For 100 years, the Possehl Foundation has had its headquarters on Beckergrube in the old town of Lübeck, as has the L. Possehl & Co. mbH Group, founded in 1847. It promotes "all that is good and beautiful" in Lübeck. With its work, it is committed to the preservation of the beautiful image of the city and its public spaces, the promotion of youth, the fostering of art and science and the alleviation of hardship of those in need. In the first seven decades of its existence, the Possehl Foundation mostly advised on only a few applications per year; today, up to 500 applications are examined every year. Additionally, the Possehl Foundation is a member of the European Hansemuseum as well as the TheaterFigurenMuseum Lübeck and the Figurentheater Lübeck. The Foundation awards Possehl Prizes for music, art, engineering and architecture for special achievements. It is also involved in the Lübeck Educational Fund Association of Foundations for Educational Equity in Lübeck.