POWELL'S EDUCATIONAL FOUNDATION REGISTERED CHARITY NUMBER 311701 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024
POWELL'S EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEX Pa Annual Report of the Twstees Independent Examiners Report ReiptS and Payments Account Statement of Assets and Liabiltlies Notes to the Financial Statements 8-12 (Registe Charity Numbpr3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES The Trustees submit their report and financial statements for the year ended 31 st March 2024. Histo ob-ectives and activities of the Chari The principal activty of the Charity is to provide financial assistance to the School of the Foundation, Powell's School, and also to Deer Park and King5hill Schools. The Charity may also provide financia5 assistance to promote the education (including social and physical training) of persons under the age of 25 years who are in need of financial assistance, who are either pupils or former pupils of the aforesaid Schools or who are resident in Cirencester. In practice grants to individual persons are made by either of the associated Charities, John Edmonds Charity or Sir Thomas Rowe Charity, to which reference is made in Note 11 of the Accounts on page 12. It 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 311701). Mana ement and overnance arran ements The body of Trustees shall consist, when complete, of 9 competent persons being 7 nominated Trustees and 2 co-optative Trustees. One nominated Trustee is appointed by the Bishop of Gloucester for the time being., two nominative Trustees are appointed by the Governors for the time being of Powell's School., two nominative Trustees are appointed by the Govemors for the time being of Deer Park School and nominative Trustees are appointed by the Govemors for Ihe lime being of Kingshill School. In the case of the nominative Trustees, the person appointed may be, but need not be, a member of the appointing body. The co-optative Trustees are appointed for a term of 5 years by a resolution of the Trustees passed at a special meeting of which not less than 21 day s notice has been given. Co-optative Trustees are selected wilh a view to the nature of their skills and experience so as to achieve a balance of relevant skills amongst the body of Trustees as a whole. The Chair of Trustees (with the assistance of the Clerk, a qualified solicitor) is responsible for 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 (resigned 24th May 2023) Mrs S Gardiner Mr E Jamieson {appointed May 2023) Mr A R Johnson Ms C Minett Reverend Canon G E Morris Mr A J P Phillips Mrs C L Putney Mrs S Watson (resigned May 2023) The Trustees annually review the risks that the Charity faces. (Registered Charity Numter3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED Achievements and erformance of the Trust and rant makin olic th the assistance of the nominated Trustees, the Twst liaises closely with the Govemors and Head TeaGher of each of the three Schools supported by the Trust and maintains suitable dialogue to provide financial assistance to each of the Schools with periodic projects. as evidenced by the grants distributed from time to time. The Trust maintains particularfy close links wtth Powell's School, as the School of the Charity, and pays regard to arrangements in respect of property belonging to the Trust occupied by Powell's School. As indicated in the Accounts, the Charity pays an 'Education Enhancement Grant. to each of the three Schoo15 each year calculated, broadly. on a per capita basis. A further grant of £11,286 was paid to Kingshill School in respect of IT equipment for the science facility. Financial Review Investment Polic and Reserves Polic Net receipts for the year were £7.663 before the sale of investments (2023 - net receipts £42,368) and are shown in detail in the Receipts & Payments Account. TheTrustees' investment objective is to provide the best financial retum in terms of income and capital growth for the Charity, having regard to the risks involved. The Trustees have determined that the appropriate level ofrisk is medium risk. Atter reviewing the investment retums for Brewin Dolphin it was decided to move funds from Brewin Dolphin to the COIF Income Share Fund. As at 31st March 2024 Ihe divested funds were held as cash awaiting confirmation from CCLA of the foms and signatures needed to invest in the COIF Fund. It is the Policy of the Charity lo maintsin unrestricted funds, which are the free reseNes of the Charity, at a level which provides sufficient funds to cover anticipated property expenses, anticipated grants and managerial and administration 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 Trustees intend to continue providing grants in a similarway to the recent past, continuing the emphasis on the three Schools, but retaining flexibility as to the timing and scale of Ihe grant making. IRegistered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED Trustees rofessional advisers and corres ondence address Trustees as at 31 st March 2024: Mrs S Gardiner Mrs E Jamieson Mr A R Johnson Ms C Minett Reverend Canon G E Morris Mr A J P Phillips Mrs C L Putney Clerk to the Trustees: Mr M Scott Assistant Clerk to the Trustees- Mrs S J l+Vebb Independent Examiner: Miss Ruih Herbert Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Bankers: Lloyds Bank plc 14 Castle Street Cirencester Gloucestershire GL7 1QJ Solicitors: Sewell Mullings Logie 7 Dollar Street Cirencester Gloucestershire GL7 2AS Correspondence Address: 7 Dollar Street cirenster Glouceslershire GL7 2AS {Regtered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION ANNUAL REPORT OF THE TRUSTEES CONTINUED statement of Trustees res onsibilitles The Trustees are responsible for preparing the Trustees. Annual 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 year which give a true and fair view ofthe state 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 wth reasonable accuracy at any time the financial position of the Charty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charty {Accounts 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 step5 for the prevention and detection of fraud and other irregularities. M Scott- Clerk to the TrUStS On behalf of the Trustees IRegistered Charity Number3117011
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 31 st March 2024 which are Set out on pages 6 to 12. Responsibilities and basis of report As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Ad,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to 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. the accounts do not accord wtth those records. or 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 to enable a proper understanding of the accounts to be reached. Name: Miss Ruth Herbert FCCA Relevant Professional qualification or body: Association of Chartered Certified Accountsnts Address: Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Date: (Registered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2024 Note Unrestricted Restricted Endowment Funds Funds Fund Total 2024 2023 Recelpts Rent Received 55 55 Investment Income 74.471 825 75,296 84,746 Donation - John Jones Charity 32,500 74.526 825 75,351 117,251 Investment Sales 549.850 20,190 280,732 850.772 Total Receipts 624,376 21,015 280,732 926,123 117,251 Payments Cost of Generating Funds 9.691 9,691 2,651 Charrtable Activities-. Grants Paid 37,351 37,351 48,130 Governance Costs 20.646 20,646 24,102 67,688 67,688 74,883 Investment Purchases Total Expenditure 67.688 67,688 74,883 Net Receiptsl{Paym8ntsl for the year 556,688 21,015 280,732 858,435 42.368 Cash Funds brought fornard 161,419 6.516 181,288 349,223 306,855 Cash Funds £718,107 £27.531 £462,020 £1,207,658 £349,223 {Regere Chariry NumLEr 3117011
POWELL'S EDUCATIONAL FOUNDATION STATEMENT OF ASSETS AND LIABILITIES 31ST MARCH 2024 Note Unrestricted Funds Restricted Endowment Funds Fund Total 2024 2023 Fixed Assets Freehold Land Investments- COSF Income Shares Brewin Dolphin Portfolio Black Rock Charities M & G Charifund 36,499 36,499 36,499 265,148 22,842 2.021.320 2,309,310 2,117,627 853,676 127,726 76,225 131.459 74,833 131,459 74,833 301,647 22,842 2,227.612 2,555,101 3,211,753 Current Assets Debtors Cash Funds 8,678 718,107 8,678 1,207,658 4,280 349,223 27,531 462,020 726,785 27,531 462,020 1.216.336 335.503 Creditors-. amounts falling due within one year 13,994 13,994 9,027 Net Current Assets 712,791 27.531 462.020 1,202,342 344,476 Net Assets £1,014,438 £50.373 £2,689,632 £3,754,443 £3,556,229 These financial statements were approved by the Trustees on and signed on its behalf by.. . Mrs C L Putney - Chairman (Registe Ctharity Nurnber3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Costs of Generatin Funds 2024 2023 Brewin Dolphin- Investment Management Clerks Fees- Property Management 9.691 2.651 £ 9.691 £ 2,651 Grants - Paid General Funds: Deer Park School.. Educational Enhancement Astro turf 10,130 10,000 14.500 10,130 24,500 Powell's School: Educational Enhanment Property Repairs 9,040 6,000 7,810 9,040 13.810 Kingshill School= Educational Enhancement Capital Grant 6,345 11,286 9,000 17,631 9,000 Other Grants: Ciren¢ester College - Prize Award 550 550 Restricted Funds.. Frank Miles Memorial Prize (Deer Park and Kingshill) Robert Ellett Memorial Prtze {Deer Park and Kingshill) George and Florence May Lait Memorial Prize 1457 Prize Fund (CIrenster College) cirenster Grammar School Memorial TnJst- Annual Student Awards Icirencester College) 90 90 90 270 Tolal Grants Paid £ 37.351 £48,130 (Registered Charity Nulnber 3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 Governance Costs 2024 2023 Clerk's Fees Accountancy Charges Independent Examiners Fees Insurance Repairs 14,957 2,900 700 284 1,805 14,880 6,926 700 1,596 £ 20,646 £24.102 Fixed Assets: Freehold Land Cost- At 1 st April 2023 and at 31 st March 2024 £ 36,499 The original cost of the Charity's freehold land and buildings at Powell's School is unknown. These are used by the School, which is the original school of the Charity. The financial statements include freehold land acquired in August 1993 and also the field lying to the South of Barton Lane. adjacent to the playing field at Powell's School, which was acquired from Gloucestershire County Council in March 2013. Fixed Assets: Investments Charities Official Investment Fund - Income Shares Market Value As at 1st April 2023 2,117,627 Additions at cost Unrealised Gainl(Loss) on Investments Realised Gainl{Loss) on Disposals 191,683 At 31 st March 2024 £ 2,309.310 The cost of the investments as at 31st March 2024 was £139,863 (2023 - £139,863). IRewstered Charity Number3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 Continued Brewin Dolphin Portfolio Market Value As at 1 st April 2023 853.676 Additions at cost inGluding Accumulated Dividends Disposal ProedS Unrealised Gainl(Loss) on Investments Realised GainllLoss) on Disposals (850,772} 12,904) At 31 st March 2024 The cost of these investments as at 31st Marth 2024 was £nil (2023- £713,229). Market Value Black Rock Charities UK Equty Fund A Income As at 1st April 2023 Unrealised Gainl(Loss) during the year 127,726 3.733 At 31st March 2024 £ 131,459 The cost ofthese investments as at 31st March 2024 was £120.000 (2023- £120,000). Market Value M&GFund As at 1st April 2023 Unrealised Gainl(Loss) during the year 76,225 (1,3921 At 31 st March 2024 £ 74.833 The cost of these investments as at 31st March 2024 was £80.000 (2023 - £80,000). 10 (Registered Charfry Number 3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Debtors Donation Receivable- John Jones Charity Black Rock Dividends 8,678 4,280 £ 8.678 £ 4,280 Cash Funds 2024 2023 Lloyds Bank Sewell Mullings Logie Brewin Dolphin 1.207,658 258,416 42,886 47,921 £ 1,207,658 £ 349,223 Creditors 2024 2023 Brewin Dolphin Investment Fees Accountancy Fees Clerk's Fees 267 3,600 5,160 3,780 10,214 £ 13,994 £ 9,027 11 IRe8Èstered Charity Number 3117011
POWELL'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 Funds At 1st April 2023 Surplus (Deficit) for the Year At 31st March 2024 Transfers Unrestrlcted Funds: General Reserve 835.963 178,475 1,014,438 Restricted Funds: Frank Miles Memorial Prize Fund Robert Ellett Memorial PrEe Fund George and Floren May Lait- Memorial Prize Fund 6,659 6,491 643 634 7,302 7,125 14,001 1.229 15,230 1457 Prize Fund Cirencesler Grammar School Memorial Trust 16,418 114 16,530 4,156 30 4.186 Total restricted fund5 47.723 2,650 50,373 Endowment Fund 2,672,543 17,089 2,689,632 Total Funds £3,556.229 £198,214 £3,754,443 10. Em lo ees and Trustees There were no remunerated employees. b} No Trustees 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. Connected Charltles and Transactions The Chartty has the same Trustees as those for the John Edmonds Charity and the Sir Thomas Rowe Charity. 12 IReBi5tered Nurnr 3117011