Charty numbor.. 297911 THE POLONIA AID FOUNDATION TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE POLONIA AID FOUNDATION TRUST CONTENTS Page Refer•nc• and admlnlslrallve detalls of the Charlty, Its Trusteas and advlsars Trustees. report Independent examlnarfs report Stslement of flnanclal actlvltle8 Balance sheet Notes to the Ionanclal statements 9-21
THE POLONIA AID FOUNDATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiff. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Dr Andrzej Suchcttz. Chaimian Maqdalena Szkuta. Hon. Secretary Christopher Zarebski. Hon. Treasurer Euqenia Maresch Wiklor Moszezyns Anna Slefanicka Robèrt Wisniowski Charlty reglslered number 297911 Prlnclpal offlce 238 - 246 King Street London W6 ORF Accountants Fehons Charted Accountsrbts 1 The Green Richmond sUY TW9 1PL Bankers National Westminster Bank PLC 22 King's Mall Hammersmith London W6 OQD COIF Charity Funds 80 Che8pside London EC2V 6DZ Page 1
THE POLONIA AID FOUNDATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trus18es present their annual r8POrt together with the financial statements of the Charlty for the 1 January 2024 to 31 December 2024. Objoctlves and artlvltle$ ¥. Pollclgs and obJ9rtlvg5 Alihough the charitable objects of the Polonia Aid Foundation Trust 8mbrace all Poles all over the world and in principle do not limit the TnJst'5 activities lo special groups or causes. the long eslablished and agreed practice is to give precedence in granting donalions lo the followng.. giving financial assislance for the charitable purposes of e_g. the Federatlon of Poles In Greal Brftain. th8 Pollsh Society of Arts and Sciences Abroad. the Polish Cultural Foundation. the Polish Inslitule and Sikors Museum. th8 Polish Library, and similar institutions; assisting the education of Poles abroad by financing the publication of l)ooks, magazines, elc. and by glving financial assistance lo appropriale educational and youth organisations; benefiting Polish communities by giving finanoal asslstance to Polish theatre groups, etc. and to congresses, exhibitions, symposia, etc on Polish themes; advancing educalion by providlng financial assistance with the publication of books and research papers of hlstorical or scientific value, wlh particular emphasis on Polish history since 1914. the political, military and social aspects of the emigracja niepodleglosaowa (free Polish emigre movements) of 1939-1990, and the post send World War Polish settlement abroad. b. Maln actlvltles undertaken to further the Charlty's purposes for the publlc benefll The Trustees have referred to the guidance contained In the Charfty Commissbon's general guidance on publlc benefit when reviewng the aims and objectives of the charity and in planning its future advities. The main activthes undertaken are set out at¥)ve. Achlevements and perforn)an¢e Flnanclal revlew . Golng concern After makbng appropriate enqulrfes, the trustees have a reasonable expeclatbon that the charhy has adequate resources lo CntInUe in operallonal existence for the foreseeable fijture. For this reason they contbnue to adopt the going concem basls In preparing the financlal stslements. Page 2
THE POLONIA AID FOUNDATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 b. Flnanclal risk rnanaggmgnt objgctlves and policle$ In 2024 thts tnjst distributed £102,780 n8t12023.. £S7,7001 lo Prtrli8h organSsations and individuals. Th8 Trusfs ncome derives principally from dividends and interesl on its inve5trnenis. The unrestricted reserves al 31 December 2024 amounted to £3,3,436 of which £3.232,092 was held as investrnents. During the Year to 31 December 2021 the Trustees undertook a review of the Trusl's historical documentation The review confirmed that the Setuor Ilhe then Polish Government in Exile} funded the Trust with disposal proceeds of the Sale of its premises at 43 Eaton Place and gave Ihe Trustees sole discrelion of how to spend both the sales pnxeeds and income derfved thereon. Although the funds paid lo the Trusl were not restricted on transfer by the Settlor, the Trustees are of the Opin that it was the Seltlorfs wish was that ihe amount received on sale of 43 Ealon Place be held by the Trust for th8 long term lo generate income and be treated as 'Capital-. Under the terms of the Trusl Deed such "Capilal" can be spent al the dlscielSon of the Trustees. Consequenuy. the Trustees have treated the amount that was received on the sale of 43 Ealon Place land which is currenuy nvested Sn its totalily in Charbty Investment Funds) as a designated Capital Fund. The aim of the Capital Fund is to provide a larget distribution of annual granls broadly equivalent lo The Trust's annual nel income after expenses. However should a situation arise where the Trustees agree that a grant application merits a substantial donalion beyond that generated by ongoing income they reserve the right to use all. or a proportion of, the core investment portfolio comprising the Capital Fund to make such a grant. In the accounts for the year ended 31 December 2021 the Genetal Fund was therefore split between the designaled Capital Fund referred lo above and a General Fund representong accumulated income less expenditure on the Trusl's Capital Fund. The results for the year, and the TTusI's finanoal position al the end of the year are shovm in the attathed Financial Statements. New trustees are idenllfied by exSsUng truslees. They are contacted and Sf they are interested, their Cv's are obtained and discussed. they are Interviewed and a motbon lo accept any new trustee Ss tabled and voting takes place during a scheduled meeting. The voluntsry nature of the Trustees position means few candidates come forward for this position and all the training is on the job. c. Reserves pollcy Having consSdered the Charws future activities the Trustees have deoded lo maintsin an undesignated General Reserve Fund equivalent to up lo two years of the prior yearfs income. The basis of this General Resetve Fund Is to enable the Charity lo conunue maklng distributions to benefficiarbes al the ujrrent annual level should there be an unforeseen downlum in Income. Structure. governance and management . Constitutlon The Polonla Foundation Trust was established on 28th October 1987 as a charitsble tnjst under English Law. 11 is gIStered with the Charity Commissioners as a Charity. number 297911. Page 3
THE POLONIA AID FOUNDATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Structuret governanGe and management (continuad) b. Organlsatlonal $tructurg and de¢l$lon-maklng The Trustees meet in p18num four limes a year. at which formal business is transact8d and the list of donations for that quarter is agr8ed. All donations are published in Ihe TYden Polskn { Polish Weeklyl- The Executive Committee meets al least eighl times a year. and the officers deal with the Trusl's business on a day to day basis as required. The Trust rents offices in POSK (The Polish Social and Cultural Association). Administration and accounting are dealt with on an honorary basis by the Hon_ Se¢r8tary, the Hon. Treasurer and volunteer office stsff. Stslement of Trustees. responslbllltles The Trustees are responsible for preparing the Trustees. report and tho financial statements in accordance with applicable law and United Kingdom Acwunting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charitbes in England & Wales requlres Ihe Trustees to prepare financial stalements for each financial which gbve a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial slalements, the Trustees are required to.. select suitable ac£ounting policies and then apply them consistently, obsetve Ihe methods and prinaples of the Charities SORP IFRS 1021- make judgments and accounting estimates that are reasonable and prudent,. stale whether applicable UK Accounting Standards {FRS 1021 have been followed. subject lo any material departLires disdosed and explained in the financial statements- pr8pare the financial stal6m8nts on th6 going concern basis unless il is inappropriat6 to presum8 that th6 Charity will ntInue in business. The Trustees are responsible for keeping adequate accounting records that are suffiuenl lo show and explain the Charity's transactions and disdose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that Ihe financial stslements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Trust deed. They are also reswnsible for safeguarding the assets of the Charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members ofthe board of Trustees on 08 May 2025 and signed on their behalf by. Dr Andrloj Suchcitz Chairman Magdalena Szkuta Hon. Secrelary Page 4
THE POLONIA AID FOUNDATION TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examlnerfs Report to the Trustees of The Polonla Foundatlon Trust {'the Charlty.) I report to the charity Trustees on my examination of the accounts of the Charrty for the year ended 31 December 2024. Responslblllties 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 Charities Act 2011 Ilhe 2011 Act'l. I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and In carrying out my examination I have followed Ihe applicable Diiectsons given by the Chartty Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities= Statement of Recommended Pr8Ctiee issued on 1 April 2005 which is referred lo in the extant regulations but has been withdrawn. l understand that this has beèn done in order for the accounts lo provide a true and fair view in accordan with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have o)me to my attention in Connect with the èxamination giving me caus8 to believe that in any material respect.. accounting rerdS werè not kèpt in rèspect of the Charity as required by section 130 of thè 2011 A¢ or the accounts do not accord wbth those records,. the aceounts do not comply with the applicable requirernen15 conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirèment that the accounts give a 'lrue and fai¢ view which is not a rnatler considered as part of an independent 6XaMinat)n. I have no concerns and have come across no other matters In connectlon wlh the examlnatlon to which attention should be drawn In this report In order lo enable a proper understanding of the accounts lo be reached. ThSs report Is made solely lo the Charflvs Trustees, as a body, in accordance wh Part 4 of the Charllles (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Chadtys Trustees those matters l am required lo stale to them in an Independent examiner's report and for no other purpose. To the fullest extent pemltted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charltys Trustees as a body, for my work or for this report. Page 5
THE POLONIA AID FOUNDATION TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Signed.. Dated.. 23 May 2025 Dave Alesbury Chartered Accountant FELTONS Chartered Ac¢ountsnts 1 The Green Richmond Surrey TW9 1PL Page 6
THE POLONIA AID FOUNDATION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Incorne frorn: Investments 100.067 100.067 94. 788 Total incoffl• 100,067 100.067 94. 788 Exp•ndlturo on: Charitable aclivilies 117.561 117,561 T3,983 Total 8XndItur• 117,561 117,561 73.983 Net1oxpenditureifincom• bfrfore not gains on investments Nel gains on investments (17,4941 101.266 (17,4941 101,266 20.805 250. 754 Not movomont in funds 83,772 83,772 271.559 Reconclllatlon of funds: Total funds broughl forward Nel movement in funds 3.306,664 83,772 3.306,664 83,772 3,035. 105 271.559 Total funds rrIed forward 3,390,436 3,390,436 3,306.664 The Stslement of Financial ACtiVeS includes all gains and losses recfrgnised in the year. The notes on pages 9 to 21 fomi part of these financial statements. Page 7
THE POLONIA AID FOUNDATION TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixod as#oti Tangible assels Investments 85 3.232.092 114 3, 130.826 3.232,177 3, 130.940 Currgnt assets Debtors Cash at bank and in hand 10 25,623 135,911 24,922 154,052 161.534 778,9T4 Creditors.- amounts falling due within one year 11 13,2751 (3,250) Ngt current a85et• 158,2S9 175. 724 Total as$el$ less current Ilabllltles 3.390.436 3,306.664 Net assets excludlng penslon assel 3.390.436 3,306.664 Total ntrt asiell 3.390.436 3,306,664 Charity lunds Restricted funds Unrestricted lunds 12 Designaled funds General funds 12 3.232,092 158,344 3. 130,826 175,838 12 Total unreslricled fvnds 12 3.390,436 3.306.664 Total funds 3.390,436 3,306.664 The financial statements were approved and aulhorised for issue by the Trustees on 8 May 2025 and signed on their behalf by. Dr Andvzaj Suchcltz Chairman Chrlstophèr Zarèbskl Hon. Treasurer The notès on pages 9 to 21 fomi part of th8s6 financlal slalaments. Page 8
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Infomiatlon The Polonla Ad Foundation Trust Is a UK registered charity, number 297911 and is constituted under trnst deeds dated 3rd September 1962 and 6th November 1964. The addsS of the principal offlce of the charfty is given on page 1 of these financial statements. The nature of the chartws operatk)ns and principal activieS are delalled in the Trustees. Report. Accountlng policles 2.1 Basis of preparation of financial statemenls The financial stalemenls have been prepared in ac£ordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance wtth Ihe Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 102} and the Chanties Acl 2011. The financial stalemenls have been prepared lo give a 'lrue and fairf view and have departed from Ihe Charits'es IAccounls and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and fairf wew. This departure has involved followng Ihe Charits'es SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities: Stslemenl of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. The Polonia Aid Foundation Tfust meets the definibon of a public benefit entity under FRS 102. Assets and liabililTres are initially recognised at historical cost or transaction value unless otherwise stsled in the relevant accounting F4)licy. 2.2 Golng concern After making appropriate enquiries, the trustees have a reasonable expectation Ihal the charity has adequate resources to continue in operational existence for the foreseeable future. For this reasc they continue lo adopt the going cnncem basis in preparing the finanaal stalemenls. 2.3 Incomo All income is recognised once the Charity has enlitlemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation to investment income is recwnised 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 2024 Accountlng pollcles Iconllnued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic beneflt to a third paty, rt 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 classtfied by activty. The costs of each activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central stsff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charttable activities is incurred on directly undertaking the activities whith further the Charity's objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is eonditional, such grants being reeognised as expenditure v4hen the conditions attaching are fulfilled. Grants offered subject lo conéilions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Govemance costs are those incurred in connection with administration of thè charity and eompliance with constitutional and slatulory requirements. Charitable aetivities and Governanee costs arè costs incurred on the charitls educational oparations, ineluding support costs and costs relating to thè govemanee of the charity apportioned to charitable aclivilies. 2.5 Intorèst r8c•ivabl• Interest on funds held on deposit is included when receivable and th8 amount can be measured reliably by the Chanty- this is normally upon nob"firAtion of the interest paid or payable by the institub.on wth whorn the funds are depostted. 2.6 Tangible fixed as#ets and deprnciallon Tangible fixed 89sets are inttially recognised at Cost. Aftèr recognttion, under the cost model, tangiblè fixed assets are measured al cost less accumulaled depreciation and any accumulated impairm8nt losses. AJI costs incurred to bring a langible fixéd asset into its intended worknng condition should bè included in the measurement of cost. Dèpreciation is Charged so as lo allo¢atè the cknst of tangible fixed assets 18ss their residual value over their estimaled useful lives, Deprecialion is provided on the foll(Ming bases: Fixtures and filb.ngs Computer equipment 25Vo pa on written down value - 25¥0 pa on %Yritten down value Page 10
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Iconllnued) 2.7 Investments Fixed asset investments are a fom of financlal instrument and a initially recognised al their transaction cost and subsequenuy measured at fair value at the Balance sheet dale, unless the value cannot be measUd reliably in which case il is measured al cost less impaimienl. Investment gains and losses, whether realised or UnalISed, are combined and presented as 'Gainsl{Lossesl on investments, in Ihe Statement of financial activities. Investments held as ffixed assets are shown at cost less provislon for impaimient. 2.8 Debtorn Trade and other debtors are ree()gnised at the selllement amount after any trade disLM)unt offered. 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 indudes cash and short-lerm hKJhly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities a recoynised when there is an obligation al the Balance sheet date as a result of a past event, il 15 probable that a transfer of economic benefit will be required in 5etUemenl. and the amount of the sethemenl can estimated rèliably. Liabilities are recognised at the amount that the Charity antiupales it will pay to settle thè d&bl or the amount it has received as advancAd payrnenls for th6 goods or servie8s il must providè. Provisions are rneasured al the best estimate of the amounts required lo setda the obligation. Where the effeet of the time value of money is material, Ihe provision is based on the present value of thosè amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of thè discount is raeognisèd in the Statemènt of financaal activities as a finance cosL 2.11 Flnanclal Instrurn•nts The Charity onty has financial a5S6ts and financial liabilitiès of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transath.on value and subsequently measur8d al Iheir settlement value with the exception of bank loan5 which are Subsequently measur8d al arnorb.sed cost using the effectlV8 inleresl method. 2.12 Fund accountlng General funds are unrèstrictèd funds whSch ar8 available for us6 at the dlsei8tion of the Trustees in furtherance of th8 general objeth"v85 of Ihe Charity and which have nol been designated for other purpos85. Designated funds comprise unrestdcted funds that have been set asid8 by the Trustees for particular purposes. The alm and use of 8ach designated fund is sot in the notes to th8 financial ststements. Investrnent income, gains and losses are allocated to tho appropdale fund. Page11
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Tot81 funds 2023 DiVend Ineome Receivable 94,583 5,484 94,583 92. 720 2.068 Interest Receivable 100,067 100,067 94,788 Total 2023 94.788 94. 788 Page 12
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture by actlvltles Direcl costs- Donations 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitablè activities 102,780 14.781 117,561 73.983 To1812023 57.700 16.283 73,983 Amalysls of support costs Donatlons granted 2024 Tolal ftinds 2024 Tolal funds 2023 Rent & Ral83 Office Costs Telephone. Printing & Stationery Depreciation Bookkeeping Feas Sun(Jry expenses Govemance costs - Independent examination lees 7,212 3.306 51 7,212 3,306 51 7.183 5.716 722 29 29 37 1,100 898 2.185 1.100 898 2.185 i.qoo 569 2,156 14,781 14,781 16.283 Page 13
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS GRANTED 2024 2023 Donations lo indiwduals to encourage research and for publlcalions and donations under £1,000. Larger donations.. Polish Underqround Movem8nl Study Trust Easton on the Hill Parish Council - renovation of menK)rial Polish Relief Society Pollsh Scouting Asso¢iatkJn Polish University Abroad - PUNO Sikotsi Inslilule 21,700 16.900 24,930 2.500 8.000 1,000 300 3.Ch)O Medlcal Aid for Poland Fund - dlaitslisatlon PTNO 1.000 1.250 3.000 Polbsh Staqe Company Mazury Dance Company POSK Polish Cultural Foundation {Polish D8ilylWeekly) Polish Writers Abri)ad 1,500 3.500 1,(K)O 26,400 3,200 8,500 2,500 2,750 1,800 2,CKIO 1.000 1,750 2.000 9.000 1.000 Federation of Poles Tatry Pollsh Sono & Danc Group Polish Girl Guiding Association The Polish Educational Scoely Towarzystwo Pomocy Polakom - Chopin Festival Polish YMCA Section in Great Britsin Fundacia na Tak . competition Odèta - Soth anniversary coneart Karolinka Polish song and dan Company Total 2.000 1,000 2.000 102,780 57.700 Page 14
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examlnerfs remuneratlon 2024 2023 Fees payable to the Charit¥s indep8ndenl exarniner for th8 Sndependent examinalion of the Charltys annual accounts 2,185 2.156 Page 15
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. remuneratlon and expenses During the ar, no Trustees recelved any remuneration or other beneffts (2023 - £NIL). During the year ended 31 December 2024, expenses totalling £369 were reimbursed or paid dlreclly to 2 Trustees (2023- £NILI. Tangible fixed assets Flxlures and rittlngs Computer equlpment Total Cost or valuation Al 1 January 2024 7.733 654 8.387 At 31 December 2024 7.733 654 8.387 Depreclatlon Al 1 January 2024 Charge for Ihe year 7,733 8.273 29 At 31 December 2024 7.733 569 8,302 Net book value Ai 31 December 2024 85 85 At 37 December 2023 114 114 Page 16
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Flxed asset Investments Listed Invgslments Cost or valuation Ai 1 January 2024 Revaluations 3,130.826 101.266 Al 31 December 2024 3.232,092 VALUATION The listed investments are carried at their fair value using ihe bid price. The profit on investments of £101,266 is an unrealised gain on valuation. 10. Debtors 2024 2023 Due within one year Other debtors 25,623 24.922 25,623 24.922 11. Crltors. Amounts falllng dué wlthln on• yèar 2024 2023 Accruals and deferred income 3,275 3.250 Page 17
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement ol funds Statement of funds - current year Balance al 31 Gainsl December (Lo$sesl 2024 Balance at 1 January 2024 Income Expendlture General funds Designated funds Trust Capital Fund 3.130,826 101,266 3,232.092 General lunds Gen8ral Funds- all funds 175,838 100.067 {117.5611 158.344 Total Unr•strlcted lunds 3.306.664 100.067 {117,5611 101.266 3.390.436 ststomont of funds - prlor ygar Balance af 31 Dmber 2023 8alanc9 al 1 Jonuary 2023 Gain (Losses) Income Expenditure Deslgnatgd funds Trust Capital Fund 2,880,OT2 250, 754 3, 130.826 Gengrol funds General Funds- all funds 155,033 94. 788 (73.983) l T5.838 Totsl Unrostrlcted fund8 3,035, 105 94,788 (73,983) 250, 754 3,306,664 Page 18
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement ol funds {contlnued) Designated Fund During the Year lo 31 December 2021 the Trustees undertook a VIeW of the TnJst's historical documentslion The review confimed that the Settlor Ilhe then Polish Government Sn Exile) funded the Trust with disposal proceeds of the sale of its premises al 43 Ealon Place and gave the Trustees sole discretion of how lo spend l)oth the sales proceeds and income derived Ihefeon. Although the funds paid lo the TnJst were not restricted on transfer by the Settlor, the Trustees are of the opinion that it was the SetUo¢s wish was that the amount received on sale of 43 Eaton Place be held by the Trust for the long lemi to generate income and be Irealed as "Capitsl". Under the lems of the Trust Deed such "Capital" can be spent al the discretion of the Trustees. Consequently, the Trustees have lated the amount that was received on the sale of 43 Eaton Place land vlhich is currently invested in its lolality in Charity Investment Funds) as a designated Capital Fund. Page 19
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Summary of funds Summary of funds - current year Balance al 31 Gainsl December (Lo$sesl 2024 Balance at 1 January 2024 Income Expendlture Designated fvnds General funds 3.130,826 175.838 101,266 3,232.092 158.344 100.067 {117.5611 3,306,664 100,067 {117,$611 101,266 3,390,436 Summary of funds - prior year Balance al 31 December 2023 Balance 81 1 January 2023 Gains/ (Losses) Income Expenditu Designated fvnds General funds 2,880,072 155,033 250, 754 3. 130,826 7 T5,838 94. 788 (73.983) 3.035, 105 94.788 f73.983J 250, 754 3.306.664 Page 20
THE POLONIA AID FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Analysls of net assets between lunds Analysls of net assets between funds - current perlod Unrestricted funds 2024 Total fund> 2024 Tangible fixed assets Fixed asset inve5trnents Current assets Creditors due wilhSn one year 85 3,232,092 161,534 {3,275) 3,232,092 161,534 13,2751 Totsl 3,390,436 3,390,436 Amalysis of not assets between funds - prior period Unrestricfed funds 2023 Tolal funds 2023 Tangible fixed assets Fixed asset investrnents Current assets Creditors due within one year 114 3. 130,826 778,9T4 (3,250) 3. 130.826 178,974 (3.250) Total 3.306,664 3.306.664 15. Related party transactlons The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owng beeen relaled parties and the Charbty at 31 December 2024. Page 21