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 Symano*thl T K*czmwsk• L l￿a¢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 A￿n￿O HIII K•nt ME19 4QI COIF aHrlty Fw 80 Ch*•￿Id• Bank￿n￿nder Pohnd 0>285 8•1* O•nk IX PLC i Chwcml P*e Lonth)n ￿4￿p 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• 8o*rd 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￿ M￿me￿L Camnth• h•ld As frt mw11￿ In SeptsffllKr 2022 *ftd In 2023 mrt tlme& The Cornfftho Is ￿mPrf￿d ol tntytees Imffl the Poltsh Inslltute ind S1kn5kl Mus•um •nd • iewes•n* ol rn*rnbern 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 col￿rA￿t• •ppfytt) th• Polknh Mthlth ofQthw• for• Ii&tt und•rth• ￿¢111*4 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• Ill￿5 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 ffl￿h 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 WI￿rn 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•m*mb•rwlth udTrotsthot•m•mb•n •MI no Ipnyr*fth 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 Comp￿1•$Art pwpa The accounts beth) prop¥ed In acco￿nce wlth the accountlnq pOlk￿S set note i to the accowrtS•MI c(xnply ¥Ath the ThE Po115h Institute and Museum Trvst Deed. the Companles Art 2CK16 and "l) Tde IRolwdJMy 20U) 4 O•Amb•r2023) D Bllthluk m•ffi￿rn baMd on th•lr •Ad lh• s*llh ta th• Th• •lthi wlll ArewhJdwpmp*th•t MGRW•#aTr LLP b• v•4ppalnt•d •s•Udtt0rn￿II b• PU¢ff•th¢ mefflb• E•th of the Mernbw5 oICThmdl hm that thw• ts no of wllth thy •rn 4wwe Js rqlth•rt to TheTrA%loes' rnwtwaswrtyTd tyth• Mqmb•ThOICowdl. 205ept•rnhriill4 THE POUSH INSTITUTE AND SIKORSKI MUSEUM srATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2023 The M•M￿ts of Council Twho Jffq also the dSrectors ofThe Pollth If￿￿tute and Slkntskl Mu5•um forth• purpose of ftyTyary are responsible for syeparfni the Tntskn, Report and the flnanclal statements In accuntln£ Stsndards Iuntted Kin4dom GeneTrllyA•d Acc(￿ntInG PActke). Com￿ry Law requlres the Meft*ws of Coundl to prepare fin•ncSal skntemerts ￿ eath Ilrnan￿ ￿r whlch Ifvo a tn* and Pdlr vlew d the state ol •ffalr5 rf the Instititt and of the Incom1￿ resources and •pplk•tk)n of r•sourc•4 Indudln8 the Income •nd •xpendltur4 of the charltable comp•ry for that yw. Compary law rnqulfes th•t th• M•mb•Th of Coundl must not approw th• fin•nd•l ststem•nts unl•u th•y •r• that thoy O¥• • tru• •nd falr vkw of th• st•te gf •ffalrs Of ttffj In prnwrfrythw• Jt•t¢wm the M•nth•ra ofCou￿m •re r*q￿nd to: - 1•18ttJutt•bl• •ccountlni *les •ndth•n •pplyth•m Mnslstenty, .*Jbsw¥• th• m•thod5•nd wTKI)l•s In th• c￿￿11115s0RP. - m•kelu*merts•nd e#lm•t•sthataro rn•son•ble•nd prLth¢ IrKI . th• finwd•l sutements cn th• iohi8 concwn bub ￿1•$% It 19 Inapprnprf•t• to pr•sum• thrt th• Instliut• Thlll Th• af Couftcl irn for keewrf idequ•t• •cMurth¥ reconts th•t dbdom Thlth rn•xxwble •ccwxy It •AV tln* th• fin•nthl pothlon of the In#ttut• Ind •nabl* them to *r￿￿￿ th* fin•ncl•l Jt•t•ffl•nts comth wr¢h tt* Companlu Art 2006. Tl*y •r• •lso r•sponslbh for Saf•￿r￿S th• •ss•ts of th• Inrtltuts Ind h•n￿ for rnuonal #•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 B*nce Sheet and the nots5 to the accou1￿ IndudSni a nmiry of 4nifKant •ccountlry polldek Th• fin•ntial fraMth￿￿K that hs been appNed In thelr w4par*ion Is appllcJble ljw Ind UnRed KIn￿M Accountin8 StsndJrd5 ￿￿udIng Fi￿￿1￿1 Reportww Stsndard 102 The Fh￿ndOlAePQrfftq 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)•c*7*tr 2023 aftd of Its Inc¢ffA r•sowrns •nd applkatlon of reslyj￿ InCI￿lIng its income and eX￿nthtUre, 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 l￿dentI￿dIP￿0pllatQ to pnr4kl• • bull forourorthlon. In •udltlw bln•ndd st*t•nMnty w• h•%• w￿luded 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 ￿n￿￿ONI tha¢ knthilduaMy*ycdl•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•. reSponS￿lI1￿e$ and th• vwpo￿lllll0$ 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 ann￿1 r•po¢ oth•r th• fthanckl staton*rts 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 Th4*therthe oth•r infammtlon Is mat•rlally Incor•slstert the fln•ncial statements or our kn￿l•d8¢ obtsIn￿ In th• •uth or oth•Thv15• ippeiry to be materfalty n1ss1￿. ff Idenufy such m*erf41 or appamrt materfal mlsslate• we arn wulred to deternilne wl*thr there Is a mate￿1 mTs#*ement kn the fln•nd4 slatthmnts or mltwlal the (ther I￿rn￿lon. It based on the Tmxk we hm perfonne4 ￿ condude Ihrt thv4 Is • fflrterfal Thdsstatement of thls Inforn￿O￿ 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• Tn*ws' r•pryt tr th• ljnandal Year hr th• fkn•nd•l stst•m•nts arn p*thkh Indudes the dlrectots, vwxyrt pr•p¥ed fw the purpos•s of compny l•x Is cons￿nt *lth the flnand the dkectm. v•port th￿￿d•d wlthln the Tru#•ts' rnpvrt b••n w•p¥•d In *(￿danc• wlth ap￿1¢•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• follo*lry 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 Tn￿111¥ 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•ffl￿n• 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• opw*lon4 or have no •ttenwtè4e buttt> O)s I￿robj0￿1￿•S arn ta obialn mx)Mble assurnnc• •brxrt wh•ttwr th• fl￿nd￿ ststyfmfjts ￿ • wWe are fr•• from m•tarf•l ffdsstst•nenL whetherduetofrnud or•rror. and tols9￿ an •udlt4¢s rewt th•t IrKludes Our0￿nIOn. Reascthble assuranra Is • level of assurance Ixrt Is no¢ • Awrwrtqy th•t on w￿lt con￿1￿￿ In ¥Ath IW (UO VAII always deteLI a m•trrlal m155t4tefflent wh•n It ￿l$t& Mi551atrments un art*from fraud or•fflJr and are consldered m*•rlal ff, Inthildu•lly or In the aiiieiale. they cO￿d rn•son*ty be upqcted to InAu¥K• th• O￿n0M￿ dod*ns d usets tskqn on the basls thqseflnanthl ststqnw A fwth•r descrfOlon ol our Th$p￿IbIl1￿es 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 All rWowWex￿Thded1[• •¢countedfDron •n •cuu•ts b•sl& CoMaf8•Mrntlnifimds arn those T￿th rentsl and Incom•. Chrltabl• a¢tMtlqs Incl￿1• c05tsof s•rvkw and supwrtco#sand on r•lat•d•s*t Gmrnafi¢e ci)sts¥rethos• assodatsd wlth ¢onstltutknal and statutory requlr•m•rt Prnm plart and •wlpm•nt PwcpqrtY* plant and wulpm•nt •r• InIt￿lty m￿$￿•0 •t and sthequwlly mwurnd •t wst ar v•lU•t1￿. n•t of d•prnckntlon and ary Imp•lrm•nt las T•nObl• flxd •M•ti •r• thtsd •t C4)st kn d•w4d•tkn. O•w¢kn¢lon ￿ wld•d It r•tss ul¢ul•t•d ta wrft• off th• cojt l•u ertlm•t•d ￿IdUal ￿lu• rf••¢h •sAt￿r lts•xp•rted uxfid Mfe, mfollo￿. Axturn&fi(tknqi •q*m•nt ILN rnduth¥ b•l•n Th• yln or loss on th• dlyMI of In •y•t Is d•twmln•d ￿ th• dlffIrnn￿ b•M•n th• ul• •nd th• rry1￿ TA1￿ olth• •is•L •nd Is In the sktwmnt ¢rffin•nd•l •cd¥lU•k culrnnt￿￿J• Is￿￿1¢￿tty In •xc•ss ￿th•￿lu• at whlchtheyarn Irdudad In th• O•knnc•SI In¥•stm•nt prop•rtl•4 ¥rt￿th •r• prnp•rtlu h•ld to •arn rent•Js •ndlor far •pprnd•tlon, •re meawrnd wlng the falrvalue model •nd s&ted at thelre#lmatsd faIr￿lU•S as th* ￿p￿Ing end tht• •s detemumd by the Truste•k Thqr• Is no deprnclltk￿ charyod on pw•rtlek Th• cr ddldl on rw•lu•tlon 15 rncoanlsed In the siatemen¢ of Ilnanckl actlvltl•s. In¥eXfflents •rn Inftl•ly rncognlsed at thelr trdn51Ctlon v•lu• and subseq￿￿ ¥t thdr m•rkn v41ue 45 at th¢ W•n¢o the4t d•te uslni the dosln¢ quoted market price. The ststement of t￿1 o¢tlvltl•s I￿ude$ the net 8aliis*iwJ ltsss*s*ls1i¥ i¥V411udllwi di￿ ill1￿1*￿( In¥•*m•nts b••n ￿￿￿fi•d ff th• fiw•d$4rn avallable on orat natk¢ At eKh ￿pOrtIn¢ end d*e. the InXIt￿ mlews the orrylng amounts oflts la￿￿le to deitmth• wh¢therth•re Is any kndcatlon that those assets Mlt•rnl an Impalmi•it lo￿11 ary sKh indicatkni ex￿ the rnca¥wab￿ of th• ass•t h￿rn•t•d In ord•rto d•t•rniln•th• •xt•rtofthe Impolmwrtlrth ￿•￿1. LIO Cth •mlta%hequlvd¢nts c￿ and cash eq￿lents lftdude cash In hand deFoslts hdd •t (all banks and bank awrdrnts. Bank obtrdrafts re shwn wlthln borwowhy In current Iiabltitle 13- THE POUSH INsfiTirrE AND SIKORSKI MUSEUM NOTES TO THE FINANaALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2023 {Contknu The InAltute has elected to •pply th• wtyAslons of S•cilon 11 •aslc Fth•nd•l 1nStrL￿￿ •nd Sacikn 12 1)th•r Fln•ndal ts5u•< afFRS toall of #sflnancknl InsLNrn•nts. Fln•nd•l Instrum•nts arn recc￿ed kn th• In#ltth's sh•rt whw thé InAitute b•t•m•s Pl￿ ts th• ¢ontr•rtu•l pTht*ns olth• *i#rurn•nL FIn•n¢￿1 •sMts •nd ￿bIlItIeS •rn offJ•L wlth th• rnt Iffl￿ prnsMt•d In th• fift•n¢￿1 rt•tQtr￿, th•r• Is i lty enfoffcejb￿ rw to s•t off th• r•coW5•d lrn0￿ts•nd th•rn Is •n lrt•ntlon to xttl• on • n•t hsls ryto rn•ll%¢ the asset and the ll•b¥lty￿n￿￿I￿0￿￿I 1.12 fJ•dknrn Cr•dStfyy •rn re¢4)￿1$•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•C0￿ed•tth¢1r￿Q￿lemrtIffl0￿fiL 1.13 Erylohw b•n•fits Th• ￿5t of any ￿U$•d hollday•nltthffl•nt b racoyl*d kn the ￿rknd In whlch th• •fflplawrfs s•Thlc•J •rn r•£￿¥• Termlnatkn) b•n•ffts •r• rnco8nls•d lmffl•dl•ts￿ 45 w •xp•ns• wh•n th• In•tltut• Is d1M￿bfy to *Arnilnat• th• •mploym•rt ol•n •mpla¥a• ar to wld• t•rmhb•lkn b•Mfft& TranM¢tlons denomlnthd kn for*) curnncl•s•rn r•cothd •tthe rnt• rullni atthe drte ofth• tr4fiMc¢lon. Mon•tsry •uets and Ilatrth d•nomln•t•d kn forn1￿ avr•ndes •r• trnnsht¢d Into •t th• rnt•s of ruln8 It th• sh••t d•t•. All nat dlff•r•nces •rfthg ha¥• b¢¢n d••lt wlth th• *•t•m•rt of flmnthl Th• Mu5wm has fiat ¢aplt•Nsqd hwltap Isf•ts. Thts Is bK•use a cornpr•lwisl¥e Tmld not provM• • fyur• for us•r5 of th• fin•￿1•1 stht•m•nts •nd th• co¥t of so b not cMrn•nxnt• wlth b&)effts to the Use￿ Ofthefina￿I￿l 5kthm•nl& Hlstorfc cost. whlle ￿ nmy b• wsslble to wlgn • cost to Items purchased phthln a tlnandal Tr•at. hlstorfc co#s qul¢klv exlst. but al￿ bec•use of oplnions abryjt •ttAtMAlon and authentldty. subww* rns••rth Into obJKts th•t r•¥gals nwHlu•.th •m•ryenc• of rnwlnfOrn￿n aboutth• pm•n•nc• of In Item orthiryes Ints# V4lu•kn . to ￿lue hvlty Kqulyd hl#orfcaly r¥1￿ a numhr of furth•r cthK•pl￿I conc•rnJ. Vlkniiw of h•rl* wsets ts cofflplkJted ￿ the nI￿rn of m•Thy suth asset& •rn noly Sold and oft•n a V41u• •Th￿nc￿ abrNe th• Intrinsk thelr•s%xlatlon vAth • persoffj e¥ent or collecll4)n; theve •r•a Iln4ted numbef0fbu￿￿ no hon￿ w￿#tIon ofassets on the mafket" and Ifflperf￿ InfDrm•tlM ab￿rt the *em% for s*. In ¢ontr•st wlth comme￿1 th•rth. thern Is seldom an ffl•th*t to pm¥lde ￿1￿1$ ofth*r obl•tsThts makes mate￿￿1cCurafr￿I￿ 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• •ppMc*iin In#llutrfs acc￿nt￿£ polcl•4 ttw ol cow￿1 •rn rnwlr•d to mak4 l*m•fft •stlmths and assunytlons •b￿rt the Carry1￿ amourt rf •ssets and labll(Ues that are nat mdlty appJr•rt from ot￿r 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 Cu￿1nt •nd perkxts. Vlluthn ollnwjtmert pnyertl AS dqsulb•d In nole IS to the fi￿￿111 5tat•Thnty Pro￿rtIeS •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 olw*rniiry rent•l Incoffl• 2L791 32,677 24990 24061 44781 ll￿52 R•t•s U8ht Ind htsmt R•palrs •nd ffl￿nt•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 ShwEr*￿￿rnanc• 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 I￿15 310 647 L770 61 2,814 310 647 L770 C•r*nd trnwl Bankd￿rye$ 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 act￿nts M•mb•rdCow￿I No nKmberJof wundl r¢c¢l¥¢d ary Yenwn￿￿tl0n 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•Cqm￿r 2024. Also. dUrfI￿ the year m•rtiws d coun¢ll rec•lwd rnlmburn•m•rt rf trnwL wb51#enc• •nd other eX￿￿1¢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 mortl*rf n￿nb•r91•mpknWl dwlns th• ￿lfW￿. Numb•r io io Wa8es•nd salarl soc￿1 s•curlty(o 206mS lim9 lyn 4,139 22 203.774 Th•r• w•rn n0thrylaY￿ I￿￿nU•1 rnmun•fatlOnv￿£G￿Im￿or Th• th•rlty k ￿tr￿1r￿n tsxl￿on on Itsac￿l*S 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 I4￿￿n•￿t L•nd •nd A¢ i ￿nY•ry 2023 59￿05 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••Y*er 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 I￿tIon 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 4￿15￿50 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¥lty￿rnpth 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 d*n•t•d lundswhlth h bmn ￿ •slde outof uN*kted 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 l￿dI 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¢hIthgeI￿ts 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 lo8￿3 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 th1o￿ts1• r•l•tad wtytr4MKkn d￿n8th•￿{lO11. non•). Th• Pollyh Injtltuts Ind Slkorskl IJ a prf￿te com￿n¥ ty iuwante4 lftcorwrnt•d In Enil•nd •nd W•kn. Th• rq151•r•d offlc¢ Ir￿ prfnd* of t￿In•s5 15 20 Prlnc•s G•t•, London. gKI IPT. Th• acco￿ts WE prnpared In stth*n& vknkh ts th• fundlon•l curr•ncy of th• Instittrt& Monthry In th• fln•ndil ststwmts •r• rounded toth• new•rt L