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2025-12-31-accounts

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Charity number: 1190017

THE POWELL FAMILY FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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THE POWELL FAMILY FOUNDATION

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 15
Independent auditors' report on the financial statements 16 - 19
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 43

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THE POWELL FAMILY FOUNDATION

Reference and administrative details of the Charity, its Trustees and advisers For the Year Ended 31 December 2025

Trustees Mr S P M Curtis, Chair of Trustees
Mr D B Genders
Mr J Renshaw
Mrs A K Oliver
Mr A W Pepper (resigned 25 June 2025)
Mr J Turnbull
Ms A Sayagh
Mr S Barton
Mr D J Swain (appointed 28 January 2026)
Mr D Aldwinckle (appointed 28 January 2026)
Charity registered
number

Registered office




Principal operating
office



Executive director

Independent auditors





Bankers




Solicitors




Investment managers




Investment managers



 1190017
3rd Floor
12 Gough Square
London
EC4A 3DW
Thanet House, 231-232 Strand
London
WC2R 1DA
Mr C Whitbourn
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor
3rd Floor 12 Gough Square
London
EC4A 3DW
NatWest Group Plc
36 St Andrews Square
Edinburgh
EH2 2YB
Russell-Cooke LLP
8 Bedford Row
London
WC1R 4BX
CCLA Investment Management Limited
1 Angel Lane
London
EC4R 3AB
Rathbones Group plc
8 Finsbury Circus
London
EC2M 7AZ

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Reference and administrative details of the Charity, its Trustees and advisers (continued) For the Year Ended 31 December 2025

Property managers Amherst Asset Management Limited PO Box 92 Haslemere Surrey GU27 9GP CIO number CE022237 Website www.tpff.org.uk

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THE POWELL FAMILY FOUNDATION

Trustees' report For the Year Ended 31 December 2025

The Trustees present their annual report together with the audited financial statements of the charity for the year from 1 January 2025 to 31 December 2025.

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).

2025 was the Foundation’s third year of operations and the Trustees are delighted to report on another successful year with a record number of grants awarded 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. The Foundation has produced impact reports for 2023 and 2024; these contained information on the children and charities supported. For 2025 the Foundation is considering a fresh approach to impact reporting and the results will be available on our website later in the year.

Objectives and activities

a. Policies and objectives

The Foundation’s vision is a world in which children and young people with a vision 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 with a vision impairment, to improve their emotional, and physical 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 with a vision impairment.

The Foundation began its grant making operations in January 2023 and has concentrated on promotional activities among professionals within the vision impairment sector. This has resulted in a steady increase in grant applications from both individuals and not-for-profit organisations. 2025 has seen another successful year with grant making exceeding expectations. The Trustees believe the Foundation is in a strong position to develop and focus its grant making work, reaching more children and young people with a vision impairment.

In setting and planning the activities of the Foundation the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

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Trustees' report (continued) For the Year Ended 31 December 2025

Objectives and activities (continued)

b. Grant-making policies

The Trustees’ policy on grant giving is discretionary but aims to support individuals with the cost of habilitation, assistive technology, knowledge and skills development or activities to promote well-being, confidence 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 with a vision impairment.

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 the current policy is only to do so in exceptional circumstances. The number of grant applications from both individuals and organisations has increased to the point where the Foundation will need to manage the demand by scaling back the amount awarded, reducing the length of the grant or applying stricter criteria.

Organisations 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 as a result of 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.

c. Activities undertaken to achieve objectives

The financial year to 31st December 2025 built on the success achieved during the first two years of operations.

The Grants Committee meets immediately following the monthly Board meetings. Grant applications from individuals are considered monthly and applications from organisations are reviewed and considered quarterly.

The Foundation’s website has separate sections for individual and organisational grant applications. Guidance on the grants available, as well as instructions for completing the application, is under constant review to ensure they reflect and support the needs of the applicants.

The Executive Team, comprising the Executive Director, Grants Manager and Grants Officer, has delegated authority to approve grants to individuals up to the value of £1,000. For grants in excess of £1,000 the Executive Team makes a recommendation for the Grants Committee to consider at the next meeting.

Grant applications from organisations undergo due diligence and eligibility checks. An assessment of the application is carried out based on a number of different criteria. A recommendation is then made that goes before the Grants Committee for review and decision.

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance

a. Main achievements of the Charity

Promotion of the Foundation has continued through a variety of channels. The aim is to reach professionals who support children and young people who have a vision impairment. These include Qualified Teacher of children and young people with a Vision Impairment (QTVI’s), Special Educational Needs and Disabilities Coordinators (SENDCO), and qualified habilitation specialists in Local Authority teams who are ideally placed to refer us to parents and help determine the most appropriate form of support.

The Foundation also promotes grant making to local and regional charities who in turn offer local support to children and families. Hosting a workshop at the national Visionary conference generated an immediate increase in the number of applications from local sight loss charities.

The number of individual children and young people receiving a grant increased by 46% on the previous year while the total value of individual grants awarded increased by 16%.

The number of grants awarded to organisations, including second year awards, increased by 31% with the overall value of grants to organisations increasing by 34%.

In addition to the above, work commenced on the Charity Partner Programme. Prior to starting operations the Foundation accumulated surplus unrestricted reserves from bequests while going through probate. This surplus amounts to £3.5m and the Trustees have agreed a five year plan called the ‘TPFF Charity Partner Programme’ to distribute these additional funds. The programme commenced in 2025 and consists of two funds:

Under Part A of the Programme called ‘Building Sustainability and Resilience’ six partner organisations were invited to apply for a grant of up to £150,000 each over 3 to 5 years. All six had previously received a grant and their work has demonstrated their ability to deliver excellent results often with limited resources while making a significant positive impact for children and young people. Of these, unrestricted grants were awarded to ClearVision, North East Sight Matters, LOOK UK and Angel Eyes NI as their objectives fully align with those of the Foundation. Restricted grants were awarded to VICTA and Moor Vision. In total £900,000 has been awarded and will be paid over the next three to five years.

The second fund, Part B, is called ‘Collaboration for Greater Impact.’ The Foundation has convened a group of national sight loss charities to identify areas where a concerted effort, based on thorough research, may have a significant beneficial impact on the lives of children and young people with a vision impairment. A Memorandum of Understanding was signed with Thomas Pocklington Trust (TPT) and Fight for Sight (F4S) as primary partners. Both TPT and F4S will contribute financially to the project although the Foundation is likely to be responsible for the majority of the project costs. Initial desk research was carried out and a much larger piece of independent research has been commissioned to help fully understand the key issues for children and young people with a vision impairment, together with the available support and services etc. This is due for completion in the summer of 2026 and will inform the next stage of the Programme.

A grant of £50,000 was awarded to F4S to cover the initial cost of the independent research and project management. A communications plan is being agreed with the primary partners to keep other organisations and key individuals within the sight loss sector up to date as the project develops.

b. Key performance indicators

The Foundation awarded grants totalling £1,409,038 (2024: £901,105) to charities, not-for-profit organisations and individuals.

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance (continued)

Organisations:

The Foundation awarded a total of 55 grants during the year. 47 new applications were received of which 4 were rejected. In addition 12 second year grants were approved. The total value of the grants awarded to organisations was £1,038,963 (2024: £587,546) making the average award £18,890 (2024: £16,787).

The value of the new grants to organisations is summarised as follows:

Less than £10,000 – 15 (2024: 11)

£10,000 - £25,000 – 22 (2024: 15)

Over £25,000 - 18 (2024: 9)

The grantee organisations operate either locally, regionally or nationally across the UK and provide a range of services for children and young people with a vision impairment:

21 provide regional or local support services for children and families

12 specialise in sport, activities and leisure

4 provide opportunities in music and dance

7 specialise in support for specific eye conditions

5 offer support for mental well-being and peer support

5 support young people to access education and employment

1 focuses on accessible information

Individuals:

The Foundation received 320 (2024: 205) new grant applications from parents and young people. In total 287 were awarded grants, and an additional 25 were agreed in the year and paid post year end. The total value of the grants paid was £370,075 (2024: £313,559) making the average award £1,289 (2024: £1,616).

The recipients of individual grants fell into the following age ranges: 0 – 4 years: 28

5 – 10 years: 82 11 – 18 years: 129 19 – 25 years: 48

The following summarises the impact the Foundation aims to achieve and how this relates to the grants awarded:

199 grants supported young people with technology for education. Equipment such as Braille note takers, magnifiers, laptops with specialist software, iPads etc. are vital in supporting a young person with vision impairment to access learning materials. At school or college this equipment is provided but it is not necessarily available at home. As a result homework is difficult or impossible and the young person falls behind their peer group in educational attainment. This is also likely to have a negative impact on the young person’s confidence. These grants help to maintain an equity of educational opportunity.

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance (continued)

42 grants were awarded for a variety of activities under the general heading of well-being. Children and young people with a vision impairment can become isolated and lack confidence. These activities boost not only skills development and experiential learning but also help to build social connections and friendships. These grants helped fund activity events, swimming and horse riding lessons, musical instruments and lessons.

11 grants supported items of technology for leisure purposes. These will help with social connections and the increasingly popular Meta glasses support mobility and connecting with the wider world.

8 grants helped young people to access additional tuition. Children who have a vision impairment can find it challenging to keep up with classwork so extra tuition can be very beneficial.

7 grants were awarded to support early years development. Very young children who have a vision impairment often find it more difficult to interact with their surroundings. Sensory toys and other specialist play materials can support their development.

Overall, the Foundation took an average of 36 days from receipt of a grant application to making a decision. This is slightly longer than in previous years due to the increase in the number of applications.

Geographically there is a good spread of grantees across the UK. Applicants learn about the Foundation from a number of sources: Education specialists (Qualified Teachers of children with Vision Impairment, Special Education Needs and Disabilities Coordinators), Local Authority Sensory Services teams, national charity helplines, local sight loss charities as well as parent networks.

As set out above, the Foundation believes that through its work with children and young people with a vision impairment, it fulfils its objectives and delivers public benefit to the wider community.

c. Review of activities

The following examples of feedback have been received from grantees:

E is a 17 year old from Yorkshire, grant of £2,800 awarded in April 2025. His mother wrote:

“I would like to say a very big ‘thank you’ to you and to everyone who works to support young people with vision impairments through the Powell Family Foundation. The grant you awarded to my son has made a significant difference. When things felt very bleak, the help you provided gave us hope that things would improve.

E is now back at school, although this has been hard won. I hadn’t realised how far he needed to come to feel physically and mentally able to function day to day. It took him until the October half term to feel ready to attend school every day for his scheduled lessons. This has been made easier by the award of an EHCP—another hard-won achievement—which now provides him with a Teaching Assistant to scribe in his A level Chemistry and Economics lessons. He also receives an hour a week of one to one support with a subject specialist for these subjects, and two designated hours with specialist teachers to help him complete his Applied IT course.

The funding for tuition has been invaluable, and E has made excellent use of the iPad and accessories. He is hoping to take his Chemistry and Economics A level exams in the summer. The gym he attends has also been incredibly supportive; when he lacked the confidence to go alone, they allowed him to be accompanied and even let him attend free of charge. He has now built up the confidence to go independently and has recently paid for the six -month membership funded by the Foundation.

I am deeply grateful for your generosity and thank you wholeheartedly. Thank you once again.”

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance (continued)

R is a 23 year old from London, grant of £5,000 in June 2025. He wrote:

“I’m truly and deeply grateful for this grant. It means more to me than words can fully express. Your support will make a significant difference in my musical journey and professional career, and I feel incredibly honoured and encouraged.

Please extend my heartfelt thanks to the Powell family. I am truly touched that they chose to support me and recognise my potential. This opportunity will not only help me grow but has also filled me with even greater purpose and motivation.

I promise that as I move forward in my career, I will give back in any way I can — and I hope to one day support others, just as you’ve supported me. I would be proud to work closely with charities like yours in the future. Once again, thank you from the very bottom of my heart — from both me and my mum. With warmest regards and deep appreciation.”

E is a 13 year old from Berkshire, grant of £1,600 in June 2025. His mother wrote:

“I just wanted to thank you for agreeing and arranging the grant for E for his iPhone and towards his laptop. This was a great help as the larger screens are always more expensive. We bought the phone at the beginning of the holidays and took E to the Apple store on Saturday to buy his laptop. We spent a long time discussing spec and longevity so are hopeful it will see him into university if he chooses to go. He did really well in his GCSE’s achieving four grade 9’s five grade 8’s and one grade 7. He now has a great set up at home to continue his studies and develop his music. Please do pass on our sincere gratitude to all at the Powell Family.”

M is a 6 year old from Scotland, grant of £550 in August 2025 – Her father wrote:

“Thank you again for this opportunity. You and all the team at the Foundation have made M one very happy girl. We've had a tough year as a family and the smile on her face when I gave her the iPad yesterday brought a tear to my eye!”

J is a 22 year old from Worcestershire, grant of £3,500 in August 2025 – His mother wrote:

“I just wanted to send my biggest Thanks to everyone at the Powell family foundation, regarding J’s grant, I’ve cried so many happy tears today, it will be life changing for him. We are beyond grateful.”

SC is a 10 year old from Cornwall, grant of £700 in October 2025 – His mother wrote:

“I am totally overwhelmed and very emotional! I am SO incredibly grateful! This is just enormous and wonderful news for S. He is currently working towards his level 4 swimming, and I would not have thought he would ever be achieving that a year ago. I am beyond delighted that we can continue to book the sessions without financial strain and juggling. We are so lucky, thank you to the whole Foundation.”

Fight Against Blindness (FAB) - one year grant of £30,000 to fund a national specialist clinical psychology service.

“Fight Against Blindness provides specialist mental-health support to children and young people with vision impairment across the UK, helping them reach their full potential. Most have acute conditions such as Usher Syndrome (blind and deaf), Retinitis Pigmentosa (hereditary sight loss), requiring our 1 to 1 tailored support to achieve meaningful and sustainable outcomes. FAB is most grateful for The Powell Family Foundation’s kind grant, which has had life changing impact on 120 children and young people by improving their wellbeing, medical outcomes, education, family life, social life and adulthood prospects.” FAB Chair

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance (continued)

Longfleet Vision Warriors – two year grant of £4,174 to develop a CYP community football programme in Dorset.

“We are so grateful for the grant supporting us in establishing the Longfleet Vision Warriors. We have achieved so much including offering regular football for 17 players, developing 12 volunteers and 3 young leaders to deliver VI football and attending a festival at Spurs FC. We have created a community with genuine friendships formed between players and a support network for parents/carers who share experiences and advice which has had a much wider impact on families.” Football Development Manager at Dorset County Football Association and volunteer Assistant Team Secretary for the Longfleet Vision Warriors.

Merton Vision – initial grant totalling £66,707 in 2023 for two years, followed by a grant in 2025 totalling £102,651 for three years to develop their children, young people and families project in south London.

“The initial funding received from The Powell Family Foundation enabled us to fund the salary for a specialist children and young people worker. Within the first couple of months word had spread to Merton families that what they had been requesting was up and running and more importantly funded for two years. This combination was the main factor in our successful award-winning project.

Continued funding from The Powell Family Foundation has given us the opportunity to take time to review our current service and listen to our families to see what else we could offer. As well as our existing popular services, we are expanding to provide sporting activities for our young people. Collaborating with Merton Authority, which is now the first official Borough of Sport, we are embracing a diverse range of popular and new sports. The funding also allows us to spend time contacting the families who haven’t taken up our service and activities. The funding from The Powell Family Foundation has been truly transformational for Merton Vision.” CEO.

Amber Trust – two year grant of £30,000 for the national Little Amber music project.

“Funding from TPFF has provided stability and growth for Little Amber, our early years music programme for vision impaired children. Families are benefiting from early, tailored support, and children are using music to develop the skills and confidence they need to thrive at home, in education, and beyond. Quite simply, the TPFF funds are changing early childhood experiences for blind and partially children and creating brighter futures. We are immensely grateful for the support.” Chief Executive.

Royal National College for the Blind - £10,000 to develop a therapy and sensory room for students.

“The impact of this new suite on our students has been remarkable. They genuinely love coming into the space, it feels modern, professional, and reflective of the careers they’re working towards. You can see the difference in their confidence and ambition. They take real pride in welcoming clients and showcasing their skills. This investment hasn’t just upgraded a room; it has raised expectations, strengthened belief, and helped our students see themselves as industry professionals." Head of the Sports Academy.

“We’re thrilled with our new space. It’s helped bring the Massage and Complementary Therapies Department up to industry standard, especially with adjustable hydraulic couches which are essential for sports massage. A massive thank you to the Foundations that contributed and to RNC’s Estates Team who brought the project to fruition.” Teacher in charge of massage.

North East Sight Matters - not-for-profit organisation awarded a five year grant as part of the Foundation’s Partner Programme.

“We have now had some time to absorb the wonderful news that TPFF are going to support our organisation for the next 5 years. We are so delighted that this will give us greater capacity and more opportunities to make a positive impact for sight impaired children, young people and their families in the region.” Director.

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Trustees' report (continued) For the Year Ended 31 December 2025

Achievements and performance (continued)

Angel Eyes NI - charity awarded a five year grant as part of the Foundation’s Partner Programme.

“I really can’t express the difference this grant will give our organisation – it will give us the foundation to plan and adapt in the next 5 years. I want to thank you personally for the support you have given us and all the trustees for believing in us – it gives us such confidence and pride. Thank you from all our children, young people and families who will benefit as a result of the fund.” CEO.

d. Property

The legacies received from Mr Rodney Powell and Mrs Patricia Powell consisted mainly of property portfolios, the rental income from which funds a substantial amount of the grant making activities of the Foundation. The properties are located in West and South London and are mainly residential with some retail. The Property Committee has monthly 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 2025 the Trustees made the decision to re-balance the Foundation’s overall investment portfolio by gradually reducing the number of properties and investing the proceeds with appropriate investment companies (for example Rathbones, Cazenove or CCLA). To this end, a leading London Estate Agent has been commissioned to undertake a market appraisal of the properties and, taking into consideration a number of factors, recommend which might be sold over a period of time.

e. 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 subsequent sales 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.

In 2025 the Foundation’s Finance Investment and Risk Committee agreed to seek an additional investment company to help offset any performance issues and maximise return on investment. Following several discussions and presentations the Trustees agreed to appoint Cazenove Capital as an investment partner and an account was opened in early 2026.

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.

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Trustees' report (continued) For the Year Ended 31 December 2025

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 being 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 or three 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 and the Finance Investment and Risk Committee.

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. Forward commitments

At 31 December 2025 the Foundation had pledged grants to the value of £449,623 to be paid in 2026 (£863,994 in 2027 and beyond), subject to satisfactory monitoring and performance reviews in the future.

f. Policies

The Foundation has written and agreed policies to govern:

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.

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Trustees' report (continued) For the Year Ended 31 December 2025

Financial review

a. Overview

Total income for the year was £1,884,800 (2024: £1,894,766), of which £1,595,068 (2024: £1,594,138) related to rental income from investment properties, £286,723 (2024: £240,771) related to investment income received from listed investments, and £3,009 (2024: £ 59,857) related to amounts received from donations and legacies.

Total expenditure for the year was £2,089,916 (2024: £1,515,755). This included property management expenses of £471,637 (2024: £442,891), governance costs of £209,241 (2024: £171,759). Grants totalling £1,409,038 (2024: £901,105) 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 £50,967,141 (2024: £51,469,737), of which £47,199,265 (2024: £47,496,745) 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 2025 the unrestricted surplus is in excess of this amount. 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:

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Trustees' report (continued) For the Year Ended 31 December 2025

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 June 2025 Alex Pepper stepped down as a Trustee due to heavy work commitments. The remaining Trustees wish to express their thanks to Alex for his contributions to the development of the Foundation.

The Foundation undertook a recruitment process and following a series of interviews, selected two candidates who then attended three Board meetings as guests. In January 2026 both were formally appointed as Trustees. Both have lived experience of sight loss and will bring valuable experience and a fresh perspective to the Board.

Both have been appointed for three year terms.

These appointments will help mitigate the identified risk concerning the retirement of current members of the Board.

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Trustees' report (continued) For the Year Ended 31 December 2025

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 (resigned 25 June 2025) Mr J Turnbull Ms A Sayagh Mr S Barton

As part of the Trustees commitment to maintaining a high standard of governance, a Board Effectiveness Review is undertaken annually based on the Charity Governance Code.

Plans for future periods

From the end of the year under consideration to 31 March 2026 the Foundation has:

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Trustees' report (continued) For the Year Ended 31 December 2025

Statement of Trustees' responsibilities

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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Sayers Butterworth LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr S P M Curtis Chair of Trustees Date: '$#$#&$&

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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 2025 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 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.

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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:

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.

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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:

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.

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Independent auditors' report to the Members of The Powell Family Foundation (continued)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Hannah Clegg (Senior Statutory auditor) Sayers Butterworth LLP

Chartered Accountants and Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW

Date: 30/06/2026

Sayers Butterworth LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Statement of financial activities For the Year Ended 31 December 2025

Note
Income and endowments from:
Donations and legacies
3
Investments
4
Total income and endowments
Expenditure on:
Property management costs
5
Charitable activities
8
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Total transfers
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
(Losses)/gains on revaluation of fixed
assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,009
1,881,791
1,884,800
471,637
1,618,279
2,089,916
(205,116)
-
-
(205,116)
-
(205,116)
3,972,992
(205,116)
3,767,876		 Endowment
funds
2025
£
-
-
-
-
-
-
-
102,020
-
102,020
(399,500)
(297,480)
47,496,745
(297,480)
47,199,265		 Total
funds
2025
£
3,009
1,881,791
1,884,800
471,637
1,618,279
2,089,916
(205,116)
102,020
-
(103,096)
(399,500)
(502,596)
51,469,737
(502,596)
50,967,141		 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

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 23 to 43 form part of these financial statements.

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Balance sheet As at 31 December 2025

2025
Note
£
Fixed assets
Tangible assets
13
732
Investments
15
8,478,507
Investment property
14
42,185,000
50,664,239
Current assets
Debtors
16
269,551
318,481
Cash at bank and in hand
465,615
947,926
735,166
1,266,407
Current liabilities
Creditors: amounts falling due within one
year
17
(432,264)
(204,080)
Net current assets
302,902
Total assets less current liabilities
50,967,141
Total net assets
50,967,141
Charity funds
Endowment funds
19
47,199,265
Unrestricted funds
19
3,767,876
Total funds
50,967,141
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_______and signed on their behalf by:
'$#$#&$&		 2024
£
1,679
7,821,231
42,584,500
50,407,410
1,062,327
51,469,737
51,469,737
47,496,745
3,972,992
51,469,737
Trustees
on

Mr S P M Curtis Chair of Trustees

The notes on pages 23 to 43 form part of these financial statements.

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Statement of cash flows For the Year Ended 31 December 2025

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		 2025
£
(1,808,845)
1,881,791
-
-
2,203,604
(598,333)
(2,160,528)
1,326,534
(482,311)
947,926
465,615		 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

The notes on pages 23 to 43 form part of these financial statements

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Notes to the financial statements For the Year Ended 31 December 2025

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.

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.

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.

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Notes to the financial statements For the Year Ended 31 December 2025

1. Accounting policies (continued)

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.

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%

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Notes to the financial statements For the Year Ended 31 December 2025

1. Accounting policies (continued)

1.8 Investments

Investment properties are carried at fair value determined annually 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.

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.

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Notes to the financial statements For the Year Ended 31 December 2025

1. Accounting policies (continued)

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.

Designated funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the TPFF Charity Partner Programme.

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 and assessing any impairment provisions which may be required.

3. Income from donations and legacies

Expendable
endowment Total
funds funds
2025 2025
£ £
Donations 3,009 3,009

During the year the Charity received legacies totalling £Nil (2024: £7,284) from the estate of Mrs P Powell. This comprised cash of £Nil (2024: £7,284).

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Notes to the financial statements For the Year Ended 31 December 2025

3. Income from donations and legacies (continued)

Expendable
endowment
funds
2024
£
Donations
52,573
Legacies
7,284
59,857
Investment income
Unrestricted
funds
2025
£
Income from investment properties
1,595,068
Dividends and interest receivable
286,723
1,881,791
Unrestricted
funds
2024
£
Income from investment properties
1,594,138
Dividends and interest receivable
240,771
1,834,909		 Total
funds
2024
£
52,573
7,284
59,857
Total
funds
2025
£
1,595,068
286,723
1,881,791
Total
funds
2024
£
1,594,138
240,771
1,834,909

4. Investment income

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Notes to the financial statements For the Year Ended 31 December 2025

5. Expenditure on property management costs

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
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		 Endowment
funds
2025
£
224,869
99,561
14,019
34,076
1,702
60,357
4,368
32,685
-
471,637
Endowment
funds
2024
£
150,159
104,005
17,219
42,695
8,264
66,046
4,434
35,235
14,834
442,891		 Total
funds
2025
£
224,869
99,561
14,019
34,076
1,702
60,357
4,368
32,685
-
471,637
Total
funds
2024
£
150,159
104,005
17,219
42,695
8,264
66,046
4,434
35,235
14,834
442,891

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Notes to the financial statements For the Year Ended 31 December 2025

6. Analysis of grants

Grants payable
Grants payable		 Grants to
Institutions
2025
£
1,038,963
Grants to
Institutions
2024
£
587,547		 Grants to
Individuals
2025
£
370,075
Grants to
Individuals
2024
£
313,558		 Total
funds
2025
£
1,409,038
Total
funds
2024
£
901,105

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Notes to the financial statements For the Year Ended 31 December 2025

7. Summary of grants

2025 2024
£ £
Moorfield Eye Charity 44,766 -
Vista 42,600 30,000
Blind in Business 39,250 37,000
Sight for Surrey 36,144 27,206
Merton Vision 34,378 32,582
Henshaws 33,725 -
Sightlife Cardiff 33,397 22,000
NESM 32,350 20,000
Croydon Vision 72,112 -
Angel Eyes 31,010 29,590
Fab Fab 30,000 -
Usher Kids 58,626 -
Visibility 27,182 20,733
Herts Vision Loss 25,704 -
Bardet-Biedl Syndrbbsuk 25,000 -
VICTA 25,000 -
Stargardts Connected 23,000 23,000
Sense Trusts 22,514 -
Berkshire Vision 22,452 -
My Vision Oxford
UK 22,000 20,000
Wirral Society WSBPS 18,600 -
MACS 15,000 20,000
Music of Life 15,000 -
The Amber Trust 15,000 -
Samee 13,270 -
Sight Loss Shropshire 12,700 -
Rangers Charity 12,575 -
Albinism Fellowship 12,000 -
Sight Advices 10,201 -
Lancashire Lions 10,000 -
Martial Attitude 10,000 -
RNC 10,000 -
Wilberforce Trust 10,000 10,000
Northern Ballet 9,531 -
Hair & Care 7,992 -
Wakefield DSA 6,592 -
National Archives 5,885 -
New College Worcs 5,000 -

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Notes to the financial statements For the Year Ended 31 December 2025

Sight Concern Worcestershire
Northampton Theatre Trust
21 Together
Disability Snowsport UK
Seable
Thomas Pocklington Trust
LOOK
Wales Council of the Blind
Bloomsbury Football Foundation
MoorVision
North East Sensory Services
Clear Vision
RSBC
Treloars
Goalball UK
Sight Scotland
Open Sight
NICE
iSight Cornwall
Wakefield & District Sight Aid
Vision Foundation
Grants to institutions under £5,000 each
Grants to individuals £5,000 and under each		 (27,129)
5,000
20,000
11,624
20,000
50,000
-
-
7,450
-
-
-
37,166
-
-
-
24,809
-
-
-
-
9,487
370,075
1,409,038		 32,951
-
-
-
-
-
30,000
27,707
23,000
20,000
20,000
19,120
18,750
17,500
15,000
15,000
14,582
9,644
8,000
6,000
(10,000)
28,181
313,559
901,105

As stated in note 17, at 31 December 2025 the Foundation had pledged grants to the value of £449,623 to be paid in 2026 and £863,994 to be paid in 2027 and beyond, subject to satisfactory monitoring and performance reviews in the future.

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Notes to the financial statements For the Year Ended 31 December 2025

8. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Charitable activities		 Expendable
endowment
funds
2025
£
1,618,279
Expendable
endowment
funds
2024
£
1,072,864		 Total
2025
£
1,618,279
Total
2024
£
1,072,864

9. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Grant
funding of
activities
2025
£
1,409,038
Grant
funding of
activities
2024
£
901,105		 Support
costs
2025
£
209,241
Support
costs
2024
£
171,759		 Total
funds
2025
£
1,618,279
Total
funds
2024
£
1,072,864

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Notes to the financial statements For the Year Ended 31 December 2025

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		 2025
£
1,350
20,820
13,363
85,435
9,747
15,689
12,009
1,905
-
948
1,023
1,439
132
34,367
6,270
4,744
209,241		 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

10. Auditors' remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 17,400 16,800
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 3,420 3,300

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Notes to the financial statements For the Year Ended 31 December 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
81,059
1,072
3,304
85,435		 2024
£
54,382
5,551
1,002
60,935

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Employees 3 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 £34,333 (2024: £31,833).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

Please refer to note 26 for futher details.

During the year ended 31 December 2025, travel and subsistence expenses totalling £ 8,790 were reimbursed or paid directly to 8 Trustees (2024 - £4,807 ). During the year the charity incurred costs of £15,689 (2024: £Nil) from a trustee in respect of consultancy services.

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Notes to the financial statements For the Year Ended 31 December 2025

13. Tangible fixed assets

Cost or valuation
At 1 January 2025
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Computer
equipment
£
3,791
3,791
2,112
947
3,059
732
1,679

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THE POWELL FAMILY FOUNDATION

Notes to the financial statements For the Year Ended 31 December 2025

14. Investment property

Valuation
At 1 January 2025
Surplus on revaluation
At 31 December 2025		 Freehold
investment
property
£
42,584,500
(399,500)
42,185,000

The investment properties were valued by Carter Jonas as at 31 December 2025.

15. Fixed asset investments

Cost or valuation
At 1 January 2025
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 2025
Net book value
At 31 December 2025
At 31 December 2024		 Listed
investments
- Rathbones
£
2,111,119
298,333
(3,604)
214,030
414
528
2,620,820
2,620,820
2,111,119		 Listed
investments
- CCLA
£
5,710,112
300,000
(2,200,000)
(170,942)
58,517
2,160,000
5,857,687
5,857,687
5,710,112		 Total
£
7,821,231
598,333
(2,203,604)
43,088
58,931
2,160,528
8,478,507
8,478,507
7,821,231

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Notes to the financial statements For the Year Ended 31 December 2025

16. Debtors

Due within one year
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Accruals
Deferred income
Deferred income at start of period
Resources deferred during the year
Amounts released from previous periods		 2025
£
214,779
54,772
269,551
2025
£
22,733
276,561
132,970
432,264		 2024
£
254,143
64,338
318,481
2024
£
34,042
21,286
148,752
204,080
2025
£
148,752
132,970
(148,752)
132,970

17. Creditors: Amounts falling due within one year

Deferred income relates to rent receivable invoiced in advance.

At 31 December 2025 the Foundation had pledged grants to the value of £449,623 to be paid in 2026 and £863,994 to be paid in 2027 and beyond, subject to satisfactory monitoring and performance reviews in the future.

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Notes to the financial statements For the Year Ended 31 December 2025

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		 2025
£
51,063,007
680,394
51,743,401
2025
£
279,194		 2024
£
50,405,731
1,202,068
51,607,799
2024
£
35,228

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).

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Notes to the financial statements For the Year Ended 31 December 2025

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
2025
£
3,500,000
472,992
3,972,992
47,496,745
51,469,737		 Income
£
-
1,884,800
1,884,800
-
1,884,800		 Expenditure
£
(45,775)
(2,044,141)
(2,089,916)
-
(2,089,916)		 Gains/
(Losses)
£
-
-
-
(297,480)
(297,480)		 Balance at
31
December
2025
£
3,454,225
313,651
3,767,876
47,199,265
50,967,141

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.

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Notes to the financial statements For the Year Ended 31 December 2025

19. Statement of funds (continued)

Statement of funds - prior 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

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Notes to the financial statements For the Year Ended 31 December 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
732
Fixed asset investments
3,464,242
Investment property
-
Current assets
735,166
Creditors due within one year
(432,264)
Total
3,767,876		 Endowment
funds
2025
£
-
5,014,265
42,185,000
-
-
47,199,265		 Total
funds
2025
£
732
8,478,507
42,185,000
735,166
(432,264)
50,967,141

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
1,679
2,908,986
-
1,266,407
(204,080)
3,972,992		 Restricted
funds
2024
£
-
-
-
-
-
-		 Endowment
funds
2024
£
-
4,912,245
42,584,500
-
-
47,496,745		 Total
funds
2024
£
1,679
7,821,231
42,584,500
1,266,407
(204,080)
51,469,737

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Notes to the financial statements For the Year Ended 31 December 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Realised (profit) on investments
Dividends, interest and rents from investment properties
Unrealised (gain) on revaluation of investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Realised profit on disposal of investment properties
Net cash used in operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1
January
2025
£
947,926
947,926		 2025
£
(103,096)
947
(58,931)
(1,881,791)
(43,088)
48,930
228,184
-
(1,808,845)
2025
£
465,615
465,615
Cash flows
£
(482,311)
(482,311)		 2024
£
665,623
725
(229)
(1,834,910)
(143,125)
(25,396)
(22,037)
(143,258)
(1,502,607)
2024
£
947,926
947,926
At 31
December
2025
£
465,615
465,615

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Notes to the financial statements For the Year Ended 31 December 2025

24. Operating lease commitments

At 31 December 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025 2024
£ £
Not later than 1 year 26,460 27,589

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. Related party transactions

During the year a donation of £Nil (2024: £55,911) was received in the form of a legacy from Patricia Powell, former Trustees of The Powell Family Trust, a former related party.

During the year consultancy fees of £15,689 (2024: £Nil), were paid to Alison Oliver Consulting Limited, a company of which Alison Oliver, a Trustee, is a Director. Prior to entering into this arrangement the Foundation took legal advice, and undertook a tender exercise. Before commencement of the agreement the terms were agreed by the Board of Trustees.

27. Controlling party

In the opinion of the Trustees there is no one ultimate controlling party.

Page 43