TBS financial statement
Financial worries have forced the Trinitarian Bible Society (TBS) to suspend and cut back on some of its activities for this year, amid a projected deficit of £575,000 for 2010. A statement from the society said that major contributing factors were a reduction in sales of Bibles and smaller Scripture items, together with higher-than-anticipated costs for some activities and a 50 per cent reduction in donations.
The statement read: ‘For about 180 years, TBS has been remarkably blessed by the Lord with all the resources necessary to carry on, and indeed at times, expand its work.
‘More recently, a particular feature of this provision has been the wonderful supply of significant funds through legacies. In the late 2000s, a deliberate policy was followed to use these substantial surpluses towards future expansion of the work, particularly in relation to translation projects.
‘However, by the end of 2009, in the light of the economic downturn, with lower levels of sales receipts and donations, the society had to accept that the excess income from earlier legacies was all but exhausted and the society’s cash reserves were depleted.
‘As a result TBS is no longer in a position to maintain spending at present levels. For 2010 a reduced expenditure budget meant that some activities have been curtailed or suspended, but a significant deficit of £575,000 is still being projected for 2010 here in the UK. Further budgetary reductions, which it is still hoped will be only temporary, are therefore needed in 2011.’
‘TBS has made significant financial investment in major translation projects, which it is hoped will generate substantial interest in the years to come. Some of these have taken longer to bring to fruition than anticipated, which has placed long-term pressure on resources.
‘The society’s management is considering a variety of proposals that will, with the Lord’s blessing, bring it safely through the current financial challenges. The process of self-examination and prayerful dependence upon the Lord to determine his mind on the matter and his leading through these difficulties has been underway for some considerable time at board and senior management level.
‘Recently, TBS’s members and supporters, both individuals and hundreds of congregations throughout the world, have received a letter seeking their prayers. All the society’s activities are being scrutinised and actions are being taken to ensure that a balanced budget can be adopted for 2011. However, some of these measures, if implemented, will prove painful, including the slowing down of some translation work, the further reducing of the granting of Bibles and other Scriptures and staff reductions.
‘On behalf of the general committee and staff, TBS seeks your prayers at this difficult time that not only would the Lord provide for its financial needs, but also that he will grant it much wisdom to know where any possible cutbacks might be made.
‘All concerned at TBS fervently believe that its vital work must continue, but they acknowledge their total dependence upon the gracious hand of God to supply according to his promise: “And God is able to make all grace abound toward you; that ye, always having all sufficiency in all things, may abound to every good work” (2 Corinthians 9:8)’.