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← The Powell-Cotton Trust

2025-03-31-accounts

The Powell-Cotton Trust Registered Charity No: 1167318 in England and Wales Registered Company No. 09934968

Trustees’ Report and Financial Statements for the year ended 31 March 2025

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Contents

Reference and Administrafive Details of the Charity, its Trustees and Advisers for the year ended 31 March 2025 ............................................................................................................................. 3 Trustees’ Report ........................................................................................................................... 4 Statement of Trustees’ Responsibilifies ...................................................................................... 16 Independent Auditor’s Report to the Members of The Powell-Cofton Trust ................................. 17 Statement of Financial Acfivifies………………………………………………………………………………………………. 22

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Reference and Administrafive Details of the Charity, its Trustees and Advisers for the year ended 31 March 2025

Trustees C Ashley, incoming Chair
P Campbell (appointed 19 November 2024)
D Carr (appointed 16 July 2025)
R Giddins (appointed 16 July 2025)
A Harrison (resigned 17 December 2024)
R May (appointed 16 July 2025)
G Marvin (resigned 18 March 2025)
K Paterson
G Redwood
S Turvey (resigned 18 March 2025)
C Valenfne, outgoing Chair (resigned 16 July 2025)
M Whifle
Company Number 09934968
Charity Registered Number 1167318
Registered Ofce The Powell-Cofon Museum
Quex Park
Birchington
Kent
CT7 0BH
Independent Auditor Moore Kingstone Smith LLP
Chartered Accountants and Business Advisers
6thFloor, 9 Appold Stret
London
EC2A 2AP
www.mks.co.uk
Bankers Lloyds TSB Bank PLC
Cecil Square
Margate
Kent
CT9 1JG
Stockbrokers Rathbones
30 Gresham Street
London
EC2V 7QN

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Trustees’ Report

April 2024 to 31 March 2025.

The financial statements comply with the Statement of Recommended Pracfice: Accounfing and Reporfing by Charifies preparing their accounts in accordance with the Financial Reporfing Standard applicable in the UK and Republic of Ireland (FRS 102) (effecfive 1 January 2019) and Financial Reporfing Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charifies Act 2011.

considered in relafion to the objecfives of the Charity. The report below sets out those objecfives and describes how they have been met in the current year.

Objecfives and Acfivifies

1. Charitable Purpose

Secfion 5 of the Arficles of Associafion for the Powell-Cofton Trust, states:

“The charity’s objects are to advance educafion for the benefit of the public by

2. Main Charitable Acfivifies

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  1. Summary of Achievements

Introduction

The Museum, House and Gardens open to the public each calendar year from February half term unfil October half term. As such, this reports cuts across two opening seasons but sfill covers a total 12-month annual representafion of the Trust’s acfivity.

The 2024 season opened to the public on 17 February 2024 for weekends and bank holidays, and in the 2024 school summer holidays we piloted an addifional Friday opening, which was well received. Admission to the venue included free guided tours inside the Museum and Quex House, access to young explorer backpack buddies full of tools to help discover the stories, free use of garden games, along with a programme of special events and sessions. Pre-booked schools and groups were also hosted throughout the week across the year.

Overall, our visitor numbers have not yet reached pre-pandemic levels, but this is understandable due to the reducfion in our opening hours compared to pre-2020 years, and the need to rebuild awareness and markefing reach. Through all engagement opportunifies offered (general admissions, events, schools and groups), total audience numbers for the financial year were 11,453 (2024: 11,652) and shows that even despite gallery closures throughout the year, we were able to maintain consistent fooffall overall. Much of these closed periods during the year were due to delivering our Department for Digital, Culture, Media and Sport (DCMS) Museum Estate and Development (MEND) Funded project, administered through Arts Council England. This project was to repair the Museum roofs and carry out internal decorafion. To accommodate the roof works, the collecfion needed to be temporarily removed or protected in-situ and we used this as an opportunity to bring together and finish reinterpretafion projects ready for the February 2025 season reopening.

Digital engagement with the Museum, House and Gardens has confinued to be well received and across all social media channels our post impressions reached over 322,000 (2024: 416,000) users. The dip could be associated with our move away from not using X (formerly ‘Twifter’) as much as the prior year. However, overall, our engagement rate confinues to be high at over 8% (2024: 7%).

journalists from the Londonist , Mail on Sunday , and Cultural Wednesdays . Coverage followed in Kent Online , Kent Messenger , BBC Radio Kent , and in internafional media outlets such as LUSA, Portugal.

Visitor Experience

We welcomed 9,525 (2024: 10,640) visitors through general admission to the Museum, House and Garden this year, including a special New Years Day 2025 opening for the third year as well as opening especially for ‘The Big Garden Bird Watch’. Each day we were open we offered complimentary Quex House Tours and Museum Highlights Tours, which remain popular. Annual Membership has confinued to grow and by the end of the financial year we had 240 members (2024: 132).

We confinually look to improve our visitor experience and access based on feedback from our visitors. This year we introduced a Visitor Survey Form from August 2024 to capture immediate feedback from our general admission visitors. From this we have been able to idenfify areas for

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improvement such as what part of the collecfion people would like to know more about, what their favourite or least favourite part of their visit was, as well as know more about people’s mofivafions for visifing us. We are confinually commifted to carrying out an internal annual review of our accessibility guide and measures at the end of each season.

We are very proud of our front of house team who deliver an excepfional visitor experience which can be seen through comments in our visitor feedback book, highlights include:

"Beyond wonderful. What an incredible place."

"Great and interesfing museum. The kids LOVED it very much and were curious about everything. Thanks for all the explanafions given to the kids by the staff."

Absolutely amazing. Staff very informafive and helpful. So much here. look forward to new displays 2025."

"We loved the animals and the djembe drums!"

"I think it was wonderful because I do not know the names of many African animals but now I do."

Overall, 92% of our visitors leave feeling ‘Happy’ as captured through our Smilie Token Box where visitors can choose to leave a token as they exit (2024: 90%).

Events & Outreach

We ran a series of events and acfivifies throughout the year, many of which were free as part of general admission. ‘Percy’s World Trip Japan’ returned for a third year over the busy May Bank Holiday weekend, a Father’s Day Lego event and July saw our busiest Nafonal Gardens Scheme day. As part of the nafional inifiafive, the Trust was able to raise over £800 to be donated to the Scheme. A well-aftended Classic Car Day was followed by Heritage Open Days where we offered free entry on one of our usual opening days which was well-aftended. We welcomed back our Tomato Fiesta which allowed visitors to blend gazpacho on a converted bicycle and to learn about heritage tomatoes and science. We also introduced new themed trails such as Pumpkin Paths for October half term.

Where we charge for special events, we were delighted to welcome a total of 296 (2024: 269) event parficipants, in addifion to our general admission audiences. These events included an open-air theatre performance of Jemima Puddleduck in Quex Gardens, fungi and wreath-making workshops with natural materials sourced from Quex Gardens, as well as fesfive films in Quex House.

We also took the Museum out and about this year: to Festability, Kent’s largest accessible music fesfival hosted in Quex Park’s event field; to a Heritage Fair hosted at Ramsgate Tunnels; into our local Birchington community; the Canterbury Heritage Fesfival; the East Kent Ploughing Match; as well as being welcomed by the Refired Arts Club in Westgate where we led printmaking acfivifies Kent Wheels of Time inspired by our collecfion. We also rejoined the badge-collecfing scheme this year and hosted their AGM in January and aftended the season launch in March 2025.

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Learning & Engagement

We welcomed 30 school groups accommodafing 1,508 pupils and teachers (2024: 390) to the Museum during 2024-25. This is a huge increase on the prior year; May alone saw nearly 400 schoolchildren visit and was the busiest month since pre-Covid. Our most popular workshop is sfill ‘Museum Safari’, with ‘Drawing from Nature’ a close second, both of which link well with the history, science and art curriculum. In addifional students from Canterbury College enjoyed a tour of the Museum with our Curator of Natural History. A further 6 (2024:11) pre-booked special interest group visits were hosted aftracfing 124 (2024: 353) group visitors.

As well as hosfing 5 dedicated Home Educator days throughout the year, we welcomed visitors through our partnership with Sure Start, aftracfing under 5s and early years for special Friday Family Hub days. The 5 special themed days covered bug hunts, a spotlight on elephants and Lions, as well as our ever popular and well-aftended Teddy Bears Picnic.

Working closely with Palm Bay Primary School, pupils were invited to co-design exhibifion panels as part of our reopening plans. Their artwork was displayed as part of a temporary exhibifion in Gallery 3 with a winning design having a permanent place above the diorama featuring the African elephant that inspired the work.

New Back Packs and Sling Bags were launched to cater to different audiences visifing providing a variety of hands-on equipment to encourage closer explorafion of the galleries and garden. A handling trolley was also introduced to showcase handling collecfion and provide a catalyst for conversafion and discussion between visitors and our team.

Gallery 6 is our dedicated learning space and hosts our handling cube and storytelling library area, as well as other interacfive ways to engage with the collecfion, which is very popular with all visitors. During the end of the year, and as part of ongoing MEND Roof repairs, the Gallery was closed temporarily meaning school sessions and other hand-on acfivifies had to be postponed or moved to other galleries.

Collecfion & Interpretafion

The Collecfion Team was supported throughout the year by a University of Kent student placement, and an intern from the University of Durham’s conservafion course. This is part of our ongoing partnership with the Universifies to support students with employability skills and experiences. Both assisted with the ongoing ‘Collecfion Store Project’ which involved freezing, mould cleaning, and relocafing artefacts to more appropriate locafions.

A major milestone was reached this year when we introduced our new Axiell Collecfion Management System (CMS). Staff underwent mulfiple half-day training sessions and over 2,000 catalogue entries were created by March 2025 as part of the hands-on training process. As work confinues on this, all of the collecfion catalogue informafion will be cleansed and transferred to Axiell which will enable both the team and researchers greater access to the collecfion.

In addifion, work on ACE Museum Accreditafion confinued with the review and update of our Documentafion, and Care & Conservafion Policies, and other key plans, policies and procedures across the whole organisafion. Final submission to the Accreditafion Scheme was made in early March 2025.

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As part of our ongoing commitment to reimagine the Museum, work on reinterprefing the displays in Galleries 1-3 confinued this year. The Arts Council-Funded project ‘Decolonisafon & Pracfce’ has enabled us to work with a specialist consultant and curator along with members of a community advisory group to invesfigate the stories from our South Sudan, Kenyan and Ugandan collecfions; together we co-curated the new East African exhibifion. We also completed our work on ‘The Devolving Resfitufion Project’ with an Arts Emergency intern, which allowed us to re-examine the cultural and arfisfic heritage of the Ethiopian artefacts on display. This, along with our inhouse led ‘Colonial Crifters’ project produced new interpretafion for all nine diorama displays, engaging with an ethical taxidermist for specialist input. This all culminated in February 2025 as part of our season opening weekend. The unveiling of the new permanent exhibifions and display was marked by live music by Falle Nioke and a panel discussion with community advisory group members.

Gardens

The Trust manages the landscape, the variety of plants, herbs and food that grow in Quex Gardens across the changing seasons. The Garden Team also have to manage horficultural challenges, and in recent years many yards of box hedging had been aftacked by the box moth caterpillar. After this was removed, lavender was propagated in house and planted to replace the box hedge, opening up the views and providing an alternafive hedgerow. The former woodland box maze was also converted into an edible forest garden.

The Garden Team propagate all our summer bedding, display plants as well as a huge range of fruit and vegetables for the walled garden and glasshouses, inhouse. Planfings included garlic, onions, tomatoes and seasonal vegetables. Produce grown in the garden, along with eggs from our flock of hens, are sold in the Museum shop and raised nearly £280 this year (2024: £320).

grass management, in addifion to finds of Dogs Mercury which is an indicator plant of ancient woodland. This year we welcomed a local county botanical recorder for wildflowers in Kent who recorded our nafive plants, comparing these to the botanical list of plants from Quex compiled in 1632 by the London Society of Apothecaries and documented by herbalist by Thomas Johnson. About 40% of the new finds recorded by Johnson nearly 400 years ago were sfill present.

As well as managing the biodiversity and horficulture within Quex Gardens, the Trust maintain a series of out-buildings which are currently in the process of being upgraded as part of a longer-term plan. Part of the run of back sheds have undergone roof repairs to ensure they are waterfight. This has enabled us to kit-out the rooms beneath for use as a small craft studio, with the addifion of a wood stove allowing a year-round workspace. Further repairs include the back wall of the Walled Garden with further reinforcement of brickwork and coping stones, cucumber pit step repairs, and glasshouse reglazing. Repairs to the glasshouse also included adding safety glass in the doors and reinstafing the walkways and ramp to give full access to all thanks to the Associafion of Independent Museums (AIM) grant.

The relandscaping of underufilised shrub areas around Winter Garden has used salvaged files and bricks to create a terrace and outdoor kitchen space. These are not only used regularly by the staff, volunteers and community groups, but hosted stakeholder meefings and our Press Day lunch this year with plans to further develop the offer in this area of the garden.

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Volunteers

We are very fortunate to have a team of volunteers to help further the aims of the Trust. Our Collecfion team confinues to be assisted by research and cataloguing volunteers within the Archives and our Garden welcomes 25 regular independent volunteers of all ages.

The AIM-funded Sunshine Project, which began in late 2023, enables us to facilitate between 30-60 community group individuals on a rolling monthly basis. Throughout the year, volunteers helped clear long grass (leading to orchid discoveries), restore furniture, oil Winter Garden woodwork, and prepare food for events. An important and extremely valuable volunteers’ task is leaf clearing and mulch moving. Our volunteer community groups also take part in a variety of community workshops such as creafing ceramic faces and pumpkins for our seasonal trails, yoga, archery and tai-chi, all thanks to the AIM grant.

We celebrated during Volunteers’ Week in 2024 with inclusive acfivifies such as llama walking and adventure golf. In total, it is esfimated that our volunteers gifted nearly 11,400 (2024: 9,000) hours of their fime during 2024-25.

Shop

Shop and produce income generated over £10,483 (2024: £8,742) in 2024-25. We confinue to source small UK businesses as our suppliers and use small business plafforms and trade shows to find them. This has resulted in some unique ranges in our shop such as African Puzzles, Enamel Pins and Eco-friendly toys. These ranges uphold our values of diversity, inclusivity and representafion whilst enhancing the visitor experience through retail storytelling.

Networks & Awards

The Trust has a presence at a number of sector networks and staff aftend meefings regularly. This includes Kent & Medway Museum Partnership (KMMP), Associafon of Afracfons in Kent (ATAK), as well as being insfitufional members of the Museums Associafon (MA), Associafon of Independent Museums (AIM), the Group for Educafon in Museums (GEM) and Visit Kent and Visit Thanet.

We were delighted that our collecfion team was invited to speak at the Associafion of Independent Museum (AIM) and Museum Development South East conferences this year. Our interdepartmental Skulls on the Move project won a Museum and Heritage Award in May 2024, the Learning Team was shortlisted for Best Educafion Workshops at the School Travel Awards 2024, and thanks to the work of our Garden Team in supporfing social wellbeing, mental health, and disability inclusion, we were Highly Commended at the Kent Mental Wellbeing Awards.

Strategic Planning

A new Business Plan was drafted in late2023 and approved in January 2024 by the Trustees but subject to any changes required by the new CEO when in post. The new CEO, Sarah Corn, began in post in April 2024. This provided an opportunity to revisit and build on the work previously developed.

Along with a review of the Business Plan, refreshed values and vision were implemented as part of an organisafional-wide discussions from June 2024. Key Performance Indicators have been captured, and a consolidafion of Objecfives enabled an update of the Trust’s Resource Plan. Subsequent approval by Trustees took place on throughout summer 2024 with rafificafion taking place at the November 2024 Board Meefing.

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Further to this, concept Masterplan work began in November 2024 with the appointment of Rebus Solufions planning consultants, followed by Purcell architects in January 2025. Fact-finding and consultafion soon began, and a workshop was held between the Trustees, Senior Management Team and Purcell in March to capture further details. Work on the Concept Masterplan confinued into the 2025-26 financial year.

Project Grants

MEND Roof Repair, funded by Arts Council England through the UK Government (ongoing)

In March 2024 we were delighted to hear that the Trust had been awarded a grant of £1.1 million from the Department for Culture, Media and Sport (DCMS) MEND fund, which is administered by Arts Council England.

We appointed H Goodsell & Son Ltd as our principal contractors in June 2024 and work began in July. Roof repairs were separated into two secfions and began with scaffolding, a fin-hat and printed banners being erected around the work area, vibrafion and dust monitoring protocols being implement in anficipafion of the upcoming tasks.

A mulfi-phased decant of Galleries 2 and 3 (apart from the elephant head, which was boxed, cleaned and re-mounted in early 2025) was undertaken in preparafion for roof work overhead. Items were photographed, documented, and carefully stored. Conservators monitored dioramas for vibrafion and dust during works, producing reports on their condifion. The Kashmir diorama in Gallery 2 required special protecfion after debris fell from the ceiling.

The roofs over galleries 1-3, and associated internal repairs and restorafion was completed in fime for our season reopening in February 2025. Secfion two, the roofs over galleries 4-7, confinues into the new financial year.

The Sunshine Project, funded by the Associafon of Independent Museums (ongoing)

In September 2023 we received the news that we had been awarded an Associafon of Independent Museums (AIM) grant of £56,960 through their Connected Communifes fund, supported by the UK Government. The grant enabled us to appoint a dedicated Gardens Community Engagement Officer to bring in more groups and to explore how to use the garden in different ways, as well as secure the support of a freelance ceramicist to act as our arfist in residence. Acfivifies included clay workshops, yoga, birdwatching, photography groups, and African drumming sessions.

We brought in Thrive for consultancy and training in the use of social and therapeufic horficulture (STH) to support people's physical and mental health, communicafion and thinking skills and extend our work in this area, and opened this up to Trust staff and volunteers and neighbouring organisafions. This was well aftended, and their report idenfified a number of areas of improvement in terms of access in the garden, which has in the most part now been addressed thanks to the grant.

In January 2025 we successfully secured a further £6,000 of legacy funding, enabling the confinuafion of the Sunshine Project. This was invested in staff training in social/therapeufic horficulture and further accessibility improvements, and the final legacy report was submifted in

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March. Since then, the Trust has been successful in securing an addifional amount as part of the Connecfing Communifies extension programme and covers the period April 2025 – February 2026. This will enable us to extend and build on the work we already being carried out by various community groups who volunteer their fime in the garden.

Financial Review

The Powell-Cofton Museum, Quex House and Gardens is transifioning through a complex period of change and growth as a result of the Museum becoming enfitled to a substanfial legacy in the form of a fifty percent share in the Powell-Cofton Seftled Estate. This will enable substanfial growth and expansion of the Charity and its offer. As a result of the new income stream from the legacy, combined with strategic and operafional changes, the long-standing operafing deficit of the Charity will end.

Whilst there was a court case in December 2022 to determine how the estate should be vested, an appeal was lodged by the other beneficiary and leave for the appeal was granted. However, through 2023 and 2024 both the Trust and the other beneficiary were in posifive dialogue to bring this situafion to an amicable resolufion.

Both parfies, together with the administrators of the estate successfully reached an agreement and the estate was vested on the 23rd October 2024. As a result, the appeal has been disconfinued. The Charity can now fully focus on its new strategic plan and work to develop the organisafion in accordance with its Objecfives.

We confinue to deliver on our stated Objecfives using a combinafion of our reserves, limited income from the Quex Park Estate Company (QPEC) dividends, some limited funds that the administrators have released, plus the realisafion of part of the Seftled Estate assets. In sefting objecfives and planning for acfivifies, the Trustees have given due considerafion to general guidance published by the Charity Commission relafing to public benefit. The Trustees are of the opinion that sufficient funds are available to meet future obligafions.

The Trustees have taken the strategic decision to support the transformafional change process through investment from charity reserves. This has included the following key decisions:

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The results for the year are contained in the Statement of Financial Acfivifies on page 22. The net surplus for the year was £20,708,003 (2024: £1,978,157) comprising total income of £19,320,525 (2024: £3,005,715), total expenditure of £1,293,778 (2024: £1,218,273) and gain on investments of £2,681,256 (2024: 190,715). The net surplus is due to receiving the inheritance as a result of successfully vesfing the former Powell-Cofton Seftled Estate.

The surplus for the year on Unrestricted Funds was £20,411,611 (2024: £1,944,656). Charitable expenditure was £1,198,453 (2024: £1,081,086) as detailed in note 8 to the accounts.

The net surplus for the year on Restricted Funds was £296,392 (2024: £33,502) comprising total income of £359,018 (2024: £50,169) and total resources expended of £52,346 (2024: £103,301). Note 17 to the accounts contains an analysis of the incoming expenditure and transfers relafing to Restricted Funds in respect of specific projects.

Balance sheet Total funds increased from £6,633,728 to £27,341,731 reflecfing the net surplus.

Cash at Bank, on Deposit and in Hand at 31 March 2025 increased from £44,366 to £403,272 and the market value of listed investments was £2,986,185 compared to £3,889,218 in the prior year.

Investment powers and policies

The Charity's Memorandum of Associafion authorises the Trustees to deposit or invest in 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 condifions as the Trustees of a trust are permifted to do by the Trustee Act 2000. The Trust manages its investments within its own ethical guidelines, with the objecfive 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 conjuncfion with an external advisor.

Reserves policy and performance

It is the policy of the Charity to maintain unrestricted liquid funds at a level that approximates three to six months' unrestricted expenditure. At 31 March 2025, Unrestricted Funds amounted to £27,000,285 (2024: £6,588,674) including £403,272 cash (2024: £44,366) and investments £16,314,683 (2024: £3,952,616). The level of reserves was substanfially enhanced due to some of the liquid assets of the estate being distributed by the administrators.

Three months’ ongoing operafing cost is approximately £425k and is well within the reserves held by the Charity. The Trustees use the funds received through the Seftled Estate to deliver the charitable objecfives and maintain the Charity unfil the Trust is in a posifion to become selfsustaining.

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Going concern

After making appropriate enquiries, the Trustees have a reasonable expectafion that the Charity has adequate resources to confinue in operafional existence for the foreseeable future. For this reason, they confinue to adopt the going concern basis in preparing the financial statements. Further details regarding the adopfion of the going concern basis can be found in the Accounfing Policies. The Trustees are of the opinion that sufficient funds are available to meet future obligafions.

Structure, Governance and Management

Consfitufion

The charitable company is governed by its Memorandum and Arficles of Associafion which were adopted on 4 January 2016 and amended by special resolufion on 4 March 2020 and 30 September 2024.

The Board of Trustees of the Museum shall consist of four nominated Trustees and up to six coopted Trustees. Nominated Trustees are appointed as follows:

Co-opted Trustees must be persons able by reason of their qualificafions, knowledge or experience to assist in promofing the objects of the charity.

On 18 January 2018 the charitable company received the benefit of the assets, liabilifies and undertaking of Powell-Cofton 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 Commission regulafions. The unincorporated charity confinues to hold certain property and museum assets as permanent endowment, held for the benefit of the charitable company. The property and Museum assets are not recognised in the financial statements as the endowments were conveyed many decades ago. There is no informafion as to their value when donated, and the amounts involved are now likely to be immaterial.

b. Method of Appointment or Elecfion of Trustees, and their Inducfion

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Arficles of Associafion. Under the terms there are a minimum of three Trustees who are elected to serve for a period of four years, such term of office being renewable for a further four years.

objecfives. Upon their appointment, each new Trustee receives a copy of the latest accounts, the Charity Commission Schemes and any relevant policies.

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A Trustee recruitment exercise was carried out from early 2024 to secure addifional Trustees to bring new skills to the board. This received a good response and the formal appointment of 3 new Trustees was made in July 2025.

Our principles are to pay our staff a fair salary that is compefifive within the charity and museums sector, proporfionate to the complexity of each role, and responsible in line with our charitable objecfives. The Trust updated the Pay Policy in March 2025 which includes the following factors:

The Trustees consider the key management personnel of the charity are those in charge of direcfing and controlling, running and operafing the Trust and the Museum on a day-to-day basis. No Trustee received remunerafion in the year, although reasonable expenses were reimbursed, as disclosed in note 9 to the accounts.

The pay of staff is reviewed annually. Pay increases are at the discrefion of the Trustees and details are outlined in the Pay Policy. In view of the nature of the Trust, the salaries are benchmarked against pay levels in other similar organisafions.

d. Organisafional Structure and Decision Making

The powers of the Trustees include the raising of funds, the publishing of audited accounts, the care of the collecfions, the acquisifion or disposal of objects, the appointment of staff, the purchase of appropriate insurance cover and the exchange of informafion with other insfitufions and statutory bodies.

e. Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in parficular those related to the operafions and finances of the charity, and are safisfied that systems are in place, or are being addressed, to mifigate our exposure to major risks.

The primary risks facing The Powell-Cofton Trust are:

The risk register is reviewed quarterly to mifigate exposure to such risk.

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f. Plans for Future Periods

In the future period we will complete the various legal paperwork process since vesfing in October 2024, which is being addressed in tranches, when we will fully realise the Charity’s inheritance after the death of Michael Garreft. With the seftlement of the estate completed, the Trustees, with the Senior Management Team, will undertake a review of the Charity, its work and future direcfion as part of a long-term planning process. This will be in the form of a Concept Masterplan, beginning work on RIBA stages as required, planning for ‘PCT100’ acfivifies to be delivered throughout 2026, and consolidafing lessons learned and embedding good pracfice as business as usual.

Alongside this we will confinue the ongoing task of reviewing and updafing of policies, streamlining procedures and idenfifying tools and mechanisms to confinually improve our internal and external communicafion about the Trust’s vision, values and future direcfion of travel with support and input from various stakeholders including our neighbours on Quex Park.

Some of the key acfivifies for the coming year will include:

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Statement of Trustees’ Responsibilifies

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) 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 the income and expenditure of the charitable company for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible 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 financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees, on …………………………………… and signed on their behalf by: 20/10/2025

................................................ Ceri Ashley Chairperson

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Independent Auditor’s Report to the Members of The Powell-Cofton Trust

Opinion

We have audited the financial statements of The Powell-Cotton Trust (‘the charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 FRS 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:

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 charitable company 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 charitable company'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.

17

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, except to the extent otherwise explicitly stated in our report, 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 there is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

18

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities statement set out on page 16, the Trustees (who are also the directors 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 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 charitable company’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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

19

conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

20

management and those charged with governance and obtaining addifional corroborafive evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date………………………………………………….. 27 October 2025

………………………………………………………… James Cross (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP

21

THE POWELL-COTTON TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025

Note
Income from:
Donations, legacies and grants
2
Charitable activities
3
Other trading activities
4, 5
Property and Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net gains on investments
12
Transfer between funds
17
Reconciliation of funds:
Total funds brought forward
17
Total funds carried forward
17
Net income before investment
gains
Net income and movement in
funds		 Unrestricted
Funds
£
18,337,973
29,479
7,050
587,005
18,961,507
42,980
1,198,453
1,241,432
17,720,075
2,681,256
10,280
20,411,611
6,588,674
27,000,285		 Restricted
Funds
£
359,018
-
-
-
359,018
41
52,305
52,346
306,672
-
(10,280)
296,392
45,054
341,446		 Total
2025
£
18,696,991
29,479
7,050
587,005
19,320,525
43,021
1,250,758
1,293,778
18,026,747
2,681,256
-
20,708,003
6,633,728
27,341,731		 Total
2024
£
2,838,922
24,079
6,044
136,671
3,005,716
33,936
1,184,338
1,218,274
1,787,442
190,715
-
1,978,157
4,655,571
6,633,728

22

THE POWELL-COTTON TRUST BALANCE SHEET as at 31 March 2025

Note 2025 2025 2024 2024
£ £ £ £
Fixed Assets
Tangible assets 11 1,699,293 772,924
Investments 12 16,314,683 3,952,616
18,013,976 4,725,540
Current Assets
Stock 13 6,095 4,877
Debtors amounts
receivable after more
than 1 year 14a 6,749,417
Debtors amounts
receivable within 1 year 14b 2,394,027 1,945,710
Investments 15 34 34
Cash at bank and in hand 403,272 44,366
9,552,845 1,994,987
Creditors: Amounts
falling due within one
year 16 (225,089) (86,799)
Net Current Assets 9,327,755 1,908,188
Total assets less current liabilities Total assets less current liabilities 27,341,731 6,633,728
Net Assets 18 27,341,731 6,633,728
Funds
Restricted funds 17 341,446 45,054
Unrestricted funds 17 27,000,285 6,588,674
Total charity funds 17 27,341,731 6,633,728

The notes on pages 17 to 28 form part of these accounts

Approved by the trustees on ……………….. and authorised for issue by:20/10/2025

Ceri Ashley Chair of the Board

Company Number: 09934968

23

THE POWELL-COTTON TRUST STATEMENT OF CASHFLOWS for the year ended 31 March 2025

Note
2025
£
Cash generated from operating activities
Net cash generated/(used) in operating activities
(171,494)
Cash flows from investing activities
Dividends, interest and rent from investments
587,005
Investment management fees
(9,218)
Purchase of property, plant and equipment
(953,626)
Proceeds from the sale of investments
1,225,931
Purchase of investments
(319,693)
Net cash provided by investing activities
530,400
Cashflows from financing activities
Repayment of bank loan
-
Net cash provided by investing activities
-
Change in cash and cash equivalents in the reporting period
358,906
Cash and cash equivalents at the beginning of the reporting period
44,366
Cash and cash equivalents at the end of the reporting period
403,272
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net income/(expenditure) for the year (as per the Statement of Financial Activities)
20,708,003
Adjustment for:
Depreciation charges
27,257
Investment management fees
9,218
Disposal of fixed assets
-
(Gains) on investments
(2,681,256)
Dividends, interest and rent from investments
(587,005)
(Increase)/decrease in stock
(1,218)
(Increase)/decrease in debtors
(7,197,733)
Increase/(decrease) in creditors
138,291
Donation of investments
(10,587,050)
Net cash provided by/(used in) operating activities
(171,494)
Analysis of cash and cash equivalents
2025
£
Cash in hand and at bank
326,156
Cash held by investment manager
77,115		 2024
£
1,521,306
136,671
(4,953)
(107,829)
3,537,008
(4,998,119)
(1,437,222)
(250,000)
(250,000)
(165,916)
210,282
44,366
2024
£
1,978,157
21,569
4,953
-
(190,715)
(136,671)
(441)
(190,833)
35,287
-
1,521,306
2024
£
32,725
11,639

24

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting Policies

Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes of these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The Powell-Cotton Trust constitutes a public benefit entity as defined by FRS 102.

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 Commission regulations. The unincorporated charity continues to hold certain property and museum assets as permanent endowment, held for the benefit of the charitable company. The property and museum assets are not recognised in the financial statements as the endowments were conveyed many decades ago. There is no information as to their value when donated, and the amounts involved are now likely to be immaterial.

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

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on income, the impact the cost of living crisis. As explained more fully in the Trustees Annual Report, the charity has received its share of the Powell-Cotton Settled Estate and is receiving rental income. In addition the trustees are able to draw down on the investment portfolio if necessary. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, and there are no material uncertainties affecting this assumption. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of Financial Activities.

Investment properties

Investment properties for which fair value can be measured reliably on an ongoing basis are measured at fair value annually with any change being recognised in the Statement of Financial Activities.

25

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting Policies (continued)

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure

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 direct costs and shared costs, including support costs, of 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 allocated on the portion of the assets' use.

Tangible fixed assets and depreciation

Tangible fixed assets in excess of £1,000 are capitalised at cost. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

No depreciation is provided on building additions as these are maintained to a high standard and therefore have a very long estimated useful life. Consequently any annual or accumulated depreciation would not be material to the financial statements.

26

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting Policies (continued)

Tangible fixed assets and depreciation (continued)

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Part of Quex House Nil Plant and machinery 25% straight line Fixtures and fittings 25% straight line Computer equipment 33% straight line Fire alarm system 4% straight line Extension to Museum Nil Tea Rooms 10% straight line Roof in construction No depreciation until in use.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Interest receivable

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.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount paid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

27

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting Policies (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Heritage Assets

Heritage assets comprise the Trust's collections of natural history exhibits and associated artefacts, ceramics, furniture, artworks and other items largely collected by Percy Powell-Cotton and his family. Further details concerning the nature and extent of the collection are provided on the Trust's website. No value is attributed to the collections as reliable historical cost information is not available and due to the uniqueness of much of the collection, particularly the dioramas, conventional valuation techniques are either not appropriate or cannot be obtained at a cost commensurate with the benefit that might be derived by users of the accounts. Therefore the trustees have adopted a non-recognition approach as permitted by FRS 102. Expenditure on preservation and restoration of the collection is written off in the Statement of Financial Activities as it is incurred.

The Trust's collections were substantially assembled by Percy Powell-Cotton and his family in the late 1800’s to early 1900’s. Percy Powell-Cotton was a pioneer in the use of the diorama to display mounted animals against backdrops of their natural habitats. The Powell-Cotton Trust’s natural history dioramas are outstanding examples, unique to the UK, stunning for their size, quality and imagery. The world-class natural history and material culture collections continue to support the study, understanding and simple enjoyment of the zoological, ecological, cultural and social diversity of Africa and the Indian sub-continent.

Other galleries in the museum contain Asian weaponry, a range of ceramics, jade and ivory from Europe, China and Japan, assembled by six generations of the Powell-Cotton family. Further details of the nature and extent of the collections are available on the Trust's website.

The definition of numbers in a collection is fairly arbitrary as single items accessioned may comprise a wide range of artefacts, components or supporting papers. However, this list reflects how they are accessioned in Trust records.

Category Estimated number
of items as at
31/03/25
Archives, Photographs, Films 82,045
Materialculture 18,550
Natural History 17,441
Archaeological 8,000
Furniture, paintings and ceramics 1,679
Weapons 1,230
Social History 460
Total 129,405

28

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting Policies (continued)

Acquisitions and disposals policy

The collections are very much the work of one family and it is rare for the Trustees to make acquisitions or disposals of objects from the collection unless the Trustees are satisfied that this does not detract from the integrity of the collection. There is a strong presumption against the disposal of any accessioned items in the Trust’s collection except for sound curatorial and/or collections management reasons. There have been no material acquisitions or disposals since April 2010.

Collections management

The Trustees’ primary objective is to safeguard and develop the collections so that they can be made as accessible as possible now and in the future. This objective is delivered through programmes of displays, events, publications websites, fieldwork, research, documentation and collections care. Objects from the collection are either displayed in the museum and on our website, or made available via loans to third parties and outreach services. Or else they are held in our collections stores for research and future use.

Storage and Care

The collection is displayed and stored according to recognised international standards for the prevention of material deterioration.

Library and archive storage facilities and exhibitions are based upon and informed by the requirements of BS 5454 and The National Archives Standard for Record Repositories.

Documentation

Objects in the collection are documented in accordance with Arts Council England Museum Accreditation requirements and SPECTRUM 'the UKs standard in documentation'.

The Trust will:

1 Accounting Policies (continued)

Non inclusion of Heritage Assets in the Balance Sheet

In the opinion of the Trustees, reliable information on cost or value is not available for the Trust’s collections acquired prior to April 2010. This is owing to the lack of reliable information on purchase cost; the lack of comparable market values; the diverse nature of the objects; and the volume of items held.

In the Trustees’ opinion, conventional valuation approaches lack sufficiently reliability and any valuation is likely to incur significant cost and a time commitment that is likely to be onerous. Even if valuations could be obtained the cost would not be commensurate with any benefits to the collection management, curatorial staff, the public, or users of the financial statements.

For this reason the Collections which were almost entirely gifted to the Trust at nil cost many years ago, and are incomparable in nature, are not recognised as assets in the Trust’s Balance Sheet.

29

2 Donations and legacies

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025


Donations and legacies
Year to 31 March 2025
Exceptional Item-Legacy
Total donations and legacies
Donations
Grants		 Unrestricted
£
656
850
18,336,467		 Restricted
£
359,018
-		 2025
2024
£
£
656
9,366
359,868
50,169
18,336,467
2,779,387
18,337,973 359,018 18,696,991
2,838,922

For the year ended 2024 there were £50,169 in restricted grants.

The unrestricted legacy represents a fifty percent share in the Powell-Cotton Settled Estate, which equates to £10,587,050 in the value of properties

3 Charitable activities

Year to 31 March 2025
Admissions income
Membership income
Sponsorship income
Income from raising funds
Year to 31 March 2025
Hire income
Activities for generating funds - shop sales
Year to 31 March 2025
Shop sales
Shop purchases
Gross profit from shop sales		 Unrestricted
£
26,807
672
2,000		 Restricted
£
-
-		 2025
£
26,807
672
2,000		 2024
£
24,005
73
-
29,479 - 29,480 24,079
Unrestricted
£
573		 Restricted
£
-		 2025
£
573		 2024
£
2,233
573 - 573 2,233
Unrestricted
£
10,759
(4,283)		 Restricted
£
-		 2025
£
10,759
(4,283)		 2024
£
8,742
(4,931)
6,476 - 6,476 3,811

4 Income from raising funds

5 Activities for generating funds - shop sales

In 2024, of the total income from activities for generating funds, £3,811 was to unrestricted funds and £nil was to restricted funds.

6 Investment income

Investment income
Year to 31 March 2025
Gross dividends and interest
Rental income		 Unrestricted
£
209,154
377,851		 Restricted
£
-
-		 2025
2024
£
£
209,154
69,211
377,851
67,460
587,005 - 587,005
136,671

30

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

7 Costs of raising funds

Costs of raising funds
Year to 31 March 2025
Advertising and promotion
Investment management fees		 Unrestricted
£
23,082
19,898		 Restricted
£
41
-		 2025
2024
£
£
23,123
12,100
19,898
21,836
42,980 41 43,021
33,936

In 2024, of the total costs of raising funds, £33,886 was to unrestricted funds and £50 was to restricted funds.

8 Charitable activities

Health and safety
Staff training, support and admin
Sundry expenses
Travelling and subsistence
Upkeep of garden and grounds
IT Support
Rates and water
Rent
National insurance
Repairs and renewals
Security
Service delivery
Total
Support costs
Bookkeeping and accountancy
Bank charges
Insurance
Employer's pension
Cleaning
Computer costs
Consultancy fees
Contractors' fees
Depreciation
Electricity and oil
Postage, stationery and telephone
Managed property portfolio
Governance costs
Auditors remuneration
Professional fees
Wages and salaries		 Unrestricted
funds
Restricted
funds
Total funds
2025
Total funds 2024
£
£
£
£
23,706
-
23,706
10,061
12,415
-
12,415
1,710
52,740
7,249
59,989
35,178
12,146
8,775
20,921
2,275
27,257
-
27,257
80,920
75,380
75,380
55,320
13,184
515
13,699
90,546
6,582
-
6,582
7,804
35,031
35,031
7,514
56,601
56,601
40,738
1,684
42,422
4,415
4,980
-
4,980
4,429
4,380
4,380
80,818
15,960
15,960
90,142
52,787
7,753
60,540
484,295
5,949
5,949
34,294
34,730
3,717
38,447
12,669
17,904
1,922
19,826
-
-
-
-
12,707
10,390
380
10,770
21,268
3,386
184
3,570
-
539,410
20,126
559,536
21,569
1,045,655
52,305
1,097,960
1,057,934
995
-
995
26,278
19,075
-
19,075
30,917
34,928
-
34,928
25,624
54,998
-
54,998
82,819
21,544
-
21,544
12,930
76,255
76,255
30,655
97,799
-
97,799
43,585
1,198,453
52,305
1,250,758
1,184,338

In 2024: £1,081,086 was from unrestricted funds and £103,251 was from restricted funds.

31

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

9 Net income/(expenditure)

This is stated after charging/(crediting) the following:

This is stated after charging/(crediting) the following:
2025 2024
£ £
Auditor's remuneration -
Audit fees 12,930 12,930
Accountancy, taxation and other services 4,785 4,785
Depreciation 27,257 21,569

During the year, no trustees received any remuneration or benefits in kind (2024-£nil). During the year, 1 trustee received reimbursement of expenses of £396 (2024-£297).

10 Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs
The average number of employees during the year was:		 2025
£
559,536
42,422
13,699
615,657
2025
No.
29		 2024
£
484,295
34,294
12,669
531,258
2024
No.
29

The number of employees whose remuneration as defined for taxation purposes above £60,000 was 0 (2024: 0).

The total employment benefits including employer national insurance and pension contributions for the key management personnel were £241,019 (2024 £197,965).

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net Book Value
At 31 March 2025
At 1 April 2024		 Assets
under
constructi
on
£
82,229
917,706
-
999,935
-
-
-
-
999,935
82,229		 Part of
Quex
House
£
14,067
-
-		 Alarm
System
£
52,760
-
-		 Furniture,
fittings and
equipment
£
90,421
29,352
-		 Computer
equipment
£
69,820
6,568
-		 Extension
to Museum
& Tea
Rooms
Total
£
£
622,360
931,657
-
953,626
-
-
14,067 52,760 119,773 76,388 622,360
1,885,283
-
-
-		 9,325
2,112
-		 73,542
16,222
-		 60,216
8,515
-		 15,650
158,733
408
27,257
-
-
- 11,437 89,764 68,731 16,058
185,990
14,067 41,323 30,009 7,657 606,302
1,699,293
14,067 43,435 16,879 9,604 606,710
772,924

32

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

12 Fixed Asset Investments


Fixed Asset Investments
Market value/ cost
At 1 April 2024
Additions
Transfer in
Disposals
Revaluations
At 31 March 2025
Historical cost		 10,587,050
2,678,050
Investment
Property		 £
-
3,889,218
319,693
-
(1,225,932)
3,206
Listed
investments		 £
63,398
-
-
-
Unquoted
Investment		 £
3,952,616
10,906,743
-
(1,225,932)
2,681,256
Total
13,265,100 2,986,185 63,398 16,314,683
10,587,050 3,807,260 - 14,394,310

The investment properties are included within the historical cost at the date of probate and a portion was revalued in 1 August 2025 by Lovetts Property Services, the remaining properties were revalued as at 30 June 2023 by Cluttons LLP . All valuations are on an open market basis and the Trustees are satisfied that this valuation remains materially accurate as at 31 March 2025.

Valuation

The unquoted investment above is stated at cost. Listed investments are stated at market value.

No individual investments were material to the portfolio.

13
14
a)		 Stocks
Finished goods and goods for resale
Debtors
Non- current debtors
Other debtors		 31 March
2025
£
6,095
6,095
2025
£
6,749,417
6,749,417		 31 March
2024
£
4,877
4,877
2024
£
.
-
-

The non-current debtor relates to a loan secured on property assets and a personal guarantee. The loan accrues interest at a rate of 2% below the Bank of England base rate and is repayable by 2033.

b)
15
16		 Current debtors
Trade debtors
Other debtors
Current asset investments
COIF Charities Deposit Fund
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income		 2025
£
2,290
2,391,737
2,394,027
2025
£
34
2025
£
124,900
11,319
4,020
84,850
225,089		 2024
£
13,678
1,932,033
1,945,710
2024
£
34
2024
£
40,399
9,688
2,263
34,449
86,799

33

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

17 Statement of funds

Year ended 31 March 2025
Restricted funds
Devolving Restitution Fund
Namibian Narratives
Making African Connections
People & Plants
Artswork
Decolonisation & practice
Headley Fellowship
Creative Collections
Sunshine Project
MEND Roof Repair
Curatorial
Development Projects
Total funds
Total restricted funds
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Brought
Forward
£
6,588,674
1,032
448
1,926
2,932
2,189
-
244
-
-
-
36,051
-
232
-		 Income
£
18,961,507
17,572
341,446		 Expenditure
£
(1,241,432)
(876)
(51,470)		 £
2,691,536
(156)
(448)
(1,926)
(2,932)
(2,189)
-
(244)
(2,153)
(232)
Gains/
(losses)/
transfers		 Carried
forward
£
27,000,285
-
-
-
-
-
-
-
-
-
-
-
341,446
-
-
45,054 359,018 (52,346) (10,280) 341,446
6,633,728 19,320,525 (1,293,778) 2,681,256 27,341,731
Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Year ended 31 March 2024
Brought
Carried
Forward
Income
Expenditure
forward
£
£
£
£
£
4,644,019
2,955,546
(1,114,972)
104,081
6,588,674
Restricted funds
Devolving Restitution Fund
1,032
1,032
448
448
3,318
1,392
-
1,926
Namibian Narratives
1,819
1,129
16
-
2,932
Making African Connections
2,189
2,189
People & Plants
89
-
89
-
Artswork
244
-
244
Decolonisation & practice
1,875
10,002
-
8,127
-
Headley Fellowship
241
(241)
-
Creative Collections
475
(475)
-
Sunshine Project
-
45,540
9,489
-
36,051
MEND Roof Repair
-
75,994
-
75,994
-
Curatorial
-
3,500
3,268
-
232
Development Projects
-
3,140
-
3,140
-
11,552
50,169
(103,301)
86,634
45,054
Total funds
4,655,571
3,005,715
(1,218,273)
190,715
6,633,728
Total restricted funds
Details regarding the principal restricted funds are provided in the Trustees’ Report. The transfers from restricted to unrestricted
funds relate to costs that have been fully incurred, with the corresponding amounts reclassified to unrestricted funds to reflect
their utilisation.
Gains/
(losses)/
transfers
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB
11,552 50,169 (103,301) 86,634 45,054
4,655,571 3,005,715 (1,218,273) 190,715 6,633,728

34

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

18 Analysis of net assets between funds


Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total Funds		 Unrestricted
funds
2025
£
1,699,293
16,314,683
9,211,399
(225,089)		 Restricted
funds
2025
£
-
-
341,446
-		 Total
funds
2025
£
1,699,293
16,314,683
9,552,845
(225,089)		 Total
funds
2024
£
772,923
3,952,616
1,994,988
(86,799)
27,000,285 341,446 27,341,731 6,633,728

19 Related party transactions

The charity owns 47.08% of the issued share capital in The Quex Park Estates Company Limited. The charity exercises no significant control over the operations of this company and the accounts have not therefore been consolidated. The Quex Park Estates Company Limited is incorporated in the United Kingdom and its principal activity is farming and estate management.

20 Operating leases

At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

Within one year
Between two and five years		 2025
£
8,550
22,800
31,350		 2024
£
11,400
35,910
47,310

As set out in note 6, property rental income earned during the year was £377,851 (2024: £67,460). At the balance sheet date the Charity had contracted with tenants for future lease payments however it is not possible to quantify the amounts receivable.

21 Capital commitments

As at 31/03/2025 there were capital commitments of £482,816 in relation to the MEND project.

35