2022-12-31-accounts - The Powell Family Foundation

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				Page
Reference and administrative		details ofthe Charity,	its Trustees and advisers	1-2
Trustees' report				3-7
Independent	auditors' report	on the financial statements		8-11
Consolidated	statement offinancial activities			12
Consolidated	balance sheet			13
Charity balance sheet
Consolidated	statement ofcash flows			15
Notes to the	financial statements			16-38

		Reference	and administrative	and administrative	details	ofthe Charity,	ofthe Charity,	its Trustees and advisers
			For the	Year Ended 31 December				2022
Trustees			Mr S P M Curtis, Chair of			Trustees
			Mr D BGenders
			Mrs FJ Powell
			Mr J Renshaw
			Mrs A K Oliver	(appointed		15March 2023)
			Mr A W Pepper	(appointed		15March 2023)
Charity registered
number			1190017
Registered		office	3rd Floor
			12Gough Square
			London
			EC4A 3DW
Principal	operating		20 St.Andrew Street
office			London
			EC4A 3AG
Executive	director		Mr C Whitbourn
Independent		auditors	Sayers Butterworth		LLP
			3rd Floor
			12Gough Square
			London
			EC4A 3DW
Bankers			NatWest Group	Plc
			36St Andrews	Square
			Edinburgh
			EH2 2YB
Solicitors			Cripps LLP
			Number 22
			Mount Ephraim
			Tunbridge Wells
			Kent
			TN4 8AS
Solicitors			Russell-Cooke	LLP
			8 Bedford Row
			London
			WC1R 4BX
Investment		managers	CCLA Investment		Management		Limited
			1 Angel Lane
			London
			EC4R 3AB
Investment		managers	Rathbones Group		pic
			8 Finsbury Circus
			London
			EC2M 7AZ

				Endowment	Unrestricted	Total	Total
				funds	funds	funds	funds
				2022	2022	2022	2021
			Note	F		F
Income and endowments		from:
Donations and legacies			3	28,285,408	761,932	29,047,340	20,025,000
Investments			4		1,208,147	1,208,147	147,073
Total income and	endowments			28,285,408	1,970,079	30,255,487	20, '/72, 073
Expenditure on:
Raising funds					372,091	372,091	60,544
Charitable activities				25,373	131,072	156,445	35,158
Total expenditure				25,373	503,163	528,536	95,702
Net income before	net losses on
investments				28,260,035	1,466,916	29,726,951	20,076,371
Net losses on investments				(180,000)		(180,000)
Net income				28,080,035	1,466,916	29,546,951	20,076,371
Transfers between	funds		19	17,630,368	(17,630,368)
Net movement in funds before other
recognised gains				45,710,403	(16,163,452)	29,546,951	20,076,371
Other recognised	gains:
Gains on revaluation	offixed assets		13	365,000		365,000
Net movement in funds				46,075,403	(16,163,452)	29,911,951	20,076,371
Reconciliation offunds:
Total funds brought	forward				20,080,704	20,080,704	4,333
Net movement in funds				46,075,403	(16,163,452)	29,911,951	20,076,371
Total funds carried	forward			46,075,403	3,917,252	49,992,655	20,080,704

				Consolidated	balance sheet
				As at 31 December 2022
						2022		2021
				Note				E
Fixed assets
Intangible assets				11		10,403
Tangible assets				12		2,016
Investment property				13		45,065,000		20,005,000
Investments				15		1,000,000
						46,077,419		20,005,000
Current assets
Debtors				16	328,424		93,594
Cash at bank	and	in hand			3,758,330		63,093
					4,086,754		156,687
Creditors: amounts		falling	due within one
year				17	(171,518)		(80,983)
Net current	assets					3,915,236		75,704
Total assets	less	current	liabilities			49,992,655		20,080,704
Total net assets						49,992,655		20,080,704
Charity funds
Endowment funds				19		46,075,403
Unrestricted	funds			19		3,917,252		20,080,704
Total funds						49,992,655		20,080,704

					2022		2021
			Note		f.
Fixed assets
Tangible assets			12		2,016
Investment property			13		32,175,000		20,005,000
Investments			15		15,125,000
					47,302,016		20,005,000
Current assets
Debtors			16	250,859		93,594
Cash at bank and in hand				2,262,267		63,093
				2,513,126		156,687
Creditors: amounts	falling	due within one
year			17	(106,389)		(80,983)
Net current assets					2,406,737		75,704
Total assets less current		liabilities			49,708,753		20,080,704
Total net assets					49,708,753		20,080,704
Charity funds
Endowment funds			19		47,300,000
Unrestricted funds			19		2,408,753		20,080,704
Total funds					49,708,753		20,080,704

							2022	2021
						Note
Cash flows from operating activities
Net cash provided by operating activities						21	13,944,033	59,110
Cash flows from investing activities
Dividends, interest and rents from investment			properties				1,204,097
Proceeds from the sale of investment properties							1,020,000
Purchase oftangible fixed assets							(2,722)
Purchase of listed investments							(1,000,000)
Cash received on acquisition of subsidiary		undertakings					1,399,444
Net assets received on acquisition of subsidiary				undertakings	net ofcash
acquired							(12,869,615)
Net cash used in investing activities							(10,248,796)
Change in cash and cash equivalents	in	the		year			3,695,237	59,110
Cash and cash equivalents at the beginning			of	the year			63,093	3,983
Cash and cash equivalents at the end	of		the	year		22	3,758,330	63,093

	Endowment	Unrestricted	Total
	funds	funds	funds
	2022	2022	2022f
Donations		653,913	653,913
Legacies	28,285,408	108,019	28,393,427
	28,285,408	761,932	29,047,340

Unrestricted	Total
funds	funds
2021	2021
20,025,000	20,025,000

			Unrestricted	Total
			funds	funds
			2022f	2022
Income	from investment	properties	1,204,097	1,204,097
Interest	receivable		4,050	4,050
			1,208,147	1,208,147

				Unrestricted	Total
				funds	funds
				2022	2022
Property	management		costs
Repairs and		maintenance		218,472	218,472
Property	management		and letting fees	64,352	64,352
Other property costs				46,831	46,831
Professional		fees		13,474	13,474
Council tax				188	188
Property	insurance			25,192	25,192
White goods				3,582	3,582
				372,091	372,091
				Unrestricted	Total
				funds	funds
				2021	2021
Property	management		costs
Repairs and		maintenance		45,032	45,032
Property	management		and letting fees	12,901	12,901
Professional		fees		732	732
Cleaning	fees			652	652
Council tax				440	440
Property	insurance			364	364
Electricity	fees			227	227
Gas fees				120	120
Water rates				76	76
				60,544	60,544

			Endowment	Unrestricted
			funds	funds	Total
			2022 f	2022	2022
Charitable	activities		25,373	131,072	156,445
				Unrestricted
				funds	Total
				202'I	2021
Charitable	activities			35,158	35,158
Analysis	ofexpenditure	by activities
				Support	Total
				costs	funds
				2022	2022
Charitable	activities			156,445	156,445
				Support	Tota!
				costs	funds
				2021	2021
Charitable	activities			35,158	35,158

	Analysis of	governanc	e co	sts
								2022	2021
	Legal and professional		fees					36,423	17,618
	Audit and accountancy		fees					40,306	17,540
	Staff costs							27,151
	Professional	fees on sale of		property				24,427
	Computer costs							11,884
	Consultancy	fees						6,712
	General expenses							5,642
	Insurance							1,218
	Amortisation	of goodwill						946
	Recruitment	fees						750
	Depreciation							817
	Subscriptions							80
	Bank fees							89
								156,445	35,158
8.	Auditors' remuneration
								2022	2021
	Fees payable	to the Charity's		auditor		for the audit ofthe Charity's	annual
	accounts							14,100	7,800
	Fees payable	to the Charity's		auditor		in respect of:
	All non-audit	services not included			above			27,980	9,200

		Group	Group	Charity	Charity
		2022	2021	2022	2021
		F
Wages	and salaries	24,750		24,750
Social	security costs	2,401		2,401
		27,151		2?,151

Group	Group	Charity	Charity
2022	2021	2022	2021
No.	No.	No.	No.

	Goodwill
Cost
Additions
At 31 December 2022	11,349
Amortisation
Charge for the year	946
At 31 December 2022	946
Net book value
At 31 December 2022	10,403
At 31December 2021

	Office	Computer
	equipment f	equipment	Totalf
Cost or valuation
Additions		2,722	2,722
On acquisition ofsubsidiaries	8,903		8,903
At 31 December 2022	8,903	2,722	11„625
Depreciation
Charge for the year		706	817
On acquisition ofsubsidiaries	8,792		8,792
At 31 December 2022	8,903	706	9,609
Net book value
At 31 December 2022		2,016	2,016
At 31December 2021

		Notes to the financial statements
		For the Year Ended 31 December 2022
12.	Tangible fixed assets	(continued)
	Charity
			Computer
			equipment
	Cost or valuation
	Additions		2,722
	At 31 December 2022		2,722
	Depreciation
	Charge for the year		706
	At 31 December 2022		706
	Net book value
	At 31 December 2022		2,016
	At 31December 2021

		Freehold
		investment
		property
Valuation
At 1 January	2022	20,005,000
Additions		13,005,000
Disposals		(1,200,000)
Surplus on revaluation		365,000
On acquisition	ofsubsidiaries	12,890,000
At 31 December 2022		45,065,000

	Freehold
	investment
	propertyf
Valuation
At 1 January 2022	20,005,000
Additions	13,005,000
Disposals	(1,200,000)
Surplus on revaluation	365,000
At 31 December 2022	32,175,000

						Fair value	Fair value
					Book value	adjustments	f	Fair value f
Fixed Assets
Investment	properties				5,100,000	95,000		5,195,000
					5,100,000	95,000		5,195,000
Current Assets
Debtors					34,233			34,233
Cash at bank and			in hand		76,041			76,041
Total Assets					5,210,274	95,000		5,305,274
Creditors
Due within	one year				(49,866)			(49,866)
Total Identifiable			net assets		5,160,408	95,000		5,255,408
Goodwill								(155,408)
Total purchase		consideration						5,100,000
The results	ofW.J.R.Properties			Limited since acquisition	are as follows:
								Current
								period since
								acquisition
Revenue								74,760
Profit for the period since acquisition								61,886

					Fair value
				Book value	adjustments	Fair value
					E
Fixed Assets
Investment properties				7,575,000	120,000	7,695,000
Tangible fixed assets				111		111
				7,575,111	120,000	7,695,111
Current Assets
Debtors				43,332		43,332
Cash at bank and		in hand		1,323,403		1,323,403
Total Assets				8,941,846	120,000	9,061,846
Creditors
Due within one year				(48,195)		(48,195)
Total Identifiable		net assets		8,893,651	120,000	9,013,651
Goodwill						11,349
Total purchase	consideration					9,025,000
The results ofWest End Securities			Limited since acquisition	are as follows:
						Current
						period since
						acquisition
Revenue						105,097
Profit for the period		since acquisition				67,554

			Listed
			investments
Group
Cost or valuation
Additions			1,000,000
At 31 December 2022			1,000,000
Net book value
At 31 December 2022			1,000,000
	Investments
	in
	subsidiary	Listed
	companies	investments	Total
Charity	F	2
Cost or valuation
Additions	14,125,000	1,000,000	15,125,000
At 31 December 2022	14,125,000	1,000,000	15,125,000
Net book value
At 31 December 2022	14,125,000	1,000,000	15,125,000

Names			Income	Expendituref	Profit for the period	Net assets
W.J.R.Properties	Limited		134,487	(23,174)	111,393	4,120,374
West End Securities		Limited	187,560	(157,577)	179,651	6,937,461
Debtors

		Group	Group	Charity	Charity
		2022	2021	2022	2021
Due within one year
Trade debtors		63,611
Other debtors		237,111	93,594	237,111	93,594
Prepayments	and accrued income	27,702		13,748
		328,424	93,594	250,859	93,594

						Group	Group	Charity	Charity
						2022	2021	2022	2021
Trade creditors						1,144	2,592	1,144	2,592
Other creditors						653		653
Accruals						64,713	27,958	43,193	27,958
Deferred	income					105,008	50,433	61,399	50,433
						171,518	80,983	106,389	80,983
								Group	Charity
								2022	2022f
Deferred	income at		1 January 2022					50,433	50,433
Resources deferred			during	the year				105,008	61,399
Amounts	released	from previous			periods			(50,433)	(50,433)
								105,008	61,399

						Group	Group	Charity	Charity
						2022	2021	2022	2021
Financial		assets
Financial		assets measured		at fair value
through	income and expenditure					46,065,000	20,005,000	33,175,000	20,005,000
Financial		assets measured		at amortised	cost	4,059,051	156,687	2,499,377	156,687
						50,124,051	20, /61,687	35,674,377	20,161,687
						Group	Group	Charity	Charity
						2022	2021	2022	2021
						Z			E
Financial		liabilities
Financial		liabilities	measured	at amortised
cost						16,032	10,958	15,009	10,958

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2022 'E	Income	Expenditure	in/outf	(Losses)	2022
Unrestricted
funds
General	funds	20,080,704	1,970,079	(503,163)	(17,630,368)		3,917,252
Endowment
funds
Endowment funds			28,285,408	(25,373)	17,630,368	185,000	46,075,403
Total of	funds	20,080,704	30,255,487	(528,536)		185,000	49,992,655

Statement of	funds - prior year
					Balance at
		Balance at			31
		1January			December
		2021	Income	Expenditure	2021
Unrestricted	funds
General funds		4,333	20,172,073	(95,702)	20,080,704

Analysis	of net assets between funds - curr	ent year
		Endowment	Unrestricted	Total
		funds	funds	funds
		2022	2022	2022
Tangible	fixed assets		2,016	2,016
Goodwill		10,403		10,403
Fixed asset investments		1,000,000		1,000,000
Investment property		45,065,000		45,065,000
Current	assets		4,086,754	4,086,754
Creditors	due within one year		(171,518)	(171,518)
Total		46,075,403	3,917,252	49,992,655

										Group	Group
										2022f	2021 E
Net income	for the year (as		per	Statement			of	Financial	Activities)	29,546,951	20,076,371
Adjustments	for:
Depreciation	charges									817
Amortisation	charges									946
Dividends, interest and		rents	from		investment			properties		(1,204,097)
Increase in	debtors									(157,263)	(92,344)
Increase/(decrease) in		creditors								(7,528)	80,083
Investment	properties received			from		legacies				(13,005,000)	(20,005,000)
Loss on disposal of ir,vestment				property						180,000
Goodwill on	acquisition	of subsidiary				undertakings				(11,349)
Cash received on acquisition			of	subsidiary			undertakings			(1,399,444)
Net cash provided by		operating			activities					13,944,033	59,110

		Group	Group
		2022	2021
Cash	in hand	3,758,330	63,093
Total	cash and cash equivalents	3,758,330	63,093

						At 1		At 31
						January		December
						2022	Cash flowsf	2022f
Cash	at	bank	and	in	hand	63,093	3,695,237	3,758,330
						63,093	3,695,237	3,758,330