The Powell-cotton Trust Registered Charity No. 1167318 in England and Wales Reglstered Company No. 09934968 Trustees, report and financial statements for the year ended 31 March 2023 THE POWELL-corroN TRUST for the year ended 31 March 2023 Contents Page Reference and administrative details of the charity, its trustee5 and advisers Trustees, report Independent auditors, report 10-13 statement of flnanelal actlvltles 14 Balance sheet 15 Statement of cash flows 16 Notes to the flnancial statements 17-28 The Powell-cotton Trust Trustee's Annual Report For year ended 31 Marth 2023 Reference and administrative details of the Charityi Its Trustees and advisers for the year ended 31 March 2023 Trustees A Harrlson G Marvln G Redwood Cvalentine, Chair Company number 09934968 Charity registered number 1167318 Reglstered office The Powell-cotton Museum Quex Park Blrchington Kent CT70BH Independent auditor Moore Klngston Smith LLP Chartered Accountants and Business Advlsers 6th Floor 9 Appold Street London EC2A 2AP www. mk5.co.UK Banker5 Lloyds TSB Bank plc Cecil Square Margate Kent CT911G Stockbrokers Investec Wealth & Investment 30 Gresham Street London EC2V7QN The Powell-cotton Trust Trustee's Annual Report Foryear ended 31 March 2023 OBJECTS AND ACTIVITIES 11 Policies and objects The objects of the Museum are to advance education for the benefit of the public by.. al the provision and maintenance of a museum in or near Birchington for exhibiting specimen5 of natural history and ethnography (particularly such specimens collected by Percy Horace Gordon Powell-cotton, Esq.) and, if the Trustee5 think fit, speclmens of other sciences and of the fine and useful arts bl the extension and enhancement, conservation, storage and maintenance of the collection of Specimens belonging to the Museum,. and cl the promotion of education in subjects relevant to the specimens belonging to the Museum and the use of such specimens in research. 2) Actlvltles for achieving objects al Provision and maintenance of a museum in or near Birchington il Developing a roofing solution to the main buildings of the museum. Patch roof repairs have been part of an annual cycle undertaken by our maintenance team to resolve water ingress. The general build quality of the buildings, the curtilage, and M&E infrastructure have required year on year investment to address the deteriorating conditions of the entire site. In 2023 the Trustees provided significant funds for the commission of specialist contractors and professionals to support the Charity in its submission of an application for a replacement roof from the Museum Estate and Development Fund administered by Arts Council England. The application is to replace and insulate the roofs of the museum building. The Expression of Interest was SLJbmitted 21 April 2023 and the full Application on 18th August 2023. A decision to award funding will be announced in March 2024. ill Refurbishment of Garden Fern House Work on the fernery took place over the winter with help f rom Kent County Council Adult Services service users, who helped sand and oil wood and paint metalwork, as well as painting the interior5. iiil Garden back area, bothvs and polytunnel Major work took place to landscape the area at the back of the historSc walled garden. New compost bays were constructed, hardcore was put down and the area was levelled. A new polytunnel was erected to house the plants which normally live in the long run of glasshouses. The roofs to the run of bothy's have undergone a transformation with replacements of slates and rotten timber to make the stores watertight. iv) Internal fit out Winter Garden This year the interior of the refurbished Winter Garden wa5 fitted out to make it habitable for events and meetings. The floor wa5 laid, and a wood burning stove and small kitchen area have been fitted. With tile5 created by the Kent County Council adults wlth learning disabilities now form part of a kitchen backsplash in the Winter Garden. vl Orchid House refurblshment Working with volunteers, the Gardens team have removed the glass from the orchid house ladjoining the Winter Gardenl and have cleaned the woodwork before re-instating the IGO panes of glass, which have all been washed by volunteers. The Powell-cotton Trust Trustee's Annual Report For year ended 31 March 2023 bl Conservatlon, storage and malntenance of the collettions tj The Collections Storage Project The whole collection was adversely affected due to COVID and the long-term closure of the site. With a building that is not environmentally stable and is impacted by external weather conditions the lack of airflow and staff presence to check the collection regularly led to several outbreak5 of mould and damp, especially in the gallery storage areas. The new ConseNator developed and began implementation of a programme of object cleaning to break the mould cycle but determined the size and scope of the problem and the fact that it is escalating meant that little progress was being made. The Collectlons Store Prolert began in January 2023 when the Board of Trustees released £IOO,000 in extra funds to address this collection care crisis. The project focuses on the two areas of the collection judged to be at greatest risk, horned skeletons from Store A where there is a carpet ljeetle infestation,. and the ethnographic artefacts stored in cupboards in the galleries 5,7, and 8 that are suffering from mould. The skulls are being labelled and bagged, then removed from store A into an industrial freezer hired for the purpose. They are frozen for 72 hours and then taken to the new store where they are put into thelr permanent locations. The second phase will focus on the ethnographic material that has mould. These will he frozen and then cleaned before being taken to the new store. Some preparatory work has been done for this phase including the construction of a cleaning area, refitting a shed as a documentation station, and purchasing of suitable PPE. ACHIEVEMENTS AND PERFORMANCE 11 Review of actlvities a) Implementatlon of our Decolonisation Strategy il Namibian Narratives Funded by Arts Council England. In April 2022 some of the project team Dr. Napandulwe Shiweda IUniver51ty of Namibia, Windhoekl, Dr. Nicola Stylianou (University of Sussexl, Erasmus Stephanus Ifllmmaker and photographer based in Ongwediva, Namlblal spent a week travelling in the Oshana region of northern Namibia, on the border with Angola. They met with each of the specialist maker5, discussed the M u5eum'5 historic collection and asked each of the women how they would like to see their community and work represented in the Powell-cotton Museum. Each of the women was interviewed on film, and these films form part of a new permanent display that showcases contemporary culture and experiences from the African continent for the first time in decades. ill Headley Fellowship and Collections Trust Award Funded by the ArtFund'5 Headley Fellowship, freelancer Kathleen Lawther worked with the museum to research and catalogue a collection of photographs taken in Somal￿a in 1934 to 1935 with the aim of making the collection more acce55ible. The project provided suggestions and case studies for how museums might approach people- centered cataloguing. This project won the 2022 'Collections Trust Award, recognising the achievements of those who manage the collections at the heart of all museums. The resulting exhibition 'Llving Llneages.. Bajuni Ilves in the Powell-cotton Museum photographic archive, is co-curated by Abira Hussein, Faiz Shee and Kathleen Lawther. It shows images of Bajuni people that lived off the coast of Somalia and northern Kenya The Powell-cotton Trust Trustee's Annual Report For year ended 31 March 2023 and explores how a team of researchers traced the origin5 of Bajuni people from the 1930s, offering new ways of interpreting Britain's colonial archives. It will be on display at the museum throughout 2023. iiil Staff Training The Charity has developed a training programme for all staff that looks at unconscious bias, racism within museum practice and the collecting process, and how museums can be active spaces and voices in telling everyone's storie5, better. All staff - regardless of whether they work with visitors or not- will receive the same training. We hope our Staff will feel more confident in talking to visitors about sensitive and compllcated issues, and we hope visitor5 will experience a more open and honest museum experience. b) Afflliated/collaborative research projects il From Feed the Birds to Do Not Feed the Animals This UK-wlde collaboration takes a deep-time, cross-cultural perspective on the roots of animal feeding, to establish the benef its and risk to humans, animals, and the environment. This project is funded by the Wellcome Trust and brings together the unlversities of Exeter, Roehampton, and Reading alongside National Museum5 Scotland. Funded by Exeter University and Roehampton University, this project uses museum collections and live zoological collections to examine the history of animal feeding in captive and wild population5. The Powell-cotton Museum is a small partner organisation through its big cat collection, which is of interest because of its historical data, as a counterpolnt to live captive animal populations. Curator of Natural History, Rachel Jennings is a member of the research network for the project. Outputs include a 3D scan of the dioramas on slte here at the Museum by staff from Exeter University. The project will benefit the Charity in the next year with a 12 month post-doc support to do some collections cataloguing. ill Horn Heritage Project htt www.hornherita e.or Horn Heritage Foundation is a non-profit, apolitical organisation dedicated at preserving the cultural heritage of the Horn of Africa, with focus on the Somali speaking-region. The Powell-cotton Museum contributed a series of photographs and objects from within the collectior) to the digital site with metadata. Abira Hussein helped curatorSally to choose objects for the project, iiil The Human Fossil Record Database The Charity is in the initial stages of creating a long-term partnership with Dr. Matt Skinner (Director of the Skeletal Biology Research Centre, University of Kent and lead academic on the human fossil record project) to provide free digital access to CT and 3D surface Scans of the Museum's entire primate collection over the next 10-15 years. As one of the foremost primate collections worldwide, providing free digital access to such a large and comprehensive dataset has the potential to massively push the research question5 around the human fossil record. The project is in the planning stages, bLJt the collaborators will be looking for long-term, large-5cale funding for thi5 ambitlOU5 project to fully digitise over 2000 osteological specimens. c} Develop our Informal learnlng offer il Backpack buddles For young explorers backpack buddies are available to borrow which are full of tools to The Powell-cotton Trust Trustee's Annuèl Report For year ended 31 March 2023 help them discover more on their visit. Themed on Early Years F￿meWOrk curriculum they support development and learning through play in a safe space. I Storytelling Area A storytelling area wa5 added to our interactive Gallery 6 through funding for SEMD. The area provides a dwell space for families and a new way to interact with our collections. A small library is dedicated to themes associated with the natural history collection, and the cultural history of descendent communities whose material culture is displayed in our gallerie5. NOTE.. The Trustees have supported investment in areas specifically intenderj to improve the organisation's performance in line with the charity's aims and objectives. In setting oblectives and planning for activities, the Trustees have given due con51deration to general guidance published by the Charity Commi55i0n relating to public benefit. The Trustees are of the opinion that Sufficient funds are available to meet future obligation5. FINANCIAL REVIEW 11 Key financlal performance indicatois The Powell-cotton Museum, Quex House and Gardens is transitioning through a complex period of change and growth as a result of the museum becoming entitled to a substantial legacy in the form of a fifty percent share in the Powell-cotton Settled Estate. This will enable substantial growth and expansion of the charity. A new strategic departmental plan has been devised by the Trustees in collaboration with staff, volunteers and stakeholders. As a result of the new income stream from the legacy, combined with operational changes, the long- standing operating deficit of the Charity will end. The settlement of the estate is yet to be resolved. In December 2022 the administrators of the e5t8te, together with the beneficiaries attended a Court hearing which provided a determination on how the estate should be vested. However, an appeal was lodged by the other beneficiary and leave for appeal was granted, an appeal hearing will happen in due course. We continue to deliver on our stated objective5 Uslng a combination of our reserves, limited income from the Quex Estate and some limited funds that the administrators have released, 21 Statement of financial actlvlties The Trustees have taken the strategic decision to support the transformational change process through investment from charity reserves. This has included the following key decisions.. al Investment from charity reserves in preparing for the vesting of the former Powell-cotton Settled Estate, including taking independent profe55ional legal and accountancy advice, appointment of Strutt & Parkers land agents to provide due diligence report, management advice and to improve management practice. These works have been commissioned by the Trustees to ensure that they are ready forvesting, to improve the quality of the management of the former Powell-cotton Settled Estate to understand and fulfil their fiduciary duties and to mitigate any identif led risks associated with their inheritance of the undivided half share of the former Settled Estate. bl Investment into Museum House and Gardens by way of a structured cyclical maintenance programme following years of underinvestment. The Powell-cotton Trust Trustee's Annual Report For year ended 31 March 2023 31 Key financlal Information The results for the year are contained in the Statement of Financial Activities on page 15. The net surplu5 for the year was £2,334,955 comprising total income of £3,580,538, total expenditure of £1,088,018 and loss on investments of £157,565. The Surplus for the year on Unrestricted Funds was £2,368,440. Charitable expenditure was £1,023,963 as detailed in note 8 to the accounts. The net deficit for the year on Restricted Funds was £33,485 comprising total income of £27,740 and tot31 resources expended of £64,055. Note 17 to the account5 contains an analysis of the incoming, expenditure and transfers relating to Restricted Funds in respect of specific projects. Balance sheet Total funds increased from £2,320,616 to £4,655,570 reflecting the net surplu5. Cash at Bank, on Deposlt and in Hand at 31 March 2023 increased from £80,816 to £210,282 and the market value of investments was £788.948 compared to £1,754,877 in the prior year. 41 Investment powers and policies The Charlty's Memorandum of Association authorises the trustee5 to deposit or invest funds, to employ a professional fund-manager and to arrange for the investments or other property of the Charity to be held in the name of a nominee in the same manner and subject to the same conditions as the trustee5 of a trust are permitted to do bythe Trustee Act 2000. PCT manages its investments Wlthin its own ethical guidelines, with the objective of achieving a high constant income stream. See note 6 to the Accounts for details of the income received. Investments are reviewed at least annually in conjunction with an external advisor. 51 Reserves policy and performance It 15 the policy of the Charity to maintain unrestricted liquid funds at a level that approximates three to six months, unrestricted expenditure. At 31 March 2023, Unrestricted Fund5 amounted to £4,894,018 including £210,282 cash and Investments £2,300,791. The level of reserve5 was 5ub5tantially enhanced due to some of the liquid assets of the estate, which are not subject to the appeal, being distributed by the administrators. Three months ongoing operating cost is approximately £350k and is well within the reserves held by the charity. Under ordinary circumstances the trustees would look to release a significant proportion of the reserves to deliver the charitable objectives, however given the current situation regarding the outcome of the settlement of the estate inheritance, the trustees are holding and using the reserves to maintain the charity until the estate has been vested and it is in a posltion to become self-sustaining. 61 Going concern After making appropriate enquiries, the Trustee5 have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further deta115 regarding the adoption of the going concern basis can be found in the AccountinE Policies. The Trustees are of the oplnion that sufficient funds are available to meet future obligations, The Powell-CDtton Trust Tru5tee'5 Annual Report For year ended 31 March 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT 11 Constitution The cha ritable company is governed by its Memorandum and Articles of Association which were adopted on 4th March 2020. The Board of Trustees of the Museum shall consist of the following four nominated Trustees up to six co-opted Trustees Nominated Trustees are appointed as follows.. one by the Zoological Society of London one by the British Museum one by the Natural History Museum one by the University of Kent Co-opted Trustee5 must be persons able by reason of their qualifications, knowledge or experience to assist in promoting the object5 of the charity. On 18 January 2018 the charitable company received the benefit of the assets, liabilities and undertaking of Powell Cotton Museum, an unincorporated charity of the same name. On the same date the charitable company became the sole trustee of the unincorporated charity which is now a linked charity under Charity Commlssion regulations. The unincorporated charity continues to hold certain property and museum a55ets as permanent endowment, held for the benefit of the charitable ompany. The property and museum assets are not recggnised in the financial statements as the endowments were conveyed many decades ago. There is no information as to their value when donated, and the 3mounts involved are now likely to be immaterial. 21 Method of appolntment or election of Trustees Trustees are recruited from a wide range of backgrounds to ensure an appropriate mix of skills and experience. They are appointed in accordance with the current Scheme. 31 Pollcles adopted forthe induction and training of Trustees Upon their appointment, each new trustee would receive a copy of the latest accounts, the Charity Commission Schemes and any relevant policies. 41 Pay polity for staff Our principles are to pay our staff 8 fair salary that is competitive within the charity and museums sector, proportionate to the complexity of each role, and responsible in line with our charitable oblectives. From these principles, we have deflned our pay policy.. al Pay all staff within the appropriate band recommended by the Museum Association Salary guidellnes of 2022, but do not compete on pay with the public or private sectors. bl Meet all national pay standards, and provide all paid staff with a real living wage cl Communicate the spread of pay through the organisation to our staff and to the public Pay our staff an appropriate salary to attract and retain people with the leadership, experience, knowledge and skills required to lead the transformation we are undergoing. 51 Organisatlonalstructure and declslon maklng The powers of the Trustees include the raising of funds, the publishing of audited accounts. The Powell-cotton Trust Trustee's Annual Report For year ended 31 March 2023 the care of the collection5, the acquisition or disposal of objects, the appointment of staff, the purchase of appropriate insurance cover and the exchange of information with other institutions and statutory bodies. Trustees must hold at least three board meetings requSre at least fourteen days, notice. Extraordinary meetings may be called by the Chairman or by any two Trustees and require at least ten days, notice. 61 Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place, or are being addressed, to mitigate our exposure to major risks. The primary risks facing The Powell-cotton Trust are.. the successful conclusion of negotiations to secure the inheritance due to the Trust conservation of the collection from water ingress and the resulting damp and mould The risk register is regularly revlewed to mStigate exposure to such risk. 71 Plans forfuture periods In the future period we will continue to work to vest the estate and therefore realise the charity's inheritance after the death of Michael Garrett. This will however be dependent on the appeal process and when that will be heard which will requlre continued legal advice, and associated cost, to prepare for and attend the hearing which is anticipated to be early 2024. With progress being made with the settlement of the estate, the trustees, wlth the senlor management team. will undertake a review of the Charity, its work and future direction as part of a long-term planning proces5. This will generate a new 5-year Strategic plan for the charity based on three core strategic objectives: l. Financial sustainability, to ensure the long-term flnancial future for the charity, delivering a breakeven position by the end of year 5 2. Collection sustainability, a long-term programme in both inf rastructure ènd buildings as well a5 the conservation of the collection to ensure it is persevered and available for generations to come 3. Impact and Inclusion, ensvring that all that we do 15 acce55ible and inclusive for the widest possible aUd￿ence vi51ting and using the services that we provide, both here on-site as well as online It is the intention of the trustee5 to approve this new strategic plan by December 2023 in readiness for the next financlal year. Some of the key activities for the coming year will include: Applying for MEND funding to allow the roof over the museum to be replaced Continuation of the Collections Store Project to protect and conserve the most at risk objects within the collection The development of the 'Sunshine' garden project working with local groups and The Powell-cotton Trust TrusteÈ's Annual Report For ye3r ended 31 March 2023 organisations through Kent to ensure equity in access to the Garden Gallery 2 reinterpretation as part of our ongoing commitment to Decolonisation of the Museum listening to the unheard voices that have been silenced Trustee recruitment for both nominated and co-opted trustees to meet identified skills shortages and strengthen the diversity of the board. On 18 January 2018 the charitable company received the benefit of the assets, liabilities and undertaking of Powell Cotton Museum, an unincorporated charity of the same name. On the same date the charltable company became the sole trustee of the unincorporated charity which is now a linked charity under Charity Commission regulations. The unincorporated charity continLJes to hold certain property and museum a5set5 as permanent endowment, held for the benefit of the charitable company. The property and museum assets are not recognised in the f inancial statements as the endowments were conveyed many decades ago. There is no information as to their value when donated, and the amounts involved are now1Skely to be immaterial. Statement of Trustee5 Responslbllitles The Trustees are responsible for preparing the Trustees, Report and the financial Statements in accordance with applicable13w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Charity law 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 tho income and expenditure of the charitable company for that period. In preparing the financial statements, the Trustees are requlred to: select suitable accounting policies and then apply them con515tently,' observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK 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 unles5 It is inappropriate to presume that the charity will continue in business. The Trustees are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and flnancial information included on the charity's website. Legislation In the United Kingdom governing the preparation and dlssemination of financlal statements may differfrom egislation in otherjurisdictions. This report was approved by the Trustees on Signed By Clare Valentine. Chair INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POWELL-COTTON TRUST Oplnlon We have audited the financial slalemenls of The Powell-collon Trust I'lhe charitable company'l for the year ended 31 March 2023 which comprise the Slalemenl ol Financial Aclivilies, the Balance Sheet, th6 Cash Flow Slalemenl and notes lo the financial slalemenls, including significant ac¢ounling policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and RepLJbli¢ of I￿land, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalements.. give a true and fair view of the slate of the chaiilable company's affairs as al 31 March 2023 and of ils incoming resources and application of resources, including Ils income and expenditure, for the year then ended., have been prop&rly prepared in accordan￿ with Uni18d Kingdom Generally Accepted Accounting Pra¢liGe', and have been prepared in accordance with the requirements of the Companies Act 2006, Basls for opinion We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and appli¢able law. Our responsibilities under those standards are further descrtbed in the Audilorfs Responsibilitie5 for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to Dur audit ol the financial slalemenls 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 obl8ined is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalemenls, we have concluded that the Iruslees, use of thè going concem basis ol accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condilK)ns that, individually or collectively, may ca51 significant doubl on the charitable ¢ompany's ability lo continue as a going con¢ern for a peTiod of al least Iwefve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going con￿rn are described in the relevant sections of this report. other information The Dlher infomalion comprises the information included in the annual report, other than the linancial slalemenls and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other infomalion and, except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other inforTnalion and, in doing so. consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears lo be materially misslaled. 11 we identify such material inconsisten¢iès or apparent material misslalemenls, we are required lo deletmine whether there is a material misslalemenl in the financial statements theMse￿e5. If, based on the workwe have performed. we conclude that there is a material misslalemenl ol this other infoTmalion, we are required lo report that fact. We have nothing to report in this regard. 10 Opinions on other matters prescribed by thè Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the trustees, annugl report for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls,. and the Iruslee8' annual report have been prepared in accordance with applicable 18gal requirements. Malters on whlch wa are required to report by exception In the light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identifi'ed material misslalemenls in the Iruslees, annual report. We have nothing lo report in respect of the following mallers where the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate a¢¢ounling records have not been kept, or returns 2dequale for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreemenl with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit or Ihe Iruslees were not enlilled to prepare the financial slalemenls in accordance with the small ¢ompanies regime and lake advantage of the small companies exemption in prepaiing the Iruslees, annual report and from preparing a strategic report. R&sponslbillties of trustees As èxplained more fully in the ITuslees' responsibilities statement sel out on page 9. the Iruslees Iwho are also the dire¢lors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they 9ive a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free fiom material misslatemenl, whether due lo fraud or error. In preparing Ihe finan¢ial stalemenls. the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable. mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo Ilquidale the charitable company or lo cease operations, or have no reslislic allernalive bul lo do so. Auditor's Responslbllltlgs for the audit of the finan¢lal stataments Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error. and to issue an auditor's report that Includes our opinion Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and ale consideréd material il, individually or in aggreg81e, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professionab sc8plicism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sullicienl and appropriate to Provide a basis for our opinion. The risk of nol delecling a material misslatemenl resulting from fraud is higher than foi one resulting from error, as fraud may involve collusion. forgery. intentional omissions, misrepresenlalions. or the override of internal contiol. Obtain an understanding of intern81 control relevant lo the audit in order lo design audit prwedures that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness ol the charitable company's internal control. Evaluate the appropriateness of ac¢ounling pc>licles used and the reasonableness of accounting eslimales and related disclosuies made by the Iruslees. Conclude on the appropriateness ol the Iruslees, us8 of the going concern basis of a¢counling and. based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast signifi¢anl doubl on the charitable company's ability lo Continue as a going concern. If wa conclude that a material uncertainly exists, we are required lo draw allenlion in our auditor's report lo the related disclosures in the financial slalemenls or. if SLtch disclosures ale inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale ol our auditor's report. However, future events or condilk)ns may cause the charitable company lo ¢ease lo continue as a going conc6rn. Evaluate the overall presenlalitsn, slrucluTe and content of the linancial slalements, including the disclosures, and whelherlhe financial slalemenls represent the underlying Iransaclk)ns and events in a manner that achleves fair presenlalDn. We communicate with those charged with governance regarding, among other mallers, the planned Scope and liming of the audit and significant aL(dil findings, includillg any 5ignilicant deficiencies in internal control that we identify during our audit. Explanatlon a5 to what extent the audlt was considered capable of delectlng Irregularities, includlng fraud IrregularilFes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delecl material misslalements in resp￿1 of irregularities, inGluding fraud. The exlenl lo which our procedures are capable of delecling ilregularilies, including fraud is detailed below. The objectives of our audit in respect of fraud, are., lo identify and assess the risks of material misslalemenl of the financial slalemenls due lo fraud., lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due to fraud, through designing and implemtrnling 8ppropiiale responses lo those assessed iisks,. and to respond approprial8ly lo instan￿S of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud res15 with both management and those Gharged with governance ol the charitable company. Our approach was as follows.. We obtained an understanding ol the legal and regulatory requirements applicable lo the charitable company and considered that the most signifi¢anl are the Companies Act 2008, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with goVernall￿. We assessed the rlsk of material misslalemenl of the financial slalemenls, including the risk of matérial misslateFnenl due lo fraud and how il might occur. by holding discussions with management and those charged with governance. We inquired of management and those charged with governan￿ as lo any known inslanc8s of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we deslgned specific appropriate audit procedures lo identify instances of non-complian￿ with laws and regulations. This included making enquiries of 12 management and those charged with governan￿ and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described al)ove. We are less likely lo become aware of instances of non-compliance with laws and regulations that ale nol closely related lo events and Iransa¢lions reflected in tha financial slalemenls. Also, the risk of not delecling a material rnisstatemenl due to fraud is higher than Ihe risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlalions, or through collusion. Use of our réport This report is made solely lo the charilable company's members, as a body, in a¢cordan¢e with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the company's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo any party other than the charitable company and ¢harilable company's members as a body, for Dur audit work, for this report, or for the opinions we have formed. O&Y& K, L Dale: 27 November 2023 James Cross (Senior Slalulory Audilorl for and on behall of Moore Kingston Smith LLP, Slalulory Auditor 6th Floor 9 Appold Street London EC2A 2AP 13 THE POWELL.COTTON TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023 Unrestrlcted Restrlcted Funds Funds Total 2023 Total 2022 Note Income from.. Donations and legacies 3,464,918 27.740 3,492,658 213,173 Charitable activities 19,541 19,541 7,200 Other trading activities 3,045 3,045 11,8951 Investments 65,294 65,294 61,860 Total Income 3.552,798 27,740 3,580,538 280,337 Expenditure on: Raising funds 6.946 6,946 5,922 Charilable a¢livilies 1,017,017 64,055 1,081,072 1,012,246 Total expendlture 1,023 963 64,055 1,088,018 1,018,169 Nel incomellexpendilurel before investment gainslllossesl 2,528,835 {36,315} 2,492,520 1737.832} Nel Ilosses}Ig8ins on investments 12 1157,5651 {157,5651 66,148 Transfer between funds {2,8301 2,830 Net incomellexpenditurel and movement In funds 2,368,440 133,4851 2.334,955 {671,6831 Reconciliation of funds: Total funds brought forward 17 2,275,579 45,037 2.320,616 2,992.299 Total funds carrled forward 17 4,844,018 11,552 4.655,571 2,320.616 14 THE POWELL.COTTON TRUST BALANCE SHEET as at 31 March 2023 Note 2023 2023 2022 2022 Flxfrd Assets Tangible assets Investments 686,664 2,300,791 2,987,455 694,027 885,978 1.580,005 12 Current Assèts Stock Debtors Inveslmenls Cash al bank and in hand 13 14 15 4,436 1,754,877 34 210,282 1.969.629 5.711 788,948 34 80,816 875,510 Creditors.. Amounts falling due wlthln one year 16 134,898 Net Current Assets 1,918,115 740,611 Total assets lèss current liabilitles 4,905,570 2.320,616 Credilors-. Amounts falllng dua after more than one year 17 250 000 Net Assets 19 4,655,570 2,320,616 Funds Restricted funds 18 11.552 45,037 Unrestricted funds 18 4,844.018 2,275,579 Total charily funds 18 4,655,570 2,320,616 The notes on pages 1710 28 form part of these accounts Approved by the trustees on and aulhorised for issue by.. >L C Valentine Chair of the Board Company Number.. 09934968 THE POWELL-COTTON TRUST STATEMENT OF CASH FLOWS for the year entlèd 31 March 2023 Not8 2023 2022 Cash generated from operating activitles Nel cash generatedllu5edl in operating activities 1,649081 718.801 ¢a5h flow5 from investing actlvltles Divid8nds. interest and rent from investments Investment fflanagemenl fees Purchas8 of property, plant and equipment Pro￿edS from the sale ol investment5 Puieha88 of inv851m8nts Net cash provlded by Invostlng aetlvltle¥ 65,294 14,9531 17,5771 938,833 2,511,012 11,519,815) 61,860 14,9531 111.9011 578,395 172,756 450,645 Changè In Gash and cash equlvalents In the reporting perfod 129,466 268,156 Cash and cash equivalents al the beginning ol the reporting period 80.816 348,972 cash and cash èqulvalents at tho end of the reportlng perlod 210.282 80,816 Reconclllatlon of net movement In funds to net cash flow from operating activities 2023 2022 Nel inwrnellexpenditur81 for the year las per the Statement of Financlal Aelivitlesl 2,334,955 1671,6831 Adjustment for.. D8pr8cialion ch8rg8S Investment management fees Disposal of fixed assets G8inslllos88sI on inv8Stmenls Dividends. Inte￿$1 and ff nt from investmen15 Ilncreaselldecrease in stock Ilncreasellde¢rease in debtors Increaselldecreasel in Gredilors 14,940 4,953 14,940 4.953 157,565 165,2941 1.275 1965,9291 166.816 166,1481 161,8601 3,588 110.8651 68,274 N6t cash provlded byllused In) opgratlng actlvltles 1649 081 Analy$l$ ol cash and ca$h equlvalgnts 2023 2022 Cash in hand and al bank Cash held by investment manager 165,448 75,856 16 THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS lor the year ended 31 Phrch 2023 Accountlng Pollcles Basis of preparation The accounts have been piepared under Ihe historical cost convent￿n wilh Items recogni88d al cost 01 IransaGtlon valu& unless othe￿iSe staled ill the relevant notes of these accoun18. The financial slatem8nls have b8en prèpared In accordance with the Slalemenl of Recommended Praclic&'. Accounting and Reporiing by Charit￿S preparing their 8ccounls 8ccord8nce with the Finanual Reportlng Slandaid applicable in the Uniled Klngdom and Republlc of Ireland (The FRS 102 Charities SORPI and IhÈ chart1￿5 Ad 2011. The Powell-cotton Trust Gonslilute5 a public benefit company a5 defined by FRS 102. On 16 January 2018 the charilable wrnpany r8celv8d the benef￿ of th? assets, Ilabllilies and undertaking of Powell Colton Museum. unincorporated chaiily of the same name. On the same dale the chariiabl8 company b&cam@ Ihè so18 Irusl8e of the unlncorporalèd charity whlch Is now linked charily under Ch8rilyCommission regulalions. The unincorporaled charity continues lo hold rertBln pro￿rty gnd rnuseum a55ets as permanent endowtTEnl, held forthe benefit of the Gharil¥ble company. Th• property 8nd museum assets are not rfrcognis&d in the financial slalemenls as the endowrnenls were collveyed many decades ago. Therels llo information as to their value when donated. and the amounls inVo￿ed are now Ilkety lo be Immaleiial The financial slalemen15 are prep8red in sterling. which 15 the functKinal currency of the cornpany. Mon8tary amounts In Ih8se flnanc131 slal8ménls aro rounded lo Ihg near951 PDund. Golng Concèrn The truslees have assessed whetherthe use of thè golng concern basis Is appropriate and have considered pos81ble even18 or condilions that might casl significant doubl on the ability of the Gh8rilable comp¥Try lo GonlinJ0 as a going concern. The Iruslees have made this 35ses5menl for a period of al least one yeai from the date of approval olth8 finallcial slalemenl$. In partlcular the trustees have considered the tharitable Company's forec88ts and projecllons and have t8k8n account of pressures on Incomp. the Smpact Ihe cost of living cilsls. As explalned more fully In the Tiusle8s Annu81 Report, th8 museum has embarked on a re-imaginiw project to re-focus and clailfy lis objectives and 8clivilies. This in¥ofved 8 planDe(t closure of the museum lo the public 8nd work is commencing on the Inieipielallon of the colledon. Thls procèss was acGelpialed by Ihe outbreak of the pandemic 8nd although this has inevitably resulted in a loss of income in the short term, the trustee5 are now receiving iegular incorne from the Estate ol Michael Garialt a5 referred lo in note 2 lo the financlal slalemenls. In addition th8 trusl8e5 are able lo draw down on Ihe investment porttollo If necessary. After making enquiries the Iru8tees have concluded that there is a reasonable expedalion that the charitable cornpany h35 adequate re50urGes lo> continue in pperalional eK51en for th8 foreseeab18 fului&, and th818 ar8 no materlal unc8rtaintl8s aff8ctsng thls assumptlon. Thè ch8rilabk companytherefore continues lo adopt Ihe going concern basis in preparing ils finan￿81 slatemenls. Fund accountlng General funds ar8 unrestricted funds which are available for use al the discr8tlon of tho Truslaes sn furtheran￿ of the genergl objectives of the charSty and whlGh have not been deslgnaled for other purposes. Restricted fullds are funds whlch are to be used in aGwrd4nce with speGifiG resliiclions imposed by donor5 or which have been raised by the charity for particular purpDses. The costs of ralslng and administsring such funds are charged against the specific fund. Yhe aim and use of each ieslricled fund is Set out in the notes to the financ￿1 slalemenl5. Inv88tmonts Fixed ass81 inv8Stm&nts are a fomi of flnanaal instrumelll and ar& Inltially recognls8d at Ih81r transaction cost and subsequently measured al fair value al the Balance Sheet dale, unless fair value cannol be megsured r@Ilably In whlch cas8 l l& m&asur8d al cosl18ss impalm8nt. Inveslment galns and losses, whelher realised or unrealised, are combined and shown in Ihe heading'Gainslllossesl on Inveslmen15' In the SlaletnBnl of Financlal Act￿111È$. 1171 THE POWELL4OTTON TRUST OTES TO THE FINANCIAL STATEMENTS for the year Èndetl 31 March 2023 Accountlng Policl8s Icontlnuadl Incomè All incotne 15 recognised once Ihe charity has enlllK8menl to the Income. it Is probable Ihal Ihe Income will be r8Ctiv&d. and the amount of intom& reTrlvable Gan b8 tneasured reliably. For legacies, enlillernenl is taken as the eailier of the dale on which alth8r.' the charlty Is awar8 that probate has been granted, the estole has been finallsed nolificalioll has been made by the executorlsl lo Ihe Tru8t that a dislrabulion VAII be made. orwhpn a dislrlbution Is receSved from Ihe eslale. Receipt of a legacy. in whole or in part, is only considered probable when the amount can be measurèd réllably and the charlly has been notified of the execvlor's intention lo makg 8 distribution. Where legacies have been nolilied lo the charity, orth& charlly is awai& of the yranting of prob81e, and the Grlteiia for inGome recognition have not been nwl, Ihen the legacy Is Irealed as a contingent asset and disclosed if mal&rial. Income lax lecoverab￿ In relèllon lo donation5 recefved under GiftAkJ or deeds of covenant Is re￿gniSed al the time of the dtsnalion. Income lax r&coverabl8 In rèlawon to hvestmenl Income Is re(vgnised ol the time the investment income is receivable. Expendlture Expenditure is recognised oll￿ there B a legal or conslru¢live obligation lo transfer economic benefit lo a third party, il is probabl8 that a Iransf8r of economlc benèllts wlll b8 require(5 in selll8mènl afit1 the smounl of the oblig81ion can be measured raliably. Expendilure Is classified by aCt￿llY. The costs of each acllvily ar8 mad& up of the total direst G95t5 and shared cDsls, Including support cos15. of each 8¢1ivily. Direct costs allribulable lo a slngle aclhfity are allocated dlreclty lo that acllvlly. Shared costs whiGh Goniiibute lo mo>re than one aclDiity and support costs which are not all11b￿lable lo a 8ingle aGlivity are apportioned between Ihose activitie5 on a ba51S COn5151enlwilh Ihe use of tesources. Central staff cosls are allocated on the basis of lime sp8nt, and depreciat￿On charg alloGated on the poruon of th8 a55ets' use. Tanglbl? flxed assets and dopr8clatlon Tangible fixed asset5 in excess of £1,000 are capitalised al cost. Depreciation is provided al rates calcu131ed lo wille off the CDSI of fixed asseis, le55 their e51imaled residual value, over Iheirexpeded Useful liv88 on the follovmng basis.. No d8préclatlon Is provided on buSldSng Éddlllons gs thesè are molnlained lo a htgh stoftdaid ond therefore have a very long eslimaled useful life. Consequently any annu81 or aecurnulated dopre¢latloD would not bg rnalerlal to the finanrAal slatsmenls. THE POWELL-COTTON YRUST NOTES TO THE FINANCIAL STATEMENTS for th6 year ended 31 klarch 2023 Accountlno Pollcles Icontlnuedl Tanglble fixed 8588t8 and depreclatlon IGOnt¢nu&dl A review for impalrment of a fixed a5sel Is ¢airkd out if events or changes in ciicurnslantss indEcalè that the carrying value of any fixed assÈl may not be recoverable. Shorifa115 between Ihe carrylng value of fixed ass8ts and their recoverable arnounts 8re reGognlsed as impairments. Impalrmenl sÈes are r8cognlsed sn the Slalemenl of Finan￿al Activllles. Part of Quex Hous P13nl and machlnery 25% slraighl line Fixtures and fillings 25￿A slraighl Iln8 Computer equiprnent 33% slr8ighl line Fire alam system 4Yo slfaight line Extension lo Museurn Nil Tea Rooms 10% straight Ilne Stocks Sleths are valued al Ihe l¢>wer of cost and nal realisable v8lue after making due allowance for Obso￿le and slow-moving slocks. Cost Includes a11 dlr8Ct cost8 and an appropriate pioportion of r￿ed and variable overhe8ds. Inter88t r8celYable Interest on funds held on dÈposlt 18 Includ8d when rece1vable and the amount can b8 measured reliably by the charlly,. Ihls is normally upon nolifKallon of the Inlefe8t paid or payable by the bank. D8btors TT8de and other debtors a￿ recognI88d al Iha settlement arnounl afler any trade dlscounl offered. Prepayments are valuad al the amount paid nel of any trade discounts due. Cash at bank and In hand Cash al bank and in hand inc5udes cash and short term highly liquid investments wilh a short maturily ol three months or less from the dale ol acqu1yit￿n or oppning of the depo$lt or simiLgr account. Llabllltles and provlslon5 Liabi151￿$ are reGogni5ed when there B an obligation ¥1 the Balance Sheél date as a iesull ol a past event, il Is probablé that a transfer of economic beDelil ￿11 be requlred in selllemenl, and the amount oflh& settlement cafi be estimated ieliably. Li8bilili&s are recognised 31 the arnounl Ihat the charity 8nliipales il will pay lo seltle thé d&bt or the amount il has received as advan(* payments for Ihe goods or s&Nlces11 musl provide. Provisions are tnea$ur8d al the besl estimate of the amounts requlred lo sellle the obligation. Where Ihè eftecl of the lime value of money is malerlal, Ihe provision Is based on Ihp presÈnl value of Ihosa amounts, di5Gounled al the discount rala that ieflecls the r￿kS speGiliG lo the Ilabillly. The unwnding of the dlscount Is r8cognl8ed within interest payable and slmilar charges. THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2023 Accountlng Poll¢lo$ l¢ontlnuedl Flnanclal Instruments The ¢harity only has fin8ncial assets and financSal l￿bIlItIeS of a kind that qualify as basic finandal instrumenls. Basic financial instruments ale In11I211y fecognlsed al Iransaction value and subsequently measured al their setllemenl valuè. Heritage Assets Heritage assels compris8 Ihe Mu5eum'5 collections of natural h181ory exhlbi15 and assaciated artefacts, ￿la￿l¢s, fuinilure, afvorks and other ilerns largely collected by Percy Pow&ll-Cotton and his family. FtsrthÈi (felai15 cOn￿rning the nature and extent al the collection are provided on the Museum's webslte. No valu8 18 attrlbuled to the collections a8 r81iable hlstorical cost Information Is not available and due lo Ihe uniqueness of Tnuch of the colleclion. particularly Ihe dror8mas, conv&nt40nal valuallon lethnlque5 are either not approprlal8 or canftol bè oblain8d al 8 cost cornmensurale with the bfrn8fil that mighl be derived by users of the accounts. Thereforè Ihe Ifu5tee5 have gdopted a ngn-rfywgnillon approach as permitted by FRS 102. Expenditure on preservation and r&storallon of the Gollecbon is wrilien ofl in the Slat8menl of Flnandal Activiltes as It is InGuffed. The Mtsseum's collerlion5 We￿ subslan11811y assembled by Percy Po￿]1-cOllan and hls family in the late 1800's lo e8rfy 1900's. Percy Powell-cotton was a pioneer in the use of th8 diorama lo dlsplay mounted animals against backdrops of their natural hBbsiais. The Powell-cotton Museum's natural hislory dioramas are oulslanding examp￿8, unique lo th& UK, $lunnin9 for their S￿e, quality and itnagery The woTld-£lass nalural history and elhnographical collections conlinue 10 8UPPOrt th& study, undÈrslanding Simple enjoyment of th6 zooPogical, Gullural and eGological divefsily of Aliica and the Indian sub-conllnenl. Olhar ga118ries In the musévm contain Asian weaponry, a r8nge of ceiamlc$. lade fvoryfiom Europe, China and Japan. assembled by six general￿￿$ of the Powelkcollon f2mlly. Furiher delails of th& nglurè and exlenl of the colle¢llon8 ar8 availablé on the Museum's website hllp.'Ih￿.qu8xpa￿k.co.Uklm￿5eUrn￿GOt1ecliO￿5.htM1. The definition tsf numbers in 3 collection 15 fairly arbitrary as single items a(Les5ioned may comprise a wlde iallge of artefacls, components or suppotilng papers. However, this list refl8cts hk Value Al 31 March 2023 14,067 45,547 10,205 9.727 607,118 686.664 Al 1 April 2022 14,067 47.659 9,461 15,314 894.027 1251 THE POWÉLL.COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023 12 Flxed A8SOt Inveslmènts Llsted Inv¢stmwts Unquoted Inve51merbt Total Markel value Al 1 April 2022 Additions Oisp0$81s Revaluallons 822.580 63,396 885,978 2,511,011 193B.6331 1157.5651 2,Sl 1,011 1938,6331 1157.5651 Al 31 Marth 2023 2.237.393 63.398 2.300.791 Hk%lorical cost 1,038.117 1,038,1 f7 Valuallon The unquotsd Investment above Is staled al c051. Llsled inve51ffEnls are slated at market value. No Indlvkjual hveslmen15 weie rnalerlal lo lh8 portrollo. 13 Stocks 31 March 2D2J 31 March 2022 Flnished goLKls and goods for re$a 4,436 5,711 4,436 5.711 14 Debtor5 2023 2022 Trade deblors Other debtors 8,434 1,746.443 1.754 877 460 788,498 788,948 15 Current asset Invostmonts 2023 2022 COIF Chari1￿5 Deposbt Fund 34 34 16 Creditors- amounts lalllng duo withln one year 2023 2022 Trade credilors Taxallon and soclal s￿rNY Olher credil(Ks AccTuals and deferred inG(xne 18,422 8,707 3.844 20.541 51.514 64.761 12.030 28,964 29.143 134.898 q7 Crèdltors.. aMo￿nIS falllng due attgr ono year 2023 2022 Loan 250.(M)O 250,(￿0 The loan Is secured by fixed charges over Ihe assets. The rales payab￿ on the loan are sel al 4% of Ihe used fa￿lItY and 2% on Ihe unu&6d laclllly unUI explry In Febtuary 2026. Th& loan Is a public Inleresl conessionary loan as defined under FRS102. interest is accrued on kn3n as il ari¥es. 1261 THE POWELL-COTTON TRUST NOTE5 TO THE FINANCIAL STATEMENTS for thg year ended 31 March 2023 18 Statement of fund8 Galnsl Ilos&e5>1 transfors Y8ar onded JI Marth 2023 Brought Forward CarrlBd forw3id Incomè Expgndltur Unrestricted lund8 2,275,578 3.552,798 11.023.963) 1160,3g5) 4,644.018 Rèstrleted funds DeYolMng Reslilulion Fund clf M Tac￿lIVj Inequalllies tsranl 1,706 674 1.032 448 675 3,403 11,455 12,482 1,211 eso 13,455 227 85 9,636 10,293 1,3Th) 646 11,580 27,259 2,355 Sensory Huf4 roamlblan Narrative Maknng A[r￿an Conne¢lion5 People & Plants Art8work Decolonisallon & waclice He3dley Fellowship Cieallve Collecllons 3,318 1.819 2.189 1891 244 1.675 241 475 240 ZT.500 2,830 Total restricted fut)d8 45,037 27.740 164.Q551 2,830 11.552 Totsi iunds 2.320.615 3,580.538 11.088.018) 1157.5851 4,655,570 Det8UÈ cort8rnSng Ihe reslrlcled funds are men1b￿d In the ItU51ees feport. Galnsl Ilos$gs11 transfers Year ended 31 March 2022 Brought Fo￿ard Carrlod forward Incomo Exp•ndltvre Unrestrlcted lunds 2,965.394 258,378 11.014,3421 86,148 2.275.578 Rè8trlcted funds Devolving Re51ilUllon Fund clf AIM Tackllng Inequ8Hlles Grant Sen5Dry HUB Namibian Nariallves aklng African ConnecikJn8 People & Planis Art&work Decolonisallon & practSc6 2,500 2,815 3,403 11,455 e,732 (7P41 12.1401 1.706 675 3.403 11,455 12,482 1,211 650 13,455 5,750 1,794 960 13.455 15831 Total restrlctod lunds 26.905 21,959 13,8271 45,037 Total funds 2,992.299 280,337 11,018,169 66.148 2,320,615 1271 THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the yèar ended 31 March 2023 9 Anplysls of net a¥set8 bet￿0￿ funds Unre8trl¢led lundB 2023 Rostrlctèd fund5 2023 Yotal lunds 2023 Total funds 2022 TangthlÈ fixed as$èl Flxed a55el inve51menls Currenl assets CredSlors du8 ￿thIn me ye Total Funds 686.664 2.31X).791 1,958,077 886,684 2.300,791 1.969.629 151,5141 4,905,570 694,027 885.978 875.510 1134,8981 2,320,616 11,$52 4,894.018 11.552 20 Related party trafi8actlon8 The tharily ow)$ 47.08% ofthe share capital In ThÈ Qu8x Park Eslales C(Knpany Limited. The Charfty 6xercise5 no 31gnificanl conlrol over Ihe operalSons of Ihls company and the accwnls have not IherefLYe been con8olldaled. Th8 Quex Park Eslsles Company Llmiled Is 1r￿orpOrat8d In the Ur￿le￿ Ki￿￿0￿ and Ils p￿Tr￿paI aciivity is faiming arKI eslale manayemenl. 21 Operating leases Al the reporting dale the Charity had oulslanding commilmenls for future mlnimutn ￿ase payments under DOn-¢an￿lIable operalln9 leases which fall due as follows.. 2023 2022 WIll￿n one year Bèl%*een Iwo aThl five years 12,041 45,600 57 641 2,709 681 1281