Charity number: 1159980
THE POLISH EDUCATIONAL SOCIETY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE POLISH EDUCATIONAL SOCIETY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 25 |
THE POLISH EDUCATIONAL SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees Elzbieta Barrass, Chairperson Aleksandra Podhorodecka, Honourary charirpersoon Malgorzata Lasocka, Vice chairperson Halina Stochniol, Vice chairperson Antonina Machowska, Vice chairperson Krystyna Olliffe Teresa Górski Aleksandra Ferrara Marek Jakubowski Katarzyna Kowalczyk Malgorzata Zajaczkowska (resigned 31 December 2020) Magdalena Gorka (resigned 18 February 2021) Joanna Mechelewska (appointed 1 March 2021) Dorota Chmielewska (appointed 1 March 2021) - Minka Dyszynska Bonnage (appointed 1 March 2021) Renata Rams (appointed 1 March 2021)
Charity registered number 1159980 Principal office 238-246 King Street London W6 0RF Accountants Feltons Chartered Accountants 1 The Green London TW9 1PL
Page 1
THE POLISH EDUCATIONAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2020 to 31 December 2020.
Objectives and activities
a. Policies and objectives
The charity's purpose is to advance the education of young persons in the United Kingdom and elsewhere in the Polish language, history, culture and traditions.
The charity also uses the names Polish Educational Society and Polska Macierz Szkolna Zagranica (PES).
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
Income is largely derived from donations and legacies from various sponsors such as individuals and organisations to help PES facilitates their objectives to help young persons and teachers improve their education capabilities. The charity also receive income from setting up examinations and publishing educational materials.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and in planning its future activities. The main activities undertaken are set out below:
The principal activities of the society throughout the year continued to be that of the publishing and sale of educational aids, the organisation of conferences, the administration of courses and examinations, the dissemination of educational material to schools and centres of education.
The charity is active in assisting Polish Saturday Schools throughout England, in organising conferences for teachers, and supplying teaching and related materials as well as organising public examinations for students in the Polish language.
Achievements and performance
Financial review
a. Going concern
The Covid-19 outbreak has caused severe disruption to Charities internationally. The Trustees of The Polish Educational Society have analysed and will carry out ongoing monitoring of the impact on the Charity's financial position. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements
Page 2
THE POLISH EDUCATIONAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
b. Reserves policy
The charity enjoys a comfortable level of reserves, in excess of more than 2 years' commitment of expenditure on charitable activities. The level of 'free' reserves remains under review.
Free reserves comprise of total unrestricted funds that are freely available to use against any type of the charity's activities. As at 31 December 2020, the free unrestricted funds stood at £547,327.
c. Financial overview
The net deficit for the year was £41,325 deficit (2019 - £34,626 deficit) and the net assets currently stand at £549,609 (2019 - £590,935).
Structure, governance and management
a. Constitution
The charity was registered with the charity commission on 1159980 as a Charitable Incorporated Organisation on 16 January 2015 and took over the activities of another charity, Polish Educational Society - registered number 298254 - on 24 March 2016.
The assets and liabilities of PMS Bookshop Limited were transferred to the charity on 1 April 2019 and the charity carried on this activity after this date.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 3
THE POLISH EDUCATIONAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 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 prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 28 October 2021 and signed on their behalf by:
................................................ Elzbieta Barrass (Chair of Trustees)
................................................ Antonina Machowska (Vice chairperson)
Page 4
THE POLISH EDUCATIONAL SOCIETY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of The Polish Educational Society ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
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THE POLISH EDUCATIONAL SOCIETY
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Signed: Dave Alesbury
Dated: 28 October 2021 Chartered Accountant
Feltons
Chartered Accountants
1 The Green
London
TW9 1PL
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THE POLISH EDUCATIONAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 35,531 32,820 55,668 9 124,028 68,076 103,143 171,219 (47,191) 5,866 (41,325) 590,934 (41,325) 549,609 |
Total funds 2020 £ 35,531 32,820 55,668 9 124,028 68,076 103,143 171,219 (47,191) 5,866 (41,325) 590,934 (41,325) 549,609 |
Total funds 2019 £ 59,058 56,269 111,050 26 226,403 85,655 191,228 276,883 (50,480) 15,853 (34,627) 625,561 (34,627) 590,934 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 25 form part of these financial statements.
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THE POLISH EDUCATIONAL SOCIETY
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
35,818 3,672 194,471 233,961 (7,592) |
2020 £ 2,282 320,958 323,240 226,369 549,609 549,609 - 549,609 549,609 |
32,697 3,893 245,144 281,734 (8,428) |
2019 £ 2,536 315,092 |
|---|---|---|---|---|
| 317,628 273,306 |
||||
| 590,934 | ||||
| 590,934 | ||||
| - 590,934 |
||||
| 590,934 |
The financial statements were approved and authorised for issue by the Trustees on 28 October 2021 and signed on their behalf by:
Elzbieta Barrass (Chair of Trustees)
Antonina Machowska
(Vice chairperson)
The notes on pages 9 to 25 form part of these financial statements.
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
The Polish Educational Society was registered with the Charity Commission as a Charitable Incorporated Organisation on 16 January 2015. The address of the principal office is shown on page 1. The registered charity number is 1159980.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Polish Educational Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Covid-19 outbreak has caused severe disruption to Charities internationally. The Trustees of The Polish Educational Society have analysed and will carry out ongoing monitoring of the impact on the Charity's financial position. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following bases:
- Office equipment 10% reducing balance - Computer equipment 25% reducing balance
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.13 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.14 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Legacies Grants Government grants Donations Legacies Grants Income from charitable activities Income from charitable activities - Publishing and educational courses |
Unrestricte d funds 2020 £ - - 6,848 28,683 35,531 Unrestricted funds 2019 £ 25,625 2,830 30,603 59,058 Unrestricte d funds 2020 £ 32,820 |
Total funds 2020 £ - - 6,848 28,683 |
|---|---|---|
| 35,531 | ||
| Total funds 2019 £ 25,625 2,830 30,603 |
||
| 59,058 | ||
| Total funds 2020 £ 32,820 |
4. Income from charitable activities
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Income from charitable activities (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Income from charitable activities - Publishing and educational courses | 56,269 | 56,269 |
5. Income from other trading activities
Income from non charitable trading activities
| Income from the bookshop Income from the bookshop |
Unrestricte d funds 2020 £ 55,668 Unrestricted funds 2019 £ 111,050 |
Total funds 2020 £ 55,668 |
|---|---|---|
| Total funds 2019 £ 111,050 |
6. Investment income
| Unrestricte | Total | |
|---|---|---|
| d funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Investment income - bank interest | 9 | 9 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Investment income (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Investment income - bank interest | 26 | 26 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Expenditure on raising funds
Other trading expenses
| Trading expenses - bookshop Trading expenses - staff costs |
Unrestricte d funds 2020 £ 20,870 47,206 68,076 |
Total funds 2020 £ 20,870 47,206 |
|---|---|---|
| 68,076 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Expenditure on raising funds (continued)
Other trading expenses (continued)
| Trading expenses - bookshop Trading expenses staff costs |
Unrestricted funds 2019 £ 50,515 35,140 85,655 |
Total funds 2019 £ 50,515 35,140 |
|---|---|---|
| 85,655 |
8. Analysis of expenditure on charitable activities Summary by fund type
| Publishing and educational courses Publishing and educational courses 9. Analysis of expenditure by activities Activities undertaken directly 2020 £ Publishing and educational courses 56,601 |
Unrestricte d funds 2020 £ 103,143 Unrestricted funds 2019 £ 191,228 Support costs 2020 £ 46,542 |
Total funds 2020 £ 103,143 |
|---|---|---|
| Total funds 2019 £ 191,228 |
||
| Total funds 2020 £ 103,143 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. Analysis of expenditure by activities (continued)
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2019 | 2019 | 2019 | |
| £ | £ | £ | |
| Publishing and educational courses | 124,895 | 66,333 | 191,228 |
Analysis of direct costs
| Staff costs Cost of examination Cost of Conferences Cost of periodicals Membership fees Competition events cost Sundry expenses Staff costs Cost of examination Cost of Conferences Cost of periodicals Membership fees Competition events cost Sundry expenses |
Publishing and education 2020 £ 18,120 22,256 247 13,786 201 1,756 235 56,601 Publishing and education 2019 £ 67,015 14,483 22,533 14,416 73 6,325 50 124,895 |
Total funds 2020 £ 18,120 22,256 247 13,786 201 1,756 235 |
|---|---|---|
| 56,601 | ||
| Total funds 2019 £ 67,015 14,483 22,533 14,416 73 6,325 50 |
||
| 124,895 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
Analysis of support costs
| Depreciation Cost of examination Travel expenses Communication costs Computer expenses Insurance General office expenses Light and heat Printing and stationery Sundry expenses Bank charges Rent and rates Advertising and marketing Governance costs |
Publishing and education 2020 £ 254 80 310 1,489 958 1,968 2,632 625 795 533 2,301 20,443 762 13,392 46,542 |
Total funds 2020 £ 254 80 310 1,489 958 1,968 2,632 625 795 533 2,301 20,443 762 13,392 |
|---|---|---|
| 46,542 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Depreciation Travel expenses Communication costs Computer expenses Insurance General office expenses Light and heat Printing and stationery Sundry expenses Bank charges Rent and rates Advertising and marketing Governance costs 10. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: All other services not included above |
Publishing and education 2019 £ 2,849 4,009 2,040 13,062 1,356 1,536 1,182 5,415 170 688 23,714 535 9,777 66,333 2020 £ 1,050 1,500 |
Total funds 2019 £ 2,849 4,009 2,040 13,062 1,356 1,536 1,182 5,415 170 688 23,714 535 9,777 |
|---|---|---|
| 66,333 | ||
| 2019 £ 1,000 2,500 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2020 £ 58,527 4,304 2,495 65,326 |
2019 £ 95,489 4,776 1,890 102,155 |
|---|---|---|
The average number of persons employed by the Charity during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Staffs | 4 | 6 |
No employee received remuneration amounting to more than £60,000 in either year.
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .
13. Tangible fixed assets
| Cost or valuation At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 |
Office equipment £ 5,936 5,936 3,400 254 3,654 |
Computer equipment £ 2,177 2,177 2,177 - 2,177 |
Total £ 8,113 |
|---|---|---|---|
| 8,113 | |||
| 5,577 254 |
|||
| 5,831 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 13. Tangible fixed assets (continued) Net book value At 31 December 2020 At 31 December 2019 14. Fixed asset investments Cost or valuation At 1 January 2020 Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 15. Stocks Finished goods and goods for resale |
Office equipment £ 2,282 2,536 |
Computer equipment £ - - 2020 £ 35,818 |
Total £ 2,282 |
|---|---|---|---|
| 2,536 | |||
| Listed investments £ 315,092 5,866 |
|||
| 320,958 | |||
| 320,958 | |||
| 315,092 | |||
| 2019 £ 32,697 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
16. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2020 £ 541 2,466 665 3,672 |
2019 £ 514 1,434 1,945 |
|---|---|---|
| 3,893 |
17. Creditors: Amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2020 £ 1,192 6,400 7,592 |
2019 £ 2,824 5,604 |
|---|---|---|
| 8,428 |
18. Financial instruments
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2020 £ 195,710 2020 £ 6,400 |
2019 £ 245,658 |
|---|---|---|
| 2019 £ 5,606 |
Financial assets measured at amortised cost comprises bank balances and other debtors.
Other financial liabilities measured at amortised cost comprises accruals.
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19. Statement of funds
| Statement of funds | |||||
|---|---|---|---|---|---|
| Statement of funds - current | year | ||||
| Balance at | |||||
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2020 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 590,934 | 124,028 | (171,219) | 5,866 | 549,609 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19. Statement of funds (continued)
Statement of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2019 | Income | Expenditure | (Losses) | 2019 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 625,561 | 226,353 | (276,833) | 15,853 | 590,934 |
20. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total Analysis of net assets between funds - prior period Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricte d funds 2020 £ 2,282 320,958 233,961 (7,592) 549,609 Unrestricted funds 2019 £ 2,536 315,092 281,735 (8,428) 590,935 |
Total funds 2020 £ 2,282 320,958 233,961 (7,592) |
|---|---|---|
| 549,609 | ||
| Total funds 2019 £ 2,536 315,092 281,735 (8,428) |
||
| 590,935 |
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
21. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £2,495 (2019 - £1,890) were payable to the fund at the balance sheet date and are included in creditors.
22. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2020.
Page 25