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 reqUIre￿entS
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 qualif￿S 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 In￿Me 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. Ye￿ena 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 InSts￿e.
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£OtsJ￿n9 Standards IUnft*d 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 pr￿ring these firtanc481 $tatemgnts, the Truslees are rnquired to..
$ekct suitable ar￿￿nIlD9 pos￿¢$ and Ihen 8pply them c￿n￿Stan1￿y,.
bseNe Ihe methods and prinopl•s of Ihe Charibes SORP (FRS 1021-
makelLodgmtnl$ and aC￿￿ntIl19 •Stimaleg that are reasDnable and prudent.,
slate whother ap￿1¢abl& UK A￿UnIng Stsnd8rd5 IFRS 1021 have been foll￿￿*d. subjeci to ony
MatariÈl departur88 disdosed and explairled In thèfinandal statements-,
prepa￿ the finand81 stthtments on the 90ing cor￿￿ ba?15 unless il 18 inappro￿ate to pr05ume Ihat the
FoUndati¢m￿ll 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 FOlmd￿On 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$0￿ who areTws*es at U)e l(m• when this TDJ3t*e8' report is apprDved has that..
so far as that Trustee 1$ ¥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 CoMpan￿S 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 Irregularit￿S,
including fraud. The oxlenl to which our procEdures are capable of delecling l￿egularl11es, 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.
c￿Ing lo the Inhe￿nI 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 non￿mplIance 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 a￿ordanCe 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 oth*r Purpose. To the full•st extent permitted by law, we do not 4¢copl or assume re5Wn5iblllty to anyone
other than the chBlIt9t￿e 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 a￿￿r( 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 aud￿15 rawlr•d In a¢cordanco wlth secti￿ 144 ￿th* Charblr•B Act2011.
The TnMt•e8 ar*r￿¥￿ed0• th￿r re•p￿￿tIlltiaS for comtyying I4ith the r•quirern•nts of Ihe Acl vath to
8ccourtsn9 r•eMl6 and prewation otffnandal 61*4msnts.
Th8 finaAa•l statements hove téen prepw¢d in a￿¢[dance vrith Ihe provlstons appIl￿ble lo suk4ect lo
the small regiT￿.
The fjnantsal 8l*tsmeni¥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 stai9￿￿ants.
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 re￿iVable.
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 activit￿5.
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 D1￿ctor.
IT serVI￿S 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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