**Charity number: 1190017** ## **THE POWELL FAMILY FOUNDATION** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **THE POWELL FAMILY FOUNDATION** |**Contents**|| |---|---| ||Page| |**Reference and administrative details of the Charity, its Trustees and advisers**|1 - 2| |**Trustees' report**|3 - 13| |**Independent auditors' report on the financial statements**|14 - 17| |**Statement of financial activities**|18| |**Balance sheet**|19| |**Statement of cash flows**|20| |**Notes to the financial statements**|21 - 39| **THE POWELL FAMILY FOUNDATION** **Reference and administrative details of the Charity, its Trustees and advisers For the Year Ended 31 December 2024** |**Trustees**|Mr S P M Curtis, Chair of Trustees| |---|---| ||Mr D B Genders| ||Mr J Renshaw| ||Mrs A K Oliver| ||Mr A W Pepper| ||Mr J Turnbull (appointed 4 July 2024)| ||Ms A Sayagh (appointed 4 July 2024)| ||Mr S Barton (appointed 18 December 2024)| |**Charity registered**
**number**
1190017
**Registered office**
3rd Floor
12 Gough Square
London
EC4A 3DW
**Principal operating**
**office**
Thanet House, 231-232 Strand
London
WC2R 1DA
**Executive director**
Mr C Whitbourn
**Independent auditors**
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor
3rd Floor 12 Gough Square
London
EC4A 3DW
**Bankers**
NatWest Group Plc
36 St 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|| Page 1 ## **THE POWELL FAMILY FOUNDATION** **Reference and administrative details of the Charity, its Trustees and advisers (continued) For the Year Ended 31 December 2024** **Investment managers** Rathbones Group plc 8 Finsbury Circus London EC2M 7AZ **Property managers** Amherst Asset Management Limited PO Box 92 Haslemere Surrey GU27 9GP **CIO number** CE022237 **Website** www.tpff.org.uk Page 2 ## **THE POWELL FAMILY FOUNDATION** ## **Trustees' report For the Year Ended 31 December 2024** The Trustees present their annual report together with the audited financial statements of the charity for the year from 1 January 2024 to 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document. The financial statements also comply with the Charities Act 2011 and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Trustees are delighted to report on a successful second year of awarding grants to support children and young people with a vision impairment. The Trustees would like to thank the Executive Director, Colin Whitbourn, the Grants Manager, Cathy Hurst and the Grants Officer, Jenny Collins for their hard work during the year. Through their work the number and amount of grants made has exceeded expectations. The timely and efficient way they have responded to grant applications has been greatly appreciated by both individual and organisational applicants. The Trustees are pleased with the diverse range of services, products and support funded. An impact report will be produced for 2024 with more information on the children and charities supported. The report will be available on the Powell Family Foundation’s website or as a hard copy, on application. ## **Objectives and activities** ## **a. Policies and objectives** The Foundation’s vision is a world in which children and young people with a vison impairment are able to reach their full potential. The mission of the Foundation is to support children, young people and adults aged 25 and under who have a vision impairment, to improve their emotional, physical and well-being, increase their knowledge and skills and support their independence through the provision of grants to individuals and charitable organisations. The Trustees are extremely grateful for the substantial property portfolios generously bequeathed by Mr Rodney Powell and his mother Mrs Patricia Powell. The rental income from these properties provides the majority of the resources that fund the Foundation’s grant making activities. The Powell family had a long standing connection to the world of vision impairment and it was their wish that the Foundation focus on awarding grants to support children and young people who have a vision impairment. Following our formation in 2020 the Foundation spent two years bringing together the various legacies, agreeing policies, procedures, governance matters and researching how best to serve our beneficiaries. The Foundation began operations in January 2023 and as a result of promotional activities, enjoyed a successful year with grant making exceeding expectations. Work in 2024 has built on this initial success and the Trustees believe the Foundation is in a strong position to develop and focus its grant making work, reaching more children and young people who are vision impaired. In setting and planning the activities the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Page 3 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Objectives and activities (continued)** ## **b. Grant-making policies** The Trustees’ policy on grant giving is discretionary but aims to support individuals who are unable to otherwise afford the cost of habilitation, assistive technology, knowledge and skills development or activities to promote well-being and independence. The Foundation accepts applications for grants from individuals as well as charities and other not-for-profit organisations who offer services to support children and young people who are vision impaired. The policy of the Trustees is to approve grants to a level broadly consistent with its annual income after operational and governance costs. The Foundation’s assets are not permanently endowed so the Trustees may, at their discretion, distribute capital but its current policy is only to do so in exceptional circumstances. Charities who are awarded grants are expected to report after six and twelve months or at the end of the funded project / activity. The reports detail how the grant was spent, the outcomes and impact arising from the funding as well as any learning from the work. Progress is measured against a set of performance criteria agreed with the grantee charity at the time of the grant. The Trustees will consider awarding grants for up to three years however, any continuation funding for second and subsequent years is dependent upon satisfactory monitoring and year end reports. Prior to commencing operations the Foundation accumulated surplus unrestricted reserves from bequests while going through probate. This surplus amounts to £3.5m and the Trustees have agreed in principle a five year plan called the ‘TPFF Charity Partner Programme’ to distribute these additional funds. The programme will consist of two elements and will commence in 2025. Further details are provided in 'Plans for future periods'. Page 4 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Objectives and activities (continued)** ## **c. Activities undertaken to achieve objectives** The financial year to 31st December 2024 built on the success achieved during the first year of operations. An Impact Report was produced giving headline data, including the number and value of grants awarded in 2023 together with highlighting some of the individuals and charities supported. This report is available on the website. The Grants Committee meets immediately following the monthly Board meetings. Individual grant applications are considered monthly as are smaller (less than £15,000) applications from organisations. Larger applications are reviewed and considered quarterly. The Foundation’s website has separate sections for individual and organisational grant applications. A workflow was designed to manage grant applications. The application forms are accessible Word documents with instructions for completion. The Foundation is considering adding an online application as feedback has shown this may be an easier option for some applicants. Grant applications, together with the required supporting documents, are received via a dedicated email address. They are then acknowledged and the applicant informed of the date of the next Grants Committee meeting. Applicants are also made aware that the Foundation may seek additional information to support the application. Applications from individuals are assessed to ensure they comply with the eligibility criteria, have provided the required supporting documents and evidenced the need for the items, equipment or service requested. The Grants Team makes a recommendation for the Grants Committee to consider. Similarly, due diligence and eligibility checks are carried out on applications from organisations. An assessment of the application is made based on various aspects such as alignment with the Foundation’s objects, evidence of need, value, project management, anticipated outcomes and impact. Each aspect is scored to help ensure a consistent approach. The Grants Team and Executive Director make a recommendation based on the assessment. This is then reviewed at the Grants Committee meeting and a decision made. Throughout 2024 the number of grant applications from individuals increased steadily so in order to maintain a high level of service and respond within the target of six weeks, the Foundation recruited a suitably experienced part-time Grants Officer who reports to the Grants Manager and is responsible for supporting applicants and managing the smooth running of the grants process. Page 5 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Achievements and performance** ## **a. Main achievements of the Charity** Promotion of the Foundation has continued through networking events e.g. the Children and Young People’s Vision Impairment Network, conferences e.g. Visionary, VIEW, personal visits, online forums, social media and direct mail to Local Authority children’s sensory service teams. The Foundation also sponsored an award for innovative children and young people’s services at the national Visionary conference. This has resulted in 17 grants awarded to local sight loss charities to either start new, or develop their existing services for children and young people with a vision impairment. ## **b. Key performance indicators** The Foundation reports on the following key performance indicators: In total the number of children and young people who are vision impaired supported by the Foundation in 2024 is estimated at 5,485 (2023: 4,534). The Foundation awarded grants totalling £901,105 (2023: 636,556) to both charities, not for profit organisations and individuals. Organisations: The Foundation received 35 (2023: 32) new grant applications from charities and not for profit organisations. In total 35 grants were paid to organisations including 9 second year grants. A further 6 new grants, agreed in the year, were paid post year end. The total value of the grants paid was £623,330 (2023: £528,832) making the average award £17,315 (2023: £21,153). The value of the grants to organisations is summarised as follows: Less than £10,000 – 11 (5 in 2023) £10,000 - £25,000 – 15 (8 in 2023) Over £25,000 - 9 (14 in 2023) The grantee organisations provide a range of services for children and young people who are vision impaired: 15 provide regional or local support services for children and families 4 offer support for specific sight conditions 2 specialise in access to reading 1 provides peer mentoring 1 focuses on health equality 3 offer support for mental well-being 4 support young people to access education and employment 5 offer participation in sports and leisure Page 6 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Achievements and performance (continued)** Individuals: The Foundation received 205 (2023: 73) new grant applications from parents and young people. In total 175 (2023: 70) were awarded grants, and a further 22 were agreed in the year and paid post year end. The total value of the grants paid was £277,775 (2023: £107,724) making the average award £1,590 (2023: £1,570). The recipients of individual grants fell into the following age ranges: 0 – 4 years: 22 5 – 10 years: 43 11 – 18 years: 78 19 – 25 years: 32 The purpose of the individual grants may be summarised as follows: 15 provide Early Years Development 8 provide access to Education and Learning 28 provide well-being (including activities, sport, music etc) 103 provide technology for education 21 provide technology for leisure Overall, the Foundation took an average of 31 days from receipt of a grant application to making a decision. Geographically there is a reasonably good spread of grantees across the UK. In areas where there are fewer applicants the Foundation has undertaken promotion with Local Authority sensory teams and education specialists. As set out above, the Foundation believes that through its work with children and young people who are vision impaired, it fulfils its objectives and delivers public benefit to the wider community. ## **c. Review of activities** ## a. Grantees The following feedback has been received from grantees: “The Powell Family Foundation does do a wonderful job at being fair, understanding, and striving to help everyone who applies to them, for whatever form of support it is that they are asking for help with. I have indeed recommended you to the friend in question, and he will be applying to you at some point hopefully in the not too distant future.” “Firstly, I am thrilled part of my grant was accepted. I’ve been waiting a while for good news regarding this so honestly over the moon thank you! You truly can’t fathom how much it will help. This is the first bit of financial help I've received since losing my security job due to my vision deteriorating. I truly can’t express enough how grateful I am.” “Hi, thank you so so much for the brilliant news. This is absolutely fantastic news. I am so excited and I am so happy about this wonderful news. This has made my week honestly this is probably one of the best things I’ve had good news on from the whole of November.” Page 7 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Achievements and performance (continued)** “For a small charity like ours, which is working hard to transition from a volunteer-run organisation to one with a sustainable model, it is incredibly helpful to have multi-year funding, and to also have a close working relationship with our funders…..Funding from the Powell Family Foundation has made this possible, and I give my sincere thanks to you all, both personally and on behalf of our community.” Chair of small charity “What fantastic news! A massive THANK YOU to the Grants Committee for this extremely generous funding. We are so pleased that you have confidence in our Plan to Thrive and share in our vision to help young people and their families to feel empowered to thrive and confidently lead fulfilling lives.” Charity Director of Development ## b. Property The legacies received from Mr Rodney Powell and Mrs Patricia Powell consisted mainly of property portfolios, the rental income from which funds the grant making activities of the charity. The Property committee has regular meetings with the Foundation’s property management company to ensure that the properties are properly maintained and managed. The Property committee reports to the full Board to keep all Trustees up to date on property matters. During 2024 the Foundation sold three properties, one of which had been vacant for some time, the second became vacant and would have required considerable expense to update before re-letting and the third was not in the West London and home counties area and so was more costly to manage and maintain. The proceeds from these sales have been invested with Rathbones and CCLA, see below. The Trustees have identified two properties in the portfolio that, should they become vacant, may be offered for sale. The appointment of Mr Steven Barton as a Trustee, who has many years’ experience managing commercial property, has strengthened the Board and Property Committee. ## c. Investments The Foundation has investment accounts with Rathbones Group plc and CCLA Investment Management Ltd to manage other funds received as part of the legacies and sale of properties. The dividends and interest from the cash invested provide additional income for the grant making activities of the Foundation. Representatives from each investment company are invited to attend a full Board meeting once a year to discuss the performance of the funds under their management. A full review of the Foundation’s investments will take place at the end of 2025. ## Investment Policy The Foundation has the benefit of significant funds following bequests from two testators. While there were no limitations or stipulations by the testators in how these bequests should be applied in achieving the objects of the Foundation, the Trustees have decided, as a point of principle, that the bequests should be treated as an Expendable Endowment Fund (EEF) with its real value being maintained in the long term so that the Foundation can remain active indefinitely. The activities of the Foundation in achieving its objects will usually be funded by the income generated by the EEF. There is an anticipated level of investment income each year for budgeting purposes. However, in exceptional circumstances a part of the EEF may be used to make grants. In order to achieve an appropriate balance between capital growth and income the primary long term aim of the Foundation’s property and investment managers is for the value of funds held either as property or other investments to increase in line with inflation (currently measured as CPI) and to generate income of 3%, or to achieve a total return of CPI plus 3%. For this purpose, long term is defined as 10 years. In order to achieve this aim it is anticipated that there will be a medium to low level of risk. Capital volatility can be tolerated if it is consistent with long term expectations. Page 8 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Achievements and performance (continued)** It is recognised by the Trustees that the EEF is currently overweight in property, due to the bequest from the testators largely in the form of property, and therefore opportunities should be taken to reduce the property holdings. This will be the case where individual properties are generating a low level of return or require significant expenditure in order to maintain their value. The proceeds from the sale of any properties will still be held in the EEF but in non-property investments. Overall the level of risk is minimised by no one property representing more than 10% by value of the whole property portfolio and the non-property investments being divided broadly equally between two investment managers with the capital held in diversified funds. The activities of the property managers are monitored regularly by the Trustees through monthly meetings. Annual meetings are held with the investment managers. The performance of all investments is reviewed by the Trustees through the quarterly management accounts. ## d. Forward commitments At 31 December 2024 the Foundation had pledged grants to the value of £257,311 to be paid in 2025 (£37,085 in 2026), subject to satisfactory monitoring and performance reviews in the future. The Trustees continually monitor the Foundation's asset portfolio to ensure it is generating an acceptable return and is in accordance with the Foundations risk profile. ## e. Policies The Foundation has written and agreed policies to govern: - Risk; - data protection; - safeguarding; - complaints; - whistleblowing; - equality, diversity and inclusion; - anti-corruption and bribery; - reserves; - investment. Links to these policies are published on the Foundation’s website. The Foundation is a member of the Association of Charitable Foundations (ACF). The ACF provides valuable information and guidance on best practice, changes to legislation and training for the Trustees and staff. Page 9 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Financial review** ## **a. Overview** Total income for the year was £1,894,766 (2023: £16,904,637), of which £1,594,138 (2023: £1,317,228) related to rental income from investment properties, £240,771 (2023: £148,380) related to investment income received from listed investments, and £59,857 (2023: £1,221,510) related to amounts received from donations and legacies. Total expenditure for the year was £1,515,755 (2023: £1,396,202). This included property management expenses of £442,891 (2023: £613,408), governance costs of £171,759 (2023: £146,237). Grants totalling £901,105 (2023: £636,556) were made during the year to the beneficiaries listed in note 7 to the accounts. Total funds held by the charity at the year end were £51,469,737 (2023: £50,397,114), of which £47,496,745 (2023: £46,803,133) related to the Expendable Endowment Fund. ## **b. Reserves policy** It is the Trustees’ policy that the charity’s reserves are split between an Expendable Endowment Fund comprising the property and long-term investment portfolios and an Unrestricted Income Fund. The Unrestricted Income Fund, which has not been designated for a specific purpose, should be maintained at a minimum level of the value of all forward grant commitments and operating expenses payable in the following six months. At 31 December 2024 the unrestricted surplus is in excess of this. As mentioned on page 4, the Trustees have a medium-term plan to distribute surplus funds. The Foundation’s operating expenses include: staff salaries, expenses, pension contributions, office costs, insurance, professional fees, contractual and statutory commitments. Forward grant commitments include those applications approved and awaiting payment. The Trustees consider these reserves in the context of risks identified and recorded in the Risk Register. The Trustees believe these reserves should enable the Foundation to maintain its desired level of activities in the event of a significant reduction in income. Furthermore, the Expendable Endowment Fund includes cash investments which may be realised at short notice if so required. The Trustees perform ongoing reviews of the Foundation’s financial position at each Board meeting to ensure sufficient unrestricted funds are available for future commitments. ## **c. Principal risks and uncertainties** The Trustees maintain a Risk Assessment Framework to identify and manage risks relating to the charity’s strategic priorities. Twelve risks have been identified, the two principal risks being: - Governance – Loss of key Trustees or staff and their knowledge. The mitigation is to regularly succession plan and to systematically update and store documents, procedures and contacts centrally. - Financial – Negative performance of investments, property rental market downturn and property damage or neglect. The mitigation is to use qualified and experienced property and investment managers with appropriate and timely reporting of key metrics and trends. Page 10 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **d. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **Structure, governance and management** ## **a. Constitution** The Powell Family Foundation was registered on 19 June 2020 as a Charitable Incorporated Organisation (CIO), charity number 1190017. The Constitution was amended on 15 February 2023. ## **b. Methods of appointment or election of Trustees** The power of appointment of new Trustees is vested in the Trustees at their discretion. New Trustees are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity Trustees. ## **c. Trustee resignations and appointments** In order to enhance the knowledge, skills and experience of the Board three new Trustees were appointed during 2024: - John Turnbull has considerable experience working in education and employment support for children and young people who are vision impaired. He currently works for Guide Dogs as a specialist advisor on education. John also has lived experience of sight loss. - Abigail Sayagh is a qualified accountant who has her own business. Through her voluntary work Abigail supports many diverse groups with financial advice. - Steven Barton is a property specialist and currently works as Director of Property for Dunelm Group plc. All three have been appointed for three year terms. These appointments will help mitigate the identified risk concerning the retirement of current members of the Board. Page 11 **THE POWELL FAMILY FOUNDATION** ## **Trustees' report (continued) For the Year Ended 31 December 2024** ## **Structure, governance and management (continued)** ## **d. The Trustees** The Trustees who served the charity during the year were as follows: Mr S P M Curtis, Chair of Trustees Mr D B Genders Mr J Renshaw Mrs A K Oliver Mr A W Pepper Mr J Turnbull (appointed 4 July 2024) Ms A Sayagh (appointed 4 July 2024) Mr S Barton (appointed 18 December 2024) As part of the Trustees commitment to maintaining a high standard of governance, the Charity Governance Code is reviewed and updated annually. The Foundation has provided additional training for Trustees in Safeguarding and Equality, Diversity & Inclusion. Further governance refresher training is planned during 2025. ## **Plans for future periods** From the end of the year under consideration to March 2025 the Foundation has: - Received 56 new grant applications and awarded grants to a total of £213,323. - Reviewed the Foundation’s grant making criteria to provide clearer guidance to applicants and help to - manage their expectations. - Promoted the Foundation by: attending the VIEW Conference for specialist teachers of children with a - vision impairment, joining networking events as well as individual visits and meetings with charities. • Begun to develop the ‘TPFF Charity Partner Programme’ to use the Foundation’s surplus unrestricted reserves. This will consist of two elements, the first called ‘Building Sustainability and Resilience’ will support several small, specialist organisations who have received a grant from the Foundation and have demonstrated their ability to deliver excellent results often with limited resources. The second element is called ‘Collaboration for Greater Impact’ during which the Foundation will convene a group of national sight loss charities to identify areas where a concerted effort may have a significant beneficial impact on the lives of children and young people with a vision impairment. Page 12 THE POWELL FAMILY FOUNDATION Trustees. report (continued) For the Year Ended 31 Decembgr 2024 Statemont of Trustoes. r•8ponsibilI￿•S The Trustees are responsible for preparing the Tru5tees' report and the financial statements in accordance with applicable law and Unrteil Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law appI￿able lo charities in England & Wales requires the Trustees lo prepa￿ financial slalements for each financial year in a¢cordance with United Kingdom Generalty Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve tha financial slalements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of rts incoming resources and application of resources. including Tts income and oxpendf(ure, for that peri¢>J. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe th8 methods and principbs of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent". stste whether applicable UK Accounting Standards IFRS 1021 ha￿ been followed. Subject to any material departures disclosed and expk4ined in the financial slatemenls., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charty will continue in busine3S. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitls transactions and disclose wf(h reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Rggulalions 2008 and the provisions of the Trust deed. They a￿ also responsible for safeguarding the assets of the Charity and hence for taking reasonable slep5 for the prevention and detection of fraud and other irregutarf(ies. Dbclosure of infomi*lon to auditorn Each of the persons who are Trustees at the lime when this Trustees. report is approved has confinned that.. so far as that Trustee is aware, the￿ is no relevant audr( infomation of which the charrtls audi(ors are unaware. and that Tru$lee has takan all the steps that ought to hav• ken taken as a Trustèè in ord•r to be aware of any rel@vant aud(( information and to 9$18blish that the charws audrtors are aware of that infomiation. Auditorn The auditors, Sayers Butterworth LLP, have indicated their willingness lo continue in office. The designalgd Trustees will propose a motion reappointing the auditors al a meeting of the Trust￿. Approvgd by order of the members of the board of Trustees and signed on their beha￿ by.. Mrs PMCurtl8 Chair of Trustees Date.. Page 13 **THE POWELL FAMILY FOUNDATION** ## **Independent auditors' report to the Members of The Powell Family Foundation** ## **Opinion** We have audited the financial statements of The Powell Family Foundation (the 'charity') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 14 **THE POWELL FAMILY FOUNDATION** ## **Independent auditors' report to the Members of The Powell Family Foundation (continued)** ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 15 **THE POWELL FAMILY FOUNDATION** ## **Independent auditors' report to the Members of The Powell Family Foundation (continued)** ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and Charity Law. - Those laws for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements including compliance with the charitable objectives, public benefit guidance and fundraising regulations. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 16 THE POWELL FAMILY FOUNDATION Indep•ndent auditors. report to the Membgrs of The Powell Family Foundation Icontinuod} Use of our report This report is made SO￿lY to the charty's trustees, as a bc*ly, in acCofdan￿ wf(h Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audf( work has been undertaken so that we might state to the chantys trustee$ those matters we are required to state to them in an Audrf(ors' report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilty lo anyone other than the charity and rtS trustees, as a btray. for our audit wo￿, for this report, or for the opinions we have formed. Hannah Clegg nlor Statutory audltor) Sayors Butterworth LLP Chartered Accounlanls and Slatutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW Date.. 2110512025 Sayers Buttetworth LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 17 **THE POWELL FAMILY FOUNDATION** ## **Statement of financial activities For the Year Ended 31 December 2024** |**Note**
**Income and endowments from:**
Donations and legacies
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Raising funds
5
Charitable activities
8
**Total expenditure**
**Net income before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Total transfers**
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed
assets
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**286,612**
**-**
**286,612**
**407,000**
**693,612**
**46,803,133**
**693,612**
**47,496,745**|**Unrestricted**
**funds**
**2024**
**£**
**59,857**
**1,834,909**
**1,894,766**
**442,891**
**1,072,864**
**1,515,755**
**379,011**
**-**
**-**
**379,011**
**-**
**379,011**
**3,593,981**
**379,011**
**3,972,992**|**Total**
**funds**
**2024**
**£**
**59,857**
**1,834,909**
**1,894,766**
**442,891**
**1,072,864**
**1,515,755**
**379,011**
**286,612**
**-**
**665,623**
**407,000**
**1,072,623**
**50,397,114**
**1,072,623**
**51,469,737**|_Total_
_funds_
_2023_
_£_
_1,221,510_
_15,683,127_
_16,904,637_
_613,408_
_782,794_
_1,396,202_
_15,508,435_
_(13,962,574)_
_-_
_1,545,861_
_(857,500)_
_688,361_
_49,708,753_
_688,361_
_50,397,114_| |---|---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 21 to 39 form part of these financial statements. Page 18 THE POWELL FAMILY FOUNDATION Balance sheet As at 31 DKember 2024 2024 2023 Fix•d assets Tangible assets Investments Investment propety 13 15 14 1.879 7.821.231 42,584.500 1,335 6.011,792 43.992, 50,407,410 50,005.627 Current assets Debtors Cash at bank and in hand 16 318,481 947.926 293,084 324,522 22 1,266.407 617,606 CTedilors.' amounts falling due wthin one year 17 {204.0801 (226. t 19) Not current assets 1.062.327 391,487 Total assats Igss current liabilitlfjs 51.469,737 50,397,114 Total not assets 51,469,737 50,397, 114 Charlty funds Endowment fund8 UnreStr￿ted funds 19 19 47N96,746 3.972,992 46,803, 133 3,593.981 Total fund$ 51.469.737 ).397, 174 The financial statements were approved and authorised for issue by the Trustees on 2110512025 and swned on their behaff by.. MrSPMCurtls Chair of Tru8tees The notes on pages 21 to 39 form part of these financial Slatemenls. Page 19 ## **THE POWELL FAMILY FOUNDATION** ## **Statement of cash flows For the Year Ended 31 December 2024** |**Note**
**Cash flows from operating activities**
Net cash provided by operating activities
21
**Cash flows from investing activities**
Dividends, interest and rents from investment properties
Proceeds from the sale of investment properties
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of listed investments
Cash held as part of investment portfolio - movement
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
22|**2024**
**£**
**(1,502,607)**
**1,834,909**
**1,958,256**
**(1,069)**
**4,875**
**(221,328)**
**(1,449,632)**
**2,126,011**
**623,404**
**324,522**
**947,926**|_2023_
_£_
_(14,209,070)_
_15,683,127_
_-_
_-_
_452_
_(3,101,662)_
_(1,748,158)_
**10,833,759**
**(3,375,311)**
_3,699,833_
_324,522_| |---|---|---| The notes on pages 21 to 39 form part of these financial statements Page 20 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Powell Family Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Powell Family Foundation constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **1.2 Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding going concern. For this reason, the Charity continues to adopt the going concern basis in preparing its financial statements. Page 21 **THE POWELL FAMILY FOUNDATION** **Notes to the financial statements For the Year Ended 31 December 2024** ## **1. Accounting policies (continued)** ## **1.3 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 from investment properties comprises gross rents receivable and income from surrender premiums. Income from surrender premiums are recognised on the date of surrender. Bank interest is recognised as it is earned and dividends when they are receivable. ## **1.4 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 of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to the charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **1.5 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 institution with whom the funds are deposited. Page 22 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **1. Accounting policies (continued)** ## **1.6 Taxation** The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable trust for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **1.7 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: |Office equipment|-|33%| |---|---|---| |Computer equipment|-|25%| ## **1.8 Investments** Investment properties are carried at fair value determined annually by the Trustees and based on current market values. No depreciation is provided. Changes in fair value are shown in the statement of financial activities. Listed investments are initially recognised at their transaction cost and subsequently measured at fair value. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the statement of financial activities. ## **1.9 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.10 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. Page 23 **THE POWELL FAMILY FOUNDATION** **Notes to the financial statements For the Year Ended 31 December 2024** ## **1. Accounting policies (continued)** ## **1.11 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 advanced 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 pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. ## **1.12 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.13 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. Expendable endowment funds are funds which are capital in nature but can be used at the discretion of the Trustees. The costs of administering such funds are charged against the specific fund. The restrictions to each fund is set out in the notes to the financial statements. Investment income generated by the expendable endowment fund is unrestricted funds. Investment income, gains and losses are allocated to the appropriate fund. ## **2. Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Trustees make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ## _(i) Valuation of investment property_ The investment property is valued annually on an open market for existing use basis. The Trustees are required to employ judgement in estimating the value of land and assessing any impairment provisions which may be required. Page 24 ## **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2024**
**£**
Donations
52,573
Legacies
7,284
59,857|**Total**
**funds**
**2024**
**£**
**52,573**
**7,284**| |---|---| ||**59,857**| During the year the Charity received legacies totalling £7,284 (2023: £1,194,604) from the estate of Mrs P Powell. This comprised cash of £7,284 (2023: £1,194,604). During the year the Charity received legacies totalling £Nil (2023: £26,785) from the estate of Mr R S Powell, a former Trustee. This comprised tax recoverable of £Nil (2023: £26,785) on previous legacies received. |Donations
Legacies|_Unrestricted_
_funds_
_2023_
_£_
_121_
_1,221,389_
_1,221,510_|_Total_
_funds_
_2023_
_£_
_121_
_1,221,389_| |---|---|---| |||_1,221,510_| ## **4. Investment income** |**Unrestricted**
**funds**
**2024**
**£**
Income from investment properties
1,594,138
Dividends and interest receivable
240,771
1,834,909|**Total**
**funds**
**2024**
**£**
**1,594,138**
**240,771**| |---|---| ||**1,834,909**| Page 25 ## **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **4. Investment income (continued)** |Income from investment properties
Investment income - subsidiaries
Dividends and interest receivable|_Endowment_
_funds_
_2023_
_£_
_-_
_14,222,519_
_-_
_14,222,519_|_Unrestricted_
_funds_
_2023_
_£_
_1,317,228_
_-_
_143,380_
_1,460,608_|_Total_
_funds_
_2023_
_£_
_1,317,228_
_14,222,519_
_143,380_| |---|---|---|---| ||||_15,683,127_| ## **5. Expenditure on raising funds** |**Unrestricted**
**funds**
**2024**
**£**
**Property management costs**
Repairs and maintenance
150,159
Property management and letting fees
104,005
Other property costs
17,219
Professional fees
42,695
Council tax
8,264
Property insurance
66,046
White goods
4,434
Electricity fees
35,235
Bad debts
14,834
442,891|**Total**
**funds**
**2024**
**£**
**150,159**
**104,005**
**17,219**
**42,695**
**8,264**
**66,046**
**4,434**
**35,235**
**14,834**| |---|---| ||**442,891**| Page 26 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** |**Property management costs**
Repairs and maintenance
Property management and letting fees
Other property costs
Professional fees
Council tax
Property insurance
White goods
Electricity fees
Bad debts|_Unrestricted_
_funds_
_2023_
_£_
_250,759_
_114,325_
_28,210_
_42,591_
_58,987_
_34,586_
_14,702_
_37,694_
_31,554_
_613,408_|_Total_
_funds_
_2023_
_£_
_250,759_
_114,325_
_28,210_
_42,591_
_58,987_
_34,586_
_14,702_
_37,694_
_31,554_| |---|---|---| |||_613,408_| ## **6. Analysis of grants** |Grants payable
Grants payable|**Grants to**
**Institutions**
**2024**
**£**
587,547
_Grants to_
_Institutions_
_2023_
_£_
_528,832_|**Grants to**
**Individuals**
**2024**
**£**
313,558
_Grants to_
_Individuals_
_2023_
_£_
_107,724_|**Total**
**funds**
**2024**
**£**
**901,105**| |---|---|---|---| ||||_Total_
_funds_
_2023_
_£_
_636,556_| Page 27 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **7. Summary of grants** ||**2024**|_2023_| |---|---|---| ||**£**|_£_| |Blind in Business|**37,000**|_29,000_| |Sight Concern Worcestershire|**32,951**|_-_| |Merton Vision|**32,582**|_34,125_| |Vista|**30,000**|_59,951_| |LOOK|**30,000**|_-_| |Angel Eyes NI|**29,590**|_-_| |Wales Council of the Blind|**27,707**|_-_| |Sight for Surrey|**27,206**|_21,587_| |Bloomsbury Football Foundation|**23,000**|_-_| |Stargardt's Connected|**23,000**|_-_| |Sight Life Cardiff|**22,000**|_43,116_| |Visibilty|**20,733**|_-_| |MoorVision|**20,000**|_20,000_| |North East Sight Matters|**20,000**|_20,000_| |North East Sensory Services|**20,000**|_20,000_| |MACS|**20,000**|_20,000_| |MyVision Oxfordshire|**20,000**|_15,000_| |Clear Vision|**19,120**|_18,360_| |RSBC|**18,750**|_37,500_| |Treloars|**17,500**|_-_| |Goalball UK|**15,000**|_-_| |Sight Scotland|**15,000**|_-_| |Open Sight|**14,582**|_8,133_| |Wilberforce Trust|**10,000**|_10,000_| |NICE|**9,644**|_-_| |iSight Cornwall|**8,000**|_-_| |Wakefield & District Sight Aid|**6,000**|_-_| |Vision Foundation|**(10,000)**|_20,000_| |Henshaws|**-**|_31,220_| |Usher Kids|**-**|_26,311_| |Berkshire Vision|**-**|_24,257_| |Croydon Vision|**-**|_16,500_| |RNIB|**-**|_15,000_| |Nystagmus Network|**-**|_14,000_| |Wirral Society|**-**|_11,352_| |Grants to institutions under £5,000 each|**28,181**|_13,420_| |Grants to individuals £5,000 and under each|**313,559**|_107,724_| Page 28 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** |**8.**
**Analysis of expenditure on charitable activities**
**Summary by fund type**
Charitable activities
Charitable activities
**9.**
**Analysis of expenditure by activities**
Charitable activities
Charitable activities|**901,105**
**Unrestricted**
**funds**
**2024**
**£**
1,072,864
_Unrestricted_
_funds_
_2023_
_£_
_782,794_
**Grant**
**funding of**
**activities**
**2024**
**Support**
**costs**
**2024**
**£**
**£**
901,105
171,759
_Grant_
_funding of_
_activities_
_2023_
_Support_
_costs_
_2023_
_£_
_£_
_636,556_
_146,237_|_636,556_| |---|---|---| |||**Total**
**2024**
**£**
**1,072,864**| |||_Total_
_2023_
_£_
_782,794_| |||**Total**
**funds**
**2024**
**£**
**1,072,864**| |||_Total_
_funds_
_2023_
_£_
_782,793_| Page 29 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **Analysis of governance costs** |Legal and professional fees
Audit and accountancy fees
Bookkeeping and payroll fees
Staff costs
Computer costs
Consultancy fees
General expenses
Insurance
Recruitment fees
Depreciation
Subscriptions
Bank fees
Entertainment
Rent
Travel
Investment management fees|**2024**
**£**
**1,782**
**20,100**
**12,900**
**60,935**
**5,228**
**378**
**6,677**
**1,313**
**5,729**
**725**
**1,157**
**441**
**1,888**
**43,619**
**4,950**
**3,937**
**171,759**|_2023_
_£_
_11,029_
_22,739_
_10,650_
_46,292_
_7,135_
_-_
_3,298_
_325_
_3,996_
_681_
_1,497_
_91_
_1,153_
_33,393_
_1,899_
_2,059_| |---|---|---| |||_146,237_| |**10.**|**Auditors' remuneration**||| |---|---|---|---| |||**2024**|_2023_| |||**£**|_£_| ||Fees payable to the Charity's auditor for the audit of the Charity's annual||| ||accounts|**16,800**|_16,800_| ||Fees payable to the Charity's auditor in respect of:||| ||All non-audit services not included above|**3,300**|_9,000_| Page 30 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **11. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**54,382**
**5,551**
**1,002**
**60,935**|_2023_
_£_
_45,277_
_687_
_328_| |---|---|---| |||| |||_46,292_| The average number of persons employed by the Charity during the year was as follows: ||**2024**|_2023_| |---|---|---| ||**No.**|_No._| |Employees|**2**|_2_| No employee received remuneration amounting to more than £60,000 in either year. Key management personnel is comprised of the Executive Director and the Trustees. Total compensation paid to key management personnel for services provided to the charity for the year was £31,833 (2023: £29,750). ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration for their services. During the year ended 31 December 2024, travel and subsistence expenses totalling _£_ 4,807 were reimbursed or paid directly to 5 Trustees _(2023 - £987_ ). Page 31 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **13. Tangible fixed assets** |**Cost or valuation**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Computer**
**equipment**
**£**
**2,722**
**1,069**| |---|---| ||**3,791**| ||**1,387**
**725**| ||**2,112**| ||**1,679**| ||_1,335_| Page 32 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **14. Investment property** |**Valuation**
At 1 January 2024
Disposals
Surplus on revaluation
At 31 December 2024|**Freehold**
**investment**
**property**
**£**
**43,992,500**
**(1,815,000)**
**407,000**
**42,584,500**| |---|---| The investment properties were valued by Amherst Asset Management as at 31 December 2024. ## **15. Fixed asset investments** |**Cost or valuation**
At 1 January 2024
Acquisition at cost
Disposal proceeds
Unrealised gain on revaluations in the year
Realised profit on disposals
Movement in cash held as part of portfolio
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Listed**
**investments**
**£**
**6,011,792**
**221,328**
**(4,875)**
**143,125**
**229**
**1,449,632**
**7,821,231**
**7,821,231**
_6,011,792_| |---|---| Page 33 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **16. Debtors** |**Due within one year**
Other debtors
Prepayments and accrued income|**2024**
**£**
**254,143**
**64,338**
**318,481**|_2023_
_£_
_231,255_
_61,829_| |---|---|---| |||| |||_293,084_| ## **17. Creditors: Amounts falling due within one year** |Trade creditors
Other creditors
Accruals
Deferred income
Deferred income at start of period
Resources deferred during the year
Amounts released from previous periods|**2024**
**£**
**34,042**
**-**
**21,286**
**148,752**
**204,080**|_2023_
_£_
_23,846_
_104_
_26,125_
_176,044_| |---|---|---| |||| |||_226,119_| |||**2024**
**£**
**176,044**
**21,286**
**(176,044)**| |||| |||**21,286**| Deferred income relates to rent receivable invoiced in advance. At 31 December 2024 the Foundation had pledged grants to the value of £257,311 to be paid in 2025 (£37,085 in 2026), subject to satisfactory monitoring and performance reviews in the future. Page 34 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **18. Financial instruments** |**Financial assets**
Financial assets measured at fair value through income and expenditure
Financial assets measured at amortised cost
**Financial liabilities**
Financial liabilities measured at amortised cost|**2024**
**£**
**50,405,731**
**1,202,068**
**51,607,799**
**2024**
**£**
**35,228**|_2023_
_£_
_50,004,292_
_579,116_| |---|---|---| |||| |||_50,583,408_| |||_2023_
_£_
_32,366_| Financial assets measured at fair value through income and expenditure comprise investment property and listed investments. Financial assets measured at amortised cost comprise accrued income, cash at bank and other debtors. Financial liabilities measured at amortised cost comprise trade creditors and accruals (excluding the audit and accountancy accrual). Page 35 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **19. Statement of funds** ## **Statement of funds - current year** |**Unrestricted**
**funds**
**Designated**
**funds**
TPFF
Charity
Partner
Programme
**General funds**
General funds
**Total**
**Unrestricted**
**funds**
**Expendable**
**endowment**
**funds**
Expendable
endowment
funds
**Total of funds**|**Balance at 1**
**January**
**2024**
**£**
**-**
**3,593,981**
**3,593,981**
**46,803,133**
**50,397,114**|**Income**
**£**
**-**
**1,894,766**
**1,894,766**
**-**
**1,894,766**|**Expenditure**
**£**
**-**
**(1,515,755)**
**(1,515,755)**
**-**
**(1,515,755)**|**Transfers**
**in/out**
**£**
**3,500,000**
**(3,500,000)**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**693,612**
**693,612**|**Balance at**
**31**
**December**
**2024**
**£**
**3,500,000**| |---|---|---|---|---|---|---| |||||||**472,992**| |||||||**3,972,992**| |||||||**47,496,745**| |||||||**51,469,737**| The expendable endowment fund comprises the investment property portfolio and listed investments. Part of the uninvested cash held by the investment advisors are unrestricted funds. During the year a transfer of £3,500,000 was made from the unrestricted fund to a designated fund called TPFF Charity Partner Programme. Page 36 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **19. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted**
**funds**
General funds
**Expendable**
**endowment**
**funds**
Expendable
endowment
funds
**Total of funds**|_Balance at_
_1 January_
_2023_
_£_
_2,408,753_
_47,300,000_
_49,708,753_|_Income_
_£_
_16,904,637_
_-_
_16,904,637_|_Expenditure_
_£_
_(1,396,202)_
_-_
_(1,396,202)_|_Transfers_
_in/out_
_£_
_(1,648,207)_
_1,648,207_
_-_|_Gains/_
_(Losses)_
_£_
_(12,675,000)_
_(2,145,074)_
_(14,820,074)_|_Balance at_
_31_
_December_
_2023_
_£_
_3,593,981_| |---|---|---|---|---|---|---| |||||||_46,803,133_| |||||||_50,397,114_| ## **20. Analysis of net assets between funds Analysis of net assets between funds - current period** |Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|**Expendable**
**endowment**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
1,679
4,912,245
2,908,986
42,584,500
-
-
1,266,407
-
(204,080)
47,496,745
3,972,992|**Total**
**funds**
**2024**
**£**
**1,679**
**7,821,231**
**42,584,500**
**1,266,407**
**(204,080)**| |---|---|---| |||**51,469,737**| Page 37 **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **20. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior period** ## **21.** |_Expendable_
_endowment_
_funds_
_Unrestricted_
_funds_
_£_
_£_
Tangible fixed assets
_-_
_1,335_
Fixed asset investments
_2,810,633_
_3,201,159_
Investment property
_43,992,500_
_-_
Current assets
_-_
_617,606_
Creditors due within one year
_-_
_(226,119)_
**Total**
_46,803,133_
_3,593,981_
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2024**
**£**
Net income for the period (as per Statement of Financial Activities)
**665,623**
**Adjustments for:**
Depreciation charges
**725**
Realised (profit)/loss on investments
**(229)**
Dividends, interest and rents from investment properties
**(1,834,910)**
Unrealised (gain)/loss on revaluation of investments
**(143,125)**
Decrease/(increase) in debtors
**(25,396)**
Increase/(decrease) in creditors
**(22,037)**
Realised profit on disposal of investment properties
**(143,258)**
**Net cash used in operating activities**
**(1,502,607)**|_Total_
_funds_
_£_
_1,335_
_6,011,792_
_43,992,500_
_617,606_
_(226,119)_
_50,397,114_
_2023_
_£_
_1,545,861_
_681_
_10_
_(15,683,127)_
_(162,436)_
_35,340_
_54,601_
_-_
_(14,209,070)_| |---|---| Page 38 ## **THE POWELL FAMILY FOUNDATION** ## **Notes to the financial statements For the Year Ended 31 December 2024** ## **22. Analysis of cash and cash equivalents** |Cash in hand
**Total cash and cash equivalents**|**2024**
**£**
**947,926**
**947,926**|_2023_
_£_
_324,522_| |---|---|---| |||| |||_324,522_| ## **23. Analysis of changes in net debt** |Cash at bank and in hand|**At 1**
**January**
**2024**
**£**
**324,522**
**324,522**|**Cash flows**
**£**
**623,404**
**623,404**|**At 31**
**December**
**2024**
**£**
**947,926**| |---|---|---|---| ||||**947,926**| ## **24. Operating lease commitments** At 31 December 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**£**
**27,589**
**-**
**27,589**|_2023_
_£_
_21,901_
_1,991_| |---|---|---| |||| |||_23,892_| ## **25. Other financial commitments** During the year ended 31 December 2022 the Foundation received £152,978 from The Powell Family Trust, a former related Trust. The Trustees of the Foundation have provided an indemnity to the Trustees of the Powell Family Trust for this amount. ## **26. Controlling party** In the opinion of the Trustees there is no one ultimate controlling party. Page 39