Charity number: 1159980
THE POLISH EDUCATIONAL SOCIETY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 - 21 |
THE POLISH EDUCATIONAL SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
| Trustees | Elzbieta Barrass, Chairperson |
|---|---|
| Aleksandra Podhorodecka, Honorary chairperson | |
| Malgorzata Lasocka, Vice chairperson | |
| Halina Stochniol, Vice chairperson | |
| Antonina Machowska, Vice chairperson | |
| Krystyna Olliffe | |
| Teresa Górski | |
| Aleksandra Ferrara | |
| Marek Jakubowski | |
| Katarzyna Kowalczyk | |
| Joanna Mechelewska | |
| Dorota Chmielewska | |
| Minka Dyszynska-Bonnage | |
| Renata Rams |
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 2022
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2022 to 31 December 2022.
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
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
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THE POLISH EDUCATIONAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
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, excluding fixed assets, that are freely available to use against any type of the charity's activities. As at 31 December 2022, the free unrestricted funds stood at £476,296 (2021: £581,384).
c. Financial overview
The net deficit for the year was £105,063 (2021 net surplus of £39,004) and the net assets currently stand at £483,550 (2021 - £588,613).
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.
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30 October 2023
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THE POLISH EDUCATIONAL SOCIETY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022.
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
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 socIErY INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Signed. led. 30 Tr) L3 Dave Alesbury Chartered Accountant Feltons Chartered Accountants 1 The Green London TW9 1PL Page 6
THE POLISH EDUCATIONAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 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)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 47,142 106,796 135,058 53 289,049 144,125 214,083 358,208 (69,159) (35,904) (105,063) 588,613 (105,063) 483,550 |
Total funds 2022 £ 47,142 106,796 135,058 53 289,049 144,125 214,083 358,208 (69,159) (35,904) (105,063) 588,613 (105,063) 483,550 |
Total funds 2021 £ 68,537 103,113 83,072 - |
|---|---|---|---|
| 254,722 | |||
| 71,210 158,871 |
|||
| 230,081 | |||
| 24,641 14,363 |
|||
| 39,004 | |||
| 549,609 39,004 |
|||
| 588,613 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 21 form part of these financial statements.
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| THEPOLISHEDUCATIONALSOCIETY | THEPOLISHEDUCATIONALSOCIETY | THEPOLISHEDUCATIONALSOCIETY | THEPOLISHEDUCATIONALSOCIETY | THEPOLISHEDUCATIONALSOCIETY | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BALANCESHEET | ||||||||||
| ASAT31DECEMBER2022 | ||||||||||
| 2022 | 2021 | |||||||||
| Note | £ | £ | ||||||||
| Fixedassets | ||||||||||
| Tangible assets | 13 | 7,254 | 7,229 | |||||||
| Investments | 14 | 296,417 | 335,321 | |||||||
| 303,671 | 342,550 | |||||||||
| Currentassets | ||||||||||
| Stocks | 15 | 11,019 | 39,606 | |||||||
| Debtors Cash at bank and |
inhand | 16 | 8,217 169,726 |
5.325 212,282 |
||||||
| 188,962 | 257.213 | |||||||||
| Creditors:amountsfallingdue | withinone | |||||||||
| vear | 17 | (9,083) | (11.150) | |||||||
| Netcurrentassets | 179,879 | 246.063 | ||||||||
| Totalassetslesscurrent liabilities | 483,550 | 588.613 | ||||||||
| Totalnet assets | 483,550 | 588,613 | ||||||||
| Charityfunds | ||||||||||
| Restrictedfunds | 19 | |||||||||
| Unrestrictedfunds | 19 | 483,550 | 588,613 | |||||||
| Totalfunds | 483,550 | 588,613 | ||||||||
| The financial |
statements | were | approved | and | authorised | for issue |
by | the |
Trustees | |
| 30 October 2023 | andsignedontheirbehalf | by | ||||||||
| Atonina | Mackouka | Antonina Machowska |
||||||||
| 30 | Oct2023 | 15:19:16(Z) | ||||||||
| REASON:lam | approvingthisdocument. | |||||||||
| Elzbieta Barrass | 62334Antonina Machowska | |||||||||
| (ChairofTrustees) | (Vicechairperson) | |||||||||
| Thenotesonpages9to21formpartofthesefinancialstatements. | ||||||||||
| Page 8 |
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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
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.
Page 9
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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% straight line - Computer equipment 25% straight line
Page 10
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
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 Total 2021 |
Unrestricte d funds 2022 £ 550 - 46,592 - 47,142 68,537 |
Total funds 2022 £ 550 - 46,592 - 47,142 68,537 |
Total funds 2021 £ 1,427 14,104 22,691 30,315 |
|---|---|---|---|
| 68,537 | |||
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Income from charitable activities
| Income from charitable activities - Publishing and educational courses Income from charitable activities - Membership fees Total 2021 |
Unrestricte d funds 2022 £ 61,948 44,848 106,796 103,113 |
Total funds 2022 £ 61,948 44,848 106,796 103,113 |
Total funds 2021 £ 58,576 44,537 |
|---|---|---|---|
| 103,113 | |||
5. Income from other trading activities
Income from non charitable trading activities
| Income from the bookshop Total 2021 |
Unrestricte d funds 2022 £ 135,058 83,072 |
Total funds 2022 £ 135,058 83,072 |
Total funds 2021 £ 83,072 |
|---|---|---|---|
6. Investment income
| Income from local listed investments Investment income - bank interest |
Unrestricte d funds 2022 £ 20 33 53 |
Total funds 2022 £ 20 33 53 |
Total funds 2021 £ - - |
|---|---|---|---|
| - |
Page 13
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Expenditure on raising funds
Other trading expenses
| Trading expenses - bookshop Trading expenses - staff costs Total 2021 |
Unrestricte d funds 2022 £ 107,858 36,267 144,125 71,210 |
Total funds 2022 £ 107,858 36,267 144,125 71,210 |
Total funds 2021 £ 25,620 45,590 |
|---|---|---|---|
| 71,210 | |||
8. Analysis of expenditure on charitable activities
Summary by fund type
| Publishing and educational courses Total 2021 |
Unrestricte d funds 2022 £ 214,083 158,871 |
Total funds 2022 £ 214,083 158,871 |
Total funds 2021 £ 158,871 |
|---|---|---|---|
Page 14
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. Analysis of expenditure by activities
| Publishing and educational courses Total 2021 |
Activities undertaken directly 2022 £ 144,436 87,810 |
Support costs 2022 £ 69,647 71,061 |
Total funds 2022 £ 214,083 158,871 |
Total funds 2021 £ 158,871 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Cost of examination Cost of Conferences Cost of periodicals Membership fees Competition events cost Sundry expenses Total 2021 |
Publishing and education 2022 £ 57,511 17,337 40,389 6,407 50 22,268 474 144,436 87,810 |
Total funds 2022 £ 57,511 17,337 40,389 6,407 50 22,268 474 144,436 87,810 |
Total funds 2021 £ 46,113 22,411 7,252 1,585 111 10,197 141 |
|---|---|---|---|
| 87,810 | |||
Page 15
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Travel expenses Communication costs Computer expenses Insurance General office expenses Light and heat Printing and stationery Bank charges and interest Rent and rates Advertising and marketing Repairs and maintenance Entertaining Governance costs Total 2021 10. Independent examiner's remuneration |
Publishing and education 2022 £ 1,315 6,188 3,098 4,366 341 5,055 978 8,537 1,367 22,350 300 81 232 15,439 69,647 71,061 |
Total funds 2022 £ 1,315 6,188 3,098 4,366 341 5,055 978 8,537 1,367 22,350 300 81 232 15,439 69,647 71,061 |
Total funds 2021 £ 468 742 1,375 2,168 1,691 3,012 382 5,951 584 31,741 88 4,668 1,023 17,168 |
|---|---|---|---|
| 71,061 | |||
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,185 | 1,120 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| All other services not included above | 4,020 | 2,280 |
Page 16
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2022 £ 89,295 2,487 1,997 93,779 |
2021 £ 88,033 1,842 1,827 |
|---|---|---|
| 91,702 |
The average number of persons employed by the Charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Staff | 4 | 4 |
No employee received remuneration amounting to more than £60,000 in either year.
12. Trustees' remuneration and expenses
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The fees were paid to trustees for exam assessments. The value of Trustees' remuneration and other benefits was as follows:
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Elzbieta Barrass | Remuneration | 220 | 610 |
| Aleksandra Podhorodecka | Remuneration | - | 492 |
| Halina Stochniol | Remuneration | - | 464 |
| Katarzyna Kowalczyk | Remuneration | - | 584 |
| Joanna Mechelewska | Remuneration | - | 480 |
| Dorota Chmielewska | Remuneration | - | 528 |
| Renata Rams | Remuneration | - | 416 |
| Malgorzata Lasocka | Remuneration | 370 | - |
During the year ended 31 December 2022, expenses totalling £ 7,946 were reimbursed or paid directly to 11 Trustees (2021 - £732 to 4 Trustees) . The expenses related to the cost of trophies, and travel, hotel and subsistence costs.
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THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Tangible fixed assets
| Cost or valuation At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Office equipment £ 9,781 1,339 11,120 4,122 922 5,044 6,076 5,659 |
Computer equipment £ 3,747 - 3,747 2,177 393 2,570 1,177 1,570 |
Total £ 13,528 1,339 |
|---|---|---|---|
| 14,867 | |||
| 6,299 1,315 |
|||
| 7,614 | |||
| 7,253 | |||
| 7,229 |
Page 18
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 15. Stocks Finished goods and goods for resale 16. Debtors Due within one year Other debtors Prepayments and accrued income |
2022 £ 11,019 2022 £ 6,716 1,501 8,217 |
Listed investments £ 335,321 310 (5,030) (34,184) 296,417 296,417 335,321 2021 £ 39,606 2021 £ 3,662 1,663 5,325 |
|---|---|---|
Page 19
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
17. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 9,083 | 11,150 |
18. Financial instruments
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2022 £ 169,726 2022 £ 9,083 |
2021 £ 212,282 |
|---|---|---|
| 2021 £ 11,150 |
Financial assets measured at amortised cost comprises bank balances and other debtors, excluding VAT.
Other financial liabilities measured at amortised cost comprises accruals.
Page 20
THE POLISH EDUCATIONAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
19. Statement of funds
Statement of funds - current year
| Balance at 1 January 2022 £ Unrestricted funds General Funds - all funds 588,613 Statement of funds - prior year Balance at 1 January 2021 £ Unrestricted funds General Funds - all funds 549,609 |
Income £ 289,049 Income £ 254,722 |
Expenditure £ (358,208) Expenditure £ (230,081) |
Gains/ (Losses) £ (35,904) Gains/ (Losses) £ 14,363 |
Balance at 31 December 2022 £ 483,550 |
|---|---|---|---|---|
| Balance at 31 December 2021 £ 588,613 |
20. 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 £1,997 (2021 - £1,827). No amounts were included in creditors as payable to the fund at the balance sheet date.
21. 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 2022.
Page 21