REGISTERED COMPANY NUMBER.. 004018161En£land and Wales) REGISTERED CHARrrY NUMBER: 312168 TRusfEES' REPORT AND FINANaAL STATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE POUSH INSTITUTE ANO SIKORSKI MUSEUM IA COMPANY UMITED BY GUARANTEE) MGR Weston Kay LLP Statutory Auditors 55 Loudoun Road St John's Wood London NW8 ODL
THE POLISH INSTITLrrE AND SIKORSKI MUSEUM copirENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Reference and Admlnlstratlve Detalls Chalrman's Report Trustees, Report Statement of Trustee5' Responslbllltles Report of the Independent Audltors 8 to 11 Statement of Financlal Artlvltles 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Cash Flow Statement 15 Notes to the Flnanclal Statements 16 to 26
THE POLISH INSTITUTE AND SIKORSKI MUSEUM REFERENCE ANO ADMINisfRATIVE DETAILS FOR THE YEAR ENDED 31 OECEMBER 2024 TRUSTEES M Wojcik (appointed 8.4.2024) L Lasocki D Bildziuk B Gabriel J Korwin-szymanowski C Nowakowski A W Nosalik G A Gudiens Ireslgned 15.1.20251 T Kaczmarska Ire51gned 24.11.20241 REGISTERED OFFICE 20 Prlnces Gate London SW7 IPT REGISTERÉD COMPANY NUMBER 00401816 (England and Wales) REGISTERED CHARITY NUMBER 312168 INDEPENDENT AUDITORS MGR Weston Kay LLP Statutory Auditors 55 Loudoun Road Stjohn's Wood London NW8 ODL BANKERS CAF Bank Limited 25 King5 Hill Avenue King5 Hill West Mallin8 Kent ME19 4QJ Bank Santander Oddzial 64 w Warszawie UL. Ludwika Kondratowucza 35 Poland 03-285 BANKERS Barclays Bank UK PLC I Churchill place London W14 5HP Page I
THE POLISH INSTITUTE AND SIKORSKI MUSEUM CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In the planning of activitie5 for the reportin8 year, the Board of Trustees considered the Charity Commission's general guidance on public benefTt. The Trustees consider it to be in the public benefit to promote educatSon and increase awareness of Polish history and culture in the UK and beyond. In 2024 there were several anniversaries and commemorations, which are an excellent platform to increase awarene55 and educate through The Archive5, The Museum and the Polish Underground Movement Study Trust. An exhibition to mark the 80th anniversarie5 of D Day, Monte Cassino, the Warsaw Uprising, Falaise and Arnhem was shown In the Institute. In August, the Polish Underground Movement Study Trust organised an exhibition at Bush House, Strand, in partnership wlth the respected Klng's College, London. entltled 'War5aw Calling, commemorating the 80th anniversary of the Warsaw Uprising. The exhibition was also held at the Polish Social and Cultural A5SOClation IPOSKI, Hammersmith. It was agreed the exhlbltlon should speak to a wide audience, reach out to the British public and be in a contemporary format. Rather than telling the story of the politico-military aspects of the battle and AK leadership, the exhibition would focus mainly on the experience of the clvilian population. The voice5 of a variety of participants were to be heard, Wlth current conflicts in Ukrainian and MSddle Eastern confllcts. the battle of Warsaw should be present as an example of war, and Smpact to its population. We achieved our oblective of presentlng the Uprising from a diverse and civic standpoint, and plan future collaborations With our partner. We developed a new website, www.warsaw1944.uk, which will be used to promote awareness of the uprising, and support future exhibitions All the above departments contlnued to draw researchers, authors, fllm makers, journalists as well as general vlsltors. The toplcs investigated were many and varled generally in the political and mllltary fTelds but as ever there wa5 a strong interest in family research. Contact5 were malntalned wlth other Institutions of a slmilar proflle both In the Unlted Klngdom as well as abroad In most cases the institute was able to furnish requested informatlon speedily and in some cases was able to loan appropriate materials and exhibits. The instltute was visited by the conserv3tionist5 from Polonika and the Museum of the Second World War from Gdansk with a vlew of worklng together. Our Keeper and Deputy of Archives have represented the Instltute at several academic conferences In London and abroad, havlng been requested to present papers. The Film Archivist also gave lectures wlth film footage at several conferences. No doubt one of the rnost important aspects of the institute's work15 the pre5ervatlon of its collectlons but archive and museum the everyday work of scanning and preservation of docurnent5 and photographs located in all departments continues both in-house and with a 5oeciali5t firm. Work suGh 45 cataloguing and maintenance of other Museum exhibits in continuing. The boord continues to apply to the Polish Mln15try of Culture for grant under the so-called WABIM prolect. In 2024 the funds were used for the development, safeguardlng, digitization and popularizing the archival and museum holdings. Two books were published.. CatalDgue of Unlform5 in the collection5 of P15M and General Wladyslaw Sikor5kl's Vlslt to Mexico in 1942. In April the Institute hosted a reception to commemorate the 80th anniversary of the Battle of Monte Ca55ino Guests included our new Patron. The Earl of St. Andrews and HE Anna Maria Anders. The Polish Amba5sèdor HE Prof. Piotr Wilczek, The Consul General, the Defence Attaches and staff from the Polish Embassy and Consulate have been frequent guest5 at the Institute. Vi51t5 were also made by the Lord Mayor of Westminstor, The Mayor of Kensington and Chelsea and Chelsea Pensioner5. In December a Christma5 reception for members, Staff and volunteers was held. The number of vlslts by Pollsh Schools have increased and the educational plan in partnership with the Volish Educational Society ha5 been very successful and positive. The institute's rental properties continue to bring in an income. The major item of buildin8 work in 2024 was the renovation of the rear balcony of 20 Princes Gate. Page 2
THE POLISH INSTITUTE AND SIKORSKI MUSEUM CHAIRMAN'S REPORT FOR THE YEAR ENDED31 DECEMBER 2024 As mentloned in previous years, a small core of salarled staff is employed by the Instltute, There a also dedlcated volunteers which brlng wlth them a varlety of skllls. It Is pleasing to note that the Instltute appears to attract further volunteers durlng the year. The appreclatlon of the Institute's work and of course It's staff and volunteers are reflected In the on£olng recelpts of donation5 and legacles, as well as positlve entrles In the Instltute's vlsltors, book. I should Ilke to convey the thanks of the Trustees to all the Instltute's staff, espetlally the Archlve staff and volunteers for thelr dedlcatlon, enthusla5m and hard work over the past year, across our two slte5, We also remember wlth sadness those members and volunteers who are no lon8er wlth u5. D. Blldzluk For and on behalf of the Board 4 September2025 Page 3
THE POLISH INSTITUTE AND SIKORSKI MUSEUM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee5 who are a150 directors of the charity for the purposes of the Companies Act 2006, present thelr report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJEcfivES AND AcfiviTIES Objectlve5 and aims To collect, preserve and interpret through the material evidence of Poland'5 past, especially that connected with the activltles of the Polish Government-In-Exile and it'5 Armed Forces 1939-45, for the public benefit, education and enjoyment. To care for the existing callections relating to Poland's history, principally the work Df the Polish Government-in-Exile and it's Armed force5 1939-45. To collect, preserve and interpret through the materlal evldence of Poland's past, especially that connected with the actlvltles of the Polish Government-in-Exile and it's Armed Forces 193945, for the public benefit, education and enjoyment. To care for the existing collectlons relatin8 to Poland's history, prlncipally the work of the Polish Government-in-Exile and It's Armed forces 193945. To make provision for future collections whlch may be bequeathed by other institutions as well as by Indlvidual member5 of the publlc. Provlde perrnanent and temporary exhibStlons and event5 in a variety of dlsclpllnes for the informatlon and education of visitors. To work with others to record, protect and enhance the achlevements of the Polish Community in the United Kingdom. To provlde a high.quality education resource. Making the Institute and its activitles accessible to all sections of the communitv. Encourage a dedicated workforce who cares about Polish heritage in the United Kingdom and its British contacts. - To increase, by various means, the number of visitors and researchers to the Institute. To expand resources available to the Institute. with specific reference to staff and financial resources. The full objects appear in the Memorandum and Artlcles of Association. The Members of Council have had regard to Charity Commission's general guidance on public benefit when reviewing the aims, objectives and activities of the Charity. The Members of Council have paid due regard to guidance issued by the Charity Commission in deciding what attlvltles rho Insrlrute should undertake. STIiATEGIC REPORT Achievements and pertormance Details of the achievements of the chority during the year are shown above in the Chairman'5 Report Page 4
THE POLISH INSTITUTE AND SIKORSKI MUSEUM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT Financial revlew The charity's incoming resources from charitable activities increased by Il% and donations and legacies have increased by 344% in the year under review, due to a one-off donation. The total resources expended have increased by 16%. This includes the costs of generating funds which have increased by 18% and the cost of charitable activities have increased by 15%. There were net losses on investments of £102,451. In the opinlon of the Members of Councll, the charlty Is In a strong posltlon at the year end with unrestrlcted fund balance of £9,284,749, It is the policy of the Institute that unrestricted funds which have not been de518n3ted for a speclfic use should be maintained at a level equivalent to between three and six month's expenditure. The Member5 of Council consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Institute's current actlvities whlle consideratlon15 given to way5 in which additional funds May be raised. This level of reserve5 ha5 been maintained throughout the year. The Trustees conslder that, at the date of signing the report, the charity Is a going concern, based on their review of exlstlng funds and expected cash flow. The Members of Council are aware of the charlty's future financial needs and alm to secure the long term flnanclal stablllty of the charlty. They have a low to medlum attStude to rlsk and have invested in income producing properties, a portfolio of FTSE 100 investment5 and retain liquid funds on deposit to ensure that they can meet the charity's short and medlum term cash flow requirements. The charity has a normal level of exposure to price. Ilquldlty and cash flow risk. The Members of Council ha5 a55e55ed the major risks to which the Institute is exposed, and are sat15fied that 5yStem5 are in place to mltiEate exposure to these. There are no slgnlflcant future changes planned and the Trustees look forward to a similar level of activity In the next flnanclal year. Page 5
THE POUSH INSTITUTE AND SIKORSKI MUSEUM TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Pollsh Instltute and Sikorskl Museum was established by a Trust Deed and is a company Ilmlted by guarantee wlth no share5. The Instltutels governed by a Councll conslstlng of a rnaxlmum of 24 Full Mernber5. Each year one flfth of the longest servln8 Councll member5 retlre but belng eliglble, affer themselves for re.electlon at the Annual General Meetlng. The charlty Is managed day-to-day by the Chalmian, the Treasurer, the Vlce Chalrman and the rest of the Board who meet on average every SIM weeks. The Members of Councll, who are also the dlrettors for the purpose of company law, and who Served durlng the year and up to the date of slgnature of the flnanclal statements were.. M Wolclk lappolnted 8 Aprll 20241 L Lasockl D Blldzluk B Gabrlel J T Korwin Szyrnanowskl K Nowakowskl A W Nosallk G A Gudlens Ireslgned 15 January 20251 T Kaczmarska Ireslgned 24 November 20241 The Trustees can appolnt full members In a¢¢ordance wlth the Artlcles of Assoclatlon. New Trustees are proposed from the full members based on thelr experlence and the skllls they can contrlbute to the charlty. The exlstlng Trustees wlll revlew these candldates, names and CV'S. If successful, the candldates wlll be proposed for appolntment at a Trustees me8tlng and subsequently confirmed at the AGM. New Trustees follow an Inductlon proce55. The charlty's key management personnel Ithe Trustees) do not recelve remuneratlon or other benefits for thelr work wlth the charlty. The ¢harltles key management per50nnel do not recelve remuneratlon or other beneflt from thelr work wlth the charlty. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the tru5tee5 are aware, there15 no relevant Informatlon {as defined by Sectlon 418 of the Companles Act 20061 of which the charltable company'a audltors are unaware, and each trustee ha5 taken all the Steps that they ought to have taken as a trustee In order to make them aware of any audlt Informatlon and to estab115h that the charltable company's audltors are aware of that Informatlon. Trustees, repo¢ Incorporatlng a strateglc report, approved by order of the board of trustees, a5 the company dlrectors, on 4 September 2025 and slgned on the board's behalf by: D Blldzluk- Trustee Page 6
THE POLISH INSTITUTE AND 51KORSKI MUSEUM STATEMENT OF TRUSTEES, RESPONSIBILITIE5 FOR THE YEAR ENDED 31 DECEMBER 2024 The Members of Cotsncil. who are also the directors of The Polish Institute and Sikorski Museum for the purpose of company law, are re5pDnsible for preparing the Chairman's And Trustees, Report and the financial statements in accordance with applicable law ond Unlted Kingdorn Accounting Standard5 (United Kingdom Generally Accepted Accountin8 Practice). Company Law requires the Members of Council to prepare financial Statements for each financial year which give true and fair view of the state of affairs of the Institute and of the incomlng resource5 and applicatlon of resources, Includlng the income and expenditure, of the charitable company for that year. In preparlng these financial statements, the Members of Council are requlred to: select suitable accounting policies and then apply them consistently; ObSee the methods and principles in the Charltles SORP; make judgements and estimates that are reasonable and prudent; and prepare the flnancial statements on the going concern basls unless It Is InapproprSate to presume that the InstStute will contlnue Sn operatlon. The Members of Councll are responsible for keeping adequate accountlng records that dSsclose wlth reasonable accuracy at any tlme the financlal position of the Institute and enable them to ensure that the flnancial statements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the Institute and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularltles. Page 7
REPORTOF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE POLISH INSTITUTE AND SIKORSKI MUSEUM Opinion We have audited the financial statements of The Polish Institute And Sikorski Museum Ithe 'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and note5 to the firsancial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements., give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, Including its Income and expenditure, for the yeor then ended,. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,, and have been prepared in accordance with the requirements of the Companies Act 2006. 8asls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon5iblllties under those standards are further descrlbed in the Auditors, responsibilities for the audlt of the flnancial 5tatement5 5ectlon of our report. We are independent of the charitable company in accordance wlth the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirernents. We believe that the audit evidence we have obtained is sufficient and approprlate to provlde a ba515 for our opinion. Concluslons relatln8 to 8oln8 concern In auditin8 the financial statements, we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalnties relating to events or condltlons that, Indivldually or collectlvely, may cast slgnlflcant doubt on the charitable company's ability to continue as 3 golng concern for a perlod of at least twelve months from when the financial statements are authorised for Issue. Our responsibilitles and the responsibilities of the trustees with respect to going concern are described In the relevant section5 of this report. Other Informatlon The trustees are re5pon5ible for the other information. The other information comprlses the Information included in the Annual Report. other than the flnancial statements and our Report of the Independent Auditor5 thereon. Our oplnlon on the flnanclal statements does not cover the other Infonnation and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connectlon with our audit of the financlal statements, our responsibility Is to read the other information and, in dolng so, conslder whether the other Information Is materially Inconsistent wlth the fTnancial statements or our knowledge obtained in the audit or otherwise appear5 to be materlally m155tated. If we identify such material incon515tencies or apparent material mlsstatements, we are required to determine whether this gives rise to material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this Other information. we are requlred to report that fact. We have nothing to report in thls regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared Is conslgtent wlth the flnanclal statements. and the Trustees, Report has been prepared in accordance with applicable legal requirement5. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE POLISH INSTITUTE AND SIKORSKI MUSEUM Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtalned In the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 26 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the Information and explanations we require for our audlt. Responslbilltles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the dlrectors of the charitable company for the purp05e5 of company lawl are responsible for the preparatlon of the financial statements and for being satisfied that they give a true and falr view, and for such Internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparlng the financial 5tatement5. the trustees are responsible for assesslng the charitable company's abllity to continue as a going concern, discloslng, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no reallstlc alternative but to do so. Page 9
REPORT OF THE INDEPENDENT AUDITORSTOTHE MEMBERS OF THE POLISH INSTITUTE AND SIKORSKI MUSEUM Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurante about whether the financial statements a5 a whole are free from materi31 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not 3 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The exteTrt to which our procedures are capable of deterting IrreEularltles. Including fraud Irregularitles. Includlng fraud, are Instances of non-compllance with laws and regulations. We design procedures in Ilne wlth our respon5Ibllltle5, Outllned above, to detect material misstatements In respect of irregularitles, including fraud. The extent to which our procedures are capable of detecting Irregularltles, Including fraud is detaSled below. As part of our plannlng of the audlt work requlred we obtalned an understanding of the legal and regulatory framework5 that ore appllcable to the entity via enqulries of the company's management, carried out analytical procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the most significant laws and regulation are those that relate to.. Health and safety regulations. Employrnent law IncludSng rlght-to-work Sn the UK, Charities Act. We also considered those laws and regulations that have a direct impact on the preparation of the financial statement5 such as Charities SORP, FRS102 and the Companies Act 2006. Based on the results of our rlsk assessment we designed our audit procedures to identify nor*-compllance with the law5 and re8ulation5 and the fraud r15k5 Identlfled. Thls Included enquiries wlth management to understand thelr pollcles and procedures for compllance wlth those regulatlons and we completed the following tests.. Obtained an under5tandin8 of relevant controls. Reviewed the company's risk assessments, procedures and systems. Checked samples of documentation. Checked sample5 of documentation including minutes of the meetings of the trustees and service agreements with regulatory advisors. We also assessed the risk5 of rnaterial mi55tatement in respect of fraud as follows: • Revenue fraud. Unauthorised expenditure and/or payment5. Management override of controls. Manlpulation of accountlng estlmates, Related party fraud. Based on the results of our risk assessment we designed our audit procedures to identlfy and to address material mlsstatements In rElation to fraud. This included the risk of management blas relating to judgements and assumptions used in the valuing the investment properties. No significant Issues were identified dvring our te5tin8. There are inherent lirnitation5 in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. A5 Wlth any audit, there remained a i-isk of non detection of irregularities, as these could involve Collusion, forgery, intentional omi55ion5, misrepresentations or the override of internal control5. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web51te at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 10
REPORT OFTHE INDEPENDEKf AUDfTORS TOTHE MEMBERS OF THE POLISH INSTITUTE AND SIKORSKI MUSEUM Use of our report Thls report Is made solely to the charitsble company's members. as a body. In accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we mlght stste to the charitable company's members those matters we are requlred to state to them in an auditors. report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibllity to anyone other than the charltable ompany and the tharrtable company's member5 a5 a b)dy. for our audit work, for this report or for the opinlon5 we have formed. Nigel alfisz FC4 Isenior Statutory Audltorl for and on behalf of MGR Weston Kay LLP Statutory Auditors 55 Loudoun Road Stjohn's Wood London NW8 ODL Date: 18 September 2025 Page 11
THE POLISH INSTITUTE AND SIKORSKI MUSEUM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestrlcted funds Restricted fund Notes INCOME AND ENDOWMENTS FAOM Donations and legacies 241,566 241,566 54,412 Charltable activlties Charitable artivities 74.689 188,468 263,157 236,317 Investment Income 450,690 450.690 291,995 Total 766,945 188,468 955,413 582,724 EXPENDITURE ON R0i5in8 funds 55,246 55,246 46,781 Charltable activltie$ Charitable activltles Support Costs Governance Cost5 479,296 24.406 22,185 188,468 667,764 24,406 22,185 585,422 15,033 18,082 Total 581,133 188,468 769,601 665.318 Net galnslllossesl on Investments 1102,4511 1102,4511 337.958 NEf INCOME 83,361 83,361 255.364 RECONCIUATION OF FUNDS Total funds brought forward 9,201,388 9,201,388 8.946,024 TOTAL FUNDS CARRIED FORWARD 9,284,749 9,284.749 9,201,388 The notes form part of these flnancial statements Page 12
THE POUSH INSTITirfE AND 51KOR5KI MUSEUM BALANCE SHEET 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Totsl funds Unre5trlcted funds Restrlrted fund Notes FIXED ASSETS Tanglble assets Investments Investment5 Investment property 14 107,493 107,493 108,553 15 16 5,138,254 3,730,000 5,138,254 3,730,000 4,977,542 3,730.¢XJO 8.975,747 8,975,747 8,816,095 CURRÉNT ASSETS Debtors Investment5 Cashatbank 17 40,245 186,444 137,149 40.245 186,444 137,149 49,853 196,444 166,427 363,838 363,838 412,724 CREDITORS Amounts fallln8 due wlthln one year 19 154,8361 {54,8361 {27,4311 NET CURRENT ASSErs 309,002 309,002 385,293 TOTAL ASSETS LE55 CURRENT LIABILITIES 9,284,749 9.284,749 9,201,388 NET ASSETS 9,284,749 9,284,749 9,201,388 FUNDS Unrestrlcted funds: General unrestrlcted funds Revaluatlon reserve 20 7,670,572 1,614,177 7,587,211 1,614,177 9,284,749 9,201,388 TOTAL FUNDS 9,284,749 9,201,388 The flnanclal statement5 were approved by the Board of Trustees and authorlsed for Issue on 4 September 2025 and were 55gned on Its behalf bv.. I rustee The notes form part of these financial statement5 Page 13
THE POLISH INsrrruTE AND SIKORSKI MUSEUM CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Notes Cash flows from operatlng activitles Cash generated from operations 227,090 185.3631 Net cash provided byllused inl operating artivities 227.090 185,3631 Cash flows from investlng artlvltles Purchase of tangible flxed 355ets Purchase of flxed asset Investments Sale of flxed asset investments Proceeds from current a55et investments Interest received 16,495) 12,674,604) 2.411,441 10,000 3,290 11,1361 1195,0371 171,303 2,470 Net cash used in investing activlties 1256,3681 122.3561 Chan8e In cash and cash equlvalents In the reportlng perlod G75h and cash equlvalents at the beglnnlng of the reportlng perlod 129.2781 1107,7191 166,427 274,146 Cash and cash equlvalents at the end of the reportln8 period 137.149 166.427 The notes form part of these financial 5taternent5 Page 14
THE POLISH INSTrruTE AND SIKORSKI MUSEUM NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcTIVlEs 31.12.24 31.12.23 Net Incorne for the reportlng period la5 per the Statement of Flnanclal Actlvlties) Adlustments for: Depreciation charges Losses/lgalnl on investments Interest recelved Decrease/lincreasel in debtors Increase/ldecreasel In creditors 83,361 255,364 7,555 102,451 13,2901 9,608 27,405 7.673 1337.9581 12,4701 15,2831 12,689) Net cash provlded by/{used Inl operatlons 227.090 {85,3631 ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.24 Cash flow At 31.12.24 Net cash Cash at bank 166,427 129,2781 137,149 166,427 {29.2781 137,149 Llquld resources Deposits included in cash Current asset Investments 196.444 {iO,CKhJl 186,444 196,444 iio.0001 186,444 Total 362,871 139,2781 323,593 The notes form part of these flnancial Statements Page 15
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Basls of preparlng the flnancial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Prattice applicable tD charities preparing their accounts in atcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,. Financial Reporting Standard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financlal statements have been prepared under the historical cost convention. with the exception of investments which are Included at market value. as modifled by the revaluatlon of certain assets. Goln£ Concern The Trustee consider that there are no material uncertalntles regarding the Charlty's abS1ity to continue as a golng concern and have prepared these financial statements on this basis. This Is supported by a large range of assets held by the Charity. Incoming resources Income15 accounted for on a receivable basis. The charityls not VAT registered. Income from donations Is recogn15ed when receivable where possible, and when the charity's entitlement to receipt becomes uncondltion31. Income from legacies is recognlsed when there has been grant of probate, there ore sufficient assets in the estate and evldence of entitlement has been received. Investment Income comprises rent recelvable on investment propertie5, income from listed Investments and interest on cash at bank and short term deposits. Rent recelvable is accrued on a day to day basis. interest on deposits is accounted for on an accruals basis and other investment income is credited 35 declared. Grant income is recognised when there is evldence of entitlement to the grant, recelpt Is probable and it can be measured reliably. Income is allocated to restricted income when It is glven by the donor or grant maker for specific purposes. Resources expended All resources expended are accounted for on an accruals basis. Costs of generatlng funds are those associated wlth rental and Investment income. Charitable actlvltles include costs of servlce5 and support costs and depreciation on related assets. Governance cost5 are those associated with constitutional and statutory requirements, Property. plant and equipment Depreciation is provided at the following annual rates in order to write off each osset over its estimated useful life. Fixtures and fittings IO% on reducing balance Property, plant and equipment are initially measured at C05t and subsequently Measured at cost or valuation. net of depreciation and any impairment losses. Page 16 continued...
THE POUSH INSTrruTE ANO SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Property. plant and equlpment The gain or loss arisin8 on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is reco8nised in the statement of financial activities . Freehold properties are stated at cost. They have not been depreciated because in the opinion of the Trustees, their current value is significantly in excess of the value at which they are Included in the Balance Sheet. Investrnent properties Investment properties, whlch are propertles held to earn rentals and/or for capltal appreciation, are measured using the falr value model and stated at their estimated fair values as the reportlng end date as determined by the Trustee5. There 15 no depreciation charged on investment properties. The surplus or deficit on revaluation is recognised in the statement of flnancial activities Fixed and current asset Investments Investment5 are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the c105ing quoted market price. The statement of financial activities Include5 the net gains ond1055e5 ari5in8 on revaluatlon and disposals throughout the year. Investments have been classified a5 current if the funds are available on demand or at notice, Impalrment of non-current aets At each reporting end date, the Institute reviews the carrylng amounts of it5 tan8ible to determine whether there 15 any indication that those assets have suffered an impairment loss. If any such indlcatlon exists, the recoverable amount of the asset is estimated in order to determlne the extent of the Impalrment loss lif any). Cash and cash equfvalents Cash and cash equivalent5 include cash in hand, deposlts held at call wlth banks and bank overdraft5. 8ank overdrafts are shown within borrowings In current liabilitie5 Flnantlal Instruments The Institute has elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Sectlon 12 'Other Flnanclal Instruments Issues. of FRS 102 to all of it5 financial instruments. Financial instwments are recognised in the Institute's balance sheet when the Instltute becomes party to the contractual provisions of the instrument. Flnanclal assets and Ilabllltles are offset, wlth the net amounts presented in the flnanclal statements. when there 15 a legally enforceable rlght to Set off the reco8nlsed amounts and there is an Intention to settle on a net ba51s or to reallse the asset and settle the Ilability simultaneously Credltors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their Settlement amount. Taxation The charity is exempt from taxation on it5 activities because all its income is applied for charitable purposes. Charitable funds Unrestricted funds can be used in accordance with the charitable objettives at the discretion of the trustees. Page 17 continued..-
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Charitable funds Restricted funds can only be used for particular restricted purp05e5 Wlthin the objects of the charlty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial Statements. Foreign currencles Assets and liabilities in foreign currencies are translated Into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Émployee beneffts The c05t of any unused holiday entltlement Is recognlsed In the perSod In whlch the employee's services are recelved. Termination benefits are recognised immedlately as an expense when the Instltute is demonstrably committed to termlnate the employment of an employee or to provide termination benefits. Herlta8e assets- archlve5, Ilbrarle5 and Museum collertlons The Museum has not capltallsed heritage a55et5. This 15 because a comprehenslve valuatlon would not provlde a meanlngful flgure for users of the financial statements and the cost of doing so is not commensurate with benefits to the users ot the financl31 statements. Historlc cost- while It may be possible to aSSl8n a cost to Items purchased withln a flnancial year, historlc costs quickly becomes obsolete and meaningless, not only because of general price movements where markets for slmllar Items do exist. but also because of changing opinions about attribution and authenticity, subsequent research into oblects that reveals new value, the emergence of new information about the provenance of an Item or changes in taste. Valuation - attempting to value heritage assets acqulred historically raises a number of further conceptual concerns. Valuation of heritage a55ets is complicated by the nature of many such a55ets. They are rarely 501d and often have 3 value enhanced above the intrinslc through their a550Clation with o person, event or collection,. there are a very limited number ot buyer5,' no homogeneous population ot assets on the market: and imperfect Informatlon about the items for sale. In contrast with many commercial assets, therefore, there 15 seldom an active market to provlde indicative values of similar objetts. This makes materially accurate valuation5 impossible to achieve for many heritage assets. Page 18 continued..
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR ThE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIKrY In the application of the Institute's accounting policies, the Member5 of Council are required to make judgements, estimates and assumptions about the carryin8 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlylng assumptlons are reviewed on an ongolng basls. Revisions to accountlng estimates are reco8nlsed in the period in whlch the estimate Is revised where the revlslon affects only that period. or In the period of the revision and future periods where the revlslon affects both current and future periods. Valuatlon of Invertment propertles As described in note 16 to the financial statements, Investment propertles are stated at fair value. The trustees used observable market price5. DONATION5 AND LEGACIES 31.12.24 Total funds 31.12.Z3 Total funds Unrestricted funds Restrlrted funds Donation5 Le8acles 61,621 179,945 61,621 179,945 24,153 30.259 241.566 241,566 54,412 INVESTMENT INCOME 31.12.24 Totsl fvnds 31.12.23 Total funds Unrestrirted funds Restrlcted fvnds Rental Income Income from listed investments Interest receivable 144,093 303,307 3,290 144,093 303,307 3,290 132,613 156,912 2,470 45U,bYU 45U,bYU 291,995 Page 19 continued.
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARITABLE ACTivmES 31.12.24 31.12.23 Artivity Income from charitable adivities Non - performance related grants Charitable activities 74,689 53,359 Charitable actlvltles 188,468 182,958 263,157 236,317 RAISING FUNDS Investment management costs 31.12.24 Total funds 31.12.23 Total funds Unrestrlcted fund5 Restrlcted funds Investment management costs Costs of 8eneratlng rental income 32,238 23,008 32,238 23.1)J8 24,990 21,791 55,246 55,246 46,781 CHARITABLE AcfiviTIES COST5 Dlrect Costs (see note 8) Support costs {see note gi Totals Charitable activities Support Costs Governance Costs 667.764 667,764 24,406 22,185 24.406 22,185 667,764 46,591 714,355 Page 20 continued...
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.12.24 31.12.23 Staff costs Rates Insurance Light and heat Postage and stationery 272,944 31,661 43,479 19,833 5,155 221,952 28,423 39,817 20,789 5,515 k 11 Advertising Repairs and maintenance Archlve Ilbrary costs Foreign exchange gain or loss Dlgitisation and publishing Depreciatlon 28,612 45.221 23,582 1,254 188,468 7,555 6,018 32.071 43,708 13,5021 182,958 7,673 667,764 585,422 SUPPORT COSTS Governance costs Flnance Other Totals Support Costs Governance Costs 892 23,514 24.406 22,185 22,185 892 23,514 22,185 46,591 Support Costs, included in the above, are a5 follows: 31.12.24 Total actlvltles 31.12.23 Total rtlvStles Support Costs Governance Costs Bank charges Telephone Sundries Car and travel Health and safety expense Computer expenses Auditor5, remuneratlon Auditors, remuneration for non audit work Legal fees 892 8,041 4,395 1,249 2,377 7,452 892 8,041 4,395 1,249 2,377 7,452 16,800 1,200 4,185 808 7,263 2,861 4,101 16,800 1,200 4,185 14,400 3.682 24.406 22,185 46,591 33,115 Page 21 continued..
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 io. INCOMEI{EXPENDtfuRE) Net income/lexpenditurel is stated after charging/{creditingl'. 31.12.24 31.12.23 Depreciation - owned assets 7.555 7,673 ii. AUDITORS. REMUNERATION 31.12.24 31.12.23 Fees payable to the charlty's audltors and their associates for the audit of the charity's financial statements Other non-audlt services 16,800 1,200 14.400 12. TRUSTEES, REMUNERATION AND BENEFITS No members of counc51 received any remuneration during the current year or prior year. In the current year, no members of council received remuneration12023: one member of council received £11,310 relatlng to work they completed In relatlon to the scanning project. The member of councll donated the whole amount back to the charity during the year ended 31 December 20241. Also, during the year, three members of council recelved relmbursement of travel, 5ubs1stence and other expendlture amounting to £2,87912023: £1,113). EMPLOYMENT COSTS 31.12.24 31.12.23 Wages and salarles Social security costs Other pension costs 248,236 18.393 6,315 206,025 11,029 4,898 272,944 221,952 The average monthly number of employees durin8 the year was as follows: 31.12.24 li 31.12.23 io Admlnistrotlve No employees received emoluments in excess of £60.000, Page 22 continued..-
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contltr)ued FOR THE YEAR ENDED 31 DECEMBER 2024 14. TANGIBLE FIXED ASSETS Flxtures Land and bulldlngs flttin8S Totals COST At l January 2024 Addition5 39,505 237,661 6,495 277,166 6,495 At 31 December 2024 39,505 244,156 283.661 DEPRECIATION At l January 2024 Charge for year 168,613 7,555 168.613 7,555 At 31 December 2024 176,168 176,168 NET BOOK VALUE At 31 December 2024 39,505 67,988 107,493 At 31 December 2023 39.505 69,048 108.553 15. FIXED Ass INVESTMENTS Llsted Investments MARKET VALUE At l January 2024 Additions Disposals Revaluations 4,977.542 2,674,604 12,372,4(N)I 1141.4921 At 31 December 2024 5,138.254 NET 800K VALUE At 31 December 2024 5,138,254 At 31 December 2023 4.977.542 There were Investment a55etS Wlthin the UK and outside the UK. Page 23 continued...
THE POLISH INSTITUTE AND SIKOR5KI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 16. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 3,730,000 NET BOOK VALUE At 31 December 2024 3,730,000 At 31 December 2023 3.730,000 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors Prepayments and accrued Income 24,211 16,034 13,011 36,842 40,245 49,853 18. CURRENT ASSET INVESTMENTS 31.12.24 31.12.23 Other Investments 186,444 196,444 19. CREOITOR5: AMOUNT5 FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Soclal securlty and other taxes Other creditors Accrua15 and deferred income 28,442 5,603 20,791 3,794 5.814 17,823 54,836 27,431 20. MOVEMENT IN FUND5 Net rnovement in lunds At 31.12.24 At 1.1.24 Unrestrlcted funds General unrestricted funds Revaluation reserve 7,587,211 1,614,177 83,361 7,670,572 1,614,177 9,201,388 83,361 9,284,749 TOTAL FUNDS 9,201,388 83,361 9.284,749 Page 24 continued...
THE POUSH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 20. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Galns and 1055es Movement In funds Unrestrlrted funds General unrestricted funds 766,945 1581,1331 1102,4511 83,361 Restrlcted funds Scanning and archiving grants 188,468 1188,4681 TOTAL FUNDS 955,413 1769,6011 1102.4511 83,361 Comparatlves for movement In funds Net movement In tunds At 31.12.23 At 1.1.23 Unrestrl¢ted fund5 General unrestricted funds Revaluation reserve 7,331,847 1,614.177 255,364 7,587,211 1,614.177 8,946,024 255,364 9,201,388 TOTAL FUNOS 8.946.024 255,364 9.201,388 Comparative net movement In funds, included In the above are as follows: Incoming resources Resources expended Gilns and losse$ Movement Sn fvnds Unrestrlrted funds General unrestrlcted funds 399,766 1482,3601 337,958 255,364 Restrlcted funds Scanning and archlvlng grants 182,958 1182,9581 TOTAL FUNDS 582,724 1665,3181 337,958 255.364 Unrestrirted funds The unrestricted funds of the charity comprise the unexpended balances of donation5 and grants which are not subject to specific conditions by donors and 8rantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Page 25 contlnued...
THE POLISH INSTITUTE AND SIKORSKI MUSEUM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 20. MOVEMENT IN FUNDS- continued Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. The restricted fund represents the grant from Polish Cultural Ministry received by the charity for specific scanning and archivlng projects. 21. FINANCIAL COMMITMENTS. GUARANTEES AND CONTINGENT LIABILITIES There is a contlngent liability to repay the Polish Trustee Association all or part of a bequest of £64,393 12023: £64,393) if other clalmants on the estate were to come forward. No security has been provided against th15 22. RELATED PARTY DISCLOSURES There were no dlsclosable related party transactions durlng the year12023 - none). Page 26