2020-08-31-accounts - Watch Tower Bible And Tract Society Of Britain

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Greenhou	se Gas Emi	ssions, Energy	Consumption gr Energy	Efiiciency
				Carbon
				Tonnes	KwH
Quantity	ofemissions	in tonnes ofcarbon dioxide equivalent
resulting	fiom activities for which the		company is responsible	411
Quantity	ofenergy consumed resulting		from activities for		1,996,116
which the company is		responsible

for tbe Year Ended 31	stAugust 2	02	0
							2020	2019
					Unrestricted	Restricted	Total	Total
				Notes	funds f	fundsf	fundsf	fundsf
INCOME AND ENDOWMENTS		FROM
Donations and legacies				2	132,490,597		132,490,597	93,248,771
Charitable activities
Design and build ofplaces ofworship			and
administrative facilities					9,781,957		9,781,957	33,143,103
Investment income				3	1,662,538		1,662,538	1,420,942
Other income				5	382 856		382 856	1,786,773
Total					144,317,948		144,317,948	129,599,589
EXPENDITURE ON
Raising funds
Investment management	costs			6	266 139		266 139	417534
					266,139		266,139	417,534
Charitable activities
Assisting Entities Overseas					82,954,177		82,954,177	88,613,240
Design and build ofplaces ofworship			and
administrative facilities					15,435,731		]5,435,731	40,041,595
Providing services for	full-time ministers				928,726		928,726	1,386,328
Total					99,584,773		99,584,773	130,458,697
Net gains/(losses) on investments								~93761)
NET INCOME/(EXPENDITURE)					44,733,175		44,733,175	(952,869)
RECONCILIATION	Oli FUNDS
Total funds brought forward					148,013,537		148,013,537	148,966,406
TOTAL FUNDS CARRIED FORWARD					192746 712		192.746 712	148.613537

Bahknce Sheet
31stAugust 2020
				2020	2019
		Unrestricted	Restricted	Total	Total
	Notes	funds f.	funds	fundsf	funds
FIXEDASSETS
Tangible assets	11	17,810,745		17,810,745	24,605,327
Investments
Investments	12	12,535,853		12,535,853	33,195,081
Social investments	13	460215		460,215	460215
		30,806,813		30,806,813	58,260,623
CURRENT ASSETS
Stocks	14	2,169,790		2,169,790	3,385,292
Debtors	15	717,544		717,544	3,283,025
Investments	16	157,822,012		157,822,012	276,672
Cash at bank and in hand		2 845 33		12145533	9863 77
		173,554,879		173,554,879	105,629,761
CREDITORS
Amounts falling due within one year	17	(1,560,931)		(1,560,931)	(4,989,526)
NET CURRENT ASSETS		171993948		171993948	1011610235
TOTAL ASSETSLESSCURRENT LIABILITIES		202,800,761		202,800,761	158,900,858
CREDITORS
Amounts faging due after more than one year	18	(6,887,256)		(6,887,256)	(7,874,623)
PROVISIONS FORLIABILITIES	20	(3,166,793)		(3,166„793)	(3,012,698)
NKT ASSETS		192746 712		192746 12	48.0 3537
FUNDS	21
Unrestricted funds:
General Fund				192746,712	~148013 37
TOTAL FUNDS				9 7 712	1411013537

				2020	2019
			Notes
Cash flows from operating activities
Cash generated from operations			23	3 59 .840	445 431
Net cash provided by operating	activities			43,595 840	445,431
Cash flows from investing activities
Purchase oftangible fixed assets				(595,634)	(643,858)
Purchase ofcurrent asset investments				(140,251,557)
Purchase offixed asset investments					(33,614,833)
Purchase ofsocial investments					(460,215)
Saleoftangible fixed assets				6,346,723	907,877
Sale offixed asset investments				3,168,775	16,698,641
Interest received				161,880	268,488
Dividends received				1,500,658	1152 5
Net cash used in investing activities				~129.669 1 557	~1755 669917.5 667
Cash flows from financing activities
Loans advanced by depositors Loans repaid to depositors on				626,276 ~392 200	715,608 ~567 938
Net cash provided by financing	activities			234,076	153,670
Change in cash and cash equivalents		in the
reporting period				(85,839,239)	(15,092,345)
Cash and cash equivalents at	the beginning		of
the reporting period				98684 772	113777. 7
Cash and cash equivalents at	the end	ofthe
reporting period				2.845 533	98684 772

Freehold land	Not depreciated
Buildings	2%on cost
Plant and machinery	10%or6.7%on cost,
Motor vehicles	33%,20%or 14%on cost
Fixtures and fittings	33%or 10%on cost

3.	INVESTMENT INCOME	INVESTMENT INCOME	INVESTMENT INCOME	INVESTMENT INCOME
								2020	2019
	Other unlisted		securities					1,500,658	1,152,454
	Deposit account interest							~161880	~268488
								~1662,538	~1420,942
4.	INCOME	FROM CHARITABLE			ACTIVITIES
								2020	2019
								Design
								and build
								ofplaces
								of
								worship
								arid
								administrative	Total
								facilities	actlvtt8es
								f
	Income from		branch construction					5,615,211	32,043,891
	Income from		Kingdom	Hall construction				4166746	099212
								978 .9	33143103
5.	OTHER	INCOME
								2020	2019
	Foreign currency gains							165,486	1,544,413
	Other income Income I'rom		recycling					111,134 106,236	206,677 ~35683
								~382856	~1,786773
6.	INVESTMENT MANAGEMENT				COSTS
								2020	2019
	Portfolio	management						~266 139	417,534
7.	CHARITABLE ACTIVITIES COSTS
								Support
							Direct	costs (see
							Costs	note 8)	Totals
	Assisting	Entities Overseas					82,737,213	216,964	82,954,177
	Design and build ofplaces ofworship					and
	administrative		facilities				15,395,304	40,427	15,435,731
	Pmviding	services for		full-time ministers			926296	,430	928726
							99,058,813	259 821	99,318,634

				Governance
			Other	costs	Totals
Assisting	Entitim Overseas		190,359	26,605	216,964
Design and build ofplaces ofworship		and
administrative facilities			35,470	4,957	40„427
Providing	services for full-time ministers		2,132	298	2,430
			~227 961	31,860	~259 821

	2020f	2019f
Auditors' remuneration	31,860	35408
Depreciation - owned assets	647,030	866,455
Deficit on disposal offixed assets	396,463	~584943

TANGIBLE FIXEDASSET	S
			Fixtures
	Freehold	Plant and	and	Motor
	properly	machinery f.	fittings f,	vehicles f	Totals f
COST
At 1stSeptember 2019	22,557,644	3,330,885	485,336	2,531,243	28,905,108
Additions	471,505	95,151		28,978	595,634
Disposals Reclassification	(5,319,970)	(2,423,241) 3 320	{8,23'7)	(594,744) ~33203	(8,346,192)
At 31stAugust 2020	17709. 79	I 1316115	477099,96 57		27,754 550
DEPRECIATION
At 1stSeptember 2019	1,266,263	1,262,267	454,514	1,316,737	4,299,781
Charge for year	303,658	148,814	7,899	186,659	647,030
Eliminated on disposal Reclassification/transfer	(379,940)	(876,602) 2169	(8,236)	(338,228) ~27697	(1,603,006)
At 31stAugust 2020	1 189981	536648	54,177	1162999	334380
NET BOOK VALUE
At3!stAugust 2020	16,519,198	469,467	22,9 2	799,158	178\0745
At 31stAugust 2019	21 291 381	2 068613	30.822	1.21 506	24,605 327

FIXEDASSET INVESTMENTS
	Investments
	f
MARKET VALUE
At 1stSeptember 2019	33,195,081
Disposals Reclassification to current as set investments	(3,168,775) ~1749114533
At 31stAugust 2020	12 535 853
NET BOOKVALUE
At 31stAugust 2020	12535853
At 31stAugust 2019	33195081

	Please note, that all ofthe above are unlisted investments.
13.	SOCIAL INVESTMENTS
		Programme
		related
		investments
		eguity f
	MARKET VALUE
	At 1st September 2019and 31stAugust 2020	460215
	NET BOOK VALUE
	At 31stAugust 2020	4602 5
	At 31stAugust 2019	460 215

STOCKS
	2020	2019
		f
Raw materials	48,510	123,114
Motor vehicle spares and consumables	11,625	23,017
Work-in-progress Work in progress- branch construction	2,109,655	3,020,684 ~218477
	2,169,790	3,385,292

for th	e Year Ended	31stAugust 2020	31stAugust 2020
15.	DEBTORS:	AMOUNTS FALLING DUE WITHIN ONK YEAR
				2020	2019
				f	f.
	Trade debtors			203,589	1,017,125
	Other debtors			73,198	1,854,100
	Prepayments	and accrued income		440 757	~411800
				~717544	~383025
16.	CURRENT ASSETINVESTMENTS
				2020	2019
	Cash equivalents		on deposit	157,742,012
	Land in course ofdisposal			60 000	276,672
				107022 012	276.672

CREDITORS: AMOUNTS FALLING DUE WITHIN	ONK YEAR
	2020	2019
Deposits (see note 19)	765,251	874,958
Trade creditors	680,396	3,765,888
Other creditors	63,843	240,059
Accmed expenses	51,441	~108621
	1,560,931	~4989,526

18.	CREDITO	RS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YE	AR
			2020	2019
			f
	Deposits (see note 19)		~6,887256	~7874,623
19.	DEPOSITS
	No maturity	analysis is provided for these deposits due to their nature, as described	in the above notes.
20.	PROVISIONS FORLIABILITIES
			2020	2019
	Conditional	donations	~3,166793	~3012,698

				f
Provision	at 1stSeptember 2019			3,012,698
Pmvision	on new conditional donations received			303,789
Pmvision Provision	released on conditional released on conditional	donations donations	suave)ted into donations repaid	(75,948) ~73,746)
Provision	at 31stAugust 2020			~3166793

MOVEMENT	IN FUN	D	S
								Net
								movement	At
							At 1.9.19	in funds	31.8.20
									f
Unrestricted	funds
General Fund							148,013,537	44,733,175	192,746,712
TOTAL FUNDS							48013. 3	44733175	192746712
Net movement	in funds,	included			in the above are as follows:
							Incoming	Resources	Movement
							rcsourccs f	cxpcntlcd f	in funds f
Unrestricted	funds
General Fund							144,317,948	(99,584,773)	44,733,175
TOTALFUNDS							144317948	~99,584773)	44733,175
Cumparatives	for movement			in	funds
							Net	Transfers
							movement	between	At
						At 1.9.18	in funds	fundsf	31.8.19 f
Unrestricted	funds
General Fund						141,982,024	(765,883)	6,797,396	148,013,537
Restricted funds
Travelling Overseers Assistance					Arrangement	622,732	(85,333)	(537,399)
Kingdom Hall Assistance			Arrangement			6,035,999		(6,035,999)
Relief Fund Missionary Convention		Travel				101,653 223,998	(101,653)	~223.998)
						6984382	~)86986	~6797396
TOTAL FUNDS						148.966.406	~952 869)		148013537

				Incoming	Resources		Gains and	Movement
				msources	expended		losses	in funds
				f	f
Uarestricted funds
General Fund				129,588,803	(130,260,925)		(93,761)	(765,883)
Restricted funds Travelling Overseers Assistance Relief Fund			Arrangement	10786	(85,333) ~t)2,439)			(85,333) ~0 .653)
				10700	~197772			~lB6980
TOTAL FUNDS				9599589	~3,458697)	~0370 )		~95 869)
A current year 12months		and prior year 12months		combined position is as follows.
					Net		Transfers
					movement		between	At
				At 1.9.18	in funds		funds	31.8.20
								f
Unrestricted funds
General Fund				141,982,024	43,967,292		6,797,396	192,746,712
Restricted funds
Travelling Overseers Assistance			Arrangement	622,732	(85,333)		(537,399)
Kingdom Hall Assistance		Arrangement		6,035,999		(6,035,999)
Relief Fund Missionary Convention	Travel			101,653 223 908	(101,653)	~225,998)
				6044.382	~)86906	~6797390
TOTAL FUNDS				148966406	43,780,306			192,746,712
A current year 12months		and prior year 12months		combined net movement in funds, included			in the above are as follows:
				Incoming	Resources		Gains and	Movement
				resources	expended f		losses	in funds f
Unrestricted funds
General Fund				273,906,751	(229,845,698)		(93,761)	43,967,292
Restricted funds Travelling Ovcrseers Assistance Relief Fund			Arrangement	10786	(85,333) ~12.39)			(85,333) ~0.653)
				10786	~)97772			186986
TOTALFUNDS				73.917.537	~30 3.47)	~93.6)		3.7811306

			2020f	2019f
Net income/(expenditure)	for the reporting	period (as per the Statement of
Financial Activities)			44,733,175	(952,869)
Adjustments for:
Depreciation charges			647,030	866,456
Losses on investments				682,288
Loss on disposal offixed	assets		396,463	500,900
Interest received			(161,880)	(268,488)
Dividends received			(1,500,658)	(1,152,454)
Other non-cash donations	received		(1,331,150)	(701,639)
Movement in assets held	for sale		196,672	383,328
Increase/decrease in provisions			154,093	(3,543,123)
Reclassification to fixed	assets			(1,628,029)
Movements on conditional donations				1,288,447
Decrease in stocks			1,215,502	339,395
Decrease in debtors Decrease in creditors			2,565,481 ~3318888	5,038,569 ~407 350
Net cash provided by operations			43 595.840	445.431
ANALYSIS OF CHANCES IN NET FUNDS
		At 1.9.19	Cash flow f.	At 31.8.20 f
Net cash
Cash at bank and in hand		98.684.772	~85,839239	2,84, 33
		9868,7 2	~8 839239	12 845 533
Liquid resources
Deposits included in cash
Current asset investments		76672	1 7,545,340	157 822 012
		276,672	157545 340	157.822.012
Debt
Debts falling due within	1 year	(874958)	109707	(765251)
62cbt0 lalhlig dUC a ier	yoni

for	Year	Ended 31stAugust 2020	Ended 31stAugust 2020
24.	ANALYSIS OF CHANGES IN NET FUNDS - continued			~8,7 9,58 7	1 097,07	~7.652,507
	Total			90211,863	72,803,175	163,015,038
25.	FINANCIAL INSTRUMENTS
					2020	2019
	Debt	instruments at cost
		Unlisted investments			159,915,752
		Trade debtors			203,589	1,017,125
		Other debtors			73198	1.8 4 10
		Total			160192539	2.871 225
	Financial Liabilities at cost
		Deposits			765,251	874,958
		Trade creditors			680,396	3,765,888
		Other creditors			63,843	240,059
		Accrued expenses			51,441	108,621
		Deposits greater than	1 year		6,887,256	7,874,623
		Conditional donations			3,166793	3 012,698
		Total			» 61 .980	15,876,847