THE POUSH INsrrniTE AND SIKORSKI MUSEUM Annual report and finandal statements Forthe year ended 31 December 2023
THE POLISH INSTITUTE AND SIKORSKI MUSEUM AW Nomhk G AGwllens J T Korwln Symanothl T Kczmwsk• L la¢kI M Wojc D a#dzl nurnbv 312168 IX)401816 20 Prfnc•J f••t• london SW7 Irr MGR Vhrton K•y LLP 55 Loudtyjn Ro Stjohnts Wood NW8 ODL B•fik Lknknd 25 AnO HIII K•nt ME19 4QI COIF aHrlty Fw 80 Ch•Id• Banknnder Pohnd 0>285 8•1 O•nk IX PLC i Chwcml P*e Lonth)n 4p
THE POUSH INsnTUTE AND SIKORSKI MUSEUM FOR THEYEAR ENDED 31 DECEMBER 2023 Chalmwn. foK•d Mr. d• 8•ry to fmm th Boaryl on th• 111 May 20U Th• 8ord d¢dded contlnu• •knn•l dmlr. vAth ••¢h mern1xrynd•n1 rnwdlblllty for • pothllth Th• Its irnoiud• to l. d• who •l¥o rn•ry d•Ad•s ol to PISM to prvhl• hMluabl• •MtsI of11 Pouth uffidetyr MmeL Camnth• h•ld As frt mw11 In SeptsffllKr 2022 ftd In 2023 mrt tlme& The Cornfftho Is mPrfd ol tntytees Imffl the Poltsh Inslltute ind S1kn5kl Mus•um •nd • iewes•n ol rnrnbern of tr Pallth Und¢r8rourrfl Study Ma¥•ThnL Th• Ch•knian ol th• luM Comffllts VAII Durfwa th• yw all the uthnns •nd (qqlrnentsl A•rNlwds t•rn VAafflSnq4 and th•Lknd apknt •Al%d tsh8u•s. S•knwrdlrymeaswesw•re put In plac•to•nwreaJnllnLty prrtectton olvuknernblt WothgKh rn•lnt•nan of•th¢rMuwim •whlbltsbmnUnul The Bpwd colrAt• •ppfytt) th• Polknh Mthlth ofQthw• for• Ii&tt und•rth• ¢1114 WIBIM PW In 2023, th• fvnrtsworn u¥qd to publthiwo book5 rnw•wn •rtqlrtl¥ •nd •thl¥• dogjmrt ryofth• P15M Vhb d updth•ArlhN indphrtqrnthk • oJnwl¢•llon on th• •ffhlb• •rn •lw by 0•. Th• vmdlry Is • w•4k b•iwthi IS A PISM F•c•bppkth• AP 20U.th• E•rf rfStArknp•dw•Ar••dt•botam• dPISM #dlow•d foruTrdwArttd• 16(8)alth• In%NtrJte and Mumthn Is pP•nI Its doory ts 11)ore •nd Vbltorn Ind Its •ctrlth th• of Kent •ltendad • Trc•pkn by th• Ill5 hvn kn mad• ty th• PoNsh and Maxl¢•n &•mbassodry Poltth Qxuu154nd Polth l>elence Ad¥che& her¥I•r• m4d• br.Th• (ord Mwrfwestmlmtsr. Th• of from th8 ORP Bty4•wk•. 663 5w¥drw. Olftw Cadets tr th• Poifsh Alr Fovce of th• B•tile of Dunk•r Museum the D•fencq Suy¥•sM Auodotlon. Tho Imdlth w•J 1150 %lJlted trrf 40 TrAkn frnrn Poland TAho weve fo1l4yw1 fpoi#•ps Of Sknrjkl In th• UL Ih• numbef Pollth Sd IrrfTrased ¥nd th• Inthrtl %¢arted an •thKatlon•l plan fiy Il¥e styeaffll lethres wlth th• Pglth EduAknI gxlty N So fflh of the wwk of PISM ts undwtsk•n Iwdfvls of wAunteen tr wNth th• Board ts extrwn•ty irnt•fvl Ind Is mlndm ol th• Urn• ind •ffort m•ny fthy ol WIrn arn contrlbwt• to the wwk of th• •nd Mr WoJl•k D•L¥ The IrKorn• In th• fllm arch1¥e4•d•d thM• •lpmlcA . r•mmb•rwlth udTrotsthot•m•mb•n •MI no Ipnyrfth
THE POUSH INsrrruTE AND SIKORSKI MUSEUM Independ•nt ludltarfs ripNt Si4tqrn•rtofflMnd•l io St•tsm•rt rffln•Kl•l pos li Not•J to th• fln•ncl•l Jtytem•nts 12-22
THE POUSH INsfiTUTE AND SIKORSKI MUSEUM TRUSTEEV REPORT IINCWDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th• M•mlxrn of Cwidl Fyesent thek Trport •nd Jccounts forthe reDded 31 December2024 whkh •re alw prepared to meet the rnqulrem•rtsfor• Dlrq£torf r•port andacccAmts for Comp1•$Art pwpa The accounts beth) prop¥ed In acconce wlth the accountlnq pOlkS set note i to the accowrtS•MI c(xnply ¥Ath the ThE Po115h Institute and Museum Trvst Deed. the Companles Art 2CK16 and "l<cwntlng •nd R•portlry by ChMllle5: Ststemerf of Recommended Prn¢t1 app1kab to charlues kvep•rf thelr accowts In accordance wlth th• FlTr•bicl•l ft•p)rtI Standlrd appllcabkt In th• UK •nd Rep)Ik of Ireland (FRS 102) l•ff•cU¥• ljanuary 2019).. - To colhc( prnserve and Intemt th¢ Th4t•d•l •¥ld•nc• of pd1nd pas¢ wp•¢lally th•t wnnected wlth th• •cti¥ttSes of th Governm•nt4TrExl •nd Jvs Ald For¢es 193945. for th• pthlc •duuUon and - Ri car• forthe fA15tlng collq¢don5 relrfiry to Pold$ hlrtor% prlnElp•lly the work of th• Pollsh G(hwnm•rt4n-Exrfe and . To m•ke prnlslon for futtwe collectlons Twhkh mly be bequ••th•d ty other Instliutlon5 4$ as by Inth1dl memb•rs of th• publk. . PrId0 pemMrtofit •nd t•mpoTrry •xhlbftkn$ and •v•nrs In i of dIplIn•S for th• Inffi]rnn ind educatloTr of vFsltorL . To wrykwlth oth•rJ to recN4 piot•rt and wh•nc•th• •chlavem•rtsof th• Polbh Conwnunttyln th• Unlt•d Klni. . M•kkrfth• Inslltuts •nd Its KiMtl•saccesslble t0411 #ctloMofth• cornnwnlty . Eneour•y • dedlated workfowcewho¢•w •b¢ut Pohh h•rltsp kn th• Unlted KlnÉdom •nd Its Brftknh contstts. .To IK1•• ty rfouS m•aM, the nrtIer¢I ¥lslton and r•x•r¢h•ryJtrJ the In#Jiuts. .To •xp•fftd r•Kwrc•s AIIBbletoth• Inrtltuth, ¥th *•rffic rnf•rnnc•to stsff and financknl rtq<Mrw. Th• lull objects apwrkn th• M•mornndum and Artkl•safAsA)th Th• Mernbers of cncIl IM¥e h•d repryl to Ch•rlty Cofflmth ynernl Ince on publlc ben•fft th•n ml•wln8 th• •lrr4 obj•cliws and acttvltles of th• Ch•rlty. Membw5 of Coundl haw pjld due nprdknwld•nce15sued ty the Chwlty CcThwn15s1on In thddlrywh•t a¢t1v1tth• Inslllute should undert•ke. D•t•ils of the Ich1meThts of the th•rlty durfnithe year•re SIn abo In theTruAe•'s Reprt
THE POLISH INSTITiJfE AND SIKORSKI MUSEUM TRUSTEES, REPORT IINCWDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Tho tharlV5 Incomhw n1t•S fmm ch•rftsble artlb4tles Increased by 47% {SSIYA the a80.000 r•c•lbd fffjm th• Polish Mkn15tryOfCuj Ind donotlons Jnd wles hwe thcreased by Iq%kn the yearunder rthknv. Th• totsl resources 1ftue trrf 42%. Thi5 induth th• costs of8•n•rallryfunds hm by 20% and thecost of th•ritsbl¢•cll¥ltles hm IncTrased tr151 Th•r• w•r• nét plns on dÉ337,9S& In tho op1n1 of th• M•mbqn af CowKd. th• dwrlty Is In • stron8 Posmon •t th• Or end wlth unf•sIrt fvnd b•l•nc• of£92W It Is th• pth of the Ifdrt th•t unreslrkted funds whlch hm not b•n d•slrnad for * ¥p•dfk us• slvjd b• molntshmd at • IMI •quhqlqrt to botween three Ind slx month s pendItur•. The Mernbers ol Councll ¢onsldv that rejthves at thls IMI wll ¢nJw• thaL ln the event of • 51gnlfant drop In fundtn& they be •ble to <tInUe th• Injtltus curr•nt acU¥ltles whll• nsleIlon Is Iven to Wav5 In whkh add[tIon rnlmd. TNS level af b••n milnt•ln•d throwhout ihe ye•r. Th• Tn•5 conslder thal •t th• d•t• of SI1n£ th• reirt charlty IS 4 conc•rn. b•Md lyn thdr ff•vl•w of exlsllnifund5 •nd LMp•ct•d ¢•sh tlow. Th• Mambwsof Gwncll •rn •w•r• d th• ch•rftVs future flmndal M•th and 41m to Mcur• th• t•mi ft••1•1 st•tslty olth• th•th. Thry h•¥e • Iw to m•thm •ttltud• to rfsk and h•v• Iw•st•d kn Inm• wodu¢kn¢ pr¢p•rtl•s, • portfollo of Frse io) and Trtsln Ilqyld fundj on d•posttto •nsiiie th•t tPrtyuo m••t th• chartvi short and m•dlurn t•nn c•th Ilow reqthm•nt& Th• tlIty h•s• norni•l of awsure to prfc•. W4dItyad cash t1 rf Th• M•mbmofCwl h•s •M•sMd th• mrrtskstowhlch th• lrftute Is •xparf and rn Jrtll•d that trot•ms arn In Pla to fflStlpte •mP t0th•. TlweJr• no ific•ntfirtura ch•nw pl•nn•d •ndth•Tnrytw lookfonv•rd to • lry4•rlMI of acU¥*y kn th• n•Yt fin•nthI1.
THE POUSH INsllTLITEAND SIKORSKI MUSEUM TRU5fEEY REPORT IIIICWDkYG DIREcfoAY REPORI) KIR THE YEAR ENDED 31 DECEMBER 2023 The Polbh thwutsjte and SIpIskI • Trust D••d •nd kn • lknlted Th• Imdtsrte ts • Cwndl con5dVa ol • o(24 Ful Mwbtyx Each tm• bltth Irf th• Ih• tharityls dry4trdty th awlThn, theTrvsureG thevts Chjlrrnin nd th• ol the I[d ¥Jho KAdokry 8 G•brf41 (Podl May 2023) p&kntsd 8 2023 lJ•nw2QJ) IRd210rtober%ll3) Mmrv •d UOrtdwrZ0231 AWNa4 JT KOth Sym•nMkt 102>) Tde IRolwdJMy 20U) 4 O•Amb•r2023) D Bllthluk m•ffirn baMd on th•lr •Ad lh• sllh ta th• Th• •lthi wlll ArewhJdwpmpth•t MGRW•#aTr LLP b• v•4ppalnt•d •s•Udtt0rnII b• PU¢ff•th¢ mefflb• E•th of the Mernbw5 oICThmdl hm that thw• ts no of wllth thy •rn 4wwe Js rqlth•rt to TheTrA%loes' rnwtwaswrtyTd tyth• Mqmb•ThOICowdl. 205ept•rnhriill4
THE POUSH INSTITUTE AND SIKORSKI MUSEUM
srATEMENT OF TRUSTEES. RESPONSIBIUTIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The M•Mts of Council Twho Jffq also the dSrectors ofThe Pollth Iftute and Slkntskl Mu5•um forth• purpose of ftyTyary
are responsible for syeparfni the Tntskn, Report and the flnanclal statements In acc
•psforth• prv4•ntSon Ind d•t•¢tlan dfrnud and other Irr•wl•rftl•
THE POUSH INsnTUTE AND SIKORSKI MUSEUM INDEPENOENT AUDITORS REPORT TO THE MEM8ERS OF THE POLISH INSTITUTE AND SIKORSKI MUSEUM Oplnlon We have audlted th• accaunts of The Pollsh Inslltute and Museum (the utltut¥) for the ended 31 tlecernber 2023 v4hlth conytse the slatern of Flnanthl Actv¥lil4 the Bnce Sheet and the nots5 to the accou1 IndudSni a nmiry of 4nifKant •ccountlry polldek Th• fin•ntial fraMthK that hs been appNed In thelr w4parion Is appllcJble ljw Ind UnRed KInM Accountin8 StsndJrd5 udIng Fi11 Reportww Stsndard 102 The FhndOlAePQrfftq Stondordappllcobkth the UKandRepubAcoftrelond(lknlted Kln8dom Gan•Trlly Accoptsdk(thmtln8 PActk•). In tyxoplnlN th• flnand•l mtemanu: ¥• a true falr ¥lew of the Swe of tho charit•ble cthnpanrfs offaK5 15 at 311)•c7tr 2023 aftd of Its Inc¢ffA r•sowrns •nd applkatlon of reslyj InCIlIng its income and eXnthtUre, fortheyear then endeth. hm b•en wvthpr•pred In accordance wSth Unjted Klnldom Gener411yAccepted A¢countkw Pfa¢tk•.' and hwe b•en w•p•r•d In •ccord•nc¢ wlth the requlr•m¢rts of the CompanlesArt 200& B•Jts We conthKl•d ow audlr In •ccorthnc• wlth Intsrnatlonil on Audltlry (UKI IUK)) •pplc4bl• l•w. Our responslbllltles under thr# standawdj •1¥ further dexrfbed In th• AuditoPs wonsiblllttes fvr the the fvandul Jtutements Jectlon ol our wqport. Wo •rn Indepindent of th• InstXyt¢ In •¢cordoK• wth the ethk41 r•qulr•m•nts th•t •r• Iffint lo our ludlt ol th• flftandal stst•m•nts kn th• UK Indthlln8 th• FRCS Ethkal Stanthrf, Ind w• fvItMled Qur 4Xh•r •thk•l wns4J11111•5 In accorda• wtth thu• fqqulr•ffl•nt& W• b•Mth• that th• audlt dIfic• m hm olx•thad Is ldentIdIP0pllatQ to pnr4kl• • bull forourorthlon. In •udltlw bln•ndd stt•nMnty w• h•%• wluded th•¢ th• trustM¥' dth• concqrn of •¢(ourrtlni lfi th• prnp•r•iion of th•iln•n(hl rtatsm•nts ls•pproprf•t•. Bas•d th• wrk w• hr4• p•rfornwd. hm not Id•ntlfi•d •ny m•t•rfal unc•rt•lntl•s to •v•nts (Y nONI tha¢ knthilduaMyycdl•th•l% mty cast slwficant doubt on the ertitr/s •blllty to tontknts• •9• Wni conc•rnfor • al •t l•artl ffion from wh•fi theflmnclal statements arn •uthoTlsed lor IMu•. reSponSlI1e$ and th• vwpolllll0$ d the tnJte•s wlth MJp•rt ta Wnq arn d•Krfb•d ln the r•lMnt Settlonsdthls reporL Th• mambe of Couftcl arn rnspon5th1e for the other Infomwtlty). The other Informakn comprk•sthe Informat1( Indud•d the ann1 r•po¢ oth•r th• fthanckl statonrts and our iud5torf5 report thereon. (Mw ¢Wnlon on th• IINndal slJtsThnts does not c(N•rth• other tnftKm•tlon •nd, exeoto theextent othen¥SJe expkltFy Xtt•d In ourrewrt w• do not W¥S5 41ry futm of•wrnnc¥ Mndu51on th•rwb. In wlth •uth of thi fiMnd•l st•t•M. our respowlbllfty Is to read the oth•r hrfgnNllun dolw ajnslder Th4therthe oth•r infammtlon Is mat•rlally Incor•slstert the fln•ncial statements or our knl•d8¢ obtsIn In th• •uth or oth•Thv15• ippeiry to be materfalty n1ss1. ff Idenufy such merf41 or appamrt materfal mlsslate• we arn wulred to deternilne wlthr there Is a mate1 mTs#ement kn the fln•nd4 slatthmnts or mltwlal the (ther Irnlon. It based on the Tmxk we hm perfonne4 condude Ihrt thv4 Is • fflrterfal Thdsstatement of thls InfornO we ar• r¢q to ryy)rtthatlacL We hav• nothirvaiv rwt In thls repr
THE POUSH INsfiTUTE AND SIKORSKI MUSEUM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE POUSH INSTITLf(E AND SIKORSKI MUSEUM In r¢PIn1, bas4don the th)dertakn In the course of Our•. th• Informatlon In th• Tnws' r•pryt tr th• ljnandal Year hr th• fkn•nd•l stst•m•nts arn pthkh Indudes the dlrectots, vwxyrt pr•p¥ed fw the purpos•s of compny l•x Is consnt lth the flnand the dkectm. v•port thd•d wlthln the Tru#•ts' rnpvrt b••n w•p¥•d In (danc• wlth ap1¢•ble Iwl requlr•wts. Mrtttts on thkh w••rn nqulrnd to r•mby•xcWn In th• IIBht of the knowledle and understandin8 of the InsUtut• and Its •mrfronm•nt obt•lned In th• courn• olthe •wlL w• hm na¢ Id•nllfled mthrt•l •knnts Sn the dSrector&' Y•pwt Indudod wlthln th•Tru5tee5' repryt. We hm ft¢thln8 to ffjp)rt In i•ipoct of th• follolry mattM5 In Thhtlon to whkh the Compara•s Art 21x15 rnqulrns to report ¢0 our¢plnlon= •d•quate accounllni recwds h•v• •wt or rnturns •d•qu•t• fw ow audlt hm not be•n rnc•h•d from bTrnthgJno¢btslt¢d by or c•r#ln dlxlosurns oftrurt•e< r•mun•rnllon spedftgd trrf law •rn nMd•; hm Mt rne•NYd •ll th• InfornHtlon and •xpkn•tknuw• irylrn ow•udlE or AS P1a1•d fvlly In th• stthm•rt of Ch•lmMn'$ •nd Tn111¥ rnwMlbllM thi M•fflbm of Coundl, who arn •lJo th• th•ctoTh ol th• InAltute for th• purpos• of ¢omp•ny IN •rn for th• w•p•rnUon al th• fln•nd•l at•m•nts •nd lty Wns s•tWl•d thlt a true and f•lr¥¥ •nd lorMKh Int•m•l tontral Is th• Membws of Coundl d•t•ffln• M¢•M•ry * •n•bl•th• pr•pw•tlon t•m•rtsthrt •r•frn• frnm m•t•fvl mtstht•VMrt wlthdu• tofraud or•ffor. wTpartn8 ¢h• Ihwnd•l statement4 the of Cowrtll arn r•4Jonslbl• lor •M•uln8 the In511¢uW3 ablllty to contlnu• a cfficern, 01sclo K 4pplkable. m•ttery rehtsd to Wrytoncem Ind uslry th• concern bulsoficcoun unlem the MeM1x of Councll thr hrtand to Ilquldat• th• ch•rltabl• comp•ry cr to c••s• opwlon4 or have no •ttenwtè4e buttt> O)s Irobj01•S arn ta obialn mx)Mble assurnnc• •brxrt wh•ttwr th• flnd ststyfmfjts • wWe are fr•• from m•tarf•l ffdsstst•nenL whetherduetofrnud or•rror. and tols9 an •udlt4¢s rewt th•t IrKludes Our0nIOn. Reascthble assuranra Is • level of assurance Ixrt Is no¢ • Awrwrtqy th•t on wlt con1 In ¥Ath IW (UO VAII always deteLI a m•trrlal m155t4tefflent wh•n It l$t& Mi551atrments un artfrom fraud or•fflJr and are consldered m•rlal ff, Inthildu•lly or In the aiiieiale. they cOd rn•sonty be upqcted to InAu¥K• th• On0M dod*ns d usets tskqn on the basls thqseflnanthl ststqnw A fwth•r descrfOlon ol our Th$pIbIl1es 15 •nll•ble w th• FInand Reportln8 Coundfs •t htlpsjl ArwyVawlltrysresponslbllltle&Thb des¢¢lptlon p•rtolourawJltorfs r•porL
THE POUSH INSTITUTE AND SIKORSKI MUSEUM INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE MEMBERS OF THE POLISH INSTITUTE AND SIVLIR5KI MUSWM kncludkn8 •r• Instsrtes of non<ix)wllance wlth laws and re8ulatlon5. We des pffjcedw In Iln• ow r•spwlbiliues outlln•d materfal mlsslat•nwrts kn Ipsp•rt of IrreBularll4 Induding fraud. The oxt•nt to whlth ow Pr• •rn c•pbl• ofd•tectln8 Inwrllles, hxknlln1fral Is d•t•led b•lo As p•rtof our plannlry olth• •udlt wor r•qulrnd olxalned In und•rstsndlng of th• lepl •nd r•wlatory fnffle th•t applk•ble to the eThtlty ¥1• enqulrfes of the ¢ompan(s m•n•8emenL carrled ana41 h•Jd dlseuulons •monpt the ement team and uslng kntrwledee of sector det•rniln•d thjt the •Tr)st siiniftort law and wulatkn 1rn th05ethat relth to: . He•lth and wul•tl(xA. . Émployffnt l•w Indudlry htt0 In th• UK. . Ch•rltluAcL We also can4d•r•d thos• laws •nd rewlallon5 that ha¥• 4 dlr•rt on th• pr•p•rnllon of th• fftn•ncl•l #•t•m•nts iuch as Ch4rltl•s SORP, FR5102 and th• Carnwnl•J kt 2006. 8•sed on the rets of ow rfsk •ssessm•rt w• d•sl8n•d our audlt proe•dures to nonryc0ffl1lnc• wlth the l•ws Ind It11t105 and th• fr•ud rtsks Identlfied. Thls kbcluded enqulfks wlth m•n4ennt to und•rstand th9Sr polkl¢s •nd pr•dUsklxc0MpIfvne1 wlth thom reiukntlonj Ind w¢ mrnplthd th• (ollow t•M'. . QL•ln•d In und•rt•ndlrf of r•l•v•rt ctlI. . Ra¥kn•dth• cofflp•rfs rtsk •sMsrn pnx•durns •nd Trijtemi. . C1k umpl•s ofdocum•nt•ilon. . Ch•¢k•d nmpl•s of dowm•ntthn Includlni ffllNt•5 of the meetlnp of the tnNt••5 Ind s•r¥k• •yaem•nts wlth W• al isMts•d th• k$of mit¥l mlsSt•ment ln r•sp•ct of fi¥ud •$ follo¥.' R•¥•nu• fftud. . Manlpul•tlon afKcounllry e5tkn•tek . R•l•ted pxtyfnud. MISSts In rela¢lon to frnud. Thls the rfsk of nwagem•rt blas r•laUn8 toJthm•nts and assunytkw used Inth• whJlngth• kr4•slm•nt wopqrt No swftant Issu•sw•rn Identili•d durfniourt4stlni. deLkn of lrrewlles fAud rests with minwfflert As with any theTr rThlned • rfsk of non- detectknn of Irvjliti as th•s• £Id Irrdohe collus10 foryy, kntenkn om15slw mlsrnFw•wnkn5 orth• obwrfd• af Int•rnal
THE POUSH INsrrruTE AND SIKORSKI MUSEUM INDEPENDEKf AUDITOR'S REPORT (CONTINUEDI TOTHE MEMBERS OFTHE POLISH INsnTU ANDSIKORSKI MUSEUM Thls fep(xt b made to the conyrfs m•mbw4 is a bo In lcaxduu s•ctkn 391 afth• Cory•nles Art 201 r •u(llt wrk be•n undertak•n so thtt w• stat• kn th• comparfs mWnr5 thos• m•tt•rs w• arn r¢wIr to t• to thom In an audltrfs report and for no oth•r pwpos•. To th• fthst extert p•rniltted we do •ccopt or n• respmsibihty to ••y)n• rth•rthaTh th¢ cony•ny •nd th8 ¢omp•rfs fflnbers a bo for aur •udlt for thls iepor¢ orlorthe oplnlonsvAt hn fwmed bAJA forand oft beh11 MGRWe51on Lip 55 Loud¢m Ro•d Stjohn'iwood NWB ODL
THE POUSH INsrrruTE AND SIKORSKI MUSEUM STATEMEiif OF FINANaAL posmoN AS AT 31 DECEMBER 2023 3.730,IXrtY 1730m) 44A70 4th4t Ind In h•nd 169A 27155 415. $11613 7W211 7.J5&147 gXNYII DdIk 11
THE POLISH INsrrriirE AND SIKORSKI MUSEUM STATEMENT OF FINANaAL AcllviTIES INCWDING INCOMEAND EXPENDITURE KCOLINr FOR THE YEAR ENDED 31 DECEMBER 2023 nth nds fvnds Don•tFans and l•pdes S4,412 S3,359 29L995 54,412 236317 291995 41402 34364 297J72 In¥•#ments 399,766 182JS8 sn4 376.738 ni $¢738 ¢h•dl•bl• •ctlvltl•s 435.579 618.537 Totsl 182J58 6653 467A05 N•tplnsl(loM•J) rn Inv•rtff 337.958 337J58 (707.791} 255,364 25S364 17983581 Fund b•l•Jw•t l J•nu•ry 2023 8J44024 8x024 9.744382 9201,388 9.201388 8,944024 The skt¢nxrt of fin•nclal acllvlts al ¢<Knpll•s wlth th• rnq fry •n IbKm and •¥11 Kcourt und•r th• Comp•nl•s kt 200& 10-
THE POUSH INsnTUTE AND SIKORSKI MUSEUM NOTES TOTHE HNANaALSTATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 The fin•nthl Ststeffl hab• been yepar¢d In Kcaan wlth thè Conyanles Art 2Q06 and "Account1 and ReportlTha by Charfil•s: Stthment of R•¢omrn•nd PrncUc• appllcable to drIt[eS PnI acUnts In •ccordJnce wlth the Flnancknl RertIa Siandwd •pplicable In the UK and ft•publk of lrnland {FKS 102r (as nd•0 forKcountlns perfods ccfflmendn&fium I 2019).Th• Instltuts kn a 5b1 O•n•fit Entltyas definqd ty FR5 101 The ttcounts have been FYepaTed under th• hlst¢ykal cort eonbtfit modlftod to Indle the fmhMtIoTh Investftnt piopertle5 and carta5n fIndl Instruments Irt talr. The prfncSpal accountlne poJkt•s adopt•d aw• Mt b•low. Th• coNld•r th•t th•rn •r• no ffl•t•rf•l un¢wtalntl•s r•prd th• (h•rrtrfs •blllty to co•rtlnu• •1 • Wni c4)nc•rn and ha¥¢ pr•p•r¥d ih•y• lIn•1 t•nxfitson thls bwls. Thls lsjupprytsd trrfa la r•ny of asxts held bv th• Charfty U Ch•rft•blefun Unr•strkted lund5 Mllth for um •t th• of th• Membern ol Councll In fiJrthw•nc• of th•k th•ritslJl• ft•Jtrtrt1Uftth arn iubJ•ct to 4xclftc tydunoTh orwntoTh utu IKyth•y b• ud.Th• purpoMs•nd ums of th• rn#rlct•d ldI •rns•t out th th• nokn toth• fin•nthl Mat•M. Inc<Mn• Is aCcounf0r0n • r•cotréa• Th• dwrlty knnotVATr•Wthrnd. Income from doftatlons 5s reco wh•n th• <har¢s •ntftl•mert his b•th bItshe4 th• amourt rnc•lvible can b• m•asurnd and th• r•tW b•COff uncondltlonal. Incomt from lo8ad•s ts rtto8rtld when th•rn h•s b••n byart of probtt th•rn •rn suffldert ets In the and sh at bank and slKYt te dep05k& Rent recefvabh Is•ccrued on • d•ykn knt•r•ston thposlts ts ictaunted fw on an •ccrua15 b• and other lTh•skn•rt Inccnw ts as dethrn lftcome ts 4llocacW to r•Arkt•d kncome wh•n R IJ byth• donorory•nt m•knrforsr*dfic pu 12-
THE POLISH INsfiTUTE AND SIKORSKI MUSEUM NOTES TO THE HNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢TrIlpalld (CAInu> All rWowWexThded1[• •¢countedfDron •n •cuu•ts b•sl& CoMaf8•Mrntlnifimds arn those Tth rentsl and Incom•. Chrltabl• a¢tMtlqs Incl1• c05tsof s•rvkw and supwrtco#sand on r•lat•d•st Gmrnafi¢e ci)sts¥rethos• assodatsd wlth ¢onstltutknal and statutory requlr•m•rt Prnm plart and •wlpm•nt PwcpqrtY plant and wulpm•nt •r• InItlty m$•0 •t and sthequwlly mwurnd •t wst ar v•lU•t1. n•t of d•prnckntlon and ary Imp•lrm•nt las T•nObl• flxd •M•ti •r• thtsd •t C4)st kn d•w4d•tkn. O•w¢kn¢lon wld•d It r•tss ul¢ul•t•d ta wrft• off th• cojt l•u ertlm•t•d IdUal lu• rf••¢h •sAtr lts•xp•rted uxfid Mfe, mfollo. Axturn&fi(tknqi •qm•nt ILN rnduth¥ b•l•n Th• yln or loss on th• dlyMI of In •y•t Is d•twmln•d th• dlffIrnn b•M•n th• ul• •nd th• rry1 TA1 olth• •is•L •nd Is In the sktwmnt ¢rffin•nd•l •cd¥lU•k culrnntJ• Is1¢tty In •xc•ss th•lu• at whlchtheyarn Irdudad In th• O•knnc•SI In¥•stm•nt prop•rtl•4 ¥rtth •r• prnp•rtlu h•ld to •arn rent•Js •ndlor far •pprnd•tlon, •re meawrnd wlng the falrvalue model •nd s&ted at thelre#lmatsd faIrlU•S as th pIng end tht• •s detemumd by the Truste•k Thqr• Is no deprnclltk charyod on pw•rtlek Th• cr ddldl on rw•lu•tlon 15 rncoanlsed In the siatemen¢ of Ilnanckl actlvltl•s. In¥eXfflents •rn Inftl•ly rncognlsed at thelr trdn51Ctlon v•lu• and subseq ¥t thdr m•rkn v41ue 45 at th¢ W•n¢o the4t d•te uslni the dosln¢ quoted market price. The ststement of t1 o¢tlvltl•s Iude$ the net 8aliisiwJ ltssssls1i¥ i¥V411udllwi di ill11( In¥•m•nts b••n fi•d ff th• fiw•d$4rn avallable on orat natk¢ At eKh pOrtIn¢ end d*e. the InXIt mlews the orrylng amounts oflts lale to deitmth• wh¢therth•re Is any kndcatlon that those assets Mlt•rnl an Impalmi•it lo11 ary sKh indicatkni ex the rnca¥wab of th• ass•t hrn•t•d In ord•rto d•t•rniln•th• •xt•rtofthe Impolmwrtlrth •1. LIO Cth •mlta%hequlvd¢nts c and cash eqlents lftdude cash In hand deFoslts hdd •t (all banks and bank awrdrnts. Bank obtrdrafts re shwn wlthln borwowhy In current Iiabltitle 13-
THE POUSH INsfiTirrE AND SIKORSKI MUSEUM NOTES TO THE FINANaALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2023 {Contknu The InAltute has elected to •pply th• wtyAslons of S•cilon 11 •aslc Fth•nd•l 1nStrL •nd Sacikn 12 1)th•r Fln•ndal ts5u•< afFRS toall of #sflnancknl InsLNrn•nts. Fln•nd•l Instrum•nts arn recced kn th• In#ltth's sh•rt whw thé InAitute b•t•m•s Pl ts th• ¢ontr•rtu•l pThtns olth• i#rurn•nL FIn•n¢1 •sMts •nd bIlItIeS •rn offJ•L wlth th• rnt Iffl prnsMt•d In th• fift•n¢1 rt•tQtr, th•r• Is i lty enfoffcejb rw to s•t off th• r•coW5•d lrn0ts•nd th•rn Is •n lrt•ntlon to xttl• on • n•t hsls ryto rn•ll%¢ the asset and the ll•b¥ltynI0I 1.12 fJ•dknrn Cr•dStfyy •rn re¢4)1$•d wh•r• the chailty a wosent obllytkn resultlns from • past ewfit th•t wlll probably rwult In the nrfer of fimd5 to • thlrd rty and thi amourt due to settle the ob11p f•n m•awred ¢x ¢stknut•d Ii•bty. Cnthtors •r• normalty r•C0ed•tth¢1rQlemrtIffl0fiL 1.13 Erylohw b•n•fits Th• 5t of any U$•d hollday•nltthffl•nt b racoyld kn the rknd In whlch th• •fflplawrfs s•Thlc•J •rn r•£¥• Termlnatkn) b•n•ffts •r• rnco8nls•d lmffl•dl•ts 45 w •xp•ns• wh•n th• In•tltut• Is d1Mbfy to Arnilnat• th• •mploym•rt ol•n •mpla¥a• ar to wld• t•rmhb•lkn b•Mfft& TranM¢tlons denomlnthd kn for) curnncl•s•rn r•cothd •tthe rnt• rullni atthe drte ofth• tr4fiMc¢lon. Mon•tsry •uets and Ilatrth d•nomln•t•d kn forn1 avr•ndes •r• trnnsht¢d Into •t th• rnt•s of ruln8 It th• sh••t d•t•. All nat dlff•r•nces •rfthg ha¥• b¢¢n d••lt wlth th• •t•m•rt of flmnthl Th• Mu5wm has fiat ¢aplt•Nsqd hwltap Isf•ts. Thts Is bK•use a cornpr•lwisl¥e Tmld not provM• • fyur• for us•r5 of th• fin•1•1 stht•m•nts •nd th• co¥t of so b not cMrn•nxnt• wlth b&)effts to the Use OfthefinaIl 5kthm•nl& Hlstorfc cost. whlle nmy b• wsslble to wlgn • cost to Items purchased phthln a tlnandal Tr•at. hlstorfc co#s qul¢klv exlst. but al bec•use of oplnions abryjt •ttAtMAlon and authentldty. subww rns••rth Into obJKts th•t r•¥gals nwHlu•.th •m•ryenc• of rnwlnfOrnn aboutth• pm•n•nc• of In Item orthiryes Ints# V4lu•kn . to lue hvlty Kqulyd hl#orfcaly r¥1 a numhr of furth•r cthK•plI conc•rnJ. Vlkniiw of h•rl wsets ts cofflplkJted the nIrn of m•Thy suth asset& •rn noly Sold and oft•n a V41u• •Thnc abrNe th• Intrinsk thelr•s%xlatlon vAth • persoffj e¥ent or collecll4)n; theve •r•a Iln4ted numbef0fbu no hon w#tIon ofassets on the mafket" and Ifflperf InfDrm•tlM abrt the em% for s. In ¢ontr•st wlth comme1 th•rth. thern Is seldom an ffl•tht to pm¥lde 11$ ofthr obl•tsThts makes mate1cCurafrI Inwosthto Khl¢¥e tr many herlt• as*t 14-
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THeYEAR ENDED 31 DECEMBER 2023 In th• •ppMciin In#llutrfs accnt£ polcl•4 ttw ol cow1 •rn rnwlr•d to mak4 lm•fft •stlmths and assunytlons •brt the Carry1 amourt rf •ssets and labll(Ues that are nat mdlty appJr•rt from otr rceL Th¢ •xlm•tQ5 and ass4xlated as•$ are based on hlsknleal ttp•rfonco and other fKtots that •r• n4d•Trd to b• r•lwanL Actual r•5utt5 may d5fferfm these e51inw Th• •stknrtu Ind •JnderlyEn8 a55wnptlons ¥re revlewed on m onqolng lts. Rv41slons to accoth esllmates ar• r¢ In th• wrfod In whlch Ihe •stlm•t• Is r•vls•11 whtre the re¥15k affects onty that perfo¢ or In the perfod th• rnvlilon •nd future perlods wh8rnthe re¥tskni •ffq¢ts both Cu1nt •nd perkxts. Vlluthn ollnwjtmert pnyertl AS dqsulb•d In nole IS to the fi111 5tat•Thnty PrortIeS •rn slrt•d at v•lue. Th¢ tnlltaes u5•d abs•Mbl• rn•rkqt prt¢ tunth 20J 30A93 259 54412 Perfommnce relètedBrdnts Incorne from ch¥i&le actmlles 182958 53JYJ 34364 136317 36364 15-
ThE POUSH INsllTirrE AND SIKORSKI MUSEUM NOTESTOTHE FINANaAL STATEMENTS {CONnNUED) FOR THEYEAR ENDED31 DECEMBER2023 2023 Rwtsl kncom• 131613 .597 lrterat re¢th•b 70 291995 Cojts olwrniiry rent•l Incoffl• 2L791 32,677 24990 24061 44781 ll52 R•t•s U8ht Ind htsmt R•palrs •nd fflnt•n Insurnnc• Llifv¥ IIIMdiy Prkrtth& path4• •nd Xatlon•ry 24423 14m 32,071 39,817 4470 4515 2U85 34.704 4L755 4859 erh•ry• pln ¢rlo Scannknla 11 (33021 58%422 355.127 Share of support coth{s•• fiote 81 ShwErrnanc• mjts Ix¢• not• 8) 15AB3 34976 618.537 16-
THE POLISH INSTrruTE AND SIKORSKI MUSEUM FOR THE YEAR ENDED 31 DECEMBER 2023 T•l•phoM & hrt•rn 7263 2A61 8.913 I15 310 647 L770 61 2,814 310 647 L770 C•rnd trnwl Bankdrye$ He•lth Ind Mf•ty 4101 4101 Audkfa•s L•W Ind pvofeMkxMI 2S,175 2S176 15.033 31115 65 38375 An•lyxd b•tw••n 1%033 4115 io 58 Audltorfj MM[0 The •n•lysl$ of•udlt¢¢$ rnmun•Adon ts Is follty•A: FMJ pffj•bl• to th• corybAnVs audltor. 2023 Aud ofth• c4mpWs •nnu4 actnts M•mb•rdCowI No nKmberJof wundl r¢c¢l¥¢d ary Yenwntl0n th• ¢wy•nt•ror wknrwar. In th• Cufrert r. on• m•mb•r ol (nal r4ceNqd £IIJIO11022: nll} thnE to woth they comthad In r•lallon to scanTrlry wiJecL The membEr of ¢(wncll donatsd the the arnourt bxk to th• tharlty dwlng the •nd•d 31 lY•Cqmr 2024. Also. dUrfI the year m•rtiws d coun¢ll rec•lwd rnlmburn•m•rt rf trnwL wb51#enc• •nd other eX1¢ure •TrwntSnc to £L113. (2022: OM nwmblr rf rouncl rece1% relmbjrsenwnt of trn4el. b$l$tI¢ and other •xpwdllurn •mowknsto QOI). 17-
THE POUSH INsllTiJfE AND SIKORSKI MUSEUM NOTESTO THEACCOUNTS ICONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 Th•Mrap mortlrf nnb•r91•mpknWl dwlns th• lfW. Numb•r io io Wa8es•nd salarl soc1 s•curlty(o 206mS lim9 lyn 4,139 22 203.774 Th•r• w•rn n0thrylaY InU•1 rnmun•fatlOnv£GImor Th• th•rlty k tr1rn tsxlon on ItsaclS bet•u •N Its Inc¢n tsippll•dlorth•rlt•bl• purpo -18-
THE POUSH INsnTUTE AND SIKORSKI MUSEUM NOTESTO THEAccouKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 R•Alu•llon and net plM/llossos} on thrd•rn 337958 1707.7W Prop•rtypknTht•nd I4n•t L•nd •nd A¢ i nY•ry 2023 5905 236525 276,030 l136 At31 (leNmber2023 39,505 237,661 ,166 At I 2023 160940 7.673 7,673 At 31 O•¢•mb•r 2023 31 Oecemb•r2023 39A05 69W 108J$3 At31 Dec••Yer 2022 39,505 75YS 115AI30 FaIrH• At ljarw 1013 •nd 31 Decernbw2013 3.7¥1IYJ The lrnwtmert propertles we ststed In th• accounts attheTrustsM' •sdmats of the m•rk•t%•lu• •tth• bal•nc• th• date. Thffe hx been no tyan Indlwndert party. 19-
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTESTOTHEACCOUNTS (coHllNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 At Ihnu•ry2023 Adthttons ItIon ch•np5 Dlspos•ls 4.615.850 195AB7 539,653 14,354) At 31 Ottemb•r2023 5.134186 C•rrylr4 •mOUrt At 31 Dec4mb•r2023 5,136.186 At31 D•c•rnb•r2022 41550 17 Trnd••nd oth•rMt•lbibl •r bI•S ,oii 10.6n 33,898 49A53 44.$70 Oth•rlff4e# 196,444 aorrowln85 1974 8814 17.822 7.057 22A
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTES TOTHEACCOUNTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 1974 Pwbl• lthln on•r 1974 Th• unrnjtrlctsd fvndsofth• Ch¥ltyrnpth th• un¢wded balanc•sofdon•tlcMand al whlch •rn notsubJ•rt to Jp•cfflc ondlttons ty donoTr ind wantw •sto hw th¢y may be used.Thu• Include dn•t•d lundswhlth h bmn •slde outof uNkted fwids bythe tnts1• for iwdfic purpoM& G•n•rnl lunds 8.944024 399.766 823601 337J58 9.201?88 AtlJ•bMWV R•Muvc•JGdM Ind lomw M31 D•t•mb•r G•n•r•l ldI 9.744382 376.n8 {467,305) 1707,791) A•kt•d Th• restrfci•d funth of th• dmrlty ct%nprfM th• eXPend b•knrt•s of don•tloM ind nts h•ld on tnut wbJ•ct to spec5fic condltlons ty don0 as to how thoy b• used The re5trkted fvnd r•prwertJ frqm Poltjh Cultsjrnl Mlfftlffjy rtt•h•d byth• dwrlty fw¥•dfi¢ x•nnkn8 and pr4rt At1 Ineomlry Il••oureM At 31 Ott•mboi •xp•nd•d 202J annln8 ond •r¢hIthgeIts 1182,9581 21-
THE POLISH INSTtruTE AND SIKORSKI MUSEUM NOTES TOTHEACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Iyls of n•t •lf•ls b•twMnklMds Fund balanw •t 31 De¢•mb•r2023 •r• rnprwqnt Prop•Tty, plart •nd oqulpm•rt Inv¢#nxntprop•rtl 108,553 3,730.0 4Jn,$42 385293 lo83 115mO 3.7311] 3.730 4977,542 4.615,850 385,293 485,1184 Curr•nt•ssotsllllèbllftkn) 9201,388 9201.388 1946.024 Fln•nd•l tomn •ndMntlr• lknblHIl Th•rn lsa c•t Ilablllty to r•w th• Pollth Tnut•• Asxxl•tk all or a b•qu•st of £6439312022: £64.393) ath•rthlMantsl th• •M•t•wv•to c(xn• No Mcwtyh•s bwn prold•d •pln#thls Jkblllty. Thw• TA•r• no th1ots1• r•l•tad wtytr4MKkn dn8th•{lO11. non•). Th• Pollyh Injtltuts Ind Slkorskl IJ a prfte comn¥ ty iuwante4 lftcorwrnt•d In Enil•nd •nd W•kn. Th• rq151•r•d offlc¢ Ir prfnd of tIn•s5 15 20 Prlnc•s G•t•, London. gKI IPT. Th• accots WE prnpared In stthn& vknkh ts th• fundlon•l curr•ncy of th• Instittrt& Monthry In th• fln•ndil ststwmts •r• rounded toth• new•rt L