Company number: 03628986 Charity number: 1071825 THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM (A Company Lirnited By Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 *AC56XHTh¥• 07hrI2W23 COMPANIES HOIJSE
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM CONTENTS Pages Legal and administrative infomiation Trustees, annual report (including direthrs. report) 5-16 Statement of Trustees, responsbiliiies 17-18 IndepeTrJent Examinerfs report 19 Statement of financial activities 20 Balan sheet 21-22 Statement of cash flows 23 Notes to the finanaal statements 24-32
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR TO 31 DECEMBER 2022 Legal and administrative infonnation Full name The Political Studies Association of the United Kingdom Registered company number 03628986 Registered charfty number 1071825 Trustees: Roger Awan-scully Chair communTrcatns Claire Dunlop Vice-chair Chair of Publications Sub£ommrttee Yvonne Galligan John Craig Fiona Mackay Alistair Clark Honorary Treasurer Honorary Secretary (appointed July 2022}i Honorary Secretary (resigned July 2022) Specialist Groups (appointed November 2022) Arianna Giovannini Specialist Groups Andrew Mycc¢k Membership Manjeet Ramgotra Equality, Diversty & Inclusion Early Careers Network Stuart IAfjlks-Heeg Membership (resigned July 2022) James Weinberg Schools Programme Amdia Hadfield Intemational Relations Omar Khan Lay-trustee Equality. Diversity & Inclusion Intemational Relations Roula Nezi Indrairt Roy Trustees CoThOPted for one year: AliStr Clark Specialist Groups (appointed November 2022) Undergraduate Programme (resigngj September 2022) Trustee (appointed September 2022) Liam McLoughlin Heather berr0 All the above make up the PSA'S Executive Committee alongside representatives of the PSA'S Teaching and Leaming Nelwork and the Eaty Careers Networ
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR TO 31 DECEMBER 2022 Legal and admlnistratlve Inforniatlon Key Staff Michelle Doyle V¥fjldman fvliriam Fox Chief Executive and Company Secretary Finance Manager Registered office PSA Head Offlce Elizabeth Meehan Sutte Unit 2. Regent House 1-6 Pratt Mews London NW1 OAD Bankers Bank of Scotland Leicester Branch PO Box 1000 BX2 1LB Independent examlner8 UHY Hacker Young 14 Park Row Nottingham NG1 6GR
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 Report of the Trustees for 2022 The trustees. who act as directors for the purposes of company law. have pleasure in submitting their Annual Report and Finanaal Statements for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reports'ng by Charilies" 2015 IFRS 102) in preparing the annual report and financial slatements of the charity. The following report was approved by the truslees at their Executive Committee meeting on 10 March 2023. Legal Status The Political Studies Association of the United Kingdom, also known as the Political Studies Association (PSA and. below. as the Associats'on), is a company limited by guarantee (number 03628986). The Political Sludies Assoaalion is also a registered charty (number 1071825) and is subject to the provisnS of the Charities Act 2011 and the rulings of the High Court with regard to charrties generally. The charity is registered for VAT (number 620.3514.86)- The majorrty of members of the Executive Committee of the Associab"on are the trustees of the charity and are personally accountable for the proper management of the Association and its assets. They are required to act prudently at all tirnes in the best interests of the tharity- The Charities Act 2011 requires registered CharItS to make an annual retum of accounts and activities. The Chartties Act 2011. the Charities (Accounts and Reports) Regulations 2008 and the Accounting and Reporting by Charilies Stslement of Recommended Practice {'Charty SORP 2015, FRS 102) fomi the accounting framework for charities. The current guidance can be found at.. www.chartycommission.gov.uklchanty_requirementsJuidancelaccounting_arKI_reportingl. Objects and Mernbershlp The Political Sludies Association of the United Kingdom was founded in 1950. The objectives of the Association. set out in clause 3 of the company's Articles of Association, are 'to promote the development of political studies and to encourage education and the advancement of learning in the art and science of govemment and in other bfances of the political sciences". The charty is govemed by its Articles of Association and by-laws. which We amended in March 202110.. Bring them up to date with lest legislation and guidance Allow lay trustees to be members of the Executive Commtttee (and to also allow them to be appointed into the Honorary Treasurer roles) Allow the Executive Commitiee to change membership types Clarrfy the approach to remowng trustees. Any person holdw)g an appointment in polttical studies and allied subj'ects in a higher education institution. and any other person whose parts'cipation is likely to be advantageous to political studies. may become a member. Some mernbers {students, teachers in schools. public members) do not have full voting rights or receive the PSA'S printed journals arKI this is reflected in a lower membership rate. As of December 2022. the total membership was 1546 (compared wrth 1851 at the erMI of 2021). This in¢luded 670 standard rate members (at 800 at the end of 2021), 494 eady career members
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 compared to 608 in 2021 as well as 117 student members arKI 44 school members We monitor membership trends dosdy and will continue to make membership retenlion and development a priority. Trustees and Governance The trustees of the Association constitute the Executive Committee. The Executive Committee normally meets four times a year. At the end of 2022. there were 15 members. of whom were Co-opted arKI one a lay trustee. Under by-law 4.7. an elected trustee can serve for up to a total oftwo elected tems oflhree years and one year as a ccpopted member (maximum six plus one years) bul must then sland down from the ExecLrtive Commrttee for one fvll tern (i.e., three years). Trustees can be ¢(pted to the Executive for a maximum peric4J of one year before having a break of at least one year before undertaking another ctropts"on. Appointment to the elected posrtions on the Exeojtive Committee is determined through a ballot of all members. In 2022, the role of Honorary Secretary and tsvo other elected trustee posts came up for election and this process was overseen by Professor Fiona Mackay as PSA Honorary Secretary and Returning Officer. The successfijl candidates were Professor John Cra, Dr Andrew Mycock and Dr Indrajrt Roy. All the trustees who serrfed in 2022 are listed in the introductory section of this report. No trustee receives any remuneration. A number of trustees act as the lead for particular areas of activty and work dosely with members of the PSA staff. The onty formal standing Committee which now exists is the Publicalions sub- commrttee which also involves all the PSA'S joumal edrtors and our academic publishers. SAGE Publishing. However. a trustee-led working group to consTrder EDI in the association was established in late 2021 and active throughout 2022. Staffing The Chief Executive, Michelle Doyle Wldman, continues to be supported by a team of six officers covering Finance, Events, Communications and Membership. Promollng Equal Opportunities The Trustees are committed to creating a diverse and inclusive environment, to providing opportunities for career development for all and to ¢¥)posing all fornis of discrimination. The Association's Equality and Oiversty Strategy is one of the central pillars of its ten-year strategic plan and is the lens through which we conduct all our operations. In 2022. Dr Roula Nezi became Executive Committee lead for the Diverse Voice5 Programme with Dr Manjeet Ramgotra taking over as chasr of Equalty, Diversty and Indusion working group. Our key focus on EDI matters for 2022 has been launchirvj the Diverse Voices programme This began by offering scholarship and research grant opportunities for PhD and Early Career Researchers from under represented groups (see 4.d below for further detsilsl. We are considering this a pilot and will review this ahead of further implementation.
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 Publlc Benefit In preparing this report the trustees confimi thal they have had regard to the Chanty Commission's guidance on public benefit, as set out in its publication 'Charities and Public Benefit." the Charity Commission's general guidance on public benefrt (January 2008, amended December 2011) and subsequent postings on the Pubhc Benefit seth.on of its websrte. The Charrtres Act 2011 sets out the following. among others. as charitable purposes.. a) the advancement of educalion; b) Ihe advancement of the arts. cuUre. heritage or science. It also specif*s a legal requirement 'lhat every organisation set up for one or rn0 charitable aims must be able to demonstrate that its aims are for the public benefrt rf it is to be recognised, and registered. as a charity in England and Wales" This is known as the public benefit requirement. There are bwo key principles. both of whith must be met in order to sh)w that an organisation's aims are for the public benefit.. Principle l.. There must be an identifiable benefit or benefits: Principle 2.. Benefft must be to the public. CK a section of the public. The Association has proVed a benefft to the public by carrying out the actNities listed in this report in accordance with its charitable object lo promote the development of polib.cal studies and to encourage education and the advanment of leaming in the art and science of govemment and in other branches of the political sciences". We are seeking to achieve our stralegy to ajVan the leaching and study of polrtics through the values of sustainability, excellen. diversity. and advocacy by focussing on.. Member engagement Iso we maintain and grow our association) Taking a digital-first approach Supporting research as well as teaching Supporting equality. diversty and inclusion in our association and across the discipline Belng a strortger voice for the discipline amidst on-going industrral action. the pandemi aftermatch and threats to departments teaching our subj.ect in some instrtutions. As a learned soaety. our public benefft derives not simply from membership of the Association but from the wider dissemination by the Associalion of knowledge about politics and political studies through the charity's events. publications. social media and website as set out below.The context in which we and our members have worked in 2022 includes the impact of the Pandemic, increasing risks to those wothng in university departments and a climate of strike action. Activities for the Public Benefft The Political Studies Assoaalion engages in a range of activities open to members and nor members alike. As described in more detail in other sedions of this report. the Association
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 organises a large number ol events arvj produces a range of publications that serve to promote the understanding and development of political studies. 1. Publications 1.a, Academic Journals The Association ovms four academic. peer-reviv4¥ed journals.. Political Studies.. The British Joumal of Politics & IntematnaI Relations." PolitKs.' and Political Studies Review. These have been published under contract by SAGE Publishing since January 2016. This arrangement provides a guaranteed and substantial source of revenue for the association through to the end of 2025 {as a new fivtryear agreement came into force on 1 January 2021). The latest data on these journal's impact is from 2021 and is listed below. Please note that in order to more accurately refled the dynamic cllation environment of rapid online publication, Clarivate introduced a new calculation for the 2020 Impact Factorwhich will continue to be phased in up to the 2022 Impact Factor. Political Studies had an Impact Fartor of 2.546 in 2021. an increase on 2.396 from the previous year and the highest yet. ranking rt 661187 in the category of Political Science. The 5 Year Impact Fador is 2.884. a decrease from the prior year (3.342). The Bn"tish Joumal of Politics and Intemational Relations (BJPIR) had an Impact Factor of 2.035 in 2021. a slight decrease on 2.422 in the previous year, ranking r(45196 in the category of Intemational Relations and 901187 in Polrtical Science. The 5 Year Impact Factor is 2.781, a decfease on prior year (3.167). PolitKs had an Impact Factor of 1.731 in 2021. a decrease on 2.492 in the previous year, ranking rt 1111182 in the Political saen category and $8196 in International Relations. The 5 Year Impact Factor is 2.010. a drease on prior year (3.119). Political Studies Review (PSRJ had an Impact Factor of 3.248 in 2021, an increase on 3.241 in the previous year. ranking it 421187 in Political Science. The 5 Year Impact Factor is 2.569, an increase on prior year (2.298). The PSA regulady reviews available data on submissions. aCceptanS and reviewers and has seen the gender pattem of those submitting for its journals c(Mtinue in 2022. 1.b. Polltlcal Inslght Magazlne In addition to its academic journals, the PSA publishes Pditical Insuht- a full colour magazin Style journal of topical articles which aims to reach the wider communty by making academic research acSsible to practitioners. teachers, students and the general reader. This is provided free of charge as part of PSA membership. The most read artide putiShed in 2022 was 'Red Wall." The Definitive Description, by James Kanagasooriam and Elizabeth Simon.
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 I Conferences and events The PSA organises an annual intemational conference. annual lectures which are open to the public and evenis for its early career members and Teaching & Learning Neork. In 2022, the PSA supported 57 specialist groups who also hokl a wide range of events each year and the Association also collaborates with the British Intemational Studies Association (BISA) to hold regular meetings with Heads of Department and other leaders. 2.a Annual Internatlonal Conference 2022 72nd Annual International Conference This event was held as a hybrid conference at the University of York from 10-13 April 2022 (who served as academic convenors). This attracted 509 in person registrations and 392 digital registrations. 2.b. Future PSA Conference Dates: 73rf Annual Intemth'onal Conference 2023. convened by Universty of Liverpool 74th Annual International conferen 2024. convened by UnNersity of Strathclyde 3. Communications, Engagement and Prizes The PSA'S communication strategy focuses m: Membership retention.. Dissemination of knowledge and expert anatysis" Creating communities of practice Increased promot.on on all the ways people can get involved in the PSA; and, Achieving higher profile support of the discipline. The Association has an important role to play in helping to inforni public debates on key polrtical issues by bringing the attention of the public. the media and policy-makers to the research and evidence being produced by academics working in the field of political studies. It does so by, among other things, media relations. sharing journal outputs, encouraging members to submit evidence to SeFed Committees and other inquiries or consullations. arKI putting forward the names of academic experts to provide such advice and evidence. Increasingly this is also achieved through working with partners and through sooal media activity. The Association has continued to produce other material on key issues drawing on the research of PSA members induding regular blogs on the website. It also makes available reports and publications from other organisations that are of particular interest to PSA members. 3.a. Cofflmunication with Members The Association communicates regularly with all of its manbers through a number of channels including PSA News (published as a digitsl newsletter twice a year). a monthly e-newsletter. the PSA website, and social media. particulady Twitter. Instagram and Facebook.
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 3.b. Digital Communl&ions The PSA uses its digital channels to the full to maintain arKJ enhance our online profile and to help members feel infonned. supported and engaged. Subsequently. the Association's Twitter presence has grown from 22 7K at the end of 2021 to 24.1 K by the end of 2022 with 1.2M Twitter views. The Association increased its use of e-newsletters and other bulletins and has seen increasing open rates of 42.250h {compared to 33.659/0 in 20211. The PSA website also hosted 50 blogs in 2022 {compared to 59 in 2021) alongside 50 news items and statements concerning PSA business or the wider discipline. 3.c. Academlc Prizes Each year the Association awards a range of academic prizes relating to outstanding books, PhD dissertations, teaching and career achievements. In 2022. following an extensive judging process, 13 PSA prizes were awarded and celebraled. as follows: Dr Donna Smith won the Jennie Lee Prize for outstanding teaching Or Simon Stevens won the Sir Bemard Crick for outslanding teaching University of York won the Politics Society of the Year Parfiaments Specialist Group won the Specialist Group of the Year Prize Professor Elrzabeth Evans won the Joni Lovenduski Prize for outstanding professional achievement by a mid<areer scholar The Institute for Govemment won the Political Communicator of the Year Prtze Dr Louise Thornpson won the Richard Rose Prize for an early career scholar who has made distinctive conlribution to British Fiolitics Lord Philip Norton won the Sir Isaiah 8erlin Prize for Lifetime Contribution to Political Siudies Dr Leah Mccabe won the Elizabeth Wiskemann Prize for (in)equalrty and social justice Dr Matthew Barnfbeld won the McDougall Trust Prize for ele(bons. electoral systems and representation Dr Sneha Reddy Tamu won the Shirin M. Rai Prize for intemational relations Dr Steven MacGregor won the waer Bagehot Prize for govemment and public administration Professor Karen Cells & Profes%x Sarah Childs (Feminist Dem(xratic Repren18tn) and Professor Maria Sobolewska & Professor Robert Ford {8rexitland) were co-winners of the Mackenzie Book Prize. 3.d. Annual Lecture 2022 This was held ain online in 2022 on 15 December. The lecture Back of the net? How sporting and polital goals coincide and contradict was given by Cardiff Universty's Professor Laura McAllister and the Q&A was thaired by BBC joumalist Emma Vardy. This attracted 198 registrations arKI some 99 views after the event. Social media engagement on the lecture attracted 28.7k impressions and 356 engagements which helps to raise our profile and the profile of the Sports and Politics sutrpdiscipline. 10-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 DECEMBER 2022 4. Research. Partnerships and Impact The Research ExllenCe Framework is the system for assessing the qualty of research in UK higher education institutions. Each university submitted eviden in 2021 for review by expert sub-panels set up for each discipline. The Politics and Intemational Stud$ sub-panel contained a number of PSA members,including the currenl Vice-chair Professor Claire Dunlop and previous PSA President Professor Matt Flinders. The panel reported on 12 May 2022. We arranged a Q&A session wth this panel and Heads of Departments in Juty. 4.a. Professlonal Impact The Association regulady participates in government. padiamentary and research council Consultations on issues for which rt has particular expertise andlor which may have a bearing on its own activrties The PSA was a founding member of the Academy of Social Sciences (ACSS) and remains an active participant in the work of the Academy and in the associated Campaign for Social Science. In 2022 we became actNe members of the ACSS and ESRC EDI workjng group. PSA MeM[S also strongty featured in the QAA subject benchmark statement review advisory group for Politics and Intemational Relations. 4.b. Parliamentary Internships For the last fve years, the PSA has wothed with the Partiafflentary Scrutiny Unit to support PSA member PhD students on a four-monlh pl8Ment working with a Select Committee. Applications to the scheme continue to be of a high quality and the feedback from participants, their hosts and their academic supervisors is universally positive. In 2022. one placement was secured with the Political. Administration and Constitutional Affairs Committee. and the secorKI with the International Trade Committee. 4.c Research & Innovation Fund The PSA invited applicants for the nd round of this fund in 2022 to support innovative research and engagement iniliatives. 11 projects were funded for completion by Summer 2023: Dr Patrick Rewa Mcsweeney from Georgetown Universty. Washin9ton. D.C.' SuNey ol democratic youth to identify intTrpaty con11 and the nomination process Dr Emily Rainsford from Newcasue Universty and Professor CLare Saunders from Exeter Universty.'InnovatNe interventions inlo protest Seah Italian Specialist Group - Dr Mattia Zulianello from Universrty of Trieste.. Affective Polansation during the 2023 Italian General EleCtn Technology, Intemet and Policy & the Media and Polibcs Specialist Groups - Professor Kate Dommett from University of Sheffield.. Regulating new media and old media.. Research challenges, emerging findings and futu dirEctions. Greek Politics Specialist Group- Dr Angelos Angelou from London School of Econornics and Political Science." Small states and EU wlicy making in the era of wlycnsis 11
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 OECEMBER 2022 Dr Antonella Seddone from Universty of Turin: The impact of extemal crises on the relations between member states and the European Union Dr Yue Zhou Lin from Unrversty of Bristol.. Confronting Eurocentrism for Equality and Diversity.. Innovative Pedagogal Strategies and v0eS of Internalnal Studenls Dr Andy Knott from Universty of Bright¢. Populism spaliSt Group Sixth Annual Wothshop al Bnghton University Participatory and Deliberative Democracy Specialist Group- Dr Hans Asenbaum, Canberra University." Dr Anastasia Deligiaouri. Dublin City University., Dr Dannica Fleuss. Helmut-schmidt-universty Hamburg.. Wortshop at Manchester Metrowlitan Univer&ty Dr Benjarnin Bowman, Manchester Metropolitan Universty: Dr Sharon Choe. University of Salford: Climate Emeoencyl Had(athon at the PSA Annual Conference 2023. veq)ool Dena Arya from Nottingham Trent Universty: What role d(*s economic inequality play in how young people pa1pate in environmental Fhsitics in the UK? We were pleased to see the success of the projects funded in 2021 and how this PSA'S Research & Innovation Fund has acted as a catatyst for match fvnding and new opportunities for the scholars conrned. 4.d Diverse Voices Programme The launch of the Diverse V(Hces programrne of scholarships and grants saw a wide variety of applicants from hNJher leaming institutions from across the Uniled Kingdom. The PSA awarded Dtvetse Voices Scholarships in 2022 to PhD students {in their second or final year in 2022123 academic year) and early career research grants to postdoctoral candidates affiliated to a UK Hher Education Instrtution and. who se-entified as Black Bntish, Asian British. or minority ethnic UK perrnanent residents. as follows.. Scholarships: Darlington Nyambiya a PhD researcher at Boumemouth University looking at The Social edia ReVolutn and Rwitical Activism. A Case Study of Zimbabwe. Hubert Au undertaking a DPhil at the Oxford Intemet Institute. Universty of Oxford entiiled The News TransrtThal Movement.. The Case of#MeToo Neha Doshi undertaking a PhD at the London Metropolitan Untversty entitled Talking 8(l)ack." Race, Podcasting and Social Media Pascal L. Mowla undertaking a DPhil at Oriel College. Unsversty of Oxford entitled The Ethos of Equality of Opwirtunity 12-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 DECEMBER 2022 Stephanie Ifill a doctoral researcher in politics at the Universty of Westminster drawing attention to epistemology. and the Self-1n-therydaY as both political sites. Research Grants: Xiaowan Cang from University of Oxford". HisknTusing and conceptualising China s new Three-child PolKy and repnxluctive lrfe. Dr Skyler Hawkins from Ne•Ycastle University: AnalS andpresentatn of data on electoral activily of the 2022 US midtenn electii)ns and 2024 general electN)n. Dr Gabriela Palricia Garcia Garaa from Universty of Aberdeen.. TensnS between security and human lights in govemmental responses to refugee movements in a Global South context. 5. Teachlng and Leamlng S.a. Teaching & Learnlng Network The PSA'S Teaching and Learning Nelwork (TLN) delivered a series of webinars - particularly focusing on teaching statistical melhods. They also held a sponsored panel on 'Futures of Teaching and Learning in Political Science, at the APSA 2022 Annual M&ling. They continue to monftor the gender balan of speakers at TLN events and achieved thts at the PSA22 conference. 5.b. Schools The PSA also continued to offer CPD sessions for teachers during 2022 in partnership with the Parliament Education Service. "Representation in the House of Commons.. what does it look like and how does it work?. presented by Dr Stephen Holden Bates, saw 169 teachers registered to attend and 1 OO0A of attendees subsequenlly rated the event as 'very useful. or 'useful' for their teaching practice. We also continued our successful partnership with the Financial Times on the Student Blog Competition, supported by the UK Parliament Education Team and the Association of Citizenship Teachers (ACTI 43 students submrtted exlIent blogs on the subject "UK Parliament doesn't look or sound like the rest of the country.. shoufd this change and. rfso. howv Entries were judged by a panel from the PSA, FT and ACT. The winner. and Iwo runners-up yre announced at a virtual event. chaired by Andrew Jack. Global Education Editor. FT. preceded by a presenlation on the topic of the blog. live from the House of Commons. from Deputy Speaker of the House, Nigel Evans. We conlinued to be partners on UK Parliament Wleek (14-20 N¢)vember) and Polrtical Literacy Day {5 December). 5.c. Undergraduate membership
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 DECEMBER 2022 Our student members vme ae to attend our dedicated Undergraduale Conference in 2022. in partnership with the Universty of York. which took place entirety digitally. 41 student members took part from 18 universities and all the students who took part in the conference were commended not just for the qualty of the work but aiso their presenting skills. 6. The Early Career Network The PSA is committed to supporting the next generation of political scientists through ils Early Career Network {ECNI. which exists to represent the interests of postgraduate students. postdoctoral researchers, and earty career academics. ECN membership, which ended the year omprising 494 individuals. is open to those who have started a doctoral degree up until three years after the completion of a doctoral viva. The ECN committee played an active role at the PSA22 conference offering multiple opportunities for early career researchers to nelwork. induding hosting a welcome breakfast, and a well- supported mentoring session. They ran their own annual Conferen and symposium which took pla online in July. In September they hosted the editor of the British Joumal of Politics and International Relations at an event, and in October they ran an online 'annual welcome. where ECN members had the opportunity to meet the committee and hear of their planned events for the Coming months. During November, the committee hosted a lunch-time online seminar on the value of writing retreats for PhDs and ECRS. as well as an online roundtable on communicating research expertise. 7. Specialist Groups In 2022, the Association supported 57 specialist groups covering the vthole gamut of the discipline's areas of interest. The convenors of each group worked closely with the PSA Team and each other to engage Iheir members and hold innovative online and in-person events. with 51 events promoted through the Association's websrte during the year. In total. the specialist groups have an active membership of over 11.000. 8. Inlernatlonal Links The PSA has also maintained its close relationship wth the American Political Science Association {APSA) and signed a new three year Memorandum of Understanding in 2022. We participated in the APSA annual meeting in Montreal. Canada September 2022 with a PSA sponsored international panel of UK. US, gemian, Austrian and Dutch scholars led by Professor Rachel Gibson from Universty of Manchester ents'tled. Re-wiring and Restruduring Electoral Mobilization.. Assessing the impact of the Pandemic on the study and praclice of Polrtical Campaigning,. We also worked with APSA to host a PSA Teaching & Learning Network panel (see 5a). The Association is also represented on the Council of the Intemational Polttical Science Association (IPSA) by fomier trustee Professor Umut Korkut. 14-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 DECEMBER 2022 The finanaal management of the Polttical Stud$ Association of the Unrted Kingdom is undertaken by the Chief Executs"ve, the Finan Manager and the Treasurer, in liaison with other staff and the senior leadership team. Reports are prepared for meetings of the Senior Leadership Team and the Executive Committee. The CEO has operational responsibility to ensure the strategy agreed by the Executive Committee is carried out. Provision of infomiatlon to the Independent Examiner Each of the persons who were directors at the time when this report was approved has confirmed that.. so far as that director is aware, there is no revant audit infomation of which the charitable ompany's Independent Examiners are unaware" the director has taken all the steps that ought to have been taken as a director in order to be aware of any inform*ion needed by the charitable company's Independent Examiner in Connection with preparing ils report and to establish that the charitable Company's Independent Examiners are aware of that infomlation. Income during 2022 Total income during 2022 was £807.314 compared vAth £756,196 in 2021. One of the sources of income for the Association is subscriptions paid by members. In 2022. this amounted to £70.004 compared to £84.896 in 2021. Expendlture durlng 2022 Total expenditure during 2022 was £649.610 compared with £608.819 in 2021. All truslees give of their time freety arKI no trustee remuneration was paid in the year. Details of Irustee expenses and related party transactions are disclosed in notes 18 artd 14 to the accounts. Trustees are required to disclose all relevant interests and regtstw them with the Chair ofTrustees and in accordance with the PSA'S wlicy withdraw from decisions where a corfflict of interest arises. Reserves Pollcy The Charitvs Reserves Policy and the level of reserves are reviewed each year having regard to the Chartty Commission publicats'on CC19. 'Charity Re5erves.' Building Resilien, (January 2016), and a forecast of income and expenditure is prepared for the following year. The reserves policy Sin March 2021 is. For so long as the Association shall own a property the market value of whith is no less than £1.4M. Ihe amount held in bank and any other accounts shall be no less than £600K or 50Qkn of total planned expenditure for the financial year in question, whichever is the greater. 15-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 DECEMBER 2022 And while £600K is retained as reserves, from 2023 £206K of this is earrnarked for four designated funds= Infrastructure lund {£70K) to cover capital and other infrastructure expenditure such as building maintenance. web site development and IT assets Diverse voices fund {£30K) which supports the Association's efforts to further equalty. diversity and inclusion in our disupline SAGE Publishing sponsorship of the PSA'S annual conference and other association evenls {£36K) Strategic Developments fund to support the development and delivery of the PSA'S r)ew strategy arKI programmes (£70k). This also means that £394K of the total cash reserves remains unrestncted. These funds will be reviewed by the Executrve Comrnittee in 2024. As the total overall reserves is greater than the values set out in the reserves policy, the trustee5 (follcrwing a review of long- tem finances) will also pay-off a proportion of the mortgage on our Camden Offices in 2023. Financial Assessment Current Position and Plans for the Future: The figures demonstrate that the Association is in a strong finanaal position with guaranteed income and predictable expendrture in the short to medium lemi. There is a clear commitment to the diversification of income and an expansion in membership. We also fa the unknown impact of the currently proposed changes in relation to academic publication practi$ arKI the growth of open access. The As%xiation will continue to engage pro-actively with these developments ar)d to seek to Influen the wider landsGape in order lo protect our core mission and our members, interests. Professor Roger Awan-scully Chalr. Political Studies Association Date: 4April 2023 Michelle Doyle Wildman Chiel Executive, Political Studies Association Date; 4 April 2023 16-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR TO 31 DECEMBER 2022 Statement of Trustees, Responsibilities The trustees (who are also directors of The Political Studies Ass¢xiation of the United Kingdom for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial ststements in accordan with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that pericNJ. In preparing these financial statements. the trustees are required to.. select sultae accountin9 policies and then apply them consistently; observe the methods and princtples in the Charities SORP 2015 (FRS 102)" make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charitable company will continue in oper*ion. The trustees are respon%ble for keeping adequate accounting records that dBclose with reasonable accuracy at any time the financial posrtion of the charitable company and enable thern to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's Independent Examiners are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforrnation armj to establish that the charitable company's Independent Examiners are aware of that infomiats'on. The trustees are resF)onsible for the maintenance and integrtty of the corporate and financial information included on the charttable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slatements may differ from legislation in other jurisdictions. 17
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR TO 31 DECEMBER 2022 Signed on behalf of the trustees: Professor Roger AwanScully Chair, Political Studies Association Approved by the trustees on 10 March 2023. 18-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM INDEPENDENT EXAMINATION REPORT TO THE TRUSTEES FOR THE YEAR TO 31 DECEMBER 2022 I report to the chanty trustees on my examination of the accounts of the company for the year ended 31 DeCemr 2022 which are set out on pages 21 to 33. Responslbllitles and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2W61'the 2006 Acr). Having satisfied mysew that the accounts of the company are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under sedion 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 145(5) {b) ofthe 2011 Act. Independent examiner's statement I have completed my examinalion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accountmg records were not kept in respect of the company as required by sects.on 386 of the 2006 Act.. or the accounts do not accord with those records.. or the accounts do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fair view, which is not a matter considered as part of an indepermlent examination,. or the accounts have not been prepared in accordance wrth the methods and principles of the Ststemenl of Recommended Practice for accounting arKI reporting by charities applicable to chariti.es preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concern5 and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Roger Merchanl Bsc FCA for and on behalf of UHY Hacker Young 14 Park Row Noltingham NGI 6GR Date: 27 April 2023 19-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR TO 31 DECEMBER 2022 Unrestricted funds 2022 Unrestricted funds 2021 Note Income and Expenditure Income: Charitable activrties Inveslment income 800.477 6.837 754,183 2,013 Total 807.314 756,196 Expenfliture: Charitable activities 649.610 608,819 Total 649,610 608,819 Net In¢omel(expendltUfe) and net movements In funds for the year 157,704 147.377 Reconciliation of funds: Total funds brought forward at 1 January 2,241,227 2,093,850 Total funds carried forward at 31 December 2.398.931 2.241.227 All income and experKliture derive from continuing activrties. The charity has no recognised gains or losses other than the net movement in funds for the year. All income and expenditure arising in the year ended 31 Oecember 2022 relates to unrestricted funds. -20-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM BALANCE SHEET FOR THE YEAR TO 31 DECEMBER 2022 2022 2021 Note Flxed Assets Tangible assets 1,669.838 1,696,413 Current assets Debtors Cash at bank 47.678 1,303,165 103,076 1.098.254 Total current assets 1.350.843 1.201.330 Creditors Amounts falling due within one year (90,093) {99,327) Net current assets 1.260.750 1, 102,C(13 Total assets less current liabilities 2.930.588 2,798,416 Credltors: amounts falling due after more than one year 11 (531.657) (557.189) Net assets 2.398.931 2,241,227 Funds Unrestricted Funds 12 2,398,931 2,241.227 Total funds 2.398.931 2,241,227 -21
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM BALANCE SHEET FOR THE YEAR TO 31 DECEMBER 2022 For the year ended 31 December 2022. the tharttable company was enb'tled to audrt exemption from an audit under section 477 of the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for comptying With the requirements of the Act with respect to accounting records and preparation of the accounts. These acct)unts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the trustees and Executive Committee on 10 March 2023 and were signed on their behalf by.. Professor Roger Awan-scully Chair. Political Studies Associatlon Company registration number: 03628986 The notes on page 24 to 32 fomi part of these financial statements
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 DECEMBER 2022 2022 2021 Cash flow from operating activities 15 223.259 185.470 Net cash flow from operating activities 223.259 185.470 Cash flow from Investlng actlvitles Interest received Purchase of fixed assets 6.837 (7081 2.013 (4,125) Net cash flow from Investlng actlvities 6.129 {2.112) Cash flow from financing activitles Loan repaid (24,477) (23,466) Net cash flow from financing adivitses (24.477) (23.466) Net Increasel (decrease) In cash and cash equivalents 204,911 159,892 Cash and cash equivalents at 1 January 1.098.254 938.362 Cash and cash equlvalents at 31 December 1.303.165 1.098.254 -23-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 Accountlng policies The following accounting policies have been applted consistently in dealing with items which are considered material in relation to the charity's finanaal ststements. Basis of preparation The charity constitutes a public benefft entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention and in accordance with A¢UntIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 affecting reporting periods beginning on or after 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). Ihe Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as rt applies from 1 January 2015. The TTUStees consider that there are no material uncertainties about the Charity's ability to continue as a going cOnrn. The finanaal statements are presented in steding which is the functlonal currency of the charty. The SnIfICant accounting policies applied in the presentatTron of these financial statements are set out below. Income The princrple sources of income are as disdosed in the Statemerrt of Financial Activities. All income is accounted for on a receivable basis. Membership subscriptions received in advance are initially accounted for as deferred income and transferred to revenue by equal annual instalments over the period covered by the subscriptions. Expenditure Expenditure is recognised once there is a legal or constructive obli9ation to make a payment to a third party, it is probable that setuement will be required and the amount of the obligation can be measured reliably. Charitable activities indude expendiiure diredy lating to the objects of the charity and those relating to the general running of the charty, including strategic plannirvj processes that contribute to future development. Irrecoverable VAT is charged against the *ory of expense for which rt was incurred. -24-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 Tangible fixed assets and depreciation Tangible red assets costing more than £1,000. Éncluding major comwter software applications. are capitalised and induded at cost. Depreciation is provided on all tangible fixed assels at rates calculated to write off the cost less esb'mated residual value over their expected useful lives as follows.. Long leasehold property Fixtures and frttings Website development 1% 5% 10% Funds All income is available forthe Irustees to use for any purpose in furtheran of the charitable objectives. No restricted fvnds are centrally held. Taxation Political Studies Association of the United KirvJdom is considered to pass the tesls set out in Paragraph 1 Schedule 6 Finance Acl 2010 and therefofe it meets the definrtion of a charitable company for UK corporation tax purposes. The charity is exempt from tsx on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain wrth the lessor are charged to the statement of financial activrties on a straight line basis over the period of the lease. Liabilities Liabilities are recognized when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of economic benefrt will be required in settlement. and the amount of the setllement can be estimated can be estimated reliabty. Liabilities are recognised at the amount that the charty anticipates rt will pay to settle the debt or the *nount li has recet¥ed as advanced payments for the goods of seN15 it rnust provide. Pensions The charity is a member of a defined contribution pension scheme arKI the pension charge represents the amounts payable by the ccAnpany to the fund in respect of the year. Legal Status of the Charlty The charity is a company limited by guarantee arKI has no share capttal. The liability of each member in the event of winding up is limited to £10. -25-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 Charitable activities 2022 2021 Membership subscriptions Income from Sage Publications Annual Conferen gross income Conference exhibition income Support for events and conferences Parliamentary intemships Advertising Specialist group income Room hire Donations Sponsorship income ReSeah & Innov Access Fund 70.004 593,154 79,911 4.150 37.764 4,000 84,896 570,767 40,010 2,250 36,000 6,000 1,425 1,898 735 202 10,000 795 6.135 Total- income from charitable activlties 800,477 754,183 Investrnent Income 2022 2021 Bank interest reiVed 6,837 2.013 CharlLible actlvities 2022 2021 Staff costs National Office International and extemal relations Finance and resources Irrecoverable VAT 294.922 88.568 3.085 8.287 13.035 316,678 99,896 2,079 12,854 8.110 k li Governance Membership servi$ Conferences and events Awards and prizes Communication and engagement Education and skills Research and impact Publications 5.742 513 102.490 510 2.150 669 21.224 108.415 5,184 494 32,727 300 2,727 100 21,450 106,220 Total- expenditure for charitable activities 649,610 608.819 -26-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 Charltable activitles (continued) All support costs are considered to be charitable activities on the basts that the Association is membership body. Net income for the year Net income is stated after charging.. 2022 2021 Independent examinerfs remuneration: Audil fees Independent examination fees 7,850 3.600 Tangible fixed assets . Long leasehold buildings Fixtures and ffftings Webslte development Total Cost At 1 January 2022 Additions 1.454,737 2fXI,189 127,212 1.782,138 1,151 At 31 December 2022 1.454.737 200.897 127.212 1.782,846 Depreciation At 1 January 2022 Charge for the Period 15.915 4,547 34.888 10,015 34.922 12.721 85.725 27.283 At 31 December 2022 20.462 47,643 113.008 Net book value At 31 December 2022 1.434.275 155.994 79.569 1.669,838 At 31 December 2021 1.438.822 165.301 92,290 1.696,413 -27-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 Debtors 2022 2021 Debtots due within one year. Trade debtors Other debtors and prepayments Accrued income 2.000 19.524 26.154 14.128 88.768 Tolal - debtors 47,678 103,076 Creditors: amounts falling due within one year 2022 2021 Trade credito Accruals Social security and other taxes Deferred income (note 10) Bank loan 1.018 31,887 2,399 14.664 6,808 50.979 24,477 31.656 25.532 Total- creditors: amounts falllng due within one year 90,093 99.327 The loan is a fixed rate loan secured on the propety whith has a carrying value of £1,434.275 (2021. £1.438,822) The loan is wth The Bank of Scotland and £557.189 remains outstanding al 31 December 2022 (2021.. £581,666). The loan became repayable during 2018 and will continue to do so until 7 June 2038. The interest rate on the loan is fixed at 4.37% until 6 June 2028. -28-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 10 Deferred income 2022 2021 Opening balance Movement in the year Deferred in the year 50.979 150.9791 31.656 56.551 {56,5511 50.979 Totsl - deferred income 31,656 50,979 Deferred income relates to income receNed tn advan for membership. conference exhibition fees and the Sage Diverse Voices scholarship. 11 Creditors: amount falling due in more than one year 2022 2021 Bank loan (falling due in less than 5 years) 8ank loan (falling due after 5 years) 113.620 418.037 108.925 448.264 Total - creditors: amounts falling due more than one year 531,657 557,189 12 Statement of Funds 2022 2021 Unrestricted fun(ts At 1 January 2,241,227 2,093,850 Net income for the year 157.704 147,377 At 31 December 2.398,931 2.241,227 Included wthin Unrestricted funds were the foll0vng deswJnated funds: Infrastructure fund (£70,000) to cover rapitsl and other infrastructure expenditure such as building maintenance. web site development and IT assets Diverse voices fund1£30,000) which supports the Associab'on's efforts to further equality, dIVerty and inclusion in our discipline SAGE Publishing sponsorship of the PSA'S annual conference and other association digital and in-person events (£36.000). -29-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 13 Staff costs 2022 2021 Wages and salaries Employers Nl Pension Recruitment and training Other staff costs 244.734 26.223 23.881 270,405 18,328 24,138 1.519 2.288 Total- staff costs 294.922 316.678 2022 2021 The average number of empk)yees dLring the year was 7 (2021: 8). Employees with emoluments above £60.orx) are as follows.. £70.000 - £80.000 £80.000 - £90.000 Pension contributions a paid to defined ntribUtIOn pension xhemes on behalf of employees. The pension costs charge represents'ng contributions payable by the charity during the year amounted to £23.881 12021.. £24.138). The key management personnd comprise two employees. The total employee benefits of key management were £135,148 {2021'. £129.821). including pension contributions. 14 Trustees. expendlture 2022 2021 10 {2021'. 12) of the chanty's trustees were reimbursed for,travel expenses incurred in carryin9 oul their duties as follows.. SLT & EC Meetings Travel 129 4.383 225 Total- trustees, expenditure 4,512 225 No remuneration was payable to the charity's trustees during the year (2021.. nil). 30-
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 15 Reconclllation of net income to net cash flow from operating activities 2022 2021 Net income for the year Depreciation charges Interest receivable (Increase) I decrease in debtors Increase l (decrease) in creditors 157,704 27,283 (6.837) 55.398 (10.289) 147.377 27.208 {2.013) 21.108 18.210) Net cash flow from operating activities 223.259 185,470 16 Analysls of cash and cash equlvalents 2022 2021 Cash in hand Notice deposits (less than 3 months) 39,360 1,263,805 34.686 1,063,568 Net cash flow from operating activities 1.303,165 1,098.254 31
THE POLITICAL STUDIES ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2022 17 Analysls of changes in net debt At1 January 2022 Cash flows Other non<ash changes At31 December 2022 Cash and cash equivalents 1,098.254 204.911 1.303,165 1.098.254 204.911 1.303.165 Loans falling due within one year Loans falling due after more than one year (24.47n 24.477 (25,532} (25,532) (557.189) 25.532 (531.657) Total 516.588 229.388 745.976 18 Related Party Transactions The paymenl of trustees. expenses has been disclosed in note 14. 32-