Charfty Roglstratlon No. 1078327 THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
THE CIECHANOWIECKI FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Peter Scott |
|---|---|
| Count M Badeni | |
| Mrs T Mrozek-Folkierska | |
| Countess K Raczynska | |
| Count A Zamoyski | |
| Professor A Rottermund | |
| Charity number | 1078327 |
| Registered office | Number 22 |
| Mount Ephraim | |
| Tunbridge Wells | |
| Kent | |
| TN4 8AS | |
| Independent examiner | Sayers Butterworth LLP |
| Chartered Accountants | |
| 3rd Floor, 12 Gough Square | |
| London | |
| EC4A 3DW | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Investment Managers | Investec |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| Solicitors | Cripps |
| Number 22 | |
| Mount Ephraim | |
| Tunbridge Wells | |
| Kent | |
| TN4 8AS |
THE CIECHANOWIECKI FOUNDATION CONTENTS Page Trustees, report Statement of truslees. reswnsibilities Independent examinerfs report Statement of finanaal activities Balance sheet Notes to the financial stalements 8-13
THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MA Y 2024 The trustees present their report and financial statements for the year ended 31 May 2024. The financial slalements have been ppared in accordance with the accounting policies set out in note 1 to the rinancial slalements and comply with the charity's goveming document. the Charities Act 2011 and Accounting and Reporting by ChaTities'. Statement of Recommended Practice applicable to charilies preparing the accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. Objectlves and actlvltles When deciding on our activities for the year. the Trustees have considered the Commission's guidance on publi benefit and therefore state that the charivs objects and activib'es are'.- a) To enrich the collection of works of art and memorabilia at the Museum of the Royal Castle in Warsaw I'th8 Museum.). b) To conserve and preserve works of art at the Museum. cl To provide bursaries 8nd other awards lo $u¢h aG8demic staff as shall be (&se by the Trustees thereof or other olficers for the time being who shall be in charge of the Museurn. dl To facililate the publicalion of books and academic works. e) To fund educational programmes particularly for the handicapped. The main achievements of the Charity during the year is that the trustees have made further donab'ons to the Warsaw Foundation to provide education and support for the stsff al the Royal Castle in Warsaw and to enable it to make acquisitions of items from the diaspora of the contents of the Royal Castle during the Second Wortd War. The trustees nfirrn that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the Chaiity's objective's arKI activtties arKI that they have complied with section 17 of the Charities Act 2011. Grant making pollcy In applying the yearly inwme of the charity. the trustees have a pdicy to continue promotsng ae*hetic education in Poland, and the acquisition, conservabon and preservation of works of art and objects that we connected particulady lo the Royal Castle in Warsaw. The goveming documenl should be referred lo when making grants. Grants are not made lo individuals. Achievements. financial review and perforniance The charity is funded by way of receiving donalions and income from investrnents. Investment income of £41,889 {2023.. £34,957) was received during the year. Govemance costs amounted to £58.60512023. £57,2701- Grants amounting lo £53,157 (2023.. £18.764) were made during the year. Total funds held by the charity at the year end were £1,821,427(2023- £1,814,918).
THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Reservos pollcy and rlsk The Trustees will continue to utilise the assets and income of the FoundatM)n in accordance with the objects of the charity. The Trustees consider that the level of reserves held at 31 May 2024 of £1,821,427 is sufficient for these purposes. Major rlsks statement The major risks to which the charity can b8 exposed to will be reviewed. and appropriate control procedures will be devised for minimising the potential risk exposure. These procedures will be monitored on a regular basis by the Trustees and appropriate action tsken where necessary. The trustees have identified the key risks whith affect the Charity and considered steps lo mitigat8 those risks and effective inlemal controls have been implemented. The major risk is Ihat grants will not be used for the purpose for which they are given and this is managed by requirin9 a timely report from each recipient {mainly the Warsaw Foundation). When making decisions, the trustees assess the nsks to which the Charity might be exposed. The main fi'nanual uncertainty Is the long-lèm investment perfomiarKe of the charitys funds and the impact of a sustained underperfom7an. This is managed by the trustees retaining expert investment managers and undertaking a regular rèview of the investment polioes arml ensuring a suitably diverse asset alloc*ion to adapt lo anticipated market performance to mitigate this risk. The rate of spend is reviewed in light of the longer-term retum on assets and the charitvs commitments. The Trustees. policy is to maintain adequale reseThes lo enable the assets and income of the F¢)undation lo be utilised in accordance wrth the objects of the chanty. Invostmont pollcy Und8r the t8rms of the trust deèd, the tnjstees have wide powers of inv8Stment. The Iruslees have delegated the management of the investment portfolio lo the investment advisors appointed. The investments are h81d by the investment advisorfs nominees. The Irvslee's overall investment objedive as stated in the investment management agreement is to maximise capital growth. The charity does not operate an ethical investm1 policy. The perf0mnCe of the Injsl investrnent FKJrtfdio Is considered at regular intervals with the Inveslment manager and 15 benchmarked against variou5 mafkel indices lo ensure that the funds held are performing well. Thi5 manager, which is regulated by the Financial Conduct Authority in the United Kingdom. manages the investments within the restrictions set out in the inveslmenl management agreement. Any issues are addressed with the trustees as and when they arise. Plans for th• future The trustees will continue lo consider requests for donations from surtable charities, having regard to the primary obiecb.ves of the trust. All donation requests are considered by the trustees. During the coming fironcial year, the trustees plan to make donatsons in fvrtherance of aeslhetic education in Poland and in particular the Royal Castle in Warsaw. The trustees will continue their FM)licy of promoting aesthetic education in Poland and the acquisition, conservation and preservabon of works art and objects d'art connected particulady with the Royal Castle in Warsaw.
THE CIECHANOWIECKI FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Structure, govemance and management The Ciechanowiecki Foundation is an unincorporated registered charity {No. 1078327), and is govemed by a trust deed dated 2 June 1999. The organisalion's affairs are conducted by the Trustees who meet throughout the year and who have the power lo appoint new Tnjstees at their discretion. The charity does not have a fomial programme for Ihe induction and training of new Trustees. The Trustees are appointed by invitation from the existing board of Trustees. The Ciechanowiecki Foundalion is UK based wilh its headquarters in Kent. A board of Trustees administers the Trust. The day to 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 thè ¢harity- Tha Trusts•8 The Trustees who served the charity during the year were as follows.. Peter Scott Count M Badeni Mrs T Mrozek-FolkieTska Count8ss K Raczynska Count A Zamoyski Professor A Rottermund Peter Scott can be contaded on the following address: Number 22, Mount Ephraim, Tunbridge Wells. Kent TN4 8AS. The Iruslees. report was approved by the Board of Twstees. Peter Scott Trustee
THE CIECHANOWIECKI FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MAY 2024 The trust8es are reswnsible for preparing the Trustees, Rewrt and the financial ststements in a(rordance with applicable law and United Kingdom AcCnting Standards {United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the trustees lo prepare financial ststements for each financial year which give a true and fair view of th8 stste of affairs of the chanty and of the incoming resources and application of resources of the charity for that y8ar. In preparing these financial statements, the trustees are required to: - select suitable accountsng policies and then apply them consistendy: - obseNe the methods and principles in the Charities SORP.. - make judgemènts and estlmaies Ihat are reasonable and prudent: slate whether appIlble UK accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements: and prepare the financial stalements on the going concem basis unless li is inappropriate to presume that the charity will conts'nue in operation. The trustees are responsible for keeping sufficient accounling records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanaal statements comply with the Charities Act 2011. the Charity (Accovnts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventson and detection of fraud and other irregularitses.
THE CIECHANOWIECKI FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CIECHANOWIECKI FOUNDATION I report to the trustees ¢)n my examinalion of the financial statements of The Ciechanowiecki Foundation (the charity) for the year ended 31 May 2024 whth comprise the Stalement of Financial Activities. the Balance Sheet and related notes. This report is made solely lo the charity's trustees. as a body, in accordance with section 145 of the Charities Acl 2011. My work has been undertaken so that I mbght state to the charity's trustees those matters l am required to stste to them in this report and for no other purpose. To the fullest extent pemitted by law. I do not accept or assume responsibility to anyone other than the C11)ty and the charity's trustee5 as a boty. for my work, for this report, or for the opinions I hav8 formed. Rosponslbllltles and basls of rnport As the trustèe5 of Ihe charity you are responsibl8 for the preparation of the financial statements in accordance with the requiremènts of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under seclion 145 of the 2011 Act. In carying out my examinatbon I have followed all the applicable directions given by the Charity Commission under section 145{5l(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequenuy does not cover all the matters that an auditor considers in giving their opinion on the financial slatemenls. The planning and conduct of an audit goes beyond the limited assurance that an independt examination can provide. Consequenuy l express no opinion as to whether the financial statements present a 'Irue and fair, view and my report is limited to those specific mattets set out in Ihe independent miner'S statement. Indepondonl examinerfs statemont I have completed My examination. I nfin that no matters have come to my attention in connecti[ with the examination giving me cause lo believe Ihat in any material respecl". accounting records were not kept in respect of the chanty as required by seth'on 130 of the 2011 Act; or the financial statements do not accord with those records.. or the financial statements do not compty with ihe applicable requirements conceming Ihe form and content of accounts set out in the Charilies {Accounts and Reports) Regulations 2008 other than any requirement Ih81 the accounts give a tnje and fair view which is not a matter considered as part of an independent examination. I have no concerns and have ffle across no other matters in conneclion with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements lo be reached. Sayers Butterworth LLP Chartered Accountants 3rd Floor, 12 Gough Squar8 London EC4A 3DW Dated.. 2110312025
THE CIECHANOWIECKI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2024 Unrestrf¢ted funds Total 2024 Total 2023 Notes Investments 41,889 41.889 34,957 Charitable activities 111,762 111.762 76,034 Net gainl{loss} on investments 76,561 76,561 (34,513> Not Incomlngl(outgolngl resources 6,688 6.688 (75,590) Othor recognimd galns and lossos Foreign exchange {lossllgain 10 {179) (179) 3.601 Net movoment in funds 6.509 6.509 (71.989) Fund balances at 1 June 2023 1,814,918 1.814,918 1,886,907 Fund balan¢e8 ai 31 May 2024 1,821,427 1.821.427 1.814,918 The slatem8nl of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from conts'nuing activities.
THE CIECHANOWIECKI FOUNDATION BALANCE SHEET ASAT31 MAY2024 2024 2023 Not•s Flxed assets Investmenls Current assets Cash al bank and in hand 1,806,679 1,752,350 39.448 71.868 Creditors: amounts falllng due wlthln one year 12 124.700) {9.3001 Net current assets 14,748 62,568 Total assetsloss ¢urront Ilabillties 1.821.427 1.814.918 Income funds Unrestricted funds - general 1,821,427 1,814.918 1,821,427 1,814,918 The finan 2J tatements were approved by the Trustees on ......................... Peler Scott Trustèè
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 A¢countlng pollcles 1.1 Accounting conventlon The financial statements have been prepared lo give a 'true' and Yairf view and hav• departed the Charities (Accounls and Reports) Regulations 2008 only to the extent required lo provide a "true and fai view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charits'e5: Statement of Recommended Practice effectsve from 1 April 2005 which has since been witmrawn. The Ciechanowiecki Foundalion meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othepwise stated in the relevant accounting policy. The financial statements are prepared in sterling, whith is the functional currency of the charity. Monelary amounts in these financial ststemeni8 are rounded to the nearest £. 1.2 Golng concern At the time of approving the finanal Statsments. the trustees have a Teasonable expectsts'on that the charity has adequate reSoUrS to conts.nue in operational existence for the foSeeable future. Thus the trL61ees continue lo adopl the going concern basis of accounb.ng in preparing the financial statements. 1.3 Charitablo funds Unrestrlcted funds Core income and such other iric0 for which there are no restrictions on the way it can b8 spent are termed 'Unrestricted'. Such unspenl income at the balanct stt date is termed 'Unrestricted funds,. 1.4 In¢omlng resources Interest on funds held on deposit is induded when receivable and the amount can be m8asurad reliably by the charity: this is nomially upon ts'fiCatIon of the interest paid or payable by the Bank. Debtors: Other debtors are recognised at the sewement amount after any trade discounl offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Logacies Legacies are accounted for on a receivable basis. Residual legacies are recognised only when The Ciechanowiecki Foundalion's interest can be measured. which is normally on a grant of probate. Where there are uncertainties surrounding th8 m8asuremenl of The Ciechanowiecki Foundation entitlement lo an 8Stale no income is recognised. Cash at bank and in hand: Cash at bank and in hand includes cash and short lerm highly liquid investments with a short maturity of three months or less from the d818 of acquisition or openir7g of the deposii or similar account.
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Accounting policies (Continued) 1.5 Rèsources expended Liabilittes and provlsions Liabilities 8re recognised when there is an obligation at th8 Balance Sheet date as a result of a past event, It is probable that a transfer of economic benefit will be required in the setuement, and the amount d the settlement can be estimated reliably. Liabilities are recognised al the amount that Ihe Charity anticipates il will pay to settle the debtor the amounl it has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Whe the effect of the time value of money is malenal, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific io the liability. The Unwiling of the discount is recognised within interest payable or sirnilar charges. Financial liabilitie5 are dereo)gnised when the charity's contractual OblallonS expire or are dischargèd or cancelled. Flnancial Instrumonts The charity only has financbal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrumenls are initially recogni5ed al transaction value and subsequently measured al their setllement value with the exception of bank loans which are subsequently measured at amortised cosl using the effective interest method. 1.6 Flxed asset invo$tments Fixed asset investrnents are initially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in nel incomellexpenditure) for the year. Transadion costs a expensed as incurred. 1.7 Forelgn exchange Foreign currency Iransaclions are translated into Ihe functional currency using the spot exchange rates al the dates of the transaction. At each period end foreign curT8ncy monelary rtems ar8 translated using tl* closing rate. Foreign exchange gains and losses are recognised in the stalemenl of financial activities. 1.8 Incomo and Exp•nditur• All income arising during the year is dealt with through the statement of financial activities. Donated fvnds are included in income at the value of the financial cost bome by the donor vthere such a cost is quantifiable and measurabl6. Income tax recoverable in relatn to donati¢Ms received under Gift is recognised at the b'me of the Oonatlon. Expenditure CLneCted with the running of the charity is charged through the statement of finanaal activities and is includ8d as govemance costs.
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Crltlcal accountlng estlmates and }udg•monts In the application of the charity's accounting policies. the truslees are required to make judgements, estimales 8nd assumptions about the carying amount of assets and liats.lilies that are not readily app8r8nt from other sources. The eslimales and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these ests'mates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reccgnised in the period in which the estimate is revised where the revision affeds cnly that period, or in the period of the revision and futu periods where the revision affects both current and fulvre periods. ststom•nt of funds UnroStrlct•d funds BroLtght forward Incoming resources Gains on investrnents Loss on foreign exchange 1.814.918 41,889 76,561 1179) 1.933.189 Total income in the reporting peri¢xl Total expenditure from unrestricted funds (111,762) Carried forward 1.821.427 Inv•8tment income Unrestricted Unrèstricted funds funds 2024 2023 Inc0rn8 from listed investments Bank interest receivable 41,143 746 34,949 41,889 34,957 10-
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Flxed asset Inveslments Llsled Securlties Market valu? As at 1 June 2023 Acquisilion at cosl Disposal proceeds Unrealised gains on revaluatson in the year Realised loss on disposal 1.752,350 491.774 {514,0071 134.239 (57,6771 At 31 May 2024 1,806.679 The listed investments held by the charity repsen1 securilies held in the UK and foreign listed entities. After Ihe year end. the market value of thè listed inveslments had fallen from £1,806,679 10 £1,742.303. Charltable actlvltles Unrestrlcted Unrestri¢tod fvnds funds Total Total 2024 2023 Gov•rnance Charltablo Cost5Expenditurè Ind8p8ndent examination fee Investment fees Legal feès 7,8tM) 27.161 23.644 7,800 27,161 23.644 7,800 27.480 21,990 58.605 58.605 57,270 Grant funding of activities (see note 7) 53.157 53.157 18.764 $8.605 53.157 111.762 76,034 Grants payable Unrestrlcted Unrestrlcted funds funds 2024 2023 Grants to institutions: Warsaw Foundation 53.157 18,764 53,157 18,764 11
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Trustees None of the Iruslees {or any persons connected with them) receNed any remuneration or benefits from the charity during the year. The trustees received no reimbursed expenses during the year. There are no direct 8mployees of The Ciechanowiecki Foundation. Nel gainsl(losses) on Inveslments unrnstr10d Unrestrlcted funds funds 2024 2023 Revaluatlon of investments (Loss) on sale of Investments 134.238 (57,677) 18,332 152,845) 76,561 (34,5131 10 Other galns or lossos 2024 2023 Foreign exchange lossl{gain) 179 13,601 } 11 Flnancial Instruments 2024 2023 Financial assets measured and fair value through income and exponditure Financial assets measured al amortised cost 1,806.679 39.448 1,752,350 71,868 1,846.127 1.824,218 Financial assets measured at fair value through income and expenditure comprise investments. Finanaal assets measured al amortised cost comprise cash al bank. 12 Crodltors: amounts falllng due wlthin one year 2024 2023 Accruals - Sayers Buttetworth £7.800 and Cripps £2.550 Trade Creditors - Sayers Butterworth £7,800 and Cripps £6,550 10.350 9,300 14.350 24,700 9,300 12-
THE CIECHANOWIECKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 13 Related party trnnsactlons No tnJslee received remuneration or any reimbursement of expenses during the year. Cripps LLP charged fees of £23,64412023'. £21.9901 in respect of the professional fees rendered during the year. The trustees are aLrthorised by the Trust Deed lo pay professw)n81 charges to trustees engaged in a professional capacity on the instruction5 of the other trustees. Professor Rottemiund is the President of the Watsaw Foundation and a Trustee. The charity made a donation to the Warsaw Foundation lotalling £53,15712023: £18,764). 14 Controlllng Party In the opinion of the trustees, there is no ults'rnale c4Jntrolling paty. 15 Anatysls of changes In nèl funds At 1 Jun• 2023 C••h Ilow• Change• In At 31 May 2024 Fornlgn •M¢hang• rat• mov•m•nts Cash al bank and in hand 71.868 132.599) 179 39,448 13-