POWELL'S EDUCATIONAL FOUNDATION REGISTERED CHARITY NUMBER 311701 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
POWELL'S EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 INDEX Pa Annual Report of the Trustees Independent Ex2miners Report Receipts and Payments Account ststement of Assets and Liabilities Notes to the Financial Statements 8-12 (Reglsrered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES The Trustees submit their report and financial statements for the year ended 31st March 2022. Histo ob-ectives and actlvitles of the Charit The principal activity of the Charity is lo provide financial assistance lo the School of the Foundation, Powell's School, and also lo Deer Park and Kingshill Schools. The Charity may also provide financial assistance lo promote the education (including social and physical Irainingl ol persons under the age of 25 years who are in need ol financial assistance, who are either pupils or former pupils of the aforesaid Schools or who are resident in Cirencesler. In practice grants lo individual persons are made by either of the associated Charities, John Edmonds Charity or Sir Thomas Rowe Charity, lo which reference is made in Note 11 of the Accounts on page 12. 11 is believed that the Charity was established in about 1722,. it is now regulated by a Scheme dated 6th June 1994,. the Charity Is a registered Charity (number 3117011. Mana ement and overnance arran ements The body ol Trustees shall consist, when complete, of 9 compelenl persoris being 7 nominated Trustees and 2 co-oplalive Trustees. One nominated Trustee is appointed by the Bishop of Gloucester for the lime being.. two nominative Trustees are appointed by the Governors for the lime being of Powell's School., nominative Trustees are appointed by the Governors for the lime being of Deer Park School and nominative Trustees are appointed by the Governors for the time being of Kingshill School. In the case of the nominative Trustees, the person appointed may be, bul need not be, a member of the appointing body. The co-oplative Trustees are appointed for a term of 5 years by a resolution of the Trustees passed at special meeting of which not less than 21 day's notice has been given. Co-oplative Trustees are selected with a view to the nature of their skills and experience so as lo achieve a balance of relevant skills amongst the body of Trustees as a whole. The Chair of Trustees (with the assistance of the Clerk, 8 qualifi'ed $05icitorl is responsib5e lor the induction of new Trustees. which involves awareness of Trustees, responsibilities. the governing document, administrative procedures, the history and philosophical approach of the Charity. The Trustees usually have 3 meetings each year. The Trustees who served during the year were.. - Mrs S C Clark MTS S Gardiner Mr A R Johnson Ms C Minell Reverend Canon G E Morris Mr A J P Phillips Mrs C L Pulney Mr J B Visser- Chairman Mrs S Watson Sadly the then Chairman of Trustees, Mr Visser, died on the 30th March 2022. The Trustees annually review the risks that the Charity faces. Achievements and erformance of the Trust and rant makin oli¢ With the assistsnce of the nominated Trustees, the Trust liaises closely with the Governors and Head Teacher of each of the three Schools supported by the Trust and maintains suitable dialogue lo provide financial assistance lo each of the Schools with periodic projects, as evidenced by the grants distributed from lime lo lime. The Trust maintains particularly close links with Powell's School, as the School of the Charity, and pays regard lo arrangements in respect of property belonging lo the Trust occupied by Powell's School. As indicated in the Accounts, the Charity pays an "Education Enhancement Granv. to each of the three Schools each year calculated, broadly, on a per capila basis. (Registered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED Mention was made in the Annual Reports for the two years ended 31 sl March 2021 of the flood relief scheme for Powell's School. The report which had been Commissioned by the Diocese of Gloucester into the severe flooding which affected Powell's School in December 2020 and January 2021, is awaited. Fortunately, since then, no further flooding events have occurred bul the School have installed additional pumps. The Trustees a aware of work taking place lo improve the flood resilience of Cirencesler town. The former tenants of Barton Lane field gave notice to terminate their grazing tenancy, which came to an end on 30th September 2021. Discussion with regard lo repair of the western boundary wall continued with the relevant local 8ulhorilies. Deer Park and Kingshill Schools were fully engaged dealing with issues arising from COVID,. in consequence no capital grants were made during the year. Financial Review Investment Polic and Reserves Polic Nel receipts for the year were £32,81712021 & Payments Account. nel receipts £64,573) and are shown in detail in the Receipts As reported in the Accounts for the year ended 31st March 2021, the Trustees paused the phased investment, which they had been making, by reason of market uncertainty caused by COVID. Vvhile the Trustees noted that there had been further recovery in capital value by the end of year, as al 31 st March 2022, since then there was signifi'cant market uncertainly. The Trustees continue to keep the situation under review. The Trustees, investment objective is lo provide the best financial return in terms of income and capital growth for the Charity, having regard lo the risks involved. The Trustees have determined that the appropriate level of risk is medium risk. 11 is the Policy of the Charity lo maintain unrestricted funds, which are the free reserves of the Charity, al level which provides sufficient funds lo cover anlicipaled properly expenses, anlicipaled grants and managerial and admnIStration costs. The adequacy of the Reserves Policy is reviewed annually. Public Benefit In planning the Charity's activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit at their meetings. Future Plans The Tru51ees intend lo resume providing grants in a similar way lo the recent past, continuing the emphasis on the three Schools, bul retaining flexibility as lo the liming and scale of the grant makin9. act of COVID 2019 The death of the former longstanding Chairman of the Trustees caused some further delay in the management of certain aspects of the affairs of the Charity, bul a new Chair has now been appointed with the result that meetings of the Trustees on a regular basis have resumed. IRe8lstered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED Trustees rofessional advisers and corres ondence address Trustees as at 31st March 2022: Mrs S C Clark Mrs S Gardiner Mr A R Johnson Ms C Minett Reverend Canon G E Morris Mr A J P Phillips Mrs C L Pulney Mrs S J Walson Clerk to the Trustees: Mr R R Mullings Assistant Clerk to the Trustees.. Mrs S J Webb Independent Examlner: Miss Ruth Herbert Wenn Townsend Gosditch House 5 Gosdilch Street Cirencesler Gloucestershire GL7 2AG Bankers: Lloyds Bank plc 14 Castle Street Cirencesler GIoUsterShIre GL7 1QJ Sollcitors: Sewell Mullings Logie 7 Dollar Street Cirencesler GIOustershI GL7 2AS Correspondence Address: 7 Dollar Street Cirence51er GIOusterShIre GL7 2AS IRe8i5tered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED Statement of Trustees res onsibllltles The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare fi'nanci81 statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the income and expenditure of the Charity for that period. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charity IAccoun15 and Reports) Regulations 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 pventIOn and detection of fraud and other irregularities. R R Mullings- Clerk lo the Trustees On behalf of the Trustees Dated.. 4th October 2022 IRogi5tered Ch3rlty Number 3117011
POWELL'S EDUCATIONAL FOUNDATION INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF POWELL'S EDUCATIONAL FOUNDATION I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31st March 2022 which are sel out on pages S to 12. Responsibllitles and basls of report As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements ol the Charities Act 20111'lhe Acl'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and n carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the Charity as required by section 130 of the Act., or the accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reach. Name: Mlss Ruth Herbert FCCA Relevant Professional qualification or body: Association of Chartered Certified Accountants Address: Wenn Townsend Gosditch House S Gosditch Street Cirencester Gloucestershire GL7 2AG Date: 31st October 2022 (Regisrered Chariry Number 3117011
POWELL'S EDUCATIONAL FOUNDATION RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2022 Note Unrestricted Restricted Endowment Fund5 Funds Fund Totsl 2022 2021 Receipts Rent Received 305 305 605 Investment Income 82,370 959 83,329 82,169 Donation - John Jones Charity 82,675 959 83,634 82.774 Inveslrnent Sales 15 123,861 Total Receipts 82,690 959 83,649 206,635 Payments Cost of Generating Funds 11,316 11,316 9,827 Charitable Aclivilies.. Grants Paid 24,207 563 24,770 43,770 Governance Costs 14,746 14,746 18,291 50,269 563 50,832 71,888 Investment Purchases 70,174 Total Expenditure 50,269 563 50,832 142,062 Net ReceiptsllPayments) for the year 32,421 396 32,817 64,573 Cash Funds brought forward 87,416 5,334 181,288 274,038 209.465 Cash Funds £ 119,837 £5,730 £ 181,288 £306,855 £274,038 IRe8lStered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION STATEMENT OF ASSETS AND LIABILITIES 31ST MARCH 2022 Note Unrestricted Funds Restricted Endowment Funds Fund Total 2022 2021 Fixed Assets Freehold Land Inveslmenls.. COIF Income Shares Brewin Dolphin Portfolio Black Rock Charities M & G Charifund 36,499 36,499 36,499 252,702 392,591 21,770 21,654 1,926,440 498,148 129.101 81,187 2,200,912 912,393 129.101 81,187 2,026,057 849,110 119,885 75,672 681,792 43,424 2,634,876 3,360,092 3,107,223 Current Assets Debtors Cash Funds 19,500 119,837 19,500 306,855 13,000 274.038 5,730 181,288 139,337 5,730 181,288 326,355 287.038 Creditors.. amounts falling Due within one year 12,663 12,663 11,158 Net Current Assets 126,674 5,730 181,288 313,692 276,880 Net Assets £ 808,466 £ 49,154 £ 2,816,164 £ 3,673,784 £ 3,383,103 These financial statements were approved by the Trustees on 4th October 2022 and signed on its behalf by.. . Mrs S C Clark- Chairman IRÈglstered Ch3rity Number3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 Costs of Generatin Funds 2022 2021 Brewin Dolphin- Investment Management Clerks Fees - Propety Management 6,276 5,040 5,507 4,320 £ 11,316 £9,827 Grants- Paid General Funds.. Deer Park School.. Educational Enhancement 9,500 9,500 £ 9,500 £ 9,500 Powell's School.. Eduealional Enhancement (part EEG) 5,707 5,713 £5,707 £ 5,713 Kingshill School.. Educational Enhancement Capital Grant 9,000 18,000 10,000 £ 9.000 £ 28,000 Other Grants.. Cirencester College- Prize Award Restrlcted Funds.. Frank Miles Memorial Prize (Deer Park and Kingshilll Robert Ellett Memorial Prize (Deer Park and Kingshilll George and Florence May Lail Memorial Prize (Powell's S¢hool- part EEG) 1457 Prize Fund Icirencester College) Cirencesler Grammar School Memorial Trust- Annual Student Awards Icirencesler College) 90 90 293 90 90 287 90 90 £563 £557 Total Grants Paid £ 24,770 £ 43,770 (Registered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022 Governance Costs 2022 2021 Clerk's Fees Accountancy Charges 11,760 1,560 10,320 Independent Examiners Fees 600 Repairs 826 7,971 £ 14,746 £18.291 Fixed Assets: Freehold Land Cost.. Al 1st April 2021 and at 31st March 2022 £ 36,499 The original cost of the Charity's freehold land and buildings al Powell's School is unknown. These are used by the School, which is the original school of the Charity. The financial statements include treehold land acquired in August 1993 and also the field lying to the South of Barton Lane, adjacent lo the playing field at Powell's School, which was acquId from Gloucestershire County Council in March 2013. Fixed Assets: Investments Charities Official Investment Fund - Income Shares Market Value As at 1st April 2021 2,026,057 Addits'ons al cost Unrealised GainllLossl on Investments Realised GainllLossl on Disposals 174,855 Al 31st March 2022 £ 2,200,912 The cost of the investments as at 31st March 2022 was £139,86312021- £139,863). IRe8lStered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022 Conb'nued Brewin Dolphin Portfolio Market Value As at 1 st April 2021 849,110 Additions at cost including Accumulated Dividencss Disposal Proceeds UnaliSed GainllLossl on Investments Realised GainllLossl on Disposals 1151 63,298 Al 31st March 2022 £ 912,393 The cost of these investments as 8131st March 2022 was £713,229 {2021- £665,174>. Markè Value Black Rock Charlties UK Equity Fund A Income As al 1 sl April 2021 119,885 Unrealised GainllLossl during the year 9,216 At 31st March 2022 £ 129,101 The cost of these investments as at 31st March 2022 was £120,00012021 £120.0001. Market Value &GFund As al 1 sl April 2021 75,672 Unrealised GainllLossl during the year 5,515 Al 31st March 2022 £ 81,187 The cost of these investments as al 31st March 2022 was £80,00012021- £80,000>. 10 IRè8lsiered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022 2022 2021 Debtors Donation Receivable- John Jones Charity £ 19,500 £ 13,000 Cash Funds 2022 2021 Lloyds Bank Sewell Mullings Logie Brewin Dolphin 189,302 68,618 48,935 141,093 77,783 55,162 £ 306,855 £ 274,038 Credltors 2022 2021 Brewin Dolphin Investment Fees Accountancy Fees Clerk's Fees 1,593 7,830 3,240 1.488 6,430 3.240 £ 12,663 £ 11,158 (Reglstered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022 Funds At 1st Aprll 2021 Surplus {Deficitl for the Year At 31st March 2022 Transfers Unrestricted Funds.. General Reserve 723,744 84,722 808,466 Restricted Funds.. Frank Miles Memorial Prize Fund Robert Ellell Memorial Prize Fund George and Florence May Lail- Memorial Prize Fund 6,296 6,137 507 499 6,803 6,636 13,258 848 14,106 1457 Prize Fund Cirencester Grammar School Memorial Trust 15,707 1,442 17,149 4,128 332 4,460 Total restricted funds 45,526 3,628 49,154 Endowment Fund 2,613,833 202.331 2,816,164 Total Funds £3.383,103 £ 290,681 £ 3.673,784 10. Em lo ees and Trustees There were no remunerated employees. bl No Tmstees or any person connection with them received or is due to receive any remuneration or expenses for the year directly or indirectly from the Charity's funds. 11. Connected Charities and Transactions The Charity has the same Trustees as those for the John Edmonds Charity and the SirThomas Rowe Charity 12 IReE15tered Chaflty Number3117011