**REGISTERED CHARITY NUMBER: 1092055**
**Report of the Trustees and**
## **Unaudited Financial Statements**
**for the Year Ended 31st October 2024**
**for**
**THE KENNETH ARMITAGE FOUNDATION**
**THE KENNETH ARMITAGE FOUNDATION**
## **Contents of the Financial Statements for the year ended 31st October 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 2|
|**Independent Examiner's Report**|3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6 to 11|
|**Detailed Statement of Financial Activities**|12 to 13|
**THE KENNETH ARMITAGE FOUNDATION**
## **Report of the Trustees for the year ended 31st October 2024**
The trustees present their report with the financial statements of the charity for the year ended 31st October 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims for the public benefit**
The trustees shall hold the Trust Fund and its income upon trust to:
(1) Encourage and advance public knowledge of and education in the art of modern and contemporary sculpture, especially through the works of Kenneth Armitage.
(2) Protect and enhance the reputation and legacy of Kenneth Armitage, including through publications and exhibitions and by maintaining his studio to inspire contemporary sculptors.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
## **Formation of the foundation**
Following the death of Kenneth Armitage in January 2002 his executors and trustees executed a deed of appointment, on 14th August 2002, whereby the residue of his estate was directed to the Foundation since its principal objects were considered to be in line with the charitable intentions of his will.
The distribution from the estate included the house at 22a Avonmore Road London W14 previously occupied by Mr Armitage, works of art and a monetary element received in May and June 2003.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Review of activities**
The trustees continued to promote the work of Kenneth Armitage and support the education of the public in art and sculpture. We have maintained the studio in Avonmore Road, organised and continued our conservation of the collection and selected works for sale and for donation. Administratively, a new trustee has been appointed taking the trustee numbers up from four to five and a change at the helm sees a new chairman oversee the Foundation's activities.
The Foundation awards an Armitage Fellowship to an international sculptor with a two-year residency at its London studio with a bursary and expenses. The Fellowship was awarded in July 2023 to renowned sculptor Anya Gallaccio who has been living at Avonmore Road and utilising the ground floor studio to prepare a body of work for her highly acclaimed solo exhibition at the Turner Contemporary, held in Margate in September 2024. She has won a commission to produce London's first Aids Memorial in Fitzrovia titled 'Symbol of Life' which is still in progression and has continued to host small group gatherings at her studio. Anya prepares to move back to the USA later in August 2025, trustees will begin a process of fellowship interviews thereafter.
The Foundation awarded three prizes in 2025. Prize winners were selected from online applications by young sculptors of undergraduates' courses at Bath Spa University and Leeds Arts University, and from postgraduate courses at the Royal College of Art.Trustees visited the degree shows to view work and meet with the student applicants before deciding on their respective winners. This year the undergraduate prize of £3,000 was awarded to James Alexxander of Bath Spa University and a further prize of £3,000 was awarded to Elrick Boldy of Leeds Arts University. The postgraduate prize of £7,000 was awarded to Varvara Ehlik from Slade School of Art.
We are delighted that the Foundation has returned to its task of helping to educate and inspire young artists, to promote sculpture, and maintain and burnish the reputation of Kenneth Armitage CBE.
Page 1
**THE KENNETH ARMITAGE FOUNDATION**
## **Report of the Trustees for the year ended 31st October 2024**
## **FINANCIAL REVIEW**
## **Reserves policy**
Having received the distribution from the estate of Kenneth Armitage the Foundation currently holds reserves of £2,047,339. However, a significant portion of these are not 'free reserves' being tied up in the freehold buildings required to carry out the charity's objectives and works of art. Since further fundraising is not currently taking place, available funds, after building refurbishment costs, need to be invested to provide for the bursary costs. The trustees therefore feel that the current level of reserves must be retained.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
In selecting persons to be appointed, the trustees consider the skills, experience and commitment of potential trustees and the contributions they can make to compliment the existing board of trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1092055
## **Principal address**
Rainscombe Park Oare Marlborough Wiltshire SN8 4HZ
## **Trustees**
Steve Langan Chair Ms Marjorie Allthorpe-Guyton Ann Elliott Mark Dunhill Whitney Hintz
## **Independent Examiner**
TC Group Office: Croydon - TC SWP 3rd Floor, Suffolk House George Street Croydon CR0 0YN
18/08/2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Steve Langan - Trustee
Page 2
**Independent Examiner's Report to the Trustees of The Kenneth Armitage Foundation**
## **Independent examiner's report to the trustees of The Kenneth Armitage Foundation**
I report to the charity trustees on my examination of the accounts of The Kenneth Armitage Foundation (the Trust) for the year ended 31st October 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Patrick du Casse
TC Group Office: Croydon - TC SWP 3rd Floor, Suffolk House George Street Croydon CR0 0YN
18/08/2025 Date: .............................................
Page 3
**THE KENNETH ARMITAGE FOUNDATION**
## **Statement of Financial Activities for the year ended 31st October 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Raising funds**
Other trading activities
Investment management costs
4
**Charitable activities**
Studio expenses
Preservation of artworks
Management and administration
Grants to sculptors
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.10.24
Unrestricted
fund
£
-
47,037
19,004
66,041
18,042
4,161
22,203
13,433
9,481
36,488
2,188
83,793
3,618
(14,134)
59,555
45,421
2,001,918
2,047,339|31.10.23
Total
funds
£
10,000
7,233
24,851
42,084
5,000
5,799
10,799
23,787
11,147
12,772
68,000
126,505
5,951
(78,470)
(59,299)
(137,769)
2,139,687
2,001,918|
|---|---|---|
The notes form part of these financial statements
Page 4
## **THE KENNETH ARMITAGE FOUNDATION**
## **Balance Sheet 31st October 2024**
|Notes
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Stocks
9
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|31.10.24
Unrestricted
fund
£
800,437
842,716
1,643,153
381,453
5,393
19,034
405,880
(1,694)
404,186
2,047,339
2,047,339
2,047,339
2,047,339|31.10.23
Total
funds
£
802,625
782,997
1,585,622
385,953
9,444
22,475
417,872
(1,576)
416,296
2,001,918
2,001,918
2,001,918
2,001,918|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18/08/2025 ............................................. and were signed on its behalf by:
............................................. Steve Langan - Trustee
The notes form part of these financial statements
Page 5
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements for the year ended 31st October 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows;
- the requirement of paragraph 3.17(d);
- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).
## **Changes in accounting policies**
In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No restatements were required.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Tangible fixed assets are stated at historical cost less accumulated depreciation less any accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures and fittings - 25% p.a. on cost
Assets are capitalised where their useful economic life is expected to be greater than one year.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Financial Activities.
continued...
Page 6
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st October 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Stocks**
Stocks are stated at their value on the date they were transferred into the trust from the estate of Kenneth Armitage.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
Investments are stated at their market value at the year end date. Any unrealised gains or losses are recognised in statement of financial activities.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
## **Debtors**
Debtors are recognised at the settlement amount due.
## **2. OTHER TRADING ACTIVITIES**
## **3.**
|**OTHER TRADING ACTIVITIES**|||
|---|---|---|
||31.10.24|31.10.23|
||£|£|
|Sale of artwork|47,037|7,233|
|**INVESTMENT INCOME**|||
|Investment income|31.10.24
£
18,748|31.10.23
£
24,568|
|Deposit account interest|256|283|
||19,004|24,851|
||||
continued...
Page 7
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st October 2024**
## **4. INVESTMENT MANAGEMENT COSTS**
|**4.**|**INVESTMENT MANAGEMENT COSTS**||||
|---|---|---|---|---|
||||31.10.24|31.10.23|
||||£|£|
||Support costs||4,161|5,799|
|**5.**|**SUPPORT COSTS**||||
||Investment management costs|Finance
£
4,161|Governance
costs
£
-|Totals
£
4,161|
||Management and administration|-|3,906|3,906|
|||4,161|3,906|8,067|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st October 2024 nor for the year ended 31st October 2023.
## **Trustees' expenses**
Included within expenditure is £1,469 (2023 - £625) of expenses reimbursed to trustees.
## **7. TANGIBLE FIXED ASSETS**
|**COST**
At 1st November 2023 and
31st October 2024
**DEPRECIATION**
At 1st November 2023
Charge for year
At 31st October 2024
**NET BOOK VALUE**
At 31st October 2024
At 31st October 2023|Freehold
property
£
800,000
-
-
-
800,000
800,000|Fixtures
and
fittings
£
10,254
7,629
2,188
9,817
437
2,625|Totals
£
810,254
7,629
2,188
9,817
800,437
802,625|
|---|---|---|---|
continued...
Page 8
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st October 2024**
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1st November 2023
Additions
Disposals
Revaluations
At 31st October 2024
**NET BOOK VALUE**
At 31st October 2024
At 31st October 2023
There were no investment assets outside the UK.
Cost or valuation at 31st October 2024 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost
**9.**
**STOCKS**
Works of art
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
VAT
Prepayments and accrued income|Listed
investments
£
782,997
84,150
(87,604)
63,173
842,716
842,716
782,997
Listed
investments
£
286,750
(70,851)
(49,101)
79,753
596,165
842,716
31.10.24
31.10.23
£
£
381,453
385,953
31.10.24
31.10.23
£
£
390
370
5,003
9,074
5,393
9,444|
|---|---|
continued...
Page 9
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st October 2024**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accrued expenses
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
66,041
**TOTAL FUNDS**
66,041
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are
Incoming
resources
£
**Unrestricted funds**
General fund
42,084
**TOTAL FUNDS**
42,084|At
1.11.23
£
2,001,918
2,001,918
Resources
expended
£
(83,793)
(83,793)
At
1.11.22
£
2,139,687
2,139,687
as follows:
Resources
expended
£
(126,505)
(126,505)||31.10.24
£
1,694
Net
movement
in funds
£
45,421
45,421
Gains and
losses
£
63,173
63,173
Net
movement
in funds
£
(137,769)
(137,769)
Gains and
losses
£
(53,348)
(53,348)|31.10.23
£
1,576
At
31.10.24
£
2,047,339
2,047,339
Movement
in funds
£
45,421
45,421
At
31.10.23
£
2,001,918
2,001,918
Movement
in funds
£
(137,769)
(137,769)|
|---|---|---|---|---|
## **12. MOVEMENT IN FUNDS**
continued...
Page 10
**THE KENNETH ARMITAGE FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st October 2024**
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st October 2024.
Page 11
**THE KENNETH ARMITAGE FOUNDATION**
||**Detailed Statement of Financial Activities**|||
|---|---|---|---|
||**for the year ended 31st October 2024**|||
|||31.10.24|31.10.23|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Grants||-|10,000|
|**Other trading activities**||||
|Sale of artwork||47,037|7,233|
|**Investment income**||||
|Investment income||18,748|24,568|
|Deposit account interest||256|283|
|||19,004|24,851|
|**Total incoming resources**||66,041|42,084|
|**EXPENDITURE**||||
|**Other trading activities**||||
|Cost of artworks sold||4,500|3,000|
|Commission||13,542|2,000|
|**Charitable activities**||18,042|5,000|
|Rates and water||4,710|4,816|
|Insurance||4,248|6,804|
|Light and heat||4,475|7,167|
|Telephone and IT costs||1,330|1,224|
|Postage and stationery||1,420|43|
|Sundries||300|-|
|Building repairs||3,500|5,000|
|Professional services||4,600|7,435|
|Storage and transport||9,481|8,583|
|Entertainment||932|141|
|Depreciation of tangible fixed assets||2,188|2,564|
|Grants and donations||20,500|68,000|
|||57,684|111,777|
|**Support costs**||||
|**Finance**||||
|Investment management charge||4,161|5,799|
|**Governance costs**||||
|Travel and subsistence||836|1,079|
|Carried forward||836|1,079|
This page does not form part of the statutory financial statements
Page 12
**THE KENNETH ARMITAGE FOUNDATION**
## **Detailed Statement of Financial Activities for the year ended 31st October 2024**
||31.10.24|31.10.23|
|---|---|---|
||£|£|
|**Governance costs**|||
|Brought forward|836|1,079|
|Independent examiners' fee|1,770|1,550|
|Accountancy|1,300|1,300|
||3,906|3,929|
|Total resources expended|83,793|126,505|
|**Net expenditure before gains and losses**|(17,752)|(84,421)|
|**Realised recognised gains and losses**|||
|Realised gains/losses on investment assets|3,618|5,951|
|**Net expenditure**|(14,134)|(78,470)|
||||
This page does not form part of the statutory financial statements
Page 13