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2025-09-30-accounts

TRUE JESUS CHURCH (GIFFORD PARK)

FINANCIAL STATEMENTS

FOR

30 SEPTEMBER 2025

Charity Number SC028004

1

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

CONTENTS MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS ....................................................... 3 ANNUAL REPORT OF THE MEMBERS OF THE BOARD .............................................................. 4 - 5 STATEMENT OF TRUSTEES' RESPONSBILITIES ............................................................................. 6 INDEPENDENT EXAMINER’S REPORT ............................................................................................... 7 STATEMENT OF FINANCIAL ACTIVITIES ........................................................................................... 8 BALANCE SHEET .................................................................................................................................. 9 NOTES TO THE FINANCIAL STATEMENTS ............................................................................... 10 - 16

2

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

The Members of the Board have pleasure in presenting their report for the year ended 30 September 2025.

The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Articles of Association, 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).

LEGAL AND ADMINISTRATIVE INFORMATION

Charity registration number

SC028004

Registered charity name

True Jesus Church (Gifford Park)

The Members of the Board

Chat Yau Chan (Religious Affairs and Chairman) Wai Yee Kwok (General Affairs) Dominic Man Fung Shek (Financial Affairs) Benjamin Tak Sam Ho (Secretary) Chung-Yeung Shek Ritchie Shen Man Chan Ah Yi Ho

Address

5 -7 Gifford Park Edinburgh EH8 9NF

Independent examiner

Bankers

Louise Presslie CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT The Royal Bank of Scotland plc 36 St Andrew Square Edinburgh EH2 2YB

3

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

ANNUAL REPORT OF THE MEMBERS OF THE BOARD

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status of Charity, Governing Document and Affiliation

The church is an unincorporated association governed by its Rules and Regulations. It is a registered charity with the Office of the Scottish Charity Regulator and is affiliated to the General Assembly of the True Jesus Church (UK).

Organisational Structure

The members are any persons baptised in the True Jesus Church, and they are eligible to speak and, if they are over 18 years of age, to vote, elect and be elected at the General Meeting of Members. The General Meeting of Members is the highest decision-making meeting. Any decisions made are to be dealt with by the Church Board, and then executed by the Church Executive Committee consisting of the Religious, General and Financial Affairs Officers.

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

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

OBJECTIVES AND ACTIVITIES

The objectives of the Church are as follows:

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

Volunteers

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

Grant Making Policy

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

4

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

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:

FINANCIAL REVIEW

The net income for the year, which are the operational reserves of the Church, was £1,233 (2024: net income of £37,672).

The church received total income of £159,676 (2024: £143,082) and £117,031 (2024: £60,544) was applied in making donations.

At the balance sheet date the unrestricted reserves were £981,183 (2024: £979,632). There were restricted reserves of £7,702 (2024: £8,020).

Principal sources of funding

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

Reserves Policy

The Reserve fund represents the unrestricted and restricted funds arising from past operating results. The unrestricted funds represent the free reserves of the church. The Church Board have examined the requirement to maintain free reserves and are aware that they are holding a relatively large amount of unrestricted funds. However, such funds are necessary for the continued maintenance of the church building and the future expansion of the church. The unrestricted free reserves of the church, excluding designated funds, are £299,190 (2024: £320,012).

Investment Policy

The reserves are currently held in cash, which the Church Board feel is appropriate given the continued volatility of the stock market. This approach is in line with UKGA’s guidance to adopt a risk-averse investment strategy. Capital preservation takes precedence over investment growth. The Board keep this policy under review.

Risk Management

The Church Board have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the Church, and are satisfied that systems are in place to mitigate the exposure to the major risks.

PLANS FOR FUTURE PERIODS

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

5

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

STATEMENT OF TRUSTEES' RESPONSBILITIES

The Trustees are responsible for preparing the Trustees' 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 Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board and signed on their behalf by:

Chat Yau Chan (Chung Sung Chan)

Date: 23 March 2026

6

TRUE JESUS CHURCH (GIFFORD PARK) YEAR ENDED 30 SEPTEMBER 2025

INDEPENDENT EXAMINERS REPORT

To the Trustees of True Jesus Church (Gifford Park)

I report on the financial statements of the charity for the year ended 30 September 2025 which are set out on pages 8 to 16.

Respective responsibilities of trustees and examiner

The Members of the Board are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act) and the Charities Accounts (Scotland) Regulations 2006 (the 2006 Accounts Regulations).

The Members of the Board consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the 2005 Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks 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 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:

  2. to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

  1. 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 9AT

Date: 23 March 2026

7

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

STATEMENT OF FINANCIAL ACTIVITIES

Note
Income and endowments from:
Donations and legacies
4
Investment Income
3
Charitable Activities:
Sale of books
3
Total Income
Expenditure on:
Charitable Activities
6
Grant Giving
5
Total Expenses
Net Income for year
Transfer between funds
11
Net Movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
Unrestricted
Funds
£
132,481
3,600
140
136,221
(40,284)
(44,386)
(84,670)
51,551
(50,000)
1,551
979,632
981,183
Restricted
Funds
£
23,455
-
-
23,455
(1,128)
(72,645)
(73,773)
(50,318)
50,000
(318)
8,020
7,702
Total
2025
Total
2024
£
£
155,936
138,684
3,600
4,252
140
146
159,676
143,082
(41,412)
(44,866)
(117,031)
(60,544)
(158,443)
(105,410)
1,233
37,672
-
-
1,233
37,672
987,652
949,980
988,885
987,652

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 16 form part of these financial statements

8

TRUE JESUS CHURCH (GIFFORD PARK) FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

BALANCE SHEET

2025 2024
Note £ £ £ £
Fixed assets:
Tangible assets 8 687,290 666,682
Current assets:
Stock 100 100
Debtors due less than 1 year 9 18,422 30,313
Cash at bank and in hand 320,748 343,021
339,270 373,434
Creditors: Amounts due within 1 year 10 (37,675) (52,464)
Net current assets 301,595 320,970
Total net assets 11 988,885 987,652
Funds: 11
Restricted funds 7,702 8,020
Unrestricted funds
Designated funds 681,993 659,620
General funds 299,190 320,012
Total funds 988,885 987,652

These accounts were approved by the members of the board on 23 March 2026 and are signed on their behalf by:

aa

Dominic Shek

The notes on pages 10 to 16 form part of these financial statements

9

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), with the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and with the Statement of Recommended Practice – Accounting & Reporting by charities (Charities SORP (FRS 102)). The charity constitutes a public benefit entity as defined by FRS 102.

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 Members of the Board have assessed the ability of the charity to continue as a going concern and are satisfied that the schedule of loan repayments and normal pattern of incoming resources will allow the charity to continue to meet its liabilities as they fall due. The Members of the board going concern assessment covers a period of a the least 12 months from the date of signing of these financial statements.

Monetary amounts in these financial statements are rounded to the nearest whole £1.

Donations income

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

Investment and other income

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

Expenditure

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

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

Fixed assets

Fixed assets are originally recorded at cost. Items of expenditure are capitalised if the purchase price exceeds £300. 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:

Equipment - 25% reducing balance

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

10

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

Financial assets

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

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

Financial Liabilities

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

Concessionary Loans

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

Critical Accounting Estimates and Areas of Judgement

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 has a material effect on the values within the financial statements relates to depreciation as noted above.

Restricted Funds

Restricted funds are donations and other income generated for specific projects.

Unrestricted funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated funds

Designated funds are unrestricted funds designated by the Board for a specific purpose.

2. STAFF COSTS

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

During the year the members of the board donated a total of £5,225 (2024: £7,775), including restricted donations of £Nil (2024: £Nil).

11

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

3. ANALYSIS OF INCOME FROM ALL SOURCES

2025
Unrestricted
£
Offerings
132,481
Bank interest
3,600
Sale of books
140
136,221
2025
Restricted
£
23,455
-
-
23,455
2025
Total
£
155,936
3,600
140
159,676
2024
Unrestricted
£
125,854
4,252
146
130,252
2024
Restricted
£
12,830
-
12,830
2024
Total
£
138,684
4,252
146
143,082

4. OFFERINGS

Free Will
Tithes
Thanksgiving
Religious Education
Sisters' Fellowship
National Sister’s Fellowship
Spiritual Convocations
NSSC
Essex Church
UKGA Building Fund
Gift Aid
Evergreen Fellowship
YTTC Subsidy
UKGA Evangelism Fund
AP Chau
IE Fund
2025
Unrestricted
42,188
65,563
1,300
711
730
-
2,242
1,089
-
-
18,658
-
-
-
-
-
132,481
2025
Restricted
-
-
-
-
-
-
-
-
-
22,645
-
-
680
-
130
-
23,455
2025
Total
£
42,188
65,563
1,300
711
730
-
2,242
1,089
-
22,645
18,658
-
680
-
130
-
155,936
2024
Total
£
37,134
64,553
1,335
390
650
2,605
1,615
884
1000
8,790
16,678
10
3,000
20
-
20
138,684

5. ANALYSIS OF EXPENDITURE ON GRANT MAKING ACTIVITIES

Offering to UKGA
Offerings to other True
Jesus Churches
2025
Unrestricted
£
44,386
-
44,386
2025
Restricted
£
72,645
-
72,645
2025
Total
£
117,031
-
117,031
2024
Total
£
50,544
10,000
60,544

12

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Repairs and maintenance
Food
Heat and light
Water and Sewage
Transport
Spiritual Convocation
TV License
Other charitable costs
Insurance
Depreciation
Telephone and internet
Religious Education
Accountancy fees
National Sisters Fellowship
YTTC/NYMT
2025
Unrestricted
£
1,905
12,325
7,556
(1,882)
4,449
955
170
6,758
2,378
1,765
534
111
2,880
380
-
40,284
2025
Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,128
1,128
2025
Total
£
1,905
12,325
7,556
(1,882)
4,449
955
170
6,758
2,378
1,765
534
111
2,880
380
1,128
41,412
2024
Total
£
2,978
11,250
5,980
-
1,816
604
159
14,468
2,190
2,401
495
50
1,980
449
46
44,866

7. GOVERNANCE COSTS INCLUDED IN CHARITABLE ACTIVITIES

2025 2024
£ £
Accountancy and Independent examination 2,880 1,980

13

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

8. TANGIBLE FIXED ASSETS

Cost
At 1 October 2024
Additions
At 30 September 2025
Depreciation
At 1 October 2024
Charge for year
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
Freehold Property
and Improvements
£
659,620
22,373
681,993
-
-
-
681,993
659,620
Fixtures and
Equipment
£
63,820
-
63,820
56,758
1,765
58,523
5,297
7,062
Total
£
723,440
22,373
745,813
56,758
1,765
58,523
687,290
666,682

The original cost of the freehold property was £30,000 and property improvements costing £83,602 were carried out in the period to 30 September 2008. A professional valuation was carried out in May 2015 by DM Hall Chartered Surveyors, who valued the property at £350,000. This was taken to be the deemed cost under FRS102. The carrying value of the property includes a deemed cost of £350,000 together with subsequent property improvements of £331,993 (2024: £309,620). Given the recent refurbishment the Members of the Board believe that the current market value is not less than the net book value included in the accounts.

9. DEBTORS: Amounts due less than one year

Prepayments
Gift aid
10.
CREDITORS
Accruals
2025
£
1,282
17,140
18,422
2025
£
37,675
2024
£
1,210
29,103
30,313
2024
£
52,464

14

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

11. MOVEMENT IN FUNDS

Restricted funds
IA Fund
UKGA Preachers’
Fund
YTTC
UKGA Building Fund
Edinburgh Church
Ap Chau
Aberdeen Prayer
Fund
Essex Church
Total Restricted
Unrestricted funds
General Fund
Designated:
Property Fund
Total Unrestricted
Total Funds
At 1
Oct 2024
£
630
2,751
3,319
-
80
-
240
1,000
8,020
320,012
659,620
979,632
987,652
Income
£
-
-
680
22,645
-
130
-
-
23,455
136,221
-
136,221
159,676
Expenses
£
-
-
(1,128)
(72,645)
-
-
-
-
(73,773)
(84,670)
-
(84,670)
(158,443)
Transfers
£
-
-
-
50,000
-
-
-
-
50,000
(72,373)
22,373
(50,000)
-
At 30
Sept 2025
£
630
2,751
2,871
-
80
130
240
1,000
7,702
299,190
681,993
981,183
988,885

International Assembly (IA) Fund – represents funding raised for donations to the International Assembly

UKGA Preachers Fund – represents funds raised throughout the period for the preachers of the True Jesus Church

YTTC Fund – represents amounts received from UKGA for the YTTC which was underspent in the year and will be carried forward for the following years’ training.

UKGA Building Fund – represents donations payable to UKGA for its development of the building in Cramlington. The transfer represents a contribution from the general funds, as approved by the Church Board.

Aberdeen, Essex, Ap Chau and Edinburgh – represents donations received for other churches.

15

TRUE JESUS CHURCH (GIFFORD PARK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2025

11. MOVEMENT IN FUNDS Cont.

Restricted funds
IA Fund
UKGA Preachers’
Fund
YTTC
UKGA Building Fund
Edinburgh Church
Aberdeen Prayer
Fund
Essex Church
Total Restricted
Unrestricted funds
General Fund
Designated:
Property Fund
Total Unrestricted
Total Funds
At 1
Oct 2023
£
630
2,751
365
1,000
80
240
-
5,066
297,594
647,320
944,914
949,980
Income
£
20
20
3,000
8,790
-
-
1,000
12,830
130,252
-
130,252
143,082
Expenses
£
(20)
(20)
(46)
(8,790)
-
-
(10,000)
(18,876)
(86,534)
-
(86,534)
(105,410)
Transfers
£
-
-
-
(1,000)
-
-
10,000
9,000
(21,300)
12,300
(9,000)
-
At 30
Sept 2024
£
630
2,751
3,319
-
80
240
1,000
8,020
320,012
659,620
979,632
987,652

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Other net assets
At 30 September 2025
Tangible fixed assets
Other net assets
At 30 September 2024
Restricted
Funds
£
-
7,702
7,702
Restricted
Funds
£
-
8,020
8,020
Unrestricted
Funds
£
687,290
293,893
981,183
Unrestricted
Funds
£
666,682
312,950
979,632
Total
Funds
£
687,290
301,595
988,885
Total
Funds
£
666,682
320,970
987,652

16