Charfty Reglstratlon No. 262216 Company Reglstration Ko. 770074 (England and Wales) THE PALI TEXT SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ABBAC93C 1510712022 COMPANIES HOUSE AIS
THE PALI TEXT SOCIE LEGAL AND ADMINISTRATNE INFORMATION Trustees Dr E G Kahrs Dr R M L Gethin Chaiity numb•r 262216 Company number 770074 Reglstewd office Old Martet Studios 68 Old Market Street Bn'stol Av 8S2 OEJ Auditor Cntchleys Audrt LLP Beaver House 2>38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP Bankers Barclays Bank plc $4 Commarkel Street Oxlord OX13HS Inv•slrn•nt advl$ors Quifter ChevK)t Limited 85 Victona Street London EC4V 4A8
THE PALI TEXT SOCIETY CONTENTS Trustees rewt Independent alitS report Slalemenl of financia acli¥ibEs Bala¢ sheet 10 Notes to the finan¢ial statements
THE PALI TEXT SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their annual report and finanryal stateffnts the year erKled 31 December 2021. The financial stslements have been prepared in accordar the accounting poIleS set out in rH)te 1 to the financial statements and comply the Charity's Memorandum an¢1 Arbcles ofAssociation, the Companies Act 2006 and "Accounting and Reporting by Charibes- Stslement of Recommended Prnth"¢e applicèble lo charities preparing theiraccounts in accordance the Financ1 Reporb"ng SLdard applicable in the UK and Republic of Ireland {FRS 1021" {effective l January 2019). Objectives and a¢tivitie$ The objects of the Souety are to foster and promote the SIL of Pali texis by edibng aTrJ pubh'shing the same and for the purpose aforesaid to edrt or translate and pulsh ancillary works for the study of Pali.. lo translate Pali vrkS into any language- lo reprinl or rfredit and republish from tune to b'me such previous publicats'ons of the Society as are ¢)ut of print; generally to edit or tranate and putlSh such olherworks as may be necessary for orconductve lo the study of Pali. This is a¢hieved by ensuring scarce publications are available lo the general public. The Society also makes grants to individuals engaged in studying and promoting the Pali texts. One of the policies to frurther the Society's objects is to maintain a publishing office which ¢arries out it5 objects diredy_ All four objects a pursued every year. Profits made by publishing and income from investments are ploughed back into producing more publications. There is a small amount of expenrtU on such ancillary rtems as pub]ioty. maintainirvj a small library of Pali books for the use of researchets. and providing fftftymalion through our kn$t of Issue$ and our Web sile. None of these poliues has ¢hange(l in recent years and foresee rth) Change. All investments held by the Sx• have been aquired in accordan¢e ryth the powers vested in Ihe Trustees. Grant making poll¢y The Society invites ¥p1¢0ti¢)ns for research grants from suilably qualifth persons wthing in the field of Pali studies. Applicants research will nomially be expected to lead towards material suitable for publication by the Society and a condibon of any grant is that the Society has first OplS on publication rights and holds the copyright of any material il publishes. Grnnts may be awarded lo cover a period of search up to a maximum of one year. but a possibility of renewal. Public Benefit The Trustees have compl*d ¥h tlle duty in Seth"on 17{51 of the Chants"es Act 2011 to have due regard to public benefrt guidanee iswjed by the Charty Commission.
THE PALI TEXT SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢hievements and perforniance Publication of Pali Texts The sales of publicab.ons in terms of numbers of publi¢ab"ons sold was slwhty lower in the current year compared with last year: 4,015 books were sold in Ihe year compared wilh 5,367 sold in 2020. The following new works appeared during 2021.. Journal olthe Pali Text So¢i8ty. vol.34. Javier Schnake, Ratan8PartAa's Vwrasarallh8sartg8ha and its Tha The following books were reprinted in 2021.. Dhatu-k8tha Pak8rnna and Commentary Dtnary ofpaii, vd. 3 ttivuttaka Commentary. vd. 3 Saddhammappakasinr, vol. 1 The Buddha's Last Days Vimanavatthu and Pel8vatthu Pall Resear¢h Grants In keeping with the aims of the So¢iety, in¢¢me from investrrtents continue5 to be used to help finance scholars working vari¢ws woiects vknich will feed into fu¢ure P)lICa0ns. The single major long-tem eommitment cOntinLs lo be funding work on A Dictnary ol Pèli (vol. 1 of which was published by the Society in 2001, ¥01. 2 in 2010. and vol. 3 in 202011. From 1984 until 2013 the Society fvnded Dr Margaret Cone's positi.on at Ihe UnIvety of Cambn"¢Jye: following her retirement. in 2013 the So¢ty awarded her an annual grant to allow her to cornete Volume 3.. this grant came lo an end in 2018. SirKe January 2018 the Society has awarded Dr Slraube an annual grant to conts.nue Dr Cone's work on the DtrOnary by working on volume 4, the final volume. In September 2021 the Society agreed lo renew Dr Straube's granl for tIVe months (from January 20221. wrth an increase of 3%. rnaking the value of the grant £63.036 In September 2020 the So¢tety awarded Dr Jawer Schnake a grant {£20.0001 for 12 fflth$ from 1 November 2020 to support his pparatIon of a rJib"cal edibon of Saddhammakitti's Ekakkharakosa. Financial review The unrestricted deficit for the year before investment gains and losse5 amounted to £S8,812 12020.. surplus of £3.788) as detailed on page 8. The Trustees consider the resull for the year and the p)sition at the year end to be satisfactory and that the Charity has sufficient assets lo fulfil its obligations. The level of our reserves 15 CsIStenI ilh Ihe level of irK0me-pin9 assets sufficient to maintain the Society at ity present level of ath"wti"es. Our investment policy is t+Jnsisten¢ our needs lo acquire income in onler for the Society to meet its objects. Inv•stmont perfomianco The investment held by the eharity had a do59 value of £4.047.954 on 31 December 2021. This was an incoase of £32B.721 on the 31 December 2020 value of É3,715.223. In total retum terms there was an increase of 8.8%. The ptsrtlolio paid income of £96.242 to the charity¥ bank in calendar year 2021. Quilter Cheviot management fees and .VAT came lo £11.010 in the period. Rlsks The Tfuslees have assessed the major risks to ¥*htch the Charity is exposed. and are satisfied that systems are in place to mifigale exposure to the major risks.
THE PALI TEXT SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Plans for futurè perlods Funding work on the new Pali-English th'ctionary i8 likety to continue to be a pnorty for at leastx fijrther ten years. Cmher new grants Vill be made as funds alow vthen qualffied scholars appty for them. When editions of Pali texts come up for rewinting, ¥Jhenever po$sible. the text ill be newty typeset and corrections made. Apart from those projects already menlit)ned. a number of other books are in preparation.. the Society expects to publish the translatiort of the third of the the volumes of the Yamaka in 2022. the second volume of the translation of the Kankhavitarani in 2022. and an English translatwi of Ihe Nikayasangraha in 2022. Strncture. governance and manapment The Charity is a company h'mited by guararrtee and is gmwemed by its memorandl and Articles of Association. The Trustees, who are also the directors for the purpose of company law, and served during the year and up to the dale of Signature of the financial stslements V•tre." Dr E G Kahr$ OrRMLGgthin Directors are appointed by the Counul of The Pali Text Society "mrted and musl agree to any such appointment In writing. There is no special indUCtic and tra•rn9 of Trustees. NewTrustees are accomplished scholats who are lamiliar with the aims of the Society and are already qualified to assess the vrtirth of the So¢*ty'$ FthlirAtions and detennine the degree of academic ability required to complete sue¢essfiJlly the research projects for vthich grants are sought from the Society. There are levels of 1ctIOn.. 11) The pa Text Sow kn"miled include$ as Members (Trusleesl all the Directors ofthe Pali Text Society Limited who agree in 7wnting lo become Members. and121 Members of Council. The Council and Dire¢tors meet tsce a year in March and September in eoncurrent meetings. Important dKision$ ¢on¢erning grants to scholars weparing texts for the Swety and publtiOnS are taken at these meetings. Eledion ofthe officers is made by the general membetslM"p al annual AGM hehl in September. Day-lo-day running of the office includes filling orders for b(Th)ks. ¢olleding dues of members. giving general infomalion con¢eming Pali ar Buddhism, preparing the List of Issues. and preparing books for publi¢alion. The office adminislralor. publicab.ons admintstrator, and accountant in collaboration wth the offi¢ers of the Society, asking for guidance and approval for all major decisi(K)s. Apwoval is requested for any expenditure greater th fifty pounds.
THE PALI TEXT SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Statoment of Trustses responsibilities The Tru$tee$, who are also the direclofs of The Pali Text sety for the purpose of eompany law. are SponsIble for preparing the Trustees Report and the finanual statements in accordance with applicab law and United Kin9dc Accot¥)ting Stsndards Iunited "ngdoM Generauy Accepted A¢countw Practice). Company Law requi$ the Trustees to prepare financial ststements for each financial yearwhi¢h give a true and fair view of the stale of affair5 of the Charity and of the incoming resources and application of resources, including the income and expenditure. of the charitae c¢)mpany for that year. In preparing these finanrAal statement5. the Tfuslees are to: - select suitable accounting pJli¢ie$ and then appty them CU1$ten1y. - observe the melhods and principles in the chaiib.es SORP.. - make judgements and estimates that are reasonabte and prLJen( and - Prepa Ihe financial statements on the wng concem ba$1$ unless it is inappropriate to presume that the Charity will continue in operatn. The Trustees are responsible for keeping a(1equale a¢¢oynting records that disdose reasonable accuracy at any time the finanryal position of the Chafity and enable them lo ensure that Ihe finanal stalements MplY with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for takiThJ reasonable steps for the Pfevenlion arKI detection of fraud MI other ¥regularitie5. Dlsclosuro of Inf¢)rn)allon to audltor Each of the Trustees has confimed that the 1$ no information ofwhich they are aware which is relevant to the audit. but of whith the auditor is unawa. They have fvrther confimied that they have taken approprrate steps to ident relevant information and to estatAi$h Ihat the auditor 1$ aware of such informab"on. This report has been prepared in accordance with the Sw4311 Compans Regin* under Section 41912) of the Companies Act 2006. The Trustees report was approved by the Board of Trustees. DrRMLGÈthin Dlreclor Date: 12 July 2022
THE PALI TEXT SOCIETY CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PALI TEXT SOCIETY Opinion We have audited the financial 51alemenls of The Pali Text sIety (the 'Charity') for the year ended 31 December 2021 which compnse the slalement of finanaal activib"es. the balar¢e sheet and the notes to the financtal stslemenls. including significant accounting poliaes. The financial reporb"n9 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 Yhe Financial Reporting Standard applicable in the UK arKI ReputAic of Ireland" (United KiTr3dom Generalty Accepted Accounting Practice). In our opinion. the finanoal $latements= give a true and fair view of the stste of the chaiilable CoMpanS affairs as at 31 December 2021 of its incoming resource$ and applicalion of resour¢e$, for the year then ended.. have been property prepared in accordance wilh United gdoM Generally Accepted Accounting Practice.. and have been prepared in a¢¢¢anCe with the fequiremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance th International Standards on Audrt¢ng IUKI IISA5 IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibil"e$ for the audit of the financial statements section of our report. We are independent of the Charity in accordance th the ethical requirements that are relevant to our audit ofthe financial 5tstements in the UK. induding the FRC'S Ethical Standard. and the pfovi5ions available for small entities, in the circumstsnce5 set out in note 22 to the financial statements. and we have fulfilled our other ethical responsibilities in accordance with these quIrements. We believe that the audit evidence we have obtained is sufficAent and appropnate to provth a basis for Ouf opinion. Conclusions T•latlng to golng ¢on¢orn In auditing the financial statements. we have conduded 1hattheTnteeS use of the goin9 concem basis ofaccounting in the preparation of the financial statement$ is appropriate. Based on the work we have perfomied. have not identified arry material uncertainties relating to events or conditions that, indNidually or collectivety. may cast swnrfKant doubt on the Charity's ability lo continue as a going concem for a period of at least bvefve nnIh$ from vthen the financial ststements are aulhorised for issue. Our responsibilities and the sp$1b1libe$ of the Tntstees Vith respect togoing concern are"des¢ribed in the relevant sections of this rep)rt. Othef Infwmation The other informats.on comprises the infoniiation induded in the annual POrt other than the financial statements and our auditorfs report thereon. The Trustees are sponSible forthe other infomiation ¢ontsined wilhin the annual report. Our opinion on the financial stslement$ does not cover the other infomiation and, ex¢ept to the extent otherv•ise expliciUy stsled in our report, we do not eXpsS any fomi of as$uran¢e con¢luwon Ihereon. Qur spOnSibl11fy is to read the other inf0mtIOn and. in doing $0. ¢¢)nsider ¥Ather the other infornatson is materially inconsistent with the financial statements or our knOedge ¢)btained in the course of the audit. or other¥M$e appears lo be materially misstated. If we identify such material in¢onsistencie$ or apparent material mi$stslements, we are required to determine whether this give$ rise to a material misstatement in the finan¢ial ststements themselves. If, based on the work we have performed, we ¢on¢lLKle thatthe is a material misststement of this other Infomti0Th. we are required lo report that fact. We have nothing to wl in this regard.
THE PALI TEXT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PALI TEXT SOCIETY Oplnlons on other mattets pre$¢rlbed by the C¢)mpanies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infom)ation given in the Trustees reporL which includes the directors. report prepared for the puwses of ompany law, for the financial year lor vknKh Ihe financial ststements are prepared is consislent wth the financial statements", and the directors. reptht induded within the Tnjstees lert has been wepared in accordance applicable legal requirements. Matt•rs ¢)n which wo are r•qvlr•d to rnport by •xcepllon In the light of the knoedge and understsnding of the Charity and ils environment obtained in the course ofthe audit. we have not identified material mi$5tatements in the directors. report included wlhin the Trustees report. We have nothing to report in respect of the follow.ng matters in relation to which the Companie$ Act 2006 requires us lo report lo you if, in our opinion.. adequate a¢¢ounting records have not been kep( or retums adequate fry our audit have not been re¢eived from branches not visited by us", or the financial statements are not in agreement with the accounting records and retums.. or Certain disclosures of trustees. remuneratitin specnled by law are not made: or we have not received all the infomwtion and explanations * require for our audil,. or the Trustees w not enlilled lo prepare the financial statements in accordance wlh Ihe small companies regime and take advantage of the small companies, exemptions in Paring the Trustees report and from the requirement to prepare a strategic rep(t. Respon$lblllti•s of Trusts•s As explained more fully in the ststemenl of Trustees Tesponsibililies. the Trustee$, v*ho are also the directors of the Charity for Ihe purpose of company law. are responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and fair wew. arKI for such inlemal ntrol as the Trustees determine is necessary to enable the preparation 0[finanal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are spOnSIe for assessing the Charity's ability lo continue as going eoncem. disckssirwj, as applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the tharitable company or to cease operations, or have no realistic altemative but to do $0. AudStof$ rpolbilitie$ for the audlt of the financlal ststèments Our objectives are to obtain reasonable assurance about whether the financial statements as a vthole a free from material misstatement, whether due to fraud or error. and to issue an audilorfs port 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 {UKI will always delect a maten.al misstatement when it exrsts. Misstatements ean arise from fraud or error and are considered material if. individualty or in the aggregate, they could reasonabty be expected to influence the economic deeisions of users taken on the basis of these finanual statements. Irregularibes, In¢ing fraud. are instances of notFc¢mpliance wilh laws and regulations. We design procedures in line with our responsibilities. ouuined above. to tjetect material misstatements in respect of irgUrant1eS. including fraud. The extent to vthich our wocedures are capable of detecting iffegulaiities. induding fraud. is detsiw below.
THE PALI TEXT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERSOF THE PALI TEXT SOCIErY the engagement partner en$ure(l that the engagement team collectively had the appropriate competence, capabilities and skills to idenbfy or re¢ognise non•compliance vthh applicable laws and regulations.. we identified the laws and wulations applKabk lo the company through discussions th"rectors and other management. and from our knovAedge and experience.. we focused on specific laws and gulaOn5 considered may have a direct material effect on the financtal statements or the operations of Ihe company. we assessed the extent of compliance the laws and regulatsons identified above through making enquiries of management and inspecting legal correspondence wthere applicable.. and identified law5 and regulations vftre communicated within the audit team regularfy and the team remained alert lo instances of non-¢ompliance throughrrt the audst. We assessed the susceptibilty of the MpanY'S finartial statements to malerial fflis$tatemen( including obtsining an understanding of how fraud might 9r. by.. making enquiries of management as to wthere they cm$idered Ihere was susceptibility lo fraud. their kno¥edge of adual, Susp and alleged fraud., and considering the internal controls in ace to mitigate rt5ks of fraud and non-m[11ae with laws and regulab'on5. To address the risk of fraud through management bias and override of controls. ¥.. perfomied analytical procedures to identify any unusual or UneXted relat)n$hip$'. tested journal entries lo identify unusual tran&ictions'. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.. and investigated the ralionaEe behind significant or unusual transactions. In response lo the risk of irregularities and nOn-comlance with laws and regul•lion$. we designed procedure$ which included. bul were not limited to.. agreeing financtal statement disclosure5 to Undeing sUplIng documentation: reading the minutes of meets.ngs of those charged wth g¢)vemance" enquiring of management as to actual and Fthntlall"gation and daims., reviewng relevant correspondence_ There are inherent limitslions in our audrt proce(1LIs described above. The more removed that laws and regulattons are from financial transaelions. the less likety it is thatwe woul¢J become aare of non-complian¢e. Auditing Standards also limitthe audit pro¢edure5 required to identify nonthcomplian¢e vAth laws and regulations to enquiry oflhe directors antj other management and the inspection of regulatory antj legal ¢orrespondence, rf any. Material misstatements that arise taue to fraud can be harder to detect than those thal arise from error as they may invofve deliberate concealment or cdlusion. A further description of our responsibiliti'es iy available on the Financial Reporting Council's wèbsite at.. MWs.'IAwM.frc.org.ukJaudilorsresponsibilitie5. This des¢ription fonns part of our audilorfs report.
THE PALI TEXT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PALI TEKf SOCIETY Us• of our report This report is made solely to the chafitable coThpany'$ members. as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audil %rk ha$ been undertaken $0 that ¥t might state to the charitable company's membets those matters we are required to state to them in an audtlors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume SponsIbl1rtY to anyone other than the charitable company and the charitable company's members as a body. for our audit for this report, or for the opinions we have fomd. Colin Mllls (Senlor Statutory Auditor) for and on half of Crlt¢hleys Audil LLP 13 July 2022 harter•d A¢c¢)untants Statutory Audltor Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX12EP
THE PALI TEXT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrnstrl¢ted Restricted fvnds fvnd$ 2021 2021 Totrl Unrestricted RtrIct funds funds 2020 2020 T¢)tsl 2021 2020 Inc¢)mo from: Donations and legacies Charitable acti¥its"es Investments 7.304 97.195 96.242 44.275 105,020 91,257 44,275 105,020 91,257 97.195 96.242 Totsl In¢ome 200.741 200,741 240,552 240,552 Ex endltu Raising funds 11.010 11.010 10,263 10,263 Charitable ath"vilies 248.543 248.543 226,501 226,501 Total resources expgnthd 259.553 259.553 236.764 236,764 Net gainslllosses) on investments 12 343,850 343.850 87.327 87,327 Net movement In funds 265.038 285.038 91.115 91,115 Fund balances at 1 January 2021 4.010,603 S.5ty) 4,016.103 3,919,488 5,500 3,924,988 Fund balances at 31 D•¢ember 2021 4.295.641 5.500 4.301.141 4.010.603 5.500 4.016,103 The Statement of financial activities includes all gains aThJ losses recognise(l in the ye¥. All income and expenditu derive from continuing aciiviiies. The statement offinancial aclivilies also ¢omplie$*ith the requwementsforan income and expeTraiture account under Ihe Companies Act 20C6.
THE PALI TEXT SOCIETY BALANCE SHEET AS A T31 DECEMBER 2021 2021 2020 Fixed assets Tangible assels Investments 13 14 770 4.047.9S4 1.239 3.715.223 4.048.724 3,716.462 Curr•nt assets Stocks Debtors Cash al bank and in hand 15 16 305.097 16.219 27.842 321.147 17.029 73.549 349.158 411,725 Cr•dlt¢rs: amounts falllng du• within one year 17 (96,741) {112.0841 Nel cjjrrènt assets 2$2.417 299.641 Total assets less current Ilablliti•s 4.301.14.1 4,016.103 ID¢ome funds Reslricled funds Unrestrided fvnds 19 5.500 4.295.641 5.500 4.010,603 4.301.141 4,016.103 The financial statements were approved arKI aUlhISed for issue by the Trustees on 12 Juty 2022. Dr R L Gelhin Trustse Company Reglstration No. 770074 10-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng poll¢les Charity information The Pali Texl Society is a pfivale wmpany limtted by guarantee incorporaled in Engl and Wales. The registered office is Old Market Studios, 68 Old maet Stet, Bristol. Avon. BS2 OEJ. 1.1 Accountlng ¢on¥ention The financial Statements have been prepared in acrdae with the ChantyS Igoveming dUmentI. the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. rFRS 102.) and the Charities SORP -Accounting and Reporting by Charitie$.' Statement of Re¢ommende¢J Practice applicable to charitS preparing their accounls in a¢¢ordance the Finanaal Reporting Standard applicable in the UK and Republic of IrelarKI {FRS 102)" leffe¢tive 1 January 2019). The Charity is a Public Benefil Entity as defined by FRS 102. The Charity has taken advantage oflhe provisions in the SORP for charities notto prepare a Statement of Cash Flows. The financial ststements are prepared in sterling. wthich is the fundional Curren of the Charity. Monetary amount$ in these financial stalemenls are rounded to the nearest £. The finanual ststements have been prepared under Ihe histori¢al ¢ost Convention. mcfvjified to in¢lude certain financial instrumenls at fair value. The prinapal accounting policies adopted are set out below. 1.2 Golng concern Al the time of approving the financial stalemenls. the Trustees have a reasonable expectation that Ihe Charity has adequate resources to continue in operational exiStere for the foreseeable fvture. Thus the Trustees ntinue lo adopt the going concem bas of accounting in weparing the finanal statements. 1.3 Charitablo fund$ Un$1Cle funds are available for use al the discretion of the Trustees in furtheratKe of their charilable objectives. Restricted fvnds are subject lo specific condilions by donors as to how they may be used. The purposes and uses of the $trIde fvnd$ are set out in the notes to the financial $¢atemenls. IA Income Income is recognised vthen the Charity is kgally entiued lo il after any perfomiance conthtions have been mel. the amounts Can be measured reliably, and it is probable that income will be [e1Ved. Membership subs¢ripts'ons relating lo ftrture years are induded in deferred income. Cash donations are recognised on receipt. Other donabon$ are reUnIse<l once the Charity has been notsfied of the donation, unle$s perf0MnCe conditions require deferral of the amount. Income lax COVerable in relation lo donations re¢eive(l under Gfft or deeds of covenant is recognised at the tirne of the ¢Jonalion. Legacies are recognised on ceIpt of otherwise if the Charity ha$ been lfied of an impen¢*ng distribution, the amount is knovm, and receipl is expected. If the amount is r4)1 knovm, the is treated as a contingenl asset.
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ountlng poIici•s 1.5 Expenditur• Expenditure is recognised once there is a kgal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer ol economic benefits be required in seWemenL and the amount of the obligation can be measured reliably. Expenditure is classrfted by actiwty. The cosls ofeaeh activty are made up ofthe total of direct Costs and Shared costs. induding support costs involved in underta.ng each actNity. Direct Costs attributable lo a single a¢b"vity are allocated direcuy to that activity. Shared costs lch contribute to more than one activrty and support costs which are I1 attributable to a single activrty are apportioned betsveen those activ"tties on a basis consistent wlth the use of re$our¢es. Grants are ¢¢gl$ed in eXpendrtu vthen a ¢omnMtment has been ma*Je and thi5 has been ¢ommuni¢ated and agreed the beneficiary 1.6 Tanglblo fixed ass•ts Tangible fixed assets are initialty measured at cost and sthequently measured at cost or valuation. net of depreciatson and any impairment losses. Depreaalion is recognised so as to tfvffite oft the cost or valuation of assets le5S ther residual values over their usefvl lives on the following bases-. Office equipment 25% straight line 1.7 Fixed asset In¥eslments Fixed asset investments are inittalty measured at transaction price exduding transaction costs. and are subsequenly measu at fair value at each repolting date. Changes in fair value are recognised in net iome1{eXpendl1ure} for the year. Transaction costs are expensed as incurred. 1.8 Sto¢k$ Stocks are stated al the lowerof cost and estimated selling pri less costs to complete and sell. Cost comprises direct materids. An prOViOn is made for obsolete and slow moving stock. Provisions are estimated based on stocks held arKI current level of sales. 1.9 Cash and cash •quivalents Cash and cash equivalents include cash in hand and deposit5 held at call wrih banks 1.10 Flnan¢lal instrufftents The Charity has elecled to apply Ihe provisions of Seclion 11 '8asic Financial In$lNments' and Section 12 'Olher Finawal Instruments Issues. of FRS 102 to all of its finala1 instruments. Financial instruments are recognised in the Charity's baLqnce sheet vthen Ihe Chanty becomes party to the Contractual provisions of the instrwnent. Financial assets and liabilib"e$ a offset, with the nel amounts presented in the financial ststemenl$, when there is a kgally enforCeae right to set off tt recognised aMrtts and there is an inlention to settle on a net basis or to realise the asset and setue the liats.lity ymullaneously. . Bask ffnancialassets Basic finanual assets. which ¥)clude deblors and cash aTrJ bank balance$. are initi'alty rrnasured at transaction pri¢e. 12-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Acciwntlng pollcles Bask fina11 liabilities Basic finanoal liabilities, including creditors are inib'alty re¢ognised * transaction price. Trade ¢reditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are da$$rf0 as wrrenl liats'lib'es if payment is due within one year or less. If not, they are pSented as norFcurrent liabilrtJ"es. 1.11 Retirement bentrfits Payments to defined contribution retiMent benefft schemes are Charged as an expense as they fall due. Critic•1 accounting estlmates •nd ludgements In the application of the Charity's accounb.ng poli¢XS, the Trustees are required to make jud9ernenls. estimates and assumptions about the CayIng amount of assets and lialItieS that are not readily apparent from other sources. The estimates and associated assumpb.ons are based on historical experience and other factors that are considered to be relevant. Actu re3t$ may differ from these estimates. The eslimales and undertying 85sumpb.ons a rewewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in vthich the estimate is revL%ed where the revision affects only that period, or in the period of the revision and fvI Feriods where the revision affec15 both current and fvture periods. The level of stock provision is the main judgement made in Ihe pparntiOn of the financial st*ements. Oonatlons and kgaci•s Unr•slrict•d Unrestri¢led fvnds fvnds 2021 2020 Legacies receivable Coronavirus small business grtnt 21,548 10,000 12,727 7.304 7.304 44,275 Chatitabl• acllvllles Pali Texts Pali Texls 2021 2020 Sale of Pali texts 97.195 10S.020 13-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Investments Unr•strict•d Unrestrieted fund$ funds 2021 2020 Income frc4n invesknents 96.242 91.257 Raising funds Unrestricted Unrestricted fvnds funds 2021 2020 11.010 10.263 11,010 10,263 Charltabl• a¢tiviti•s Pali T•xts Pali Re$eaT¢h Grants 2021 Tolal Pali Texts 2021 Pali Rese•r¢h Grants 2020 Total 2020 2021 2020 Stsff wsls Cost of sales, pullishiThJ and distribution costs Stock ImpalmnI prowsion Other expenses 58,598 58.598 57,908 57,908 75.867 7.029 75,867 7,029 80.126 (49.608) 80,126 (49,6081 633 633 141.494 141.494 88,426 633 89.059 Grant funding af adivities (see note 8) 63.036 63.036 93,200 93,200 Share of support costs (see nole 9) Share of govemance costs (See note 9) 26.052 13,026 39,078 26.395 13,197 39,592 3.290 1.645 4.935 3.100 1.550 . 4.650 170,836 77.707 248.543 117,921 108.580 226,501 14-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Grants payablo Pall Research Grants 2021 Pali Research Grants 2020 Grants to individuals1112020. 41 grants) 63.036 93.200 Support costs Support Govgrnance co$ts costs 2021 spOrt costs Goveman¢e sl$ 2020 Staff costs Office expenses 29.298 9.780 29.298 9,780 28.954 10.638 28,954 10.638 Audit fees 4.935 4.935 4,650 4,650 39.078 4,935 44.013 39.592 4.650 44.242 Analy5ed beiween Chaiitable activities 39.078 4.935 44.013 39.592 4,650 44.242 10 Trustees None of the Twstees lor any persons ¢wnethd with tsm) received any remuneration or benefits from the Charity during the year. 11 Employety The average monthly nnber of emoYeeS during the year was.. 2021 Numbor 2020 Number Publication of Pali Texls Administration Total 15-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Employee$ Employment Costs 2021 2020 14Vages and salaries Social Serity costs Olher pension costs 82,344 4,747 805 78,371 7.747 744 87.896 86,862 There is no key management personnel remuneration. There were employees vthose annual remunerabon was more than £60.000. 12 Net galn$l{10$so$10Th 5nvestments Unr•strict•d Unreslrided furKIs furyJ$ 2021 2020 Revaluation of investments Gainl{lo$s} on sale of investments 329.756 14,094 87.327 343.850 87.327 13 Tangibl• fix•d assots Offlc• •quipment Cost At 1 January 2021 39.982 At 31 December 2021 39,982 Depreclatl¢n and Impalmienl At 1 January 2021 OepcIatiOn charged in the year 38.743 469 At 31 December 2021 39.212 Carrying amount At 31 Dernber 2021 770 At 31 December 2020 1.239 16-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Fixod ass•t inv•$tm¢nts Listed investments Cash in portfolio Total Cost OT valuation At 1 January 2021 Additsons Valualion changes Change in cash held Disposals 3.585,143 329,048 343,BSO 130,080 3.715,223 329,048 343,850 (1 S,0351 (324,1321 {16.0351 (324.132) At 31 December 2021 3,933,909 114,045 4,047,954 Carrylng amount At 31 December 2021 3.933,909 114,045 4.047,954 At 31 December 2020 3.585,143 130.080 3.71 5,223 15 Slo¢ks 2021 2020 Finished goods and goods resale 305.097 321,147 16 Delknrs 2021 2020 Am¢)unts falling duo within one year: Trade debtors other debtOf5 Prepayments and acuued income 8.376 7.283 560 8.450 8,029 550 16,219 17.029 17-
THE PALI TEKf SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 17 CvedltorB: amounts falllng within (m year 2021 2020 other taxation and socral security Deferred income Trade credilors Grants payable Accruals and deferred income 1.931 10.716 8.558 63,036 12.500 1.907 11.549 14,527 76,200 7.901 96.741 112.084 18 Dèleired hKome 2021 2020 Arising from Deferred inrne- membership subscriptions 10.716 11,549 19 Restricted funds The income funds of the chanty indude $tricted lunds comprisiThJ the folbtiv*ing unexpended balances ol donations and 9rants hdd trust fry speof¢ purposes: Movement in lund5 ovement in funds Balane¢ at 1 Janu¥y 2020 In¢om• Balance at 31 D8cember 2021 1 January 2021 Other restricted funds 5.500 5,500 5,500 20 An4lysig of not assets twO•n funds Unrestricted Re$tri¢t•d fund5 fund$ 2021 2021 Total Unrestricted funds 2020 Restricted funds 2020 Total 2021 2020 Fund balances at 31 . December 2021 are represented by.. Tangible assets Investments Current assetslQiabililies) 770 4.047.954 770 4.047.954 1.239 3.715.223 1,239 3.775.223 246.917 5.500 252.417 294,141 5,500 299.641 4,295.641 5.500 4.301.141 4.010.603 5.500 4,016,103 18-
THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 21 R•latsd party tran5actlons There were no disdosable related party transacbons durirKJ the year {2020- none). 22 Non4utht s•rvice$ pro¥id•d by audilor In common wlh many businesses of our slze and nature we use our auditor to assistviith the preparation of the financial statemenls. 19-