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
Re￿iptS 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
ciren￿ster
Glouceslershire
GL7 2AS
{Reg￿tered 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 TrUSt￿S
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
{Reg￿ere￿ 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 Enhan￿ment
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 (CIren￿ster College)
ciren￿ster 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 Pro￿edS
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 Nurn￿r 3117011