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 a￿lit￿S 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 stateff*nts the year erKled 31 December 2021. The financial stslements have been prepared in accordar￿ the accounting poI￿leS 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 Financ￿1 Reporb"ng SL￿dard 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 pu￿lsh ancillary works for the study of Pali.. lo translate Pali v￿rkS 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 tran￿ate and put￿lSh 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 expen￿rtU￿ 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 ¥p￿1¢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 Opl￿S 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 D￿t￿nary 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￿)lICa￿0ns. The single major long-tem eommitment cOntinL￿s lo be funding work on A Dict￿nary 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 UnIve￿ty of Cambn"¢Jye: following her retirement. in 2013 the So¢*ty awarded her an annual grant to allow her to corn￿ete 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 D￿trOnary 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 ffl￿th$ from 1 November 2020 to support his p￿paratIon 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 C￿sIStenI *ilh Ihe level of irK0me-p￿in9 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 do5￿9 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 V*ill be made as funds alow vthen qualffied scholars appty for them. When editions of Pali texts come up for rewinting, ¥Jhenever po$sible. the text *ill be newty typeset and corrections made. Apart from those projects already menlit)ned. a number of other books are in preparation.. the Society expects to publish the translatiort of the third of the th￿e volumes of the Yamaka in 2022. the second volume of the translation of the Kankhavitarani in 2022. and an English translatwi of Ihe Nikayasangraha in 2022. Strncture. governance and manapment The Charity is a company h'mited by guararrtee and is gmwemed by its memorandl￿ and Articles of Association. The Trustees, who are also the directors for the purpose of company law, and served during the year and up to the dale of Signature of the financial stslements V•tre." Dr E G Kahr$ 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•r￿n9 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 ￿1￿ctIOn.. 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 ts￿ce a year in March and September in eoncurrent meetings. Important dKision$ ¢on¢erning grants to scholars weparing texts for the Swety and publ￿tiOnS 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 s￿ety 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 charita￿e c¢)mpany for that year. In preparing these finanrAal statement5. the Tfuslees are to: - select suitable accounting pJli¢ie$ and then appty them CU￿1$ten1y. - observe the melhods and principles in the chaiib.es SORP.. - make judgements and estimates that are reasonabte and prL￿Jen( and - Prepa￿ Ihe financial statements on the wng concem ba$1$ unless it is inappropriate to presume that the Charity will continue in operat￿n. 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 finan￿al 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 Compan*s 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 s￿Iety (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 $latements= give a true and fair view of the stste of the chaiilable CoMpan￿S affairs as at 31 December 2021 of its incoming resource$ 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 1hattheTn￿teeS 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 n￿nIh$ from vthen the financial ststements are aulhorised for issue. Our responsibilities and the ￿sp￿$1b1libe$ of the Tntstees V*ith 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 eXp￿sS any fomi of as$uran¢e con¢luwon Ihereon. Qur ￿spOnSibl11fy is to read the other inf0m￿tIOn and. in doing $0. ¢¢)nsider ¥A￿ther the other infornatson is materially inconsistent with the financial statements or our knO￿edge ¢)btained in the course of the audit. or other¥M$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 Infom￿ti0Th. 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 le￿rt 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 kno￿edge 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[finan￿al statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are ￿spOnSI￿e 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 $0. AudStof$ r￿po￿lbilitie$ 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 ir￿gUrant1eS. 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$ure(l that the engagement team collectively had the appropriate competence, capabilities and skills to idenbfy or re¢ognise non•compliance vthh applicable laws and regulations.. we identified the laws and wulations applKabk lo the company through discussions th"rectors and other management. and from our knovAedge and experience.. we focused on specific laws and ￿gula￿On5 considered may have a direct material effect on the financtal statements or the operations of Ihe company. we assessed the extent of compliance the laws and regulatsons identified above through making enquiries of management and inspecting legal correspondence wthere applicable.. and identified law5 and regulations vftre communicated within the audit team regularfy and the team remained alert lo instances of non-¢ompliance throughr￿rt the audst. We assessed the susceptibilty of the ￿MpanY'S finartial statements to malerial fflis$tatemen( including obtsining an understanding of how fraud might 9￿r. by.. making enquiries of management as to wthere they cm$idered Ihere was susceptibility lo fraud. their kno¥￿edge of adual, Susp￿ and alleged fraud., and considering the internal controls in ￿ace to mitigate rt5ks of fraud and non-￿m[11a￿e with laws and regulab'on5. To address the risk of fraud through management bias and override of controls. ¥￿.. perfomied analytical procedures to identify any unusual or UneX￿ted relat*)n$hip$'. tested journal entries lo identify unusual tran&ictions'. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.. and investigated the ralionaEe behind significant or unusual transactions. In response lo the risk of irregularities and nOn-com￿lance with laws and regul•lion$. we designed procedure$ which included. bul were not limited to.. agreeing financtal statement disclosure5 to Unde￿ing sUp￿lIng 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(1LI￿s described above. The more removed that laws and regulattons are from financial transaelions. the less likety it is thatwe woul¢J become a*are 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 $0 that ¥*t might state to the charitable company's membets those matters we are required to state to them in an audtlors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume ￿SponsIbl1rtY to anyone other than the charitable company and the charitable company's members as a body. for our audit for this report, or for the opinions we have fom*d. Colin Mllls (Senlor Statutory Auditor) for and on ￿half of Crlt¢hleys Audil LLP 13 July 2022 harter•d A¢c¢)untants Statutory Audltor Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX12EP THE PALI TEXT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrnstrl¢ted Restricted fvnds fvnd$ 2021 2021 Totrl Unrestricted R￿trIct 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$2.417 299.641 Total assets less current Ilablliti•s 4.301.14.1 4,016.103 ID¢ome funds Reslricled funds Unrestrided fvnds 19 5.500 4.295.641 5.500 4.010,603 4.301.141 4,016.103 The financial statements were approved arKI aUlh￿ISed for issue by the Trustees on 12 Juty 2022. Dr R L Gelhin Trustse Company Reglstration No. 770074 10- THE PALI TEXT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng poll¢les Charity information The Pali Texl Society is a pfivale wmpany limtted by guarantee incorporaled in Engl* and Wales. The registered office is Old Market Studios, 68 Old ma￿et St￿et, Bristol. Avon. BS2 OEJ. 1.1 Accountlng ¢on¥ention The financial Statements have been prepared in ac￿rda￿e with the ChantyS Igoveming d￿UmentI. the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. rFRS 102.) and the Charities SORP -Accounting and Reporting by Charitie$.' Statement of Re¢ommende¢J Practice applicable to charit￿S 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 exiSter￿e for the foreseeable fvture. Thus the Trustees ntinue lo adopt the going concem ba*s of accounting in weparing the finan￿al statements. 1.3 Charitablo fund$ Un￿$1￿Cle￿ funds are available for use al the discretion of the Trustees in furtheratKe of their charilable objectives. Restricted fvnds are subject lo specific condilions by donors as to how they may be used. The purposes and uses of the ￿$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 reU￿nIse