The WT has several UK entities, of which this was one. IBSA was recently closed down. The reports and financial statements are fairly lengthy documents. Since a lot of the material is standard legal and accounting jargon common to all reports, I’ve extracted the sections that I think relevant to the Watchtower in particular. I’ve bolded anything I think especially interesting. Any spelling mistakes are mine, and my apologies for the difficulty of reading the figure sections. If anyone knows how to get these to line up, please let me know. Other WT UK entities will follow shortly.
Note that the figures given are in £. Current exchange rates are approx. £1 = US$1.44 = EURO1.63 = AUS$2.72 = CAD$2.21= DM3.2 = YEN177.75.
As before, the scanned original documents are available to those who would like them.
Expatbrit
INTERNATIONAL BIBLE STUDENTS ASSOCIATION.
DIRECTORS AND TRUSTEES
S.A. Hardy President
J.S. Andrews Vice-president
M.G. Henschel (Resigned 3/11/99)
L.A. Swingle (Resigned 3/11/99)
J.A Wynn
J.D. Dutton (Appointed 3/11/99)
REPORT OF THE TRUSTEES
Year Ended 31st August 2000.
Objects and activities
The principal activities of the Association are to support congregations of Jehovah’s Witnesses and others, in connection with their spiritual and material welfare, in Britain and abroad, within the charitable purposes of the Association. This is achieved mainly by the provision of facilities for the printing and distribution of Bibles and Bible based literature, the housing of volunteers engaged in this activity, the promotion of the Christian religion by purchasing and distributing religious literature free of charge and by holding conventions for Christian education.
Governance
The four Trustees of the Association also have key managerial roles at the charity headquarters. They meet every week, and at the same time confer closely with the Trustees of Watchtower Society of Britain, as the activities of the two charities are closely related. Their decisions are then based on these joint strategy meetings.
Reserves policy
The Association has a reliable donation base, being primarily the 1,400 congregations of Jehovah’s Witnesses in the U.K. Hence, we can plan confidently with relatively small reserves, having in mind that we charge Watch Tower Society for the cost of running the HQ complex, and we respond to the need for funds overseas, after filling our domestic requirements. When it comes to relocation, we are confident that Watch Tower Society will be able to underwrite any costs that we cannot meet ourselves.
Investment policy
Funds are invested with several major financial institutions, using money market instruments. Donated stocks and shares are managed or sold, according to professional advice on the soundness of the institution and in harmony with our Christian principles.
Relationship with connected charities
The Association works closely with Watch Tower Bible and Tract Society of Britain and The Kingdom Hall Trust. It permits Watchtower Society to use it’s premises for the Society’s charitable work and provides accommodation for the volunteers. A service and maintenance charge is made. The Association purchases religious material from the Society and donates these to congregations of Jehovah’s Witnesses. The Association makes donations to The Kingdom Hall Trust, enabling it to further its work, primarily in the French speaking world.
Review of the year and financial position
The financial results of the year’s activities are shown on page 5. The direct charitable expenditure included the purchase of Bibles and Bible study aids, from Watchtower Society of Britain, at a cost of £3,033,127. These were then distributed free, through congregations of Jehovah’s Witnesses. The charity was also able to make donations of cash and goods to overseas charities, primarily in the developing world totalling £3,228,277 and £2,108,090 to The Kingdom Hall Trust, all of this to assist in the worldwide work of Jehovah’s Witnesses, advancing the Christian religion.
The work of the Association continued to increase, because of the need to provide still larger facilities for Watch Tower Society, due to the demand for its printed matter. Further residential accommodation has been purchased, financed in part by a loan from Watch Tower Society. Internal alteration and upgrading of the Association’s buildings at Watch Tower House and IBSA House has been undertaken, in order to cope with the growing community of volunteers and increased work-load. This is scheduled for completion in early 2001.
The search has continued for a suitable site to relocate entirely. Funding alternatives are being considered, such as a short term sale and leaseback arrangement for the present property. Watch Tower Society would be closely involved with the relocation, and is willing to assist us in any way necessary, to finance it.
By order of the Trustees
S.D. SMITH
Secretary
February 2001.
STATEMENT OF FINANCIAL ACTIVITIES: 2000/1999
INCOMING RESOURCES
Donations and contributions £7,491,176 / 7,308,504
Convention donations 515,219 / 545,844
Legacies 1,063,269 / 262,521
Interest and dividends received 359,742 / 360,521
Mortgage interest received 0 / 7,546
Service charges made to WT Society 2,086,774 / 1,806,016
TOTAL INCOME 11,516,180 / 10,290,952
RESOURCES EXPENDED
Costs of literature 3,280,248 / 3,631,021
Donations made 5,594,116 / 3,942,770
Operating expenditure – charged to
WT Society of Britain 1,671,717 / 1,730,116
Depreciation 738,520 / 492,987
Interest payable on connected
charity loan 128,267 / 0
TOTAL 11,412,868 / 9,796,894
NET INCOMING RESOURCES 103,312 / 494,058
OTHER RECOGNIZED GAINS
Realized (loss) on disposal of
Freehold properties (29,524)/ (27,388)
Other gains 7,499 / 0
Gains on stocks and shares 111,130 / 96359
Donated overseas properties 1,718,750 / 10,091,054
NET MOVEMENT OF FUNDS 1,911,167 / 10,654,083
Fund balances brought forward 40,928,440 / 30,274,357
FUND BALANCES AT 31 AUGUST 2000 42,839,607 / 40,928,440
BALANCE SHEET: 2000 / 1999
FIXED ASSETS
Land and buildings 26,978,051 / 23,373,757
Overseas properties 13,096,994 / 10,091,054
Fixtures and fittings 41,475 / 37,315
Plant and machinery 624,712 / 506,450
Motor vehicles 209,109 / 131,534
TOTAL FIXED ASSETS 40,950,340 / 34,140,110
INTANGIBLE ASSETS
Copyrights 2,000 / 2,000
INVESTMENTS
Quoted investments 507,008 / 275,546
CURRENT ASSETS
Stocks on hand 97,487 / 116,860
Debtors and accrued income 1,052,703 / 705,433
Building society and bank deposits 5,239,416 / 5,874,255
Cash at bank – current accounts 1,323 / 14,105
Congregation contributions in transit 152,943 / 100,635
Creditors falling due within one year (672,767)/ (300,524)
NET CURRENT ASSETS 5,871,105 / 6,510,784
Creditors falling due after
more than one year 4,490,845 / 0
TOTAL ASSETS LESS LIABILITIES 42,839,607 / 40,928,440
NOTES TO THE ACCOUNTS
3. PERSONNEL
The association has no employees but engages only volunteers providing them with free board, lodging and an allowance for personal and other expenses. During the year there was an average of 417 (286 in 1999) persons engaged. The trustees received no payments or re-imbursements in their capacity as trustees.
7. FIXED ASSETS
The net book values of land and buildings comprise freehold properties at £26,764,936 and leasehold property with a right to purchase, at £213,115. The Association’s interests in land and buildings situated in Britain had been valued at £37,798,000.