82 Introduction and objectives
Notes to the financial statements for the year ended 31 December 2020 1 Accounting policies Charity information Royal Television Society is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 3 Dorset Rise, London, EC4Y 8EN.
1.1 Accounting convention The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Royal Television Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments and to include these investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern The accounts are prepared on the going concern basis. The Trustees have considered the consequences of Covid-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon the Society’s ability to
continue as a going concern. The Trustees review the reserves policy to ensure that there are sufficient reserves to continue the Society’s activities for the foreseeable future.
1.3 Charitable funds Funds held by the Society are: n Unrestricted general funds – these are funds that can be used in accordance with the charitable objects at the discretion of the Board of Trustees; n Designated funds – these are funds set aside by the Board of Trustees out of unrestricted general funds for specific future purposes or projects; n Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Society. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the accounts.
1.4 Incoming resources All income is recognised once the Society has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Donations and legacies are recognised upon receipt and are deferred only when the Society has to fulfil conditions before becoming entitled to them (such as the service or benefit being provided) or when the donor has specified that the income is to be expended in a future period. No amounts are included in the financial statements for services donated by volunteers. Income from charitable activities is recognised based on the date of the event and in the case of income from members, income is recognised up to the year-end date. Other trading activities are recognised as earned (as the related goods and services are provided). Income from investments is recognised on a receivable basis.
Education and skills Public engagement Thought leadership Recognising excellence Nations and regions Membership and volunteers Financial support Our people National events Centre reports Governance and finance
