Registrètitsn number.. 06211791 Charity Registration No. 1119423 The Polish Catholic Mission AnnLEal Report and Audited Financial Statements for the Year Ended 31 December 2023 The Polish Catholic Mission Contents Company Information Trustees, Report Independent auditorfs report 13 Statement of fi'nancial activikn.es 17 Balance Sheet 18 Statement of cash flows 19 Notes to the financial Statements 20to35 The Polish Catholic Mission Company Information Trustees Rev B Kolodziej Dr M Marzanski Rev R Jar051awski Rev A Strzepka Rev R Szczodrowski Mr M Tomas Mr Z Green Mr P Nowicki Registered offlce 2 Devonia Road London Islington Nl 8JJ Auditor johnsons, Chartered Accountants 1-2 Craven Road Ealing London WS 2UA The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 20Z3 The trustees, who are also the d1￿ctOrS of the charity for the purp05e5 of the Companies Art 20(￿. presenttheir report with the financial statement5 ofthe charity fortheyear ended 31 December 2023. The financial Statements have been prepared in accordance with the charitys governing document, the Companies Act 2006 and'Accounting and Reportirsg by Charities.. Ststement of Recommended Practice applicableto charities preparing their accounts in accordancewithihe Finanaal Reportin8Standard applicable in the UK and Republlc of Ireland IFRS 1021 (effective I lanuary20191" OBJEcnvESAND ACTIVITIES Obsertives and atms Objectives of the Polish Catholic Mission as set out in the Memorandum of Associatitsn. and they include.. The advancement of the Roman Catholic religion for the Polish Communrty.. The advancement of religiouseducation for the Pohsh Community,. The relief of povertyforthe Polish Community,. Other charitable purposes whichthe Tmstees judge fitforthe benefit of the Polish Communrty. Explanation of the Charity Aims The primary objettive of the Charity isthe advancement of the Roman Cètholic faith within the Polish Cornmunity. Thi5 objeLtive underpins all activities undertaken by the Charity, which is committed to f05tering spirrtuaS growth. supporting relEious practice, and addres5ingthe broader needs of the community in ali6nment with it5 mi55ion. Infurtherance of thisobjective, the Charityoperate5through a Trnge of mini5trie5 desgned io respond toihediverse and evolwng requirements ol the Polish Community in England and Wales. These rninistries aim to provide pastoral tare. religious edLJcation, and cultural support while prornoting the core values of the Roman Catholic faith. The Chariws activities are undertaken with the utmost diligence and are aligned with its mission to serve the community in a marnner that reflertsiheteaching and principles of the Church. The Charity endeavours to meet the needs of rts beneficiaries wherever possible, wr(hin the constraints of its available resources. All activitie5 are carried out with due cmprehenstve support to its operations. This SUPPDrt include5 adrnirbistrative and firiancial assistsnce, advice from the Gift Aid Officer and on property management, guidance and Strategic advice from the Head of Administration, as well as specialised ad￿cefrOM the Marnage Office to ensure compliance with canonical requirements for marriage. In 2023, the Polish Catholic M$55ion remained flxused on supporting the L￿1 Polish Catholic Mis%ons by ensuring the effective implementation of a financial system tailored to the specific activities and requirement5 of the Charty. This )cluded prowding personali5ed ad￿l£e and trainingto local missions to enhance their financial management capabilities and ensure compliance with established procedure5. The Charty's efforts refiect its commitment to fostering a cohesNe and sustainable framework for its operations in alignment with its mission and obiecb'ves. The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 2023 (continuedl Explan*ionof the Charity Strtegies foraCh1e￿ng1ts stated objettwe The Charty implements a range of financial management 50ftware 501utions, including Sage, Thomson Reuters, Ca5hbooks, and HMRC RTh, to ensure effectNe financial control and accurate reporting across the Local Polish Cathdic Missions. The secure imFdementation of these systems enables precise quarterly conso5idations and the preparntion of detailed financial reports. In accordance wth a resolution of the Trustees, these ￿pOrtS have become a rnandatory internal requirement and are presented by the Treasurer at Board Meetings to support informed decision-rnaking and ensure flnanclal trdnsparerscy. The Trustees have du￿ considered the guidan￿ issued by the Charity Commission in determining the xope of the Chariws activitie5. They remain committed to Continual￿ enhancing the efficiency and effectiveness of the Charl￿5 financial and operational processes through regular review and irnprovement, ensuring Complian￿ ¥Mth best practi￿$ and regulatorystandards. Significantacllvities Flnanclal The Finance Director produces the accounts, includingthe quarterly Financial Reports. and overseesthe management of the Head office Payroll. Intemal contro15 are maintained over Deposited Funds and Internal Loans. as well as the management of HMRC liabilities. Funding from external sources. including the Ministry of Justice, the Polish Foreign Ministry, and other institutional entr(ies, is also overseen. The dual authorisation of payments is ensured, alonE Wlth the accurate preparation oftheannual integration and reconciliation oftheCh3ritVsconsolidated data,thereby safeguarding the imegrtyof its financial operatron& Volunteer Contribution The number of volunteers across the Local Polish Catholic Mission5 is collertively estimated to be appr0xMate￿ 1,250. On avera8e, these volunteers dedicate a minimum of three hour5 perweek, resultitE in a total of approximatety 195.000 volunteer hours annually. In addition to this core group, there are volunteer Loral Polish Catholic Mission Administrative Councils, as well as numerous other indNidualswho contribute theirtime to support specific events. The Polish Catholit Mission is exceptionally fortunate that volunteers wewtheir involvement as an essential part of their Catholicvocation. Volunteers, alongsidethe Parochlal Church Ctsun¢i15 within the Local Polish Catholic Mis%ons, provide invaluable support ts the Priests and asslst In theorganisation of variousad hoceventsfacilitated bythe Polish Catholic Mission.TheTrustees extendtheirdeepestgratitudeforthetirelesscontributionsof thesevolunteers. withoutwh05e5UPPX)rtthe Charitywould be unable to fulfil its mission and objertives. FurK1r4￿slrtg The Cha￿ty rnise5 fvnds directly, without engaging professional fundraisers, and 15 not a member of ary re8ulatory fijndrdising Scheme. Fundraising actmties are closely monrtored through the review of quarterfy financk?I returns submitted by the parishes. Donors have increasingly chosen to process their donations through the Charities Aid Foundation ICAFI. CAF provides a plarform that enables donor5 to contribute Ma services suth as payroll giwn& direct donations, and Gift Aid management. thereby enhancin8 the ease and efficiency of processing donations. While membership with CAF is not required to recewe donations, ¢t offers a trusted and streamlined mechanism lor donor contributions. The Charity is nOtCurrent￿ a member of CAFforthe receiptof funds. The Polish Catholic Mission Trustees. Report for the Year Ended 31 December 2023 {continued} PolKy Review TheTrustees have duly considered theirobligations with regard to Safeguarding, Child Protection, and Reporting Serw)us Inodents. ensuring that appropriate measures are in place to protect vulnerBble individuals and comply wth le631 requirements. Significant progre55 has been m￿e in implementing the Investment Strat&gy, following the recommendations provided in lune 2016, with lull irnp1ementatlon occurring in August 2017. Additionalty, the Trustee5 adopted comprehensive Money ￿Undering and Financial Cnme Policiesin 2022, to 5afeBuardthethartya￿1nstfinèntlal crime and ensure compliance wth relevant legislation. To ensurefull regulatr)ry compliance and good governance, the Trustees are cornmitted to rnaintsining a comprehen51Ve and up-to-cl8te po1icyfrdmeworkthat coversall netessaryoperational and reguFatorya￿as.ThiS frarneworkincludes, but is not limited to, policies related to Financial Management, Cash Handling Procedures. Data Protection, and Health and Safety. The Cash Handling Pdicy estsblishes clear prOc￿ureS for the receipL Storage. and disbursement of cash to safeguard the chanty's assets and ensure accountability in all cash transactions. These policies are periodically re￿eWed and updated to ￿flect changes in laws and regulations. and to support the charitvs ongoing commitment to bèst P13ttices. operdtional transparency, and the integrity of its financial processe5. Each policy serves to protert the charrty by ensunng that all activities are conducted with the hi8hest level of financial accountability and in compliance with relewdnt legal requirements. Public Benefrt The Polish Catholic Mission exists to address the spirrtual needs of individua15 who profess the Roman Catholic frdith and are either born In Poland or have resided in Poland, as well as their spouses, children, and descendants. It also serves other individuals who identify a5 part of the Po5ish Community wtthin England and Wales. Infulfilling its mis5ion,the Chaiity ￿1velY See￿ opportunitiesfor collaboration with otherchristian organisations, where ppropriate, to further enhance its outreach and Senri￿. The Charty's facilr(ies. including churches. church halls and meeting rooms, are made available to the public to support tt5 activitie5 and promote community engagement. In the formulation of our objertives for the year and the planning of related activities. the Trustees have gwen due consideration tothe Charity Commission'sguidance on public benefit, 5pecificallythe document'Public 8enefit.. Running a Charity, IPB21, ensunngthat ouroperations align with the prinoples of public bènefft as outlined In the guidan￿. ACHIEVEMENTSAND PERFORMANCE Charitable Activities Outreath work The Polish Catholic Mission is dedicated to supporting the religious and charitable initiatives Ljndertaken by members of the Polish Community. The Polish Priests provide min15try to a w￿e segment of the general public. with key focus areas •icluding'. Religious eduration., Social and pastoral work,. Enhancement of Anglo-Polish relations within Ioc31 communities,. ProvKling spiritual guidance and supportforfamilies,. Promoting culturdl integrdtion and communty cohesion,. Organising comrnunity outreach progtsms and Char￿able events The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 2023 (continued) These activities are conducted acros5 73 Local Polish Catholic Missions and 221 locations where Mass is celebrated in Polish. In 2023, the Polish Catholic Mi5SK>n was aided by 91 priests, who provided e55enti31 ministry and outreach to the community. Regularattendance at Mass and the reading of Scriptureare aCt￿e￿enCOuraged to fostera deeperunderstanding Of the Christian Faith and to enrith comprehension of God's creatwe and redemptive work on earth. to which all are called to loveone'sneighbourasoneself. Bylearningfrom pasttraditltsnsand buildin8onthem, thecharityensU￿ btsthcontinuity and adaptability for fvture 8enerations. Request5ft)r Mass in the Polish knguage continue to be ieceived regularly from new areas across England and Wales. Numerou5 congregations respond to requeststo open their church buildingsfor special services, catering to groups who Wish to gather in prayeroutside of the ￿gularp￿0grdMMe. In particular, rellglous gatherirEs complementingthework at the Local Polish Catholic Mission level include the annual Pentecostand Corpus Christi celebrations at Laxton Hall, aswell asthe Polishcommunity pilgrimagestothe Marianshrinesat Holywell iri Flintshire, Walsingham in NorfolKand AylesfoTd. The Polish Catholic Mission a150 hoststhree majorannual eventsat Laxton Hall.. Children's Day, Family Day, and Youth Day. th Youth Day organised by the Local Polish Catholic Mission in Slough. These events attract thousands of ￿rticIpants Èach year and are vital in fostering unity within the pastoral wmmunity, bringing togetherfrdmilies and individuals from acr055 the countryto ￿lebrate theirshared faith and cultUTal heritsge. Special collettions are OT8anised throughout the year at all Local Polish Catholic Missions to support warltsus tharitable need5, such as the Holy Land, Peterfs Pence. and otherdesignated purpose. TheTru5tee5 rnaintsin re8ular communicatlon the Local Polish Catholic mission$at￿ the Priest5 in thargethrough combSnatSon tsf tx>st, email, phone, site irisits. and dI0￿san meetings. The Trustees wish to formalty acknowledge the unwaveringcommitment ofthe Priests. the Local Polish Catholic Mission Administrativecouncils. and the Polish Catholic Mission's staff. Their dedication, professionalism, and positive approach are invaluable and deeply appreciated in the furtherance of the Charity's oblettivè5. Polbh Catholic Mi55ion main activit5esfortheyÈar The Polish commun￿$ pilgrimages to the shrine5 in the UK are signrficant spiritual events. drawing pilgrim5 who seek solace andadeeperconnectiontotheirfaith. In 2023, oneofthe notablepilgrimagesites isStWinefride'5Well in Holywell, Flintshire, which has been a destinat￿￿ of devotion for Cen￿rIeS. The site is famous for its mirdculous waters, which a believed to have healing properties. Accordingtotradrtion, St Winefride, a 7th-tentury Welsh matyr, was beheaded, and her head was mIraculou￿V restored byst Beuno. The well at the site issaid to have sprun8 up from where her tAood was spilled. and many pilgrims cometo bathe in the waters, h¢)pirEforhealing or spirthal renewal. Anotherimportantpilgrimagedestinationforthe Polish comnunity in 2023 is Wals¢n8ham in Norfolk, known forit5 Shrine of Our Lady of Walsingham, which is considered one of the most significant shrines in the UK. It has been a ￿ntre for pilgrimage for over I,O(10 years, offerin8 a place for prtyer, refiectyon, and spiritual healing. Pilgrims who vrsitthe shrine participate in Mass, prayer services. and processions, all aimed at deepening their connection with the Virgin Mary. Walsingham continuesto attract pilgrimsfromvariou5 communf(ies. indudingthe Polish Catholicmission, whojoin in the centuries-old tradition of devotion. AddItional￿,AvlesfOrd Priory Sn Kent also host5 swificant eventsforthe Polish communlty durirEthe year.Thls￿te hasa bnghistory of beinga placeforspiritual renewal and devotion.As a centrefortheorderof Carmelites, Aylesford provides a peaTrful atmosphere for reflection and is a popular pilgrimage destInat￿n, where people come to join in prtyer and seek spiritual rbourishment. These shrines not On￿ hold deep religious and histori(31 signrficance but a150 offer a spacefor our communitymembers to gather, Share in theirfaith, and find spiritual healingthrough the centuries-old pTrctices of pilgrimage. In 2023, the Polish Catholic Mission contfnuesto prioritise fostering community spirf( and cU￿Ural hertsge through the organisation of three si8nificant annual events, wFMch serve to unite Polish Community from across En￿and and Wales. These events are a cornerstone of the Mission's pastoral and soaal actiwties. attracting thousand5 of participants annual￿.. Children's Day.. h05ted annually at laxton Hall, isan exciting and eager￿ awaited event organised by the Polish Catholic Mission. Children from Variou5 Polish Saturday Schools and Lool Polish Catholic Missions. along with their families,travel to the event by bus orwith theirparents. Theday isfilled with a varietyofteam-based games and 3Ctivities designed to fosterteamworL creativity, and the celebration of Polish cultural heritsge. This occasion not only allows the children to havefun buta150 offetsthemthe opportunitytostren#hen their connettion tt>theirfatth within a supportive. vibTrnt comrnunity atmosphere. Family Day.. Aly) h05ted 3t Laxton Hall. Family Day isan eventthat8athers familiestogetherto cdebratè shared faith and heritage.This event feature5various artivitiesfor all ages and aimsto strengthen intergenerational bondswithin the ￿mMunIty, while also promoting a deeperunderstsnding of Catholicvalues. Youth Day.. Organised bythe Local Polish Qtholic Mi55ion in Slough. Youth Day isa significant eventdesigned to engage young people in both spiritual and cultural activities. This three-day event offers a platform for the youth to dee￿n their faith, develop leadership skills, and build connections with peers in an environment th* tslebratss Polish identity and Catholic teaching5. The everit inclL¥Jes communal prayer, inspiring faith tslks, and evangelisation meetings bringing together young people from Polish parishes across the UK. It serves as an opportunity for spiritual growth, fellowship. and attive participation in the Catholicfaith. These annual￿eventS playacruaal rde in thePolish Catholic Mi55ion'sp35tordl strategy. complementing regUlar1￿UrElCal servicesand othersiEnificantgathering% such as Pentecost 2nd Corpus Christi celebrationsat Laxton Hall and pilgrimages to shrines in England and Wales. They contribute to the enrichment of the commUni￿S faith and the presérvation of F￿1$h cultural identity, aligning closelywith the charitable objectives of the Polish QtholK Mission. Polish Catholic Mission Archives The process of digitising the archives of the Polish Catholic Mi55ion has continued throughout the year, with significant progress made in presetving and making accessible the invaluable historical documents and materials that form the foundation of the Mission's legacy. This effort aims to safeguard the rich history of the Polish Cathdic community in the United Icingdom, includingtheactiwtiesand milestones of the Missionfrom itsinception. Theongoingdigit15ation proce ensures that these important record5, which encompass both religious and cultural aspects ol the Mission's work, are readily availableforfuture ￿ference and research. The Polish Catholic Mission Archives proiride a comprehenswe hist(>ric31 account of the Mission's influence on the Polish cornmuriity in England and Wales, documenting key moment5 in its development and the contributions of Polish clergy and laity to Britlsh society- The Trustees remain committed to supportin8 this important initiative, recogni5ing its role in preserving the cultural heritsge of the Polish Catholic communtyand making it accessible to a broaderaudience. Aspart ofthis effo¢wecontinueto engagewith external expertsand collaly)ratorsto ensurethatthe digit15ation process adheres to best practices in arthiving and digital preservation. This initiative will also facilitate greater accessibility to the archives. offering a valuable resource for both researthers and the Eeneral public to gain deeper insight into the Polish Catholic Mis%tsn's %gnificantcontributionsto the spiritual and cukurnl life of the Polish diaspora in the United Kingdom. Asset Management The Trustees continue to reeewe regular reports and updates from the Local Polish Catholic Missions regarding any proposed expenditureover£lO.IM)O.typical￿reIatIngtOthe refurbishment of church buildings, non-church buildings. and halls. Priests are required to seek prior approval from the Trusteesfvr such expenditures, ensuring the Trustees are kept fully informed. The Polish Catholic Mission (Mns 29 churches and 14 chapels. In 2023, the Trustees instructed internal chartered suNeyors to conductvaluationsof specific propertiesto obtsin Up-t￿date assessments of the a)ariWs assets. The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 2023 (continued) The Charity's charitable activitie5 have continued in line wlth the objectives set in previous years, reflecting the ongoing commitmentto servingthe Polish Catholiccommunity In En￿and and Wales. These activities have been maintsined and, where appropriate, enhanced to ensure that the needs of the community are met in accordan￿ with the Charity's established mission. The continuation of these activities highlights the Charsvs dedication to its core purpose, ensuring that its objectives remain effethvely pursued and realised. Th15 approath underscores the Charty's commitmentto achiewng its goals through rigorov5 financièl oversi8ht and the continued fulfilment of its charitsbje mission. HNANCIAL REVIEW finantial position Afinancial summary oftheyear's resu￿ can be found In théAccounts secknon. The Roman Catholic Church primarily operates through donations recewed during Mass collections, Gift Aid contribution5, and the Gift Aid Small Donation Scheme. The Charity encourages Its priests to engage with parishioners, rtively seeknng their support for the maintenancè and upkeep of the parish. This is an essentlal aspect of the thariws fundraising efforts, ensuring the sustalnability of its religious, social, and communty ￿T￿￿s. Through these channels, the Church aims to fostera sense of communal responsibility, allowing pari5hionersto contributetowards the continued operation ofthe parish and its associated attivities. Reserve5 Polrcy It 15 the policy of the Charity to maintsin unrestricted fund5, which have noi been designated for specific purposes, at a level equivalent to apwoximatety six to twelve months, worth of expenditure. The Trustees believe that maintainin8 reserve5 Within this range will prowde the Charity with the finarKial 5tsbility necessary to continue ts operations in the event of a Significant reduction in funding. This reserve ensures that the Charity can malnfain its current artivitie5 while exFdoring options forraising addititsnal fvnds. The Reserves Policy is rewewed annually by the Trustees in conjunction with the approval of the finanual statements, en5urin8thatit remainsaligned with the ChariW5financial needs and operational objettives. Thi5 reviewproces5 enables theTrusteesto assess the adequaLyofthe reserves in supportingthe Charty's long-term 5ustsinabilityand thefU￿11Ment of its mission. Investment pollcyand objertwes The Trustees have wewed the Charty's ftmds held as investments and considered new investment opportunf(ie* The objectives are.. To ensu￿ a creation of an investment fund which is suffic*ntfor the chartyto fvlfil its objectives as statsd on page l and outlined in theArtides of Association. To maintain, and. if p055ible, through capital growth, enhance the walue of the invested funds while they are retained, givi￿ due and woper consideration to future potential needs. 111. To generate an investment income for the furtherance ofthe Charity's alm5. The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 2023 (continued) PLANS FOR FUtURE PERIODS The Trusiees remain committed to cx)ntinuing their ￿pport for all activities of the Polish Catholic Mission, with no antlcipated significant changes in the upu)ming year. The primary objettive of the Trustees is to sustsin further the mission's current initiatives and purposes. The Trustees will continue to focus on fulfilling the objectives outlined for the Charty, ensuringthe ongoing provision of seryKes and 5UPPOrttothe Pollsh Cathdic community. The TN5tees will a150 maintsin their regular review of the Charity's activities and operations. ensuring alignment wV(h both long-term 5tTrtegic prioritie5 and immediate community needs. This appr03ch will ensure the Charity ￿MaInS silient and responsive tts any challenges, while upholding its mission and commitment to the comrHunity. sfRucfuRQ GOVERNANCEAND MANAGEMEh The Polish Catholic Mission was established in the United Kingdom in 1894 wrth the primary aim of addressing the pastorBI and spiritual needs of Polish-5peaking individuals residing in England and Wales. whether temporarily or permanently. Priorto the establishment of the Mission, Polish priest5 had been serving the Polish emigré community for appr0￿MatelY 50 years. As the years leading up to the Sectsnd World War saw an increasing number of Polish nationals establishing cukural and business connertions with the United Kingdom, the demènd for Polish-speaking clergy rose significantly. This growing need wasduly recognised bythecatholic Bishops of England and Wales, whotook steps to ensurethat suth pastor31 care was provided. With the outbreak of the Second Wotld War in 1939. Poland became an ally of the United Kingdom, resulting in tens of thousands of Pdish soldier5. sailor5, and aim)en arriving in 8ritsin to fight alongside British and Allied forces. De5Plte the Allied victt)ry in Europe in 1945, Poland's independence not restored, and over250,Cm Polish militaryper50nllel and their families, who had been associated with the Polish Armed For￿S, chose to remain in the United Kingdon. Thls decisi￿ led to the establishmentof substantial Polish communrties in towns across the country. In 1948, the Catholic Bishops of England and Wale5 entered into an agreement with the Polish Primate, appointing his nominee as Vicar L)elegate to ovetsee the pastoral care of Polish-5pe3king Roman Catholics throughout England and Wales. In 1952. the Polish Benevolent Fund (Registration No. 2136731 was established under English Charity Law to manage and safeguard the asset5 of the Polish Catholic communities. The Fund wa5 administered bya Board of Trustees nominated bythe Vicar Delegats. With the introduttion of the Charities Acts of 1960. 1993. and 2(K)6, itbecame clear that a more moderrh and robust le￿1 structure was necessary to replace the existing Trust Oeed of the Polish Benevolent Fund. As a resulL the Polish Benevolernt Fund ceased operations on 31 December 2007, with all assets and liabilities being transferred to the newlv incorporated The Polish Catholic Mission. whith officially commenTrd it5 oper*ions on ljanuary 2008. On 8 May 2014. the Qtholic Bishops, Conference of England and Wales formal￿ approved a revised governance frameworl introducing newstructuresand procedures forthe role of the National CoordinatorNicar Delegate of the Polish Catholic Mission. The Polish Catholic Mission Trustees, Report for the Year Ended 31 De￿mber 2023 (continued) 6￿￿Ing Document The Polish Catholic M￿s1On is a govemed by its Memorandum and Articles of ASsC￿latk)n d*ed 22 February 2007, and last updatsd on 16 November 2021. Trustees Thetrustses who held Offi￿ duringthe year were as follows: Rt Rev Mgrs Wylezek- (resigned I july 20231 Rev B Kolodziej- (appointed 2 May 20231 Rev AStrLepka Dr M Mananski Rev RJar051awski Rev R sz{￿drOWSkl Mr M Tomas Dr N Langer- (resigned 14 February 20231 Mrz Green- (appointed 28 February 20231 Thefollowingtrustees were appointed aftertheyear end- Mr P Nowickl- lèppointed 18 April 20241 RecruitmertofTnths Trustees are recruited from seniorclergyand 5utsNy qualified and experienced layf3￿hf￿I.The Rector, also knowrnasthe )ricar Delegate of the Polish Cathdic Mission, is presented by the Blshops, Conference of PoLHnd and appointed by the Cardinal Archbishop of Westminster on behalf of the Bishops Conferente of England and Wales and in accordan￿ wi(h theknicles of Association 3.3, he alone appoints and dismissestheTrusteesof the ChaTIty. Organ15ational Structure TheTru5tees bearultimate responsibilityforthegovemance, policies, activities.and assets ofthecharity. Intheyear2023, in fvwilmentof theirfiduciaryduties.theTrustee5convened regularmeetings aswell asnumerousad hoc meetings.when ne￿$sary, they sought professional advi￿ from a range of consu￿ants. including property and employment spK¢alists, soliators, and auditors, to a5Wt them in eyecutingtheir responsibilities ifvith due diligence. The Rector and Chancellor are rdsked with the day-to-day management of the Charity, including oversight of propetty matters. The Financial Director is responsible for the preparation and arIa￿s15 of financial reports, ensuring financial control. and overseeing the Charitls financial management. Abngside the Finance Committee, the Financial Direct[* ensures the smooth operation of the financial functions. The Financial Director is also responsible to produce the ststutory Fin3ncial Statements of the Polish C3thoSic MlssK)n, in collaboration with the appointed audltors. The Rector. who is re5pon5ibleforthe pastoraleareofthecharity, issupported ￿the Council of Deans.The Polish Catholic Mission is organised into seven Deaneries and cornprise5 73 Local Polish Catholic Missions across 221 locations where Mass is celeb￿ted in Polish.The Deans, Priests In charge.and otherdergyservingwithinthe Local Pollsh Cathtslicmissions are appointed bythe Rector. The Priests In Chargè invfce members of the congregkn"orbto join theAdministratwe Counals ofthe respective Local Polish Catholic MisS￿n5. Undertheestablished Terms of Reference, these AdministratNe Councils a￿ appointed for a fixed term by both the Rector and the Trustees. Additsonally, the der8y re8Ular￿ meet wthin their deaneries and annually atthe Priests, RetreaL held in September. The Polish Catholic Mission Trustees, Report for the Year Ended 31 December 2023 (continued) Indurtign and Trainingof NewTmstees New Trustee5 are inducted into their roles and responsibilities by the Rector, who ensure5 they are fully briefed on their duties. Upon appointment, Trustees are provided wtth relewdnt charity Commission literature, alongside copies of the Trust Deed and the most recent financial documentation, enabling them to frdmiliarise themselves with the governance fTrmework ofthe Chantv. The Treasurer is iesponsible for preparlng, presenting, and providing detailed explanations of the Financial Reports for the Polish Catholic Mission. These reports are discussed duringthe regular meetings ofthe Board and are also presented at the conclusion of each financial year. ensuring full transparency and accountability in the Charitrfs financial management. Relationship with related parties The Polish Catholic Mission maintains regular comtllunication ar¢d collaboration with variou5 wdl-establi5hed and emerging charitable organisations to effectively administer it% pastotsl care to the Polish community in the United Kingdom. ITh particular, the Priests in Charge of the Local Polish Catholic Missions provide significarrtsupport to numerous Polish Saturday Schools. delivering pastotsl tsre and religious education to the children and farnilies involved. The priests atsoofferpastoral care toveteran andyouth o￿n￿tiOns. as well asvariousothercatholic8roup5, furthersolidifyingthe Mission's outreach within the comrnunity. In addition. the Polish Catholic Mission works Close￿ wth the Catholic Church in EngLind and Wales, participating in shared ministries and utilising common resources. including Churches and presbyteries. Thts partnership rellect5 the Mission's collaLY)ratwe efforts with the wider thurch network to serve the Polish community. The Polish Catholic Mission's social work is further eThhan￿d through its collabomtion with the Polish ErnbaS￿ and Consulate, which play5 a critical role in sUPPOrtingthe Polish diaspora in En8land and W31es. The Mission engages in joint events throughoutthe year, demonstratinga shared commitmentto the wel[be￿g of the community. Risk Management The Charity has condurted a thorough wew of potential risks across several operatK)nal and financial areas, evaluating their possible impacts and implementing strudured actionsto mit¥ethe i4entified risks. Thè primary a￿aS of focusfor risk management are as follows". Human Resour￿5 and Personnel Risk This area includes reputational risks, èmployment-related issues, health and safety, the adequacy of priest nurnbers, trustee competency, elder care provisions, and safegu3rding. The Charrty has developed a robust framework to mitigate n5ks, induding enhancingthe involvement of laypersons, artDiely pmmtsting vocations. providing trustees with relevant training rnateria15, ensuring compliance with the Charity Commission guidelines, adhering to regulatory requirements, implemenlir)g rigorou5 Staff vetting procedures, and ensuring that newly arrived priest5 from Poland receive adequate support frorn more experienced clergy pritsrto assumlng greater¥esponsibilities. Safe8uaryling Risk The Polish Catholic MissK)n prioritise5 Safeguarding wth4) its operational fTrmework. A de51gnated Safeguarding Representative has been appointed to support the Polish priest5, and each Local Polish Catholic Mission has its own Safeguarding Representative.Al priests are mandatedto complywiththe Safeguarding Policyset bythe relevant Diocese, ensuring that safeguarding protctols are followed uniforrnly. In addition to annual safeguarding training for priests and lay representatives, safeguarding matters afft regulariy reviewed during Diocesan and Deanery meetingstr) maintain high stsndard5. io The Polish Catholic Mlsslon Trustees, Report forthe Year Ended 31 December 2023 (contlnuedl Pmpeity Rlsk The Charity has identified sevwal rfsks assocL*ed with the malntenanoand setJJrityof itspropwtyassety In¢wI￿the sk ol property negle¢L loss of re¢¢¥ds, and damage to p￿￿￿1 assets. In Ihe Charrty condurt5 re8uI property asse55ments, upd*e5 inventorie5, 5ervKe5 security Wems and ensures Secu￿ data stora8e backups. Furthermore, the Charty maintsins comprehensbve insuran￿ ccwer to protect ￿nst ary poteniK41 propth.related FinarKlal Rbk FinarKial risk mana8emwrt is a uhlLal forAJs the Trustees and it has been (ategoriseLI under seffil * headin8S'. asset seajrity, reserves, investment policies fra￿1 or erTor, budgetary control. tayation. and compl*¢7ce with legal and regulatory Wu1￿me¢1ts. In add￿SsIng these finanaal rsk& the Charity has implemented several precautlonary measures. indudlng obtalnlNd profeSs￿al I￿eStment a(knc4 conducbng perfom)aneè monitorlng. d￿ers￿Ing I￿estMentportlo1Ios enfOrcir￿ str￿financial eontrols. settingdearauthorisation limits, ensuring compliarte ￿th PAYE. and other tsy2ti0n reguL4ti0n¥ and undergoin8 regular audit5 to maintsin trdn5parency and accountsbility in finan¢ial operations. Remunerallon No Director received any remunerauon for thelr role as a Director durSng thefinanclal year. The Rector and Prlests of the Polish Cathollc Mlsslon, In their eccleslastlcal capacity. recewe a fNed stipend and retain the offerings from Mass. stole fees, and special collectlonsforchrfstmasand Easter, unles5theyvo1untari￿Cho05etof0rgo 5u¢h payments. Additional￿. they are provided with certaln benefits. Intluding attommodation and liwng expense5, which are cLwed ty the Polish Catholic Mission. Several dergy members, as well as one staff member, also serve as Trustees of the Pdish cath￿￿ Mssion. The tlergv Trustees are both housed and remunerated ty the Polith Catholic Missth. ￿1 TrLTrStees are reimbursed for expenses Incurred inthe courseofperformlngthdrtrustee duties.. howtsw. r￿TrUstee receNed aryremuner*iM fortheirrdeas a Tnjstee durlng the rewting perfod. Furthermore, ￿Trustee hehj ary benefidal interest in arry contract entwed ty)towith the thwity. Statement of Trustees respon4bllhles The trustees. WFW) ¥e also the dlrectw of The Poltsh Catholi¢ MIS%c￿ for the purpose of compary law, are resF¢nyble for preparing the Trustees Report and the finarKial statements in accordance with appkable law and United Xin8dom knuntin8 StsTr4ards (United ￿Tr¥dOM Genernlfv knepted Accounting Practi￿1. Compary iaWrequwest￿tr￿#¢esto prepare finantsalstatementsforeach finanaalyearwknith we atrueand faIr￿eW ofthe state ofaffrdirsofthethantyand ofthe Incoming reSoUr￿and application of resources indudin8 the Sncomeand expendttur4 ofthe tharitabk comparyforthatyear. In preparlngtheseffinancial statements. the trusteesare requlred to= select gjltsble accountlng pollclesand then app￿thern consistentty.. obserye the methods and prlnclples In the Charities SORP.. makejudgements and estlmates that are reasonable and prudent.. and prepaTethefinanclal statements onthe8olngconcern basis unlessitss inapwopriatetowesumethatthecharity will continue In operation. Thetrustees are respon51blelor keeplng adequate accountlng records that disclosewith reasonable accuracyatanytime the financial Position ofthe tharity and ènable them to ensure that the finanual ststementsmmptywith thecompanles Art 2006. They are a150 respOn￿bIe for safe8uardln8 the assets ofthe charity and hen￿ for tskir£ reasonab￿ step5 for the prevenlion and detertion of fraud and other irre8ularitie5. li The Polish Catholic Mission Trustees, Reportfor the Year Ended 31 December 2023 (continued) Disdosure of informatioTr to auditor Each of the trustee5 has confirmed that there is no Information of which they are awa￿ which is relevant to the audit, butof whith the auditt)r is unaware. They havefurtherconfirmed that they hève taken appropriate stepsto identify such relevant information and to establish thatthe auditor 15 aware of such informati￿. Approved bythe Board on 22 November 2Q24 and signed on its behalf bv= RevB Kolodiiej..................................... 12 INDEPENDENT AUDITOR'S REPORT TO THE MEMBER5 OF THE POLISH CATHOLIC MISSION Oplnlon We have audited the financial statements of The Polish Catholic Mission 1.the chariv or.the Companfl for the year ended 31 December 2023 which comprise the Statement of Financial Activities the Balance sheet. the Ststement of cashflows, and notes to the finanaal statement5, indudin8 si6nificant accounting policies. The financial reporting frarneworkthat hasbeen applied intheirpreparation isapplicablelawand United KingdomAttountingStsndardslUnited Kingdom Generally Accepted Accounting Practice). In ouropinion the financial statements.. gwe a true and fair view of the state of the chari￿$ affairs as at 31 December 2023, and of its incoming resources and application of resource5, fortheyearthen ended,. have been propedy prepared in accordance wfch United Kingdom Generdlly Accepted Actounting PrdrtKe; and have been prepared in accordance with the requirements of the CompaniesAct 2006. Basisforop5nion We conducted our audit in accordance with International Stsndards on Audf(ing IUKI IISAS IUKII and applicable law. Our responsibilities under those 5tsndards are further described in the Auditor's resptsnsibilitiesforthe 3udit of the financial ststements section tsf our repK)rt. We are independentof the Company In accordante with the ethical requirements that are relevant to our audtt of the financial statements in the UK. includlng the FRC'S Ethi(xl Stsndard, and we havefulfilled our other ethical Te5ponsibilities in accordance wth these requirements. We bdieve that the audr( eviden￿ we have obtrined is sufficient and appropriate to provide a basi5 for ouropinion. Contlusions relatin8tO 80in8concern In auditing the finanaal 5trétements, we haveconcluded thatthetrustees. use of thegoingconcern ba5isof accounting in the prepardtion of the financial Statements is appropriate. Based onthe wtsrkwe h3ve performed, we have not identified any material untsrtainties relating to events orconditions that, individually or collettively, may cast Significant doubt on the charitsble company's ability to mntinue as a going concemfora perfod of at least ny)nths from when thefinancial Statements are authorised for issue. Our reSpon￿billtieS and the responsibilities of thetrusteeswith iespect to g(Mng concern are described in the relevant 5ectionsof thi5 report. other information comprises the information included in the trustees, annual report, other than the financial statementsand ourauditorfsreportthereon. Thetrusteesare responsibleforthe other information containedwithin the annual report. Our opinion on the finanaal statements does not cover thé other inforrnatK)n and, except to the extent otherwlse expliatly stated in our report we do note)pre55 aryfomi of assurance conclusion thereon. In connertion with ouraudit of the finanaal staternents. our responsibilty isto read the other information and. in doing so, consider whether the other informatltsn is materially inCons￿Stent with the financial ststements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identtfy such material incon%stenaes or apparent material mi5ststements, we are required to determine whether this gwes rise to 3 material rnisstatement in thefinancial statements themsefve& If, based on the work we have PErformed, we conclude that there s a material misstatement of this other informat¥)n. we are required to reportthatfKt. 13 We have nothing to report in this regard. INDEPENDENT AUDITOR'S REPORTTO THE MEMBERSOF THE POU5H CATHOLIC M155ION ICONTINUEDI Opinion on other matters prescribed byQ>mpanlesArt 2006 In ouropinion. based on the work undertaken in the course of the audit.. the information ￿Ven in the trustees. ￿pOrt, for the financial year for which the financial ststements a prepèred is consistentwith the financial statements,. and thetrustees, report have been p￿pa￿d in accordance wth applicable legal requirements. Matteys on whichwewe required to report byexception In the light of the knowledge and understsnding of the Company and its environment obtained in the course of the audiL we have not Identified material misstatements in the trustees, report. W& h3ve nothingto report iri respect ofthe following matters in ￿lation to which the CompaniesAct 2CN)6 requi￿ us to report to you if, in our opinion.. adequate and proper accounting records have not been kep¢ or returns adequatefor ouraudit have riot been received from branches not vi￿ted by us,. or the firnancial statements are not in ag￿ement with the accounting Fecords and returns,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not ￿CeiVed all the information and explanations we require for our audit,. or the trustees were not entitled to p￿pare the financial slatements in accordance with the small companies regime and take advantsge of the small companies, exemptions in preparing the trusteeg report and from the requirementto prepare a strate￿e report. Respot)sibilit¢esof trustees As explained morefully inthetrusteeg responsibilities ststement, thetrustee5 (who are a1sothedl￿ctOrs of thedirector5 of the tharitable company for the purpose of the company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew, and for such internal control as the trustees deterrnirne is necessary to enable the preparation of finanaal statements that are f￿e from material misstatement, whetherdue to fraud or error. In preparing the finanaal 5taternents, the trustees are responsible lor assesslnE the charitable companws abllity to continue as agoing concern, di5c105in& asappli(xble, mattèrs rélatÈd to going concem and using the goingconcem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operdtions, or have no realistic altemative butto do so. Auditor's responslJilrtre5 forthe autht of the financlal statsments Our objertives are to obtain reasonable assurante about whether the financial ststements as a whole are free from material misststement, whether due to fTrud or error, and to Issue an a￿Aitor'S ￿port that includes our opinion. Reasonable assurance is 3 high level of aSSLJrdnce, bLJt is not a guarantee that an audit conducted in accordance with ISAS IUKI will alwaysdetect a material misstatement when it exists. Misstatement5 can arise from frdud or @rror and a￿ considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decision5 of user5 trken on the basi5 of these finanaal statements. Irre8ularities, induding fraud, are in5tance5 Lif rM)n-cornpIian￿ with laws and ¥egulations. We de%8n procedures in line with ourresponsibilities, outlined above, todetertmaterial misstatements in respect (>f irregularities, including fraud. The eKtentto which our pr￿dureS are capable of detecting irregularities, including fraud is detailed below.. 14 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POLISH CATHOLIC MISSION ICONTINUEDI Extentto whiththe auditwasconsklered iapablè of deterting irre8ularities, includingfraud We identify and assess the risks of material mlsstatement of the financial statements, whetherduetofraud orerror, and then design and perform audit procedures responsNe to those risks induding obtaining audic ewdence that is suffioent and appropriate to promde a basisfor ¢xJr opinM)n. Identlficatlon and assessmtntof potential ri5k5 In identifying and assessing potential risks related to irregularities in identlfying and assessing risks of material mi55tatement in ￿SpeCt of irregularities, Indudingfraud and non-complian￿ wrfh law5 and regulations, we ccnducted: Meetingsthrou8hout the yearwf(h those charged vmth governan￿,. Enquiries of management, includtn8 obtsinin8 and reiriewin8 supporting doCuments￿on. concernlng the tharitable companvs material polioes and procedures relatin8 to.. identifying, evaluating and complying wr(h lawsand regulations and whethertheywere a￿re of any instances of non-compllance relatingtothedeterting and respondingtothe risksoffraud and whetherthey have knowledge ofanyactual.suspetted oralle8￿ fvaLJd,. and the internal controls estsblished to mitigate risks related to fraud or non-compliance with law5 and regulations,. Our revlews of the Charitable comparfs remuneration policies and bonus levels.. Ourassessment of any material transactionswith related parties and key individuals,. and Discussions among the engagernent team regarding how and where frdud might occur in the finanaal statements and any potential indicators of fraud. The engagement team includes the Audit Director and staff who have extenswe experience of working wich companies in the same sectors as the charitable company, arld this experience was rethntto the discussion about where fraud risk5 m3y arise. Risks artskngfn)m legal and regul*oryframework5 We are also required to perfomi specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in which the charitsble compary operates, focusing on promslonsofthose 8￿3$thathada directeffectonthedetermination of material amountsand disclosures InthèfinancL41 statements. We did not identify any material audit matters related to the potential risk of fraud or non-compliance with law5 and re8ulation5 from ourwork: Reviewng management overrKle of controls- Testing the appr(yri3tenes5 of joumal entries and other accountiwadjustments,. Assessingwhetherthejudgernents made in Makingaccountingestlmatesa￿ indicatNe of a potential bias; and Evaluatin8 the buslness rationale of any signrfi(2nt trdnsartK)n5 that are unusual or outsidethe normal course of business. We also communicated our asses&ment of the relevant laws and regulation5 and potential frdud risks to all enEagement team members and remained alert to any indications of fraud or non-cornpliance with laws and regulation5 throughout the audit. 15 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OFTHE POLISH CATHOLIC MISSION ICONTINUEDI Rlsks ari5inKfrom legal and regulatoryframeworks Icontinuedl Beouse of the inherent limitstions of an audit, there 15 a risk that we will not detert all irregu&rities. including those leading to a materkil misstatement in the financial statements or non-ci)mpliance with regulation. Thi5 risk increases the more that compliance with a law or regulation ￿ removed from the events and transartions reflerted in the financial statement5. as we will be le55 likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fTrud rather than error, as frdud involves intenttonal toncealment, forgery. collusion. 0rn15sion or misrepresentstion. A further description of our responsibilities is availabl& on the Financial Reporting Council's website at.. https'.]/www.frc.org.uklour-WorVAudit/Audit-arid-assurance/Standards-and-guidance/Stsndards-and-guidan ce-for- auditors1Auditors-respon5ibilities-for-audit/Description-of-aLtdito￿-responSibIlit1e$-for-aUdi￿.aSpx. This description fom)s part of our auditor's report. We communicate with those charged with governance regarding. 3mong other matters. the planned scopeand timingof the auditand significant auditfindings. indudingany signi*icant deficiencies in interna5 control that we identrfy during our audit. Use of ourreport This reportls madeSole￿tO the charts￿e company's members. asa body, in accordance with Chapter3ofPart 16ofthe Comp3niÈs Act 2006. OuraLJdit work has been undertaken so thatwe might statetothe charitable company's mernbers those matters we are required to stats to them in an auditorfs report and for no other purpose. fo the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable cornpany and the charitable co pany's rnembers as a body. forour audit worl for th￿ report, orforthe opinions we haveformed. Edmund Cartwright, FCCA. FMAAT (Senior StstutoryAuditorl f(*and on behaKof Johnsons. Chartered Accountsnts. Statutory Auditor London, United Kingdom Date.. 22nd November 2024 16 ## **The Polish Catholic Mission** ## **Statement of financial activities for the year ended 31 December 2023** |||||||**Restricted**|| |---|---|---|---|---|---|---|---| |||**Unrestricted funds**|**Restricted funds**|**Total**|**Unrestricted funds**|**funds**|**Total**| |||**2023**|**2023**|**2023**|**2022**|**2022**|**2022**| ||||||**Restated**||**Restated**| ||**Note**|**£**|**£**|**£**|**£**|**£**|**£**| |Income and endowments|3|7,215,035||7,215,035|6,710,198||6,710,198| |Expenditure on charitable|||||||| |actvities|5|(6,127,876)|(13,74�)|(6,141,619)|(6,551,852)|(55,888)|(6,607,740)| |Net (losses)/ gains on|||||||| |investments|6|(118,812)||(118,812)|230,667||230,667| |**Net income for the year**||**968,347**|**(13,743)**|**954,604**|**389,013**|**(55,888)**|**333,125**| |**Net movements in funds**||**968,347**|**(13,743)**|**954,604**|**389,013**|**(55,888)**|**333,125**| |**Reconciliaton of funds:**|||||||| |Fund balances brought forward||20,117,002|575,183|20,692,185|19,727,989|631,071|20,359,060| |**Fund balances carried forward**||**21,085,349**|**561,440**|**21,646,789**|**20,117,002**|**575,183**|**20,692,185**| The statement of financial activities including income and expenditure account include all gains and losses recognised in the year. All income and expenditure are from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 20 to 35 form part of these financial statements. 17 ## **The Polish Catholic Mission** |**The Polish Catholic Mission**|**The Polish Catholic Mission**|**The Polish Catholic Mission**| |---|---|---| |**Balance Sheet as at 31 December 2023**
**Note**
**2023**
**2022**
**Restated**
**£**
**£**
**Fixed assets**
Tangible assets
10
11,695,756
10,463,516
Investment properties
11
5,046,167
5,180,639
**16,741,923**
**15,644,155**
**Current assets**
Social investments
12
53,171
Debtors
13
138,829
152,390
Current asset investments
14
1,263,517
2,236,091
Cash at bank and in hand
15
3,963,011
3,029,699
**5,365,357**
**5,471,351**
**Creditors:**Amounts falling due within one year
17
(256,442)
(219,272)
**Net current assets**
**5,108,915**
**5,252,079**
**Total assets less current liabilities**
**21,850,838**
**20,896,234**
**Creditors:**Amounts falling due afer more than
one year
17
(204,049)
(204,049)
**Net assets**
**21,646,789**
**20,692,185**
**Income funds**
Restricted funds
21
561,440
575,183
Unrestricted funds:
General unrestricted funds
21,085,349
20,117,002
**21,646,789**
**20,692,185**||| |||**16,741,923**
**15,644,155**
53,171
138,829
152,390
1,263,517
2,236,091
3,963,011
3,029,699| |||**5,365,357**
**5,471,351**
(256,442)
(219,272)| |||**5,108,915**
**5,252,079**
**21,850,838**
**20,896,234**
(204,049)
(204,049)| |||**21,646,789**
**20,692,185**| |||561,440
575,183
21,085,349
20,117,002| |||**21,646,789**
**20,692,185**| These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ?.?.NR)!�!'TIP�f ?.Q.:?:4 and signed on its behalf by: The notes on pages 20 to 35 form part of these financial statements. **18** ## **The Polish Catholic Mission Statement of Cash Flows for the year ended 31 December 2023** |**Cash flows from operatng actvites**
Cash generated from/(used in) operations
**Cash flows from investng actvites**
Purchase of freehold property
Purchase of investment property
Proceeds on disposal of tangible fixed assets
Withdrawal of Novia investments to bank
account
Investment income
Rental income
Net cash from investing actvites
**Cash fow from fnancing actvites**
Repayments of loans by related parties
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalent at beginning of year
**Cash and cash equivalent at end of year**
**Note**
22|**2023**
**£**
471,118
(1,560,615)
99,000
1,011,469
191,217
667,952
**2022**
**Restated**
£
(562,037)
(207,490)
527,500
272,006
432,252| |---|---| ||409,023
53,171
1,024,268
170,929| ||53,171
933,312
3,029,699
170,929
633,160
2,396,539| ||**3,963,011**
**3,029,699**| The notes on pages 20 to 35 form part of these financial statements. 19 The Polish Catholic Mission Notes to the financial statements for the year ended 31 December 2023 l General information Polish Catholic Mission l~the charity- or-the Company") is registered with the Charity Commission for England & Wales with the registered charity number 1119423. Polish Catholic Mission is a Private Limited Company by guaranteè without share capital use of 'Limited' exernptitsn wlth the Company number 06211791. The registered address 15 2 Devonia Road, London, Islington. Nl 81J. 2 Accounting policie5 Summary of slgnificant accounting policie5 and key aceountlng estfmates The principal accounting policies applied in the preparation of these fi'nancial statements are Set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basls of preparation of financial statements These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements of the charity in accordance with Financial Reportin8 Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland. and the Companies Act 2(X)6. The financial statements have been prepared under the historical cost convention. The Ilnancial statements are prepared in sterling which is the funcntsnèl currency of the entity and rounded to the nearest £. Golng concern The trustees have assessed that the use of the going concern b3S15 15 appropriate. As part of their assessment. no possible events or conditions have been identifi'ed that might cast signilicant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. with the trustees, in partr"cular, taking into consideration the latest av3ilable cash balances for the charity and any pre55ures Specifically relating to capital commitments. The Trustee5 a150 considerthat any future spending including for charitable activities will be limited to the extent of surplus cash balances after making payment5 for goods and servites received in that period. After making enquiries and taking into account the charity has cash funds of £3,963,011. current asset investments of £1,263,517 as èt 31 December 2023 and cash funds of £4.871,392, current asset investrnents of £ 1,360,005 as at 15 November 2024, the tTLlStèes have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existernce for the foreseeable future. As such the charity is expected to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. On this basis. the trustees have concluded that the charity is a going concern. 20 The Polish Catholic Mlssion Notes to the financial statements (continued) for the year ended 310ecember 2023 R￿enue recognition All income is recognised in the Statement of Financlal Activ[￿eS I"SOFA"l once the charity has entitlement to the funds. it is probable that the income will be received. and the amount Can be measured reliablv. Incomefrom grunts donations Donations and grants are recognised when they have been communicated and received in writr'ng with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforrnance before the charity is èntitled to the funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest income Interest Is recognised using the effective Inte￿St method and Is retognised in statement of financial activities. Dividend income Dividend income is recognised when the Charity ha5 the right to receive payment and that the dividend amount can be measured reliably. Rental income Rentals received in relation to investment properdes are credited to the state of financial activities Otherincome Other income primarily represents proceeds from sale of assets and income from parking re￿IptS. Expendi￿re Liabilities are recognised as expenditure as soon 35 there is a le8al or constructive obligation comrnitling the charity to that expenditure. it 15 probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classlflèd under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Irrecoverable VAT is charged agalnst the category of expenditure for which it was incurred. Tangible assets Tangible assets are stated in the balanee sheet at cost, le55 any subsequent accumulated depreCIa￿on and subsequent accumulated impairment losses. The cost of tsnglble assets includes directly attributable incremental costs incurred in their acquisitson and installation. Depreciation Depreciation Is charged so as to write off the cost of assets. other than land and PTopertie5 under construction over their esttmated useful live5, as follows.. Church buildings- 27 to 95 years lavera8e 70 years) Freehold land and buildin8s- 26 to 95 years (average 60 years) Leasehold land and buildin65- Over the life of the lease Fixture5 & Fithngs- 10% 21 The Polish Catholic Mission Notes to the financial statements (continued) for the year ended 31 December 2023 Investment property Investment property 15 carried at f3ir valu&, derived from the current market prices for comparable real estate determined annually by external valLJers. The valuers use observable market price5. adjusted if neces58ry for ariy difference in the nature, locatr'on or condition of the specific asset. Changes in fair value are recognised in statement of liriancial activities. Investments Listed investments are inikn.ally measured at transaction price and subsequently measured at the market value at the reporknng d3te, with changes in the market value being recognised in the statement of financial activities. Social investments consist of concessionary loans and are inits'ally recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any irnpairment. Cash and cash equivalents Cash and cash equiv81ent5 cornprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignifi.cant risk of change in value. Tradè dèbtors Trade debtors are amounts due from customers for merchandise sold or Services performed in the ordinary course of busine5S. Trade debtors are reco8nised initially 3t the tran5actron price. Th&y are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision foi the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amount5 due according to the original terrns trf the receivables. Trade creditor5 TradÈ creditors are oblig3tions to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified 85 current liabilitie5 11 the tompany does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditr'onal right to defer settlement for at le3St twelve months aftèr the rÈporknng date. they are presented as non-current liabilities. Trade creditors are recognised initrally at the transaction price and subsequently measured at amortised cost using the effective interest method. Defined contribution pension obligation A dehned tontributitsn plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defi.ned contribution plans are recognised as employee benefit expense wherh they are due. If contribution paytnent5 exceed the contribution due for service, the excess is reco8nised as a prepayment. 22 The Polish Catholic Mission Notes to the financial statements (continued) for the year ended 31 December 2023 Financial instruments Polish Catholic Mission only has fi'nancial assets and financia5 liabilities of a kind that qualify as basic finantial instruments. The charity does not acquire or use put options, derivative5 or other complex financial instruments. Basic financial instruments are initially recogrnised at the transaction price unless the arrangement constitutes a financin8 transaction where it is recognised at the present value of the future payments dlscounted at market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amorfjsed cost. Other financial instruments are initially recognised at fair value, unle55 payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial asset5 that are measured at cost or amortised cost are revièwed for objective evidence of impairment at the end of Èach repothng date. If there is objectr.ve evidence of impairment, an impairrnent1055 is recognised in the profit or less immediately. Any reversals of impairmeflt are recognised in the statement of ttnancial ècfjvities immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exteeds what the carrying amount would have been had the impairment not previously been reeognised. Critical accountlng estfmatès and judgements In the application of the charity's accountin6 policie5, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and asstsci3ted assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on ongoing basis. Revisions to accounting estimates arè recognised in the period in whlch the estimate is revised where the revision affects only that period, or in the period of the revision and future period5 where the revision affects both current and future periods. Accrut715 The charity makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimate5 of amounts that may be due for payment. rongiblefixed osset5 (freeholdpropertyj The charitvs freehold property consists of churehes and residential properties. For churches, Trustees during the year has obtained independent valuation of fèw properties and considered thatthe share of building cost to the total property COSt of these properries is relevant to whole portFolio given the similar nature of the assets. Trustees re-assed the useful life of the freehold properties based on the independent opinion. For residential freehold properties. Trustee5 assigThed the total value of the property to buildings as the ability and available market to sell land separately 15 limited. Trustees also reassessed the useful Sife of the residenttal freehold property during the year. InvestmentprOpe￿es The Trustees performed valuation of Investment properties on an open market value basis (which is considered to be a true reflection of the falr value) by reference to the market conditions and market evidence of transathon prices for similar properties. 23 ## **The Polish Catholic Mission** ## **Notes to the financial statements (continued) for the year ended 31 December 2023** ## **3 Income and endowments** The analysis of the company's revenue for the year from continuing operations is as follows: |Donatons and legacies
Charitable activites
Investment income
Other income|**2023**
£
5,359,061
826,046
859,171
170,757
**2022**
**(Restated)**
£
4,512,274
846,312
732,134
619,478| |---|---| ||**7,215,035**
**6,710,198**| Donations and legacies represent the income received from offertories (gift aid and non-gift aid), donations (gift aid and non-gift aid), legacies (will) and tax refunds. Charitable activities represent income received from charitable events organised during the current year. During the year, income from charitable activities include an amount of £438,691 (designated fund) received for specific purposes (2022: £220,216) which was spent by the charity in full during the year. Investment income represent income from dividends and rent from investment properties. Other income represent gain on disposal of asset and income from parking facilities. ## **4 Employees** The average monthly number of employees during the year was: |Head Office
Local Mission
Total
Wages and salaries
Social security
Other pension costs|**2023**
**Number**
7
5
**2022**
**Number**
6
6| |---|---| ||**12**
**2023**
£
256,735
17,461
3,052
**12**
**2022**
£
283,336
7,754
1,083| ||**277,248**
**292,173**| There were no employees whose annual remuneration was £60,000 or more. **24** ## **The Polish Catholic Mission** ## **Notes to the financial statements {continued) for the year ended 31 December 2023** ## **5 Expenditure** The analysis of the company's expenditure for the year from continuing operations is as follows: |Pastoral work
Church related actvities
Outreach and events
Special projects and giving
Other expenses|**2023**
**£**
3,697,643
1,479,982
17,522
113,850
832,622
**2022**
**Restated**
**£**
4,605,862
1,321,340
32,798
102,347
545,393| |---|---| ||**6,141,619**
**6,607,740**| Pastoral work includes £13,743 (2022: £55,888) incurred by the charity from the restricted funds. Other expenses include expenses incurred by charity amounting to £438,691 (designated fund) (2022: £220,216) towards specific purposes for which grants are received subsequently. The grants received is recognised as income in the statement of financial activities. ## **6 Net gains/(losses) on investments** |**6**
**Net gains/(losses) on investments**|| |---|---| |Gain/(loss) on current asset investment
Revaluation of investment propertes
**7**
**Depreciaton expense**
Depreciation expense|**2023**
**2022**
**Restated**
**£**
**£**
38,893
(97,039)
(157,705)
327,706| ||**(118,812)**
**230,667**
**2023**
**2022**
**Restated**
**£**
**£**
295,144
218,282| 25 The Polish Catholic Mission Notes to the financial statements (continued) for the year ended 31 December 2023 8 Trustees Durin8 the year one or more Trustees have been paid remuneration from an employment with or service provided to the charitable company. fhis remuneratr'on was paid for additional services provided to the charitable company not for those of being a Trustee. There are no other key management personnel oiher than Trustees. Dr N Langer received rernuneration of £13,23912022'. £38,427) for her role as Financial Director of PCM and Treasurer of PCM HAL, which Is combined and reimbursed back to PCM by PCM HAL. Rt Rev Mgr S Wyle2ek received a ￿lpend of £13.08612021= £21.2301. Rev K Tyli$2¢tak re¢eived a sdpend of E91 12022.. £10.4001. Rev B Kolodiiej received a stipend of £11.75412022.. £nill and Rev A Strepka received a stipend of £17,48712022'. £5,522). 9 Audltor5' remuneration The analysis of auditor's remuneration is as follows. 2023 2022 Fees payablt to the charity'5 auditor and asso¢iate5 Audit ol the financlal statements 25.0 23.LM)O 26 The Polish Catholic Misslon Notes to the flnancial statements (contlnued) for the year ended 31 December 2023 10 Tanglble assets Freehold propertv Leasehokl property Flxture5 and ffttlngs Total At I january 202a Restatement At l January 2023 Irèstatedl Addlttons Recla55iflcation 0Ssposals At 31 December 2023 15,254,659 226,7311 15.027.928 1,441,645 162,3371 125,0001 16,382,236 656.885 1265,295 391.590 355.530 16.267.074 1492.026 15,775.048 1,560.615 162.3371 125.000 17.248.326 355,S30 118,970 391,5 474.5 Depreclatlon and Impaimient At l January 2023 Restatement At I january 2023 Ire5tatedl Current year Depreciation ReclassSficadon Dlsposals At 31 December 2023 782,341 4,155,664 4,938.rx)5 253,802 139,1061 15,0001 5,137,701 49.269 9,602 58,871 898 314.655 1.146.265 4.165.267 5.311.532 295.144 139,1061 115,0001 5,552.570 314.656 40,444 59,769 355.100 Carrylng Valu• At 310ecembef 2023 11,244,535 10,089,924 331,821 332.719 119.4C(I 11.695.756 At 31 De¢ember 2022 Irestatedl 40.874 10.463.516 On 20 December 2023, the charity sold freehold property14 and 4A Oliver Grove, South Norwood, SE25 6EJI with cost of £25,0(KJ and accumvlated depreciation of £15,000 for £99,000. Total cost Incurred to sell the property was £3.589. A gain of £85.411 Is Included in the staternent of financlal acttvlttes. On 19 May 2023. the charity acquired freehold property1119 Church Road U85 SAQI with c05t of £612,123. 27 The Polish Catholic Mission Notes to the financial statements (continued) for the year ended 31 December 2023 11 Investment properties 2023 At l January 2023 Restatement 4,405.658 774,981 5.180,639 23,233 1157,7051 5.046,167 Addition5 Net gain through fair value adjustrnents At 31 December 2023 Investment property comprises of ten residential properties across Devonia. Brighton. stoke on Trent, 5windon. Boston House. 8ri5tol. Peterborough and Birmingham. During 2023, charity has started lethng Out 2 properties 12 Arley Hill, 8ristol, BS6 5PS and 27 Groundwell Road, SNI 2LTI with net book value of £23,233 and thus reclas5ihed thèse properdes from tangible assets to investment propertv. Thè fair values of the investment properties have been arrived on the basis of valuations earrled out on 31 December 2023 by management. All valuations were rn3de on an open market value basis (which is considered to be 3 true reflectitsn of the fair value) by reference to the market conditions and market evidence of transaction prices for similar properknes. 12 Social investments 2023 2022 Loans to related partie5 Due within one year Due after one year 53.171 53.171 Movement in balances during the year 2023 At l January 2023 Interest earned Repaymènts At 31 December 2023 53.171 475 153,6461 Duringthe year, PCM Housing Association Limited I"HAL"I has paid £55.556to the charity to settle the remaining loan. This resulted in overpèyrnent of £1.910 by HAL to charity which is considered as payable by charity at year- end. 28 The Polish Catholic Mission Notes to the financial statements {continued) for the year ended 31 December 2023 13 Debtors 2023 2022 Othèr debtors Prepayments Accrued income 22.4Th) 102.395 14.034 138.829 16.500 100.294 3S.596 152A90 Other debtors represent loans provided to priests of local PCM'S. No provision is made a8alnst the debtors as of year-end12022= £nill. 14 Current assel Investments 2023 2022 Investments 1.263,517 2,236,093 Movement In current asset Investments 2023 Valuatlon At l January 2023 Withdrawal durin8 the year Gain on revaluatlon At 31 December 2023 2,236,093 11.011,4691 38,893 1.263,517 15 Cash and cash equSvalents 2023 2022 Cash at bank Cash in hand Short-term deposlts Cash balance with Investment managers 3.673.171 I￿].745 140.OLhJ 49.095 3.963.011 2,704,030 325,667 3,029.697 Cash in hand represents the donations received by the charity towards the year*nd. These are subsequently deposited in the charit￿$ bank account. 29 ## **The Polish Catholic Mission** ## **Notes to the financial statements (continued) for the year ended 31 December 2023** ## **16 Summary of funds** The purpose of the Professor Zych Fund is to help the propagation of the devotion of Jesus to the Merciful. The MB Grabowski Fund represents the investment portfolio and cash resources in relation to the previously separate registered charity number 270110. The fund is required to be treated as restricted, following a Uniting Direction from the Charity Commission of 20 July 2007. A thorough analysis of the financial movements in the Fund is produced and approved by the trustees. ## **17 Creditors** |**Creditors: Amounts falling due within one year**
Social security and other taxes
Other payables
Accruals|**2023**
£
8,153
153,958
94,331
**2022**
**£**
4,018
143,510
71,744| |---|---| ||**256,442**
**219,272**| Other payables primarily represent the amounts collected by charity for specific purpose through special events at local parishes (£138,340). ## **Creditors: Amounts failing due after more than one year** Other payables 204,049 204,049 Other payables include £152,049 (2022: £152,049) received from Mary Immaculate organisation for investment purposes. The balance amount of £52,000 (£52,000) is payable to Halski's Grant charity (290654). ## **18 Pension and other schemes** ## **Defined contribution pension scheme** The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions paid by the charity amounting to £3,052 (2022: £1,083). Pension payable as at year end is £2,453 (2022: £nil). 30 The Polish Catholic Mission Note5 to the financial statements (continued} for the year ended 31 December 2023 19 Related party transacttons The control of PCM Housing Association knmited IHALI is closely related to the charity and has shared offlces. In addition, the majority of the Trustees of the charity are Directors of PCM HAL. The transactions during the year between the two consist of the following.. An annual donation from PCM HAL to the charity of £24,LMK)12022: £24,000). The part reimbursement of accountancy fees of £IO.CiIO12022- £10.0001. An annual rental fee of £12,00012022.. £12,000) from PCM HAL to the charity in respect of the shared head office. The loan5 from the charity to PCM HAL to fund a housing project. as disclosed in ntste 9. The loan has an agreed interest rate of 2%. The overpayment balance will be paid back 3nd it is £1,910 12022.. £53.171 outstanding balaneel. The transaction5 Wlth Trustees is provided in noted 8. 20 Events after the reportEng datè There are no material subsequent evènts that require adjustments or disclosure in the financial statements. Zl Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific PL¢rposes'. Movèment In funds Balance at lJanuary2023 Resources expended Incomlng resources Balantè at 31 December 2023 Professor Zych fund 49,191 19931 48.198 MB Grabowski fund 525,992 112,7501 513,242 575,183 {13,7431 Movement in funds Resources Incoming expended resources 561,440 Balance at l January 2022 Balance at 31 December 2022 Professor Zych fund 50,129 19381 49.191 MB Grabowski fund 580.942 154,9501 525,992 631,071 155,8881 575,183 31 The Polish Catholic Mission Notes to the financial statements (continued) for the year ended 31 December 2023 22 Cash 8enerated from operations 2023 2022 Restated Surplu5 foi the year 954.604 333.125 Adjustments for: Investment income recognised in statement of flnancial activities 1859,1711 1732,1341 Gain on disposal of tangible fixed assets 189.0001 1523.2611 (Gainll loss on revaluats'on of Novia investment5 138,8931 97,039 Gain on lair valuation of investment properts'es 157,705 1327,7061 Depretiatitsn of tangible fixed assèts 295.144 218,282 Movements in working capital.. Decrease in debtors 13,559 293.350 Increase in creditor5 37.170 79.268 Cash generated fromllusedl in operations 471.118 1562.0371 32 ## **The Polish Catholic Mission** ## **Notes to the financial statements (continued) for the year ended 31 December 2023** ## **23 Analysis of net assets between funds** ||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2023**|**2023**|**2023**|**2022**|**2022**|**2022**| |||||**as restated**||**as restated**| ||£|£|£|£|£|£| |Funds balance at year-end are represented||by||||| |Tangible assets|11,695,756||11,695,756|10,463,516||10,463,516| |Investment||||||| |properties|5,046,167||5,046,167|5,180,639||5,180,639| |Current||||||| |assets/(lia bilities)|4,547,475|561,440|5,108,915|4,676,896|575,183|5,252,079| |Long term||||||| |liabilities|(204,049)||(204,049)|(204,049)||(204,049)| ||**21,085,349**|**561,440**|**21,646,789**|**20,117,002**|**575,183**|**20,692,185**| ## **24 Analysis of changes in net funds** |Cash at bank and
in hand
Liquid
investments|**At 01 January**
**Cashflows**
**Fair value**
**At 31 December**
**2023**
**movements**
**2023**
£
£
£
£
3,029,697
933,314
3,963,011
2,236,093
(1,011,468)
38,893
1,263,518| |---|---| ||**5,265,790**
**(78,154)**
**38,893**
**5,226,529**| 33 ## **The Polish Catholic Mission** ## **Notes to the financial statements (continued) for the year ended 31 December 2023** ## **25 Prior period restatement** ## **Balance sheet** |**Fixed assets**
Tangible assets
**Note**
**25.1**
Investment properties
**25.2**
**Current assets**
Social investments
Debtors
Current asset investments
Cash at bank and in hand
**Creditors:**Amounts falling due
within one year
**Net current assets**
**Total assets less current liabilities**
**Creditors:**Amounts falling due after
more than one year
**Net assets**
**Income funds**
Restricted funds
Unrestricted funds:
General unrestricted funds|**As previously**
**reported**
**£**
15,120,806
**At 31 December 2022**
**Adjustment**
**£**
(4,657,290)
**As restated**
**£**
10,463,516
4,405_,658 _____ 774_,981

5.,18 0:,6 3_9
**19,526,464**
53,171
152,390
2,236,091
3,029,699
**(3,882,309)**
**15,644,155**
53,171
152,390
2,236,091
3,029,699| |---|---| ||**5,471,351**
(219,272)
**5,471,351**
(219,272)| ||**5,252,079**
**24,778,543**
(204,049)
**24,574,494**
**(3,882,309)**
**(3,882,309)**
**5,252,079**
**20,896,234**
(204,049)
**20,692,185**| ||575,183
23,999,311
(3,882,309)
575,183
20,117,002| ||**24,574,494**
**(3,882,309)**
**20,692,185**| **34** The Polish Catholic Mlssion Notes to the financlal statements (continued) for the year ended 31 December 2023 25 Prior period adjustment Icob)tSnuedl Staternent of financlal actlvllles At 310ecember 2022 Adjustment As prèvlously reported As restated Note Income and endowments 6,705,113 5,085 6,710,198 Expenditure on charitable activities 25.3 16,411,253) 1196.4871 16,607,740) Net 8ains/llossesl on investment5 25.2 168,770 61,897 230,667 Fund balances brought forward 24.111.864 13,752,804) 20,359.060 25.1 Adjustment of £4,657.290 to tangible fi'xed assets include reduction in tangible lixed assets by £492,025 due to incorred recla55ilication of investment property as tangible asset5 and increase in accumulated depreciation expènse by £4,165,266 due to error in the basis ftjr calculation of depreciation in prior years. 25.2- Adjustment of £774.981 to investment properties include incyease In inve5trnent properbes by £417,979 due to incorrect reclassification of tangible assets as investment property and increase in fair value due to revaluation of these properties as per charity's accounting policies. An addtknonal loss of £61,897 is recognised on these properknes in the current yea¥. 25.3- Adjustment of £196.487 to increase depreciation expense charged in prior yearforfreehold and leasehold property due to error in the basis for calculation of depreciation in prior year5. 25.4 - Adjustment of £3,752,804 represents the impact on the charity's fixed assets (Tangible assets and Investment properbe51 in prior years due to the errors identilied in depreciation calculatr'on on Tangible assets and incorrect reclassifications of Investment propertv ès Tangible assets. 35