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Charity number: 1185691
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE POLISH AIR FORCE MEMORIAL COMMITTEE
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Accountants' report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Krzysztof Aleksander de Berg, Chair Julian Roch Kowalski (appointed 3 July 2023) London Borough of Hillingdon (appointed 30 June 2023) Joseph Adam Hill (appointed 31 March 2023) John Stephen Bieniek (appointed 13 January 2023) Philip Andrew Richard Kwissa Rodney Byles Richard Kornicki CBE DL Chris Norman Joana Mludzinska (appointed 29 September 2023)
Charity registered number 1185691
Principal office 44 Kent Gardens Ealing London W13 8BU
Accountants Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers HSBC Bank plc 28 Chiswick High Road London W4 4HJ
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2023 to 31 December 2023.
Objectives and activities
a. Policies and Objectives
The Polish Air Force Memorial Committee was instigated in June 2010 as part of the arrangements for the closing down of the Polish Air Force Association Charitable Trust. Its objective is to maintain the memory of the Polish Air Force's achievements in the Second World War and to honour Polish Airmen by the creation and maintenance of public memorials, also to educate and inform the public about the Polish Air Force and its history including by operating the Polish Air Force museum.
The proposed basis of the Committee was formally agreed by the Commander in Chief of the Polish Air Force (Dec 2010) and by the Chief of Air Staff for the RAF (Feb 2011); they became ex-officio co-Presidents and are now 'Associate' members.
Achievements and performance
a. Main achievements of the Charity
The principal event of the year remains the annual Commemoration ceremony at the Polish Air Force Memorial and RAF Northolt with senior officers and officer cadets of the Polish Air Force along with senior officers from the RAF, other dignitaries and members of the public present.
In the course of the year a number of administrative improvements were made, including the development of the web-site, the creation of a Facebook page and the start of a process to identify and draft necessary policies where not already in place. An e-bay listing has been established to enable on-line sales of books and other materials.
Mr Krzysztof de Berg was elected as the new Chairman of the Committee effective from 29 September 2023.
Close support was maintained with RAF Ingham Heritage Trust under the terms of the Memorandum of Understanding agreed in 2021, assisting Ingham realise its full potential as the principal memorial and museum celebrating the Polish Bomber Squadrons. A further donation of £15,000 was made during the year to support the development of the Heritage Museum building.
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Financial review
Within the year ended 31 December 2023, total income amounted to £6,080 (2022: £3,948). Resources expended were £30,877 (2022: £67,647). The Memorial Committee had funds of £140,830 at 31 December 2023 (2022: £156,436).
Structure, governance and management
a. Constitution
The Polish Air Force Memorial Committee is a registered charity, number 1185691, and is constituted under a Trust deed.
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.
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 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 and signed on their behalf by:
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Krzysztof Aleksander de Berg Chair
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE POLISH AIRFORCE MEMORIAL COMMITTEE FOR THE YEAR ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Polish Air Force Memorial Committee for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes from the Charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/members handbook.
This report is made solely to the Board of Trustees of The Polish Air Force Memorial Committee, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Polish Air Force Memorial Committee and state those matters that we have agreed to state to the Board of Trustees of The Polish Air Force Memorial Committee, as a body, in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Polish Air Force Memorial Committee and its Board of Trustees, as a body, for our work or for this report.
It is your duty to ensure that The Polish Air Force Memorial Committee has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and surplus/(deficit) of The Overstall Charitable Trust. You consider that The Polish Air Force Memorial Committee is exempt from the statutory audit requirement for the year ended 31 December 2023.
We have not been instructed to carry out an audit or a review of the accounts of The Polish Air Force Memorial Committee .For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Menzies LLP Chartered Accountants
Magna House 18-32 London Road Staines TW18 4BP Date: ����� �����
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 4,827 1,253 6,080 30,877 30,877 (24,797) 9,191 (15,606) 156,436 (15,606) 140,830 |
Total funds 2023 £ 4,827 1,253 6,080 30,877 30,877 (24,797) 9,191 (15,606) 156,436 (15,606) 140,830 |
Total funds 2022 £ 3,605 343 |
|---|---|---|---|
| 3,948 | |||
| 67,647 | |||
| 67,647 | |||
| (63,699) (4,039) |
|||
| (67,738) | |||
| 224,174 (67,738) |
|||
| 156,436 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 12 form part of these financial statements.
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 6 Investments 7 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current liabilities / assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds Total funds |
- - (3,861) |
2023 £ 792 143,899 144,691 (3,861) 140,830 140,830 140,830 140,830 |
10,028 10,028 (3,300) |
2022 £ - 149,708 |
|---|---|---|---|---|
| 149,708 6,728 |
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| 156,436 | ||||
| 156,436 | ||||
| 156,436 | ||||
| 156,436 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Krzysztof Aleksander de Berg Chair
The notes on pages 7 to 12 form part of these financial statements.
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies
1.1 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 Air Force Memorial Committee 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.
1.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate reources 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.
1.3 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.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
1.4 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.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
All expenditure is inclusive of irrecoverable VAT.
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL 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 .
Depreciation is provided on the following basis:
- Display cases Over 3 years
1.6 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.
1.7 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.
1.8 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.9 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.
1.10 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.
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Income from donations and legacies
| Donations Total 2022 3. Income from charitable activities Sale of books Museum sales Miscellaneous |
Unrestricted funds 2023 £ 4,827 3,605 |
Total funds 2023 £ 4,827 3,605 2023 £ 906 347 - 1,253 |
Total funds 2022 £ 3,605 |
|---|---|---|---|
| 2022 £ 183 110 50 |
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| 343 |
4. Expenditure on Charitable activities
| Charitable expenses Accountancy Memorial costs Depreciation Insurance Museum costs Sound systems Miscellaneous IT Costs Repairs Donations made |
2023 £ 5,100 7,804 396 192 1,465 408 114 398 - 15,000 30,877 |
2022 £ 3,180 5,574 585 192 5,611 384 575 1,750 50 49,746 |
|---|---|---|
| 67,647 |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 6. Tangible fixed assets Cost or valuation At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 7. Fixed asset investments Cost or valuation At 1 January 2023 Funds extracted Revaluations At 31 December 2023 |
Fixtures and fittings £ 1,753 1,188 |
|---|---|
| 2,941 | |
| 1,753 396 |
|
| 2,149 | |
| 792 | |
| - | |
| Listed investments £ 149,708 (15,000) 9,191 |
|
| 143,899 |
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Creditors: Amounts falling due within one year
| Bank overdrafts Accruals and deferred income |
2023 £ 561 3,300 3,861 |
2022 £ - 3,300 |
|---|---|---|
| 3,300 |
9. Summary of funds
Summary of funds - current year
| General funds Summary of funds - prior year General funds |
Balance at 1 January 2023 £ 156,436 Balance at 1 January 2022 £ 224,174 |
Income £ 6,080 Income £ 3,948 |
Expenditure £ (30,877) Expenditure £ (67,647) |
Gains/ (Losses) £ 9,191 Gains/ (Losses) £ (4,039) |
Balance at 31 December 2023 £ 140,830 |
|---|---|---|---|---|---|
| Balance at 31 December 2022 £ 156,436 |
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Creditors due within one year Total |
Unrestricted funds 2023 £ 792 143,899 (3,861) 140,830 |
Total funds 2023 £ 792 143,899 (3,861) |
|---|---|---|
| 140,830 |
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THE POLISH AIR FORCE MEMORIAL COMMITTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 149,708 10,028 (3,300) 156,436 |
Total funds 2022 £ 149,708 10,028 (3,300) |
|---|---|---|
| 156,436 |
11. 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 2023.
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