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 Fina￿kil 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 Fo￿￿Otion Clhe Foundation" or'lhe CIO"I forthe year ended 30 June 2024. Thes8 have been prepare(l in aG¢ordance with the accounting p0￿cleS sel out In Note 1 and conwly with Foundatson's con$tilution and appI1¢ab￿ L2w. REFERENCE AND ADMINISTRATIVE DETAILS The Ingram Art Foundabon, nam8d previou5ty as The Mountridge Art Foundation but origin81y regislergd as the Ingr8m Art Foundation. is a registered charity, number 1165442, and is based and minis10￿d in th8 Un*8d Kingdom. The regls18red address Ewhth Fl(x)r. 6 Nèw Street Square. London, EC4A 3AQ. The names of Ihe first TN$tees th served during the perk)d and Continue to seNe at th8 dats of th8 rèport's appmval are.. Christopher John IrwJram IFowderl c￿re 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: MaUr￿e Tumov Gardner LLP 15" Floor, Miltrjn HoLL5e, Mitton st￿t. London, EC2Y 9BH K•y Manaymant Per80nnd: Jo 8ar¢ng- th'rector. Curator 150n Pith- Co1￿￿10nS Manager Paye 2 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURE, GOVERNAMCE AND ￿NAGEME￿r 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 e￿h1. 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 [Kor￿tKIn of the objects. The Trustees, invttslmenl powers are unrestriGied. Inducllon Training Should new Trustees be appointed a fomial in¢JuGlion process wll be cOndu￿ed 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, It￿ludIng in reLqlion lo th8 protethn of its as5els. Organlsatlonal mana9thien¢ The Trustee5 and a¢lmini$trative team DNnprise the key management P￿s￿￿oI of Ihe Four￿at￿)n in Charge of directing and controlling, running and operating the Founda￿On on a day lo day bas￿. All Tru$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 appI￿a￿a lo charities in England and W8ks requKe5 the TDJ$l•es lo prepare finanoal statements for oath financial year which gi¥9 a I[￿& and fair vwi of the FOundat￿tin,$ f*iancial 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$tees shoukl follow test and.. S8lecl Suitab￿ aGcounting policies and then apply them consislenlty., obsgrve the m81hods and prITh¢1p￿s In the Charities SORP IFRS 1021.. make judgements and Èstimates that are reasonable prudent., statè whether applicable UK AGGounting Sl2nd8rds and ststerneni of recommended practKe have followed, Subj￿ to any rnat8ri81 d•partures disclo&&d aryj eX￿ained in th8 finanual stai*menls,' and prepare the financial statements on the going concern basis unle55 it Is Inappropriate lo presume that th8 Foundatlon ￿11 continue in operat¥)n. Page 3 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are respOn￿b￿ foT koeping propgr accounling rgcords that disGk)se with reasonab accuracy 8t any lime the finan¢kql position of the Foun(lalion and 8Trab￿ Ihern lo ensure that the fin8ncral staletnents Comply with the Charthes Ad 2011 and where applicable, Ihe Charrties Act 2022. ¢he Charty (Accounts and Reports) Regulalioins 2008 and the provisions of thè trust deed. They are also responsible for safeguarding the as$&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 p￿paration of this Mport aThJ th8 Fin8nu81 statements. Th8 risk assessm￿t 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 mil￿ated by hawng muhiple undorlying Invest￿nI manager5, swlh perfom)ance monrtored by Tru51ees regukqrly. InsLrffi¢ient resources to MaiThla￿ Ihe Co1￿Ch0n 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 r8fflUaetat￿n durfng th8 year to 30 JunE 2024. The Foundation doÈs not rArry oth fundraising 8ctivrt￿s. 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 wh￿h disclose with reasonable 8CCLracy 8t any lime the ffinan￿aI 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$Onable Steps fLYth8 P￿VentIon and deteclion of fraud and olher irregularitie5. The system of inlem81 conlrols is desigrEd to provid8 r&850n8trAe, but not absolute, assuranc8 a93inst matèrial mkstalgment or bss. Page4 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 OBJECTS AND ACTIVITIES FOR THE PUBU¢ BENEFIT The objecis of the Foundation a￿ fcf the benefrt ol tho publi ai to prcxnote and advance Ihe edu¢alion of Ihe public by developing public apweciation and understanding of visual art by any means inGluding in particular by holding. maintalning, augment￿9 and exhibiting wotks of art including a colkclion of 20th Century Brtllsh Art". bl to &Jvant8 the education and training ol young people in thè field of visual 8rl, by any means Including in particular by providing thern with opportunitl8S to dev8k)p the skills tD enablo Ih8m to pursue ca￿er$ 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 IncI￿ling 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 suit￿8 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 d￿plaY of the CO1￿¢11￿n$ 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 Museurns￿d 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$0ts The assets ol th8 F￿ndation consist printipalty of gifted artwork and cash and these are reported OTh Balar*g Sheet and In th8 supporting notès as Heritage Assets. ho￿ and maintained pyincipally forth8ir contribUt￿n to knowbdge and cutture. The founder 9ave the arfwork wilh a value tolaling £10,305,014 on 171h November 2016 and the Trustees sybs8quenUy purchased addilional pieces tolalliDg £126,836. AFtt¥ork Mryth a valu¢ of £7.120 was donated lo thE ¢harity in the year to 30 June 2019. In the same year, the trustees chose to s811 a painting held at a value of £120,000. The Iruslee5 continued to add to the collection during the year lo 30 June 2024. pvrthaS￿g further pl8(xs tolaling £15,37012022.. £13,231). The tsriginally grfted artwork is ￿cOgn￿Sed al their auction rnid-eslimate value plus buyers premium, of 20¢/4 at the dale thal the gift was made. Subsequenl purcha5e5 are valuetj at cost. The gift of the artwoth has begn treated 85 an eXpendats￿ endowm8nt ful￿., Ihe Founder intended the grft to ensure the bngevity of the Foun¢alion. Th8 Trustees have the powor to converf all or part ol the endowment fund into an income fund to promote the objects. However, a ¢olledk)n of 2 entury British Art should b8 preserved for thE publi¢ benefit. ¢h¥ltable Activilies The Ingr8rn Art Foundatk)n was cfeated to irnF4emonl Chrls Ingram's fundamental Kleè of makir art available lothe public. 0wactfvkn.es are tentred around a public k)an$ 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 Co1￿10nS Mana9Er. Alison Pric8. The Trustees have provided thè publicwith access to the wllections using Spa￿S provided by olhor orgaDis$lions and galeries. Through public display, the Foundation educates a broad section of the publi¢ and enab￿5 thern lo gain an appr8CKgtion of both a $pedfK genre anil ofoth¥ pa￿tU￿rw0rk8 of art. Duringthg PBriod, the Tnjstees purchased addluonal art pleces fordisplay Ir their currantexh1bit￿ns and pr(orammes, from young and dBadvantaged individuals. en¢ouragirvJ the development or ¢ontetnw>rary 8ritBh Talent. charitab￿ Activ￿e5 for the per￿d totslled £307,178 12023 £317,552) and indude the costs assoc4at8d wlth administering and runnSng the exhibits.ons and prograrnmes. The 8xpenses 1￿cUrred 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 ￿C1j￿ed in thariiable ac*wt*s. The accounting treatrnenl in respect of grants Is in Ilne with that $01 out in th8 Charities SORP. Furth8r datails ol (he s1gnifK￿t 8xhibltron$ 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 gaI￿ry 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 Ng04th ¢ollectlons tog8lh8r to Show￿Se art bome oul of 8 strength of spirit. and touched upon the 8￿Mental. fantasiiul. spiritual. and rK)litic41. The exhibition wa$first(xJncelved in partn8rship wth the Lighlbox, and successfully toured lo Compton Vemey *1 2024, the first time we have toured 8n exhIbI￿on in thi5 way. °A terrific show.. "iuditiously s6lected','unexpeGted marvels", Laura Curnrnmg, The Observer E118abeth Frlnk- A Vlw from Wlthln, Dorsot Musourn & Art Gallery. 2 December 2023 - 21 Aprll 2024 T￿5 rnajor now exhibillon expbr8d Frink's arb51ic and personal lrfe in Dors8l. Showcasing over 80 s￿[ptUreS. drawings and print5. 11 examined her artistic process, personallil• and the Inltuences that sh8P8d her work. The exhibllon has since transfemed lo Museum & Art S￿ndOn and ￿11 lour to Sdisbury Museum in 2025. 'Thi5 is an exemplary exhibition. Small, illuminatlng. sUrp￿S[ng.' Laura Freernan. The fjmos 'A unique opportunity 10 step inside and see how one of Britain's for￿n0st attists worked.. The American. Loan to M)ggie'$ 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 De￿Mber2O24 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, LO￿lOn, 19 October - 15 N(wember 2023 Alexandra Searte.. Surface Fun¢tion$, TM Gallery, London. 7- 29 NoveM￿r 2023 Landscape and Imagingtion.. From Gardens lo Land Art, Cornpton Vemey, WatwicksNre, 21 Marc 1 Sepletnber 2024112,000 visitors) 'An 8￿g￿nt, thoughtful lour of Ihe place of landscape and garden$ 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 CO1￿Cti￿ at Rawfinson & Hunter, Rawhnson & Hunter, Lond)n, from 11 June 2024 and GMDnuing Pop Art & Pottery. Burton Art GaI￿ry. 8id&lord, 14 June- 11 ￿JgU$1 2024 Cosmpolis.. Ths lrnpact ol Refugoe Art Dea￿r5 in London. Ben Un Gallery, London. 26 June- September 2024 We rnainlained our loans lo non-traditional 5pafft during this period. with WOTks on display al The Clink chanty's restaurants al HMP Slyal and HMP High Down. and at wokn.ng Coroner's Court. Our a550ciab'Dn wrth a¢ademK institutions Gontinuèd wrth r8n8wed loan5 10 8tasenoso Cdkge, Oxford, and The Sarnmy ofer Centre at London Business SchoDI. Fer Brasenose Jo B•lng l&d a curatorial projecl, workmg c￿￿elY wlh sludenls lo Qxpbe the them6 of "￿entIty.. Together, they selected artw(*k$ 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 CO1￿ction. 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 pr*gèn￿ng a large exhibition every t%vo to tr*e8 y8ars in partnership wrth a gallery or mustrum wrth ils own completnentory ho￿1￿9 of modem Brilish art. Durfng th"s pÉ￿d, 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 T￿Tr.. Brth5h Paintiw. sculp￿re and Drwng 1910-1960,. Soulhafflpton City Art GaI￿ry has been a target since Chri$ Ingram and Jo Baring vi$rted the g￿lery in 2015. Southampton's fine art collection currently holds over 5,300 work8 and contiNes to grow through gifts and bequests. The city's ho￿l￿gS of modern British art are ¢onsldered lo b• amongst the finest In the UK outside of London. and this large-scale exhitXlw)n will draw on Ihe Soulharnpton City Art Galléry tolleclion ané The In9ram Collection. Vve are currenttry apptylng to th8 Paul Melhjn Centr& for fvnding for an accotnpanying publication. Olher major k)ans & exhlbilons Inrtiated for 2024.26.. Hastings Cwtemporary12024-251. Parfner5hip exhibition with Ihe Robert5 Inslilule of Art. The David and Indré Rob8rt5 Collection foaturgs nearly 2,500 works by over 850 artists. dating frorn the rnid- 20th ￿Thtury to today. The collection 15 rooted in a passion for contemporary art and an ambition to shère exiraordinary work by some of the worfd's tnost inffu8ntial artists and lo support artists at differ*nt siages of thelr cgreers. 'Itntnortal Appks, Eternal Eggs. wlll open In S8Ptember 2024 and Is an exploraticn of how cornplex ihe genre and idea of still life *. Still lrfe ha5 long been relegated to the margins of art ￿Story and art pradice as a'minor. genre. further margin2liz8d by having been p￿domIn8n1IY Ihe subj'ect of choKe by those excludéd from fomial ariistlc training and access lo resour￿5, such as W￿Men and the soa￿cOnOmIcal￿ disadvantaged. And yel, despiie or (pérhaps t*cau88 on this rnargIn￿ Èialus it has been thè source of r8dical artislic experiments (such as, historicaly, abslra¢tion and Surrealism) a$ 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 ¢ontemp￿ary 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 Spr￿g 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 Ir￿TaM Prize & Ingram Contsmporary T41e¥rt ChrB Ing￿ b8gan vigtkng &t s¢ho¢A éegr8e $￿wS over fffteen ye8rs ago, 8nd his wrchase of work byt￿ artist Haroon Mirza in 2007 was the first stèp in the cTration ofthe lThgfam Contemporary Talent collection. By 2016 Ihe colledion had grown lo over 50 works by Èmerging and conlernporary artists, and an annual purchase prize, now known as the Ingram Prize, was launthed lo formalse the Ingram Art Foundation's sutwort for eady career artists thrijugh the purchase and prornolion of their work, and pradlul support in the cru￿al eady years of their careers through aG¢ess to useful networks and prof88sv)nal d8v8loptnenl opportunities. We a￿ commrtled to manitaining tree entry to the Ingram Prize. whh our onty stipulat10￿ lor entry beinu th81 entrant5 musl have already eomplelad some formal art training In the LIK. ai ellhor undergraduate or poslgraduale lewel, and be within 5 years of graduation. Entran￿ can submit up to two works m any media. and firwllsts arè s818cted to partlcipate in a group exhibition he￿ in ceniral London. Three to four prize-vAnning works are acquired for the Ingram Collection, and one of the nning artists is invited lo present a wk) exhibilion th8 folbmring year al The Lighlbox gallery and mus8um. All fjnallsts are inwted lo appty for a r¢sld&n¢y, offered In partnership wilh He$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 CODIern￿￿ary 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 recIp￿Tr￿ ware. Yib* Liu for Unlillgd, 2023, ￿reMi¢ Abigail Norris for The Faelbn Aeppel, 2023. instal￿1￿1￿ Kofi Pery for A Y(xJng Iniliale, 2023. oil on canvas Richard Maguir8 received the Founderfs Cho￿8 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 townh￿ISeS 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, va￿ne 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 Kim￿rtey 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 Sp￿sor, Rawlinson and Hunter. lo curate a new dispLqy ol work by Ingram Contempor￿Y 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.t￿n prograrnrne. which Ihi5 year featured work by V8￿rie 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$120171, Afvin Ong120191. Anna Perach120211, mari9ts￿ PIu4)k8tt120201, Sin Wai Kin 20171, and Madinah Farhannah Thompson 120201. P4ge11 THE INGRAM ART FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Anna Llber Lewi5, 2017 Ingram Prlzo T•¢1p￿￿t, Solfryr•fl•ctivo, London Bu5in•s$ S¢h¢ol •xhibltl•n We continued our collaboratK)n ¥￿th Anna Lib8r Lews on a new P￿sentation of h8rwork al London Business School. along8￿8 loans from The In9ram co1￿ctiOn. 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 HIel￿gi8rde G£I￿ry. Leamlng & Enga9om•nt The Ingram Art Foundation 5UPPOrts a¢¢e$s lo art for peop16 in need because Df111-he8tth, disability or other disadvantage, and lo this end we welcome the use of our artworks for cornmunily arKJ •du¢alion projects hosted by borrowers. Of parbcular note is LKJhtbox gallery and museurn which uses The Ingram Collecbon extensively in its programmè of community projeGts. Projects lor this p8nod included.. Cenlrepiecg 2023- an annual programme olcrealwe workshops for bcal schools culminating In an exhibition of work made in response to a work from the CO1￿ct￿)n. Cenlrtpie¢? 2023 focused on Banksia S88ds by Ingr8m Piizewmer Kristina Chan. wrth Six VVokiThJ schools taking part. Art In Mind.. a monthly programrne of creative workshops for P8OFde with dementia and their famity members, friend5 orsVPPOrt&rs. Open NQind - participants can tour the buikjing for fr88 in their own time ofter tours of 8P8cffic exhibillons. West Horsky Place developed aD extensive programrne of enoageftwnt events during the Six week run of'spiril of AdvÈnlure'. This induded an Art for Dementia sessDn, school visrts. an Art Trail far thIld￿n. and w0￿shopS 8nd private tours for dlsabled visilors, young adutts with special education ne8ds, and a charity supporting people wth brain injurios. Dlgltal access Vve provide digital accass tLithe coledions at wbvw.ingramcollgction.com, and promoteour activi118S through Ih&website4nd our Instagram account @'ngram¢olle¢tionuk, wh8rewe cwrenttyhave 15.8k ftAlowers, an In¢rease of41 % from lastyear As a Founder PartnerofArt UK, a ¢harity with 8n online platForm to showcase the nation's public art, we ￿tInUe to show¢ase our paintings. works on paper and Sculptu￿ on th8ir website al www.artuk,org. This yeaTwejotned Bloomberg Connects, a tree tnobile app Support￿ by BloE>tnbery Philanthropies %thi¢h fèatures guides to hund￿dS of museums, gallerie5, sGulpture pa￿, gardens. and cultural space8 across *he wodd. making art and CUttU￿ a¢¢esSIb￿ to 811. We created a digiial guKJ$ 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.'1nngraM￿I8¢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 co1￿CtIOn.. 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 th￿Versa￿)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 prOfi￿d 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 exhilit￿Tr, 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$K)nal Pr￿ts"Ce seminar for20231ngram Prize finalists, Cromwd Plac8, 26 January 2024 Selected press and pJblicity 'Spiril of Adventure, at Wèst Horsley Place ¢5 an'unmissable 8v8nt', li51ing. Country Llfe, 16 August 20TJ Clare Clinton spoke a￿vI 'Spiril of Adventure, al We51 Horsley Place on BBC Radio Surrey B￿akfast Show. 17 August 2023 The lyrral pastorals of the British neo-romanli¢s', Michael ProdgEr. The New Slateman, 21 August 2023 htlp5JlhMv.newsla18sman.coml¢Ultu￿1art-d8S1gnl2023k08lthO-￿rfcal￿aSt0ral5-or-ll￿-brilIsh- ne romantics 'Lyrfcal and dr8amlike.' A World tsf PrNato Mystery- British Ne￿RomantiC￿,, Laura Ga5coigne. The Spectator. 9 Septèmber 2023 https'.IlwW.speclator.co.uKlarticlenyrical-3nd￿reamIike-a-W0rfd￿-prw8te-mY$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-bwltksF￿eo-r0M8ntiC￿j 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 'UnmiSsa￿e event,, listing, c￿JntrY ￿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 chi￿S, The Art New$pai)er. 1 Decén*er 2023 htWs'.Ilwww.theartnew$pap8r.comf2023112101lan-elisabelh-frink-suNey-at-Ihe-d¢xsel.museum- 8rt- gaI￿ry-￿-the-Iatesl.to.haVe-been-pr0￿pted-by4h￿Istrlbullon-0f-h8r-esi4 'Women & Waterf at Murray Edwards College, h51ing in the ￿8rdian Saturd8y Magazine, 2 De¢emb8r 2023 'The Taotle,. A Spirit InS￿e., Lan¢Js¢ape and Imaginakn'oTh ￿view-three swrb Sho￿ mark 20 years of Cornpton Verney., Laura Cumming, Observer. 2024 https..II¥￿.thaguar0Ia￿.C011l8￿and￿es￿Jn12o24IaprIo7Ilhe-t80I￿-splrlt.*isNde4andxap￿aTh lm8ginatirm-review4h￿e-suP￿r￿h0W5-math-2c￿Ye3rS-o1-comptOn-vern8Y FINANCIAL REVIEW Incoming R•sourc•$ & R•$our¢08 Expended IncomSng resou￿eS totaled £53.93512023- £64,448). Thi5 ific1l¥J￿ V0￿018ry Incom8 lotalling £66 12023- £20,438), other In¢ome Df £22,12912023- £11,432). inv8slment income of £30.74812023. £28.6861 inclusive of bank deposit interest Of £3,069 12023 - £2,610). Thè VO￿ntary donations received are unrestrkied Sn the￿ use. The Gosl of raising funds lotalled £10,01312023- £15.4261 and r&lates to markating and advertssing costs Ir￿￿Jé•ll9 webshe dÈsign and professiond fflemberships and subscriptions to art publi¢atK)ns. During Ihe year to 30 June 2020, the Trustees mad8 the d8cision to invest reseNo$ 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'. apWecla￿r by £7,853) and income of £27.87912023.. £26,016). Durir*J 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 C￿e 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 FIJb￿C 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 F￿￿ndatiOn 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 ￿n￿rat8 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 eXPenda￿e funds are approprmte and adequate. taking Into account plans forgrants to be awarded in future. The Tru$le8s will reV￿W 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 Cons￿er8d 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 Ch￿t￿8 Z011 1.tho A¢l'l. I r8POrt in respect of my examinallon of th8 cha￿ty,8 accounts carthed out und8r $gcllon 145 ol IheAct and In carrying out fny examination I hav8 foknied the applicab￿ dir8clions glven by Ihe Charity Commission under 80clk)n 1451Sllbl of the Act. Irrfl?￿￿d*nt •xamln•rf• •t•t•m•nt I have comW8d my 8xarninalK)n. l D)nfirm Ihat r￿ maler421 maitets have ¢cfft lo my attentts￿ In ne¢tion wth the examinat￿Tr gwing cause lo believe that in any materi81 respect." 1.acLcthtiNJ rrtcrdsw•f• not keF4 in resF*d ollh8 chwlty as rewired by sectk*n 130 ofthe ￿1. or 2.Ih8 a¢count$ 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 Charit￿8 IAcoJunls and R&P￿ts} Regulat￿nS 2(M)8 other than any requwement that the acC￿lS giv8 a Irue far is not a matter Con￿d￿8￿ as part ol an ind&wndent exaM￿al￿)n. ttentrtrn S￿ul1 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 R￿m¢ll￿atIOn 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 inC￿ded in the slalemenl Offina￿￿1 a¢￿￿t*s. l in(*mir¥J resources and resources expended d8fNe from contin￿ng 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