Charity r¢gistrJtion number 802083 THE POSK FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 THE POSK FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru$ts•s J Kaczmafek R ￿snI0w5kl {Rewgned 9 OfAober 20211 A Zakrzèwski M Zaremba R TobiasiewKz (Appoinled 9 Octobei 2021, Rèsigned 29 January 2022. Reappointed 7 June 20221 Charity number 802063 R•gl$t•r•d 0ffl¢o 23&246 King Street London UK ORF Audltor Brighl Grahame Murray Empero¢5 Gate 114a Cromwgll Road Kènsington London SWT 4AG Bank•r• Bardays Bank UK PLC 75 King Slreet Hammersmth 9HY THE POSK FOUNDATION CONTENTS Page TfU51ees' report Statem&nl of Iruslees. ￿Sponsibl1t1eS Independenl auditorf$ rèport Slalemenl of finan(>￿ activilies Balancfj sheet Notes lo the ffinancial stslemenls 10-16 THE POSK FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The TTU5tees are pleased to prèsent their report and the audited financial slatemenls for the year ended 31 December 2021. which have been prepared in accordance wrth the accounting policies set out on pagè 10 and comply wilh the Chanty's trust deed and appli¢aNe law. The administratsve infom)ation on page 1 loms part of this rèport. The financial slalemenls have beèn prepared in accordance with the accounting policies sèt OLrt in note I to the financial slalemenls and comply wrth the chaTrty's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Re￿mmended Pradicè applicabk to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectives and activitie• The POSK Foundation was forn)ed to support the charitable objectrves of the Polish Soaal and Cultural Association. The objects ol the Charity are the advancement of the arts. ¢ulture or helltage., the prowsitsn of recreational faalrties in the interests of social welfare.. Ihe a¢fvan¢èment of oducalion,. Ihe rehef of poverty and Ihe reliof of those in naad,. and in particular.. a. Its support and maintain the Poknsh Library and proinote Polish books and n&wspapers and the PoliBh prbnled or pU￿•shed word". to 5tipport and maintain any Polish theatre and in particular Pc4ish theatre al the Pollsh Centra and to promote Polish music. Polish Ihealrical plays and th& Polish spoken word.. c. lo support Polish National Feslivals lo promote Polish arts, cultur8, h8ri1age and tradrtN)n6', lo support the sooaj, cullural. artislic and edu¢8bonal a¢tiMtbe$ undertaken of recommended by POSK. In lurthgran¢& of thèse objects the Charity may make grants of m¢)n&y lo other p9rson$ or bodies who provide for these objects. The Charity was established wilh the objective lo build a pemianent endowrnenl fund which would b8 invested in perpetuity to provide an income lo support the Charity's Obpds and lor this purpose the Tru51ees had the powar lo accumulate Ihe income ol the Charty lof a period of 21 y&ar$ from its establishment. This period eXpl￿d on 4 Sepltrmbèr 2011. The Charty achieves its objectives by providing granls. loan5 and financi81 support lo other charities, principally The Polish Soci85 and Cyltural A$$ocialion, Ihe delails of Wh￿ are sel OLrt in the Fin8n¢i81 Re￿aW below. A¢hl•vom•nts and p•rfomianc• FSnanclal rev5ew During the year, the Charrty made gr¥nl$ of £PJ),fyY) to POSK 12020 £111,rxxJ i in support of tha general purposes of Ihal charity. During thè year the Charity eamed investment inojme of £103.873 which repre￿ntS an average return of 3.11% 12020- £97.522". 2.92°A avarage retum). The lotal retum Ibelore donalionsl for 2021 was a positive 15.5°/012020.' posrtive relum of 3.06%} whi¢h is in line wth séctor indices. Inv•$tmont pollcy The Foundation's investmènts consist ol Common Investmgnt Funds ICIF). Charity Aulhorisèd Invgstrnent Funds ICAIFsl and cash on dep95it. There are no restrictions on the Foundation's power to Fnvest. The investment strategy is reviewed by Ihe Tru51ee5 pewiodi¢alty and takes account of the market condstions and demands for funds for furlhering the objects of the Chanty. The Trustees adopt a low risk investment slralegy and there is no intention to change this in the near future. THE POSK FOUNDATION TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 Structur¢, govgrnan¢g and management Tha Charity is govèined by a Trust Deed dated 6 May 2009. There are a minimum of three and a maximum of five trustees. The TreaSu￿r of the Polish s￿al and Cultural Association (Registered Charity No. 2367451 I'POSK-I is ex-offi(io the ¢hair of the Trustees of the Charity. Th8 other Trustees can be appointed and removed by resoluti(>n of the Counol of POSK. Thè Trustées meet as required to ellect the management of the Charity. Tasks and acliwtiès may bè delegated lo IndSvidu81 or group5 of TfU5tees as appropriate. The Charity shares premises with POSK and ceceives administralNe Support from the staff of POSK. Trustees who Se￿$d throughout the yearwtrre.. J Ka¢zmarek DrA Osloia-051a5zewski R Wisniowski (Resigned 9110r211 A Zakrzewski M Zaremba R W Tobiasigwicz (Appointed 9110r21. resigned 2911r22. reappointed 716r22) Tralnlnq of Tru•tee• There are no lonnal policies and procedu￿$ for the training and induction of Trustees. Persons elocted as Trusteas are usually familiar with the Charity andlor tharrtable organisations in general and are therefore considered capable. Murdzen•kl and Jagodzln•kl Funds The Charity received a bequest from the ￿11 of Mr T. MuTdzenski lo hold the bequest as a pemianenl gndowmgnl and ulilise the income lo award prizes for outstanding lilefary. SCAenithc or fine art work. The Charity received a bequest from the Wll of Mr Z. K. Jagodzin$ki lo hfAd the bequest as a pemianenl endowment and utilise the income lor th8 benefrf of the Polish Library al POSK. Flnanclal and Op•r•tlonal RevSow During the year. the Charity made grants of £60.IY)O to POSK 12020 £111,0￿ ) in support of the general purpose5 of that charity. During the year the Chartty eamgd investment income of £103.873 whth represents an average return of 3.11% 12020- £97,522." 2.92% avefage ieluml. The lolal relum (before donat￿n$) for 2021 was a positive 15.5% {2020.' positive ￿turn of 3.08%) which is in line with sector indice5. Charity's Public Bonofit The Trustees have ￿MplIe{l with their duty in Set#ion 17 of the Chaiiiies Act 2011 to have due re9ard lo the guidance published by the Charity Cornmi55ion. The Trustee5 have taken the Charity Commission'$ publ benefit guidance into a¢¢ounl when making any deasion it is re￿vant to. The Trustees have ensured that all actiwtiès throughout the year have been in the inlere510l public benefit. This Is evidenced as detailed wrthin the objectives and 8¢IMb"es by the finanrAal support given to POSK of £60,000 to assist the charity in ts ¢onlinuing advancement of the arts. cullure or heritage and provision of recreational fa¢ilitiès available lo the general public. THE POSK FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Rlsk management The trustees have asse55ed the majoT iisk5 to whiL* the Charty 1$ exkY)sed and are salisfied that systems are in plac& to mitigale the Charity's exposure lo the major risks. The prin(ipal visks and uncertainties faang the Charity arts.. lal Ibl Diminuts'on in the value of the investment portfolio. POSK'S ongoing lunding requirements leading Its selling d￿n ol tho Charity's investment portfolio Re•erv•¥ The reserve5 held by the Foundabtsn arè £114,299. The purpose of these reserves is lo prowde a sècure income stream lo enable the Chanty lo futhl ils objects induding the maintgnance and development of the POSK building and the developrnent ol POSK'5 social and curtural a¢b"vities. RW Toblaslowlcz Trustee Dal&d'. (1.9.2 THE POSK FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The truslees are r¢sponwble for p￿paring the Trustees. Report and the financ4al Statements in accordance wrth applicablè law and United Kingdom Accounling Standards (United ￿ngdorn Generally Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the trustèas to prèparè ffinancial stslemenls for each financAal year which give a true and fair view of the stste of affairs of the tharty and of Ihe incombng resources and application of resources of the charity for thal year. In preparing these fin8ntyal stalernent5. the twslees are ￿qUIred to.. - select suitable accounling pos￿￿es and then ap￿Y them con$istenty,' - obserya the mothods and prin￿￿￿$ in th¥ Chath"es SORP; - make judgem8nls and 8slimale5 that are rea￿na￿e and prudent.. state whether applicable accounting standards have been followed. Subjecl lo any malen81 departu￿$ dlsc4osed and explained in the finanaal stat8mwts', and prepare Ihe finan￿41 slalemenls on the golng concem basis unless it is inappropriate to presume that the charity will ctsnlinue in 0￿ration. The trustees are iesponsible for keeping sufficienl accounting r¢cords Ihal disdose with ￿8$Onable ac¢ur8cy al any time the financial posilion of the charity ar￿ enab￿ them lo ensure Ihal Ihe financial 51alemenls comply with the Charities Act 2011. thè Charity IA¢counls and Reports) Regulations 2008 and the provision5 of Ihe trust deed. They are also responsible lor safeguarding the asse15 of the charity and hence for iaking reasonable steps for tho Pfevenlion and detection ol fraud and olher irregularities. ## **THE POSK FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE POSK FOUNDATION** ## **Opinion** We have audited the financial statements of The Posk Foundation (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year 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 Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 5 - ## **THE POSK FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE POSK FOUNDATION** ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. ## **Extent to which our procedures are capable of detecting irregularities, including fraud** We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: - We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the tax legislation, Charities Act. - We enquired of the trustees and reviewed trustees' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance. - We gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enquired of the members about any incidences of fraud that had taken place during the accounting period. - The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: income recognition, management override, misappropriation of assets. - We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. - We enquired of the trustees about actual and potential litigation and claims. - We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. - In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. - 6 - ## **THE POSK FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE POSK FOUNDATION** Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Other matters** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Mark Cole (Senior Statutory Auditor) for and on behalf of Bright Grahame Murray** ## **Chartered Accountants** ## **Statutory Auditor** ## **Emperor's Gate** 114a Cromwell Road Kensington London SW7 4AG 27 September 2022 Bright Grahame Murray is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 7 - b)0 THE POSK FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Notss Flxed assets Inv8stmènts Curr•nt assets Cash at bank and in hand 10 3.663.710 3,246,291 138.183 94,499 Creditors: amounts falllng duè withln one year 11 14,020) 11,8ryJl Ngt current assets 134.163 92,699 Total a•¥•ts l•s• curr•nt Il¥blllll•$ 3,797,873 3,338,990 Capltsl funds Endowment lund8- general Incom• fund$ Roslricted funds UnrgStricl8d lunds 13 3.520,317 3,103,087 12 163.257 114.299 152,462 83,441 3,797,873 3,338,990 The ffinancial 5talemen15 were approved by the Trustees on .. 2Z RW Tobia51ewi Trust•• THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcl•s Charity infomiation The POSK Foundab"on 15 an uninc¥yporaled registered charty govemed by a Trust Deed dated 6th May 2009. The operating add￿55 is 2￿246 King Street. London. ￿ ORF. 1.1 Accounting conventlon The finanaal slalements have been prepared in accordance wth the charity's goveming document, thè Charities Act 2011 and "Accounting and Report4n9 by Charities" Slalemenl ol Recommended Practice applicable to d)arities preparing their a¢counls in a¢¢ordan¢e wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounling periods commencing from 1 January 20161. The charity is a Pvblic Benefrt Entity as defined by FRS 102. The charity has taken advantage of the prowsKins in lh¢ SORP for dlarities applying FRS 102 Update Bulletin 1 not to preparè a Statement ol Cash Flows. The finanual slalement5 have departed from the Charities {Accounls and Reportsl Regulatsons 2008 onty to the extent required lo provmle a true and fair wew. This depar1U￿ has involved following th8 Statemant ol Recommended Pracb'ce for chariliès applying FRS 102 rathèr than th& version of the Statement of Rocommended Pradi¢& whtch is referred lo in the R&9ulalions bul which has since been withdrawn. The Ilnancial stalèmenls are prepared in sterling. whth is the lunc*onal currency of the charity. Monetary amounts in Ihese financial statements ar8 rounded to th8 n￿rest £. The financial slalem&nls hav& been prepared under the hi$lori¢al ¢osl convenlion. modified lo Indude cèrtain rinan¢ial instnJm¢nl$ al lair value. Thtr piinfipal *¢counb"ng policie5 adopted are set out below. 1.2 Golng conc•rn Al the lime of appm¥Ang the ffinancial statements. Ihe ITUStees have a reasonable expectation that the charity has adequate resources lo continue in operatsonal existence lor Ihe foraseeable future. Thus the truslees continue to adopt Ihe going cone*m basis of accounting in pr•paritvJ thè financial slat&m&nl$. 1.3 charttsb￿ funds Unrestricted funds are available for use at the discretion of the truslees in furthgrance of thg charitablg oblects ol the charity unlass the funds havè beèn designated for othgr purposes. R8Stricted funds aT8 subject to spedfic conditions by donors as lo how they may b& usgd. The purposgs and uses ol tho re$tricted lund$ a￿ sel out in the notes lo the finan¢ial slalemenls, Endowment funds 8fe subjecl lo specfft L))ndrtions by donors that Ihe cawtal musl be maintained by the ¢hanty. 1.4 In¢omlng re•our¢•* Income Is recognised when the charty 1$ legally entrtled lo rt after any perforrnance condrtions have been met, the amounts can be mea5uied ieliabty. and it IS Probable Ihal income will be received. Interest on fund5 held on deposrt is induded when receivable and the amount can be rneasured reliably by Ihe Charity.. this is no￿allY upon notification of the interest paid or payable by the Bank. Investment income is included when receNaNe. 10- THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting polici•s IContinu•dl 1.5 ResouTC¥¥ ¥xp•ndod Expenditure is recognised once there is a legal or constructNe obligation to transfer economic benefrt to a Ihird party, it is probable thal a Iransfer of economK beneffts will be required in settlement. and thè amount ol the obligation Can bè mèasured reliabty. Expenditure 15 classified by a¢b"vity. The cos15 of eath aCtI￿ty arè madè up ol the total of dired costs and shared costs, induding support costs in¥ofved in undertaking ea¢h activty. Dire¢t costs attributable lo a single activity are allocated directly lo that activity. Shared c£Js15 which contribute lo rnore than one activity and support costs which are not attributable to a single acliwty are apporb.oned be￿een Ih05e activities on a basis onsislenl wrth the use of resources. Centfal slaff costs are allocated on ihe basis of bm& spent. and depre¢i3lion charges are allocated on th& portion of thè asset's US8. Expenditure is re¢ognised once there is a legal or eonstructs've obligats'on to make payment lo a third p8rty. rt is probable that setuemenl will be require¢J and the amount of th& Obl￿a￿On can be measured reliably. Expenditure is dassrfied under the following aclivity headings.. Expenditure on charila￿e acts'wties indL*Jes tho 0)s15 of the delivery of its adiwligs and $9rvi¢&s lor its beneficiaries. Other 8xpendrtu￿ rgpresents those itgms not falling inlo an other heading. All 5UPPOrt costs are allo¢aled lo thè one Charrtable acliwty ol POSK Foundation. 1.6 Fix•d a••et Investments Fixed asset inveslmenls are initially measured * transaction price exduding transaction costs, and are subsequently measured al lair value al ea¢h reporting date. Changes in fair value are rec4Jgni5ed in nel incomell8xpendilurel lor the year. Transaction r¥)3ts are expensed 8$ Ifi￿r￿d. 1.7 Cash and cash equivalent¥ Cash and cash equivalent$ in¢hJde ¢ash in hand, dèposits held at call with banks, other short.lem Ilquld inveslrnents wilh original maturities ol three months or less. and bank overdrafts. Bank overdrafts are shown wilhin borrowings in ￿rrent liabilrties. Crltl¢al •c¢ounllng ••tlmat•• and ludgffiwnts In the application of the tharty's accounting p￿.es, the trustees are iequiod lo make judgements, estimates and assumptions about the carying amounl ol assets and liabilrties that are not readity apparent from other sovr¢es. The èstimatès and assoaated assumptions a￿ based on hislorical eypenence and other la¢tors that are Conside￿ lo be relevanl. Actual results may drfler from these estimales. The eslimales and unde￿.ng a55umpb'on5 are oviewed on an ongoing basis. Revisions lo accounting estimates are recognised in Ihe period in which the eslimale is rewsed Yh)ere thg revision affecls only that Period, or in the period ol the revision and lUlU￿ periods where Ihe revision affe¢t5 bolh current and futuro period$. 11 THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2021 Income from investments Unre$trict•d R•strlctgd lunds funds Total un￿striCted Restricted funds funds Total 2021 2021 2021 2020 2020 2020 Income from investsnents Interest receivable 93.078 10.606 189 103.684 189 86,113 319 10.399 691 96,512 1,010 93.078 10,795 103.873 86,432 11,W) 97,522 Charftsbh •¢tlvltS 2021 2020 Grant funding of adwiti'ès (sèe notè 5) Share of govemance ￿$1$ (see nole 6) 60,000 2,220 111.fy)0 2,220 62,220 113,220 Gr•nts poyabl• 2021 2020 Grants to Institutions.. Polish Social and Cuttural Association 60,000 111.(K)O Support ¢o$ts Support Governanco costs CO8ts 2021 2020 Bash of allocation Audit fees 2.220 2.220 2.220 Govèmance 2,220 2.220 2.220 Analysed befv Charilablo aCtiv￿.e$ 2,220 2,220 2,220 Govemance costs indudes payments lo the auditor5 of £2.2201202(k £2,220) for audit fees. 12- THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees None of the trustees lor any persons COnn￿led wth thèml recèNed any remuneration or benefrts from the Charity during the yeac. Employees The avoragg monthty number of empby•os during the year wa$.. 2021 Number 2020 Number Total There were no empbyees whose annual reMur￿l￿n was more than £60,OC4J. Not galn811l￿*esj on Inv•8lm•nts Endowm•nt Endowment fund8 lunds g•n•ral general 2021 2020 Rgvaluation ol invgstmgnts 417,230 5.386 10 Flx•d •$••t Inv•$tm•nts Ll*t•d Inv•stri•nts Cash In portfollo Totsl Cost or ¥aluatlon At 1 January 2021 Additions Valuation ¢hange$ 3,103.088 143.203 189 3.246,291 189 417,230 417,230 At 31 December 2021 3,520,318 143,392 3,663,710 ¢*rrying amount At 31 December 2021 3,520,318 143.392 3,663,710 Al 31 Oecember 2020 3,103.088 143.203 3.246,291 Flx•d asset Investmonts rn¥alu•d The lisled investrnenls were revalued al market value a5 at the year end. The hislNi¢81 cost value is £2.525,73012020. £2,525,730). 13- THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Credltor¥- amounts fallin9 due withln one yoar 2021 2020 Other creditors Accru81$ and deferTe(l income 2,220 1,800 1.800 4,020 1,800 12 Re•trf¢t¢d fund• The income fvnds of Ihe charity indLbde restricied funds c4Jmwising the following unexp8nded balances ol donations and 9rants hèld on tnjst lor speafic purposes.. Mov•m•nt Sn fund• Incomlng Bolonc• at 1 our¢•* January 2021 Movement In funds lThcomln9Bathnc0 at 31 ￿•￿￿re•S 0￿mbar ¢••t 1 J￿￿•ry 2020 2021 Murdzenskn lund Jagodzinski fund 94.181 47.191 99.847 52,615 S.451 105.298 57,959 5.424 141.372 11,090 152,462 10,795 163.257 13 Endowm•nt fund• End¢)wmenl funds rep￿sent assets whi¢h must be held pem8nenlty by Ihe Charity. Income arising on the endowment lunds can be used in accordance with the objects of Ihe charity and is induded as unrestricted ncome. Any capital gains or losses aiising on the assets form part of the fijnd. Movemgnt in fundi Balancè at 1 Incomlng R•sourc•s R•valuation• Balanc• at 31 J•nu•ry r•sour¢•$ expended g•in$ ondD¥¢¢mber 2021 2021 P•mianent endowments Murdzen5ki fund Jagodinski fund Capital lund 181.243 179.287 2,742.557 25,823 25,544 365.863 207.CI86 204,831 3,108.420 3,103.087 417,230 3,520,317 The Charity received a bequest froffl Ihe ￿11 ol Mr T. Murdzen5kn" to hold the beque51 as 8 pervnanenl endowment and utilise the income to award prize5 for outstanding lrterary, scientffic or fine art work. The Charty received a bequest from the Wll of Mr Z. K. Jagodzinskn. to hold the bequest as a pemianent endowment and utilise the income for the benefit of the Polish Library at POSK. 14- ZS LO o r d> E5 4 th O THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 15 R•latsd party trahsa¢tlons Mr R. ￿Sni0Wskl and Mr. Azaknewski weve Diredors of POSK until 9 October 2021. Mr W. Tobiasiewicz is a Director of POSK and a member of the Counc41 of POSK. MT A. Zakrzewski. Mr R. Wsni¢)wski and Mr M Zaremba are members oflhe Council of POSK. During the year Ihe Charity dtsnaled £e0,￿OI2020." £111,0￿) to POSK from unrestricted funds. 16-