ThE INGRAM ART FOUNDATION IR8918t•red Ch¥lty Nwnbor. 1165442) TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Pagg Trustees, Annual Report Independenl Exami$ Report 15 S181ement of Finakil Activiti?8 16 Balance Sheei 17 Notes to the Financial Statements 18-25
Page 1 THE INGFiAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR ThE YEAR ENDED 30 JUNE 2024 The Tnjslegs subm1¢ the Annual Report aTrJ the ind8P8ndently examined Financial Statements of The Ingram Art FoOtion Clhe Foundation" or'lhe CIO"I forthe year ended 30 June 2024. Thes8 have been prepare(l in aG¢ordance with the accounting p0cleS sel out In Note 1 and conwly with Foundatson's con$tilution and appI1¢ab L2w. REFERENCE AND ADMINISTRATIVE DETAILS The Ingram Art Foundabon, nam8d previou5ty as The Mountridge Art Foundation but origin81y regislergd as the Ingr8m Art Foundation. is a registered charity, number 1165442, and is based and minis10d in th8 Un*8d Kingdom. The regls18red address Ewhth Fl(x)r. 6 Nèw Street Square. London, EC4A 3AQ. The names of Ihe first TN$tees th served during the perk)d and Continue to seNe at th8 dats of th8 rèport's appmval are.. Christopher John IrwJram IFowderl cre Mary Maurte (-appOInted 13 May 20221 ma Hgrris {re4ppolnt 13 Klay 20221 Independont Examiner. John Pudduck FCCA The Martlpt Partnership LLP Maruel House. E1. Yeoman Gats, Yeoman Way. Worthing, West Sussex, BN13 3QZ A¢countant5-. Rawlinson & Huntw LLP Eighth Fknr, 6 New Street Square, New F8tt$r Lane, Lon(Jon, EC4A 3AQ Bankers.. Coulls & Co. Composit8 Office Thanel Grange. WestclrffOD Sea. Essex, SSO OEJ Authorls¢d Corporate Dlrector ofThè Ha¥anRock Fund: Carv81ian Capital Management Limitèd Stuart Hou$e, St John's Street. Peterborough PE1 5DD Investmgnt Mafiager8 of the Hav•nRo¢k Fund: Goldman Sachs International Bordier & c IUKI PLC SandAlre Limited Soll¢llors: MaUre Tumov Gardner LLP 15" Floor, Miltrjn HoLL5e, Mitton stt. London, EC2Y 9BH K•y Manaymant Per80nnd: Jo 8ar¢ng- th'rector. Curator 150n Pith- Co110nS Manager
Paye 2 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURE, GOVERNAMCE AND NAGEMEr The FoundaboTr was established by a Constitution dated 4 February 2016 and regslered with the Charty Comrn15sion on 19 May 2016 as a Charitsble Incorporated Org8nK%atiifi govèrn8d by the baw of England and Wales. The Trustees of the Foundation who are also the members have no lialmlily for the Foundation's dèbts The number ofTw51¢es shall be a minirnum of three bul no mc¢e than eh1. Tru8tÈes, including the first Tru$tee$, are appointed ftr a tèrm of Ihr8e years by way of a resolubon approved by the Founder. The Foundin9 Trustee is appointed for Bs lorvJ as he Is able and wlling to a¢t. Thg incorne and property of the Foundation must be appli 5dely towards [KortKIn of the objects. The Trustees, invttslmenl powers are unrestriGied. Inducllon Training Should new Trustees be appointed a fomial in¢JuGlion process wll be cOndued by tho Trust8es. Other trustee tr8ining is undertaken as and when approprialÈ. All Trust888 are awa of their leg duties and obligations in r8SP8Ct of Ihe rnanagement of the FouTrJation, ItludIng in reLqlion lo th8 protethn of its as5els. Organlsatlonal mana9thien¢ The Trustee5 and a¢lmini$trative team DNnprise the key management PsoI of Ihe Fourat)n in Charge of directing and controlling, running and operating the FoundaOn on a day lo day bas. All Tru$t8es give of their time freely and no Tru&tee received romunerati¢n in the year. The pay of the slaft reflects the lèvel of respon5ibililies and skill set required. The¥ pay Is reviewed annualy. Statsm•M of Trus¢ogs' Responsibllhl¢$ The Tru5W are rtsponsib18 for preparing the ATrnual Report th8 TruÈte8s and the finanGial statemen15 in a¢¢ofdante t applicab law and United Kingdom AccvJnkn'ng Standards IUni18d Kingd(m Gènerally Accepted Accounting Practical. Law appIaa lo charities in England and W8ks requKe5 the TDJ$l•es lo prepare finanoal statements for oath financial year which gi¥9 a I[& and fair vwi of the FOundattin,$ fiancial adiwties duriTrJ the period and of its financial position al end of Ihe perhjd. In preparin9 financial statements giving a tru8 and fair wew. the Tru$tees shoukl follow test and.. S8lecl Suitab aGcounting policies and then apply them consislenlty., obsgrve the m81hods and prITh¢1ps In the Charities SORP IFRS 1021.. make judgements and Èstimates that are reasonable prudent., statè whether applicable UK AGGounting Sl2nd8rds and ststerneni of recommended practKe have followed, Subj to any rnat8ri81 d•partures disclo&&d aryj eXained in th8 finanual staimenls,' and prepare the financial statements on the going concern basis unle55 it Is Inappropriate lo presume that th8 Foundatlon 11 continue in operat¥)n.
Page 3 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are respOnb foT koeping propgr accounling rgcords that disGk)se with reasonab accuracy 8t any lime the finan¢kql position of the Foun(lalion and 8Trab Ihern lo ensure that the fin8ncral staletnents Comply with the Charthes Ad 2011 and where applicable, Ihe Charrties Act 2022. ¢he Charty (Accounts and Reports) Regulalioins 2008 and the provisions of thè trust deed. They are also responsible for safeguarding the as$&ts of the Foundation and hence for tsking reasonable steps for the weventh.on and d8t8ction of fraud and other Irre9ularits"es. Risk Mana9¢mgnt A ttsk assessrnent been p8rform8d during the pparation of this Mport aThJ th8 Fin8nu81 statements. Th8 risk assessmt undertaken comprises ol." A roth•w of the risks the Foundation f&ed during the period, Since the perKJd tnd and whKh rt m8y face In the future- The eslabli$hmenl of Syste and wose6ure$ to mitig8te those risks: and The IMp18Mentati of procedures deslgned to mlnlmlse any potenti81 impact rn the Foundation should those risks materiallse. Thls (x)ntinuing pro$9 will risk areas lo which the Foundation 15 vulnerable and highlKJht any netss$ary Safeguards that wll need to be pul In ptsce. Tha Gurronl version of the Foundation's Risk Register was approved by Ihe Trustees in April 2024. The risk register is rewewed every six monlhs by the Board. MI"gaI)n plan5 arè in place for all risks and are Overse by the Trustees Principal risk5 lor the FouTh1alion were identffied a$". Advetse investmeni p&rfom)ance. which is milated by hawng muhiple undorlying InvestnI manager5, swlh perfom)ance monrtored by Tru51ees regukqrly. InsLrffi¢ient resources to MaiThla Ihe Co1Ch0n of artwork which is m1"9ated by the investment in Inco generating a$8els and moniioring ol resetves. R•lat•d Party Transadlons The Foundation has no subsldSary undertakin95 and has not entered inio any co-OPgTation agreements wlh other Charilies in pursuit of its ¢harilable objectpie5. Where ¢he FouThlation en9ages In atransaction with which one ofthe Trustees is GonnÈGted, the cx)nflicted Tnjstee excuses thems8fv88 frorn Ihe deusion makn'ng proces5. All transactions must b8 made on arrn's length basis an(1 If any arise are dtsclosed In the n¢*8 to the Financial Ststemgnls. No Trustees receivgd any r8fflUaetatn durfng th8 year to 30 JunE 2024. The Foundation doÈs not rArry oth fundraising 8ctivrts. Intsrnal Controls The Trustees have i)verall resrMin8itrM'Ity for èrwjring that the Foundation has approwale syslws of internal ¢ontrols. They are re5pon5ibk for ke&ping proper accounting re¢ords whh disclose with reasonable 8CCLracy 8t any lime the ffinanaI pos11ion of the Foundaiion and enable Ihem to ensure Ihat thefinancial $lalem8nts fofbw best practice and all applicablo re9uLalion and guidance. Th6 Twslee is a180 Te5POn5ible for the Foundation safeguarding tis a8set$ and for taking 8$Onable Steps fLYth8 PVentIon and deteclion of fraud and olher irregularitie5. The system of inlem81 conlrols is desigrEd to provid8 r&850n8trAe, but not absolute, assuranc8 a93inst matèrial mkstalgment or bss.
Page4 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 OBJECTS AND ACTIVITIES FOR THE PUBU¢ BENEFIT The objecis of the Foundation a fcf the benefrt ol tho publi ai to prcxnote and advance Ihe edu¢alion of Ihe public by developing public apweciation and understanding of visual art by any means inGluding in particular by holding. maintalning, augment9 and exhibiting wotks of art including a colkclion of 20th Century Brtllsh Art". bl to &Jvant8 the education and training ol young people in thè field of visual 8rl, by any means Including in particular by providing thern with opportunitl8S to dev8k)p the skills tD enablo Ih8m to pursue caer$ ifi th8 cr8alion and curation of visual art.. aThJ I to visual art as a rneans of provlding rellef lo those in need becaltse of illtheatth, disability, financial hardship. or other disadvantage. by means IncIling in partiGular by supporting projects Ich provide such people with appcmtunilies to develop their and capabilitie5 in tho field of Vk5ual art. Grant Makiny Policy Gr8nt making is not Ihe primary rnethod the Foundation uses lo achieve its ot4ecls but the Tru51ees have decided on a polity. as folows, in the 8venl that suit8 benefit could be ad)ieved through thi5 method. Th& Trustees, grant making poliGy is make donatDns lo Gharitsbk organisations Ihat have SHnilar charitable objectives to the Foundation in promoting the arts. The Truslees wll continue many of Ihe projgGts already supported by the Founder and will seek out new ventures fw dplaY of the CO1¢11n$ and new proje¢ts which fall Mthin ihe wrposes trf the Foundati. Th8 Trustees a aware that thoy must only support projects fall within th8 charitable objects of the Foundat. which provid8 acc8S8 to the public or svJnificant tYoportK)n of the public aTh wIEre no non.inudental private benetii wll aris8. The recipieni projects must be seen as ex¢lusively charitsble under English law. The Truslees will pay dLE Care and attention 10 8nsur8 that the work Gonsklerèd for funding Ilglivers publlc benefft as per the Ch81ity CommissK)n'$ 9uKJantè. Stolèmènt of Publbc Bengfit Th* Trustees are aware ofthe Charity Commission guidance Public Benefit and cc>nfirm that they have complied with tha duty in S8ctson 4 of Ihg Charitiès Act 2011 to have regard lo it. They consider that the Infomation which folbws In Ihis annual report, abwi Ihe FOUndat'S aiffls, activit$ and achievements in the areas of inter8sl Ihat the FoundatM)n supports, demonstrates the ben8fil to rts beneficiaries. and through them to the Publlc, Ihal arise ffom those activities. The Trustees are avare of thè Charity Commission guidan¢e on Museurnsd Art Gallethes and will ensure that they comply with the principle5 Set out in th81 guhlance.
Page S TFIE INGRAM ART FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORMANCE Fixed Assets- Hwikgè Artwork A6$0ts The assets ol th8 Fndation consist printipalty of gifted artwork and cash and these are reported OTh Balarg Sheet and In th8 supporting notès as Heritage Assets. ho and maintained pyincipally forth8ir contribUtn to knowbdge and cutture. The founder 9ave the arfwork wilh a value tolaling £10,305,014 on 171h November 2016 and the Trustees sybs8quenUy purchased addilional pieces tolalliDg £126,836. AFtt¥ork Mryth a valu¢ of £7.120 was donated lo thE ¢harity in the year to 30 June 2019. In the same year, the trustees chose to s811 a painting held at a value of £120,000. The Iruslee5 continued to add to the collection during the year lo 30 June 2024. pvrthaSg further pl8(xs tolaling £15,37012022.. £13,231). The tsriginally grfted artwork is cOgnSed al their auction rnid-eslimate value plus buyers premium, of 20¢/4 at the dale thal the gift was made. Subsequenl purcha5e5 are valuetj at cost. The gift of the artwoth has begn treated 85 an eXpendats endowm8nt ful., Ihe Founder intended the grft to ensure the bngevity of the Foun¢alion. Th8 Trustees have the powor to converf all or part ol the endowment fund into an income fund to promote the objects. However, a ¢olledk)n of 2 entury British Art should b8 preserved for thE publi¢ benefit. ¢h¥ltable Activilies The Ingr8rn Art Foundatk)n was cfeated to irnF4emonl Chrls Ingram's fundamental Kleè of makir art available lothe public. 0wactfvkn.es are tentred around a public k)an$ and exhibhtbn progfammo, with a particular focus on publ en9agernenl, education and a¢¢essibilily. This ptogramme is 18d and managad bytf Directorlcurator, Jo Baring, and Co110nS Mana9Er. Alison Pric8. The Trustees have provided thè publicwith access to the wllections using SpaS provided by olhor orgaDis$lions and galeries. Through public display, the Foundation educates a broad section of the publi¢ and enab5 thern lo gain an appr8CKgtion of both a $pedfK genre anil ofoth¥ patUrw0rk8 of art. Duringthg PBriod, the Tnjstees purchased addluonal art pleces fordisplay Ir their currantexh1bitns and pr(orammes, from young and dBadvantaged individuals. en¢ouragirvJ the development or ¢ontetnw>rary 8ritBh Talent. charitab Active5 for the perd totslled £307,178 12023 £317,552) and indude the costs assoc4at8d wlth administering and runnSng the exhibits.ons and prograrnmes. The 8xpenses 1cUrred maintaining the art induding framing. transportation, storage and In8UTance are thar agalist the endowment fund in line with the SORP guidan¢e. Govemance costs 01 £39.178 12023 - £38,773) were incurred in the year. aThY are C1jed in thariiable acwts. The accounting treatrnenl in respect of grants Is in Ilne with that $01 out in th8 Charities SORP. Furth8r datails ol (he s1gnifKt 8xhibltron$ and the Foundation's artivilles for the Feriod are Set out bel)w.
Page 6 THE INGIIAM ART FOUNDATION TRUSTEES. ANNUAL REpoKr FOR THE YEAR ENDED 30 JUNE 2024 Exhibitions ond Loan8 During this period visilor5 allsnded exhlbltions which included [k$ from The Ingram Coleclion. We exhibile¢J 31e artworks in new and continuing exhibitK)nS, and we maintained our rotsling display of 4Q athorks in the public 5paG85 of thÈ Lightbox gaIry and tnuseum. New borrowers induded Wesl Htrsky PlpTh. Surrey. BWG Gallery. London, Museum & Swindon. Maggie's, The Burton al Bideford, the Dorset Museum, Dorchesler. Notsble loans and èxh5bltlons Included.. The Pusher and the Pull. The Lightbox, Woking, 8 July- 8 Octobei 2W23 4,623 vSsilors Lisa-marie Harris'$ solo show was her first 8xhibition in g pubfi¢ In6tit¢JtK)n and was awarded 10 her as a recipienl of the 2022 Ingrarn Prize. The exhibition featured sculpturès, rdiefs and film svorks. inclL¥Jing h&r Ingram PrizÈ-winning work, The Delivery, and explored d&humanisalion by knking at how women's bodies are positioned as thbngs. as well as issue5 aroutKJ mothèrhood, rnigration, labour. and cutture. Aworld of Prfvate Mystery- Brlt5sh Ng04<om#nlics. Fry Art Gallory, Salfron Wlden. 8 July 29 October 2023 This Èxhibition continugd our partnership wilh the Fry. initiated in 2022. and was thé first signthcant exhiixtKin of Brilish Neo-Romanlic painting for rn3ny years. Neofiomanliosm was a actft to the dominant style of Ihe time- abstract expressionisrn- and thtr arti$ts painting in this styl8, includin9 John Minton. Keilh Vaughan and Grdham Su¢hÈdand, sought a more intuilive. subjective apwo%h lo artrnaking. reviving a sense of the myslieal, ima9inalive. and emotional in art. Spirit of Adv¢nlur¢. W88t Horsley Place, Surrey? 12 Auwsi_ 24 September 2023 2,209 Vfdilors 'Spirit of Adventure. included SGulplurès by leading narrvès such as SirAnllKiny Caro and Sir Jacob Epsteln. drawlngs by Dame Elisab8th Frink and Cornish seas¢4)es by Sir Tery Frost. to shi)wGas0 the dynami8m, breadth and variety Df material and subj'ect matrer that 8rtists In Britain in the 20th cenlury were investigating. The exhibition also highlighted th& pioneeriTrJ spirit of The Ingram Cdkntion's founder, the ontrepneur 2nd philanthr0St Chris Ingrom. Ourjoinl aim was lo brin9 the artworks lo the local community and create a re18xed atmosphere in whith lo welcome people who mighl noi tsrdinanly vi511 an exhition. 11 was Irtwortanl that the exhibitn was free and fully accessible to Ihe ItsGal ComMnity. Highlights from the 8xhibilK)n were also avaIL9b online as part of an exhibition tour hosted by th8 free Smartify app. "A lovely, unexpec18d sU$e in a fabUuS setting." Ivisilor cornmentl "Thank you for an extsllenl ran9e of great interest. I hope you Kryll be able lo ¢ontlThuÈ wth further exhibitions. Ni( not to have lo go lo London forthe èxperience" (Visitor wmmentl A Spfirlt Inslde. The Li9htbox, Woklng. 23 S¢ptember 2023- 14 January 202414969 vl$ltorsl Compttsn Vtrnèy, walekShIr?, 21 March- 1 Sept•mb•r 2024 We hav& spent many years W01ng lowar<ls a collaboration The Women's Art Collection. Europ8's largest collection of art by women. Founded in 1992 10 Inspi the student body, the Collection inGlude$ 600 works byleading artists, and Is display8d across MUaY E(Iwarés Collew, one of the two ccllege5 for women al the Unpiersty of Cambridge. 'A Splrit Inside, m8rkad the hrsi tsme The won'S Art Co1c.0n ha5 partngfed wlh a museLtm to present their woth$.
Page 7 ThE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 This exhibition broughl LN>th ¢ollectlons tog8lh8r to ShowSe art bome oul of 8 strength of spirit. and touched upon the 8Mental. fantasiiul. spiritual. and rK)litic41. The exhibition wa$first(xJncelved in partn8rship wth the Lighlbox, and successfully toured lo Compton Vemey 1 2024, the first time we have toured 8n exhIbIon in thi5 way. °A terrific show.. "iuditiously s6lected','unexpeGted marvels", Laura Curnrnmg, The Observer E118abeth Frlnk- A Vlw from Wlthln, Dorsot Musourn & Art Gallery. 2 December 2023 - 21 Aprll 2024 T5 rnajor now exhibillon expbr8d Frink's arb51ic and personal lrfe in Dors8l. Showcasing over 80 s[ptUreS. drawings and print5. 11 examined her artistic process, personallil• and the Inltuences that sh8P8d her work. The exhibllon has since transfemed lo Museum & Art SndOn and 11 lour to Sdisbury Museum in 2025. 'Thi5 is an exemplary exhibition. Small, illuminatlng. sUrpS[ng.' Laura Freernan. The fjmos 'A unique opportunity 10 step inside and see how one of Britain's forn0st attists worked.. The American. Loan to M)ggie'$ Cèntre. Royal Free Hospltal, London, from S D•¢ember 2023 and ¢ontlnulng M8ggio's Is a charity prowding free canGor $uppLyl and infcfin2tien through a netw£xk of archiled- de$¢gned centres bulrt besido NHS ho8piials a(¥oss thg UK. Koll Porry: Remnants from • Di$tant Future, Tho Lightbox, Woking. 20 Aprll- 21 Juty 2024 6,255 vlsltor8 Ingram Prizg winner Kofi Perry presented a sok) exhibitlon of his recont wth, awarded throuth the 2023 Ingram Pryie. This was Perry's first exhibillon in a public institution and featured recerst paintings, induding hi5 Ingrarn Prize-winning work 'A Youtvj Inthate, abngside works selecled by Perry from The Ingram Col8ction. Other new klans and exhibition8 colnmencing during thls period indu(J8d.. CeThtrapie¢•: Kri$bna Chan, Banksia Seods. The Llghtbox, Woking, 28 3 September 2023 11.977 wsitorsl Sheer Verve". The Women's Intemalional Art Club 11898-19781, Ben Uri Qalkry. London, 13 Sept8mber- 15 DeMber2O24 Women and Water. Murray Edwards College, CambTrdge. 7 0(ober 2023 - 25 February 2024 13,015 visitorsl Tales of the City, Tales of the Sea.. Jame$ Dearfove. BWG Gallary, LOlOn, 19 October - 15 N(wember 2023 Alexandra Searte.. Surface Fun¢tion$, TM Gallery, London. 7- 29 NoveMr 2023 Landscape and Imagingtion.. From Gardens lo Land Art, Cornpton Vemey, WatwicksNre, 21 Marc 1 Sepletnber 2024112,000 visitors) 'An 8gnt, thoughtful lour of Ihe place of landscape and garden$ In ow cukural menkn), Ja Owen. Finan¢ial Times
Pap8 THE INGRAM ART FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 EILqab8th Frink.. A View from Wtthin, IAus8um & Art Swindon. 4 Jun8- 3 Nov8Tnber 2024 The Ingram CO1Cti at Rawfinson & Hunter, Rawhnson & Hunter, Lond)n, from 11 June 2024 and GMDnuing Pop Art & Pottery. Burton Art GaIry. 8id&lord, 14 June- 11 JgU$1 2024 Cosmpolis.. Ths lrnpact ol Refugoe Art Dear5 in London. Ben Un Gallery, London. 26 June- September 2024 We rnainlained our loans lo non-traditional 5pafft during this period. with WOTks on display al The Clink chanty's restaurants al HMP Slyal and HMP High Down. and at wokn.ng Coroner's Court. Our a550ciab'Dn wrth a¢ademK institutions Gontinuèd wrth r8n8wed loan5 10 8tasenoso Cdkge, Oxford, and The Sarnmy ofer Centre at London Business SchoDI. Fer Brasenose Jo B•lng l&d a curatorial projecl, workmg celY wlh sludenls lo Qxpbe the them6 of "entIty.. Together, they selected artw(k$ from The Ingram Collection to cur8te and dlsplay al the collegè. A number of talk& was held, Covering topScs like Ihe chosen arvworks, the th8me of identity. and The Iwam CO1ction. This project gave students hand5-on experience In curating and sparke(J di8CUS5ion5 about how art can express dittÈr6nt aspe¢ts of Jentily. Looklng FoThvard We are committed to working wilh regional partners. A key f8ature of our ban strategy k8 to 8ngag8 with new 9)nal audi8nc8s by prgènng a large exhibition every t%vo to tre8 y8ars in partnership wrth a gallery or mustrum wrth ils own completnentory ho19 of modem Brilish art. Durfng th"s pÉd, we continued lo develop an$ for a major exhibition to open in Seplemb&r 2026 at the Southampton CityArt Gallery. curated by David Boyd HaycodÉ'.'Art TTr.. Brth5h Paintiw. sculpre and Drwng 1910-1960,. Soulhafflpton City Art GaIry has been a target since Chri$ Ingram and Jo Baring vi$rted the glery in 2015. Southampton's fine art collection currently holds over 5,300 work8 and contiNes to grow through gifts and bequests. The city's holgS of modern British art are ¢onsldered lo b• amongst the finest In the UK outside of London. and this large-scale exhitXlw)n will draw on Ihe Soulharnpton City Art Galléry tolleclion ané The In9ram Collection. Vve are currenttry apptylng to th8 Paul Melhjn Centr& for fvnding for an accotnpanying publication. Olher major k)ans & exhlbilons Inrtiated for 2024.26.. Hastings Cwtemporary12024-251. Parfner5hip exhibition with Ihe Robert5 Inslilule of Art. The David and Indré Rob8rt5 Collection foaturgs nearly 2,500 works by over 850 artists. dating frorn the rnid- 20th Thtury to today. The collection 15 rooted in a passion for contemporary art and an ambition to shère exiraordinary work by some of the worfd's tnost inffu8ntial artists and lo support artists at differnt siages of thelr cgreers. 'Itntnortal Appks, Eternal Eggs. wlll open In S8Ptember 2024 and Is an exploraticn of how cornplex ihe genre and idea of still life . Still lrfe ha5 long been relegated to the margins of art Story and art pradice as a'minor. genre. further margin2liz8d by having been pdomIn8n1IY Ihe subj'ect of choKe by those excludéd from fomial ariistlc training and access lo resour5, such as WMen and the soacOnOmIcal disadvantaged. And yel, despiie or (pérhaps t*cau88 on this rnargIn Èialus it has been thè source of r8dical artislic experiments (such as, historicaly, abslra¢tion and Surrealism) a$ wdl a5 theorie$ of how we look at and experiencg art and èveryday lile.
Pay8 9 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 A meellng btheen the Ingram Co118clion with its focus on Modern Brtllsh 8rt, wharo somè of th8 most striking developments in the genre took place, and the D8vid and Indrè Robert8 Colkclion, an expansive contemporary art ¢dlecbon, the exhibition will seek to deepen our under¥tandw ol a g8nre and the Issue$ It raises. 'Beyond the Canvas." A cebbralion of Brilish sculptu., Ru9by Art Gallery120251. Rugbykn Gallery hold5 The Rugby Collection, over 170 items of 20th cenlury and Gontemporary British art. includiryj prints, drawirYJ5 and paintings by artlsts sueh 88 L. S. Lowry. Stanley Spen¢8r, Paula Rego and Graham Sulherfand. The CO1¢0 was builL up by Rugby Borough Council frorn 1946 onwards and Still cole¢ls knrks by British artists of promise and rerK)wn'. To ¢obbrat8 the gallery's 251h anniversary we arè partnering with them on an exhibition drawn from the Ingram Couedion and Rugbls own coll8clion of 20th century ¢Ml8mpor8ry sculplufe. City Art Centr&, Edinburgh 120251. The City Art C&ntr8's aim is lo champion hi8tgric and ¢ontempary Scollish wsual and appled arts. We are partnoring vAlh the gallery in 2025 to showc85e works by post-war ScottKsh artists In the In9ram Coltedion. Dorset Museum & Art GallÈry120261. We 8re developing an exhlbilk)n on portraits for Sprg 2026 drawn trom the ¢ollection on folbwing themes.. SeW-Portraits.. The Artlst'$ Gaze, Portralis of P90p at Wotlt.. Crdft aThJ Char¥ter. Leisure and Play-. Moments of Joy and RePaxatK>n, FArnty a Relalionship$' Bonds and Belonging, Beyond Ihe Real.. Imagination, myth and tra¢tion, Working with tmerglng 4rt18t&' The IrTaM Prize & Ingram Contsmporary T41e¥rt ChrB Ing b8gan vigtkng &t s¢ho¢A éegr8e $wS over fffteen ye8rs ago, 8nd his wrchase of work byt artist Haroon Mirza in 2007 was the first stèp in the cTration ofthe lThgfam Contemporary Talent collection. By 2016 Ihe colledion had grown lo over 50 works by Èmerging and conlernporary artists, and an annual purchase prize, now known as the Ingram Prize, was launthed lo formalse the Ingram Art Foundation's sutwort for eady career artists thrijugh the purchase and prornolion of their work, and pradlul support in the crual eady years of their careers through aG¢ess to useful networks and prof88sv)nal d8v8loptnenl opportunities. We a commrtled to manitaining tree entry to the Ingram Prize. whh our onty stipulat10 lor entry beinu th81 entrant5 musl have already eomplelad some formal art training In the LIK. ai ellhor undergraduate or poslgraduale lewel, and be within 5 years of graduation. Entran can submit up to two works m any media. and firwllsts arè s818cted to partlcipate in a group exhibition he in ceniral London. Three to four prize-vAnning works are acquired for the Ingram Collection, and one of the nning artists is invited lo present a wk) exhibilion th8 folbmring year al The Lighlbox gallery and mus8um. All fjnallsts are inwted lo appty for a r¢sld&n¢y, offered In partnership wilh He$tercomb& House & Gardens in Somerset. other b8n8fits indude a private opening ¢v8nl with the opportunity tr> m8et gallerist5, press, curators, coll&clors and sponsors". an exhibition calalogue.- social media prorndion". nebvorking OPPDrtunities", prolosslonal developrn8nl,' and lulure ¢)pportunities for promotion and supwrt Ihrough tsur n&tsJork. Th8 profik of the Pnze grows year on year, and there are now 88 works in Irgram CODIernary Tabnl collection which is madè svailable for publc dl$play as part of our k)$ an¢J •xhlbllk)ns programme.
P48 10 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JU14E 2024 Thg 2023 Ingram Prize We shortli8ted 32 finalist5 froTn 1.014 enlrigs IS)8 artiglsl. Tho 2023 recIpTr ware. Yib Liu for Unlillgd, 2023, reMi¢ Abigail Norris for The Faelbn Aeppel, 2023. instal11 Kofi Pery for A Y(xJng Iniliale, 2023. oil on canvas Richard Maguir8 received the Founderfs Cho8 Award for his drawng Ghungroo iii, 2023. Kofi Perry was awarded the solo exkubitH)n at the Llghlbox gal ènd museum IApdl- Juty 20241. The Hesterccrnbe sidenCy, gwen in pwiner5hip %wth the Ingram Art Fout¥Jation. was awarded to Nina Gonzal8s-Park. The 2023 Ingram Wize exhibiti) was shown at Cromwel Place ni London. Set wilhin five Grade 11 listed Victorian townhISeS in South Kensington, Cromwell Place is homé to a year-found programme of divers9 exhibitions and 8vents open to tl public across 14 gallery spa¢es. During th8 exhibition we hosied an evening panel drscussknn at Cromwell P¢& caw 'Curating Art Foundations". Ideas of Philanlhropl Our panel talked about curaiorial perspectives, responsible approaches to philanlhropy by art foundations, arKI how such foundations can support both artist and Guratorial ectrsystem5. The speakers werè Kat? Davies IDireGlor. The Roberts Art Instilutel. Yat85 Norfon Icuralor. The Roberts Art Instilutel, vane Asimwe Arnani lartisl and 2022 Ingram Prize wnnerl, Julie Lomax ICEO. The Arttsts Information Company), 8nd Osman Yousefzada lartistl. Foreach Prize cohortwe promote a network of arlisls and peerto peer suptx)rt. This yearwe offertd a free professional practtce $eminarfor 8112023 finalists. hosted al Cromwell Place in January 2024. The 5essK)ns w8r8 gN8Th by industry professionals ¢)n topics inclu(ling wpyrwJht, the artist re-sale rght, fair payment for athsts. sector best pradKe. social media and marketing. approaching journalists. and studio visits. Our speakers were T8bish lthan (art ¢riti¢ and wsual arts editor Yor Londor*511 Julo Lomax (CEO, a-n), and Kimrtey Ahmet IS8nior Manager, Arbsts, Collecling In Juna 2024 we launched the ¢alkout for th8 9th gdition of the Ingram Prize wfv'ch wlll tske place In Ntsvember 2024. Ingram Prizè Alumnl A51 Prize finalists are byelcomed into our alumni netwixk. and we conlinue to PTOtnole their work and offér prof8ssonal devek)prnent and exhibition opportunbtie5. Durfng this period we continued our relationship with our Ingram Prize Spsor, Rawlinson and Hunter. lo curate a new dispLqy ol work by Ingram ContemporY Talent artists in their c8nlral London offices. Work5 acquired tfwough the Inyam Prize are shiywn as an integral part of our k)ans and exh11x.tn prograrnrne. which Ihi5 year featured work by V8rie Asiimwe Amani120221, Amy Beager120211, Kristina Chan 120201. J8mÈs Dearlove 120211, Tom Harker 120181, Lisa-IAarie Harris 120221, Benedid Hughes120181. Steven Ingman 120161, Anna Liber Lewi$120171, Afvin Ong120191. Anna Perach120211, mari9ts PIu4)k8tt120201, Sin Wai Kin 20171, and Madinah Farhannah Thompson 120201.
P4ge11 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Anna Llber Lewi5, 2017 Ingram Prlzo T•¢1pt, Solfryr•fl•ctivo, London Bu5in•s$ S¢h¢ol •xhibltl•n We continued our collaboratK)n ¥th Anna Lib8r Lews on a new Psentation of h8rwork al London Business School. along88 loans from The In9ram co1ctiOn. Self-refieclive explores different aspect$ ol Iden'ty, demonsiralin9 h¢)w features, charaet8ristlC5 and &xperfen$ combine to form and dgfino us. Alexandra Searle, 2022 Ingram Prlzo Flna118t, 5010 •xhibi¢Son 0¢ TM Gallery Al8xarndra Searle was the recipient of Ihe 2022 TM Lighting Exhibthon Prize, and her solo 8xhibition surfa Functions wa$ hold at TM Gallèry Novgrnb8r 2023, Sup)rtad by the Ingrarn Art FoundatK)n and Kn"stiTh HIelgi8rde G£Iry. Leamlng & Enga9om•nt The Ingram Art Foundation 5UPPOrts a¢¢e$s lo art for peop16 in need because Df111-he8tth, disability or other disadvantage, and lo this end we welcome the use of our artworks for cornmunily arKJ •du¢alion projects hosted by borrowers. Of parbcular note is LKJhtbox gallery and museurn which uses The Ingram Collecbon extensively in its programmè of community projeGts. Projects lor this p8nod included.. Cenlrepiecg 2023- an annual programme olcrealwe workshops for bcal schools culminating In an exhibition of work made in response to a work from the CO1ct)n. Cenlrtpie¢? 2023 focused on Banksia S88ds by Ingr8m Piizewmer Kristina Chan. wrth Six VVokiThJ schools taking part. Art In Mind.. a monthly programrne of creative workshops for P8OFde with dementia and their famity members, friend5 orsVPPOrt&rs. Open NQind - participants can tour the buikjing for fr88 in their own time ofter tours of 8P8cffic exhibillons. West Horsky Place developed aD extensive programrne of enoageftwnt events during the Six week run of'spiril of AdvÈnlure'. This induded an Art for Dementia sessDn, school visrts. an Art Trail far thIldn. and w0shopS 8nd private tours for dlsabled visilors, young adutts with special education ne8ds, and a charity supporting people wth brain injurios. Dlgltal access Vve provide digital accass tLithe coledions at wbvw.ingramcollgction.com, and promoteour activi118S through Ih&website4nd our Instagram account @'ngram¢olle¢tionuk, wh8rewe cwrenttyhave 15.8k ftAlowers, an In¢rease of41 % from lastyear As a Founder PartnerofArt UK, a ¢harity with 8n online platForm to showcase the nation's public art, we tInUe to show¢ase our paintings. works on paper and Sculptu on th8ir website al www.artuk,org. This yeaTwejotned Bloomberg Connects, a tree tnobile app Support by BloE>tnbery Philanthropies %thi¢h fèatures guides to hunddS of museums, gallerie5, sGulpture pa, gardens. and cultural space8 across he wodd. making art and CUttU a¢¢esSIb to 811. We created a digiial guKJ$ lo thg Ingram Colkntion, featuring colledon hlghlights and inforrnation ab(xJt our current. past and fulure exhibitions. Key ents and publl¢a¢Sons Our exhibition ILstsng can bg found 8t http.'1nngraMI8¢tl0Th.m1exhJbil1onS1. Our koy events and wblKations during this P8riLK5 were- Exhibltion talk. Jo Baring and Usa-marie Harris in Conversation, The LwJhtbox, September 2023 Online talk, Jo Baring, 'Art Unlocked.. Th8 Ingram co1CtIOn.. hosted by Art UK, Septernber 2023 Exhibition talk and film, Jo Baring Jan$ Dearfove, BWG Galery. Septerrbber 2023
Page 12 THE INGRAM ART FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENOED 30 JUNE 2024 Pre55 8xhibib'oTr tour and lunch for'spiril of Adventure,, W8sI Fhjrsley Pla, Seplember 2023 Evening private exhibition lalk, Jo Barivg & Ilona Harris in thVersa)n, West Horsley Plac8, Septemter 2023 Exhibition talk, Jo 8amg, Brasenose Colle9e Oxford. Octob8r 2023 Announcernent of 2023 Ingram Prize shortlisl, October 2023 All Irwdm PrEe finalists prOfid at @ingramcDlleGtionuk, OctobeT- Noverrljer 2023 Publication of 2023 Ingram Prize catalogue, NoveTnber 2023 Talk about Th8 Ingram Colle¢boTh and lh8 art mark¢L Bra&8nos8 Colleg8, Oxford. JD Banng 8nd Melanie Gerlis. Novernber 2023 2023 Ingram Priz8 exhilitTr, Cromwell Place, Lonth>n, 2246 November 2023 Panel discus&on, 'Curating Art Foundations.. idea5 of Phibnthropy.. Roberts In5tituie of Art x Tha Ingram Colk¢ik)n', Cromwell Placs, 24 Novetnber 2023. Profes$K)nal Prts"Ce seminar for20231ngram Prize finalists, Cromwd Plac8, 26 January 2024 Selected press and pJblicity 'Spiril of Adventure, at Wèst Horsley Place ¢5 an'unmissable 8v8nt', li51ing. Country Llfe, 16 August 20TJ Clare Clinton spoke avI 'Spiril of Adventure, al We51 Horsley Place on BBC Radio Surrey Bakfast Show. 17 August 2023 The lyrral pastorals of the British neo-romanli¢s', Michael ProdgEr. The New Slateman, 21 August 2023 htlp5JlhMv.newsla18sman.coml¢Ultu1art-d8S1gnl2023k08lthO-rfcalaSt0ral5-or-ll-brilIsh- ne romantics 'Lyrfcal and dr8amlike.' A World tsf PrNato Mystery- British NeRomantiC,, Laura Ga5coigne. The Spectator. 9 Septèmber 2023 https'.IlwW.speclator.co.uKlarticlenyrical-3ndreamIike-a-W0rfd-prw8te-mY$t-bril1Sh-ne0- romanlics-a14h8-fry-art-gallèry-reviewedl 'Collactors are faling for the Brihsh Neo4ornantics'. Ernma Criehton-miller. Apcllo, 22 September 2023 https'.Ilvthrf.•poll>Magaine.con*art-m8ffKgt-bwltksFeo-r0M8ntiCj The Jw%ish artists who weave magic ver5ion5 ofwomen,, Anthea Gerrie. The J8wish ChronKle. 6 O¢tober 2023 Ir8vlew of 'A Spirht Inside, at the Lighlbox. fgaturfng Anna Perach12021 Ingram Pr12el https.Ilww_thej¢.¢omnife-and-culturelthe-jewish-artisls-who-w¢ave-magic-v8r8ions-of-wornen- uux1¥trTu3 A Spirit Inside, review, Studio International, 11 October 2023 A Spirit InsiiÈ' at The Lighlbox 15 an 'UnmiSsae event,, listing, cJntrY fe, 25 Odober 2023 Online ¥sling for'A Spirit Inside, The Titn&s. 1 November 2023 'Cdlector Chris Ingyam on why philanthropists need to step up 10 SUPPOrt UK galleries., MeLanie G8rlis, FNancial Times, 20 November 2023
Page 13 THE JNGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 htlps.'Ilwww.ft.¢oml¢on¢enV9c17021f-83a24f3G415&1td3e1cbaa40 'An Elisabelh Frink survey al the Dorsel Museun) & Art Gallery Is Ihe latest to have been prornpted by the alstitbutlon of her estate,, Claudia e8rbi8ri chiS, The Art New$pai)er. 1 Decéner 2023 htWs'.Ilwww.theartnew$pap8r.comf2023112101lan-elisabelh-frink-suNey-at-Ihe-d¢xsel.museum- 8rt- gaIry--the-Iatesl.to.haVe-been-pr0pted-by4hIstrlbullon-0f-h8r-esi4 'Women & Waterf at Murray Edwards College, h51ing in the 8rdian Saturd8y Magazine, 2 De¢emb8r 2023 'The Taotle,. A Spirit InSe., Lan¢Js¢ape and Imaginakn'oTh view-three swrb Sho mark 20 years of Cornpton Verney., Laura Cumming, Observer. 2024 https..II¥.thaguar0Ia.C011l8andesJn12o24IaprIo7Ilhe-t80I-splrlt.isNde4andxapaTh lm8ginatirm-review4he-suPrh0W5-math-2cYe3rS-o1-comptOn-vern8Y FINANCIAL REVIEW Incoming R•sourc•$ & R•$our¢08 Expended IncomSng resoueS totaled £53.93512023- £64,448). Thi5 ific1l¥J V0018ry Incom8 lotalling £66 12023- £20,438), other In¢ome Df £22,12912023- £11,432). inv8slment income of £30.74812023. £28.6861 inclusive of bank deposit interest Of £3,069 12023 - £2,610). Thè VOntary donations received are unrestrkied Sn the use. The Gosl of raising funds lotalled £10,01312023- £15.4261 and r&lates to markating and advertssing costs IrJé•ll9 webshe dÈsign and professiond fflemberships and subscriptions to art publi¢atK)ns. During Ihe year to 30 June 2020, the Trustees mad8 the d8cision to invest reseNo$ with Carvetian Capilal Management Limited, an invesbnent manager wilh which the Founding Trustee has had a long worfÉing r8lalion$hip. The Tru8tees are salisfied wlh the perfomiance ol the inve51rneDI given the wider economiG environm8nl, appreciating in value by £IDS,363 aftèr fee$12023'. apWeclar by £7,853) and income of £27.87912023.. £26,016). DurirJ year to 30 June 2024 the Twste88 thdr8w £450,OC(I rèalklng a £4,799 gain 12023.. £165,000 reali5ing a £1,15310851. The v8lu8 of the investsrwt at the end of th8 y•¥ was £1,211,43012W223.. £1.551,2681. Fundrdi5Dng The Truste8s have referred to the Ce of FuThlraising PractKe Ilf Code'l which was developed during the period by Y)e fijndraising comrnunily throthah the work of the Institute of Fundraising and FIJbC Fundraising Assouation, and the Guld8nceon Charitiè5and Fundraising issued bythe Charity ommk4sion r'cc2(Y'l and Ihe Charities IProlection and So¢ial Investment) Ad 2016 (Yhe Acri. They Gonfinn that the new code. CC20 and Ihe Acl have no imp*1 on the FndatiOn as il does not engage in any public fundratsing a¢tswl$85. Investkmnt Poll¢y The inveslm8nt objective is to maintain and grow the real value ofthe 8$so1s and lo nrat8 stable, Sustainab, distributab ralurns Icapiial and inco), sufficianl to mainlain the purchasing power ol Ihose distrfbutions.
Pèg? 14 THE INGRAM ART FOUNDATION TRU5TEES' ANNUAL REPORT FOR THe YEAR ENDED 30 JUNE 2024 Re$erve6 Pollcy Th8 Trustees have no ouislandSrvJ eonYnitrn8nts or ca$h demands. The n81 cuTh8nt a55ets of the FoundatKJn are regarded as free re50rvesand the unreslricted funds 9130 June 2024 will berelain8d lo make grants and protnote 21Y Century British Art in accordance wrth the Foundation'5 charitable obJ'e¢ts. The Trustees conslder that the freely eXPendae funds are approprmte and adequate. taking Into account plans forgrants to be awarded in future. The Tru$le8s will reVW this policy ai least annually as part of thg risk management process. The currenl ongoing conflicts in UKrain8 and the midd Ea$1 and th8 resutting cost irfflating facto hav0 affo¢ted the gbbal economy. Havitvj Conser8d Ihe contingency fAans in place and having reviewed updateLI casmow fore$1S. the Trus18es consider the adoption tsf the going corKern ba$ in preparing these finanoal slatements continues to be appropriate. PLANS FOR THE FUTURE PERIODS The Trustees do not Propose to dovote from the current objective5 and aGtivilies of th8 Foundation as detailed In s8ction 3 of this report but wil further dev&lop 2nd refine their 51rat¢gies. policies and procedures in fulure. Approvtsd by the TN$t¢Ès and Signéd on thelr behaw by- IAark Hgrris- Truste Oate
Page 15 INOEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ThE THE INGRAM ART FOUNDATION I rep)rt to the Twstee$ on my of the Finanwl Stst8merts ol Ihe kngram AA f¢y th• yew eTrJed 30 June 2024 are set oth on p•a88 16 10 26. R•spon51bllltles and bA•l• of r•port 8 the ¢haritys trust$ you a responsib for thg kYewatKm ol the accowts In th th• requirements of the Cht8 Z011 1.tho A¢l'l. I r8POrt in respect of my examinallon of th8 chaty,8 accounts carthed out und8r $gcllon 145 ol IheAct and In carrying out fny examination I hav8 foknied the applicab dir8clions glven by Ihe Charity Commission under 80clk)n 1451Sllbl of the Act. Irrfl?dnt •xamln•rf• •t•t•m•nt I have comW8d my 8xarninalK)n. l D)nfirm Ihat r maler421 maitets have ¢cfft lo my attentts In ne¢tion wth the examinatTr gwing cause lo believe that in any materi81 respect." 1.acLcthtiNJ rrtcrdsw•f• not keF4 in resFd ollh8 chwlty as rewired by sectk*n 130 ofthe 1. or 2.Ih8 a¢count$ do not acco¢d with th050 re¢ord8", or 3.the account$ do not comply with the appll¢8ble requirèments concamin9 ihe and ¢ont•nl ol acc(xJnts 58t in the Charit8 IAcoJunls and R&Pts} RegulatnS 2(M)8 other than any requwement that the acClS giv8 a Irue far is not a matter Cond8 as part ol an ind&wndent exaMal)n. ttentrtrn Sul1 be ri INS rgtKMt In Lydor to •rth a k¥(w undwstw¢JThJ of thE acwJrtS to ched. John FCCA The Martlet Partnership LLP Martlel House, E1 Yeoman Gate. Yeoman Way Worthing. W•il Sussax BN13 3QZ
Poge16 THE INGRAM ART FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JVNE 2024 Untestrlcted Exyndab General Endowment Funds Funds Total 2D24 Total 2023 Pago In¢omo and •ndowTnerts from: Donathons (Thoto 21 Inveslrnent IllCDme (note 31 Charitable aclivty (note 41 Other income (note Sl 20 20 20 20 20,438 28,688 3,892 11,432 30,748 992 22,129 30,748 992 22,129 Total In¢ome and •ndowmeThts 53,935 53.935 64.448 Exp8ndltur• on.. Chamlabb 8Ctlvftl•$ 61 Cost of 9eneraling fijnds Inoie 71 21 22 294,465 10.013 12.713 307,178 10.013 317.552 15,426 Total •xp•ndilure 304.478 12,713 317.191 332,978 Nèt gainllh)ssl (KI investmgnts Inot• 81 22 110.162 110,162 6,700 Net l•xpondltur•llinG¢Jm 1140.3811 112.7131 1153,0941 1261.8301 Tr4nsfvr$ b•two•n fund5 112,7131 12,713 Net mv¢ment In Jnd¥ 1153,0941 11S3,0941 1261,8301 Rm¢llatIOn of funds: Resour$ brwght forward a11 July 2023 1.507.976 10,185.014 11.692.990 11.954.820 R•sourc88 carrled f<)rward at 30 Jun• 2024 17 £ 1,354.882 £ 10,185,014 £ 11.539,8K £ 11,692,990 There are no ¥ecognised gain$ orlosses other than Ih05e inCded in the slalemenl Offina1 a¢ts. l in(mir¥J resources and resources expended d8fNe from continng a¢livities.
P898 17 ThE INGRAPII ART FOUNOATION BALANCE SHEEr AT 30 JUNE 2024 2024 2023 Page Flx8d Assets.. Heritage Arlwork Assets (note 141 Investment5 (not$ 71 25 22 10,369,121 1.211,430 10,353,751 1,551,26B 11,580,551 11,905,019 Curront Asstts.. Dobiors In(ts 81 Cash at Ba[ 22 1 S.010 152,432 5,612 13,898 167,442 19.510 Llatyllttle8= Creditors amounts falling due one year (Thote 91 22 1208.0971 {231,5391 1208,0971 {231.5391 Nel current assets 140,6SSI 1212.0291 Total a$sel$ less currant liabfjlilie$ 11,539,896 11,692,WJ Totsl not assgts t 11.539,896 £11.592.9 Th• funds of the f<Jundation: Unreslrictod funds Expendable Endowment Fund$ 1.354.882 10,185,014 1,507.976 10,185,014 Totsl foundation fund$ 16 £ 11,539,896 £11,892,990 Approvod by the Trustee8 and sign•d on Ihglr bohalf by: Mark HaThis- Trustee Dale
PBgÈ 18 THE INGRAM ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES The financial statements have been prepargd in accordance with Accounting aThd Reporting by Charities slatern1 of Recornmended Pra¢ti¢e applicable lo charitie5 Prepari their accounts in accordance with the Financial Rporting Standard applicable in the UK and Republic of Ir8nd IFRS 1021 I'charitses SORP FRS 102.1, the Financial Roporting Standard apicable in the United Kingdom and Republic of Ireknd IFRS 1021, the Charities Act 2011 and where appltat)le, the Charities Acl 2022. and UK Gèn8rally Accepted Accounling Practl¢e. The financial 51alern0nls havo b88n wepared to glve a IrLtp and fair, Yi8w have departed from the Chanti88 IAccounts and Reports) Rogulauons 2008 only to the extent required lo providè a 'tr andfairview. ThkS departure ha5 invdved following Ac¢ouThting and Rerorting by Charities preping their 2tcounts in accordance wilh the FinanGial R8porting Standard apphcable In the UK and Republic of Ireland IFRS 1021 rather than the Accountin9 and Reporting by Charities.. Statement of Recommended Pr8Ctice effedive from 1 April 2005 which h85 5inGg bèen withdrawn. The Foundatlon conslilutes a public benefft lItY 8s d8fined by ChtieS SORP FRS 102. Th8 Found8tion hss gPk4iecl the prow$Kins set out in Charities SORP FRS 102 as published on 2 October 2019 and On that basv& does not include a slatemenl of ¢a$hflow. The signrficanl accounting po%ties applied in lh9 preparation of these financi81 slaternenls are sel out bèknw. These policies have been Conslslenlly app118d to all years psented Un88 olhewise stated. In apptylng tho f1nanclal r8POrting framework. the Trustees have made a numbei OF subjective judgements, for example in rÈspècl of signrficant accounting estirnaies. Estimat88 and ju¢Jgements re continuaBy evaluated and are based On hisloncal experience atKS other factors, including expectations of future events that are bdi&v8d to be reasonable under Ihe¢ir¢umstancés. Thè natu or the estimation means the actual (yJtcom0s ¢ould differ from those estimate5. Any significant estim8te5 and Judgemènts aft8cting th&8e financlal sl8leTnents are detailed within the relev8nl acc¢untin9 poky below. Flxod A55•t - Heritage Asstts The initial gift of Heritage Assets ave measured by the mid estimate auction prite plus 20Yo buyer's PrniuM al th8 dale of the gift, in accordance with Charities SORP guidance sedion 18. The Initial valuation has been treated as rts d88med cost 8nd in accordance wilh the SORP the Trustees have not adopted a poliw of reValUatn onc8 assets are donated to the Foundalion. Subsequént pi8c88 purchased are measured 91 Gosl and are wtiecl lo r•v¥alkIn. Th8 Trusl88S have consid8r8d the additions ar¥J consider the price paid for tra¢h piete to be an accurate representstion of the current market value. The Truslees consider th8 heritag9 assets lo have an indefinite life and therefore are not subj8Ct to depretAlion. The powerlo dispose Dracqlre further hwitage as$8ts rasls sd81ywilh the Trusteeswho maydeem il fit lo acquire or dispose of assets in oréertts pursua the Foundation's objeGIS. Restoration work may be undertaken al the Trustees discrets'vn in order to maintain or enhance the publK benefrt the asset bnngs. Whll81 not on display the assets are hekl in secure stuage lo wthich the Trustees staff may access or recall from at any time. As8els are recorfed w a register which the Direclor and ColloGtsons manager maintain.
Pagè 19 THE INGRAM ART FOUNDATION NOTES TO THE FINANcL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 AccovMfiNG POLICIES Icontlnwdl Incoming re$our¢es IveStMent income derived from interest and dMdend$ re¢eNabl8 Irom investments and is accounted lor in the period in which the Foundation is enlilled lo r8ceipt. Interest from depos accounts are ClUded as and when rgGeived only. AM InMI[vj resourcss are Included in the SOFA when the Found8tion 15 entitled lo the incorne and the W)nI can be quantifBd wilh reasonable accuracy. Vduntary ¢S)natv)n5 iThcludE donat)n$ urK18r Gift Ad wlth thè asstthqt8d tsx ¢r8dtts included wh receivabk. Interest from d8POSit accounts a indLled when received. Resources expended Al expenditure is incled on an a¢uuaL8 basis and is recognised when ther8 is a al or constructlvè oNl9atDn committkng the Trust88 to tre expanditure. Irrertsverable VAT 1$ tharged against the actiwty for whlch oxpondrture was Incurred. Charitatik act11@8 Indude gov8manGe u)sls mada during the perpjd arg oxpended throu the SOFAwthen the offer is conveyed to th8 recipient. Cost of ralslng funds relale to the wsls incurred by the FouTrJati¢n li adverti&irg its colection and Manag9t offixed assets. Govemanc8c05ts relating to IhÈ general running of the FoUnd81M, as opposed tothe manawm9nt lunctiOn5 IrenI in generating funds. Flxed a¢1 Inv•slmeThts Investments ar8 induded at c)sing mid4rarket value at the balan¢e sheetdate. Realised gains and losses on investments a recognised on disposal of invesimtnts and alygasn or kjss on revaluation is taken lo the Slatement of Financial Activitles ISOFAI. The determination of any gains and Ioss85 is ¢alculalad by refe{en to the value of such &s5ets at tho beginrung of the accoursting perlod. ststus offunds Th8 Trustees have ¢(mpl8ts discrethth for Ihe unr8slrfci8d funds in p$an¢8 of th9iroty'8cthves. Income or capllal deriv8d from End¢TInt Fwds are expendable as the Twstees see fft in wrsuarte ol the chantable otie¢tfv8s. Debtors and crodiltsrs recelvablelpayablewithin one year Debtors and creditors with no slaled Inte$t rate and receivabk or payable wthiTh one year are recfKded ai transath pric*. Any los¥8s arK4in9 from Impairment ale reccgnEod a$ expenditure. cash and cash equivalent5 Cash is represented by ¢ash Sn hand and deposts with financAal instilutk)n5 repayabk Wthout P8n8Ky on notice of not more than 24 hours. C85h equrrfalenls are highly liquid inve$knents Ihal mature in no more than Ihr8e months froTn the dete of a¢qulsitlon and that are adIlY converthb to known amounts ol ¢A$h with IngnifICant risk ol thang6 in value. Pro¥lslons Prtsvisitsns art reco9nlsj when Ihe Foundalion has an oblallOn at the Balanc8 Shee¢ datè as a result of a p8St 8vent, it k4 probable that an oufflow of etonomic benefit wryl be rgqured In settlement and the atN)unl can be liablY eslirnaled.
Page 20 THE INGIiAM ART POUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES l¢ontinu•dl Taxatlon Th8 charity is nDt subjeclto any lax8s ¢n its ¢htable acliyities. Irrecoverab VAT 18 cha lo the Statem8nt of Financial Adivrties I'SOFA'I wh8n the expenditure to whh il relates is incurred and allocated. Going C¢bn¢ern The finan¢i81 stalem8nls have been prepared on a going concem basis as the Trustees beliove that no malerial L+ncertainlies exist. Thè Trustees have Gonsitleréd the kvel of funds held and th8 expected Ve1 of incotne and exp8ndilure for t1ve months from the date of signing of these rinancial statements. Th& lorecasl incorre and res8r4e8 are suffi'cienl lo thvèr all of the budgeted expenditure lo be able lo continue as a gtsing concern. The current ongoing ¢onfiitts in Ukraine and the Middb East and the resulting cost Inflating factOTS have affected th& global economy. Having Gonsidèred th8 contingency pbns in place and havng revlewed urmyated eashfiow forecasts, the Tru8t8es consider the adoptn of the going conr ba515 In preparing Ih85e frnanclal slolements tontinues to be appr(Fpriaté. Pagt 2024 2023 VOLUNTARY INCOME Voluntary donation8 GIftd Tax Relief 16,350 4,088 e 66 £ 20,438 INCOME FROM INVESTMENTS UK quoted securilie5 inCOrnE Bank interest 27,679 3,089 26,016 2.670 16 £ 30,748 £ 28.686 INCOME FROM ¢HARSTA8LE ACTNITIES R8VlSting Modern Brft6h Art- Book sa$ 3,892 18 £ 992 £ 3.892 OTHER INCOME Olhar Income 22.129 11,432 16 £ 22,129 11.432 Olher kncome cornwis8s commi55ion5 waived by certain artists and given lo the Foundats'on upon Ihe sale of Ihw ariw¥)rk.
Pagt 21 THE INGRAM ART FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Pag 2024 2023 CHARABLE ACTNITIES Charftablg Actr¥itie% from endowment fund$ stor8ge transportal*)n Framing, reslor3tion and mainten8rKa 12,550 163 14,074 570 Total endowmènt •Xp•ndIr8 18 12.713 14,644 ¢harltable Activit1•5 frorn uhStrICted funds Mwagemenl and AdminLstration Exhibthon costs Govemance costs Office expens8$ Insuran 155.867 95.477 39.178 2.262 1.681 150.303 108,250 38.773 3,698 1.885 Total unrestrlctod chariiable actlvlt185 16 294,465 302,908 Total Charilable Acllvltle5 16 £ 307.178 £ 317.552 Go¥•rMn costs AceoLntancy and admlnlstration fe85 Independent exanwnalion fees. Payroll adMintration fees Audit fees Legal fees 36.247 1,500 1,428 36.213 1.440 1,120 39,178 38,773 The aver8ge number of employees durlng the perThd was 212023: 21, Iluded in Management and Adft4nistral1 are Staff w$ts induding gross salaries £132,69012023.. E124,0501, $ocial secudty costs taaling £6.85012023.. £13.7891 employer pension conlributions of £2,95212023.. £2.5101. The total amount ol benefit resetved by key rnanagernent personal was £142,49212023.. £141.5191 which was paid to both employ888. One omployeè earrd between £80.000 ond £90,000 during Ihe year12023." one employee earned betweén £70,IM)O and £80.0001 Tho Trustees no¢ r8C8iV8 any r0imbur5ement of expenses dun9 lh6 yO8r.
Page 22 THE INGFiAM ART FOUNDAfON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page 2024 2023 COST OF GENETING FUNDS Marketing aThJ advartising Subscription5 Fundraising oxpen$88 5,247 2.926 1,840 10.653 2.851 1,922 16 10,013 15.426 FIXED ASSET INVESTMENTS Net unrealised inve5tmanl 9ain Net roalised gainlllos51 on di5P05al 105,363 4,799 7.853 11.1531 Net gains on Investments 16 e 110.162 £ 8,700 Invg$tmgnts anil ¢a$h management Market value at 1 Juty 2023 Additions al cosl Disposals at ctsst Net unr8alised Inveslmenl gainlllossl 1. 551.268 1,709,S68 1450.0001 110,162 1165,0001 .71)0 MJrket Value at 30 J9 2024 £ 1,211,430 £ 1,551.268 Total Inv•$tmonts under manag•m•nt 17 £1211.430 £ 1,551.268 DEBTORS Prgpaymants 15,010 5.612 17 £ 15,010 5,612 10. CREDITORS. *mounls falllng due wlthln on• y•¥r Loan froffl Christopher Ingram A¢counts payable HM Revènue & Customs PAYE Accountancy fees Independent Examinerfs fees pertsn$ payable 190,750 5,542 2.423 4,000 1,500 3,882 214.813 6.232 4,189 4.000 1,440 865 17 £ 208.097 £ 231,539
Page 23 THE INGRAM ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2023 11. RELATED PARTY TRANSACTIONS During Ihe year 8nd8d 2019 the FlIng TnJsio0 entered Into a ban arrangement Mth the Foundation pmviding funding in the amount 01 £1,785,000. The tèrms of th8 loan are open ended and il carries no iDteres1 however the Foundin9 Trustee rnay demaThl repayment or any part al any me by written noliee. Durin9 the year £24,06312023.. £35,945) was repaid and at the ye8r end the balaft )f the amounted to £190.75012023- £214.8131. A small proportion of artwork ha5 been rolalnod in Ihe Founderfs home, the deemed benefit ofwhich lotsls £120 12023 . £3761. based on a 1% rental fee of the valu& of the art. In addibon. expenses lotaming £92812023- £4,261) n re5peGI of works owned personally by th& Founder were incurred by tha Foundation during the pariod. Therefore, the Founder had a lotal benefit of £1,048 12023- £4,6371 forthe period whith ar8 treatod as ropayments to his kan. During Ihe poriod £36.24712023- £36,313) was paid at an ami'slanglh basis to RaIns0n & Hunter, w) relation to accountancy 56tvice$, In which one of the Truste8s is a partner. Al Ihe year end. balance of £4,00012023- £4,0(MJl remained payable. Additionaly £S,OOD12023 - £5,000) wa8 also received from Rawlinson & Hunter in sponsorship ol the Ingram Prize art ¢ompetilion. In addilion a fvrther £1,26812023 £4,184) wa$ received frc RaWl1r & Hunter to meel the $t ofexhibiting artwork at their offi¢e$, P•9• 2024 2023 12. FINANCIAL INSTRUMENTS The eAry amounts of Ihe Fournlation's finanual in$lwmonts we as follow8.. Flnanclal assets Measured at f74T valLJe through SOFA= Flxed ass8t Inve5trnents Cash al bank and in hand M88sured al amortised cost.. D8bto 17 17 17 1,211,430 152.432 15.010 1,551,2e8 13,898 5,612 Flnancial liabl1[*8 Measured al amortised cost Cr&Jitors & a¢uuals due within one year 17 208.097 231,539 Tho n&t gains attyibutable to the Trust's flnancial instruments are surnrnarised as follows.. Income and Èxpèns• Measured al fair v81ue through SOFA -N¢l g8ins/(losse51 (induding changes in fairvaluej 16 110,162 6,700
Pag* 24 THE INGRAM ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Bal8nc¢ brought folward Incom• and transfers Balance ¢arrl•d forw8rd Exyndlturo Gains 13. FUNDS For the year ended 30 Juno 2024. General Endowment 1.507.976 10,185,014 41,122 12.713 1304.4781 112,7131 110,162 1.354,882 10,185,014 £11,692,990 £ 53.935 £ 1317,1911 £ 110.162 £ 11,539,896 For the year ended 30 June 2023.. Gen8ral Endowment 1.769,806 10,185,014 49.804 14,644 1318,3341 114.6441 6,700 1.$07,976 10.185.014 £11.954.820 £ 64,448 £ 1332,9781 £ 6.700 £ 11,692,990 Anaty¥si5 of Net Asstts betweon funds Unrostricied General Exp#ndabl• Endowment 2024 Herilage Assot$ Inve$tmenls D8blors Ca$h at Bank urr8nl Irdbililies 184,107 1,211,430 15,010 152,432 1208.0971 10,185,014 10.389.121 1,211,430 15,010 152,432 1208.0971 Total Fund$ £ 1,354,882 £10,185,014 £ 11,539,896 Anaty515 of Nel Ass•ts between funds Unrestricted General Expondabl? Endowment 2023 Heritage Ass8ts Investmenis D8blors Cash at Bank Current liabilities 168.737 1,551,268 5,612 13,898 1231.5391 10.185,014 10,353.751 1.551,26B 5.812 13,898 1231.5391 Tolal Fund$ £ 1,507,976 £10,185,014 £ 11.692.990 14. ULTIMATE CQNTROLLING PARTY The uttirTOte Controlling party are the TNstees ofThe Ingram Art Foundation.
P8g* 25