2022-12-31-accounts

Charity registration number 802083

THE POSK FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE POSK FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	J Kaczmarek
	M Laskiewicz (Appointed 5 November 2022)
	R Wisniowski (Appointed 28 January 2023)
	A Zakrzewski
	M Zaremba
Charity number	802083
Registered office	238-246 King Street
	London
	UK
	W6 0RF
Auditor	Bright Grahame Murray
	Emperor's Gate
	114a Cromwell Road
	Kensington
	London
	SW7 4AG
Bankers	Barclays Bank UK PLC
	75 King Street
	Hammersmith
	W6 9HY

THE POSK FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 3
Statement of trustees' responsibilities	4
Independent auditor's report	5 - 7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 - 18

THE POSK FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are pleased to present their report and the audited financial statements for the year ended 31 December 2022, which have been prepared in accordance with the accounting policies set out on page 10 and comply with the Charity's trust deed and applicable law. The administrative information on page 1 forms part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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)" (effective 1 January 2019).

Objectives and activities

The POSK Foundation was formed to support the charitable objectives of the Polish Social and Cultural Association (POSK).

The objects of the Charity are the advancement of the arts, culture or heritage; the provision of recreational facilities in the interests of social welfare; the advancement of education; the relief of poverty and the relief of those in need; and in particular:

• a. to support and maintain the Polish Library and promote Polish books and newspapers and the Polish printed or published word;

• b. to support and maintain any Polish theatre and in particular Polish theatre at the Polish Centre and to promote Polish music, Polish theatrical plays and the Polish spoken word;

• c. to support Polish National Festivals and to promote Polish arts, culture, heritage and traditions;

• d. to support the social, cultural, artistic and educational activities undertaken or recommended by POSK.

In furtherance of these objects the Charity may make grants of money to other persons or bodies who provide for these objects.

The Charity was established with the objective to build a permanent endowment fund which would be invested in perpetuity to provide an income to support the Charity’s Objects and for this purpose the Trustees had the power to accumulate the income of the Charity for a period of 21 years from its establishment. This period expired on 4 September 2011.

The Charity achieves its objectives by providing grants, loans and financial support to other charities, principally The Polish Social and Cultural Association, the details of which are set out in the Financial Review below.

Achievements and performance

Financial review

During the year, the Charity made grants of £60,000 to POSK (2021 - £60,000) in support of the general purposes of that charity. In addition a grant of £10,365 was made to POSK from the Jagodzinski Fund to support the activity of the Polish Library.

During the year the Charity earned investment income of £110,319 which represents an average return of 3.17% (2021 - £103,873: 2.74% average return).

Investment policy

The Foundation’s investments consist of Common Investment Funds (CIF), Charity Authorised Investment Funds (CAIFs) and cash on deposit. There are no restrictions on the Foundation’s power to invest. The investment strategy is reviewed by the Trustees periodically and takes account of the market conditions and demands for funds for furthering the objects of the Charity. The Trustees adopt a low risk investment strategy and there is no intention to change this in the near future.

• 1 -

THE POSK FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

The Charity is governed by a Trust Deed dated 6 May 2009.

There are a minimum of three and a maximum of five trustees. The Treasurer of the Polish Social and Cultural Association (Registered Charity No. 236745) (“POSK”) is ex-officio the chair of the Trustees of the Charity. The other Trustees can be appointed and removed by resolution of the Council of POSK.

The Trustees meet as required to effect the management of the Charity. Tasks and activities may be delegated to individual or groups of Trustees as appropriate.

The Charity shares premises with POSK and receives administrative support from the staff of POSK.

Trustees who served throughout the year were:

J Kaczmarek

M Laskiewicz (Appointed 05/11/2022) Dr A Ostoja-Ostaszewski (Resigned 28/01/2023) R W Tobiasiewicz (Resigned 29/01/2022, reappointed 07/06/2022, resigned 05/11/2022) R Wisniowski (Appointed 28/01/2023)

A Zakrzewski

M Zaremba

Training of Trustees

There are no formal policies and procedures for the training and induction of Trustees. Persons elected as Trustees are usually familiar with the Charity and/or charitable organisations in general and are therefore considered capable.

Murdzenski and Jagodzinski Funds

The Charity received a bequest from the Will of Mr T. Murdzenski to hold the bequest as a permanent endowment and utilise the income to award prizes for outstanding literary, scientific or fine art work.

The Charity received a bequest from the Will of Mr Z. K. Jagodzinski to hold the bequest as a permanent endowment and utilise the income for the benefit of the Polish Library at POSK.

Charity’s Public Benefit

The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The Trustees have taken the Charity Commission’s public benefit guidance into account when making any decision it is relevant to.

The Trustees have ensured that all activities throughout the year have been in the interest of public benefit. This is evidenced as detailed within the objectives and activities by the financial support given to POSK of £60,000 to assist the charity in its continuing advancement of the arts, culture or heritage and provision of recreational facilities available to the general public.

Risk management

The trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate the Charity's exposure to the major risks. The principal risks and uncertainties facing the Charity are:

• (a) Diminution in the value of the investment portfolio.

• (b) POSK’s ongoing funding requirements leading to selling down of the Charity’s investment portfolio

• 2 -

THE POSK FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves

The total reserves held by the Foundation are £3,484,585 (2021: £3,797,873). The purpose of these reserves is to provide a secure income stream to enable the Charity to fulfil its objects including the maintenance and development of the POSK building and the development of POSK's social and cultural activities.

.............................. M Laskiewicz

Trustee

Dated: .........................

• 3 -

THE POSK FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 4 -

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 2022 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 2022 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.

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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.

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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 auditor's 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.

Bright Grahame Murray

Chartered Accountants

Statutory Auditor

Emperor's Gate

114a Cromwell Road Kensington London SW7 4AG

......................... 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 -

THE POSK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Notes £ £ £ Income from: Investments 3 99,059 11,260 - Charitable activities 4 62,220 10,365 - Net gains/(losses) on investments 9 - - (351,022) Net income/(expenditure) and movement in funds 36,839 895 (351,022) Reconciliation of funds: Fund balances at 1 January 2022 114,299 163,257 3,520,317 Fund balances at 31 December 2022 151,138 164,152 3,169,295	Total Unrestricted Restricted Endowment funds funds funds 2022 2021 2021 2021 £ £ £ £ 110,319 93,078 10,795 - 72,585 62,220 - - (351,022) - - 417,230 (313,288) 30,858 10,795 417,230 3,797,873 83,441 152,462 3,103,087 3,484,585 114,299 163,257 3,520,317	Total 2021 £ 103,873
		62,220
		417,230
		458,883 3,338,990
		3,797,873

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 8 -

THE POSK FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 13 Income funds Restricted funds 14 Unrestricted funds	2022 £ £ 3,313,066 175,539 (4,020) 171,519 3,484,585 3,169,295 164,152 151,138 3,484,585	2021 £ £ 3,663,710 138,183 (4,020) 134,163 3,797,873 3,520,317 163,257 114,299 3,797,873	2021 £ £ 3,663,710 138,183 (4,020) 134,163 3,797,873 3,520,317 163,257 114,299 3,797,873
			3,797,873
			3,520,317 163,257 114,299
			3,797,873

The financial statements were approved by the Trustees on .........................

..............................

M Laskiewicz Trustee

• 9 -

THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The POSK Foundation is an unincorporated registered charity governed by a Trust Deed dated 6th May 2009. The operating address is 238-246 King Street, London, W6 ORF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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 for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charitable objects of the charity unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Investment income is included when receivable.

• 10 -

THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Expenditure on charitable activities includes the costs of the delivery of its activities and services for its beneficiaries.

• Other expenditure represents those items not falling into an other heading.

All support costs are allocated to the one charitable activity of POSK Foundation.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

3 Income from investments

Unrestricted Restricted funds funds 2022 2022 £ £ Income from investments 99,059 10,882 Interest receivable - 378 99,059 11,260 Expenditure on charitable activities Direct costs Grant funding of activities (see note 5) Share of support and governance costs (see note 6) Governance Analysis by fund Unrestricted funds Restricted funds Grants payable Grants to institutions: Polish Social and Cultural Association Polish Library	Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 109,941 93,078 10,606 378 - 189 110,319 93,078 10,795 2022 £ 70,365 2,220 72,585 62,220 10,365 72,585 2022 £ 60,000 10,365 70,365	Total 2021 £ 103,684 189
		103,873
		2021 £ 60,000 2,220
		62,220
		62,220 -
		62,220
		2021 £ 60,000 -
		60,000

4 Expenditure on charitable activities

5 Grants payable

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

6 Support costs

Audit fees Analysed between Charitable activities	Support costs Governance costs £ £ - 2,220 - 2,220 - 2,220	2022 £ 2,220 2,220 2,220	2021 Basis of allocation £ 2,220 Governance 2,220 2,220

Governance costs includes payments to the auditors of £2,220 (2021- £2,220) for audit fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The Charity did not have any employees during this or the previous year.

There were no employees whose annual remuneration was more than £60,000.

9 Gains and losses on investments

	Endowment	Endowment
	funds	funds
	2022	2021
Gains/(losses) arising on:	£	£
Revaluation of investments	(351,022)	417,230

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

11 Fixed asset investments

Listed investments £ Cost or valuation At 1 January 2022 3,520,318 Additions - Valuation changes (351,022) At 31 December 2022 3,169,296 Carrying amount At 31 December 2022 3,169,296 At 31 December 2021 3,520,318	Cash in portfolio 143,392 378 - 143,770 143,770 143,392	Total £ 3,663,710 378 (351,022)
		3,313,066
		3,313,066
		3,663,710

Fixed asset investments revalued

The listed investments were revalued at market value as at the year end. The historical cost value is £2,525,730 (2021: £2,525,730).

12 Creditors: amounts falling due within one year

Other creditors Accruals and deferred income	2022 £ - 4,020 4,020	2021 £ 2,220 1,800
		4,020

13 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At Permanent endowments Murdzenski fund Jagodzinski fund Capital fund	1 January 2022 Gains and losses At 31 December 2022 £ £ £ 207,066 (23,814) 183,252 204,831 (23,558) 181,273 3,108,420 (303,650) 2,804,770 3,520,317 (351,022) 3,169,295	1 January 2022 Gains and losses At 31 December 2022 £ £ £ 207,066 (23,814) 183,252 204,831 (23,558) 181,273 3,108,420 (303,650) 2,804,770 3,520,317 (351,022) 3,169,295
		3,169,295

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Endowment funds Previous year: At Permanent endowments Murdzenski fund Jagodinski fund Capital fund	(Continued) 1 January 2021 Gains and losses At 31 December 2021 £ £ £ 181,243 25,823 207,066 179,287 25,544 204,831 2,742,557 365,863 3,108,420 3,103,087 417,230 3,520,317

The Charity received a bequest from the Will of Mr T. Murdzenski to hold the bequest as a permanent endowment and utilise the income to award prizes for outstanding literary, scientific or fine art work.

The Charity received a bequest from the Will of Mr Z. K. Jagodzinski to hold the bequest as a permanent endowment and utilise the income for the benefit of the Polish Library at POSK.

14 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.

At Murdzenski fund Jagodzinski fund Previous year: At Murdzenski fund Jagodzinski fund	1 January 2022 Incoming resources Resources expended At 31 December 2022 £ £ £ £ 105,298 5,708 - 111,006 57,959 5,552 (10,365) 53,146 163,257 11,260 (10,365) 164,152 1 January 2021 Incoming resources Resources expended At 31 December 2021 £ £ £ £ 99,847 5,451 - 105,298 52,615 5,344 - 57,959 152,462 10,795 - 163,257

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors 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.

At 1 General funds Previous year: At 1 General funds	January 2022 Incoming resources Resources expended At 31 December 2022 £ £ £ £ 114,299 99,059 (62,220) 151,138 January 2021 Incoming resources Resources expended At 31 December 2021 £ £ £ £ 83,441 93,078 (62,220) 114,299

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds Restricted funds Endowment funds 2022 2022 2022 £ £ £ Fund balances at 31 December 2022 are represented by: Investments 1,146 142,625 3,169,295 Current assets/(liabilities) 139,627 31,892 - 140,773 174,517 3,169,295	Total Unrestricted funds Restricted funds Endowment funds 2022 2021 2021 2021 £ £ £ £ 3,313,066 1,142 142,251 3,520,317 171,519 113,158 21,005 - 3,484,585 114,300 163,256 3,520,317	Total 2021 £ 3,663,710 134,163
		3,797,873

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THE POSK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Related party transactions

Mr M Laskiewicz is the Chair of POSK, a Director of POSK and a member of the Council of POSK

Mr R. Tobiasiewicz was a Director of POSK from 09/10/2021 to 29/01/2022 and from 07/06/2022 to 05/11/2022 and is a member of the Council of POSK

Mr M Laskiewicz, Mr A. Zakrzewski, Mr R. Wisniowski are members of the Council of POSK. Mr M Zaremba was a member of the council of POSK until 22/10/2022

During the year the Charity donated £60,000 (2021: £60,000) to POSK from unrestricted funds and £10,365 from the Jagodzinski restricted fund.

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