1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

**Charity number: 1190017** 

# **THE POWELL FAMILY FOUNDATION** 

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
















1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **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|





1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **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**<br>**number**<br><br>**Registered office**<br> <br> <br><br> <br>**Principal operating**<br>**office**<br> <br><br> <br>**Executive director**<br> <br>**Independent auditors**<br> <br> <br> <br><br> <br>**Bankers**<br> <br> <br><br> <br>**Solicitors**<br> <br> <br><br> <br>**Investment managers**<br> <br> <br><br> <br>**Investment managers**<br> <br> <br><br>|1190017<br>3rd Floor<br>12 Gough Square<br>London<br>EC4A 3DW<br>Thanet House, 231-232 Strand<br>London<br>WC2R 1DA<br>Mr C Whitbourn<br>Sayers Butterworth LLP<br>Chartered Accountants and Statutory Auditor<br>3rd Floor 12 Gough Square<br>London<br>EC4A 3DW<br>NatWest Group Plc<br>36 St Andrews Square<br>Edinburgh<br>EH2 2YB<br>Russell-Cooke LLP<br>8 Bedford Row<br>London<br>WC1R 4BX<br>CCLA Investment Management Limited<br>1 Angel Lane<br>London<br>EC4R 3AB<br>Rathbones Group plc<br>8 Finsbury Circus<br>London<br>EC2M 7AZ|



Page 1 



1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **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: 

- Risk; 

- Data Protection; 

- Privacy; 

- Safeguarding; 

- Complaints; 

- Whistleblowing; 

- Equity, Diversity and Inclusion; 

- Gifts, Bribery and Anti-Corruption; 

- Reserves; 

- Remuneration; 

- Delegated Authority; 

- • 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. 

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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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: 

- Governance – Loss of key Trustees or staff and their knowledge. The mitigation is to: maintain and review a schedule of Trustees terms of appointment; regularly review a succession plan; increase the number of younger Trustees; agree a timetable to replace the Executive Director on retirement; 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: have a robust Investment Policy; use qualified and experienced property and investment managers who provide appropriate and timely reports of key metrics and trends; rebalance investments to reduce the number of properties in the portfolio. 

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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **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. 

- " David Aldwinckle has worked for Action for Blind People and RNIB for over 20 years. He is currently Director of Insight and Customer Voice at RNIB and is a Board Member and UK representative at the European Blind Union. 

- " Daniel Swain was a recipient of a grant from the Foundation in 2024. He currently works for Guide Dogs as a Customer Experience Officer. Previously he was a Trustee of a charity supporting people with sight and hearing loss. 

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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

**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: 

- Received 83 new individual grant applications and awarded grants to the value of £76,280. In addition grants totalling £79,966 have been awarded to not-for-profit organisations. 

- Reviewed how the Foundation reports on the impact of the grants awarded and revised the application forms. 

- Promoted the Foundation by: attending the Habilitation UK and VIEW Conferences for habilitation specialists and teachers of children with a vision impairment; joining networking events; as well as individual visits and meetings with charities. 

- Reviewed recommendations and planned for a gradual reduction in the number of properties in the investment portfolio. 

- Research work to map children and young people services due for completion in June 2026. 

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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **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: 

- " select suitable accounting policies and then apply them consistently; 

- " observe the methods and principles of the Charities SORP (FRS 102); 

- " make judgements and accounting estimates that are reasonable and prudent; 

- " state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- " prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

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: 

- " so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- " that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **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: '$#$*#&$&* 

Page 15 



1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **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 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: 

- " give a true and fair view of the state of the charity's affairs as at 31 December 2025 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. 

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## **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. 

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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **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. 

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## **THE POWELL FAMILY FOUNDATION** 

## **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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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **Statement of financial activities For the Year Ended 31 December 2025** 

|**Note**<br>**Income and endowments from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income and endowments**<br>**Expenditure on:**<br>Property management costs<br>5<br>Charitable activities<br>8<br>**Total expenditure**<br>**Net (expenditure)/income before net**<br>**gains on investments**<br>Net gains on investments<br>**Total transfers**<br>**Net movement in funds before other**<br>**recognised gains/(losses)**<br>**Other recognised gains/(losses):**<br>(Losses)/gains on revaluation of fixed<br>assets<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**3,009**<br>**1,881,791**<br>**1,884,800**<br>**471,637**<br>**1,618,279**<br>**2,089,916**<br>**(205,116)**<br>**-**<br>**-**<br>**(205,116)**<br>**-**<br>**(205,116)**<br>**3,972,992**<br>**(205,116)**<br>**3,767,876**|**Endowment**<br>**funds**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**102,020**<br>**-**<br>**102,020**<br>**(399,500)**<br>**(297,480)**<br>**47,496,745**<br>**(297,480)**<br>**47,199,265**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**3,009**<br>**1,881,791**<br>**1,884,800**<br>**471,637**<br>**1,618,279**<br>**2,089,916**<br>**(205,116)**<br>**102,020**<br>**-**<br>**(103,096)**<br>**(399,500)**<br>**(502,596)**<br>**51,469,737**<br>**(502,596)**<br>**50,967,141**|_Total_<br>_funds_<br>_2024_<br>_£_<br>_59,857_<br>_1,834,909_|
|---|---|---|---|---|
|||||_1,894,766_|
|||||_442,891_<br>_1,072,864_|
|||||_1,515,755_|
|||||_379,011_<br>_286,612_|
|||||_-_|
|||||_665,623_<br>_407,000_|
|||||_1,072,623_|
|||||_50,397,114_<br>_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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## **THE POWELL FAMILY FOUNDATION** 

## **Balance sheet As at 31 December 2025** 

|**2025**<br>**Note**<br>**£**<br>**Fixed assets**<br>Tangible assets<br>13<br>**732**<br>Investments<br>15<br>**8,478,507**<br>Investment property<br>14<br>**42,185,000**<br>**50,664,239**<br>**Current assets**<br>Debtors<br>16<br>**269,551**<br>_318,481_<br>Cash at bank and in hand<br>**465,615**<br>_947,926_<br>**735,166**<br>_1,266,407_<br>**Current liabilities**<br>Creditors: amounts falling due within one<br>year<br>17<br>**(432,264)**<br>_(204,080)_<br>**Net current assets**<br>**302,902**<br>**Total assets less current liabilities**<br>**50,967,141**<br>**Total net assets**<br>**50,967,141**<br>**Charity funds**<br>Endowment funds<br>19<br>**47,199,265**<br>Unrestricted funds<br>19<br>**3,767,876**<br>**Total funds**<br>**50,967,141**<br>The<br>financial<br>statements<br>were<br>approved<br>and<br>authorised<br>for<br>issue<br>by<br>the<br>_________________________________________________and signed on their behalf by:<br>'$#$*#&$&*|_2024_<br>_£_<br>_1,679_<br>_7,821,231_<br>_42,584,500_<br>_50,407,410_<br>_1,062,327_<br>_51,469,737_<br>_51,469,737_<br>_47,496,745_<br>_3,972,992_<br>_51,469,737_<br>Trustees<br>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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## **THE POWELL FAMILY FOUNDATION** 

## **Statement of cash flows For the Year Ended 31 December 2025** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash provided by operating activities<br>21<br>**Cash flows from investing activities**<br>Dividends, interest and rents from investment properties<br>Proceeds from the sale of investment properties<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of listed investments<br>Cash held as part of investment portfolio - movement<br>**Net cash used in investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>22|**2025**<br>**£**<br>**(1,808,845)**<br>**1,881,791**<br>**-**<br>**-**<br>**2,203,604**<br>**(598,333)**<br>**(2,160,528)**<br>**1,326,534**<br>**(482,311)**<br>**947,926**<br>**465,615**|_2024_<br>_£_<br>_(1,502,607)_<br>_1,834,909_<br>_1,958,256_<br>_(1,069)_<br>_4,875_<br>_(221,328)_<br>_(1,449,632)_<br>**2,126,011**<br>**623,404**<br>_324,522_<br>_947,926_|
|---|---|---|



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

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## **THE POWELL FAMILY FOUNDATION** 

## **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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## **THE POWELL FAMILY FOUNDATION** 

## **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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## **THE POWELL FAMILY FOUNDATION** 

**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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## **THE POWELL FAMILY FOUNDATION** 

## **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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## **THE POWELL FAMILY FOUNDATION** 

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

## **3. Income from donations and legacies (continued)** 

|_Expendable_<br>_endowment_<br>_funds_<br>_2024_<br>_£_<br>Donations<br>_52,573_<br>Legacies<br>_7,284_<br>_59,857_<br>**Investment income**<br>**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Income from investment properties<br>1,595,068<br>Dividends and interest receivable<br>286,723<br>1,881,791<br>_Unrestricted_<br>_funds_<br>_2024_<br>_£_<br>Income from investment properties<br>_1,594,138_<br>Dividends and interest receivable<br>_240,771_<br>_1,834,909_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_52,573_<br>_7,284_|
|---|---|
||_59,857_|
||**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,595,068**<br>**286,723**|
||**1,881,791**|
||_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,594,138_<br>_240,771_|
||_1,834,909_|



## **4. Investment income** 

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## **THE POWELL FAMILY FOUNDATION** 

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

## **5. Expenditure on property management costs** 

|**Property management costs**<br>Repairs and maintenance<br>Property management and letting fees<br>Other property costs<br>Professional fees<br>Council tax<br>Property insurance<br>White goods<br>Electricity fees<br>Bad debts<br>**Property management costs**<br>Repairs and maintenance<br>Property management and letting fees<br>Other property costs<br>Professional fees<br>Council tax<br>Property insurance<br>White goods<br>Electricity fees<br>Bad debts|**Endowment**<br>**funds**<br>**2025**<br>**£**<br>224,869<br>99,561<br>14,019<br>34,076<br>1,702<br>60,357<br>4,368<br>32,685<br>-<br>471,637<br>_Endowment_<br>_funds_<br>_2024_<br>_£_<br>_150,159_<br>_104,005_<br>_17,219_<br>_42,695_<br>_8,264_<br>_66,046_<br>_4,434_<br>_35,235_<br>_14,834_<br>_442,891_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**224,869**<br>**99,561**<br>**14,019**<br>**34,076**<br>**1,702**<br>**60,357**<br>**4,368**<br>**32,685**<br>**-**|
|---|---|---|
|||**471,637**|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_150,159_<br>_104,005_<br>_17,219_<br>_42,695_<br>_8,264_<br>_66,046_<br>_4,434_<br>_35,235_<br>_14,834_|
|||_442,891_|



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## **THE POWELL FAMILY FOUNDATION** 

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

## **6. Analysis of grants** 

|Grants payable<br>Grants payable|**Grants to**<br>**Institutions**<br>**2025**<br>**£**<br>1,038,963<br>_Grants to_<br>_Institutions_<br>_2024_<br>_£_<br>_587,547_|**Grants to**<br>**Individuals**<br>**2025**<br>**£**<br>370,075<br>_Grants to_<br>_Individuals_<br>_2024_<br>_£_<br>_313,558_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,409,038**|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2024_<br>_£_<br>_901,105_|



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## **THE POWELL FAMILY FOUNDATION** 

## **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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## **THE POWELL FAMILY FOUNDATION** 

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

|Sight Concern Worcestershire<br>Northampton Theatre Trust<br>21 Together<br>Disability Snowsport UK<br>Seable<br>Thomas Pocklington Trust<br>LOOK<br>Wales Council of the Blind<br>Bloomsbury Football Foundation<br>MoorVision<br>North East Sensory Services<br>Clear Vision<br>RSBC<br>Treloars<br>Goalball UK<br>Sight Scotland<br>Open Sight<br>NICE<br>iSight Cornwall<br>Wakefield & District Sight Aid<br>Vision Foundation<br>Grants to institutions under £5,000 each<br>Grants to individuals £5,000 and under each|**(27,129)**<br>**5,000**<br>**20,000**<br>**11,624**<br>**20,000**<br>**50,000**<br>**-**<br>**-**<br>**7,450**<br>**-**<br>**-**<br>**-**<br>**37,166**<br>**-**<br>**-**<br>**-**<br>**24,809**<br>**-**<br>**-**<br>**-**<br>**-**<br>**9,487**<br>**370,075**<br>**1,409,038**|_32,951_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_30,000_<br>_27,707_<br>_23,000_<br>_20,000_<br>_20,000_<br>_19,120_<br>_18,750_<br>_17,500_<br>_15,000_<br>_15,000_<br>_14,582_<br>_9,644_<br>_8,000_<br>_6,000_<br>_(10,000)_<br>_28,181_<br>_313,559_<br>_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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## **THE POWELL FAMILY FOUNDATION** 

## **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<br>Charitable activities|**Expendable**<br>**endowment**<br>**funds**<br>**2025**<br>**£**<br>1,618,279<br>_Expendable_<br>_endowment_<br>_funds_<br>_2024_<br>_£_<br>_1,072,864_|**Total**<br>**2025**<br>**£**<br>**1,618,279**|
|---|---|---|
|||_Total_<br>_2024_<br>_£_<br>_1,072,864_|



## **9. Analysis of expenditure by activities** 

|Charitable activities<br>Charitable activities|**Grant**<br>**funding of**<br>**activities**<br>**2025**<br>**£**<br>1,409,038<br>_Grant_<br>_funding of_<br>_activities_<br>_2024_<br>_£_<br>_901,105_|**Support**<br>**costs**<br>**2025**<br>**£**<br>209,241<br>_Support_<br>_costs_<br>_2024_<br>_£_<br>_171,759_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,618,279**|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,072,864_|



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## **THE POWELL FAMILY FOUNDATION** 

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

## **Analysis of governance costs** 

|Legal and professional fees<br>Audit and accountancy fees<br>Bookkeeping and payroll fees<br>Staff costs<br>Computer costs<br>Consultancy fees<br>General expenses<br>Insurance<br>Recruitment fees<br>Depreciation<br>Subscriptions<br>Bank fees<br>Entertainment<br>Rent<br>Travel<br>Investment management fees|**2025**<br>**£**<br>**1,350**<br>**20,820**<br>**13,363**<br>**85,435**<br>**9,747**<br>**15,689**<br>**12,009**<br>**1,905**<br>**-**<br>**948**<br>**1,023**<br>**1,439**<br>**132**<br>**34,367**<br>**6,270**<br>**4,744**<br>**209,241**|_2024_<br>_£_<br>_1,782_<br>_20,100_<br>_12,900_<br>_60,935_<br>_5,228_<br>_378_<br>_6,677_<br>_1,313_<br>_5,729_<br>_725_<br>_1,157_<br>_441_<br>_1,888_<br>_43,619_<br>_4,950_<br>_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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## **THE POWELL FAMILY FOUNDATION** 

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

## **11. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2025**<br>**£**<br>**81,059**<br>**1,072**<br>**3,304**<br>**85,435**|_2024_<br>_£_<br>_54,382_<br>_5,551_<br>_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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## **THE POWELL FAMILY FOUNDATION** 

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

## **13. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 January 2025<br>At 31 December 2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>At 31 December 2025<br>**Net book value**<br>At 31 December 2025<br>_At 31 December 2024_|**Computer**<br>**equipment**<br>**£**<br>**3,791**|
|---|---|
||**3,791**|
||**2,112**<br>**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**<br>At 1 January 2025<br>Surplus on revaluation<br>At 31 December 2025|**Freehold**<br>**investment**<br>**property**<br>**£**<br>**42,584,500**<br>**(399,500)**<br>**42,185,000**|
|---|---|



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

## **15. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2025<br>Acquisition at cost<br>Disposal proceeds<br>Unrealised gain on revaluations in the year<br>Realised profit on disposals<br>Movement in cash held as part of portfolio<br>At 31 December 2025<br>**Net book value**<br>At 31 December 2025<br>_At 31 December 2024_|**Listed**<br>**investments**<br>**- Rathbones**<br>**£**<br>**2,111,119**<br>**298,333**<br>**(3,604)**<br>**214,030**<br>**414**<br>**528**<br>**2,620,820**<br>**2,620,820**<br>_2,111,119_|**Listed**<br>**investments**<br>**- CCLA**<br>**£**<br>**5,710,112**<br>**300,000**<br>**(2,200,000)**<br>**(170,942)**<br>**58,517**<br>**2,160,000**<br>**5,857,687**<br>**5,857,687**<br>_5,710,112_|**Total**<br>**£**<br>**7,821,231**<br>**598,333**<br>**(2,203,604)**<br>**43,088**<br>**58,931**<br>**2,160,528**<br>**8,478,507**<br>**8,478,507**<br>_7,821,231_|
|---|---|---|---|



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## **THE POWELL FAMILY FOUNDATION** 

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

## **16. Debtors** 

|**Due within one year**<br>Other debtors<br>Prepayments and accrued income<br>**Creditors: Amounts falling due within one year**<br>Trade creditors<br>Accruals<br>Deferred income<br>Deferred income at start of period<br>Resources deferred during the year<br>Amounts released from previous periods|**2025**<br>**£**<br>**214,779**<br>**54,772**<br>**269,551**<br>**2025**<br>**£**<br>**22,733**<br>**276,561**<br>**132,970**<br>**432,264**|_2024_<br>_£_<br>_254,143_<br>_64,338_<br>_318,481_<br>_2024_<br>_£_<br>_34,042_<br>_21,286_<br>_148,752_<br>_204,080_<br>**2025**<br>**£**<br>**148,752**<br>**132,970**<br>**(148,752)**<br>**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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## **THE POWELL FAMILY FOUNDATION** 

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

## **18. Financial instruments** 

|**Financial assets**<br>Financial assets measured at fair value through income and expenditure<br>Financial assets measured at amortised cost<br>**Financial liabilities**<br>Financial liabilities measured at amortised cost|**2025**<br>**£**<br>**51,063,007**<br>**680,394**<br>**51,743,401**<br>**2025**<br>**£**<br>**279,194**|_2024_<br>_£_<br>_50,405,731_<br>_1,202,068_|
|---|---|---|
||||
|||_51,607,799_|
|||_2024_<br>_£_<br>_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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## **THE POWELL FAMILY FOUNDATION** 

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

## **19. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>**Designated funds**<br>TPFF<br>Charity<br>Partner<br>Programme<br>**General funds**<br>General funds<br>**Total Unrestricted funds**<br>**Expendable endowment**<br>**funds**<br>Expendable endowment funds<br>**Total of funds**|**Balance at 1**<br>**January**<br>**2025**<br>**£**<br>**3,500,000**<br>**472,992**<br>**3,972,992**<br>**47,496,745**<br>**51,469,737**|**Income**<br>**£**<br>**-**<br>**1,884,800**<br>**1,884,800**<br>**-**<br>**1,884,800**|**Expenditure**<br>**£**<br>**(45,775)**<br>**(2,044,141)**<br>**(2,089,916)**<br>**-**<br>**(2,089,916)**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**(297,480)**<br>**(297,480)**|**Balance at**<br>**31**<br>**December**<br>**2025**<br>**£**<br>**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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## **THE POWELL FAMILY FOUNDATION** 

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

## **19. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>TPFF Charity<br>Partner<br>Programme<br>**General funds**<br>General Funds<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Expendable**<br>**endowment**<br>**funds**<br>Expendable<br>endowment<br>funds<br>**Total of funds**|_Balance at_<br>_1 January_<br>_2024_<br>_£_<br>_-_<br>_3,593,981_<br>_3,593,981_<br>_46,803,133_<br>_50,397,114_|_Income_<br>_£_<br>_-_<br>_1,894,766_<br>_1,894,766_<br>_-_<br>_1,894,766_|_Expenditure_<br>_£_<br>_-_<br>_(1,515,755)_<br>_(1,515,755)_<br>_-_<br>_(1,515,755)_|_Transfers_<br>_in/out_<br>_£_<br>_3,500,000_<br>_(3,500,000)_<br>_-_<br>_-_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_-_<br>_-_<br>_693,612_<br>_693,612_|_Balance at_<br>_31_<br>_December_<br>_2024_<br>_£_<br>_3,500,000_|
|---|---|---|---|---|---|---|
|||||||_472,992_|
|||||||_3,972,992_|
|||||||_47,496,745_|
|||||||_51,469,737_|



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## **THE POWELL FAMILY FOUNDATION** 

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



## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Fixed asset investments<br>Investment property<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2024_<br>_£_<br>_1,679_<br>_2,908,986_<br>_-_<br>_1,266,407_<br>_(204,080)_<br>_3,972,992_|_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|_Endowment_<br>_funds_<br>_2024_<br>_£_<br>_-_<br>_4,912,245_<br>_42,584,500_<br>_-_<br>_-_<br>_47,496,745_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,679_<br>_7,821,231_<br>_42,584,500_<br>_1,266,407_<br>_(204,080)_<br>_51,469,737_|
|---|---|---|---|---|



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## **THE POWELL FAMILY FOUNDATION** 

## **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<br>Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Realised (profit) on investments<br>Dividends, interest and rents from investment properties<br>Unrealised (gain) on revaluation of investments<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>Realised profit on disposal of investment properties<br>**Net cash used in operating activities**<br>**22.**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**<br>**23.**<br>**Analysis of changes in net debt**<br>Cash at bank and in hand|of Financial<br>**At 1**<br>**January**<br>**2025**<br>**£**<br>**947,926**<br>**947,926**|**2025**<br>**£**<br>**(103,096)**<br>**947**<br>**(58,931)**<br>**(1,881,791)**<br>**(43,088)**<br>**48,930**<br>**228,184**<br>**-**<br>**(1,808,845)**<br>**2025**<br>**£**<br>**465,615**<br>**465,615**<br>**Cash flows**<br>**£**<br>**(482,311)**<br>**(482,311)**|_2024_<br>_£_<br>_665,623_<br>_725_<br>_(229)_<br>_(1,834,910)_<br>_(143,125)_<br>_(25,396)_<br>_(22,037)_<br>_(143,258)_<br>_(1,502,607)_<br>_2024_<br>_£_<br>_947,926_<br>_947,926_<br>**At 31**<br>**December**<br>**2025**<br>**£**<br>**465,615**<br>**465,615**|
|---|---|---|---|



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1<5?>87; 2;@69<=6 41- +%')(%,/"*&.'"+'.*"+$2&"0%13$.)12%(& 

## **THE POWELL FAMILY FOUNDATION** 

## **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. 

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