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 p￿pared 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 investm￿1 policy.
The perf0m￿nCe 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 AcC￿nting 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 appIl￿ble 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 C1￿1)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 independ￿t
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 ￿nfi￿n 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 finan￿al Statsments. the trustees have a Teasonable expectsts'on that the charity
has adequate reSoUr￿S to conts.nue in operational existence for the fo￿Seeable 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 st￿t 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 Unwi￿ling of the
discount is recognised within interest payable or sirnilar charges.
Financial liabilitie5 are dereo)gnised when the charity's contractual Obl￿allonS 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 relat￿n to donati¢Ms received under Gift is recognised at the b'me of the
Oonatlon.
Expenditure CL￿neCted 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 rep￿sen1 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
unrnstr1￿0d 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-