Results of the UK Cash Grab are in. The Accounts are Published. The Profit is Big.

by Slidin Fast 9 Replies latest watchtower scandals

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  Slidin Fast

  The Charities Commission website in the UK by law shows the accounts of all UK registered charites. This link is to the Watch Tower Bible and Tract Society of Great Britain.

  http://apps.charitycommission.gov.uk/Showcharity/RegisterOfCharities/CharityWithPartB.aspx?RegisteredCharityNumber=1077961&SubsidiaryNumber=0

  The accounts show the following note:

  13. EXCEPTIONAL ITEMS

  During the year, the decision was made to write off all loans to congregations for the purpose of building places of worship, at a cost of £9,245,076.

  They also show that the income for 2013 was £17,073,074

  The income for 2014 was £35,525,358

  So, the grab back netted £18.5m

  From that they wrote off £9.2m

  Profit on the deal £9.2m

  Please note: I am not an accountant and these figures are grossly simplified.

  IBSA is the other charity associated . http://apps.charitycommission.gov.uk/Showcharity/RegisterOfCharities/CharityWithPartB.aspx?RegisteredCharityNumber=216647&SubsidiaryNumber=0

  It is difficult to extract the overall financial position without accounting analytical skills. If there is someone on this forum with appropriate ability there is some interesting information in there to extract.

  I have not seen this referred to before, if it has, I apologise.
• 

  The Searcher

  Nice work.

  "the decision was made to write off all loans to congregations" LOL

  "Write it off" as a loan, and immediately "write it back in" as a donation - getting the U.K. tax-payer to add 20% to some/all of the amount, as it's now "a donation" and qualifies for Gift Aid tax refund.
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  konceptual99

  I *think* (but may be wrong) that the auditors are a JW owned company. They made almost 12k out of auditing the accounts.
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  konceptual99

  I think in principle the rough figures presented are sound. So they got a net three months operating costs in a grab back (approx) and then some kind of rolling income for ever more from donations. Up front investment and operating costs on Temple Farm must be pretty large. Looking at the amount they send overseas it does not actually look like they have a load of cash to spend on TF and they cannot realise the assets in Mill Hill as they need them.

  What better plan than to chuck 50% of the family out now and sell the properties early to keep the build rolling.

  If the same is true in the US then the cash may really and truly not be there to splash. Don't forget as well that there is a big development in SA as well and they cannot support the build locally, they need outside financial help.

  As slidin' says, it needs much more of an expert eye.
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  stan livedeath

  getting the U.K. tax-payer to add 20% to some/all of the amount, as it's now "a donation" and qualifies for Gift Aid tax refund.

  
  

  how do they do that ? i thought the individual tax payer had to write a declaration to qualify.
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  OnTheWayOut

  Pffff! A couple three lawsuits and that could be all gone.
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  Simon

  "Write it off" as a loan, and immediately "write it back in" as a donation - getting the U.K. tax-payer to add 20% to some/all of the amount, as it's now "a donation" and qualifies for Gift Aid tax refund.

  That's what I thought - they know they will still get that money but now it's a tax write-off on paper only. If any congregation thinks about *not* repaying things they will be quickly terminated / black-listed.

  Everything they do is about their balance sheet.

  Tax relief for charities is supposed to be for those doing charitable works, not corporations masquerading as religions for profit.
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  Crazyguy

  I don't know how many members are in the UK but that doesn't seem like a lot of money from one of their top producing countries. The USA would be first but I figured the UK would be second followed by maybe Germany, Canada France etc. Maybe they really are having tough time collecting funds from the poor, what a surprise.
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  Brokeback Watchtower

  I hope this cash grab and other like it are discussed with share holders at the annual meeting.
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  Vidiot

  Brokeback WT - "I hope this cash grab and other like it are discussed with share holders at the annual meeting."

  Probably looks something like this...