Posted by:
Bean Counter
(
)
Date: November 27, 2010 04:37PM
copolt indicated in a post earlier today that LD$ Inc. has closed its the Garretts Green U.K. store/distribution center and laid off church employees. S/he wrote: “Sad for those that have lost a job but I'm glad to see the church 'struggling'.” (ref.
http://exmormon.org/phorum/read.php?2,43877)
LD$ Inc. ‘struggling’, indeed! Just how ‘bad’ are things? According to TSCC’s most recent financial statement filed with the British government’s Charity Commission (for the year ending 31 Dec. 2008):
Amount invested: £7M (at an average ROI of 5.72%)
Interest income: £774,000
Reserves: £261,635,000
(see pdf pages # 11 and 12 of 32 at
http://www.charitycommission.gov.uk/ScannedAccounts/Ends51%5C0000242451_ac_20081231_e_c.pdf)
Total funds carried forward from 2007: £271,920,000 (see pdf page # 17)
I don’t know how many people worked at the Garretts Green facility, but if, say, 10 church members worked there, the total cost to LD$ Inc. of their salaries and employee benefits would have been somewhere – I figure – in the neighbourhood of 1/1000th (0.1%) the value of LD$ Inc.’s reserves in the United Kingdom.
That’s how much British Latter-day Saints mean to the ‘one, true’ corporation of Jesus Christ!