Registered number.. 09850522 Charity number.. 1167018 THE AMPERSAND FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE AMPERSANO FOUNDATION IA company Ilmited by guaranteo) CONTENTS Page Reference and admlnlstrallve details of the Foundatlon. its Tw8tees and advlsers Tru$tees' report Independent audltors. report on the flnanclal stalements ststement of financial activltles 7-10 Balan¢e $heet 12-13 8tat•ment of cash flows 14 Notès to the financlal statgments 15-25
THE AMPERSAND FOUNDATION IA MpanY Ilmlted by guarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees T Arruda Do Carvalho S L Conway J A C Kirkland V M SKldall A D Sooke Company fegiBtorod numbor 09850522 Chartty registergd numb•r 1167018 Rgglst¢red office CIO Wallons Clark Whilehill Limited. Marillme House, Harbour Walk. Hartlepool, TS24 OUX Independent audltors HPH Accountants LLP, 54 Boolham. Yolk, Y030 7XZ Bankgrs Natwesl. 58 Sl Peter's Street. Derby, DE1 1XL Inv¢stm•nt managors J.P. Morgan InleTnalional Bank Limile(I, PO Box 68214, 1 Knightsbridge, London. SW1P 9UH Page 1
THE AMPERSAND FOUNDATION {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees Present their annual feport together with the audited financial slalemenls of the The Ampersand Foundation ITAFI for the 1 April 2020 10 31 March 2021. The annual report serves the puiposes of both Trustees. Teport and a directors. report under company law. The Trustees confirm that the annual report arid financial statements of the chaiitable company comply with the currgnl slalulory requirements, the reqUIreentS of the charitable companls governing document and the provisions of the Slalernent of Recommended Practice {SORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ir&land IFRS1021 (effective 1 January 20191. Since the Foundalion qualifS as small urKler section 382 of Ihe Companies Act 2006. Ihe strategic report required of medium and large companies under the Companies Act 2006 ISlrale9bC Report and Directors. Reporll Regulations 2013 has been omitted. ObJectlve$ and actlvltl• Policies and obiectlves The objects of TAF are lo advance education and appreciation in the visual arts in all forms in su¢h ways as the Truslees may determine. TAF is a granl-8SWdrding charily. Since 2018 TAF has been concenlraling. outside of its outstanding commilmenls. on supporting projecls outside of London. Donatlons and investment InMe received by TAF are ulilised to achieve th8 above objectives. In setting objectives and plannlng for acllvilies, the Tru$lees have glven due considerallon lo general guidance wblished by the Charlly Comml8sion relating to public benefit. including the gvidance 'Public benefit.. running a charity IPB21'. Main activltl¢$ und9rtaken to further the Foundatlon's purposes for the publlc ben•fit The main actsvity ks fvrther TAF'S purpose is the making of grants. Grants are discussed and agreed al Trustee meetings on the basis of applications received. The Trustees confirm that they have complied wilh their duty in seclion 4 01 the Charities Acl 2011 to have due regard to the public benefit guidonce published by the Charity Commission when selling objects, strategy and objectives. Page 2
THE AMPERSAND FOUNDATION IA ¢ompany Ilmlted by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Aehlevements and p•rforman¢e • Review of actlvl¢lgs Regular granl-glving acts'vlly TAF awarded grants lotalling £371,260. TAF rnade seventeen grants in the year. We supported visual art pmjecls indu¢Jing T8le Burs8Ties, Ihe JudL11Hume Prize (annual support for a period of four years), Artangel's Oscar Murillo commission, the development of Duchamp's Socks (online journal), Smarthistory Iproduction of A-level art history video sources gn partnership with Art History in Schools, UK), the Wirksworth Arts Festival. the National Gallery framing department, the cataloguing of Helen Muspratt photographs al Oxford's Bodleian Libraries. and a fellowship with Pholoworks for mid-career photographeTS. We supported exhibitions al Nottingham Contemporary, Manchester Art Gallery, Liverpool Biennial. Warwck Art Cenlre. Kettle's Yanl in Cambridge {in partnership wilh The Fruitmarket Gallery in Scollandl. and Firstsile in Colchester. Pledges and future grants We awarded £4SS,000 to the Grav&s Gallery for their Looking Forward pro9ramme, a five-year project to transform the gallery exhibition space, collection photography an(1 framing, and outreach programs. The first instalrnenl of £99,000 was made in September 2020. The remaining yearfy £89.000 allocalions NMII be subject lo annual reporting and regular checks by the Tru91ees. TAF Award The Ampersand Foundation Award was eslabllshed as a bi-annual UK prize offerTrng an inslilulion funds lo produce their (Iream exhibition or visual art project. The winning institution is awarded £125,000 to realise their woposed project plus an additional £25,000 lo produce a ielaled publication. Ml shortlisled instilutions receive £S.000 lo cover the costs of preparing the proposal. Following a call and submission of proposals, in November 2020, 5 ins1itul¢ons were shortlisled by a judging panel fDr the second edltlon of the Award. Followng presentations to be held in Spring 2021 Ihe winner of the 2021 TAF Award will be announced in the summer. The Award is currenuy open lo Ihe 48 Inslilulions ihal are members of Plus Tale. Wlgwell Lodge This year we ran 2 residencies al Wigwell Lodge. Due lo Covid-19 disruptions the residencies in partnership writh the Wirksworth Feslival and Association of Art Historians were postponed lo 2021. Bul we also look advantage of Ihese postponemenls lo action some building work al Wi9well Lodge- turning the garage into a studio space. Following the postponement ol these residencies we accepted a request by artist Yelena Popova lo restde al Wigwell Lodgo. Yeena stayed 81 the Lodge for 4 and half months from September 2020 to Mid-January 2021. We run our second lens-media artist residency In p8rtnefship with Pholoworks, a Broohlon based plafform for conlemporary photography working nationally and inlernalionally. UK based Mexican pholographer Monica Alcazar-Duarte was the selected residenl and stayed al the property for a per of 5 monlh5 from February to June 2021. Except for Yelena Popova whose residency was not part of a partnership, all residents al Wigwell Lodge received a monlhly slipend and each partnership institution received a grant for running the residency. Page 3
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2021 hievfrmonts and performance l¢ontinued} Evaluatlon In ordei to measure success. the Trustees anlllor the member{s) of staff aim to visit all the projects supported. They report back lo the fest ol Ihe Trustees al the vAnler meetin9. Reports including visitor figures, press reviews, elc. from the supported projectslinslilulions are also received and reviewed by the Trustees. Investment pollcy and pgrformanco The majority of TAF funds. £3,029,930 are held in investment accounls managed by J.P. Morgan. Dividend income of £27,760 was rèceived an(1 there were realised and unrealised gains on investments of £622.801 Investments at J.P. Morgan are Cltrrently largeled al long term copilal appreciation with the aim that TAF will become self-susiain8ble. Finan¢lal review • Golng ¢oncern After making appropriale enquiries. Ihe Trustees have a reasonable expectation thal TAF has adequate resources to continue in operational existence for the foreseeable future. For this re850n. they con(inue lo adopt the going concern basis in preparing the financial statements. Further details regardlng the adoption of the going concern basis can be found in the accounting policies. • R•s•rv•s policy The Trustees aim lo maintain tX)sitive reserves in unreslricled funds by managing the level of grants awarded lo ensure that resources expended do not exceed incoming resources. Principal ritsk8 and uncertalntles The Trustees have assessed the major Tisk8 to whlch TAF is exposed, in particular those related lo the operations and finances of TAF and aro satisfied that systems and procedures are in place lo miligale our exposure lo the major risks. The key risks are a fall in investmenl value and lack of income slream le.g. donations from the founder and other51. Risks are mitlgaled by the dwersily of funds making up the portfolio and the aim of being sew- sustainable. • Princlpal fundlng Cash donations lotslling £222,000 were received plus a £181,637 associated repayfflent from HMRC. Funds were used lo provide grants to support the arts in line with tt)e sIBled objects as above. Al the year Ènd the Fotjndalion has unre$lricled funds of £4,614,805. Page 4
THE AMPERSAND FOUNDATION (A Company Ilmlted by guarant9•1 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Structure, govornance and manag$m¢nt (contlnued) Structure. governance and managèmtnt • Constltutlon TAF Is registered as a charitable company limited by gLsaranlee and was sel up by a Memorandum of Association. • Methods of appointm&nt or election of Trustees The Founder (J A C Kirklandl has the power lo appoint future Trustees subject Iherelo and in the event of the Founder's death or if he is incapable, whether mentally or physically. of managing his own affairs. future Trustees are appointed by majority vote of the Founder's Issue per stirpes in the first instance and by resolutrcsn of Ihe Trustees in the second InStse. Pollcies adopt8d for the Indu¢tion and training of Trust•os The Trustees have taken care to f8mili8rise themselves wilh the Charty Commission 9uidelines. • Pay policy f¢r key management porsonn•l There are currendy Iwo fftemb8rs of staff whose salary is agreed by the Trustees. Plans for future periods The Foundaiion will continue lo make grants to Arts wojecls as decided by the Trustees. Page 5
THE AMPERSAND FOUNDATION IA comp•ny Ilmlt•d by guaratrltse) TRUSTEES. REPORT I¢ONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Ststernontol Trul1$, rtsponsibilktes The TNstees Ivtho are thè diréciors of th¢ Foundation for the purpo$¢8 ol eornpany law) are re$pon94bl8 foT Prgparing the Tru51ee¥ report 8ncS the finanool strdlernenls in awrdanco wfh athirable law ar Unitsd lfjngdomAc£OtsJn9 Standards IUnftd Klngdom Generally A(%epled AccounJng Prdcticel. Comp8ny tTh rèqkires thè Tw8leos to wepare finanoal stalements lor eoc finandAI . Under compthy law. Iha Trustees musi not approve Ihe finanriol statements unless th8y are satisfied that thay give a true and fair view of th8 5tat8 01 affairs DI the FoundalFon an(1 of its irKomlng resourc25 and applkation of resourcès. Includlng Its income and expondiiure. for that pericd. In prring these firtanc481 $tatemgnts, the Truslees are rnquired to.. $ekct suitable arnIlD9 pos¢$ and Ihen 8pply them cnStan1y,. bseNe Ihe methods and prinopl•s of Ihe Charibes SORP (FRS 1021- makelLodgmtnl$ and aCntIl19 •Stimaleg that are reasDnable and prudent., slate whother ap1¢abl& UK AUnIng Stsnd8rd5 IFRS 1021 have been folld. subjeci to ony MatariÈl departur88 disdosed and explairled In thèfinandal statements-, prepa the finand81 stthtments on the 90ing cor ba?15 unless il 18 inapproate to pr05ume Ihat the FoUndati¢mll o)nlnue In bu$tnésB. Th8 Trustees ¥r¢ responsible for keeping adeqLtst¥ ac0)ng r8eo)rds that ara to show explaln the Foundation's tr8nsBrtions and d58d0s¥ with M&40Th8ble Èe¢ur4cy at any time ih? financial pea¢ of Ihe Foundation and them lo enswe that the financial stalernents ¢omply wth th¥ Compan7es Acl 2008. They are Alw respon$ibSe for safe9UJTdlTrg the •s#et8 of thtr FOlmdOn aTrJ henca fortsking reagonable step forthe preventian and dat¢cUon of fraud and other irrequFanti¥s. Dh¢losurè of Inforniallon to •udFtors Each oltr ptir$0 who areTwses at U)e l(m• when this TDJ3te8' report is apprDved has that.. so far as that Trustee 1$ ¥we, thBrè 1$ no rel¢v•nt au¢fit infomiauon of 1) the thatys auditors #re unaware, and thal Tru81ee has taken dl the step$ th•1 oughl lo have been taken as a Tru5tgfr In order to be wr• of
ny ralev8nt audrt infom)&lion and lo estsblish that the ch*rity'$ avditors ar8 awa of that hlorm?Ilon.
Approved by order of th• members of the boBrd ol Tru3tees•nd gned on thek behalf by.. J A C Klrklind Date.. '21..2C>z1 PBge 8
THE AMPERSAND FOUNDATION (A company Ilmit•d by guarantee) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION Unqualified Oplnion We have audiled the financial slalements of The Ampersand Foundation I'TAF'I for the year ended 31 March 2021 which cofflpri5e the Slalement of Financial Activitles. the balance sheet, the slalemenl of cash flows and the related notes, including a summary of significant accounting polieies. The financial reporting framework that has been applsed in their preparalign is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accwnling Practice). In our opinion the financial slalemenls.. 9ive a true and fair view of the state of the charitable CoMpanS affairs as 8131 March 2021 and of ils incoming resources and application of resources. including ils income and expenditure for the year then ended.. have been properly prepared in accordance United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Chanties Act 2011. Bas1$ for opinlon We conducted our audit in accordance with International Slan¢Jards on Audillng IUKI IISAS IUKII and appli¢3ble law. Our spOnsIbl1$11eS under those standards are fvrther described in the Auditors. responsibilities for the audit ol the financial slatemenls section of our report. We are independent of the charilable comp8ny in accordan with the elhlcal requirements that are relevant to our audit of the financkal slalemenls I the Unlted Kingdom, including the Financial Reporting Council's Elhic81 Standaid, and we have fLJlfilled ovr other ethical responsibilities In accord8nce with these requirements. We believe that the avdil evidence we have obtained is sufficient and appropriate lo provide a basis for our oplnion. Con¢lusions relating to golng concern In audiling the financial slalemenls, we have conduded that the Trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertalnlies relating lo events or condilions that. individually or collectively, may cast signrficanl doubl on the charitable Companls ability lo continue as a going concefn for 8 period of al lea51 e1ve months from when the financi81 stalem6nls are authorised for issue. Ouf responsibililies and the responsibilities of Ihe Trustees with respect to going concern are described in the relevant Sections of thi5 report. Page 7
THE AMPERSAND FOUNDATION IA ¢offlpany Ilmited by guarant) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION (CONTINUED) Oth•r infomiatlon The other information cornprises the Informalion included in the annual report other than the financial slalemenls and our auditors. report Ihereon. The Trustees are responsible for the other informalion coniained within the annual report. Our opinion on the finanaal stalemenis doe5 not cover the other information and, excepl lo the exlenl otherwise expliciily stated in Ouf report, we do not express any form of assuran Conclusion thereon. Otjr responsibility is to read the other informalion and. in doing so, consider whether the othef information is materially inconsislenl with the financial sialewnents or our knowledge obtainèd in the course of the 8udil, or olhenmise appears lo be materially misstated. If we identify such material inconsislencies or apparenl material rn1551atgmenls. we are required lo determine whether this gives rise lo a material mlsslalemenl in the financial statements themselves. If. based on the work we have performe(I, we conclude that there is a rnalerval misstatement of this other information. we are required lo report that fact. We have nothing lo report in this regard. Matters on which wa are requlred to report by excgptlon We have nothing to report in respecl of the following matters where the Charities IAccounl$ 8nd Reports) Regulations 2008 requires Lts lo report lo you rf, in our opinion= the information given in the Trustees, report Is incLJnsistenl in any material respecl wlh the financial st?lemenls.' or sufficient 8ccounting records have not been kept., or Ihe financial slalemenls are not in agreement with the accounting records and returns.. or we have not received all the information and explanations we require for our audit. R•$pon$ibillties of twstees As explained more fully in the Iiuslees, responsibililies stalemenl. the Trustees (who are also the directors of the charilable company for the purposes of company lawl are responsible for the PTeparalion of the financial statements and for being saltsfied that they give a true and fair view, 2nd for such internal control as the Trustees determine is necessary to enable the preparation of financial slalements that are free from matetial rnlsslatemenl, whether due (o fraud or error. In preparing the financsal statements, the Trustees are responsible for assessing the charitable companls ability lo cgnlinue as a going concern. disdosing, as appli¢able, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either inlend lo liquidate the charitable company or lo cease operalions, or have no realistic allernalive bul lo do so. Page 8
THE AMPERSAND FOUNDATION {A company limlt•d by guarantee} INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION {CONTINUEDI Audltors. rosponsibilltlès for the audrt of th• flnancial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with Ihe Act and relevant regulallons made or having effect thereunder. Our objectives are lo obtain re850nable assuTance 8boul whether the financial 51alements as a whole are free from material misstalemenl, whether due lo fraud or error. and lo issue an auditors. report that includes our opinion. Reasonable assuran is a high level of assLtrance. bul is not a guarantee that an audrt conducted in accordaftce w+th ISAS IUKI will always detecl a material misslalement when il exists. Misslatetnents can arise from fraud or error and are consklered material if. individually or in the aggregate, they could reasonably be expecled lo irffluence the economic de¢i5ion5 of users taken on the basis of these financial slatemenis. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo detect material misslalements in respect of IrregularitS, including fraud. The oxlenl to which our procEdures are capable of delecling legularl11es, including fraud is (letailed below.. We obtained an understanding of the legal and regulalory frameworks within which the ChaTilable Company operates. focusing on those laws and regulations that have a direct effect on Ihe determination of material amounts and discloSUTes in the financial slalements. The laws 8nd regulations we considered in thi$ context were the Companies Act 2006, the Charities Act 2011 and FRS102 SORP. We identrfied the greatest risk of mal$rial impact on Ihe financial statements from irregularities, including fraud. the override of conlrols by management and the un¢Jerstalemenl ol revenue. OUT audit procedures lo respond to these risks included enquirles of management about their own idenlificalion and assessment of Ihe risks of irregularities, sample testing on the posting of journ8ls and delailed substantive testing on the wmpleteness of income. cIng lo the InhenI limitations of an audit, there is an unavoidablo risk that we may not have detected some material misslatemenls in the financial statement5, even though we have property planned and rf0Tmed our audit in accordance with audiling stsndards. We are not responsible for preventing nonmplIance and canrttsl be expected lo detect non-compliance wth all18ws and regul8lw)ns. A further descrlplion of our responsibllttles for the audit of the finallck31 stslements is located on the Financial Reporting Council's websile at.. www.frc.o .ukl udilorsres auditors, report. nsibililies. This descripllon forms part of our Page 9
THE AMPERSAND FOUNDATION (A ¢omp4ny Ilmlt•d by 9u•rani••l INDEPENDENT AUDtTORS' REPORT TO TrIE TRUSTEES OF THE AMPERSAND FOUNDATION ICONTINUEDI of our rnport Thls report is made solely lo the charilablÈ Foundalion'5 members. a5 * body, in aordanCe Mth Part 4 of Ihe CWIItg (Accounts and RepDrts} Regut8tions 2008. 1)Jr audit work has been urKtertaken so that we mtghl slate to the charitable Foundation's fftgmbers those matters we are requked to state to In 8n 8uditOfS' reptyt and for no othr Purpose. To the full•st extent permitted by law, we do not 4¢copl or assume re5Wn5iblllty to anyone other than the chBlIt9te compafiy ond Its member8, as a bo. for our audit work. for this report, OT for the opirton3 havg fomiod. Sarah W•arln9 {FCA) (s•nlor $t4tutO for and on ts*ha of HPH Accountsnts LLP Chartergd accounlan Stalul(ry auditors 54 Bootham York Y030 7XZ audltor) HPH Accountants LLP are el1g1b to 1 as auditors in t&Tms of sectknn 1212 of tho CDmpartles Act 2006. Page 10
THE AMPERSAND FOUNDATION IA company limit•d by guarant) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2021 UnreBtrlcted funds 2021 Total funds 2021 Tolal funds 2020 Noto INCOME FROM: Donations and legacies Investments 403,637 28,069 403,637 28,069 1.373.637 23.617 TOTAL INCOME EXPENDrruRE ON: Ratsing funds Charltable activities 431,706 431,706 1,397.254 8.409 447.489 8,409 447,489 (13,982) 672,968 TOTAL EXPENDITURE 455,898 455.898 598,986 NET IEXPENDITUREIIINCOME BEFORE NET GAINSIILOSSESI ON INVESTMENTS (24,192) 622,801 (24.192} 622.801 798.268 Net gainsl{105sesl on investments {161.405J NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Totsl funds brought forward Net movement in funds 598,609 598,609 636,863 4,016,196 598.609 4,016.196 598.609 3,379,333 636,863 TOTAL FUNDS CARRIED FORWARD 4.614,805 4,614,805 4,016. 198 The Statement of Financial Activili¢s includes all gains and losses recognised in the year. The rbotes on pages 15 lo 25 form part of these financial stalemenls. Page11
THE AMPERSAND FOUNDATION IA company Ilmited by guarantee) REGISTERED NUMBER.. 09850522 BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note FIXED ASSETS Tangitrme assets Investmen15 12 623,360 3,029,930 584.424 2.749,058 13 3,653.290 3,333.482 CIJRRENT ASSETS Debtors Cash at bank and in hand 14 2,185 964,542 618, 136 227,906 966.727 846.042 CreditOfS: amounis falling due within one year 15 (5,2121 (163,328) NET CURRENT ASSETS 961,515 682,714 TOTAL NET ASSErs 4.614,805 4.016,196 CHARITY FUNDS Unreslricle(I funds 4.614,805 4.016, 196 TOTAL FUNDS 4,614,805 4,016. 196 Page 12
THE AMPERSAND FOUNDATION IA cornpany limltgd by guarnnts•l REGISTERED NUMBER: 09850522 8ALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2021 The enuty was entilgd l) e¥emptton from ar( Lrndersa¢tion 477 ofthg Comp?nles Act 20 The members have not required the entity lo obtaln an audit for the year In questi¢)n in aeujrdance sectic 476 of the Compantes Act 2006. lknv•v•r. an aud15 rawlr•d In a¢cordanco wlth secti 144 th Charblr•B Act2011. The TnMt•e8 arr¥ed0• thr re•ptIlltiaS for comtyying I4ith the r•quirern•nts of Ihe Acl vath to 8ccourtsn9 r•eMl6 and prewation otffnandal 614msnts. Th8 finaAa•l statements hove téen prepw¢d in a¢[dance vrith Ihe provlstons appIlble lo suk4ect lo the small regiT. The fjnantsal 8ltsmeni¥were approved and Auth0ri8ed for Sssutr by thgTrustees ènd signed on their khaw by.. J A C Klrkland TNStee Date: The t)oteB on pa9*s 15 to 25 form part Df th financ4al stai9ants. Pagè13
THE AMPERSAND FOUNDATION {A company Ilmlted by guaranttrl STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided byllused inl operating activities 447.957 574,100 CASH FLOWS FROM INVESTING ACTIVITSES Purchase of iangible fixed assets Proceed5 from sale of investments Purchase of investments (53.2501 626,818 1.356, 102 (284.8891 (2.074, 144) NET CASH PROVIDED BYIIUSED INI INVESTING ACTivrriES 288,679 {718,0421 CASH FLOWS FROM FINANCING ACTIVITIES NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at Ihe beginning of the year 736.636 {143,9421 371,848 227.906 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 964.542 227,906 The note5 on pages 15 10 25 form part of Ihese financlal slalemenls Page 14
THE AMPERSAND FOUNDATION (A company Ilmltgd by guar?nteèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 GENERAL INFORMATION The Foundation is a company limited by guarantee. The member of the company is J Kirkland. In the event of the Foundation being wound up the liability in respect of the gu8ranlee is limrted lo £1 per member ol the Foundation. The registered office 8ddress is.. CIO Wallons Clark Whilhill Limited Maritime House Harbour Walk The Marina Hartlepool TS24 OUX ACCOUNTING POLICIES 2.1 Ba815 of pr•paration of flnancial statemont$ The financial statements have bèen prepared in accordance TAryth the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable lo charitie5 preparing their accounts In accordance wth the Finartcial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Ampersand Foundation meels the definilion of a public benefit entity under FRS 102. Assets 8nd liabilities are initially recognised al historical cost or Iransaclion value unless olherwse staled in the levanl accounting policy. 2.2 Incom• All income is recoonised once the Foundation has enlillement to the income, it is wobable that the income will be received and the amount of income receivable can be measuied reliably. Gifts in kind are measured at fair value unless il is impractical to do 80. Income lax re¢overable in relation lo investment income is recognised at the time Ihe investment income is reiVable. 2.3 Expèndlture Expenditure is recognlsed once there 15 a legal or conslructrve obligation lo transfer economic benefit lo a third paty, il is prob8ble that a transfer of economic benelits will be required in selllemenl and the arnounl of Ihe obligation can bg measured reliably. Costs of raising funds are investment manager fees and foreign exchange movemenls. Grants payable are paymenis made lo third parties in furtherance of the charitable objectives. Whefe TAF gives a granl with conditions for payment being a specific level of service or outPLJI to be provided sud) grants aro only re¢ogni5ed in the SOFA once the recipient of the grant h8s provided Ihe specific service or output. Grants are paid based on decisions made in TTUStee meetings. Page 15
THE AMPERSAND FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES ICONTINUEDI 2.4 Inter8St recoiyable Interesl on funds held on deposit is included when recelvable and the amount oan be measured reliably by the Foundation", this is normally upon notifKallon of the interest paid or payable by the institution with whom Ihe funds are deposited. 2.5 Tangible fixed asset$ and depreclatlon All assets costing more than £150 are caprtalised. Tangible fixed assets are carried al c051, net of depreeialion and any provision for impairment. Depreciation is provided al rates calculated to write off the cost of fixe(5 assets. less their estimated residual value, over their expected useful lives. Deprecial¢on is provided on the following bases.. Freehold property Fixtures and fillings Freehold Improvements 50 years straight line 5 years str8ighl line 20 years straight line 2.6 Investments Fixed asset inveslments are a form of financial instrument and a initially recognised al their Iransa¢lion cost and subsequenuy me85ure(S al fair value al the balance sheet dale, unless Ihe value cannot be measured reliably in which case il is measured 81 cost less impairment. Investment gains and losses, whether realised OT Lbnrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the statement of financial activit5. 2.7 Debtors Trade and other debtors are recognised at the sertlemenl amount after any trade discount offered. Prepayments are valued at the atnounl prepaid nel of any Irade discounts due. 2.8 Cash at bank and in hand Cash 81 bank and in hand indudes cash and short-term highly liquid invesltnenls wlh a short maturbly of three months or less from the date Df acquisition or opening of the deposit or similar accounl. 2.9 Liabllltlès and provlslons Liabilities are recognised when Ihere is an obligalion al the balance sheet dale as a result ol a past event, il is probable that a transfer of economic benefit will be required In seltlemenl, and the amount ol the selllemenl can be estimated reliably. Liabilities are recognised al the amount that the Foundation anticipate5 il wll pay to sellle the debt or Ihe amoLtnl il has received as advanced payments for the goods or services it musl provide. Page 16
THE AMPERSAND FOUNDATION IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTlhtG POLICIES (CONTINUED) 2.10 Flnanc5al Instruments The Foundation only has flnancial assets and financbal liabilities of a kind that qualrfy as bas financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value wlh Ihe exceplion of bank loans which are subsequently measured al amoriise(I cost using the effective interest method. 2.11 Pen$lons The Foundation conlribules to a defined contribution penslon scheme and the pension charge represents the amounts psyable by the Foundalion lo Ihe fijnd in respecl of the year. 2.12 Fund accountlng G6neial funds are unrestricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other wrposes. The Foundation holds no reslrtcle(I, endowed or designated funds therefo the fund movemenis are reflected in Ihe SOFA and balance sheel. INCOME FROM DONATIONS Unrestricted fund5 2021 Total funds 2021 Total funds 2020 Donations Tax relief claimed 222.000 181.637 222,000 181,637 T55.500 618.137 403,637 403,637 1.373,637 Tot&1 2020 1.373,637 t,373.637 No income is included above in respect of arlwork donated lo the FoundatK)n from the artist in residence due lo the drfficully of delem)ining such a value. Page 17
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee} NOTES TO TfrtE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INVESTMENT INCOME Unrestrlcted funds 2021 Total fund$ 2021 rolgl funds 2020 Dividen(gs Bank interest 27,760 309 27,760 309 23,175 502 28,069 28,069 23,617 To1812020 23.617 23.617 EXPENDITURE ON RAISING FUNDS Unrestrlcled fund$ 2021 Total funds 2021 Total fvnds 2020 Portfdio management charges Forex movement 11.386 (2,977} 11.386 12,9771 10.221 (24.203) 8.409 8,409 (13.982) Total 2020 (13,982) (13.982) Page 18
THE AMPERSAND FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ANALYSIS OF EXPENDITURE ON CHAR ABLE ACTIVITIES Actlvltles undertaken dlrectly 2021 Grant funding of actlvities 2021 Support costs 2021 Total funds 2021 Total funds 2020 Support Costs Grants and donations Wi9well Lodge cos15 Wigwell Lodge Partnership 51.570 S1,570 371.260 19,659 5.000 52,917 532,323 27,728 371.260 5.000 14,659 5.000 19.659 376,260 51.570 447.489 612,968 Totsl 2020 15,728 544,323 52.917 612,968 ANALYSIS OF SUPPORT COSTS Total funds 2021 Tot81 funds 2020 Activitlès 2021 Staff costs Depreciation Bank charges Accountancy Meetin9 expenses Printing. Postage & stationery Insurance Audit fee Marketing Legal & professional 25.564 14,314 129 4.356 158 778 2.249 2,822 25.564 14,314 129 4.356 158 24.494 13.295 726 3,930 1.844 7.112 2,969 2,747 2.400 778 2,249 2,822 1.200 1,200 51,570 51.570 52.977 Total 2020 52.917 52,917 Page 19
THE AMPERSAND FOUNDATION IA company Ilmited by guarantetl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ANALYSIS OF GRANTS Grants to Grants lo lftslltutlons Individuals 2021 2021 Total funds 2021 Tolal funds 2020 Grants Wigwell Lodge Residency PIo9ramme 371.260 371,260 5.000 532.323 12,000 5.000 371.260 5,000 376,260 544.323 Total 2020 532,325 12,000 544.323 Page 20
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2021 GRANTS TO INSTITUTIONS TAF has made the following material grants to inslilultons dvring ihe year.. NAME OF INSTITufioN ArtVK Art Fund Brillsh School al Rome Baltic DIA Golden Thread Nalional Gallery Nottingham ConlampoTary Roche Court Pholoworks Tate The Exhibitionisl Curators, book Artangel Firsisite Graves Gallery Keiile's Yard Liverpool Biennial Manchester Arl Galley Smart History University of Oxford Warwick Art Centre Wirksworth Arts Festival Duchamp's Socks 2021 2020 65.260 25,000 97,378 70,000 19,632 40,000 50.000 20,000 20,000 5,000 172.000 3,838 4,215 40,000 25.000 20,000 25,000 20,000 20,000 99,000 20,000 15.000 37.000 20,899 2,000 20,000 5,000 2,361 371260 532 323 AUDITORS. REMUNERATION 2021 2Q20 Fee5 payable lo the Foundation's auditor lor the audit of the Foundation's annual accounts 2,822 2,748 Page 21
THE AMPERSAND FOUNDATION (A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. STAFF COSTS 2021 2020 Wages and salaries Socral se¢urily costs Contribution lo defined contribution pension schemes 24.351 22,QOO 1,746 748 1.213 25,564 24,494 The average number of persons employed by Ihe Foundation during the year was as follows: 2021 2020 No. Support Ikey management) No employee recetved remuneration amounltng lo more than £60.000 in eilher year. 11. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Twslees received any remuneration or other benefits f2020- £NIL). During the year ended 31 March 2021, no Trustee expenses have been incurred {2020- £NIL). Page 22
THE AklPERSAND FOUNDATION IA company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. TANGIBLE FIXED ASSETS Freehold Frothold Flxtures and Improvemon property fittings ts Total Cost Al 1 ApTrl 2020 Additions 600.000 6,474 606,474 53,250 53.250 Al 31 M8rch 2021 600.000 6,474 53,250 659.724 Depreclatlon Al 1 April 2020 Ch¥rge for the year 20.000 12.000 2.050 1,295 22,050 14,314 1.019 Al 31 March 2021 32.000 1,019 36,364 Net book value Al 31 March 2021 568.000 3,129 52.231 623,360 At 31 March 2020 580.000 4,424 584,424 13. FIXED ASSET INVESTMENTS Ll$ted Investm¢nts Market Value Al 1 April 2020 Additions Disposals Revaluations 2.749.057 284,8B8 {626,8161 622,801 AT 31 MARCH 2021 3.029,930 All Ihe fixed asset inve51inents are held in the UK. Page 23
THE AMPERSAND FOUNDATION IA company Ilmited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. DEBTORS 2021 2020 Other debtors 2.185 618, 136 2.185 618, 136 15. CREDFTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Other creditor5 Accruals 667 4,545 763.328 5,212 163.328 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 16. ACTIVITIES 2021 2020 Net income for the year las per Slalemenl of Financial Adiviliesl 598,609 636,863 Adlustments for- Depreci81ion charg88 Decreasellincrease} in debtors Decrease in creditors Unrealised lossllgainl on investments 14,314 615,951 (158,1161 1622,801) 13,295 (227.658J (9,805) 161,405 Net cash providèd by op•rating actlvitle$ 447,957 574. 100 Page 24
THE AMPERSAND FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020 Cash in hand 964,542 227,906 Total cash and cash equlvalents 964.542 227,906 18. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2020 Cash flow5 At 31 March 2021 Cash al bank and in hand 227,906 736.636 964,542 227,906 736.636 964,542 19. CAPITAL COMMITMENTS 2021 2020 Contracted for but n¢t provided In these flnancial statements Acquisition of tangible fixed ass815 62,868 20. RELATED PARTY TRANSACTION8 Income from the J A C Kirkland S&lllemenl 2003 of £222,OQIO131 March 2020-. £755,0001 was recelved. J A C Kirkland is a Trustee and settlor of the J A C Kirkland Settlement 2003. Services were conlracle¢J for the maintenance and servicing of Wi9well Lodge from DBS lor the sum ol £2,067131 March 2020.. £1,978). The company is owned by Bowmer + Kirkland of which J A C Kirkland is a shaieholder and D1ctor. IT serVIS for £840131 M8rch 2020.. £8401 were purchased from Design IT Solutions a company Kthose ultimate parent company is Bowmer + Kirkland of which J A C Kirk18nd is a shareholder and Director. Services were contra¢led for the refurbi5hmenl of Ihe garage into an art studio by BKPS lor the sum of £53,250. The company is owned by Bowmer * Kirkland of which J A C Kirkland is a shareholder and Direclor. Page 25
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