Charity registration number 277603 (England and Wales)
Company registration number 00477371
POLISH CULTURAL FOUNDATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
POLISH CULTURAL FOUNDATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs B Korzeniowska |
|---|---|
| Mrs B M Weimann | |
| Mrs M Kruczkowska-Young | |
| Dr J Tarczynski | |
| Mrs A Podhorodecka | |
| Mr S Kasprzyk | |
| Mrs M Bialic | |
| Mr W Mier-Jedrzejowicz | |
| Treasurer & Non-Executive | Mrs Jolanta Kozminski |
| Director | |
| Secretary | Mr W Mier-Jedrzejowicz |
| Charity number | 277603 |
| Company number | 00477371 |
| Registered office | 238-246 King Street |
| Hammersmith | |
| London | |
| W6 0RF | |
| Independent examiner | Darren Harding ACA FCCA DChA |
| Richard Place Dobson Services Limited | |
| Ground Floor | |
| 1-7 Station Road | |
| Crawley | |
| West Sussex | |
| RH10 1HT |
POLISH CULTURAL FOUNDATION LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
POLISH CULTURAL FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's memorandum and articles of association, the Companies Act 2006 and "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)".
Objectives and activities
Objectives and aims
The charitable company's objects are to advance and propagate culture, education and learning among persons of Polish decent residing permanently or temporarily in the United Kingdom of Great Britain and Northern Ireland.
Significant activities
The charitable company's principal activity is the publishing of the Polish Weekly " Tydzień Polski” but it also promotes Polish culture by the organisation of specific events and the publishing of books and albums for the Polish community.
Public benefit
The charitable company's trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the charitable company's aims and objectives and in planning its future activities. In particular, they have considered how planned activities will contribute to the aims and objectives they have set.
Grant making
The charitable company made grants to PDP during the year to enable PDP to publish the "Polish Weekly".
Achievements and performance
Charitable activities
During the year the charitable company continues to publish books and support the publishing of the ‘Polish Weekly’ by its subsidiary undertaking, The Polish Daily (Publishers) Ltd (“PDP”) and to achieve its objects by actively seeking outside financial contributions.
Financial review
Financial position
The charitable company's total income for the year was £149,157 (2023: £157,188). After deducting expenditure of £119,633 (2023: £150,490 ), a net surplus of £29,524 (2023 net surplus: £6,698 ) arose for the year. At 31 December 2024 the charitable company had total funds of £105,088 (2023: £75,564 ), of which £32,513 is unrestricted and £72,575 is restricted.
Reserves policy
It is the policy of the charitable company to maintain funds to provide the necessary support to PDP to continue publishing the 'Polish Weekly' newspaper. In order to achieve this the charity is actively seeking financial support from outside sources.
Structure, governance and management
Governing document
The charitable company is governed by its Memorandum and Articles of Association dated 18 January 1950 (as amended by special resolution on 19 November 2016).
page 1
POLISH CULTURAL FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who are ajso the direGton for ihe purpose of Co[nnY law, and ivho 8erved during thc year and up io the dale ofsignaitsre of die filncid] statements ivere: Mrs B KorLeniows B M Weimann Mrs M Kruczkowgka-yollng Dr J Tai'czynski Mrs A PodhTrrodecka Mr S Kasprzyk Mr8 M BialiL Mr W Miti'_Jedrzejowi¢z Mrs Jolanta Kozminski (Treasurer and rhokn cxecutive (Appointed 15 february 20221 diirctorl Reti'ulJneiit and appoiiitment of ntw tiwstee5 The Irustees are appoinied by the council vf Managemeiit who nieet regularly to discuss the p¢rfotman¢e of Ilie group. Organls2tlonal strvcture The Chilable company is a regisleird chatiiabl¢ c05npany lirnited by guarantee iwith one subsidiary llndettakin& PDP. The haritable company's rcgisicird charity nuinbcr 15 277603 and Its registered company number is 477371. Intei'hxl tohtrols and mitigAlion of mAjOY risks Tlie liwstees are responsible for th¢ Management ofrtsks faced by Ihe charitsble con1pY and Iliey continue to review the chaiiiablt coiiipany's ri%k iiianageiiienl procegscs aiid systerns on 8n ongoiiig basis. Policies liave beeii pui tn placc to miiiwe any risks identified and havc been tormally noted by the tru5t¢es. 'I'lie liustees, rerM)ri was appi'ovcd by tlie Board of Trustces. JLJa Mrs A PodhoiY¥de¢ka Iiwslee Dated...£.g,..o.9:2&25 pag¢ 2
POLISH CULTURAL FOUNDATION LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF POLISH CULTURAL FOUNDATION LIMITED
I report to the trustees on my examination of the financial statements of Polish Cultural Foundation Limited (the charitable company) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
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:
-
1 accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Darren Harding ACA FCCA DChA Richard Place Dobson Services Limited Ground Floor 1-7 Station Road Crawley West Sussex RH10 1HT
Dated: .........................29/09/2025
page 3
POLISH CULTURAL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 2,994 126,939 Charitable activities 4 12,018 - Other trading activities 5 7,187 - Investments 6 19 - Total income 22,218 126,939 Expenditure on: Raising funds 7 1,129 - Charitable activities 8 18,237 100,267 Total expenditure 19,366 100,267 Net income 2,852 26,672 Transfers between funds - - Net movement in funds 10 2,852 26,672 Reconciliation of funds: Fund balances at 1 January 2024 29,661 45,903 Fund balances at 31 December 2024 32,513 72,575 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 129,933 1,914 142,843 12,018 5,000 - 7,187 7,416 - 19 15 - 149,157 14,345 142,843 1,129 1,404 - 118,504 35,925 113,161 119,633 37,329 113,161 29,524 (22,984) 29,682 - 2,750 (2,750) 29,524 (20,234) 26,932 75,564 49,895 18,971 105,088 29,661 45,903 |
Total 2023 £ 144,757 5,000 7,416 15 |
|---|---|---|
| 157,188 | ||
| 1,404 149,086 |
||
| 150,490 | ||
| 6,698 - |
||
| 6,698 68,866 |
||
| 75,564 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
page 4
POLISH CULTURAL FOUNDATION LIMITED BALANCE SHEET ASA T31 DECEMBER 2024 2024 2023 Notes ed Sets G(xthvill Tarhgiblc &8sets 13 14 15.669 15,824 15,670 15,825 Debtoys C&8h at bank and in hand 10.560 102.763 10.536 84.921 113,323 95,457 Crcditors= •mo¥tyts fAlllrti d¢ wlthltt line y¢r 16 {23,9)5) {35.718) 89,418 59.739 TotAI assets less current11gbllltles 105.088 75,564 Incorne fund Reslricied funds Unrestricted fijnds 17 72.575 31513 45,3 29.661 105.088 75,564 The company is enililed the eXeMpln from the audii requirement conts1r in sedion 477 of iht Companie5 Act 2006, for the year erhdtd 31 De¢ber 2024. The dircclors kno1vIede their responsibililies for coniplying wtih ihe requirements of the Companies Act 2006 iyith respect to ac£owitinE Jtcords ond the pKporglion of financial 8iaieniertlJ. Thc rnetnber% havc not rcquircd tlic coinpany lo obtain an audil ot ils financi sweiE)¢nts foi. the yc& in quesiiots in 9¢0)rdae vitli Sectioii 476. Thcsc financial sta1cmlS have bcer) prerwed in x(ordorK¢ with Ib¢ provisions appli¢•bk to o)mpont¢s $ubiea the smatl cotnpfjnie5 regime. 2.8."..£eft £0 £5 Thc financial slalcmenls were apwoved by the Truses On.... .. . Mr8 A Podhorodeck8 Trustse CompAlly reg15trtlon number 00477371 pag¢ 5
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Polish Cultural Foundation Limited is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 238-246 King Street, Hammersmith, London, W6 0RF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Companies Act 2006 and "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 charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Within this income recognition framework voluntary income, including donations and legacies, are recognised when the charitable company is entitled to the income which, on occasion, may be prior to the receipt of the monies concerned.
Income is received from one charitable activity, which is, Book and Newspaper Publishing, all of which is recognised in the year in which the income is receivable, which is when the charitable company becomes entitled to the resources.
Income from other trading activities relates to the lottery, and this income is recognised in the year in which the income is receivable, which is when the sale takes place.
Investment income, which includes interest receivable is included in the Statement of Financial Activities in the year in which it is receivable.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
page 6
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Charitable activities relate to the costs of publishing books and newspapers and have been allocated directly to the functional headings as shown on the SOFA.
The main activity of the charitable company is to publish books and newspapers so all costs related to this are classed as direct charitable costs and all other costs are allocated as support costs.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
1.6 Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life, and shall be amortised on a systematic basis over its life.
1.7 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment 20% on cost Portal 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Investments in subsidiary undertakings are stated at cost, less provision for any impairment in value.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Basic financial liabilities
Creditors are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
1.10 Taxation
The charity is exempt from corporation tax on its charitable activities.
page 7
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Preparation of consolidated financial statements
The financial statements contain information about Polish Cultural Foundation Limited as an individual charity and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
2 Critical accounting estimates and judgements
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 2,994 126,939 Legacies - - 2,994 126,939 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 129,933 1,914 120,425 - - 22,418 129,933 1,914 142,843 |
Total 2023 £ 122,339 22,418 |
|---|---|---|
| 144,757 |
4 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Book and newspaper publishing | ||
| Sale of goods | 12,018 | 5,000 |
page 8
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 5 | Income from other trading activities | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Sponsorships and social lotteries | 7,187 | 7,416 | |
| 6 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 19 | 15 | |
| 7 | Expenditure on raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Membership schemes and social lotteries | 1,129 | 1,404 |
page 9
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8 Expenditure on charitable activities
| Book and | Book and | ||
|---|---|---|---|
| newspaper | newspaper | ||
| publishing | publishing | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 4,514 | 3,951 | |
| Book and newspaper publishing costs | 41,473 | 34,076 | |
| Grants to subsidiary undertaking to publish newspaper | 66,994 | 68,574 | |
| Portal expenses | 180 | 37,168 | |
| 113,161 | 143,769 | ||
| Share of support and governance costs (see note 9) | |||
| Support | 3,755 | 3,785 | |
| Governance | 1,588 | 1,532 | |
| 118,504 | 149,086 | ||
| Analysis by fund | |||
| Unrestricted funds | 18,237 | 35,925 | |
| Restricted funds | 100,267 | 113,161 | |
| 118,504 | 149,086 | ||
| 9 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank charges | 512 | 450 | |
| Rates, rent & service charge | 2,189 | 2,241 | |
| Insurance | 52 | 37 | |
| Sundries | 1,002 | 1,057 | |
| Governance costs | 1,588 | 1,532 | |
| 5,343 | 5,317 | ||
| Analysed between: | |||
| Book and newspaper publishing | 5,343 | 5,317 | |
| 10 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial statements | - | - | |
| Depreciation of owned tangible fixed assets | 4,514 | 3,951 |
page 10
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Intangible fixed assets
| Intangible fixed assets | |
|---|---|
| Goodwill | |
| £ | |
| Cost | |
| At 1 January 2024 and 31 December 2024 | 1 |
| Amortisation and impairment | |
| At 1 January 2024 and 31 December 2024 | - |
| Carrying amount | |
| At 31 December 2024 | 1 |
| At 31 December 2023 | 1 |
14 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Office equipment £ Cost At 1 January 2024 6,571 Additions 4,359 At 31 December 2024 10,930 Depreciation and impairment At 1 January 2024 1,359 Depreciation charged in the year 976 At 31 December 2024 2,335 Carrying amount At 31 December 2024 8,595 At 31 December 2023 5,212 |
Portal £ 14,150 - 14,150 3,538 3,538 7,076 7,074 10,612 |
Total £ 20,721 4,359 |
| 25,080 | ||
| 4,897 4,514 |
||
| 9,411 | ||
| 15,669 | ||
| 15,824 |
page 11
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Prepayments and accrued income Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 9,955 605 10,560 2024 £ 23,905 |
2023 £ 10,054 482 |
| 10,536 | ||
| 2023 £ 35,718 |
16 Creditors: amounts falling due within one year
17 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 January | Incoming | Resources | TransfersAt 31 December | TransfersAt 31 December | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| Publication fund | 26,057 | 93,689 | (88,647) | - | 31,100 |
| Calendar fund | 2,502 | 8,250 | (9,710) | - | 1,042 |
| Portal fund | - | 25,000 | (1,910) | - | 23,090 |
| T. Zielinski fund | 11,694 | - | - | - | 11,694 |
| Solidarity with Ukraine | 5,650 | - | - | - | 5,650 |
| 45,903 | 126,939 | (100,267) | - | 72,575 | |
| Previous year: | At 1 January | Incoming | Resources | TransfersAt 31 December | |
| 2023 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| Publication fund | - | 88,528 | (62,471) | - | 26,057 |
| Calendar fund | 2,657 | 7,300 | (7,455) | - | 2,502 |
| Portal fund | - | 15,796 | (15,796) | - | - |
| T. Zielinski fund | 11,694 | - | - | - | 11,694 |
| Solidarity with Ukraine | 4,620 | 2,030 | (1,000) | - | 5,650 |
| Fixed Asset fund | - | 2,750 | - | (2,750) | - |
| Personnel costs fund | - | 26,439 | (26,439) | - | - |
| 18,971 | 142,843 | (113,161) | (2,750) | 45,903 |
page 12
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17 Restricted funds
(Continued)
Publication fund - This fund represents donations received from organisations and individuals which are to be used in order to help the publication of the newspapers
Calendar fund - This fund represents donations received to support the printing of the calendar.
Portal fund - This represents funds received in order for the charity to create a new website. This project has been funded by the Polish Community funds of the Ministry of Foreign Affairs of the Republic of Poland, the Polonia Foundation Trust (PAFT) and Wspolnota Polska.
T. Zielinski fund - This fund represents donations received from organisations and individuals to be used towards the cost of dismantling, moving, storing and installing Tadeusz Zielinski's artwork from the Camberwell Green Magistrates Court and displaying it at the Polish Centre (POSK) in Hammersmith.
Solidarity with Ukraine - This fund represents donations received in support of Ukraine.
Fixed Asset fund - This fund represents a grant from Fundacją Pomoc Polakom na Wschodzie for the purpose of buying new office equipment. The transfer out of the fund represents the purchase of equipment that has been capitalised in the financial statements.
Personnel costs fund - This fund represents a grant from Fundacją Pomoc Polakom na Wschodzie towards staffing costs in the year.
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | TransfersAt 31 December | TransfersAt 31 December | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 29,661 | 22,218 | (19,366) | - | 32,513 |
| Previous year: | At 1 January | Incoming | Resources | TransfersAt 31 December | |
| 2023 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| General funds | 49,895 | 14,345 | (37,329) | 2,750 | 29,661 |
page 13
POLISH CULTURAL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2024 2024 £ £ At 31 December 2024: Intangible fixed assets 1 - Tangible assets 15,669 - Current assets/(liabilities) 16,843 72,575 32,513 72,575 Unrestricted Restricted funds funds 2023 2023 £ £ At 31 December 2023: Intangible fixed assets 1 - Tangible assets 15,824 - Current assets/(liabilities) 13,836 45,903 29,661 45,903 |
Total 2024 £ 1 15,669 89,418 |
|---|---|
| 105,088 | |
| Total 2023 £ 1 15,824 59,739 |
|
| 75,564 |
20 Related party transactions
During the year, the charitable company paid grants to the subsidiary undertaking of £66,994 (2023: £68,574).
page 14