**COMPANY REGISTRATION NUMBER: 874198 CHARITY REGISTRATION NUMBER: 314270**
## **Jozef Pilsudski Institute of Research Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2024**
## **DAUMAN & CO LIMITED**
Chartered Certified Accountants
9 Station Parade Uxbridge Road Ealing Common London W5 3LD
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Year ended 31 December 2024**
||**Page**|
|---|---|
|Directors' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the directors|**4**|
|Statement of financial activities (including income and||
|expenditure account)|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**9**|
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Directors' Annual Report (Incorporating the Director's Report)**
## **Year ended 31 December 2024**
The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
## **Reference and administrative details**
**Registered charity name**
Jozef Pilsudski Institute of Research Limited
**Charity registration number** 314270 **Company registration number** 874198 **Principal office and registered** 238/246 King Street **office** Hammersmith LONDON W6 ORF
## **The directors**
R Kuklinski A Whiteside
## **Accountants**
Dauman & Co Limited Chartered Certified Accountants 9 Station Parade Uxbridge Road Ealing Common London W5 3LD
**- 1 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Directors' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 December 2024**
## **Structure, governance and management**
Jozef Pilsudski Institute of Research Limited was established on 17th March 1966 as a company limited by guarantee and not having a share capital and is registered under the Charities Act number 314270.
THE MANAGEMENT COMMITTEE
The Management Committee who served the charity during the period were as follows:
Roman Kuklinski Trustee Alicja Whiteside Trustee Anna Stefanicki Company Secretary AUDIT COMMITTEE: Joanna Slowik Chairman Elzbieta Klimowicz Member
Bankers: Barclays Bank Plc 75 King Street, Hammersmith, London W6 9HY Financial Advisers: Jeremy McGahan TALIS Independent Financial Advisers Stoke House, Church Road Ashford TN23 1RD
## **Objectives and activities**
The main objects of the Charity are to ascertain, preserve and disseminate historical truth in relation to, and carry out historical research in all its aspects into, the recent history of Poland in relation to the life work and deeds of Jozef Pilsudski and the movement which he created and the lessons which he left. To attain these objectives the Institute: - Organises and maintain archives & collections of historical documents, maps, photographs etc. - Maintains a library (over 3000 volumes). - Maintains a Museum of Military Memorabilia, art objects and numismatic items.- Organises and takes part in lectures and meetings.
- Makes grants and awards prizes.
- Publishes periodicals, books and brochures.
- Assists scholars to do research by providing access to its resources.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
**- 2 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Directors' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 December 2024**
## **Achievements and performance**
The primary aims of the Pilsudski Institute of London are collecting, safeguarding and providing access to documents, historic artefacts, and books related to modern Polish history, and particularly those connected to the work and political vision of Marshal Józef Pilsudski, the father of the free Polish state, and his associates.
The Institute also recognises its continuing educational role in disseminating knowledge and public understanding of Poland's history and cultural legacy, whilst promoting historical research. The Institute fosters public engagement by means of exhibitions, lectures, book launches, and celebrations of anniversaries related to Polish history. The Institute emphasises its open character by addressing a wide range of audiences, from scholars to school children, across both the Polish and English communities.
The operations of the Institute rely on the expertise of three employed heritage professionals, supported by the workforce of a multi-generational group of committed volunteers, as well as periodical work visits of archivists from leading Polish heritage organisations.
## **Financial review**
The results for the year, and the charity's financial position at the end of the year are shown in the attached financial statements.
## **Small company provisions**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
The directors' annual report was approved on 27[th] August 2025 and signed on behalf of the board of trustees by:
R Kuklinski Director
**- 3 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Directors of Jozef Pilsudski Institute of Research Limited**
## **Year ended 31 December 2024**
I report on the financial statements for the year ended 31 December 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
## **Respective responsibilities of directors and examiner**
The directors (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Association of Chartered Certified Accountants (ACCA).
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.
**- 4 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Directors of Jozef Pilsudski Institute of Research Limited** _**(continued)**_
## **Year ended 31 December 2024**
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006, and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
DAUMAN & CO LIMITED Chartered Certified Accountants
9 Station Parade Uxbridge Road Ealing Common London W5 3LD
**- 5 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Statement of Financial Activities (including income and expenditure account)**
## **31 December 2024**
|**31 December 2024**|||||
|---|---|---|---|---|
|||**2024**||**2023**|
|||Unrestricted|||
|||funds**Total funds**||**Total funds**|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**5**|111,596|**111,596**|**40,643**|
|Charitable activities|**6**|704|**704**|**872**|
|Other activities|**7**|25|**25**|**281**|
|Investment income|**8**|2,020|**2,020**|**2,568**|
|||`────`|`───────`|`─────────`|
|**Total income**||114,345|**114,345**|**44,364**|
|||`════`|`═══════`|`═════════`|
|**Expenditure**|||||
|Expenditure on charitable activities|**9**|123,412|**123,412**|**115,342**|
|||`────`|`────────`|`─────────`|
|**Total expenditure**||123,412|**123,412**|**115,342**|
|||`════`|`════════`|`═════════`|
|Net gains on investments|**10**|79,205|**79,205**|**34,794**|
|||`────`|`────────`|`─────────`|
|**Net (expenditure)/income and net movement in funds**||70,138|**70,138**|**(36,184)**|
|||`════`|`════════`|`═════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||345,618|**345,618**|**345,618**|
|||`─────────`|`─────────`|`─────────`|
|**Total funds carried forward**||415,756|**415,756**|**345,618**|
|||`═════════`|`═════════`|`═════════`|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 9 to 15 form part of these financial statements.**
**- 6 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Statement of Financial Position**
## **31 December 2024**
|**31 December 2024**|||||
|---|---|---|---|---|
|||**2024**||**2023**|
|||**£**|**£**|**£**|
|**Fixed assets**|||||
|Tangible fixed assets|**15**||**13,567**|**14,364**|
|**Current assets**|||||
|Investments|**16**|**379,718**||**341,610**|
|Cash at bank and in hand||**25,461**||**13,981**|
|||`─────────`||`─────────`|
|||**405,179**||**355,591**|
|**Creditors: amounts falling due within one year**|**17**|**2,990**||**24,337**|
|||`─────────`||`─────────`|
|**Net current assets**|||**402,189**|**331,254**|
||||`─────────`|`─────────`|
|**Total assets less current liabilities**|||**415,756**|**345,618**|
|**Creditors: amounts falling due after more than**|||||
|**one year**|**18**||**–**|**–**|
||||`─────────`|`─────────`|
|**Net assets**|||**415,756**|**345,618**|
||||`═════════`|`═════════`|
|**Funds of the charity**|||||
|Unrestricted funds|||**415,756**|**345,618**|
||||`─────────`|`─────────`|
|**Total charity funds**|**20**||**415,756**
`═════════`|**345,618**
`═════════`|
For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page.
**The notes on pages 9 to 15 form part of these financial statements.**
**- 7 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Statement of Financial Position** _**(continued)**_
## **31 December 2024**
These financial statements were approved by the board of trustees and authorised for issue on 27th August 2025, and are signed on behalf of the board by:
R Kuklinski Director
**The notes on pages 9 to 15 form part of these financial statements.**
**- 8 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Year ended 31 December 2024**
## **1. General information**
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 238/246 King Street, Hammersmith, London, W6 ORF.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
**- 9 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
**3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Tangible assets**
All fixed assets are initially recorded at cost.
**- 10 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
## **3. Accounting policies** _**(continued)**_
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 20% reducing balance Plant and equipment - 20% reducing balance
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
**- 11 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## **4. Limited by guarantee**
Jozef Pilsudski Institute of Research Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
## **5. Donations and legacies**
||Endowment|Total Funds|
|---|---|---|
||Funds|2024|
||£|£|
|**Donations**|||
|Donations type 1|–|**111,596**|
||`════`|`═══════`|
**- 12 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
|**6.**|**Charitable activities**|||
|---|---|---|---|
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Sale of goods/services as part of direct charitable activities|**704**|**872**|
|||`════`|`════`|
|**7.**|**Other trading activities**|||
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Subscriptions|**25**|**281**|
|||`════`|`════`|
|**8.**|**Investment income**|||
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Income from other investments|**2,020**|**2,568**|
|||`════`|`════`|
|**9.**|**Expenditure on charitable activities by fund type**|||
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Library and Museum|**372**|**225**|
||Support costs|**123,040**|**115,117**|
|||`────`|`────────`|
|||**123,412**|**115,342**|
|||`════`|`════════`|
|**10.**|**Net gains on investments**|||
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Gains/(losses) on other investment assets|**79,205**|**34,794**|
|||`════`|`════════`|
|**11.**|**Net (expenditure)/income**|||
||Net (expenditure)/income is stated after charging/(crediting):|||
|||**2024**|**2023**|
|||**£**|**£**|
||Depreciation of tangible fixed assets|**940**|**1,139**|
|||**`════`**|**`════`**|
**- 13 -**
**Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
## **12. Independent examination fees**
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|**2,220**
`═══════`|**2,193**
`═══════`|
## **13. Staff costs**
|The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:|
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|**68,841**|**62,923**|
|Social security costs|**-**|**-**|
|Employer contributions to pension plans|**7,548**|**10,751**|
||`────────`|`────`|
||**76,389**|**73,674**|
||`════════`|`════`|
The average head count of employees during the year was 4 (2023: 4).
## **14. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## **15. Tangible fixed assets**
||Land and|Fixtures and|||
|---|---|---|---|---|
||buildings|fittings|Equipment|**Total**|
||£|£|£|**£**|
|**Cost**|||||
|At 1 January 2024|9,806|4,257|14,927|**28,990**|
|Additions|–|–|143|**143**|
||`───────`|`───────`|`────────`|`────────`|
|**At 31 December 2024**|9,806|4,257|15,070|**29,133**|
||`═══════`|`═══════`|`════════`|`════════`|
|**Depreciation**|||||
|At 1 January 2024|–|3,840|10,786|**14,626**|
|Charge for the year|–|83|857|**940**|
||`───────`|`───────`|`────────`|`────────`|
|**At 31 December 2024**|–|3,923|11,643|**15,566**|
||`═══════`|`═══════`|`════════`|`════════`|
|**Carrying amount**|||||
|**At 31 December 2024**|9,806|334|3,427|**13,567**|
||`═══════`|`═══════`|`════════`|`════════`|
|At 31 December 2023|9,806|417|4,141|14,364|
||`═══════`|`═══════`|`════════`|`════════`|
|**Investments**|||||
||||**2024**|**2023**|
||||**£**|**£**|
|Other investments|||**379,718**|**341,610**|
||||`═════════`|`═════════`|
## **16. Investments**
**- 14 -**
## **Jozef Pilsudski Institute of Research Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2024**
## **17. Creditors: amounts falling due within one year**
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Accruals and deferred income|**2,220**|**11,805**|
|Social security and other taxes|**770**|**12,532**|
||`────────`|`───────`|
||**2,990**|**24,337**|
||`════════`|`═══════`|
|**Creditors:** **amounts falling due after more than one year**|||
||**2024**|**2023**|
||**£**|**£**|
|Net wages|**-**
`════`|**-**
`════`|
## **18. Creditors: amounts falling due after more than one year**
## **19. Pensions and other post-retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,548 (2023: £10,751).
## **20. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||
|---|---|
||**At**|
||**1 January 20**|
||**23 and**|
||**31 December**|
||**2024**|
||**£**|
|General funds b/f|**345,618**|
|Income|**114,345**|
|Expenditure|**123,412**|
|Profit on investment|**79,205**|
|General funds c/f|**415,756**|
||`═════════`|
**- 15 -**