Reglstered number.. 09850522 Charlty numbèr: 1167018 THE AMPERSAND FOUNDATION (A company limited by guarantse TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE AMPERSAND FOUNDATION IA company limlted by guarantee) CONTENTS Pa9e Refer¢nce and administrative details of the Foundation, Its Trustees and advlsers Tru$tees' report Independent auditors. rgport on the financial statements St•tement of Ilnancial actlvlties 9-12 Balance shegt 14-15 statement of cash flows 16 Noles to the financial statements 17-27
THE AMPERSAND FOUNDATION IA company lirnited by guarantee) REFERENCE AND ADMINISTFiATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 TTUSteg5 T Arfuda De Carvalho S L Conway J A C Kirkland V M Siddall A D Sooke Company registered number 09850522 Charity iegistered numbgr 1167018 Registered offlce Wallons Business Advi$8rs Limrted, Maritime House, HaTbour Walk, Hartlepool, TS24 OUX Independent audltors HPH Accountsn15 LLP, 54 Boolham. York, Y030 7XZ Bankers Nafvsl. 58 St Peter's Street. Derby, DE1 1XL Investmont managors J.P. Morgan International Bank Limited. PO Box 68214, 1 Knightsbridge, London, SW1 P 9UH Page 1
THE AMPERSAND FOUNDATION IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together wilh the audited financial statements of the The Ampersand Foundation ITAF} lor the year 1 April 2021 to 31 March 2022. The annual report serves the purposes of both a Trustees, report and a directors, report undeT company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current slalutory requirements, the requirements of the charitable company's governing document and the provisions of the Slalemenl of Recommended PraCte ISORPI applicable to charilies Pfeparing their aonIS in accordan¢e with the Financial Reporbng Standard applicable in the UK and Republic of Iland IFRS1021 leffe¢live 1 January 20191. Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the Strateg rep)rt required of medium and laige companies under the Companies Act 2006 Istrategic Report and Directors. Report) Regulations 2013 has been omitted. Qb}ectives and activitigs • Policies and objectlves The objects of TAF are to advanee education and aPpCIatIon in the visual arts in all forms in such ways as the Trustees may determine. TAF is a grant-awarding Charity. Between 2018 and 2020 TAF nCentrated, outside of ils outstsnding commitments, on supporting projects outside of London. In 2021 Ihe Trustees decided to remove this conslrainl and accept and support projects from all the UK regions including London. Donations and investsnent income recÈived by TAF are ulilised to achieve the above objectives. In setting objectsves and planning for aclwilies. the Trustees have given due Consideration lo general guidance published by the Charity CorTTrmission relating to Publ benefit, including the guKlance 'Public benelil.. running a harity IP82)'. Main activltles undprtakon to further Ihe Foundatlon'$ purposes for the public benefit The main aclmty lo further TAFS purpose is the making of grants. Grants are discussed and agreed at Trustee meetings on the basis of applications recewed. In the past year. TAF has also taken an active role in developing its own projects, particulady the second editn of the TAF Award and the runnin9 of iesidenGies at Wigwell Lodge. TAF has done this alone and in partnership with other insb'tutions including the Wirksworth Festival, Pholoworks. and the Association for Art History. Page 2
THE AMPERSAND FOUNDATION IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achlevements and perfomiance Review of actlviti•s Regular grant-giving activity The Foundation awarded grants lolalling £292,500. The Ampersand Foundalon made eight grants in the year. We supported visual art projects and 8xhibilions including the acquisition of Chris Oftli's prints for the National Museums of Wales, the JuddlHume Prize Iksl inslalment of a four.year commitment grantl, the Roche Court EdLkcalional Trusvs ARTiculation Prize, ArtLIK's Tagger project, the Graves Gallery's Lcoking Fotward programme (see below Pledges and future grants), the Courtauld Gallery's Jeremy Deller workshop entilled Collaborate, and an exhibib'on at The Common Guild in Glasgow. Pledges and future grants In 2020 we awarded £445k to the Graves Gallery for their Looking Forward programme. a five-year project lo Iransfom the gallery exhibition space. collection photography and framing, and outreach programmes. Following successful reporting frorn the Graves Gallery and visits made by the Trustees the second instalmenl of £89k was approved and made in September 2021. The 3 remaining yeafly £89k allocations will be subject to annual ieporting and regular checks by the Tiusleès. TAF Award The Ampersand Foundation Award was established in 2019 as a bi4nnual UK prize offering an institution funds lo produce Iheii darn exhibth'on or visual art projed. The winning institution is awarded £125k to realise their proposed project plus an additional £25k lo produce a related publication. The remaining four shordisled insts"tulions receive £5k lo cover the costs of preparing the prgposal. In 2021. the winner of the second edrtion of the £150k Wdrd was DASH in Shropshire wlh their proposal. We Are Invisible We Are Visible, a series of happenin9s created in the spirit and essence of Dada. The Award is currenuy open lo institutions that are members of Plus Tale. Wigwell Lodge This year we ran 3 resideneies al Wigwell Lcdge. We ran our second len>media artist residency in partnership with PhotOWOfks, a Brighton based plattorm for contemporary photogiaphy working nationally and inlernatB)nally. UK based hAexican photographer Monica AJcazar-Duarte was the selected resident and stayed al the Property for a Feriod of 5 months from February to June 2021. The third Tesidency of the partnership was due to take place in January 2022. but it had lo be Cancelled due lo the maintenance work needed lo be carried out at Wigwell Lodge. The second residency in partnership with the Wirksworth Festival also took place Iposlponed from 2020 due to the Covtd-19 crisis). Lian Lang was the artist in SidenCe and stayed at the property for 3 months between Juty and September 2021. We ran our flrsl academic residency in parenlship with the Association for Art History. Dr Jame5 Henings from the University of Reading, stayed at the property for 4 months from October 2021 to January 2022. Page 3
THE AMPERSAND FOUNDATION IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achievèments and perfornian¢e (continued) All residents al Wigwell Lodge recewed a monthty stipend antj each partnership institution received a grant foi running the residentry. Evaluation In order lo measure sijccess. the Trustees andlor the memberlsl of staff aim to v1511 all the projec15 SUPPOrted. They report back lo the rest ol the Trustees at the winter meeting. Reports including visstors, figures, press reviews, etc. from the supported pro1ectslinslilulnS are also received and review by the Trustees. Investment pollcy and performancg The majority of the Foundation's funds, £3.6m are held in investment accounts managed by J.P. Morgan. Income of £36k was ee1ved and there were realised and unrealised gains on Investments of £296k. Investments al J.P. Morgan are ¢urrenlly targeted at long term capitsl appreciation with the aim that thg Foundation wll become seW-SUStainable. Finaneial review • Golng concem After making appropriate enquiries, the Trustees have a asOnable expeclalion that TAF has adequate resources to continue in operabonal existence for the foreseeable futufe. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. FLFrther details regarding the adoplw)n of the going concem basis be found in the accounting pol¢cies. • Reserves policy The Trustees aim lo maintain positive reserves in unrestricted funds by managing Ihe level of grants awarded to ensure that resources expended do not exceed incoming resources. At present no commitments extend further than three years from the dale of this report and ale IL511y covered by the $¢¢S in place. Grants are made from reseTves and will not exceed incoming resources. Money is not raised through traditional fundraising events and therefore will not be adversely affected by the lack of such events. TAF is also not reliant on Government funding and15 thus well insulale(l against changes in Government spending. • Mat•rfal inv•stm•nts pollcy Investments at J.P. Morgan are currently targeted at long term capital appreciation with the aim that the charty will become self-sustainable. From an investment perspective, TAF priority 18 lo generate a risk4djusted relltm that will support its activities, over the long term, while ensuTing, where posslkle. that it invests its ¢apilal fesponsibly and sustainably. Page 4
THE AMPERSAND FOUNDATION IA company 11m1t by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 • Prlncipal risks and uncertainties The Trustees have 8ssessed the major risks lo which the Foundation is exposed. In particular those related lo the operalions and finances of the Foundation and are satisfied that systems and procedures aTe in place lo mitigate our exposufe to the major risks. The Trustees review the principal nsks and uncertainties al the Trustees. meetings. The key Tisks are a fall in investment value and lack of income stream le.g. donations from the founder and others). Risks are miligaled by the divefsity ol funds m8klng up the portfolio and the 8im ol being self-SU5tainable. • Principal funding Cash donations lotslling £309k were received plus a £253k associated repayment from HMRC. Funds were used lo provide grants to support the arts in line with the stated objects as alKSVe. At the year end the Foundation has unrestricted funds of £4.9m. • Impact of Slgnlflcant events Th8 secorKt year of the Covid-19 pandemic had limited impact on TAF_ We were able to continue Ouf grant giving actwity alongside our in house developed projects. Some of the projects we fvnded in the first year of the pandemic were postponed as institutions curtailed their aclivilies. But we Saw most of them finally taking place this year. Our financial investments continued to perform well. structurep 9ovemance and management Constitutlon The Foundation is registered as a charitable Company limited by guarantee and was set up by a Memorandurn of Associ81ion on 23 October 2015 larnended by special resolutionlsl dated 16 NovembeT 20171. The Foundation is constituted under a Memofandum of Assock41ion dated 23 October 15 and 1$ a rggistered ¢harity number 1167018. There have been no changes in the objectNes Since the last annual report. Methods of appolntment or election of Trustees The Founder {J A C Kirklandl has the power lo appoint future Trustees Subject thereto and in the event of the Founde¢s death or il he is incapable. whether mentally or physicalty, of managing hi5 own affairs. fvture Trustees are appointed by majority vole of the Founder's Issue per stirpes in the first instance and by resolution of the Trustees in the second instance_ • Organisational structure and decision-making The Foundation direthon and deasions as to grants made are agreed by the Trustees during Trustees. meetings. Day lo day operations are delegated to the staff members. Page S
THE AMPERSAND FOUNDATION {A cornpany limlttd by guarant9•1 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, governan¢e and fflanagement Icontinuedl Polioles adopted for the Inductlon and traln5ng of Trustegs The Trustoos have taken care lo familiarise themselves with the Charty Commission guidelines. • Pay policy for key managemont personnel There are currently members of staff whose salary Is agreed by the Trustees. Plans for future period$ The Foundation will continue to ftke grants to Arts projects as decided by the Trustees. Page 6
THE AMPERSAND FOUNDATION IA company Ilmltgd by guarantsg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 statement of Tntee$. responsibilities The Trustees (who are also the dire¢tots of the Foundation for the purposes ol company lawl are Tesptsnsible for preparing the Trustees. report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Stsndards (United K¢ngdom Generalty Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial . Under wmpany law. the Trustees must not approve the financial statements unless they are satisfi'ed that they give a true and fair view of the state of affairs of the Foundation and of ils incoming resources and application of resources, including ils income and expenditure, for thal period. In pparIng these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles of the Charities SORP IFRS 102}', make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any maletial departu$ disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappTopriate lo presume that the Foundation will continue in business. The Tnjslees are SPonsible for keeping adequate accounb'ng records that are sufficient lo show and explaln the Foundation'5 transactions and disclose wlh reasonable accuracy al any lime the financial p0511ion of the Foundation and enable them lo ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguatding the assets of the Fo%Jndalion and hence for taking reasonable steps for the prevention and detecti of fraud and othei irregulariti'es. Page 7
THE AMPERSAND FOUNDATION company Ilmltsd by guarnntsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 MARCH 2022 $ts18m•nt of Tfustees, responslblllties ICONTINUED) DIsclosurn of Infornmtion to auditws Each of the pgrsonB who are Truste¢s at th& lim& wn this Trustees, roPOrt 1$ appmved has confirrned that so far as that Trtssto$ 1$ #ware, thère is rio rel8vanl audit Informatlon ol whith fTr¥è thariils audltors are unawarè, and that Trustee has tskon all the slep5 that ought to have been taken as a Trustee In older to ba awor9 01 any relevant audil inforniation and to estsblish that the charills auditors are aware of that Informalion. Approved by orrlèr of the members of boArd of Trust8¢s and slgn8d on th8lf behalf by: J A C Klrkl4nd Pag0 8
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AIIJPERSAND FOUNDATION Unqualifled Opinion We have èudiled the financial st8lemenls ol The Ampersand Foundation I'TAF'I for the year ended 31 March 2022 whlch comprise the statement of financial activities, the balance sheet, the stslement of eash flows and the related notes. including a summary of significant accounting policies. The financial reporting tramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicab5e In the UK and Republic of IreLgnd' Iunited lQngdorn Generally Accepted Accountlng Practice). In our opinlon the financial slatements.. glve a true and fair view of the stale of the charilable companys affairs as at 31 Mareh 2022 and of ils incoming resources and applicab.on of resources, induding ils income and expenditure for the year then ended., have been property prepad in accordance with United Kingdom Generalty Accepted Accounting Praetice., and have been prepared in accordance with the requirements ol the Charitie5 Act 2011. Basis for oplnlon We conducted our 8udit in accordance with Inlernalional Standard$ on Auditing IUKI {ISAs IUKII and applicable law. OUT resp0115ibililies under those standard5 are further described in the Auditors. responsibilities for the audit of the financial statements Section of our report. We are independent of the eharilable company In accordance with the ethical requirements that are relevant lo eur audit of the financial statements in the United Kingdom, induding the Financial Reporting Council's Elhi¢81 Standard. and we have fulfilled OLTrr other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sulfioent and appropriate to provK1e a basis tor our opinion. Concluslons relating to golng ¢on¢em In auditing the financial statements, we have concluded Ihal the Trustees, use ol the going eoncem basis of aocounling in the preparalion of the fi'nancial statements is appropriate. Based on the work we have Ferformed. we have not identified any mateflal uncertainties relating lo evenls or ndilions that, individually or ColltiVe$Y. may cast significant doubt on the charitable company's ability to conlin4Je as a going concern for a period of at least twelve months from when the financial stslemenls are authortsed for issue. Our responsibilities and the responsibilities of the Trustees with respect to goit)g concem are described in the relevant sections of this Teport. Page 9
THE AMPERSAND FOUNDATION IA company Ilmlled by guarant991 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION ICONTINUEDI Other inforniatlon The other information comprises the inlormation included in the annual report other than the financial staternenls and OUT auditors. report Ihereon. The Trustees are responsible for the other information contained Mlhin the annual report. Our opinion on the financial slalements does not cover the other inlomalion and, excepl lo the extent olhemse explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to ad the other information and. in doing so, consi(Jer whether the other infoTmalion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the coutse ol the audit, or otherwise appears to be materialty misstated. If we kdentty such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themse5ves. If, based on the work we have performed, we conclude that Ihere is a material misstatement of this other information, we are required lo report that fad. We have nothing to report in this regarri. Matters on whlch we arg requlred to roport by gxceptlon We have nothing lo report in respect of the following matters where the Charittes (Aceounls and Reports} Regulations 2008 requires us lo report to you if, in our opinion.. the information givgn in the Tiuslees, report is inconsistent in any material ¥espe¢t with the financial statements.. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and retuins.. er we have not reiVed all the information and exanot10nS we reqLTrire for our audit. Respon8ibilitles of trustees As explained more fully in the trustees. responsibilities ststement, the Trustees (who are also the dire¢tOf5 of the charitable company lor the purposes ot company lawl are fftsponsible for the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for such Inlemal control as the Trustees determine is necessary to enable the preparation of financial statements that are Iree from material mi8stslemen( whether due lo fraud or error. In paIn9 the financial statements. the Trustees are resporlsible for ass&ssing the charitable company's ability to conttnue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concern basis of aoUnting unless the Trustees either intend to liquidate the charitable company or to w5e operations, or have no realistic alternative but lo do so. Page 10
THE AMPERSAND FOUNDATION IA company Ilmlted by guarant891 INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION ICONTINUEDI Audltots. responslbilities for tho audit ol the financial statemènts We have been appointed as auditor under section 144 of the Charities Act 20118nd rep)rt in accordance with e AGt and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the finan¢ial 51alements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditors. report that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit condueted in accordance with ISAS IUKI will always delecl a material misstslemenl when it exists. Mi5slaternenls can arise from fraud or error and are considered malerrdl il. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud. are instsnces of non4ornpliance wlh laws and regulations. We design Procedures in line with our responsibilities, outlined above, to detect material misst8temenls in respect ol irregularf£ies, including fraud. The extent to wh¢ch our prowlures are capable of deteeling irregularities, including fraud is detaId bel¢)w". We obtained an understanding of the legal and regulatory framework5 within which the Charitable Company operates, focusing on those laws and regulations that have a direct elfect on the delemlnalion of material amounts and disclosures in the financial slalements. The laws and regulatnS we considered in th onlext were the Companies Act 2006. the Charities Act 2011 and FRS102 SORP. We identified the greatest risk of malerial impact on the financial slalements from irregulalilies, including fraud. the override of controls by management and the understatement of Tevenue. Our audit procedures to respond lo these risks included enquiries ot management about their own identification and assessment ol the risks of irregularities. sample testing on the posting ol journals and detailed subslanlive testing on the completenes5 of income. (Ang to the inherent Ilmitalions of an audit, there an unaV0M1ab risk thal we mgy not have detected some material misslalemenls in the finaal statements, even though we have woperly planned and performed our audit in accordance with audfting standards. We are not SPonsible for preventing non-complrance and cannot be expected to delect non-compliance with all laws and regulatsons. A further description of our Tesponsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.o .uklauditorsres onsibililies. Thls description forms part of OUT auditOfS' report. Page11
THE AMPERSANO FOUNDATION {A ¢ornpany limited by guarant••l INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION ICONnNUEDI Uw ofour report This report is made solely to the ch8ritsble Foundatroll'$ mernbtrts, as a body, In accordance wth Part 4 01 the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might stale to the charit¥b5e Foundatlon's member5 those matter5 we are required to state to them In an audilofs, report and for no othèr purpose. To the fUl$t eklent permitted by law, we do not accept or as5urne respDnsibility to anyone other than the charitable company and its members. a5 a body, for our audit work. for tttis report, or For the opinions we have formed. Sarah Wearlng IFCAI Isenlor sta for and on behaK of HPH Accountants LLP Chartered accountaftts Statutory auditors S4 8oDlham York Y030 7XZ ryaud Date.. HPH Accountants LLP are eligible lo a¢i as aufjitors in terrns tsf secth.on 1212 of the Companies Act 2008. Page 12
THE AMPERSAND FOUNDATION {A company Ilmited by guarantee) STATEMENT OF FINANcL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR EblDED 31 MARCH 2022 Unr95tri¢led funds 2022 Total fund$ 2022 Totsl funds 2021 Note INCOME FROM: Donations and legacies Investments 562.460 36,521 562,460 36,521 403,637 28.069 TOTAL INCOME 598,981 598,981 431, 706 EXPENDITURE ON: Raising funds Charitable actsvilies 6,697 564,368 6,697 564,368 8,409 447,489 TOTAL EXPENDITURE 571,065 571,065 455,898 NET INCOMEIIEXPENDITUREI BEFORE NET GAINS ON INVESTMENTS Net gains on investments 27.946 295.631 27.918 295,631 {24.192J 622,801 NET MOVEMENT IN FUNOS 323.547 323,547 598,609 RECONCILIATION OF FUNDS., Total funds biought fotwafd Net movement in funds 4,614,805 323,547 4,614,81JS 323,547 4,016, 196 598.609 TOTAL FUNDS CARRIED FORWARD 4,938,352 4,938,352 4,614,805 The Slalement of Financial ActivitS Includes all gains and losses iecognised in the yea¥. The notes on pages 17 to 27 form part of these financial sL*ements. Page 13
THE AMPERSAND FOUNDATION IA company limited by guarantee) REGISTERED NUMBER.. 09850522 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note FIXED ASSETS Tangible assets Investments 12 13 607,402 3.618,630 623,360 3,029,930 4.226,032 3,653,290 CURRENT AssErs Debtors Cash al bank and in hand 14 253.437 462,587 2.185 964.542 716,024 9S6, 727 Creditors.. amounts falling due thIn one 15 13,7041 15,212) NEf CURRENT ASSETS 712.320 961,515 TOTAL NET ASSETS 4,938,3S2 4,614,805 CHARITY FUNDS Unrestricted fundg 4,938,352 4.614.805 TOTAL FUNDS 4,938.352 4,614.805 Page 14
THE AMPERSANO FOUNDATION (A ¢ompany 11m1t by guarantsel REGISTERED NUMBER: 09850522 BALANCE SHEET ICONTINUED) AS AT 31 MARCH 2Q22 The.onlity was gnuuod to exemplK>n from audit under $8Gtion 477 olthe Coinpanlg5 Act 2006. The m9mbers have not required the entity to obtain an audtt for the question in 8ccord8nce vAlh sectson 476 of tha Companies Act2006. HowDvgr. an audSt (s rsquirod in 8¢¢ord8n¢o sectlon 144 of the.Ch8ritles A-ct 2011. The Tnth88.ad¢naKJedgo the6r r8$FnSIbMitles for cornplyng wilh the requirements of the Act wth respect lo accounung records.and preparadon of finandal slatsmenls. The financlal statements have been wepared in occurdancg whh the provlslons applicabl8 to 8nllllo5 subjecl to the small ¢omp4n?e5 reglme. The Ilnanclal slatements"w8r• approved and 8ulhorl$ed for Iss(t8 by the Tru$t88$ sigrtod on theff bohaw bw. ffitland Trustee Dat*". The notes on pag&$ 17 10 27 form part of Ihg$0 financial slatements. Page IS
THE AMPERSAND FOUNDATION IA ¢ompany Ilmlted by guaranl¢e) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Nel castt provkled byllused inl operating adivth'es 1208,8861 447.957 CASH FLOW3 FROM INVESTING ACTIVITIES Purchase of tangible red assets Proceeds from sale of investmen15 Purchase of imieslments (53,250J 477,835 626,818 1770,9041 (284,889) NET CASH {USED INIIPROVIDED BY INVESTING ACTIVITIES 1293,0691 288,679 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (501,9S51 964,542 736,636 Cash and cash equivalents al the beginning of the year 227,906 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 462,587 964,542 The notes on pages 17 to 27 fomi part of these financial statements Page 16
THE AMPERSAND FOUNDATION IA company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 GENERAL INFORMATION The FoundatHJn is a company limited by guarantee. The mefflber ot Ihe wmpany is J Kirkland. In the event of the Foundation being wound up the liability in respect of the guarantee is limited to £1 per member of the Foundation. The registered office address is.. CIO Waltons Business Advtsers Limtted Maritime HoLbse Harbour Walk The Marina Hartlepool TS24 OUX ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Chafilies SORP IFRS 1021 Accounting and Reporting by ChaTilles.' Statement of Rocommended Prachce applicable to chaTities preparing their aount$ in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 atid the Companies Act 2QQ6. The Ampersand Foundation meet$ the definition of a public benefit entity under FRS 102. Assets and liabilities are inilialty rQgniSed at historical cost or transaction value unless otherwise staled in the relevarit accounts'ng policy. 2.2 Income All income is recognised once the Foundatv)n has erbtillemenl lo the income. it is probable that the income will be received and the amount of income fecewable can be measured reliably. Incorne lax recoverable in relation to donations recekved under Gift Aid or deeds of covenant is recognised al the lime of the donation. Investment income is recognised when the dividend or interest payment is received. 2.3 Exp8ndlture Expendittjie is recognised On there Is a legal or constructive obligation lo transfer economic benefit lo a third paty. il is probable that a transfer of eeonomic benefits will be required in settlement and the amount of the obligation can be measured reliably. Costs of raising funds are investment manager fees and foreign excharoe movements. Grants payable are payments made lo third partie5 in furtheTance of the charitable objectives. Where TAF gives a grant with conditions for payment being a specific level of 5eNiee Of output to be provided such gran15 are onty recognised in the SOFA once the recipient of the grant has provided the specific service or outpsjt. Grants are paid based on decisions made in Trustee meetings. Page 17
THE AMPERSAND FOUNDATION {A Company limited by guar&ntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES ICONTINUEDI 2.4 Interest receivable Interest on funds held on 4Jeposit is Induded when receivable and the amount Can be measured reliably by the Foundation,. this is normalty upon notific8tion of the intsTesl paid payable by the institution with whom the funds are deposited. 2.5 Tangible fixed a$$gts and depreciation All assets costing more than £150 are capltalised. Tangible fixed 8ssels are carried at cost, net of depreciation and any provision for impairment. Depreciation Is provided al rates cakulaled to write off the cost of fixed assets, less their e5bmaled residual value. over their expected useful INes. Depreciation is provided on the following bases.. Freehold propety Fixtures and fittings Freehotd Improvements So years Straht line 5 yeafs straight Ilne 20 ye8fS StTaigbl line 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the balance sheet date. unless the value cannot be meastjred reliably in which case it is me8sured al cost les5 impairment. Investtnent gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on investsnenls, in the 5talemenl ol financial aclmties. 2,7 Debtors Trade and other debtors are recognised al the sett5emenl amount after any trade discount offered Prepayments are valued at the amount prepaid net of any trade Oiscounls due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three rnonths or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llablllties and provl$lons Liabilities are recognised when there is arb Dbllgalion at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estsmaled rel¢ably. Liabilities are OgnISed al tre amount Ihal the Foundation anticipates It will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Page 18
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES {CONllNUEDI 2.10 Financial instruments The Foundakn"on only has financial assets and financlal liabilftles of a kind that qualify as basie financial instrymenls. Basic financial instruments are initially recognised at transaction value and subsequentty measured at their seitlemenl value with tre eXPIlon of bank loans which are subsequentty measured al amortised cost using the offtive interest method. 2.11 Pensions The Foundation contributes lo a defined conlributs'on pension scheme and the pension charge represents the amounls payable by the Foundation lo the fund in respect of the year. 2.12 Fund accountlng General fvnds are unreslncted funds which are available for use 01 the discretion of the Trustees in furtherance of the general objectives of the Foundation and whh have not been designated for other purposes. The Foundation hokls no restricted, endowed or designated funds therefore the fund movements are refiected in the SOFA and balance sheet. INCOME FROM DONATIONS Unrestrl¢ted funds 2022 Total funds 2022 Total funds 2021 Donations Tax relief claimed 309,353 253.107 309,353 2S3,107 222,000 181,637 Total 2022 562.460 562,460 403. 637 Total 2021 403.637 403,637 No income 1$ included above in respect of artwork donated to the Foundation from the artist in residence due lo the difficuhy of determining such a value. Page 19
THE AIIIPERSAND FOUNDATION IA company limlted by guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENT INCOME Unrestri¢tod funds 2022 Total fund$ 2022 Total funds 2021 Dividends Bank interest 36,446 75 36,446 76 27.760 309 36,521 36.521 28,069 Total 202Y 28,069 28.069 EXPENDITURE ON RAISING FUNDS Unrestricted funds 2022 Total lunds 2022 Tolal funds 2021 Portfolio management charges FoX rnovemenl 12,597 {5,8001 12,597 {5,900) 11,386 (2,977) 8,697 6,697 8,409 Total 2021 8,409 8,409 Page 20
THE AMPERSAND FOUNDATION IA company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF EXPENDITURE ON CHARffABLE ACTIVITIES Activities undertaken dlr¢ctty 2022 Grnnt funding ot aGtivitle$ 2022 Support Total funds 2022 Total funds 2021 2022 Support costs Grants and donations Inole 81 Wigwell Lodge costs Wigwell Lodge Partnership 80,199 60,199 462,500 34,669 7,000 51,570 371,260 19,659 5,000 462,500 15,000 19,869 7,000 26,669 477,500 60,199 564,368 447.489 Total 2021 79.659 376,260 51.570 44T,489 ANALYSIS OF SUPPORT COSTS Total funds 2022 Total f(Jnds 2027 Actfvitles 2022 Stsff costs Depreciation Bank charges Accountancy Meeting expenses Prinb'ng, Postage & stationery Insurance Audit fee Marketing Legal & wofessional 21,B38 15.958 21.836 15.958 49 25,564 14.314 729 4,356 158 778 2,249 2,822 4,248 4.454 1,986 2A27 2.915 326 6,000 4,248 1,986 2A27 2.915 326 6,000 1.200 60.199 60.199 51,570 Total 2021 51,570 51,570 Page 21
THE AMPERSAND FOUNDATION IA company Ilmlted ty guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 MARCH 2022 ANALYSIS OF GRANTS Grants to Grants to Institutions Individyal$ 2022 2022 Total funds 2022 Total funds 2027 Grants lo institutions Wigwell Lodge Residency Programme 462,61)0 462,500 15.000 371,260 5,000 15,000 462,500 15,000 477,SOO 376,260 Totsl 2021 3T1,260 5,000 376, 260 Page 22
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 GRANTS TO INSTITUTIONS TAF has made the following material grants to inslilulions during the year.. 2022 2021 NAME OF INSTITUTION University of Edinburgh lJudd Hume) Graves Gallery Courtauld Gallery ArtUK Roehe Court Educational Trust National Museums of Wales National Gallery The Common Guild OASH ITAFI MK Gallery ITAFI Focal Point Gallery ITAFI De la Warr Pavillion ITAFI Turnef Contemporary ITAFI Nottingham Contemporary Photoworks Tate 10.000 89,000 50,000 50.000 25,000 10,000 43,500 15,000 150,000 5,000 s,000 s,000 5,000 99,000 40,000 25.000 20.000 25,000 20.000 20,0th) 20,000 15,000 37.000 20,899 2,000 20,000 5,000 2,361 Artangel Firslsite Kettle's Yard Liverpool Biennial Manchester Art Galley Smart History University of Oxford Warwick Art Centre Wirksworth Art5 Fesbval Duchamp's Socks 462 $00 371260 Page 23
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 AUDITORS. REMUNERATION 2022 2021 Fees payable to the Foundation's auditor for the audit of the Foundation's ar¢nual accounts 2,915 2,822 10. STAFF COSTS 2022 2021 Wages and salaries Contribution to defined contribution pension schemes 22,036 12001 24,351 1.213 21,836 25.564 The average number of persons employed by the Foundation durfng the year was as follows.. 2022 2021 No. Stspport Ikey managemenll No employee reiVed remuneration amounting to more than £60,000 In eilheT year. 11. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees receNed any remuneiation or other benefits (2021- £NIL). During the year ended 31 March 2022, no Trustee expenses have been incurred f2021- £NIL). Page 24
THE AMPERSAND FOUNDATION (A company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. TANGIBLE FIXED ASSETS Freehold Freehold Flxtures and Improvemen property Ilttlngs Total Cost Al 1 April 2021 600,000 6,474 53,2SO 659,724 Al 31 March 2022 600.000 6N74 53,250 659,724 Depreciation At 1 April 2021 Charge for the year 32,000 12,000 3,345 1,295 1.019 2.663 36,364 1S.958 At 31 March 2022 44,000 4,640 3,682 52,322 Not book valuo Al 31 March 2022 556,000 1,834 49.568 607.402 At31 March 2021 568,000 3, 129 52,231 623.360 13. FIXED ASSET INVESTMENTS Llsted Invg$tments Cost or valuatlon At l April 2021 Additions Disposals Revaluations 3.029,930 770,904 1477,8351 295,631 Al 31 March 2022 3.618.630 All the fixed asset investments are held in the UK. Page 25
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. DEBTORS 2022 2021 Other debtor5 253,437 2. 185 253,437 2.185 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other creditors AccTuals 667 4.545 3,704 3,704 5,212 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 16. ACTIVITIES 2022 2027 Net income for the year las per Statement of Financial Activities) 323,547 598,609 Adjustments for: Depreciation charges Decreasellincreasel in debtors Decrease in creditors Unrealised lossllgainl on invesbments 15,958 1251,2S21 11,S081 {295,631} Y4.314 615,951 (158, 116) f622.801) Nel cash provlded byllused Inl operallng activities 1208,8861 447,957 Page 26
THE AMPERSANO FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 2021 Cash in hand 462,587 964,542 Total cash and cash equivalents 462,587 964,542 18. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2021 Cash flows At 31 March 2022 Cash al bank and in hand 964,542 1501.9551 462,587 964,542 {501.9551 462.587 19. RELATED PARTY TRANSACTIONS Income from the J A C >Qrkland Settlement 2003 of £309,353131 March 2021.. £222,IX)01 was received. J A C Kirkland is a Trustee and settlor ot the J A C Kirkland Settlement 2003. Services were contracted for the Maintenan and servicing of Wigwell Lodge from DBS for the sum of £2,040131 March 2021." £2,067). The company is owned by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. IT services for £840131 March 2021-. £8401 were purchased from Design IT Solutions a company whose ults.mate parent mmpany is Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Services were Contracted lor the iefurbishmenl of the garage into an art studio by 8KPS for the sum ot £1,545131 Mah 2021-. £53,250). The company is owned by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Repair services were purtha$I for the sum of £396 (31 March 2021.. £nill from Bowrnef + Kirkland of which J A C Kirkland Is a Shareholder and Director. Pag& 27
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