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 adm￿nIStration 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
GIoU￿sterShIre
GL7 1QJ
Sollcitors:
Sewell Mullings Logie
7 Dollar Street
Cirencesler
GIOu￿stershI
GL7 2AS
Correspondence
Address:
7 Dollar Street
Cirence51er
GIOu￿sterShIre
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 p￿ventIOn 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 acquI￿d 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
Un￿aliSed 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