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
Nafv￿sl. 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 PraCt￿e
ISORPI applicable to charilies Pfeparing their a￿o￿nIS in accordan¢e with the Financial Reporbng Standard
applicable in the UK and Republic of I￿land 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 aPp￿CIatIon 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 edit￿n
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 d￿arn 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 pro1ectslinslilul￿nS 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 ft￿ke 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 Tn￿tee$. responsibilities
The Trustees (who are also the dire¢tots of the Foundation for the purposes ol company lawl are Tesptsnsible for
preparing the Trustees. report and the financial statements in accordance wlh applicable law and United
Kingdom Accounting Stsndards (United K¢ngdom Generalty Accepted Accounting Praclicel.
Company law requires the Trustees to prepare financial statements for each financial . Under wmpany law. the
Trustees must not approve the financial statements unless they are satisfi'ed that they give a true and fair view of
the state of affairs of the Foundation and of ils incoming resources and application of resources, including ils
income and expenditure, for thal period. In p￿parIng these financial statements, the Trustees are required lo..
select suitable accounting policies and then apply them consislenlly..
observe the methods and principles of the Charities SORP IFRS 102}',
make judgments and accounting estimates that are reasonable and prudent..
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any maletial
departu￿$ 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
$ts18m•nt of Tfustees, responslblllties ICONTINUED)
DIsclosurn of Infornmtion to auditws
Each of the pgrsonB who are Truste¢s at th& lim& w￿n this Trustees, roPOrt 1$ 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 prepa￿d 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 Coll￿tiVe$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 re￿iVed all the information and ex￿anot10nS 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 ￿￿paI￿n9 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 a￿oUnting 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
detaI￿d 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 regulat￿nS 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 fina￿al 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 FINANc￿L 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 Activit￿S 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 $8Gtion 477 olthe Coinpanlg5 Act 2006.
The m9mbers have not required the entity to obtain an audtt for the question in 8ccord8nce vAlh sectson
476 of tha Companies Act2006.
HowDvgr. an audSt (s rsquirod in 8¢¢ord8n¢o sectlon 144 of the.Ch8ritles A-ct 2011.
The Tnth88.ad¢naKJedgo the6r r8$F￿nSIbMitles 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 r￿ed 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 a￿ount$ 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 r￿QgniSed 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 Stra￿ht 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 eX￿PIlon of bank loans which are
subsequentty measured al amortised cost using the off￿tive 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 wh￿h 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
Fo￿X 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 re￿iVed 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 Ma￿h 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.
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