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2020-12-31-accounts

THE PALI TEXT SOCIETY LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INDEX

Page 1-5 Report of the Council of Management 6-8 Independent Auditors’ Report 9-10 Statement of Financial Activities 11 Balance Sheet 12–17 Notes to the Financial Statements

Company number: 770074

Charity number: 262216

1

THE PALI TEXT SOCIETY LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT

1 REFERENCE AND ADMINSTRATIVE DETAILS

The Pali Text Society Limited (“The Society”) is a company limited by guarantee. It was established in 1881 and is a registered charity. The Society’s charity registration number is 262216 and its company number is 770074.

Registered Office

The registered office of the Society is

Old Market Studios 68 Old Market Street Bristol Avon BS2 0EJ

Trustees/Directors

Directors of the Society for the purposes of company law and who served during the year were:

Dr E G Kahrs Dr R M L Gethin

Professional advisors

Auditors Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers Barclays Oxford Cornmarket Street Branch P O Box 333 54 Cornmarket Street Oxford OX1 3HS Investment managers Quilter Cheviot Limited Senator House 85 Victoria Street London EC4V 4AB

2 STRUCTURE, GOVERANCE AND MANAGEMENT

The charity is governed by its Memorandum and Articles of Association.

Directors are appointed by the Council of The Pali Text Society Limited and must agree to any such appointment in writing.

There is no special induction and training of Trustees. New Trustees are accomplished scholars who are familiar with the aims of the Society and are already qualified to assess the worth of the Society’s publications and determine the degree of academic ability required to complete successfully the research projects for which grants are sought from the Society.

2

THE PALI TEXT SOCIETY LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

2 STRUCTURE, GOVERANCE AND MANAGEMENT (CONTINUED)

There are two levels of direction: (1) The Pali Text Society Limited which includes as Members (Trustees) all the Directors of the Pali Text Society Limited who agree in writing to become Members, and (2) Members of Council. The Council and Directors meet twice a year in March and September in concurrent meetings. Important decisions concerning grants to scholars preparing texts for the Society and publications are taken at these meetings. Election of the officers is made by the general membership at the annual AGM held in September.

Day-to-day running of the office includes filling orders for books, collecting dues of members, giving general information concerning Pali and Buddhism, preparing the List of Issues, and preparing books for publication. The office administrator, publications administrator, and accountant work in collaboration with the officers of the Society, asking for guidance and approval for all major decisions. Approval is requested for any expenditure greater than fifty pounds.

Risk Review

The major risks to which the Society is exposed, as identified by the council, have been reviewed and systems have been established to mitigate those risks.

3 OBJECTS AND ACTIVITIES

The objects of the Society are to foster and promote the study of Pali texts by editing and publishing the same and for the purpose aforesaid

This is achieved by ensuring scarce publications are available to the general public. The Society also makes grants to individuals engaged in studying and promoting the Pali texts.

One of the policies to further the Society’s objects is to maintain a publishing office which carries out its objects directly. All four objects are pursued every year. Profits made by publishing and income from investments are ploughed back into producing more publications.

There is a small amount of expenditure on such ancillary items as publicity, maintaining a small library of Pali books for the use of researchers, and providing information through our List of Issues and our Web site.

None of these policies has changed in recent years and we foresee no change.

All investments held by the Society have been acquired in accordance with the powers vested in the Trustees.

Grant making policy

The Society invites applications for research grants from suitably qualified persons working in the field of Pali studies, Applicants research will normally be expected to lead towards material suitable for publication by the Society and a condition of any grant is that the Society has first options on publication rights and holds the copyright of any material it publishes. Grants may be awarded to cover a period of research up to a maximum of one year, but with a possibility of renewal.

3

THE PALI TEXT SOCIETY LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

3 OBJECTS AND ACTIVITIES (CONTINUED)

Public Benefit

The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission.

4 ACHIEVEMENTS AND PERFORMANCE

Publication of Pali Texts

The sales of publications in terms of numbers of publications sold was slightly lower in the current year compared with last year: 5,367 books were sold in the year compared with 6,016 sold in 2019.

The following new works appeared during 2020:

The Book of Pairs vol II A Dictionary of Pali vol. III

The following books were reprinted in 2020:

Milinda's Questions II Samyutta-nikaya vol. I (reprinted with corrections) Digha-nikaya vol. I (reprinted with corrections)

4

THE PALI TEXT SOCIETY LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

Pali Research Grants

In keeping with the aims of the Society, income from investments continues to be used to help finance scholars working on various projects which will feed into future publications.

The single major long-term commitment continues to be funding work on A Dictionary of Pali (vol. 1 of which was published by the Society in 2001, vol. 2 in 2010, and vol. 3 in 2020)). From 1984 until 2013 the Society funded Dr Margaret Cone’s position at the University of Cambridge; following her retirement, in 2013 the Society awarded her an annual grant to allow her to complete volume 3; this grant came to an end in 2018. Since January 2018 the Society has awarded Dr Straube an annual grant of £60,000 to continue Dr Cone’s work on the Dictionary by working on volume 4, the final volume. In September 2020 the Society agreed to renew Dr Straube’s grant for twelve months (from January 2021), with an increase of 2%, making the value of the grant £61,200.

The Society awarded Dr Peter Masefield’s a further grant (£8,000) for 12 months from 1 April 2020 to support his preparation of an English translation of Dhammapala’s commentary on the Cariyapitaka . Sadly Dr Masefield died in September 2020. He had been working on this project with support from the PTS for six years and was nearing completion of his work; the Society still hopes to be able to publish his translation.

Investment performance

The PTS portfolio had a closing value of £3,715,223 on 31 December 2020. This was an increase of £68,795 on the 31 December 2019 value of £3,646,428. In total return terms there was an increase of 1.9%. The portfolio paid income of £91,257 to the PTS bank in calendar year 2020. Quilter Cheviot management fees and VAT came to £10,263 in the period.

5 FINANCIAL REVIEW

The unrestricted surplus for the year before investment gains and losses amounted to £3,788 (2019: deficit of £71,256) as detailed on page 8.

The Committee consider the result for the year and the position at the year end to be satisfactory and that the Society has sufficient assets to fulfil its obligations.

The level of our reserves is consistent with the level of income-providing assets sufficient to maintain the Society at its present level of activities.

Our investment policy is consistent with our needs to acquire income in order for the Society to meet its objects.

6 PLANS FOR THE FUTURE

Funding work on the new the new Pali-English dictionary is likely to continue to be a priority for at least a further ten years.

Other new grants will be made as funds allow when qualified scholars apply for them.

When editions of Pali texts come up for reprinting, whenever possible, the text will be newly typeset and corrections made.

Apart from those projects already mentioned, a number of other books are in preparation: the Society expects to publish the translation of the third of the three volumes of the Yamaka in 2021, the second volume of the translation of the Kankhavitarani in 2021, an English translation of the Nikayasangraha in 2021, and an edition of the Vajirasaratthasangaha , a sixteenth century Pali text from northern Thailand.

5

THE PALI TEXT SOCIETY LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

7 STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The directors are responsible for preparing the Report of the Council of Management and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied they give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the net income or expenditure, of the charity for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the directors are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the company’s auditors are unaware; and

Each director has taken all steps that he ought to have taken as a director in order to make himself aware of relevant audit information and to establish that the company’s auditors are aware of that information.

This report has been prepared in accordance with the Small Companies Regime under Section 419(2) of the Companies Act 2006.

The report was approved by the Directors on 4 August 2021 and signed on its behalf by:

_________ Dr R M L Gethin Director

6

THE PALI TEXT SOCIETY LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PALI TEXT SOCIETY LIMITED

Opinion

We have audited the financial statements of The Pali Text Society Limited (“the charitable company”) for the year ended 31 December 2020 which comprise the statement of Financial Activities, the Balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available to small entities in the circumstances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

7

THE PALI TEXT SOCIETY LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PALI TEXT SOCIETY LIMITED (CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, was as follows:

8

THE PALI TEXT SOCIETY LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PALI TEXT SOCIETY LIMITED (CONTINUED)

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors/trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

4 August 2021 Colin Mills (Senior Statutory Auditor) for and on behalf of Critchleys Audit LLP, Statutory Auditor

Beaver House 23-38 Hythe Bridge Street Oxford, OX1 2EP

9

THE PALI TEXT SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
2020
Unrestricted
Funds
2020
Restricted
Funds
£
£
Income and endowments from:
Donations and legacies
2
44,275
-
Charitable activities
105,020
-
Sale of Pali Texts
Investments
3
91,257
-
Total income
240,552
-
Expenditure on:
Raising funds
Investment management costs
10,263
-
Charitable activities
Publication of Pali Texts
4
117,921
-
Pali Research Grants
4
108,580
-
Total expenditure
236,764
-
3,788
-
Net gains/(losses) on investments
9
87,327
-
Net income
91,115
-
Reconciliation of funds:
Fund balance brought forward
3,919,488
5,500
Fund balance carried forward
4,010,603
5,500		 2020
Total
£
44,275
105,020
91,257
240,552
10,263
117,921
108,580
236,764
3,788
87,327
91,115
3,924,988
4,016,103		 2019
Total
£
16,782
81,839
113,790
212,411
10,201
190,236
93,250
293,687
(81,276)
493,169
411,893
3,513,095
3,924,988

10

THE PALI TEXT SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2019 (COMPARATIVES)

Note
2019
Unrestricted
Funds
2019
Restricted
Funds
£
£
Income and endowments from:
Donations and legacies
2
16,782
-
Charitable activities
81,839
-
Sale of Pali Texts
Investments
3
113,790
-
Total income
212,411
-
Expenditure on:
Raising funds
Investment management costs
10,201
-
Charitable activities
Publication of Pali Texts
4
190,236
-
Pali Research Grants
4
83,230
10,020
Total expenditure
283,667
10,020
(71,256)
(10,020)
Net gains/(losses) on investments
9
493,169
-
Net income
421,913
(10,020)
Reconciliation of funds:
Fund balance brought forward
3,497,575
15,520
Fund balance carried forward
3,919,488
5,500		 2019
Total
£
16,782
81,839
113,790
212,411
10,201
190,236
93,250
293,687
(81,276)
493,169
411,893
3,513,095
3,924,988

11

THE PALI TEXT SOCIETY LIMITED (Company No: 770074)

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Stocks
10
Debtors: amounts due within one year
11
Cash at bank and in hand
CREDITORS: amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
RESTRICTED FUNDS
13
UNRESTRICTED FUNDS		 2020
£
1,239
3,715,223
3,716,462
321,147
17,029
73,549
411,725
(112,084)
299,641
4,016,103
5,500
4,010,603
4,016,103		 2019
£
1,561
3,646,428
3,647,989
290,441
9,540
66,176
366,157
(89,158)
276,999
3,924,988
5,500
3,919,488
3,924,988

The financial statements were approved and authorised for issue by the Directors on 4 August 2021 and signed on their behalf by:

………………………………… Director

Dr R M L Gethin

12

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

In common with many other businesses of our size and nature, we use our auditors to assist with the preparation of financial statements.

a) Statement of Recommended Practice

b)

Income

c) Expenditure

Costs are accounted for on an accruals basis and are included under the appropriate category. Support costs are allocated to the charitable activities based on an estimate of staff time spent on each activity.

Grants are recognised in resources expended when a commitment has been made and this has been communicated and agreed with the beneficiary.

d) Tangible Fixed Assets Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on the following basis:

Computer equipment

e) Restricted funds

These funds can only be used for specific purposes according to the wishes of the donors.

f) Unrestricted funds

These monies can be used in accordance with the general objects of the charity.

g)

Stocks

h) Investments

Investments are included in the balance sheet at market value. All investment gains and losses are reflected in the Statement of Financial Activities.

i) Going concern

There are no uncertainties about the charity’s ability to continue as a going concern.

Unrestricted Restricted
£
£
Coronavirus Small Business Grant
10,000
-
Legacy
21,548
-
Other
12,727
-
44,275
-		 2020
£
10,000
21,548
12,727
44,275		 2019
£
-
-
16,782
16,782

13

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

3 INCOME FROM INVESTMENTS

3
INCOME FROM INVESTMENTS
2020
£
Income receivable on securities:
Quoted on UK Stock Exchange
91,257
4
CHARITABLE ACTIVITIES
2020
Activities
Undertaken
Directly
Grant
Funding of
Activities
Support
Costs
(Note 5)
£
£
£
Publication of Pali Texts
88,426
-
29,495
Pali Research Grants
633
93,200
14,747
89,059
93,200
44,242
2019
Activities
Undertaken
Directly
Grant
Funding of
Activities
Support
Costs
(Note 5)
£
£
£
Publication of Pali Texts
159,777
-
30,459
Pali Research Grants
20
78,000
15,230
159,797
78,000
45,689
For publication of Pali Texts activities undertaken directly are:
2020
£
Cost of sales, publishing and distribution costs
80,127
Stock impairment provision
(49,608)
Staff costs
57,908
88,427		 2019
£
113,790
2020
£
117,921
108,580
226,501
2019
£
190,236
93,250
283,486
2019
£
70,408
31,714
57,655
159,777

The society approved 4 grants during the year totalling £93,200 (2019: 3 totalling £78,000).

All grants in 2020 and 2019 were to individuals.

In addition, there were grant commitments totalling £nil (2019: £60,000) which have not been included as a liability in the financial statements due to the fact that payments for future years are dependent upon detailed performance reviews.

14

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

5 SUPPORT COSTS

Publication
Of Pali
Texts
Pali
Research
Grants
£
£
Administration staff costs
19,138
9,568
Office expenses
7,257
3,629
Governance costs:
Auditors’ remuneration
3,100
1,550
Trustee meetings and expenses
-
-
29,495
14,747		 Total
2020
£
28,706
10,886
4,650
-
44,242		 Total
2019
£
28,602
9,829
4,600
1,892
45,689

Support costs are allocated to the charitable activities based on estimate of the staff time spent on each activity.

6 EMPLOYEE EMOLUMENTS

Wages and salaries
Employer’s NI
Employer’s pension contributions
Total remuneration for the year amounted to
The average number of employees during the year was
Publication of Pali Texts
Administration		 2020
£
78,371
7,747
744
86,862
2
1
3		 2019
£
81,153
7,648
671
89,472
2
1
3

No employee earned more than £60,000 during the year. There was no key management personnel remuneration.

7 COUNCIL OF MANAGEMENT EMOLUMENTS AND RELATED PARTY TRANSACTIONS

No council member is or has been entitled to any fee or salary. During the year no council members were reimbursed for travel expenses amounting to £Nil (2019: one council member reimbursed £200).

There are no other related party transactions to disclose.

15

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

8
TANGIBLE FIXED ASSETS
Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Released on disposals
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
9
FIXED ASSET INVESTMENTS
Fixed income
Alternative investments
Equities

Total investment in securities (UK)
Cash held for investment purposes
Opening market value of investment in securities
Additions
Disposal proceeds
Gain/(loss) on investment assets
Closing market value of investment in securities		 Office Equipment
£
40,342
375
(735)
39,982
38,781
590
(628)
38,743
1,239
1,561
2020
2019
£
£
472,828
428,087
238,917
214,338
2,873,398
2,915,438
3,585,143
3,557,863
130,080
88,565
3,715,223
3,646,428
3,557,863
3,087,189
843,596
348,639
(903,643)
(371,134)
87,327
493,169
3,585,143
3,557,863

16

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

10
STOCK
Stocks of books and publications for resale
11
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
12
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Grant liabilities
Accruals
Other creditors
Deferred income

Deferred income – membership subscriptions
At 1 January
Released in the year
Deferred in the year
At 31 December		 2020
£
321,147
2020
£
8,450
8,029
550
17,029
2020
£
14,527
76,200
7,901
1,907
11,549
112,084
12,068
(5,599)
5,080
11,549		 2019
£
290,441
2019
£
5,855
3,209
476
9,540
2019
£
5,507
62,000
7,739
1,844
12,068
89,158
12,570
(6,917)
6,415
12,068

17

THE PALI TEXT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

13 RESTRICTED FUNDS

Projects
(see below)
Other Restricted
Donations
£
£
Balance at 1 January 2019
10,020
5,500
Income
-
-
Expenditure
(10,020)
-
Balance at 1 January 2020
-
5,500
Income
-
-
Expenditure
-
-
Balance at 31 December 2020
-
5,500		 Total
£
15,520
-
(10,020)		 Total
£
15,520
-
(10,020)
5,500
-
-
5,500

During 2012 the charity received a legacy of which £10,000 is to be used by the charity for projects that have some relationship with SE Asian Pali manuscripts.

14 ANALYSIS OF NET ASSETS BY FUND

ANALYSIS OF NET ASSETS BY FUND
Restricted
Unrestricted
£
£
2020
Tangible fixed assets
-
1,239
Investments
-
3,715,223
Net current assets
5,500
294,141
5,500
4,010,603
2019
Tangible fixed assets
-
1,561
Investments
-
3,646,428
Net current assets
5,500
271,499
5,500
3,919,488		 Total
£
1,239
3,715,223
299,641
4,016,103
1,561
3,646,428
276,999

3,924,988

15 CHARITY INFORMATION

The charity is a UK company limited by guarantee. Its registered office is Old Market Studios, 68 Old Market Street, Bristol, BS2 0EJ