WATCH TOWER BIBLE AND TRACT SOCIETY OF BRITAIN
ANNUAL REPORT AND FINANCIAL STATEMENTS
10 Months ended 31 August 2000
Directors and Trustees
Jack Dowson
Ronald Drage – Chairman
Peter Ellis
Bevan Vigo
Secretary
TP Cruse
REVIEW OF THE YEAR AND FINANCIAL POSITION
This is the first year for Watch Tower Bible and Tract Society of Britain. On November 1, 1999 all assets and liabilities of the Watch Tower Bible and Tract Society of Pennsylvania were successfully transferred to the Society. The Society received a donation from Watch Tower Bible and Tract Society of Pennsylvania, in the sum of £12,334,861 which was invested immediately. This donation, to be used in connection with the charity’s objects, has boosted the Society’s reserves giving it a good base from which it can assist in financing the relocation of printing facilities owned by International Bible Students Association and used by the Society.
Direct charitable expenditure through the year includes the cost of manufacturing and distributing Bibles and Bible study aids at a cost of £4,243,943. Financial support was given to full-time ministers in Britain and overseas in the sum of £394,544. The charity was able to make donations of cash and goods to overseas charities in ninety seven countries, primarily in the developing world totalling £3,624,797 to assist in the worldwide work of Jehovah’s Witnesses, advancing the Christian religion.
STATEMENT OF FINANCIAL ACTIVITIES
10 months ended 31 August 2000
INCOME
Donations and gifts 17,492,322
Legacies 658,868
Income from literature 5,141,694
Investment income received 1,088,801
TOTAL 24,381,686
RESOURCES EXPENDED
Ministry costs and restricted expenditure 1,838,465
Donations and aid to branches 4,265,945
Expenditure on literature 4,243,943
Support costs 1,800,437
Administration expenses 526,410
Loan interest payable to congregations 364,089
TOTAL 13,399,290
NET INCOMING RESOURCES 10,982,397
Currency exchange rate changes 5,689
Gains on investments 13,514
NET MOVEMENT OF RESOURCES 11,001,600
Fund balances transferred from WTBTS
Pennsylvania Britain Branch 11,582,080
FUND BALANCES CARRIED FORWARD
AT 31 AUGUST 2000 22,583,680
BALANCE SHEET
FIXED ASSETS
Land and buildings 135,950
Plant and machinery 1,653,333
Motor vehicles and trailers 1,047,497
Office equipment 148,322
TOTAL FIXED ASSETS 2,985,102
CURRENT ASSETS
Stocks 2,807,503
Debtors and accrued income 2,461,856
Investments in fixed interest securities 17,496,391
Investments in short term deposits 886,763
Investments – congregation loan deposits 7,859,136
Investments – Kingdom Hall mortgage fund 3,478,326
Deposits in foreign currencies 11,215
Cash at bank and in hand 19,056
TOTAL 35,020,246
Creditors falling due within one year 15,421,668
NET CURRENT ASSETS 19,598,578
TOTAL ASSETS LESS LIABILITIES 22,583,680
NOTES TO FINANCIAL STATEMENTS
15. Personnel
The Branch has no employees but engages only volunteers and provides them with allowances for personal and other expenses. All travelling ministers and their wives are provided for on the same basis and the total cash allowances and expenses payments to any one person would not exceed £654 in the period. These ministers stay in the homes of congregation members for much of the time. During the period there was an average of 144 persons so engaged. Likewise, all missionaries on special assignment are each paid on the same basis and the total cash allowances and expense payments to any person would not exceed £2,470. During the period there was an average of 82 persons so engaged.
