WTS Property Developments in London?

by hillary_step 16 Replies latest jw friends

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  hillary_step

  Calcutt Matthews are the Chartered Accountants who audit the Books of the ISBA ( International Bible Students Association ).

  Calcutt Matthews is a small charity specialist firm, which acts for three Charities from the top 250 in the UK and a number of other smaller charities.

  In the accounts for the IBSA for 2002 the trustees report states :

  Our projections to August 31, 2003, indicate the need to curtail some spending, because of the property developments in London. However, some substantial donations are in prospect, and the Governing Body of Jehovah's Witnesses in the United States, has given a legal undertaking to provide back up funding up to 2,000,000 UK pounds should that become neccessary.

  Does anybody know what this spending pertains to?

  Interestingly, the WTS received by way of various donations 3.3 millions pounds less than it did in 2001, its 2003 donations totalling 11.2 million pounds. It does seem to be that the JW's are voting with their donations and finding their leaders wanting, though they are not poor yet!

  Though this account statement shows the ISBA as holding total assets of almost 50,000,000 pounds, it is not the only financial representation that the WTS has in the UK as the following statement, after outlining a loan from a connected charity for 5.8 million pounds, shows :

  'The above loan is granted from Watchtower Society of Britain' on arms length basis'.

  The loan was for property purchased at Friem Barnet, which if I recall is in the general vicinity but not in Mill Hill, where the UK Bethel is. Does anybody in the UK know what this property is used for?

  HS
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  ballistic

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• 

  Poztate

  Our projections to August 31, 2003, indicate the need to curtail some spending, because of the property developments in London. However, some substantial donations are in prospect

  I don't know what the spending is all about but I am sure the prospective donations are from dubs in their wills.They have probably done the demographics well and can see a big upswing from the ageing "true believer class"? in the next few years.
• 

  Pole

  and the Governing Body of Jehovah's Witnesses in the United States, has given a legal undertaking to provide back up funding up to 2,000,000 UK pounds should that become neccessary.

  
  
  That would mean the Brooklyn gerontocrats still have a say on such matters - contrary to some recent changes in the legal structure of the WTS.
  
  Pole
• 

  garybuss

  Governing Body of Jehovah's Witnesses in the United States, has given a legal undertaking to provide back up funding up to 2,000,000 UK pounds

  If the Governing Body's objective in resigning their director jobs with the corporations was to install a financial firewall, I'd think this kind of report would serve to undermine that goal. This makes it look like they are still responsible for the Corporation's assets.
  
  Let's be sure attorneys interested in Witness accounting and financial practices see this.
  
  
• 

  Gadget

  This would have been about the time they rebuilt the factory complex to accomodate the new printing presses they bought. I remember a supplament in the Kingdom Ministry about the new presses and how big and fast they were, and how this would enable more simplification and enable priniting at the French and Germn bethels to be transfered to London. I believe this was built on land already owned adjoining the old factory, and have no idea what the new land in another area would be for.
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  hillary_step

  Hi Gadget,

  Thank you. It seems that this pertained to the purchase of additional apartment complexes for its workers, and upgrading undertaken by the IBSA, probably due to the removal of presses from Paris to London.

  HS
• 

  core

  From what I have heard the Friern Barnet purchase was a block of low rise flats for the French workers, who came with the press from France when the WT intended to rebuild the London Bethel somewhere further North (Milton Keynes/Northampton) but those plans were dropped long ago due to the presses returning (I think) to France, along with the French workers. From what I heard the entente-cordial was not very cordial when the different cultures worked together. WT Britain owns significant property in the Mill Hill area which is worth potentially millions but of course cannot be capitalised unless they moved from there ( lots of the local residences owned by the WT as well as Watchtower House & IBSA House)

  Reports I have heard ( and a look at the Charity Commission reports for a number of individual congs) show a marked decrease in donation receipts both by the local congs and by the central branch structure. Downsized congregations clearly playing a big part in the reported drop.

  However the last reports I saw for the various UK "charities" indicated no shortage of funds - also the clear involvement of ther Governing Body, who hold no legal sway, is an interesting point - would they guarantee my overdraft -? would the bank accept their word ? Of course not - so why would the Charity Commission accept the guarantee of solvency made by faceless, poverty bound old men?
• 

  garybuss

  I'd suggest the Charity Commission inquire in writing how the Governing Body of Jehovah's Witnesses in the United States
  is associated with the IBSA and Watchtower Society of Britain. The written reply would be most interesting.
  
  
  
• 

  hillary_step

  Hello Core,

  Thank you for the information. I do not have financials for the total amount of property assets owned by WTS and all its subsidiaries, but I do know that the IBSA land and building assets, including its overseas holdings are well in excess of 40,000,000 pounds and that the bank account showed a cash in hand figure of 1.2 million pounds in 2002.

  However the last reports I saw for the various UK "charities" indicated no shortage of funds - also the clear involvement of ther Governing Body, who hold no legal sway, is an interesting point - would they guarantee my overdraft -? would the bank accept their word ? Of course not - so why would the Charity Commission accept the guarantee of solvency made by faceless, poverty bound old men?

  They have no need to worry about bank credibility as they borrow only from WTS Brooklyn, and all *that* cash plays like a pin-ball machine between its various subsidiaries with the US holding the whip hand over spending. The cash at bank is down 60% on what it was holding in 2001 though.

  Best regards - HS