Charlty Rogl$tr•tlon No. 1078327 THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE CIECHANOWIECKI FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TNstO95 Peter Scott Count M Badeni Mrs T Mrozek-Folkierska Countess K Raczynska CountA Zamoyski ProfessorA Rotteimund Charlty numbor 1078327 Reglstered offlce Number 22 Mount Ephralm Tunbridge Vvells Kent TN4 8AS Independent examlnor Sayers BUtteNrth LLP Chartered Accountants & StatutoryAudilor 3rd FIoDr, 12 Gough Square London EC4A 3DW Banko Coutls & Co 440 Strand London WC2R OQS Investment Managers Investe¢ 30 Gresham Street London EC2V 7QN Sollcltors Cripps Pemberton GreIsh Number 22 mnt Ephraim TN4 8AS
THE CIECHANOWIECKI FOUNDATION CONTENTS Page Trustees, report statement of Iruslee8' responsibilit8 Independent examinerfs report Statement of financlal 8ctivities Balan sheet Notes to the finandal statements 8-14
THE CIECHANOWIECKI FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY2021 The trustees present Ihelr report and finan(Aal 8tatemeDts for the year ended 31 May 2021. The financial $tatement8 have been prepared in aGcordance wlh the 8¢counting polides 8el out in note 1 to the financlal statements and comply with the charity'8 goveming document. the Charities Act 2011 and Accounllng and Reporting by Charf(ies'. Ststement of Recommended Practice appllcable lo charities preparing their aUnIS in accordance th the Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021. Objectlves and 4ctlvltl•s ]then deeAdiThJ on our aGVItieS for the year, the Twslees have considered the Commlssion's guldan¢e on public benefrt and therefore stale that the diaritys objects and activf(les are-_ al To enrich the cdlection of works of art and memorabilia at the Museum of the Royal Casle in War8aw I'the Museum"). bl To conserve and pre8erve works of art at the Museum. cl To provlde buTsarte8 and other awards lo such academic staff as shall be chosen by the Tnjstees thereof or other officer8 for the time being who shall be in charge of the Museum. ¢Jl To facllllate the publication of b¢xJks and academic work8. el To fund ethJcall(Inal programmes partlcularly for the handicapped. The maln achievements of the charity durfing the year Is that the trustees have made further donatton8 to the Warsaw Foundation to provide educatlon and support for the staff al the Royal Castle of Warsaw and to enable f( to make acquisiliffis of items from the diaspJB of the contents of the Royal Castle during the Second World War. The trustees confirm that they have referred to the gUIdan contalned in the Chanty's Commission's general guidance on public benefit when reviewing the Charity's obleclive's and activities and that they have complied with section 17 of the CharitiesAct 2011. Grant maklng pollcy In applylng the yearfy income of ts charity. the trustees have a policy lo continue promollng ae&hetic edu(xllon in Poland, and the acquisition, conseNation and preseNatlon of works of art and objects that are connecied particulaTly to the Royal Castle of Vvarsaw. The governing docurnenl should be referred to when making grants. Granlg are not made lo individuals. Achlevemfrnts. flnan¢l•l rovlw and porformanco The charlty is fvnded by way of recelving donations and income from Inve8tmenls. Legacies amounting lo £3,52612020: £3,240) were received during the year. Investment Income of £25,633 12020.. £35,553) were received during the year. Governance costs amounted lo £38,021 12020-. £52,427). Grants amounllng lo £27,06012020.' £512.8181 were made durlng the year. Total funds held by the charity al the year end were £2.127,64012020: £2,034,302).
THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 R•sgNeB poll¢y and rlsk The Trustees will continue to utillse the assets and Income of the Foundatlon In acLordanc& th the objects of the charity. The Trustees consider that the level of resetves held at 31 May 2021 of £2,127.640 Is sufficient for these purp08es. Major rlsks $tatem•nt The m8lor ri8ks to which the charity can be exposed lo will be reviewed, and appropriate control Fxocedures will be devised for minirnising the potenal rfsk exposure. These procedure8 will be monltored on a regular basis by the Trustees and appropriate action taken where necessary. The trustees have Identified the key rlsks which affect fhe Charty and considered steps to mlllgale those risks and effe¢tive internal controls have been implemented. The malor risk is that gfants will nol be used for the purpose for which they are given and this is managed by requiring a timely report from each reciplent {mainly the Warsaw Foundation}. Vvhen making (je910ns, the Iruslees assess the risk$ to which the charity might be exposed. The main financial uncertainty is the long-tem investrnenl performance of the charity's fvnds and the Imp8Ct of a sustained underperfomance. Th18 is managed by the tnAStees retaining expert inve8tment managers and undertaking a regular review of the Investment policies and ensuring a Suitably diverse asset allo¢alion to adapt to anticipated market performance to mitigate this rlsk. The rate of Snd is reviewed in light of the longer-lerm retum on assets and the charitvs cornmilments. The Trustee8' pollcy Is lo maintain adequate reserves to enable the assets and income of Ihe Foundation to be utilised in accordan wlh the oblecls of the charity. Investment poll UrKler the tems of the trust deed, the trustees have wde powers of inve81ment. The tnAStee8 have delegated the management of the investment portrollo to the investment advisor8 appointed. The investments are held by the investment advisorfs nominees. The trustee's overall investment objectnie a8 8tated in the investment management agreement is lo maximise capital growth. The charty does not operate an ethical investment policy. The performance of the trust irwestmenl portfolio is consldered 81 regular inleNals with the investment manager and is benchmarked against various market indices to ensure that the fund$ held are performng well. This manager, whioh 18 regulated by the Financial Conduct Authority in the uned lQngdom, manages the Investments within the restrictions set out in the Investment management agreement. Any Issues are addressed wllh the trustees as and when they arise. Plans forth• futur• The trustees will continue to consider requests for donations from suitable charities, having regard lo the primary objectives of the trust. All donation requests are considered by the trustees. During the coming financial year, the trustees plan to make donations In furtherance of aesthetic educaUDn in Poland and in parbcular the Royal Castle of Warsaw. The trustees wlll continue their pollcy of promoting aesthetic education In Poland and the a¢qui811ion, conservation and preservation of works arl and objects d'art connected particulady wlth the Royal Casue of Wamw.
THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY2021 stru¢ture, governance and management The Ciechanowiecki Foundation is an unincorporated registered charity (No. 107832n, and is governed by a trust deed dated 2 June 1999. The organisalion's affairs are conduoted by tho Trustees who meet throughout the year and who have the power lo apFX)inl new Trustees at their discretion. The charity does not hav& a formal programme for the inducllon and training of new Twstees. The Trustees are appointed by invitation from the existing board of Trustees. The Ciechantswl Foundation Is UK based wlth t18 headquarter8 In Kent A board ofTruslees admlnislers the Trust. The day lo day management of the charity has been delegated lo Peter scott who is also a Trustee. None of the Trustees has any beneficial interest in the charity. Th• Trustees The Trustees who served the charity during the year were as follows.. Peter Scott Count M Badeni Mr8 T Mrozek-Folkierska Countess K Raczynska CountA Zamoyski Professor A RottermurKI Peter Scott can be contacted on the following address". Number 22. Mounl Ephraim. Tunbrfthje 118, Kent TN4 8AS. The trustee8' report was approved by the Board ol Trustees. Potgr Scott Trustee Dated..
THE CIECHANOWIECKI FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MAY2021 The trustee8 are responsible for preparing the Trustees, RetM)rt and the finan(aal statements in ac¢ordan¢8 with appli¢able law arKI United Kingdom Accotjnling Standards Iunited Kingdom Generally Accepted Accounllng Practscel. The law applicable to charities In England and INales requires the Irustees lo prepare financial statements fgr each ftnan¢ial year whith give a tNe and fair vlew of the slate of affairs of the charity and of the Incoming re80urces and applieAtlon of rèsources of the chartty for that year. In preparing thw finarrial statemen18, the trustees are required to.. - select suftable acKounting polioies and then apply Ihom con818tently,' - observe Ihe methods aTh1 princiFAes in the Charities SORP; make judgements and esllmates that are reasonable and prudent., slate whether applicable UK accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the finana818talement8 on thé going CL)nwn ba818 unless It 18 Inapproprlale to presume that the charity will conilnue In opeiatson. The trustees are resp($1b1 for keeping 8uffidenl accounting record8 that dlsd08e wlth reasonable accuracy at any the financial position of the charity and enable them to ensure that the flnanolal statements cunply vlth the Charilles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe trust deed. They are also responsible for safeguarding the assets of the charfty and hence for lakirvJ reasonable steps for the prevention and detectlon of fraud and other irregulanties.
THE CIECHANOWIECKI FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CIECHANOWIECKI FOUNDATION I report lo the trustees on my ex8mlnation of Ihe tinanclal statements of The Ciechanowiecki Foun(ktion Ilhe charity) for the year ended 31 May 2021 whth comprise Ihe Statement of Financlal Activltles. the Balance Sheet and related notes. This report is made solely lo the charity's Iruslees, as a body, In accordance ¥th 8ectlon 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matter8 l am required to slate to them In thls report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the tharity and the Charity's Iruslees as a body, for my work, for this rewrt. or for the opinions I have fomied. R•spon$lbllltles and basls of report As the trustees of the charity you are responslble for the preparatlon of the finawal statements in ac(x)rdance wlth the requlremenls of the Charities Act 2011 (Ihts 2011 Acti. I report in respect of my examinalÈon of the charity's finan¢ial statements carried out under section 145 of the 2011 Ad. In carrying out my examination I have followed all the applicable Dlrection8 glven by the Charity Commission under section 14515)Ibl of the 2011 Act. An independent examination does not invcAve gathering all the eviden¢e that would be required in an audit and cOnsequenY does not cover all the matters that an audllor eonsiders In glving their Dpinion on the financial statements. The planning and conduct of an audit goes beyond the Ilmiled assurance that an independent examination c8n provide. Consequently l express no opinion as lo vthelher the financial statements present a 'true and fair, view and my report is limited lo those specific matters Set out In the independent examiner's statement. Indopondfjnt •xamlnotrs stat•mont I have completed my examination. I con)Imi that no Matte have come to my attention in connection with the examination giving me cause lo believe that in any mateiTal respect.. accounting records were not kept in respect of the charity as required by secfjion 130 of the 2011 Act., or the financial statements do not accord with those rewrds., or the financial statements do not CL)mply wth the applicable requirements concerning the fom and content of accout)ts set out in the Charities lACunIS and Reports) Regulations 2008 other than any iequiremenl that the accounts give 2 true and fair view which is not a matter considered as part of an independent examination. I have no nCem8 and have wme across no other matters In connection with the examination to whtch attentlon should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Hannah Clegg Sayers Bultetworth LLP Chartered Accountants 3rd Floor, 12 Gough Square London EC4A 3DW Dated.. 02.03.2022
THE CIECHANOWIECKI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY2021 Unrestrlcted funds Total 2021 Total 2020 Notes Donations and legacies Investments 3,526 25.633 3,526 25,633 3,240 35,553 Total Incom• 29,159 29,159 38,793 Chartlable activllie8 65,081 65,081 565,245 Nel oaln on Investment8 10 129,260 129,260 3,575 Not mov•m•nt In funds 93,338 93,338 {522.87TI . Fund bdances at 1 Jur* 2020 2,034.302 2,034,302 2.557,179 Fund balan¢os at 31 May 2021 2,127.640 2,127,640 2,034.302 The Statement of finandal a¢tivlUes Include8 all galns and losse8 recognised in the year. All income and expenditure derfve from continulng athvOUe8.
THE CIECHANOWIECKI FOUNDATION BALANCE SHEET ASAT31 MAY2021 2021 2020 Not•$ Flxed a68•ts Investments Curront assots Debtors Cash at bank and in hand 1,196,714 1,079,569 12 2,453 935,623 6,978 973,617 938,076 980,595 Credltor8: amounts falllng du¢ wlthln on• yo#r 13 17,1501 125.8621 Net current a8sets 930,926 954,733 Totsl assots less ¢urr•nt Ilabllltlos 2,127,640 2,034,302 Income ndS Unreslrtded fvnd8- ueneral 2,127,640 2,034,302 2,127.640 2,034,302 The fi'nancial statements were approved by the Th18tees <)n .. Peter Scott Trustee
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2021 Aocountln9 pollclgs 1.1 Accountlng ¢onventlon The financial 8talemenl8 have been preparèd to give a 'true' and Yalrf view and have departed from the Charities (Accounts and Report81 Regulallonts 2008 only to the extent requlred to provlde a 'e and faiv, view. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent requlred lo provide a true and falr vlew. Thls departure has involved followng the Statement of Recommended Pra1 for charities applylng FRS 102 rather than the vergion of the Statement of Recommended Practi Mthich is referred tr) in the Regulations but which has since been wrthdrawn. The flnancAal statements are prepared Iri steTllng, which is the ftjnctional ujrrency of the charity. Monetary amount$ in theso financial $tatemenls are rounded to the nearest £. The finanGi81 slalements have been prepared under the historical cost convention with items recognbsed al cost or Iransaolion value unless othetwlse Slated in the relevant notes to these aGeA)unls. The financlal slalemenls have been prepared in accordance with the Slalemenl of Recommended Practice.. Accounting and Reportin9 by Charities preparing their accounts in accordance with the Financial Reportlng Standard 8ppllcable in the UnlteLt Kingdom and Republic of Ireland IFRS 1021 and Charttles Act 2011. The Clechanoweckl Foundatlon constltules a publlc benefit entty as defined by FRS 102. The Gharltys funolional wrrency and presentational curren¢y is pounds sterllng IGBPI. 1.2 Golng COnM At the Ilme of approving the financ[ statements, the tTUSteeg have a reasonable expectation that the oharfty has adequate re8ource8 to contsnue In operallon81 oxlstence for the foreseeable future. Thus the trustees conunue to adopt the g¢ing concem basis of accountlng in prepariThJ the financlal slatemenls. 1.3 Charltable fvnds Unrtstrfcted lunds Core income and suoh other Income for which there are no restrictions on the way il can be spent are temied 'Unre8trided'. Such unspent incomo at the balance sheet dale is temied 'Unre8tricted fundg,. 1,4 In¢omlng rosourcos InlereÈt on funds held on deposit is included when ¥e¢eivable and the amount can be megsured reliabty by the charity.. this Is normally upon notification of the interest pald or payable by the Bank. Debtors: Trade and other debtors are recognised at the setuement amount after any traile t1i8count offered. Prepayrnenls are valued al the amount prepaid net of any trade dlscounts due. L•ga¢l•s Legacles are accounted for on a recelvable bas18. Resldual legacles are recogni8ed only when The Ciechanowiecki Foundation'¥ Inte81 can be mea8ured. which Is normally on a grant of probate. Vvhere there are uncertainties suiroundlng the measurgmenl of the Ciechanowecki Foundation entitlement to an estate no income is recognised.
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 Accountlng pollcl•8 {Contlnuedl Cash ot bank and In hand: Cash at bank and in hand includes cash and short term highly liquid investments th a short malurlty of three months or less from the date of acqulsition or openlng of the deposit or similar account. 1.6 Resourees expended Llabllltl•8 and pwovlslons Liabilities are renISed when there is an obllgation al the Balance sheet date as a result of a past event, 11 is PTobable that a transfer off eci)nomic benefit will be required in the settlement, and the amount of the settlement can be estimated reliably_ Llabilities are recognised al the amount that the charity arbticlpate8 It will pay lo settle the debtor the amount it ha8 received as advanced payments lor the goods or servlces11 musl provide. Provisions are measured at the best tsstimato of the amounts required to setue the obligation. Vlthere th& offect of the time value of money is material, the provision is basèd on the present value of those amounts, discounted at the prtrtsx discount mte that Teflects the r18ks specific tr> the liablity. The unwondlng of the di8¢0unt is recognised thIn interest payable or similar charges. Flnanclal In$trum¢nts The charity only has finandal a88et8 and finan¢ial liabilities of a klnd that qualify as basic financlal instnjments. Basic financlal instruments are initially recognlsed at transaction value and subsequently measured at their settlement value wlh the exception of bank loans which 8re subsequently measured at amorb8ed cost the effective interest method. 1.6 Flxed asset Inve8tm•nts Fixed asset invoslmenls are inftially measured at transaction excluding Ir8nsaotion costs. and are subsequently measured at fair value al each reporting date. Change8 in fair value are recognised In net incomellexpenditurel for the year. Transaction costs a expensed as incurred. FlnancAal liabllities are derecA)gnised when the charity's contractual obligations expire or are discharged or cancelled_ 1.7 ForèlgD gx¢hang• Fureigii currency transactions are translated into the function81 curfency using the 8poI exchallge rates at the date8 of the transaction. At each perlod end foreign currency monetary items are translated uslro the cl(Ising rate. Foielgn exchange galns and losses are recognlsed in the slalemenl of financial aclivilles.
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 A¢¢ountlng poll¢le8 Icontlnuodl 1.8 Incom? and Expendlturè All Income arising during the year is dealt wilh through the statement of finan(#al actiwlies. Donated fvnds are included in income at the value of the financial cost borne by the donor where a cost Is quantifiable and mea8urable. Income tax recoverable in relats'on to donations recEived under Gfft Aid 18 recogn18ed al the time of the donation. Expenditure connected with the running of the charity is tharged through the statement of financial activities and is included as governan costs. crtll¢al a¢¢ountlng estlmatss and ludg•m•nts In the applicatlon of the charlty's accounung pollci88, the trustees are requlred to make jUdgeMls, estimates and assumptions about the carrying amount of assets and liabilitEs that are not readily apparent from othei sources. The eslimales and associated assumptlons are based on historical experience and other factors that are Considered lo be relevant. Actual resuts may dlffer from these estimates. The estimates and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the period In which the estimate is revised where the revision affects only that perlod, or in the period or the rew*on and future perlods where the revision affects both current and future periods. statement offunds Unrestrlcted funds Broughl fomard Incoming resour5 Legacies receivable Gains on investments 2,034,302 25,633 3,526 129,260 2,192,721 Total income In the reporting period Total expendkure from unrestrlcted funds 165,081} Carried forward 2,127,640 io-
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 Donitlons and 0a¢l•S Unr08tr1ctèd Unrestrlcted funds funds 2021 2020 Leoacle8 receivable 3,526 3,240 Inv•stm•nt Income Unrestrlcted Unrestrlcted funds funds 2021 2020 Income from listed investments Bank interest receivable 25,497 34,570 983 25.633 35,553 Flxed ass•t Invgstmgnts Llsted Seourltles Market v#luo As al 1 Junè 2020 Acquisition al cost Dlsposal pro¢eeds Unrealised gains on revaluation In the year Realised galn on dlsposal 1,079,569 1,035 113,1501 127,746 1,514 Al 31 May 2021 1,196,714 The listed investments held by th6 charity represent securities hdd In the UK and forelgn listed entiues. 11
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 Charltsblo actlvltS•s Unr¢8trlcted Unrestrl¢tod funds funds Totsl Total 2021 2020 Governance Charftable CostsExpendlture Accountancy fees Inve81menl fees Legal fees Postage and packaging Bankruptcy searches 9,220 12,555 16,002 9,220 12,555 16,002 13.440 12.310 26,427 250 244 244 38,021 38,021 52,427 Grant funding of adviues (see note 8) 27,060 27.060 512,818 38,021 27,(0 65,081 565,245 Grants pay•ble Unr98trlct•d Unr•strl¢t•d fund¥ funds 2021 2020 Gran18 to Instilullons.. rsaw Foundation Lie¢henstein Foundation 27,060 508,462 4,356 27,060 512,818 None of the trustees lor any persons connected with them) r1Ved any remuneration or tenefits from Ihg chanty durlng the year. The Trustees r1Ved no reimbursed expenses during the year. There are no direct employees of The Clechanowiecki FoundaOn. 12-
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 10 Nèt galnslllo$s¢s) on Inv•stm•nts Unrestrl¢tsd Unregtrlcted funds funds 2021 2020 Revaluation of invesbnents Gain on sale of investments 127,746 1,514 2,507 1.068 129,260 3,575 11 Flnanclal Instrumonts 2021 2020 Financial a5sels measured and fair value through income and eXnditure Flnancial assets measured at amortised cost 1,1*.714 935,623 1,079,569 973,617 2.132,337 2,053,186 Flnancial assets measured at fair value through Income and expendlture comprise investments. Financial a89els measured al amortised cost comprise $h at bank. 12 D•btorn 2021 2020 Amounts tslllng duo wlthln on• yoar. Cripps administratlon costs Accrued interest 4,500 2,478 2,453 2,453 6,978 13 Credltors: amounts lalllng due thIn on• y¢ar 2021 2020 Accruals- Sayers ButteN(11h LLP Grants p8yable 7,150 17,400 8,462 7.150 25,862 13.
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2021 14 Rplgtod party tranBaCtlon8 One of the trustees, Peter Scott, was a member of Crlpp8 Pemberton Greenish until May 2016 when he retirod. He has acted as consultant for Cripp5 Pemberton Greenish since thSs date. No trustee received remuneration or any reimbursement of expenses during the year. Crlpps Pemberton Greenish charged fees of £16.00212020.' £26,427) Sn respect of the professlonal fees rendered during the year. All Invoices issued during the year had been settled by 31 May 2021. The trustees are authorised by the Trust Deed lo pay professional charges to trustees engaged in a professional capauty on th8 instructions of the other trustees. Prof Rottermund is the Presldenl of the Warsaw Foundation and a Trustee. The charity made a donab'on to the War88w Foundation totalling £27,06012020'. £508,462). Prol Rotiemiund, Count A Zamoyski and Countess R Ra¢zynska are all members of the Liechenslein Foundation and Trustees. The chartty paid expenses on behalf of the Liechenstein Foundation amounting to £Nil12020'. £4,356). 15 C¢ntrolllng Pa In the opinion of the tTU81ees. there is no one ultimate controlllng paty. 16 Anaty$l8 of chanys In n•tfund8 At 1 2020 C•Bh flowB A131 May 2021 Cash al bank and in hand 973,617 {37.9941 935,823 14-