THE POLAND TRUST Tr￿Stee$ annual report ond fknanclal llatemeTrl$ for the perlod from I"July 2023to 3ty'June 2024 Charlty number 204424 THE POLAND TRUST CoTrtsnts Reference and administrative informatlon Report of the trustee 24 Independent examlners report Statement of flnantial attlvltles Balance Sheet Statement of cash flows Notes forming partof thefinancial statements 9-16 THE POLAND TAUST Refrrence and admknistratloty Inlomiatlon Rélhtered ¢harhynumber.' 204424 Ch¥lt¢s prfndpal addrtJ5 Poland House, Klln Lane Brockham, 8etrhworth rrey RH3 7LZ Namès otthe ¢hJrftytruAeeand its dSMaor$who manogethe charlly Sldney Michael Poland Tru5tee5 Ltd MAKSm5th Mr5 V A Ro8ers-Wheatlev A T Barrett Mrs L Crulckshènk TJ Kenny D F Minor Mrs D Ferguson Ross P J N Rltchie Mrs P Hammond Mrs M Powell Chairman Treasurer Reslgned 8th November 2023 Appointed 8th 14ovember 2023 Appolnted 10th July 2024 Ind•p•ndwt *xarnlner Susannah Wollace Bullimores LLP Chartered Accountants and reglstered auditor5 Old Prlnters Yard 156 South Street Dorkin8 Surrey RH4 2HF B4nker5 The Co-operatlve Bank PO Box 250. Dell House Southway Skelmersdale WN8 6Wt l*)¥e5tmeTht athlsers Charles Stanley and Company Lt 25 Luke Street London EC2A 4AR THE POLAND TRUST Report of the twustet for th• pertod I. July 2023 to 30t4June 2024 siru£ture* ￿¥eMante and mana£em•nt The Polartrd Trk5St Iformedy known as sidney Mlchael Poland Charity foT a Horne and Recreatlon Groundl was originally e5tabllshed by a Charity Commission scheme dated 21 June 1957 whlch was replaced by a revis￿ scheme ordered by the Char5ty Commlssioners dated 26, January 2001. An Iteration to the revised scheme was ordered by the Charity Commissioners on 19 October 2006, On 7 February 2019 the trustees passed resolutlons to amend the Scheme dated 26, Januèry 2001 to enable a corporate trustee io be appointed., to acqulre additional land and to develop It or dispose ol It,. to manage additlonal land includin8 the appointment of residents and the collection of maintenance charges.. and to chan8e the name of the charity to The Poland Trust. On 12th May 2021 a re501utlon was passed amendin8 the Scheme to enable the charity to borrow money and charge property belonglng to the charity. On 4 May 2022 a resolution was passed arnendlng paragraph 6 of the Scheme to allow sidney Mlchael Polond Trustees Ltd ro belhe sole trustee of thecharllv. On 13 September 2023 the director5 of the trustee passed a re$oluilon 88reeln8 to acqulre the asset5 and 15abilltles ol Surrey Federation Charitable Housing Association IRe8i5tered Society no. 24025RI which also operaie$ 85 Brockham Hou.5ing Trust (Charity no. 2900631. This re501ution enable5 The Poland rrust to rner8e those organisatlon5 Into The Poland Trust which wlll then own the as5et5 and operate the sheltered housing for elderly residents at Anthony West House In Brockharn. The charity Is constituted as a tlU5t and the sole trustee 15 sidney Michael Poland TrJsiees Ltd. The dlrector5 of Sidney Michael Poland Trustee5 Ltd meet alternate months, sub8roups meet at other times to de81 with speclflt issues and report to the full board of directors as soon as practicablè, The dlrectors h3ve examlned ihe major strategic. flnancial and operational risks whlch the charltv faces and confirm that system5 have been estab11shed ro enable re8ular reports tts be produced so that the necessary steps can be taken to redure these risks. No remuneration is pald to the LSirector5 of Sldney Mlchael Poland Trustees Ltd. ObJEcilve5 and ¥¢tlvlile$ The oblettives of the chariiy are- The provision of hou51ng Ec¢ommodation for beneficiar5e5 Charitable purposes for the benefit of the residents of the accornmodation The pro¥lslon and rnalntenance of atnenlty land to be used lor recreation The re15el of benefi¢laries who are in need, hardship or distre$s Charitable purposes for the gerieral benefit of the Inhabitant5 of the grEa ol benefit The area of benefit ol the charSty is the parish￿ ol Brwkham, Betthworth, Leigh and Buckland with priority being Élven to the resident5 of Br(Kkhfjm. The trustee confirms that f( has releired to the guidance contained in the Charlty coinmi55ion's general guldance on publlc benellt when revlewin the chèrlty's aims and objectives and In planning future actlvitle5. The forrner warden of Poland Nouse retlfed as Senior resident and wa$ replaced by the exi5tin8 warden of Anthony West House who has agreed to bo the warden ol Poland House. ThEre was full occupancy ol Poland House and Poland Meadow durine the year. Further work ha5 been carried out on the recommendations ol the woodlands expert on the grounds and the live acres of woodland5. In accordance with the reserves policy further grants have been madÈ from the Poland Fund to beTheficiaries dur5ng the year. THE POLANDTRUST Achltvements and pl¥ns for Ihe future The Poland Meadow project for local needs hou5in8of twelve units of almshouses at affordable contrlbutlons and fsve units for5elf-bullders at affordable prlces in order to glve people an opportunityto stay in the area of benefit ha5 Proved io be a great success. The Almshouse AsSOCiat5on arranged a vislt bythe Duke of Gloucester in September 2024 who wo$ most irnpressed by the development and con8ratulated the trustees. Payment of the final in5talment of ihe retentlon to Scandia-Hus ha5 not yet been made as further work is require to enable the deposit paid to Surrey County Councll to be repaid to the charity. Progress on both buildin8 and financlal aspecrs of the de¥elopment are kept under revlew constantly by the trustees. All the costs related to the project are Included a5 land afjd buildlnEs addltlons. The whole cost of the project Is beln8 treated as additional endowment and Is beln8 financed by the gift of the land, 8rants from Mole Valley Distrlct Council. the sale of the self-build plots and the charity's own rÈs¢)urce5. A loan of £500.OCI) was neEOtlated wlrh CAF Bank to help with financing whlch has been drawn down in full and 15 now being repald In monthly instalments. Grants of É2.46012023 £2,564) were made to è nurnber ol inélviduals and Instltuiion5 in need. A prograrnme of work the arnenity land hè5 been carried out with a lirrn of tree $pecialist5 as well as the routlne cutting ènd stdmming of th? area. The aC£Dmmudation at Kiln Lane ha5 been maintained to the ts5¢Jal hi8h standard. The rnerger of Brockh8m Housing Trust wlth The Poland Trust Ilnally tompleted on 31, July 2024 but management a8reement berween the two charities enabled The Poland Trust to a55ume the day to day runnlng ol Anthony West House from January 2024. the linan£lal Te5POn5ibilities mer8ed from Aprll 2024. The a$5imllatlon ol the residents and property ol Anthony West House into The Poland Trust has been entirely su£ce55ful and has eTrsured that control of Anthony West PlousÈ remalns with a Brockh8m orgènisatioTh. Resef¥es pollcy* nn¥n¢l•l revlew ind IDvestmeAt pollcy A5 the Exrraordinary Repair Fund was used In recent yeèrs for the refurbishment of all the original and the Peddell Win8 unlis, and for ccnslderable rnalntenance gf the roof of the ori8lnal bulldln& the trustee con5ider5 that a balance of £50,￿0 at 3￿J￿￿e 2024 is sufficlent. A Contlngency Fund of £30,000 is maintained, The balance ot ￿SeNeS Is lor use by the Poland Fund loi the relief of beneflciaries in need and thls reserve is now being replenished with the monthly residents. tontrlbutlons from the a1￿hoUse unlts at Poland House. Poland Meadow and Anthony West House. Investment Income was less than in 2023 as More funds were wlthdrawn from the equity Inve5trnents n order to fund the bullding project. Residents, conirlbutlons were hlgher be£ause of an Increase in C(￿tribUtIon rates and the contributions from the Poland Meadow and Anthony West House resident5. There are no restrlctbns on the charit¢s power to Invest. The investment strate8y Is set by the investment comrnittee of the Erustee with advlce Irom Charles Stanley and CDrnpany Ltd tak5ng into account the Income requifements, the risk prollle 3nd the investment manaeer's view of the market prospects In the me ènd losse5 ale taken tothe StatEmentof FIna￿tI>l ActIvi￿e$1$theYlrISe. Realised galns3nd105se5 on Investments ar@ calculated asthe dlFfereffl¢e berweÉn sales proceed5 and thelr openlng c?rry1ng value vr thelr wrthasÈ value If a￿U￿re0 subsequent to the flr5t day of the finantial yE•r. Unre31152¢ 8alns and105se&are£alculatod as the dltferenre between the fair value at the yearend and thelrtarryln8value. Reamsed and unreallsed inve5tmentgain5 and10sSÈ5 are CDmblned In the Slatement ol Flnarnclal Artfvltye5. Investment Income and Investrnent8ain5 and b5se5are spllt between the endowmentand reserve fund5on the ba5150fth valueof the respectlve luntts atthe beglnnln8 of the finantlHI vpar, pxcludin8the Peddell Fund whkh wa5 5pedfic io the bulldln6 ofthe Pe¢dell WlnB at Poland House. Gmntsind d¢nO￿￿$ Investment InC￿e Investmentgdln5and105&es AllocaVOn THE POLANDTRUST Note5 to the actounts for the yearto 30th Jvne 2024 l￿bIlIty reco8￿tIon U•bllltlÈs are reco8nlsed whoo It Is Ilkoly thon nOtthe￿ Is legal or construttivt obli1at￿ cornmittin8the charty topay out re50wces and the amountof the oblls¥tlon can be measured wlth reasonable cortalnty. Go¥ernance costs comprlse all Costs Invofv5n8the publk accovntsblllty of the charfty and Itscompllancewlth re8ulalknn and Eood practlce, Governance ¢05ts thaye been allO￿ted ful to the main Chart¢ab￿ attlvlty. The cosrof Renefatlng fundsconslstof Irw85knent mana8ement £05ts. Allocatlon of govern•rnce costs Cosi of ralsln8 funds char￿ble Costs of charftsble acdvI￿es Indude 8o¥ernance costsand dlrect5UPPOrt COSts. These ateonlvrec￿D1sed in the actounts when a wmmlvnènt ha5 been made and there are no condliloThs ￿ be metrelayty tD the 8rantwhlch ￿rna1n In the control ofthe charfty. Grant51re Issued In Ilne wlth the tNstrs 8ovemlng document ot the dl¥rptltsn of the tru51eestr Indivlduals and Instltutlons In hard5hlp and neEd. (>ants payable wlthout performance condltlon5 Tèn8WJlÈf*ed assets ror USÈ by the The5È are capltallsed If theycan be used for mor? thancne vear, and c0stat￿aSt£S¢X•.TheYère volued atcost less depreclatlon. The charfty'5 pdky15 to malntaln pr¢)perty to a hl8h 5tandaTd nd the EMtraordin3ry Aepalr Fund15 Intended to provide 5uffflclentfunds to malntaln and r2furblsh ihe bulldln8S Ot approprlate fjmes. In •ccordance wtth thls practsce d¢pre¢lation Is not pro￿￿ed on fnehold bulhlln85 where. in the oplnlon ofthe tru5tse. the tesldual values are such that Iny depreclatlon charge v40uld be Immèterlal to the year an on a cUmula￿ve ba￿5. The a55etha5 been tested for IMpaI￿ent. Furrliture and equlpmentlswrftten off ai 25%of the rÈdutln8 balance each yeat o¥erthe estlmated useful lile. Investrnentsare a fomi of baslc lknancl•l InstrLvnentand are inltlally reco8nised at theirtransaction Value and sub5equentl¥ moasjred 31 thelrfalr value as at the balance sheet date usl thÈ do&n8 quoted market pthÈ. The Ststernent of Flnanclal A£tl¥ldes lrtludes the net 8aln5 and losses ar+slngon revalua￿On and dlsposals throuihoLrtthe year. The eh•rity doesnot aequlre wtuP￿ons, derfvall¥es or othei eDmplex financlal1th5truments. The rnjin forrn of financlal risk faced bythe Charity i5that uf volatlllty In equlty matkÈtsond InvÈstment mark¢tsduÈ to wider etortomlt eondtdon¥ the attitudè of in¥estorsto investment rt5 and chan8es In sentlmenttoncÈrnih8 equltles and vrfithin partlcular sectors orsub-sectors. Dpbtor5 represents amount5 owed to the charlty and are reCOE￿5ed at the ￿E3S￿rE on tho basss their retoverable amtyJnL Prepayments ère valued ètthe amount prepald atthe yeareod. Investrnents Debtors and prepayments ThEPtyJJIDThUST olutottr*ir(4untslq1theyEirlo301hJu￿Io2I 7T1 7.IE• 117JF Jy i.iY6 17JyI 91J ¢* •43 4F.V èj 51.IlZ 55.JlO 4h)J Or•* IrA7*) n&715 7NII THE PQLAND TRUST Notes to the accovnts for the year tD 30th June 2024 2024 2023 7.StAff ¢o*s Nurnber4 S)lanes and wa8es 12,478 TheaYera6enumberof employeesd￿rIng the yearvMs 112023." 21 *lth allemployee Ilme invofved kn provldlni pport sorvlcesto thartrabk athwtKgs. 2014 Grants made ITh accordan￿ wlththe oblettive5ol the£harflV 2,460 IS64 9.QMpa1411v¢sfortheSt•tem•nl Df FIn•n¢￿1 ArtP¥btl•s EndowrnEnt & Uftte#trltt￿ R¢#iiltt¢ funds T•t•l In(47mO end0v￿•￿tI from.. Donatl¢ns other Infthe property.Tr inltlal Capftalsvtn may not bespent. Th•er￿0¥￿￿￿t{uTrd representsthL)se assets%¥hlch musi be held permanentlyby the th8iltv, mnclwll¥i?nd, ￿11￿1￿8&#A￿ In¥e5tments. IncornÈirlsin8Otithe eAOowment nd can be used InacLDfLlance ¥¥lthlhe ob*¢ts ofthe (harliYaDd Islfflduded a5 n1¢5trlcted Income. Anycapltal ￿l￿Or105%¢$I(ls1M1On the Investmentsform partol lund. Th+ cèpital F•sery• r•pies*nts the orf8lnal cosisof tbeTtU51'5 hou51nioropwUe5 net ol grnnts tyIEi¥Ed 14 THE POLAND TRUST Notes to the accounts for the year to 30th June 2024 15. Tr¥nS¥¢llons wlthtrurt8tt and rdalod parths None of the dlrectors C*f the trustee have been pald any iem¢Jneratlon, expenses or recefved any other beneflts from an employmertwith the charlty or a related entlty. During the year Benlamln Bar￿t¢ son of A T Barrett Id5rettor & treasurer), was pald £5.52612023 £7,976) tor 8aYdenln8 seNltes. The charfty Is exempt from tax on Incorne and galns falllng wlthln sectlon 505 of the Taxes Act 1988 or sectlon 256 of the Taxation of Capltal Galns Act 1992 to the extent that these are applied to its chorltable objects. No tax charges have ar15en In the year. 17. FIMn¢l•l comrnltrnents In the year to 30th lune 2021 the charlty sSgned a contract wlth Scandla-Hus Ltd for £2,686,480 to bulld a block gf four flats and a courtyard of eight houses. At the year end there was an amount 01 £145,447 to be pald to Skandia Hu5 01 which £69,082 related to retention5 held and £76,365 lor works subjert to project completlon. The contract Is 5ubstantlally Complete wSth only5naggln8 and rninorworks outstandln8. l& Hous1￿ c￿pOratIon 4r•nts The transfer on mereer with Brockham Housln8Tru$t on 31st March 2024 Includes Hou51ng Corporation grants of £349,632 whlch were orlglnally received agalrnstthe orfjglnal purchase cost of the property and are released to Income over thetemi ofthe leasè. Othèr grants of £44,OCLJ were recelved agalnstthe tonstruction cost of two new unlts in 2017 ahd arè rèltased to Income ove Ihe remalnin8 term of the leasè. The frtehdd of the Trust'5 property Is held bysldney Mlthael Poland Trustees Ltd Reglstered No. 12178129 19. CAF Bank loan The cha￿ty obtaSned a £SW,000 loan iatllity wlth CAF Bank, repayable over 20 years to tinance the dev*lopment ol Poland Meadow on whith interest Is char8eable at 3% overthe base rate. Drawdown of £400,000 was made In July 2022 and £l¢>J,000 In December 2022. There are no performance related Conditions attached to the loan whlch will be repald from the contributlons from the residents of the new development. Thls loan Is secured on the tltle of Poland House, Klln Lane. 8rockham, Betchworth, PH3 7LZ. 15 THE POLAND TRUST Notes to the accounts for the year to 30th June 2024 20 RecDndllatlon of nét movement In funds to n•t cash flowfrom operntkng actlvltle$ 2024 2023 Net movement In funds 30,355 872.969 11,8881 1760,8191 0 1224,6801 4,088 1,875 P.1641 110,4521 15.947} 1,877 13,8151 1,494 228,595 495,710 Grant from Mole Valley Dlstri¢i Coun¢il Sale oflond Add batk depreclatlon charge Deduct Income shown In Investment actlvltles Deduct galnsladd back1055es on investments Decrease Ilncreasel in debtor5 Intrease Ide¢reasel In credllors In¢rease Idecreasèl in deferred liablllties Net cash used In operatin8 activitie5 244,223 377,974 16