Charity nurnber: 297911 THE POLONIA AID FOUNDATION TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE POLONIA AID FOUNDATION TRUST CONTENTS Page Reference and administrative detalls of the Charty, its Trustees and advisers Truslees, report Independent examinerfs rèport Statement of financial activtties Balance sheet Notes to the financial statements 9-21
THE POLONIA AID FOUNDATION TRUST REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Truslees Dr Andrzej Suchcits, Chaiman Magdalena Szkula, Hon. Secretary Christopher Zarebski. Hon. Treasurer Eugenia Maresch Czeslaw Maryszczak (Died on 3 December 20231 Wiktor M¢)szczynski Anna Slefanicka Robert Wisniowski Charty reglstered number 297911 Principal office 238- 246 King Street London W6 ORF A¢¢ountants Feltons Chartered Accountants 1 Tre Green Richmond Surrey TW91PL Bankers National Westminster Bank PLC 22 King's Mall Hammersmith London W6 OQD COIF Charity Fund5 80 Cheapside London EC2V 60Z Page 1
THE POLONIA AID FOUNDATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the financial statements of tho Charity for Ihe 1 January 2023 10 31 Decèmber 2023. Objèctives and a¢tivitie¥ Policies and objectlves Although the eharilable objects of the Polonia Aid Foundation Trust embrace all Poles all over the w0d and in principle do not limit the Trust's activities lo special groups or causes, the long established and agreed prdclice is to gnie preceden in grantin9 donations to the followtng= iving financial assistsnce for the charTtable purposes of e.g. the Federation of Poles in Great Britain, the Polish Society of Arts and Sciences Abroad, the Polish Cultural Foundation, the Polish Institute and sa(orski Museum. the Polish Library, and similar instr(utions', assisting the education of Poles abroad by financing the publication of books, m4azines, etc. and by giving financial assistance to appropriate educational and youth organisation5-, benefiting Polish commun((ies by givtng financial assistan lo Polish theatre groups. etc. and to eongresses, exhibitions, symposia. elc on Polish themes.. advan¢ing education by providing financial assistance with the publication of books and research papors of historical or scientific value, with particular emphasis on Polish history since 1914, the pol((ic81, military and social aspects of the emigracja niepodleglosciowa (free Polish ernigre movements) of 1939-1990. and the post Second World War Polish settlement abroad. b. Main activities undertaken to further the Charity's purposes for the publlc benefit The Trustees havè referTed to the guidance ¢ontsined in the Charity Commissiot)'s general gL¢idance on public benefit when revièwing the aims and objectwes of the charity and in planning its future activities. The main activrties undertaken are $$1 out above. Achievements and performanc8 Financial review a. Going concern After making appropriat8 enquirie5, the trustees have a reasonable expectation that the charity has adequate resourGes to Gonlinue in operational existence for the foreseeable future. For this reason they continue to adopt the going Concern basis in pr¥paring the financial statement$. Page 2
THE POLONIA AID FOUNDATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Financial risk management objectives and policies In 2023 the trust distributed £57,700 net12022= £66,755) to Polish organisalions and indtviduals. The TrusY$ income derives principally from dividends and interest on its inveslmenls. The unrestricted reseNe$ at 31 December 2023 amounted to £3,306,664 ofwhich £3,130,826 was held as investments. During the Year to 31 December 2021 tha TriJ$t8es undértook a review of the Tfusl's historical docurnenlalion The review Confimied that the Settlor Ilhe then Polish Govemment in Exile) funded thè Trust with disposal proceeds of the sale of its premises at 43 Eaton Place and gave the Trustees sole discretion of how lo spend both the sales proceeds and income derived thereon. Although the fLtnds paid to the Trust were not restricted on transfar by the Settlor. the Trustees are of the opinion that it wa5 the Settlorfs wish was that the amount received on sale of 43 Ealon Place be held by the Trust for the long term to generate income and be treated as °C8Pltal°. Under the lerrns of the Trust Deed such "Capital can be spent at the discretion of the Trustees. Consequendy, the Trustee$ have treated the amount that was received on Ihe sale of 43 Ealon Place land which is eurrenlty invested in ils totality in Charity Investment Funds) as a designated Capital Fund. The aim of the Capital Fund is to provide a *arg8t distribution of annual grants broadly equivalent lo The Trust's annual net income after expenses. However should a situation arise where the Tnjslees agree that a grant application merits a substsntial donation beyond that generated by ongoing income they reserve the right to use all. or a proportion of, th? Gore investment portfolio comprising the Capital Fund to make su¢h 8 grant. In the accounts for the year ended 31 December 2021 the General Fund was therefore split beeen the designated Capital Fund referred to above and a General Fund representing a¢cumulated income less expend"rture on the Trust's Capital Fund. The resulis for the year, and the Twsl's financi41 position at the end of the year are shown in the attached Financial Statements. New trustees are identified by existing tnjstees. They are contacted and if they are interested, their Cws are obtained and discussed, they are interview¢d and a motion to accept any new trustee is tabled and voting takes pla during a scheduled meèting. The voluntary nature of the Trustees p051tion means few candid8tes come forward for this position and all the training is on the job. c. Reserves policy Having considered the Charitys fulLJre activities the Trustees have de¢ided lo maintain an undesignaled General ReseTve Fund equivalent lo up to two year8 of the prior year's income. The basis of this General ReseNe Fund is to enable the Charty to continue making distributions to beneficiaries at the curfenl annual level should there be an unforeseen downtum in income. stnjctyre, govèrnance and management a. Constitution The Poloni8 Aid Foundation Trust was established on 28th October 1987 as a charitable trust under En91ish Law. It is registeted with the Charity Commissioner5 as a Chanty, number 297911. Page 3
THE POLONIA AID FOUNDATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. govemance and management (Gontinuedl b. Organisational structure and decision-making The Trustees meet in plenum four limes a year, al which foThal business is transacted and the list of donations for that quarter is agreed. All donations are published in the Tydzien Polski I Polish Weekly). The Executive Committee meets 81 least eight times a year, and the officers deal with the Trust's business on a day to day basis as required. The Trust rents offices in POSK (The Polish Social and Cuttural Ass(lation). Administraion and accounting ale dealt with on an honorary basis by the Hon. SeGrolary, the Hon. Treasurer and volunteer office staff. statement of Trustees. responsibilitles The Trustees are responsible for preparing the Trustees, report and the financial staternenls in accordance with applicable law an United Kingdom Accounting Standards IUnf(ed Kingdom Generally Accept Accounting Practice). The law applicable to charlties in Englanrj & Wales requires the Trustees to prèpare financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of ils incoming resoure$s and applieation of resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principles of the Chorilies SORP IFRS 1021., make judgments and a¢¢ounting estimates that are reasonable and prudent., $18te whether 8ppli¢able UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo pre$ume that the Charity will continue in business. The Trustees are responsible for keeping adequatè Sccounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable acGuraGy al any lime the financial position of the Charity and enable them to ensure that the financial statemènts comply with the Charities Act 2011, the Charity (Accounts and Rèports) Regulations 2008 and the provisions of the Trust deéd. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and dete¢tton of fraud and other irregulartties. Approved by order of the members of the board of Trustees on 21 June 2024 and signed on their behalf by.. DrAndrzel SuGhGIts Chairman Magdalena Szkuta Hon. Secretsry Page 4
THE POLONIA AID FOUNDATION TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent ExaminÈVs Report to the Trustees of The Polonia Aid Foundation Trust {Ihe Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 Dember 2023. Responsibilitiés 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 Charrties Act 2011 {Ihe 2011 Act'}. I report in respect of my examination of the Charstys accounts carried out under section 145 of the 2011 Ad and in ¢arrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5llbl of the 2011 Act. Independent Examlnerfs Statement Your attention is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charili¢s'. StatemBrrt of Recommended PraGtice applicable tu charities preparing their accounts in accordancè with thè Finanei21 Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the A¢counting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referr to in the extsnl regulali¢ns but has been withdrawn. l understand that this has been done in order for the account5 to provide a true and fair view in accordan with the Generally Accepted Accounting Practice effective for reporting periods beginnin9 on or afler 1 January 2015. I have completed my examinstion. I confirm that no matt&rs have ¢ome to my attention in connection with th¢ examination giving me cause lo believe that in any materi81 regpect.. accounting records were not kept in respert ofthe Charty as required by section 130 of the 2011 Act.. or the accounts do not accord with those records., or tho accounts do not comply with the applicable requirements concerning the fomi and corstent of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requ5ment that the aGGounts give a true and fail view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be rearhed. This report is made solely to the Chariws Trustees, as a body, in accordsnee with P8rt 4 of the Charities (Acwunts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required lo state lo them in an Independent examinerfs report and for no other purpose. To the fullèst extent pem¢ited by law, I do not accept or assume responsibility to ar¢yone other than the Charity and the Charitys Trustees as a body, for my wort( or for this report. Page 5
THE POLONIA AID FOUNDATION TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Signed.. Dave Alesbury Chartered Accountant FELTONS Chartèred Accountants l The Green Richmond Surrey TW9 1PL Page 6
THE POLONIA AID FOUNDATION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted fund$ 2023 Total funds 2023 Tolal funds 2022 Note Income from: Investments 94,788 94,788 93, 183 Total income 94.788 94,788 93,183 Expenditure on: Charitable activitiès 73.983 73,983 81,965 Total èxpènditure 73.983 73.983 81,965 Net income before net gainslllosses} on investments Net gainslllosses) on investments 20,805 250,754 20.805 250.754 11,218 (413.078) Not movemgnt in funds 271,559 271.559 (401,860) R&¢onciliation of funds: TDtal funds brought forward Nel movement in funds 3,035,105 271.S59 3,035.105 271.559 3,436.965 (401.860) Total funds carrled fonvard 3.306.664 3,306,664 3,035. f05 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 fsnanGial statements. Page 7
THE POLONIA AID FOUNDATION TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fix8d assets Tangible assets Inveslments 114 3,130,826 151 2,880.072 3,130.940 2,880,223 Current assets Debtors Cash at bank and in hand 10 24.922 154.052 24,922 133,094 178,974 158,016 Credilors.- amounts falling due wtthin onè year 13.2501 (3, 134) Net current as$9ts 175.724 154,882 Total as$¢ts less current liabiltties 3,306.664 3,035, 105 Net assgts 8xcluding pension asset 3,306,664 3,035, 1Q5 Total nel as$¢ts 3.306.664 3,035, 105 Charity funds Restricted funds Unrestricted funds 12 Designated funds General funds 3.130,826 175,838 2.880,072 155,033 Total unrestricted funds 12 3,306.664 3,035, 105 Total funds 3,306.664 3,035, 105 The financial statements were approved and aulhorised for issue by the Truslges on 21 July 2024 and signed on their behalf by.. DrAndrzej Suchcits Chairman Christopher Zarebski Hon. Treasurer The notes on pages 9 to 21 form part of these financial stalemenls. Page 8
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information The Polonia Aid Foundation Trust is a UK regislered charity, number 297911 and is ¢onstrtuted under trust deeds daed 3rd September 1962 and 6th November 1964. The address of the principal office of the charity is given on page 1 of these financial slatemenls. The natur8 tsf the charitys operations and principal activities are detailed in the Trustees. Repo Accounting policies 2.1 Basis of preparation of financial statements The financial slalements have been prepaTed in acwrdance wrth the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191, the Financial Reporting Stsndard applicAble in the UK and Republic of Irelané (FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 On lo thè extent required lo provide a 'lrue and fair, view. This departure has involved following the Chanties SORP IFRS 102.1 published in Odc)ber 2019 rather than the Accounting and Reporting by Ch8rities: Ststemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Polonia Aid Foundation Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histori¢al cost or Iransaclion value unless otherwise stated in the relevant accounting policy. 2.2 Going concern After making appropriate enquiries. the twslees have a reasonable expectation that the charrty has adequate resoL18 to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going ¢oncern basis in preparing the financial stslements. 2.3 Income All income is recognised on¢e the Charty has enlrtlemenl lo the income, it is probable that the income will be received and the amount of income receivable Gan be measured reliably. Income tsx reetsversble in relation to donations received under Gfft Aid or deeds of covenant is recognised at the time of the donation. Income tax Tecoverable in relation to investment income is recognised at the time the investment income is receivable. Page 9
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Icontinuèd} 14 Expenditure Expènditure is recognised once there is a legal or constructNie obligation to transfer e¢onomi¢ benefit to a third party, tt is probable that a transfer of economic benefits will be reqL¢ired in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by actwty. The costs of each actiVTty are made up of the total of dirEd costs and shared costs, including support costs invoEved in undertaking each a¢tivity. Direct costs attributable to 8 single activity are allocated directly lo that aclivily. Shared costs whiGh contribute lo more than one activty and support costs which are not attributable to a single aetivty are apportioned between those aclimties on a basis consistent w((h the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charg¢$ 4lloGed on the portion of the asset's use. Expenditure on charrtable activities is incurred on directly undertaking the activities which further the Charty's objectives, as well as any associated supFx)rt costs. Grants payable are charged in the year when the offer is made except in those cases where th& offer is conditional, such grants being recognised as expenditure when the conditions attaching a fulfilled. Grants offered subject to conditions which have not been mel al the year end are noted as a commttment, but not accrued as expenditure. All expendtture is inclusive of irrecoverable VAT. Support costs are those costs incurred directly in support of expenditure on the objects of the ¢harty- G0Veman costs are those incurred in connection with administration of th@ charity and compliance with constilulional and statutory requirements. Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the govemance of the charty apportioned to charitable aclivilies. 2.5 Interest receivable Interest on funds held on deposit is included when reoeivable and the amount ¢an be maasured reliabty by the Charity", this is normally upon notification of the interest paid or payable by the institulian with whom the funds ate depos((ed. 16 Tangible ftxed assets and depciatIon Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any aGGumulaled impairment losses. All costs incurred lo bring a t8ngible fjxed asset into its intended working condition should be included in the mèasurement of cost Depreciation is charged so as to allote the cost of tangib fLxed assets less their residual valu over Ih&ir eslimaled useful IDies, Depreciation is provided on the following bases.. Fixtures and ftitings Computer equipment 250/ pa on written down value 25.kn pa on written dtrwn value Page10
THE POLONtA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AGGountinB policies Icontinuedl 2.7 Investments Fixed asset investments are a fomi of financial instrument and are inilialty recognised al their transaction cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured llabty in which case f( Is measured at cost less impairment. Invèstmènt gains and losses, whether realised or unrealised, a ¢ombined 8nd presented as 'Gainsl{Lossesl on inveslmenls. in the Slalement of financial aclivilies. Investments held a5 fixed assets are shown at C05t less provision foi impaimient. 2.8 Debtors Trade and other debtOYS are recognised at th& settlement amount after any trade discount Offed. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-tem highly liquid investments with a short maturity of three months or les5 from the date af acquisition or opening of the deposrt or similar account. 2.10 Liabilities and provisions Liabilities are recognised whèn therè is an obligation al the Balance sheet dale as o result of a past event, il is probable that a transfer of economic bÈnÈfil will be required in settlement. and the amount of the Settlement ran be estimated reliably. Liabilities are re¢ognised al the amount Ihal the Charity anticipates it will pay lo settle the debt or the smount il has received as advanced payments for the goods or serviTrs il must provide. Provisions #re me8sured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the prowsion is based on the present VÈ of those amounts, discounted al 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. 2.11 Flnanclal Instruments The Charity only has financial assets 8nd financial liabilities of a kind that qualify as basic financlal instruments. Basic financial instruments are initially rewgnised at trar¢saction value and subsequent measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost Using the effective interest method. 2.12 Fund accounting Goneral funds are unreslricled funds which are available for use at the dis¢retion of the Trustees in furtherance of the general objec15ves of the Charity and which have not betrn desi9nated for other PUTposes. Designated funds comprise unrestricted funds that have been sel asidè by the Trustees for particular Purposes. The aim and use of each designated fund is sel out in the notes to the financial stalemenls. Investment incDme, gains and losses are allocated to the appropriate fund. Pagè11
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment incom8 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Dividend InGome Receivable Interest ReGeiwable 92,720 2,088 92,720 2,068 92,835 348 94,788 94,788 93, 783 Total 2022 93,183 93, 183 Page 12
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysls of axpenditure by a¢tivitie$ Direct COSts- Donatlons 2023 Support sts 2023 Total funds 2023 Total funds 2022 Charitable actiwties 57,7Q)O 18,283 73,983 81,965 Total 2022 66. 755 15.210 81,965 Anatysis of support costs Donations granted 2023 Total funds 2023 Total funds 2022 Rent & Rates Office Costs Telephone, Printing & Stationery Depreciation Bookkeeping Fees Sundry expenses Governance costs- Independent examination fees 7,183 5,116 122 37 1.100 569 7,183 5,116 122 37 1.100 569 2,156 6,369 4, 161 156 1, 100 1,009 2.365 2,156 16,283 16.283 15,210 Page13
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS GRANTED 2023 2022 Donations lo indiwduals to encourage research and for publications and donation5 under £1,ODO. Larg&r donations= Pglish Underground Movement Study Trust Easton on the Hill Parish Council renovation of memorial Polish Relief Society Polish Scouting Asso¢i8tion Polish Universty Abroad- PUNO Sikorksy Instilul& Medical Aid for Poland Fund- digilalisation PTNO Polish Stage Company Friends of Polish Cultural Heritage in North of England POSK Polish Cukural Foundation (Polish Dailymeekly} Polish Writers Abroad Federation of Poles Federation of Folklore groups Tatry Polish Song & Dance Group Polish Library Aid lo Ukrainian8- Red Cross South Yorkshire Aircraft Museum Polish YMCA- Mazury support for participation in cultural week in Beskidy Fundacja na Tak - competition Orlela - Soth anniversary concert Karolinka- attendance al Inlemalional event 16,900 23.955 19,400 2,000 2,500 8,000 1,000 300 2. 100 1,950 1,61 1,000 1,2SO 3,000 1,000 1.750 2,000 9,000 2,300 2.950 2,000 1.000 1.000 1,000 1,000 2,000 1,000 2,000 2,000 Totsl 57,700 66. 755 Page 14
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Indgpendant &xamineVs remuneration 2023 2022 Fees payable tts the Charivs independent examiner forthe independent examination of the Charity's ann accounts 2,156 2.365 Page15
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefrt$ {2022- £NIL). During the year ended 31 Dember 2023, exp&nses totslling £NIL were reimbursed or pald directly lo Trustee (2022- £NILI in relation to a trustees, event. Tangible fixed assets Fixtures and flttings Computer equipment Total Cosl or valuation At 1 January 2023 7,733 654 8.387 At 31 December2023 7,733 654 8,387 Depreciation At 1 January 2023 Charge for the year 7.733 503 37 8,236 37 At 31 December 2023 7,733 8,273 Net book value At 31 December 2023 114 Al 31 DeGember2022 1st 151 Page 16
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed asset investments Listsd investments Cost or valuation At 1 January 2023 Revaluations 2,880,072 250,754 At 31 December 2023 3.130,826 VALUATION The listed investments are Carried at their fair value using the bid price. Thè profil on investments of £250,754 is an unrealised gain on valuation. 10. Debtoys 2023 2022 Du• wlthln one year Other debtors 24,922 24,922 24,922 24,922 Cr8ditors: Amounts falling due withln one year 2023 2022 Accruals and deferred income 3,250 3, 134 Page 17
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Statement of funds Statement of funds - current year Balan¢e at 31 Gains1 DeGember Losses 2023 Balance at 1 January 2023 Incomo Expenditure General funds Designated funds Trust Capital Fund 2,880,072 250,754 3,130,826 General funds General Funds- all funds 155,033 94.788 173.9831 17S.838 Total Unrestricted funds 3,03S.105 94.788 173.983 250.754 3,306.664 ststement of funds- prior yaar Balanc& al 31 DeGembe 2022 Balance al 1 January 2022 Gains/ (Loss&s) Income Expenditure Designated funds Trust Capital Fund 3,293, 150 {413,078J 2,880,072 Ggn&ral funds General Funds - all funds 143,815 93, 183 (81,965) 155,033 Total Unrestricted funds 3,436,965 93, 183 (81,965) (413.078) 3,035. 105 Page18
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Statèment of fvnds (continued} Deslgnated Fund During the Year lo 31 December 2021 the Trustees undertook a review of the Trust's historical documènlatitsn Thè review confirmed that the Settlor Ithe then Polish Govemmenl in Exile) fvnded the Trust with disposal procèeds of the sale of ils premises at 43 Eaton Place and gave the Trustees sole discretion of how to spend both the sales proceeds and income derived thereon. Although the funds paid lo the Trust wer& not restrided on transfer by the Setuor, the Trustees are of the opinian that it was the Settlorfs wish was that the amount reGeivecl on sale of 43 Eaton Place be held by the Twsl for the long term to generate income and be ITè8tèd as 'Capilal°. Under the lem$ of the Trust Deed SLfch"Capits5" can be spent al the discretion of the Trustees. Consequently, the Trustees have treated the amount that was reiVed on the sale of 43 Eaton Place land which is ¢urrently invested in rts totalty in Charity Investment Funds) as a designated Capital Fund. P8ge19
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Summary offunds Summary of funds - Current year Balance at 31 Balance at 1 January 2023 Gainsl Losses Dacombgr 2023 Income Expenditur& Designated funds General funds 2,880,072 155,033 250.754 3.130.8 175,838 94,788 173,9831 3.035,105 94,788 (73,9831 250,754 3.306,664 Summary of funds- prior year Balanc& al 31 Decembei 2022 Balance at 7 January 2022 Gainsl (Losses) Income Expenditu Designated funds General funds 3,293. 150 143, 815 (413,078) 2,880,072 155.033 93,183 181,965) 3.436,965 93,783 (81,965) (413,078) 3,035, 705 Page 20
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Analysis of net assets between funds Analysls of net assets between fund$- current year Unrestrlcted funds 2023 Totsl funds 2023 Tangible fixed assets Fixed ass&t investments Current assets Credrf(ors due within one year 114 3,130,826 178,974 13,2501 114 3,130.826 178.974 13.2501 Total 3,306.664 3,306.664 Analysis of net assets behveen funds- prlor year Unrestricted funds 2022 Total fvnds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due wilhSn one year 151 2,880,072 158,016 (3. 134) 151 2.880.Q72 158.016 (3, 134) Total 3,035, 105 3,035, 105 15. Related party transactions The ChaTity has not enlored 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. Page 21