343,361
171,657
171,657
171,704
-
171,704
784,765
956,469|
|---|---|
The church has no recognised gains or losses other than the results for the year as set out above.
All activities relate to continuing operations.
## **The notes on pages 10 to 18 form part of these financial statements.**
**- 8 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **BALANCE SHEET**
## **YEAR ENDED 31 AUGUST 2024**
|**Note**
**£**
**FIXED ASSETS**
Tangible assets
**7**
**CURRENT ASSETS**
Debtors:_amounts falling_ _due in less than one year_
**8**
37,620
_amounts falling_ _due in greater than one year_
**9**
10,000
Cash at bank and in hand
1,002,305
1,049,925
**CREDITORS:**amounts falling due within one year
**10**
(31,052)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Unrestricted: General Fund
**11**
667,697
Designated Fund
**11**
373,507
Restricted Funds
**11**
Restricted Fund – Permanent Endowment
**11**|**2024**
**£**
92,331
1,018,873
1,111,204
1,041,204
-
70,000
1,111,204|**2023**
**£**
86,923
36,248
50,000
803,475
889,723
(20,177)
869,546
956,469
518,369
368,100
886,469
-
70,000
956,469|
|---|---|---|
These financial statements were approved by the members of the board on 8 March 2025 and are signed on their behalf by:
**The notes on pages 10 to 18 form part of these financial statements.**
**- 9 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of accounting**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The accounts have been prepared in accordance with the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) 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 (FRS102) (effective 1 January 2019).
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 charity constitutes a public benefit entity as defined by FRS 102.
## **Income**
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.
Offerings 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**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise the costs of investment manager’s fees.
- Expenditure on charitable activities includes the costs incurred by the charity in delivery of its activities and services to its beneficiaries and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
**- 10 -**
**TRUE JESUS CHURCH IN EDINBURGH**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES (cont.)**
## **Support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the Trusts programmes and activities.
## **Fixed assets**
Tangible fixed assets are initially recorded at cost. Items are not capitalised if expenditure is less than £250. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets over their expected useful lives on the following bases:
|Heritable Property & Property Improvements|-|nil|
|---|---|---|
|Central Heating System|-|10% straight line|
|Motor Vehicles|-|25% reducing balance|
|Equipment|-|25% reducing balance|
Heritable property has not been depreciated, which is not in line 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. The Church Board do not feel that the property is reducing in value and therefore have not applied any depreciation.
## **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.
## **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 board for a specific purpose.
## **Restricted funds**
Restricted funds are to be used for specific purposes as laid down by the donor.
## **Permanent endowment**
The cost of heritable property is to be retained for the use of the Church indefinitely.
**- 11 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
|**2.**
**INCOME**
**Unrestricted Restricted**
**£**
**£**
**Donations and Legacies**
Offerings
252,930
-
Tax recovered on gift aid
33,274
-
Sundry Income, gifts and donations
23,329
47,803
Grants
**-**
3,502
**Investments**
26,988
**-**
336,521
51,305|**2024**
**£**
252,930
33,274
71,132
3,502
26,988
387,826|**2023**
**£**
252,583
32,063
52,079
-
6,636
343,361|
|---|---|---|
Income was £387,826 (2023: £343,361) of which £336,521 (2023: £318,144) was unrestricted and £ 51,305 (2023: £25,217) was restricted.
|**3.**
**EXPENDITURE**
**Unrestricted Restricted**
**Funds**
**Funds**
**£**
**£**
**Grant Making – other donations**
UK General Assembly donations
100,468
-
Other donations
**4**
-
50,233
**Church Activities**
Staff costs
**5**
-
-
Food
12,691
-
Utilities
14,529
-
Transport and motor expenses
5,049
-
Insurance
10,995
-
Postage and stationery
1,145
-
Telephone
1,370
-
Repairs and maintenance
22,770
-
Books and Publications
538
-
Spiritual Convocations
1,253
-
Religious education
750
-
Special meetings (including YTTC)
565
-
Other direct charitable costs
7,169
Disposal of fixed assets
-
-
Depreciation of fixed assets
**7**
1,046
-
_Governance:_
Independent Examination cost
2,520
-
182,858
50,233|**2024**
**Total**
**£**
100,468
50,233
-
12,691
14,529
5,049
10,995
1,145
1,370
22,770
538
1,253
750
565
7,169
-
1,046
2,520
233,091|**2023**
**Total**
**£**
93,911
11,910
-
7,406
16,439
4,981
9,866
425
1,160
11,421
606
740
1,096
2,267
4,745
-
2,404
2,280
171,657|
|---|---|---|
Expenditure was £233,091 (2023: £171,657) of which £182,858 (2023: £159,747) was unrestricted and £50,233 (2023: £11,910) was restricted.
**- 12 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **4. OTHER DONATIONS PAID**
|**Unrestricted Restricted**
**£**
**£**
IA World Evangelism Fund
-
1,294
Essex Place of Worship Fund
-
20,365
UK General Assembly Building Fund
-
12,184
UK General Assembly Evangelism Fund
-
4,080
UK General Assembly Africa Ministry Fund
-
3,810
Glasgow Building Fund
-
7,855
UK General Assembly Church Building Development Fund
-
80
IA AMC Charity Fund
-
565
-
50,233|**2024**
**Total**
**£**
1,294
20,365
12,184
4,080
3,810
7,855
80
565
50,233|**2023**
**Total**
**£**
1,400
-
5,385
500
2,655
1,465
505
-
11,910|
|---|---|---|
## **5. STAFF COSTS**
The General Assembly of the True Jesus Church (U.K.) employs 7 ministers who visit churches and prayer houses across the U.K. and in other parts of Europe, including True Jesus Church in Edinburgh. The ministers’ salary costs are met entirely by the General Assembly and True Jesus Church in Edinburgh has no regular minister.
No employee earned more than £60,000 per year.
## **6. MEMBERS OF THE BOARD REMUNERATION AND RELATED PARTY TRANSACTIONS**
During the year 7 (2023: NIL) members of the board were reimbursed expenses relating to the general activities of the church amounting to £3,581 (2023: £NIL). No board member received any remuneration in the year (2023: £NIL).
During the year the members of the board donated a total of £ 37,111 (2023: £52,824).
**- 13 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **7. TANGIBLE FIXED ASSETS**
|**Heritable Prop**
**& Improvements**
**£**
**Cost**
At 1 September 2023
83,205
Additions
5,715
At 31 August 2024
88,920
**Depreciation**
At 1 September 2023
-
Charge for year
-
At 31 August 2024
-
**Net Book Value**
At 31 August 2024
88,920
At 31 August 2023
83,205|**Central**
**Motor**
**Heating**
**Vehicles Equipment**
**£**
**£**
**£**
93,224
7,320
83,739
-
-
739
93,224
7,320
84,478
93,224
6,770
80,571
-
137
909
93,224
6,907
81,480
-
413
2,998
-
550
3,168|**Total**
**£**
267,488
6,454
273,942
180,565
1,046
181,611
92,331
86,923|
|---|---|---|
Heritable property consists of the original cost of the heritable property in Edinburgh of £70,000, with improvement costs carried out totalling £18,920. The board consider the market value for the property to be in excess of the value shown.
## **8. DEBTORS: Amounts due in less than one year**
|Prepayments and accrued income
Other debtors – gift aid receivable|**2024**
**£**
4,799
32,821
37,620
|**2023**
**£**
4,312
31,936
36,248|
|---|---|---|
**- 14 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **9. DEBTORS: Amounts due in more than one year**
|Loans to affiliated churches|**2024**
**£**
10,000
10,000|**2023**
**£**
50,000
50,000|
|---|---|---|
Loans to affiliated churches comprise: £Nil (2023: £40,000) to the Dublin place of worship and £10,000 (2023: £10,000) to the Cambridge prayer house.
The loans were made towards the purchase of new church buildings. The loans are interest free. By mutual agreement between the affiliated churches, repayment will become due at the earliest of sufficient funds becoming available to repay the loan or once the vacated premises of the respective churches have been sold. As there is no fixed repayment date this loans have not been discounted to their fair value as it is not known what term the loan will be repaid over.
## **10. CREDITORS** : **Amounts due in less than one year**
|Accruals|**2024**
**£**
31,052
31,052|**2023**
**£**
20,177
20,177|
|---|---|---|
**- 15 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **11. MOVEMENT IN FUNDS**
|**At 1**
**September**
**2023**
**£**
**Unrestricted Funds**
General fund
518,369
Designated funds:
Fixed asset fund
16,924
Church building fund
250,000
Church maintenance fund
101,176
886,469
**Restricted funds**
Church building maintenance
fund
Other funds
-
**Permanent endowment**
70,000
**TOTAL FUNDS**
956,469|**At 31**
**August**
**Income Expenditure**
**Transfers**
**2024**
**£**
**£**
**£**
**£**
336,521
(181,812)
(5,381)
667,697
-
(1,046)
6,453
22,331
-
-
-
250,000
-
-
-
101,176
336,521
(182,858)
1,072
1,041,204
16,637
-
(16,637)
-
34,668
(50,233)
15,565
-
-
-
-
70,000
387,826
(233,091)
-
1,111,204|
|---|---|
## **Purpose of designated funds**
The fixed asset fund represents the net book value of the fixed assets other than heritable property. The transfer from the general fund to the designated fund represents the net cost of additions to the fixed assets in the year.
The church building fund and church maintenance funds represent funds set aside in the year by the Trustees for the purchase of a new building and repair of the existing church.
## **Purpose of restricted funds**
The church building maintenance fund represents donations received and a grant from the Listed Places of Worship Scheme to cover the cost of the ongoing external maintenance project.
The other restricted funds represent monies received from donors specified for particular purposes. These funds have been passed on to various beneficiaries as per note 4.
The permanent endowment fund represents the cost of heritable property to be retained for the Church’s use indefinitely.
**- 16 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **11. MOVEMENT IN FUNDS (continued)**
|**At 1**
**September**
**2022**
**£**
**Unrestricted Funds**
General fund
232,519
Designated funds:
Fixed asset fund
19,328
Church building fund
250,000
Church maintenance fund
101,176
603,023
**Restricted funds**
Glasgow building fund
111,742
Church building maintenance
fund
-
Other funds
-
**Permanent endowment**
70,000
**TOTAL FUNDS**
784,765|**Income Expenditure**
**Transfers**
**£**
**£**
**£**
318,144
(157,343)
125,049
-
(2,404)
-
-
-
-
-
-
-
318,144
(159,747)
125,049
-
-
(111,742)
14,772
(1,465)
(13,307)
10,445
(10,445)
-
-
-
-
343,361
(171,657)
-|**At 31**
**August**
**2023**
**£**
518,369
16,924
250,000
101,176
886,469
-
-
-
70,000
956,469|
|---|---|---|
## **12. NET ASSET RECONCILIATION**
|**NET ASSET RECONCILIATION**||||
|---|---|---|---|
||||**2024**|
||**Unrestricted**|**Restricted**|**Total**|
||**£**|**£**|**£**|
|Fixed assets|22,331|70,000|92,331|
|Cash at bank and in hand|1,002,305|-|1,002,305|
|Other net current assets|16,568|-|16,568|
|As at 31 August 2024|1,041,204|70,000|1,111,204|
**- 17 -**
**TRUE JESUS CHURCH IN EDINBURGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 AUGUST 2024**
## **12. NET ASSET RECONCILIATION (continued)**
|**Unrestricted**
**Restricted**
**£**
**£**
Fixed assets
16,923
70,000
Cash at bank and in hand
803,475
-
Other net current assets
66,071
-
As at 31 August 2023
886,469
70,000|**2023**
**Total**
**£**
86,923
803,475
66,071|
|---|---|
||956,469|
**- 18 -**