Charity numbgr: 1159980 THE POLISH EDUCATIONAL SOCIETY UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE POLISH EDUCATIONAL SOCIETY CONTENTS Page Referen¢e and administrative details of the Charity, its Tntstees and advisèrs Trustees. rgport Independent examlnerfs report Statement of flnancial activities Balance sheet Nots$ tothe financial ststements 9-21
THE POUSH EDUCATIONAL SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees E&biets Barrass, Chairperson Aleksandra Podhorodecka. Honorary president Malgorzata Laso¢ka, Vice chairperson Halina Slochniol. Wice chairperson Anlonina Ma¢howska, Vice chairperson Krystyna Olliffe (resigned 23 February 2023} Teresa Gorski Aleksandra Ferrara Marek Jakubowski (resigned 23 February 20231 Ka10yna Kowalozyk Joanna Mechelewska Dorota Chmielewska Minka Dyszynska- Bonnage {resigned 23 February 20231 Renala Rams Magdalena 8ialecka (appointed 23 February 20231 Darie Wilkinson (appointed 23 February 2023} Magdalena Kosin lappointed 23 February 2023, resigned 3 March 20231 Marcin Rudzki lappoinled 23 Febru?ry 2023, resigned 3 March 20231 Charity registered number 1159980 Principal office 238-246 King Street London W6 ORF Accountants Feltons Chartered Accountants 1 The Green London TW9 1PL Page 1
THE POUSH EDUCATIONAL SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees presènt their annual report together WEth the financial slalements of the Charity for the 1 January 2023 to 31 December 2023. Objectives and activities Policies and objectives The charity's PLtrposè is lo advance the education of youn9 persons in the Unlled Kingdom an¢J elsewhere in the Pollsh language, history, culture and Iradttsons. The charity also uses the nsmès Polish Educational Society and Polska Macietz Szkolna Zagranica (PESI. 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 ¢hatity IPB2}'. b. Activities undertaken to achieve objectives Income is largely derived from donalians and legacies from various sponsors such as indimduals and oiganisations lo help PES facilitates their objectives to help young persons and teache improve their education capabilities. The charity also receive income fmm setting up èxaminations and publishing educational materials. c. Maln activities undertakèn to further the Charity's purposes for the public benefit The Trustees have referred to the guidance contained in the Charity Commission's general guidan on public benefrt when reviewing the aims and objective5 of the charity and in planning its future activities. The main aetivitl8s undertaken are Sel out below.. The principal aGtivilie5 of the society throughout the year continued lo be that of the publishing and saie of educational aids. the organi5alion of conferences, the administration of courses and examin8tions, the dissemination of educational m8terial to schools ond cenlres of education. The charty is active in assisting Polish Supplementary Schools throughout England. in organising wnferences for teachers, and supplying t&aching and related materials as well as organising public examinations for students in th& Polish language. Achlevements and perfomiance Flnancial reviow a. Golng concern After making appropriate enqviri8s, the Trustees have a reasonable expeetstion that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial statements Page 2
THE POLISH EDUCATIONAL SOGIETY TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 b. Re5erve$ policy The charity enjoy5 a wmftsrtable level of reserves, in excess of more than 2 years, commitment of exp6nditure on eharilable activili8s. The level of 'free' reserves remains under review. Free reserves ¢ompTise of total unrestricted funds, excluding fixed assets. that are freely available lo use ogainsl any type of the charity's activities. As at 31 December 2023, the freè unrestricted funds stood 8t Z529,42412022'. £476,296). Financial overview The nel surplus for the year was £52,034 {2023 nel deficit of £105,083> and the net assets currently sland al £535,58412022 - £483,550). Structurei governance and management a. Conststution The charty w£$ registered with the charity eomrnission on 1159980 as a Chsritable Incorporated Organisation on 1$ January 2015 and took over the activities of another charity, Polish Educational Society number 298254- on 24 March 2016. registered The assets and Ilabilities of PMS Bookshop Limited were transferred to the Charity on 1 April 2019 and the ¢harity carried on this 8CtNity after this date. b. Methods of appointment or election of Trustees The management of the Charity is the responsibilty of the Trustees who are elected and Coryopled under tho lemis of the Trust deed. Page 3
THE POLISH EDUCATIONAL SOCIETY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statemènt of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial Statements in a¢¢ordance with applicable law and United Kingdom A¢counling Standards (United Kingdom Generalty A¢pIed Accounting Praeticel. The law applicable lo Charitiès in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and f3ir view of the state of affairs of the Chaty and of Ics incoming resourGes and application of resources, including ils income and expenditure, for that period. In preparing these financi81 slolemenls, the Trustees are required lo_' select suitable accounting policies and then app them consi$tently- observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and aecounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unl8s$ il is inappropriate to presijme that tho Charity will continue in business. Th8 Trustees are responslble for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al 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 rSOnable steps for th8 prevention and detection of fraud and other irregularities. Approved by order the m&mbers of the board and signed on their behalf by.. Trustees on 25110124 Elzbieta Barrass (Chair of Trustees) Antonina Ma¢howska Ivice chairper50nl Pagè 4
THE POUSH EDUCATIONAL SOCIETY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of The Polish Educational Society I'the Charty'l I report lo the eharity Trustees on my examination of the accounts of the Chartty for the year ended 31 December 2023. Responsibilities and Basis of Report As th& Trustees of the Charity you are responsible for the preparation of the a¢¢ounts in accordanc? with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect of my examination of the Charity's accounts carried out under sedion 145 of the 2011 Act and in carying out my examination I have followed the applicable Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. Indèpendent Examinerfs Statsment Since the Charity's gross incomé exceeded £2SO,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified lo undertake the examination because l am a member of the Institutè of ChartereLI Accountants in England and Wales, which is one ofthe li8led bodies. Your attention is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statem¥nt of Recommended PractiGe applicable to charities preparing their accounts in accordance with the Financial R&porting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the AcGounting 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. l und&rstand that this has been done in Drder for the accounts lo provide a true and fsir view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2G115. I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by sedion 130 of the 2011 Act,. or the a¢counts do not accord with those records. or the accounts do not comply w(th the applicable requirements conceming the fom) and content of accounts sel out in thè Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts giv8 a 'true and fai¢ view which is not 8 matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be r8a¢hed. This report is made solely lo the Charity's Tfustees. 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 stale lo the Charity's Trustees those matters l am required lo st8te lo them in an Independont examiner's report and for no other purpose. To the fullest extent permitted by law, I do not a¢¢epl or assume responsibility lo anyone other than the Charity and the Charty's Trustees as a body, for my work or for this report. Page 5
THE POUSH EDUCATIONAL SOCIETY INDEPENDENT EXAMINER'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Signed.. Dated: Ig Dave Alesbury Chartered Accountant Feltons Chartered A¢wunlants 1 The Green London TW9 1PL Page 6
THE POLISH EDUCATIONAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donation5 and legacies Charitsble activities Other trading activities Investments 134.028 123.149 157,S51 91 134,028 123.149 157,551 91 4T,142 106, T96 135,058 Total income 414,819 414,819 289,049 Expenditure on: Raising funds Charitable activities 119,069 268,246 119,069 268,246 144, f25 214,083 Total expenditure 387,315 387,315 358,208 Net Incomellexpenditure) before net gainslllossesl on investments Net gainsl(lossesl on investments 27,504 24,530 27,504 24.630 (69, 159) (35.904) Net movement in funds 52,034 52,034 {105,063J Reconciliation of funds: Total funds brought forward Nel movement in funds 483.550 52,034 483,550 52,034 588, 613 (105,063} Total funds ¢arrled forward 535,584 535.584 483,550 The Ststement of Financial Activities includes all gains and losses recDgni5ed in th8 year. The nolgs on pages 9 to 21 fom part of these financial statements. Page 7
THE POUSH EDUCATIONAL SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments 13 14 6,160 316,905 7,254 296,417 323.065 303,671. Current assets Stocks 15 16 14,326 3,701 221,606 11,019 8.217 169,726 Debtors Cash at bank and in hand 239,632 188,962 Creditors.. amounts falling due within one year 17 127,1131 (9,083J Net ¢urrenl assets 212,519 179,879 Total asset$ less Current Ilabilities 535,584 483,550 Total net assèts 535,584 483,550 Chartty funds Reslricled fund8 Unrestricted funds 19 19 535.584 483,550 Total funds 535.584 483,550 The financial statements were approved and aulhorised for issue by the Trustees on and signed on their bèh*lf by.. 25110124 Elzbieta Barrass (Chair of Trustees) Antonina MaGhowska (Vice chairperson) The notes on pages 9 to 21 fom part of these financial stat$menls. Page 8
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPABER 2023 General information The Polish Educational Socièty was registered with the Charity Commission as a Charitable Incorporated Organisalion on 16 January 2015. The address of the principal offic& is shown on page 1. The registered charity number 1$ 1159980. Accounting policies 2.1 Basis of preparation of financial statements The financial statèments have been prepared in aOrdance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Stateent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a Irue and fairf view and have dEparted from the Ghartties (Accounts and Reports) Regulations 20Q8 only to the extent required to provide a 'lrue and f8il view. This departure has involved following the charleS SORP IFRS 1021 published in October 2019 rather Ih8n the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Polish Educational Socièty meets the definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are inf(ially recognised at historical cost or transastion 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 lo adopt the going conctsrn basis in preparing the financial statements 2.3 Income All income is recognised once the Charity has entrtlemenl to the income, il is probable that the income will be recèived and the amount of income receivable can be measured reliably. Grants are included in the St*&ment of financial actlvities on a recetvable basis. The balance of income received for spe¢ifi¢ purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income 15 received in advance of entillemenl of receipt, (fs recognition is deferreil and included in cr&dtiors as deferred in¢ome. Where entitlement oc¢ur before in¢ome is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the Investment income is receivable. Page 9
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2A Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendi(ure 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 cc>sts attrtbulablè to a single octivty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportiETneof between those activities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allo¢ated on the PDrtion of the asset's use. Expenditure on charitable activities is incuffed on directly undertaking the activitie$ which fvrther the Charity's objedives, as well as any associated support Costs. 2.5 Interest recèivable Interest on funds held On deposit is included when receivable and the amount Gan be measured reliably by the Charity,. this is notmally upon notrficalion of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixod a$$8ts and depreciation Tangible fixed assets costing £500 or more are ¢apitalised and recogniseé when future economie benefrts are probable and the cost or value of the asset ean be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost rnodel. tangible fixed assets are rneasured at cost less a¢cumulaled depreciation and any accumulated impairrnent ltssses. All costs incurred to bring a tsngible fixed asset into ils 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 balan¢e basis. Depreciation is provided on the following bases-. Office equiprnent Computer equipment 100/0 Straight line 250/ts Straight line 2.7 Investments Fixed asset investments are a fomi of financial inslrum¢nt and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value cannot be measured reliably in whi¢h case il is mtrasured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and pSented as 'GainsllLossesl on investments, in the Statement of financial aclivilies. 2.8 Stocks stocks are valued at the lower of cost and net rèalisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all olirect costs and an appropriate proportion of fixed and variable overheads. Page 10
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.9 Debtors Trade and other debtors are recognised al thè selllemenl amount after any trade discount offered. Prepayments are valued at the arnounl prepaid nel of any lfftdè dtscounl¥ due. 2.10Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wrth a short maurity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be requiTed in settlement, and the amount of the settlement can be estimated reliably. Liabilities are r8¢ognised at the amount that the Charity anticipates ft will pay10 Settle the debt or thè amount it has re¢¢ived as advanced payments br the goods or services il musl provÉde. 2.12 Financlal instruments The Charity only has finaneial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which aye subsequently measured at amortised cost using the effective interest method. 2.13 Penslons The Charrfty operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 2.14 Fund accounting General funds are unreslricled fvnds which are available for use at the discr81ion of the Trustees in furtherance of the general objectivès of the Charity and which have not been designated for olhar purposes. Investment income, gsins and losses are allocated to the appropriate fund. Page11
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incoma from donations and legacles Unrestricte d fLEnds 2023 Total funds 2023 Total funds 2Q22 Donations Grants 2,400 131,628 2,400 131,628 550 46,592 134,028 134,028 47, 142 Totsl 2022 41, 142 47, 142 Incorne from charitable a¢tivities Unrestricte d funds 2023 Total funds 2023 Total funds 2022 Income from charitable aclivitios - Publishing and educational ¢ourse In¢om& from charrtable adivilies - Membership fees 77.580 45,569 77.580 45,569 61,948 44,848 123.149 123,149 1Q6, 796 Total 2022 106, 796 106, 796 Page 12
THE POUSH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from other trading a¢tlvltles Income from non charitsble trading activities Unrestricte d funds 2023 Total funds 2023 Total funds 2022 Income from the bookshop 157,551 157.SSI f35,058 Total 2022 135,058 135,058 Investment income unstrIcte d funds 2023 Total funds 2023 Total funds 2022 Income from local listed investments Investment income- bank interest 75 16 75 16 20 33 91 91 Total 2022 53 Page 13
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising funds Othertrading expenses Unrestricte d funds 2023 Total funds 2023 Totsl funds 2022 Trading expenses - bookshop Trading expenses - staff costs 86,127 32,942 86,127 32,942 107,858 36,267 119,069 119,069 144. t25 Total 2022 144, 125 144, 125 Analysis of oxpenditure on charitable activlties Summary by fund type Unrestricte d funds 2023 Total 2023 Tot81 2022 Publishing and educational courses 268,246 268,246 214,083 Total 2022 214,083 214,083 Paga 14
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendlture by a¢tivities A¢tivities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Publishing and educational courses 180,488 87,758 268,246 214,083 Tot812022 f44,436 69,647 214,083 Analysis of dÉre¢t costs Publishing and education Total funds 2023 Total funds 2022 2023 Stsff costs Cost of examination Cost of Conferences Cost of periodicals Membership fees Competition events cost Travel expenses Sundry expenses Special events cost 59,652 15,254 26.139 7.191 406 46,816 195 59,652 15.254 26.139 7.191 406 46.816 195 57,511 17,337 40,389 6,407 22,268 474 24,835 24,835 18a,488 180,488 144,436 Tolal 2022 144,436 144,436 Page15
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expgnditur¢ by acttvities Icontinuedl Analysis of support costs Publishing and educatio 2023 Total funds 2023 Total lunds 2022 Depreciation Travel expenses Communication cost5 Computer expenses Insurance General office expenses Light and heal Printing and slalionery Bank ¢harges and interest Rent and rates Advertising and marketing Repairs and maintèn8nce Entertaining Governan costs 1,340 5,856 2,946 4,611 1,207 8,664 413 8,689 1,501 38,479 1,340 5.8S6 2.946 4.611 1,207 8,664 413 1,31 5 6, 788 3,098 4,366 341 5,055 978 8,537 1,367 22,350 300 81 232 15,439 8,689 1,501 38,479 13 13 13.995 13,995 87,758 87,758 69,647 Total 2022 69,647 69,647 10. Independent examiner's remuneration 2023 2022 Fees payable lo the Charty's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respgd of.. All other services not included above 1,240 f. q85 2,860 4.020 Page 16
THE POUSH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs 2023 2022 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 88.517 2.208 1,869 89,295 2,487 1,997 92,594 93,779 Th8 average number of persons employed by the Charity during thè year was as lollows.. 2023 No. 2022 No. Staff No employee received remunerati¢n amounting lo rnoie than £60,000 in either year. 12. Trustees. remuneration and expenses During the year, on¢ or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The fees were paid lo trustees for exam assessments and invigilating. The value of Trustees. remuneration and other benefits was as follows.. 2023 2022 Elzbieta Barrass Malgorzata Lasocka Joanna Me¢helewska Remuneraliun Remuneration Remuneration 220 370 485 473 During th8 year gnded 31 December 2023. expenses totalling £8,695 were reimbursed or paid directly lo 8 TtU5tees (2022 - £7,946 10 11 Trustegsj. The expensas related lo the cost of slaliontsry, staff grfts. equipment, travel, hotel and sub$i5tence costs. Page 17
THE POLISH EDUCATIONAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tangible fixed ass¢t$ Office equlpment Computer equipment Total Cost or valuation At 1 January 2023 Additions 11.121 246 3.747 14.888 246 Al 31 December 2023 11,387 3,747 15,114 Depreciation At 1 January 2023 Charge for the year 5,044 947 2,S70 393 7.614 1,340 At 31 December2023 5,991 2,963 8.954 Net book value At 31 December 2023 S,376 6,160 At 31 December2022 6,077 1,177 7,254 Page 18
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Fixed asset investments List¢d nvestments Cost or valuation At 1 January 2023 Revaluations 296,417 20,488 At 31 December 2023 316.905 Net bookvalua At 31 December2023 316,905 At 31 December2022 296,417 1S. StoGk5 2023 2022 Finished goods and goods for 14.325 11,019 16. Debtors 2023 2022 Due withÉn one year Trade debtors Other debtors Pr¢payments and accrued income 61 6,716 1,501 1,995 3,701 8,217 Pgge 19
THE POLISH EDUCATIONAL SOCIEff NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Crodttors." Amounts falllng due withln one year 2023 2022 Other taxation and social security Accruals and deferred income 25.267 9,083 27,113 9,083 18. Financial instruments 2023 2022 Financial assets Financial assets measured at arnortised cost 221,660 169. 726 2023 2022 Financial liabilities Financial liabilities measured at amortised cost 25,267 9,083 Financial assets measured at amortised cost comprises bank balances and other debtors, excluding VAT. Other financial liabilities measurecl al amortised cost comprises acctuals. Page 20
THE POLISH EDUCATIONAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Statemgnt of funds Statement of funds- currènt year Balance at 31 Galnsl December ILosse$) 2023 Balance at 1 January 2023 Income Expenditure Unrèstricted funds Gener&1 Funds- all funds 483,550 414,819 (387,3151 24,530 535,584 Statement of funds - prior year B81ance al 31 December 2022 Balance at l January 2022 Gaitp {Losses) Income Expenditure Unrestricted funds General Funds- all funds 588,613 289,049 (358,208) (35,904J 483,550 20. Penslon comrnrtments The charity operates a defined contribution pension scheme. The assets of the scheme are held sèparately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted lo £1,869 12022 £1,997}. No amounts were included in creditors as payable lo the fund at the balance sheet dale. 21. Related party transactions The Charity has not enter into any related party transaction during the year, nor are the any outstsnding balances owing between lated parties and the Charty at 31 December 2D23. Page 21