Charlty reglstratlon number 802083 THE POSK FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE POSK FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Kaczmarek M Laskiewicz (Resigned 02 Decembèr 2023, reappoint8d 08 March 2024) M Jakubowski (Appointed 02 December 2023. resign8d 04 March 20241 R Wisniowski (Appointed 28 January 2023) A ZakeWskI M Zaremba Charlty number 802083 Reglstsred offlco 238-246 King Street London UK W6 ORF Audltor Bright Grahame Murray Ernp8ror's Gate 114a Cromwell Road Kensington London SW7 4AG Bankers Balay5 Bank UK PLC 75 King Street Hammersmilh W6 9HY
THE POSK FOUNDATION CONTENTS Pag• Trustees, report Statement of trust8es' responsibilities Independent auditorfs report Statement of financial activities Balance sheet Notes to the financial statements 10-17
THE POSK FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are pleased to present th8ir report and the audited financial statements for the y8ar ended 31 Decemb8r 2023, which have b8en 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 infomation on page 1 fomis part of this report. The financlal 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 goveming 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 IFRS 102)" {effective 1 January 2019). Objectivès and actlvities The POSK Foundation was formed to support the charitablè 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 r8¢reational facilities in the interests of social welfare,. the advanc8ment of education; the relief of poverty and the relief of those in need,. and in particular.. to support and maintain the Polish Library and promote Polish books and newspapers and the Polish printed or published word,. to support and maintain any Pollsh theatr8 and In particular Polish theatr8 at the Polish Centre and to promote Polish music, Polish Ihealrical plays and the Polish spokèn word., ¢. to support Polish National Festivals and to promote Polish arts, culture, heritage and traditions,. d. to support the social, cultural, artistic and educational activiti8s undertaken or recommended by POSK. In fvrtheranc8 of these objects the Charity may make grants of monèy lo other persons or bodles who provide for these objects. The Charity was established with the objèctive to build a pemanenl endowment fund whl¢h would bé invested in perpetuity lo provide an income to support the Charity's Objects and for this purpose the Trustees had the power lo accumulate the income of the Charity for a period of 21 years from its 8slablishmént. This period expired on 4 September 2011. The Charity achieves its objectives by providing grants, loans and financial support lo other charities. principally The Polish Social and Cultural Association, the details of which are set out in the Financial Review below. Achlèvemènts and pèrforniancè Flnancial revlew During the year, the Charity made grants of £72.000 lo POSK (2022 - £70,365) in support of the general purposes of that charity. In 2022, this included a grant of £10,365 that was made to POSK from the Jagodzinski Fund lo support the activity of the Polish Library. During the year the Charity received a restricted donation of £500,000 from POSK into its restrided Capital Fund. The Trustees would lik8 lo thank POSK for its generous donation. During the year th8 Charity eamed investment income of £142,323 which represents an average return of 4.1° (2022- £110,319.. 2.9% average income retum). Investment pollcy The Foundation's investments consist of Common Investment Funds ICIFI, Charity Aulhorised 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 markel conditions and demands for funds for furtherin9 the objects of the Charity. The Truste8s adopt a low risk investment strategy and there is no intention lo change Ihis in the near future.
THE POSK FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structuro, govemanco and management The Charity is govemed by a Trusl Deed dated 06 May 2009. Therè are a minimum of three and a maximum of five trustees. The Treasurer of the Polish Social and Cultural Association (Registered Charity No. 2367451 {"POSK") is ex-officio the chair of the Truslees 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 pr8mis8s with POSK and receives administrative support from th8 staff of POSK. Trustees who served throughout the year w8re'. J Kaczmarek M Laskiewicz {Resigned 02 December 2023, reappointed 08 March 2024) M Jakubowski {Appointed 02 December 2023, resigned 04 March 20241 R Wisniowski (Appolnted 28 January 2023) A Zakrzewski M Zarèmba Tralnlng of Trusto•s There are no fonnal policies and procedures for the training and induction of Trustees. Persons elected as Trustees are usually familiar with the Charity andlor Charitable organisations in general and are therefore considered capable. Murdzenskl and Jagodzlnskl Funds The Charity received a bequest from the Will of Mr T. Murdzenski lo hold the bequest as a p8mianent endowmenl and utilise the income to award priz8s for outstanding literary, scientific or fine art work. The Charity received a bequest from Ihe Will of Mr Z. K. Jagodzinski to hold Ihe bequest as a permanent èndowment and utilisg the income for the benefit of the Polish Library at POSK. Charlty's Publlc Benefit The Trustees have complied with their duty in Se¢tion 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 publi¢ benefit guidance into account when making any decision il is relevant to. Thè Trustees have ensured that all activilies throughout the year have been in the interest of public benefit. This is evidenced as detailed within the objectives and activities by th8 ffinancial support given to POSK of £72,000 to assist the charity in its continuing advancement of the arts, culture or heritage and provision of recreational facilities available to th8 general public. Rlsk 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 th8 major risks. The principal risks and uncertainties facing the Charity are: (a) (b) Diminution in the value of the investment portfolio. POSK'S ongoing funding requirements leading to selling down of the Charity's investment porffolio
THE POSK FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves The total reserves held by the Foundation are £4,192,470 {2022: £3,484,585). The purpose of these reserves is to provide a secure income stream to enable the Charity to fulfil ils objects including the maintenance and development of the POSK building and the development of POSK'S social and cultural activities. Mr M Zaremba Trustee Da18d: . Is/y./:I
THE POSK FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trust88s arè r8sponsible for preparing Ihe Trustees, Report and the financial statèmgnts in accordance with applicable law and Unitad Kingdom Accounting Standards (Uniled Kingdom Generally Accept8d Accounting Practice). The law applicable to charities in England and Wales requires th8 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 r8sources of th8 charity for that year. In preparing these financlal slatements. the trusteès are rèquired to: select suitable accounting policies and then apply them consistently- observe the meth¢xls and principles in the Charities SORP: make judgements and estlmates that are reasonable and prudent., state whether applicab18 accounllng standards have been followed, subject to any material departures disclosed and explained in the financial slatem8nls' and prepare the financial slalements on the going ¢on¢ern 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 chanty and enable them to 8nsur8 that the financial ststements 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 h8nce for tsking reasonable steps for the prevention and detection of fraud and other 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 2023 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 appli¢able in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a tme and fair view of the state of the charity's affalrs as at 31 December 2023 and of its incoming resources and application of resources, for the year Ihen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e', and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational Siandards on Auditing (UK) IISAS {UK>) and applicable law. Our responsibilitiés under those standards are further described in the Auditorfs responsibilities for the audil of Ihe financial stalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo 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 relatlng to golng con¢ern In auditing the financial statements, we have concluded that the trustees, use of the going concern basls 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 e1ve months from when the financial slatem8nts are authorised for issue. Our responsibilities and the responsibilities of th8 trustees wyth respe¢l to going concerTb a described in the r81evanl sections of this report. other Informatlon The other information comprises the information included in the annual report other than the financial slatemenls and our audilor's report Ihereon. The trustees are responsible for the other information contained within the annual r8POrt. Our opinion on the financial stal8ments does not COV8r the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation and. in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge oblained in the course of Ihe audit, or othemise appears lo be ma18rially misstated. If we identrfy such material inconsistenGies or apparent material misslatements, we are required to detem)in8 whether this gives rise lo a material misststemènt in the financial statements themselves. If, based on Ihe work we have performed, we conclude that there is a malerial misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion: the informalion given in the financial statemenls is inconsistent in any material respect with the trustees. report., or sufficient accounting records have not been kepl., or the financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations w8 r8quire for our audit.
THE POSK FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE POSK FOUNDATION Responsibilities of trust6as As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial stalemenls and for being satisfied that they give a Irue and fair view, and for such intemal control as thé truste6s detemiine is necessary lo enable the preparation of financial stalemenls that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concèrn. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the Irustees 8lther intend to cease operalions, or have no realistic alternative bul to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charilies Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obj8CtIV8s ar8 to obtain r8asonabl8 assurance about whether the financial statements as a whole are free from material misstatement, wh8lher due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran¢e is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always detecl a material misstatement when it exists. Misstatements can aris8 from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expgcled to influence th8 economic decisions of users taken on the basis of these financial statèments. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extènt to whlch our procèduros are ¢apablo ol dèto¢tlng Irrogularltlos, Including fraud We identify and assess the risks of material misstalement 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 lo provide a basis for our opinion. In identifying and addressing risks of material misstalemenl in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures indud8d the following. We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct 8ffect on the financial statements or that had a fundamental effect on ils operations. Key laws and regulations that we identified included the tax legislation, Charities Acl. 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. W8 gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enqUId of the member5 aboul any incidenS of fraud that had iaken place during the accounting period. The risk of fraud and non-compliance With laws and regulation5 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 revièwéd financial statements disclosures and tested to supporting docum8ntation to ass8SS compliance wilh relevant laws and regulations discussed above. We enquired of Ihe trustees about actual and potential litigalion and daims. We performed analytical procedures lo 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 joumal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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 18th March 2024
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.
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THE POSK FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 12 4,152.137 3.313,066 Currenl assets Cash at bank and in hand 54,133 175,539 Credltors: amounts falllng due wlthln one year 13 13,800 4,020 Net current assets 40,333 171,519 Totsl assets less current Ilabllllles 4,192,470 3,484,585 The funds of the charlty Endowment funds Restricted income funds Unrestricted funds 14 15 3,809.167 180.989 202,314 3,169,295 164,152 151,138 4,192,470 3.484,585 The financial statements were approved by the Irustees on . Mr M Zaremba Truste•
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charlty Informatlon The POSK Foundation is an unincorporated registered charity govemed by a Trust Deed dat8d 6th May 2009. The operating address 1$ 238-246 King Street, London. W6 ORF. 1.1 Accountlng ¢onventlon The financial statements have been prepared in accordance with the charitls governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities pr8pafing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. Th8 charity has tak8n advantag8 of the provisions in the SORP for charities applying FRS 102 Updat8 8ull8tin 1 not to prepar8 a Statement ol Cash Flows. Thè financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent reqUId 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 th8 Regulatlons 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 slalements are rounded lo the nearest £. The financial stat8ments have bean prepared under the historical cost convention, modified lo include certain financial instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Goln9 concern Al the time of approving th8 financlal slatements, the truslees have a reasonable expectation that tha charity has adequate resources lo continue in operational exist8nce for the fores88able future. Thus the trustees Continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unreslricled funds are available for use at the dis¢retion of the trustees in furtherance of the charitable objects of the charity unless th8 funds have been designated for other purposes. Restricted funds are subject lo specffic 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 specrfic 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. Interèst on fijnds held on deposit is included when receivable and the amount can be measured reliably by thè Charity-, this is nornially upon notification of the interest paid or payable by the Bank. Inv8Stm8nt income is in¢luded when receivable. 10-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles (Contlnued) 1.5 Resources expended Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of th8 obligation can be measured reliably. Expenditure is dassified 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 lo that activity. Shared costs which contribute lo 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 US8. Expenditure is recognised once ther8 is a legal or constructive obligation lo 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: Exp8nditure on charitable activities includes the costs of the delivery of its activitles and services for rts b8n8ficiaries. Other expgnditure represents those items not falling inlo an other heading. All support costs are allocated to the one charitable activily of POSK Foundation. 1.6 Flxed a8$ot Investments Fixed assel investments are initially measured at transaction price excluding transaction cosls, and are subsequenuy measured at fair value at each reporting date. Changes in falr value are recognised in net incomel(expendilureJ for the year. Transaction costs are expensed as incurred. 1.7 Cash and ¢a$h equlvalonts Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-term liquid inv8Stments with original maturities of three monlhs or less. and bank overdrafts. Bank overdrafts are shown within borrowings in currènt liabilities. Crlllcal accountlng estlmates and Judgements In the application of the ¢harity'$ accounting policies, the trustees are required to mak8 judgements, estimates and assumptions about the carrying amount of assels 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 lo be relevant. Actual results may differ from these eslimat8S. The 8stimates 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 th8 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fulure periods. Income from donations and legacles Endowment funds 2023 Endowment funds 2022 Donations and gifts 500,000 11
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from Investments Unrestrlcled Reslrlcted funds funds Total Unrestricted Restrlcted funds funds Total 2023 2023 2023 2022 2022 2022 Income from investments Interest receivable 103,019 22,467 10.927 5,910 113,946 28,377 99,059 10,882 378 109,941 378 125.486 16,837 142,323 99,059 11,260 110,319 Expendlture on charftable actlvltles 2023 2022 Dlract costs Grant funding of activities (w note 6) 72,000 70,365 Share of support and governance costs (see note 7) Gov8man¢e 2,310 2,220 74,310 72,585 Analy$l$ by fund Unrestricted funds Restricted funds 74,310 62,220 10,365 74,310 72.585 Grants payable 2023 2021 Grants to institutions: Polish Social and Cullural Association Polish Library 72,000 60,000 10,365 72,000 70,365 12-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 2022 Basls of allocatlon Audit fees 2,310 2,310 2,220 Gov8manc8 2,310 2,310 2,220 Analysed b8tsve8n Charitable aclivilies 2,310 2,310 2,220 Governance costs includes payments lo the auditors of £2,31012022- £2,220) for audit fees. Trustees None of the tnjslees lor any persons connected wlth thern) reIVed any MUneratIon or benefits from the charity during the year. Employees The Charity did not have any employees during this or the previ¢)us year. There were no employees whose annual remuneration was more ihan £60,000. 10 Galns and losses on Investments Endowment Endowment funds funds 2023 2022 Gainsl{lossesl arising on.. Revaluation of investments 139,872 (351,022) 11 Taxatlon The charily is exernpt from tax on income and gains falling within section 505 of the Tax8s Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that Ihese are applied to its charitable objects. 13-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Fixed asset investrnents Listed Investments Cash In portfolio Totsl Cost or valuation At 1 January 2023 Additions Valuation changes 3,169,296 143,770 699,199 3,313,066 699,199 139,872 139,872 At 31 December 2023 3,309,168 842.969 4,152,137 Carrylng amount At 31 December 2023 3,309,168 842,969 4,152,137 At 31 December 2022 3,169,296 143,770 3,313,066 Flxod asset Investments rovalu8d The listed investments were revalued at market value as at the year end, The historical Cost value is £2,525,73012022: £2,525,730), 13 Creditors: amounts falling due wlthin one year 2023 2022 Accruals and deferred income 13.800 4.020 14 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 1 January 2023 Incoming resour¢os Gains and losses At31 Decèmber 2023 Pemianent endowments Murdzenski fund Jagodzinski fund Capital fund 183,252 181,273 2,804,770 16.839 16,658 106,375 200,091 197,931 3,411,145 500.000 3,169,295 500,000 139,872 3.809.167 14-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Endowmant funds (Contlnued) Previous year: At 1 January 2022 Incomlng resources Gains and lo$$es At31 December 2022 Pornianent endowmonts Murdzenski fund Jagodzinski fund Capital fvnd 207,066 204,831 3,108,420 (23.814) 123,558) (303,650) 183,252 181,273 2,804,770 3,520,317 (351,0221 3,169,295 The Charity r8C8iV8d a b8qUèSt from the Will of Mr T. Murdz8nski lo hold the bequest as a peman8nt 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 th8 bequest as a permanent endowment and utilise the income for the benefit of the Polish Library at POSK. 15 Restricted funds The restricted funds of the charity comprise th8 un8xpend8d balances of donations and grants held on trust subject to specific conditions by donors as lo how they may be used. Al 1 January 2023 Incomlng Ra$ource$ resources expènded At31 December 2023 Murdzenski fund Jagodzinski fund 111,006 53,146 9.485 7,352 120,491 60,498 164.152 16,837 180,989 Prevlous year: At 1 January 2022 Incomlng re3our¢es Resources expended At31 December 2022 Murdzenski fLsnd Jagodzinski fund 105.298 57,959 5,708 5,552 111.006 53,146 (10,365) 163.257 11,260 (10.365) 164,152 15-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Unrestricted funds The unreslricted funds of th8 charity comprisè the unexpended balances of donations and grants which ar8 not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds whi¢h have been set aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2023 Incoming Resources resources 8xp?nd8d At31 Docamber 2023 General funds 151,138 125,486 174.310) 202,314 Prevlous year: At 1 January 2022 Incomlng Resources resources expended At31 December 2022 General funds 114,299 99,059 (62,220) 151,138 17 Analysls of net assets between funds Unreslrlctod funds 2023 Restrlcted Endowment funds funds 2023 2023 Total 2023 Fund balancos at 31 Decèmber 2023 are represented by: Investments 161,981 Current assetsl{liabilities) 40,333 180,989 3,809,167 4.152,137 40,333 202.314 180,989 3.809.167 4,192,470 Unrestrlctsd funds 2022 Restrlcted Endowment funds fund$ 2022 2022 Total 2022 Fund balances at 31 Decombor 2022 are represented by: Inveslments Current assetsl{liabilitiesl 143,771 20.381 3,169,295 3,313,066 171,519 151,138 151,138 164,152 3,169,295 3,484,585 16-
THE POSK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Related party transactions Mr M Laskiewicz (resigned 02 December 2023, reappointed 08 March 2024) is the Chair of POSK, a Director of POSK and a member of the Council of POSK Mr M Jakubowski (appointed 02 November 2023. resigned 04 March 2024) is a Director of POSK and member of the Council of POSK. Mr A. Zakrzewski and Mr R. Wisniowski were members of the Council of POSK until 04 November 2023. During the year th8 Charity donated £72.000 {2022'. £60,000) to POSK from unrestricted funds and £nil (2022.. £10,365) from the Jagodzinski restricted fund. During the year the Charity r8ceived restncted donations of £500,000 (2022- £nil) from POSK to the capital fund. 17-