Resolution to Approve the Annual Report
and Re-elect the General Committee and Auditors
In writing this, the 171st Annual Report of the work and witness of the Society, it is with much gratitude to the Lord that we are able to state that the activities of the Society have once again prospered. As the following pages are read we ask you to join with us in rendering praise to God for what He has enabled the Society to accomplish during 2001. Further, we ask for prayer that the Lord will be pleased to bless richly the many copies of His Holy Word circulated to the spiritual good of many, and that the good seed that has been sown may be used to the furtherance of His glory and the advancement of the Kingdom of Christ throughout the world.
The number of the Society's Bibles distributed during the year totalled 734,518. This was only 2,198 copies fewer than in 2000, notwithstanding the fact that the quantity of Bibles printed under royalty agreements was over 155,000 less than in the previous year. The number of New Testaments (including the large number of Portuguese New Testaments printed by the Gideons under a royalty agreement) totalled 7,260,834 copies. In total the overall number of Scriptures distributed during the year was 11,119,328, an increase on the previous year of over 1.25 million items. These Scripture were published in 38 languages and circulated in 129 countries.
It is humbling to compare these figures with those of fifty years ago when, with much thanksgiving to God, it was reported that the total circulation in 1951 had been of 433,692 items, including 8,835 Bibles and 31,665 New Testaments. Whilst we ascribe all glory to God for what has been accomplished in more recent years, it needs to be borne in mind that what the Society has been enabled to undertake throughout its history is in reality but a very little compared to the great need that there has been, and there continues to be, throughout the world.
It is, nevertheless, particularly encouraging to note that for the third year running the number of English Bibles circulated by the Society has increased. In 2001 the number totalled 396,433 copies, an increase of over 80,000 copies. Again, many of these editions of the Authorised Version were circulated in West Africa. However, there is still a good demand for the Society's English Scriptures from other parts of the English-speaking world, and it is encouraging to hear of churches, as well as of individuals, who having experimented with other versions are returning to the Authorised Version. It is our prayer that the Lord may be pleased to cause many more yet to value the need for the reliability and trustworthiness of this translation that has been so blessed to the English-speaking peoples for the last four centuries.
During 2001 a Diary was prepared for the current year, and it was encouraging that over 4,000 copies of this addition to the Society's range of English Scripture items were distributed. The diaries were complemented by 371,564 of the English edition of the Golden Thoughts Calendars and 307,922 Words of Life Calendars. In total almost 1.9 million items were circulated in the English language.
The Society also distributed 165,574 Portuguese Bibles (most of which were printed and circulated by the Society's Brazilian branch), 67,450 Russian Bibles, 53,396 French Bibles, 33,016 Spanish Bibles (including those printed under a royalty agreement), and 15,004 Hungarian Bibles. Additionally, Bibles were circulated in Arabic, Dutch, German, Greek, Hebrew, Italian, Kisanga, Simte, Welsh and Ukrainian. Over 700 copies of the Society's Holy Scriptures in the Original Languages and over 2,000 copies of its Textus Receptus Greek New Testament, were circulated. Further details of the Society's distribution will be found below.
As well as the many thousands of copies of the Holy Scriptures that were sold, both at the full retail price and (where appropriate) at subsidised prices, considerable quantities were also supplied free of charge to individuals, churches, missions, prisons and hospitals where there was a need. The Society's attempts to supply Scriptures to schools in the United Kingdom have continued, as have its endeavours to supply Bibles to schools in other countries. During 2001 many thousands of Bibles were granted to schools in Ghana.
Revision work on the Society's new Romanian Bible is now complete, and copies should be available for circulation within the next few months, God willing. Already, large quantities have been ordered and it is our prayer that the Lord may be pleased to open the door for the acceptance of this contribution to the spiritual life of Romania.
During 2001 the orthographic revision of the Spanish Bible was completed. This Bible is a slightly revised edition of the Spanish Bible that the Society has published for many years. The orthography has been improved, a centre reference system has been added and a number of textual corrections have been made. Future printings of this title will provide the opportunity to make the additional necessary corrections, including possible further improvements in its grammar.
Other editorial projects completed during the year included the Armenian Gospel of John, editions of which the Society hopes to print in both Armenia and Russia, the Turkish Gospel of John, a new range of Scripture leaflets in German, the Gospel of Mark and various Scripture items in Lithuanian, and the Church of the Living God booklet in Hungarian. Work has continued on the revision of the Telugu New Testament, and it is hoped that work will soon be complete on the Old Testament in that language. During 2001 corrections were made to the Russian Bible to remove inaccuracies that had crept into the text in the early part of the last century. Work has continued on the preparation of a database of the English Bible to enable the Society to prepare new editions of the Bible and other Scriptures in the future: the Gospel of John had already been printed, and more recently an attractive edition of the Gospel of Mark has been published. Sadly, in 2001 Mr. O. Carlson, who over the years had done so much for the Society in different languages, passed away. In the Lord's goodness, at the time of his death he had virtually completed his draft work on the Lhaovo Bible for Myanmar, which will now be checked and prepared for printing in due course, God willing. The Editorial Manager's report will be found below.
Compared with the previous financial period overall income increased by almost 10%, sales income increased by 10% and legacies increased by £100,000. In the Lord's goodness the continued provision made for the Society by its many friends has resulted in the budget for the Grants Department again being increased. The total income for the year ended 31st December 2001 totalled nearly £2.9 million. Even allowing for the considerable indexing necessary to take into account inflation over the last 50 years, this remarkable amount compares most favourably with the comparable total in 1951 of £14,670 14s 7d, of which it was written in the Annual Report for that year, "Such a figure has no parallel in the history of the Society". The Consultant Accountant's report will be found below.
The Australian branch has had a very encouraging year. With larger premises and its dedicated staff, sales during the year increased by over 60% on the previous year's figure. Sadly, there have been several changes in the personnel of the Board and of the Society's staff during the year, and we take this opportunity of publicly acknowledging their excellent service. Special mention needs to be made of the Rev. J. S. MacKenzie, who was until recently the President of TBS (Australia), and who has given sterling service to the Society for many years; and of Mr. J. Marshall, who was until last year the Chairman of the Australian Board, and who also has given valuable service but has had to resign for health reasons. During the year TBS(Australia) has been encouraged by contacts it has formed for the Society in Myanmar. It is hoped that this may result in the Society having a greater presence in Myanmar in the future, and that we may be of assistance with a number of translation projects for the peoples of that nation.
In an article in the Quarterly Record for 1952 the question was asked, "Will Brazil be the future Land of the Bible?" The article concludes, "Bibles have been burnt in Brazil; Missionaries have been murdered in Brazil; for centuries Rome has held sway, but to-day the Bible is over Brazil, and the Scriptures are being read as never before in its history. The Bible is in Brazil, and the T.B.S. is doing its part in supplying the Word of God. For the ends of the earth shall see the Salvation of God". If these words were applicable fifty years ago, they are more so today as we record that during 2001 more than 165,000 Bibles and over 7 million New Testaments bearing the Society's name were circulated! We thank the Lord for what He has enabled the Society's Branch in Brazil to accomplish.
It was with considerable thankfulness that we were able to report during 2001 that the litigation in which the Society had been involved in Canada had come to an end. Settlement meetings had been held last July, the terms of which were finally accepted by our former Canadian branch, TBS(Canada), at their Annual Meeting in October. (The full terms of the Settlement Agreement are available from the Society's offices.) We very much regret the events that led to the necessity of the Society being involved in litigation, but are thankful that in the Lord's goodness the Society has been able to recover the sole use of its name. May the Lord's blessing rest upon the Society's newly organised branch in Canada, and all our friends involved in the work there, as they seek to further re-establish the witness of the Society throughout the land.
Although the activities of the Society in New Zealand are not as large as in the other branches, the interest and dedication of our friends there is no less. We thank them for what they have accomplished during the year and for their prayerful interest in the overall operation of the Society. We join with them in prayer that soon it may be possible to republish an early edition of the Maori Bible for the indigenous peoples of their nation. May the republication of this Bible, the reading of which was so richly blessed to the salvation of many of the Maori people in the 19th century, by the blessing of the Lord have a similar spiritual impact in the coming years!
The Society has many contacts throughout the USA and we are very grateful to our friends in Grand Rapids who oversee the work of TBS(USA). Over the past four years there has been a considerable development in the volume of Scriptures sold, as well as in the charitable income they have passed to us for the furtherance of the work. There is no doubt that the TBS(USA)'s good premises, its dedicated and able staff, and the prayerful support and interest of its board members and friends throughout the country, have contributed largely to the wonderful expansion of its activities.
We take this opportunity to thank all the Society's friends throughout the world for their prayers and for their practical support of the work. We value our association with the many churches and individuals that have identified so closely with the Society over the years, and whose help and prayerful interest has been so used of God in the development and growth of the Society.
We thank all our staff for their labours. Without the considerable help and prayerful devotion of the staff – both present and former – who have the true interests of the work at heart, the Society could not have operated. Further, we thank all our auxiliary personnel, our regional representatives, as well as the many others who in different ways have so ably served the Society, for their labours of love. We also acknowledge the assistance we have received from other societies interested in the publication and distribution of the Holy Scriptures. As in previous years the Society has maintained a close link with many such organisations throughout the world, including the Gideons, through whom so many Portuguese Scriptures are distributed in Brazil. During 2001 large quantities of the Society's Scriptures were again distributed to Eastern Europe and Africa through agencies based in The Netherlands, and our cordial relationship has been maintained with the Society's good friends at the Gereformeerde Bijbelstichting, from whom the Society has received considerable help over the years.
To prepare for the future development of the Society's work and witness there has been, during 2001 and the early part of 2002, a significant upgrading of the facilities at the Society's head office. This has included the replacement of the heating boilers, the erection of steel racking in the warehouse to enable the Society to store its stock more efficiently (and to comply with current Health and Safety regulations), the upgrading of the Society's computer hardware and software, and (thanks to the kind gift of a supporter) the provision of new workstations for the General Office. This work has been expensive, but has been nevertheless necessary for the further expansion of the Society's work.
To be more proactive in the development of the Society's sales activities a member of the sales staff has been made responsible for proposing to the staff's marketing committee suggestions on improving the Society's wide range of publications. This new arrangement has contributed to the publication of a colour catalogue and the other new items that have been, or are shortly to be, produced. Although during 2001 the Society lost the good services of its former graphic designer, Mr. S. Talas, (who had done so much during the 1990s to improve the appearance of the Society's publications), the Lord in His goodness had already provided another member of staff who was able to continue that important aspect of the Society's work.
During the first half of 2002 the Society has marked the Golden Jubilee of Her Majesty the Queen by the publication of two Royal Jubilee Bibles. God willing, over the coming months and years further additions will be made to the range of English Bibles, and plans are already in hand for both a small reference Bible and a larger text Bible, which it is hoped may be available later this year. An edition of the Book of Psalms in extra large print is in preparation, and, God willing, it is hoped that among the new items being proposed a fresh range of children's items will be available in due course.
During the coming months we hope also to see the publication of the Armenian, Lithuanian and Turkish gospels, the revised Telugu New Testament and the
Romanian Bible, for which considerable financial resources will be required. As there have been continuing editorial problems with the SPCK French Bible (the edition
of the French Bible the Society wishes to republish in place of the Segond translation) it has been decided to reprint a facsimile edition pending the availability of
assistance by native French speakers to complete the revision work. Further, it is hoped shortly to extend the Society's range of original language publications to include a Greek-English New Testament, with the text of the two languages printed in parallel columns.
Possibilities before the Society for future additional translation and editorial work include work on the Farsi Bible (for Iran, Afghanistan and the surrounding countries) and on the Hindi Bible. Areas of the world where there is significant interest and potential for the further expansion of the Society's work and witness include India, Israel, the Far East and Russia, whilst the whole world still remains "the field" in need of the Good Seed of the infallible Word of God, the sowing of which we can be assured will bring forth a rich harvest to the honour and glory of God.
During 2001 the Society suffered the loss of three members of its General Committee: Mr. B. R. Oliver passed away in May, Mr. I. G. Carvell passed away in July, and the Rev. K. M. Watkins resigned from the Committee in December, having left the United Kingdom earlier in the year to serve on his church's mission in Kenya. These gentlemen had served on the Committee since 1993, 1996, and 1995 respectively, and their loss from the Committee's monthly meetings is keenly felt. The Society again extends its sincere condolences to Mrs Oliver and Mrs Carvell, and wishes Mr. Watkins the Lord's blessing on his labours in Africa.
The Society and Committee have had difficulties with one or two members of the Staff which has caused concern. We seek the continued prayers of our friends that the Lord will go before us in our prayerful endeavours to circulate the Holy Scriptures in His Name Whose Word it is.
Throughout its history the Society has been dependent upon the blessing of Almighty God. This is as true today as it was in 1831. As the Society now goes forward into the future (if it be His will) may it please the Lord to grant that it may be with His blessing evidently resting upon the work in which we are engaged.
The founders of the Society in breaking from the British and Foreign Bible Society saw that this blessing could not be expected where there was not the desire for complete fidelity to the Holy Scriptures themselves. Thus it was that on 7th December 1831 at the public meeting in Exeter Hall, London, the Provisional Committee stated at the inauguration of the Trinitarian Bible Society that it would "join with their Christian brethren in establishing a Bible Society, which, whilst it would be truly catholic in its spirit, might be strictly Scriptural in its principles, and decidedly religious in its constitution and operations". May the Lord grant that this may continue to be so for the glory of His Name and "For the circulation of the Word of God among all nations"!
Brethren, pray for us.
That this Society reverently acknowledges its complete dependence upon Almighty God, reaffirms its constant adherence to the Scriptural doctrines and principles upon which the work was established, and seeks the divine blessing upon its endeavours to promote the worldwide circulation of Protestant or uncorrupted translations of the Divinely inspired Holy Scriptures, which are able to make wise unto salvation through faith which is in Christ Jesus, and which are "profitable for doctrine, for reproof, for correction, for instruction in righteousness: that the man of God may be perfect, throughly furnished unto all good works" (2 Timothy 3.16-17); that the Report and Audited Financial Statements, a summary of which has been printed in the Report, copies of which have been circulated, be adopted; and that the following gentlemen constitute the General Committee for the ensuing year, with power to fill up any vacancies in their number, in the interval of the Annual General Meetings:
The Rev. H. M. Cartwright, M.A.And that Messrs. Jacob Cavenagh & Skeet be appointed Auditors for the year.
Explanatory Note
The Trustees of the Society are the members of the Society elected at the Annual General Meetings to serve on the General Committee of the Society, together with the Vice-Presidents and the Honorary Treasurer, who are ex-officio Members of the General Committee. The ex-officio Members of the General Committee are therefore not included in the list of names appearing in the resolution.
The ex-officio members of the General Committee are:
Vice-Presidents:
Mr. F. C. FarncombeThe Honorary Treasurer:
Mr. A. J. Barker, M.A., C.Eng., F.I.E.E.
| Sales | Grants | Total | ||||
| 2001 | 2000 | 2001 | 2000 | 2001 | 2000 | |
| Bibles (1) | 654,887 | 689,704 | 79,631 | 47,012 | 734,518 | 736,716 |
| New Testaments (2) | 7,239,704 | 6,394,971 | 21,130 | 17,512 | 7,260,834 | 6,412,483 |
| Portions | 617,114 | 918,637 | 1,133,958 | 539,273 | 1,781,072 | 1,457,910 |
| Golden Thoughts Calendars | 50,638 | 49,367 | 604,021 | 604,032 | 654,659 | 653,399 |
| Leaflets | 246,700 | 230,614 | 106,900 | 72,400 | 353,600 | 303,014 |
| Text Cards | 251,123 | 223,971 | 113,522 | 70,017 | 364,645 | 293,988 |
| TOTAL | 9,060,166 | 8,507,264 | 2,059,162 | 1,350,246 | 11,119,328 | 9,857,510 |
Let no man deceive you with vain words
Ephesians 5:6
Just when you think that the Bible market is glutted with new and improved versions of the Scriptures, someone comes up with an idea which will enable Bible publishers to produce even more new and improved versions, versions which they believe will be so necessary that God's people simply must abandon their trusty old favourites and buy these editions. That this strategy works has been made abundantly clear in sales of the New International Version, which, since it was first published in 1978, has had a distribution of some 150 million copies. It and other Critical Text-based, dynamic equivalence translations or paraphrases fill the Scripture marketplace, and regrettably fill their readers' minds with phrasing and terminology which, although accurate for 21st century Western culture, bears little resemblance to what God actually inspired. This problem is being made a focus of the Editorial Department in 2002.
In order to keep these versions fresh and alive – and selling well – they are being printed in all sorts of fonts and covers, and their publishers have added numerous interpretative notes and comments in an effort to meet the desires and supposed needs of people. These versions have also been incorporated into commentaries, Bible study materials and computer programs in an effort to maintain the versions' popularities. Apparently, however, these versions are now proving to be insufficient for 21st century readers, and Bible publishers have begun reworking their Bibles.
It is the normal procedure that, with each new printing of a particular version of the Bible, changes are made in order to correct errors and to attempt to make these versions more accurate. However, some Bible publishers have long contended that major revisions of the texts themselves will need to be done every ten to fifteen years, in order to keep up with changes in language and culture. Normally, even these revisions are fairly minor, with the reader being unaware of the changes in general reading.
Today, however, we are seeing this being carried out on a much broader scale, with radical revisions of recent Bible versions popping up right and left. These revisions are designed to avoid offending various groups in an effort toward 'political correctness', which is especially apparent in their efforts at appeasing feminist groups.
Claiming to be producing Bibles of 'greater accuracy and fidelity to the original languages', translators are incorporating gender-inclusive language into many of these new editions. They attempt to tone down the dissension created by the term 'gender-inclusive' by using phrases such as 'gender-neutral' or 'gender-accurate' in an effort to downplay strife that the concept of 'inclusiveness' engenders. Whatever it's called, it amounts to 'gender-corrupt', 'gender-inaccurate' and even 'gender-deviant' – or my favourite term – 'gender-abusive'.
Numerous examples of the difficulties created by gender inclusive language in the Scriptures could be cited, but one example will give ample evidence of the problem. In John 6.33 the New International Version reads: 'For the bread of God is he who comes down from heaven and gives life to the world' – not terribly far from the Authorised Version's 'for the bread of God is he which cometh down from heaven, and giveth life unto the world'. The newest successor to the NIV, the newly published Today's NIV (the New Testament of which has recently been released), renders this, 'for the bread of God is that which comes down from heaven and gives life to the world'. You will note that the masculine 'he' in both the AV and the NIV is changed to the neuter 'that which', even though the Greek words are definitely masculine. This, of course, is the key to gender inclusive language: doing away with anything which might infer gender. Worst case will be when these versions change all of the pronouns referring to the Lord Himself to neuter. Happily we have not reached that point yet, but with new versions coming out almost every day there is no knowing what tomorrow holds. Today's NIV is another step from its publisher towards that point, and with the popularity of the NIV it could prove to be a big step. However, it is not the publisher's first attempt at introducing gender-inclusive language into the Scriptures. That dubious honour goes to The New International Version Inclusive Language Edition, which was published in the UK and did not see circulation in the USA.
Gender is not the only issue addressed by Bible publishers. Attempts are currently being made to update language, to dumb-down language, to make the Bible more readable, to make it more studiable, to make it more entertaining, to make it more acceptable to everyone, and in the end to make it more profitable for the publishers. Nor is the NIV the only version to have a 'successor' currently on the market. Numerous modern versions now have more modern editions, and most of these now include features such as 'gender-inclusive' language. Examples include,
Revised Standard Version (1952)
- New Revised Standard Version (1989)
Good News Bible (1976)
- Good News Bible 2nd Edition (1992)
Living Bible (1971)
- New Living Translation (1996)
New American Standard Bible (1971)
- New American Standard Bible, Updated Edition (1995)
Jerusalem Bible (1966)
- New Jerusalem Bible (1985)
New American Bible (1970)
- New American Bible Revised New Testament (1986)
New English Bible (1970)
- Revised English Bible (1989)
New International Version (1978)
- New International Version Inclusive Language Edition (1997)
- New International Reader's Version (1998)
- Today's New International Version New Testament (2002)
These revisions of modern versions share the market with a number of original translations, such as the New Century Version, The Message and the Contemporary English Version. Regardless of their source or pedigree, they all share many of the same problems, particularly in terms of 'political correctness'. They would contend that the male dominated society of Scripture is inappropriate for our modern culture since it makes women feel denigrated, so pronouns in many versions are changed to plurals or neuters in order that all may feel included. Since it is considered improper to offend the Jews, references made to them particularly in passages dealing with the Crucifixion are changed in some versions to limit who was responsible. Scripture must be kept from upsetting left-handed people so passages referring to the 'the right hand of God' are sometimes adapted to remove reference to one side or the other.
The 'political correctness' agenda is driving these revisions, bolstered by translators who attempt to alter the Scriptures to teach their own views and by publishing companies looking for new inroads into the Bible sales market. Regrettably, many of God's people are unaware of this encroachment into the Word of God. Therefore, during the year 2002, the Trinitarian Bible Society will continue to proclaim the excellence and accuracy of the Authorised (King James) Version of the Bible while at the same time redoubling our efforts to expose these sinister revisions and the errors they espouse. We look to our righteous Lord to provide all that is needed to achieve these two goals.
The Lord's continued provision for the financial needs of the Society is a great cause for gratitude. The Society finished the year under review in a financially healthy position, and continues to pursue further opportunities for the expansion of its work. The format of the Statement of Financial Activities is slightly different than in previous years, due to the new accounting requirements of the latest Statement of Recommended Practice, but it is hoped that the following comments will assist your understanding of the figures. Please contact the Society for copies of our Summary Financial Statements for the year ended 31st December 2001, as discussed herein.
Sales income increased by nearly 10% compared with 2000. However, this was at a somewhat lower net sales margin (12% compared with 18% in 2000), as the Society sought to maintain and expand its volume of Scripture sales by generous discounts to those who would be unable to afford the full commercial price, particularly in third world countries. Charitable income was also higher. We have noticed in the past how that as one source of income abates, the Lord so often more than makes up for it in other ways. In 2001 subscription and donation income fell by over £33,000 from the previous year's peak of £520,000. However, legacy income increased by more than £100,000 from almost £313,000 in 2000 (itself a high figure) to some £427,000 in 2001, the highest level of income from this source for many years. As in 2000, a significant part of the legacy income included in the accounts had not been received by the year end, and has therefore been included in debtors in the accounts. Investment income held up well during the year, despite the low level of interest rates. Most of this is attributable to the Golden Thoughts Calendars Fund, which again made a surplus in the year. The Society is exploring the possibility of expanding the range of languages in which this calendar is available or else increasing the volume of calendars in existing languages, in order to make fuller use of the investment income earned by this Fund. Overall, income increased by some 9.8% to almost £2.9 million. We acknowledge the Lord's goodness in making such provision for the maintenance of this ministry.
The new SORP format requires that expenditure be listed under two headings: (i) Cost of Generating Funds (which for the Society is simply its publicity and deputation costs); and (ii) Charitable Expenditure (which is everything else, including the support and administration costs). You will note that publicity and deputation costs increased significantly in the year. This is partly a product of the appointment of a new full-time deputation speaker part-way through the year. This is enabling the Society to present its work to a significantly larger number of churches, which will in time, we hope, result in many more coming to appreciate the distinctive stance of the Society on translational and textual matters. We trust that this will also be reflected in an increasing level of subscription income in due course. As implied in the income section above, the lower net margin on sales means that expenditure on items for sale, and other sales expenses (most notably, carriage costs) rose compared with 2000 at a faster rate than the increase in sales income. Expenditure in the Grants Department also increased substantially, as expected. A new full-time member of staff was taken on in this department in the year, which has facilitated a reduction in the back-log of grant requests awaiting processing, with a concomitant increase in the amount of Scriptures supplied. The granting of Scriptures to those who could not afford to buy their own copies is one of the most important aspects of our work, and it is hoped that expenditure in department will continue to increase in 2002. You will note that support costs appear to have doubled compared with 2000. This is not due to any profligacy on the part of the Society! Regrettably, following last year's comments about the greater stability of the Brazilian Real against sterling, in 2001 the currency resumed its downward trend. This resulted in exchange losses on consolidation of some £53,000, which amount is included in support costs. The rest of the increase in support costs is largely accounted for by necessary building repairs, including the installation of racking required by the Health and Safety Executive. An analysis of the Society's expenditure under various headings is shown in the diagram in the printed edition of this report. As you would expect, the vast bulk of the expenditure (over 70%) is incurred in the provision of Bibles, whether as sales or free grants, and in the ongoing work of research and translation. Barely 12% was spent on administration. The figure for Net Incoming Resources represents the operating surplus of the Society for the year. This is then adjusted by any gains and losses arising on the disposal or revaluation of fixed assets and investments. Several disposals of investments took place in the year, yielding a sizeable gain, which has to be added to the capital balance of the Golden Thoughts Calendars (Endowment) Fund. These gains were attributable to investments which had been held by the Fund for many years, and tend to reflect the successful nature of the investments over the long-term. However, you will note that there were also sizeable 'unrealised' losses (over £250,000) on the investments, when they were revalued to their quoted values at 31 December 2001. This was predicted in this article last year. As noted then, it should be remembered that the Golden Thoughts investments are held for the long term, and we are not particularly concerned about short-term fluctuations in the stock market, given that, as a whole, we have a portfolio of considerable quality.
Of the net assets of £5.3 million, it should be noted that nearly £2 million relates to the Golden Thoughts Calendar Fund. This money was given to the Society specifically to invest to yield an income for the production of the Golden Thoughts Calendar, and this money can be put to no other use. A further £146,000 is in respect of various 'restricted funds' given for specific projects. Of the General Fund's net assets of just over £3 million, barely £110,000 of these assets were freely available at 31 December 2001, because the balance was invested in fixed assets, tied up in stock and debtors, or related to funds held by overseas branches. This compares with average monthly expenditure of the Society of in excess of £225,000! As predicted last year, the level of stock was higher compared to 2000, as new stock items were added to our range. This trend is likely to continue in 2002, as further new products are anticipated, God willing.
The level of debtors appears very high compared with our turnover. However, two factors need to be borne in mind: (i) the figure includes debtors and prepayments other than simply trade debts, such as over £218,000 in respect of legacy income notified but not yet received as at 31 December; (ii) many of our sales are to overseas customers, where terms of 120 days are not at all uncommon. Again this is a part of our policy of facilitating the maximum distribution of the Scriptures, without being tied to strictly commercial considerations. While we take appropriate steps to minimise the losses arising from defaulting customers, we are willing to allow extended credit terms where it is prudent to do so.
The future is all unknown to us, though we know that it is the Lord's expressed will that His gospel should be published among all nations before the end of time. It is our continued prayerful desire that He may be pleased to use the Trinitarian Bible Society as an instrument to accomplish this. Thus may many more be brought to prove the truth of the words, 'The entrance of thy words giveth light; it giveth understanding unto the simple' (Psalm 119.130)!
We have examined the summary financial statements as printed in the Annual Report.
The summary financial statements are the responsibility of the General Committee on behalf of the Trustees. Our responsibility is to report to you our opinion on their preparation and consistency with the full accounts on which we reported to you on 15th April 2002.
We have carried out the procedures we considered necessary to confirm, by reference to the audited accounts, that the summary financial statements are consistent with those accounts.
In our opinion the summary financial statements are consistent with the full financial audited accounts of the Trinitarian Bible Society for the year ended 31st December 2001.
Please contact the Society for copies of our Summary Financial Statements for the year ended 31st December 2001.
Acorn House, Jacob Cavenagh & Skeet 2 Greenhill Crescent, Chartered Accountants
Watford Business Park, and Registered Auditor
Watford, 15 April 2002
Hertfordshire, WD18 8AH
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