Re9iStered number.. 09850522 Charity nuMr. 1167018 THE AMPERSAND FOUNDATION {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE AMPERSAND FOUNDATION (A ¢ompany Ilmlted by guaranteo) CONTENTS Page ReferenGe and adminlstrative detalls of the Foundatton, its Trustees and advisers Trustees. raport Indapendgnt auditOTS' report on the financial statements Statement of financlal actlvltles 9-12 13 Balance shget 14-15 statement of flows 16 Notes to the financial statements 17-29
THE AMPERSAND FOUNDATION (A company limited by 9uarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees T Arruda De Cwalho S L Conway J A C Kirkland. Chaimian V M Siddall A D Sooke S D Z Thorne Company registered numbgr 09850522 Charlty reglstered number 1167018 Registered offl¢e Waltons Business Advisers Limited, Maritime House. Harbour Wa]k, Hartlepool. TS24 OUX Independent audilors HPH Accountants LLP. 54 Bootham. York. Y030 7XZ Bankers Naiwest. 58 Sl Peterfs Street. Derby. DE1 1XL InvestsTrenl managers J.P. Morgan Intemational 8ank Limit. PO Box 68214, 1 Knightsbrtdge. London. SW1P 9UH Page 1
THE AMPERSAND FOUNDATION IA company Simited by guaranteey TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Tru51ees present their annual report together with the audited financial ststoments of the The Ampersand Foundation (TAF) for the year 1 April 2023 10 31 March 2024. The annu81 report serves the puiposes of bolh a Trustees. report and a director5. report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable companys goveming document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance wlth the Financial Reporttng Standard applicable in the UK and Republic of Ireland {FRS102} (effective 1 January 2019)- Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and 18rge companies under the Companies kt 2006 (Strategic Report and DirectOfS' Report) Regulations 2013 has been omitted. Objectives and activities • Policlgs and objectlves The objects of TAF are to advanc8 education and appreciation in the vlsual arts in all forms in such ways as Ihe Trustees may detenmine. TAF is a grant-awarding Charity. 8eiween 2018 and 2020 TAF concentrated. outside of ils outstanding commilments. on supporling projects outside of London. In 2021 the Trustees decided to remove this Constraint and accept and support proiects from all the UK region5 inclLtding London. Donations and investsnent income received by TAF are utilised to achieve the above ob5eciives. In setting objectives and planning for 2clivities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefft. including the guidance 'Public benefit: running a charity {PB2)'. • Main activitles undertaken to lurther th? Foundalion's purposes for the publlc benefft The main aclivty to further TAPS purpose is the making of grants. Grant5 are discussed and agreed upon at Trustees, meetings on the basis of applications received. In the past years. TAF has also taken an active role in developing its own projects. parttcularly the third edition of the The Ampersand Foundation Award. the pibting of a new grant-giving slrate9y, ar the running of residencbes at Wtgwell Lodge (partnering with other instttutions). As part of our new grant*iving strategy, we are actively working towards buildlng partnershps with institutions to prowde mulli-year support wFth the aim of easing the fundraising burden of institutions and making possible the development of proiects that wll have a transformational impact on them, their local ¢ommuntties and the citles in which they are based. Page 2
THE AMPERSAND FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevemonts and perfomiance Review of activitles Regular grant%iving actlvlty The Foundation awarded grants totalling £652.709 The Ampersand Foundation made Iwenly-four granls in the year {including the mulli-year grants, pledges. and future grants below). We supported visual art Pfojects and exhibitions including the Art History Festival 2023 run by the Association For Art History (UKI. the Framing Acquisition Fund al the National Gallery (London). Iris Touliatou exhibition at PEER (London). Pio Abad's Those that S¢liing in Darkness exhibition at the Ashmolean Museum {Oxfordl, Ibrahtm Mahama's outdoor commission at the Barbican Centre (London), Glenn Ligon's exhibition at The Fitzwilliam Museum (Cambridge}, a new public art commission by artist Jala Wahid at Fomra (London). the Feminist Project for Rural Arts at Hundred Heroines (Gloucesterl, the Gathering programme at Glasgow International (Glasgow). the purrhase of equipment and subscriptions for Ihe art history library at Golden Thread Gallery (Belfast). Jesse Jone5.' Nlirror hAartyr Mirror Moon exhibibon at Ikon Gallery (Birmingham) as part of National Treasures. a key Strand of the progrdmme celebrdting the Naknonal Gallery's Bicentenary. the publÈc programme at South London Gallery {London) for their Acts of Resistance= Photography, Feminisms and the Art of Protest exhibition. a j(xnt exhibition btheen Spike Island (Bristol) and Camden Arts Centre of Donald RcMJney'5 works. an outdoor perfoTmanee by Rasheed Araeen organised by The Line (London). Phantom Sculpture exhibilion at the Mead Gallery. Warwick Arts Centre (Covenlry). and a 3 months feltowship al the Brikn"sh Sthoo5 at Rome (UKIRome). Multi-year grantsD pledges and tle grants In 2020 we awarded £455.000 to the Graves Gallery for their Looking Forward programme. a ftve-year project to transform the gallery exhibition spa, collection photography and framing. and outreach progrdmm8s. Following successful reporting from tho Graves Gallery and visits made by the Trustees. Ihe fourth instalment of £89.000 was approved and payment was completed in September 2023. The last remainitTg allocatton of £89.000 will be subject to annual reportÈng and regular checks by the Trustees. In 2022 we pledged to support Nottingham Contemporarfs campaign Fund for the Future. a captlal campaFgn to Secure free access lo the gallerfs exhibitions and educational programme. We pledge to support GalEery 2 with £175.000 over 10 years (£17.500 p.a.}. At the Trustees, meeting held on 14 September 2023 it was a9reed to provide the funds in 3 yearty instslment5 of £58.333.33. The first yearfy payThent was made in December 2023. At the Tfttstees. meeting heEd on 14 September 2023. we awarded the Nationa5 Gallery 3 &year grant of £25,000 for the Articulalbon Prize. The first yearty payment was made in October 2023. The 2 rernaining yearly pawnenls will be subject to annual retA)rtFng and regular ¢he¢ks by the Trustee$. At the same meeting, we awawded StudFO Voltaire a 3-year grant for an annual produclion resideney. The first instalment of £20.000 was paid in October 2023. The 2 remaining ye8rly paJm•nts will be subject to annual reports.ng and regular che¢ks by the Tntstee$. At the 7 March 2024 meèting. we allocated a £125.800 grant to Tale loardS developing a C¢)ol and Condtlloned Store far photography. Page 3
THE AMPERSAND FOUNDATION (A company limit¢d by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfonnance Icontlnued) Ampersand x Photoworks Fellowshlp In 2021 we set up the Ampersand x Photoworks Fellowshlp In partnership wÈth Photoworks aimed at mid<areer photographers. It grafits the fellow a £15.000 award and commissions a new body of Wofk accompanied by a touring exhibition. Johny Pitts vrds Ihe first re¢ipient of the fellowship in 2021 and the last iteration of his exhibition 'Home is Not a Place" took place at The Photographeis Gallery in London frorn June to September 2023. In JulylAugust 2023 we ran the second edition of the fellowship and out of 6 shortlisled candidates Felicity Hammond was selecled as the second recipient of the fellowship. FOT this edition. we also allocaled a grant to the 3 venues Ihat will be part of Felicity Harnmond's exhibition tour= QUAD {Derbyl, Stills {Edinburghl, and The Photographers Gallery (London). TAF Award The Ampersand Foundatson Award was established in 2019 as a biennlal UK prize offering an institution funds to produce their dream exhibition or visual art project. The winning instltution is awarded £125,000 to realise their proposed proiect plus an additional £25.000 to pr(Kluce a tplated publication. The remaining four shortlisted institutions receNe £5.000 each to cover the costs of preparing the proposal. In May 2023 Clarrie Wallis. Director of Tumer Conlemporary (Margate) was announced as the winner of The Ampersand Foundation Award 2023 for her proposal Resislance. an exhibition, co-curated with art15t Steve McQueen. that charts photography and prolest in BrÉtain Ihrough the nIkethceIUry. The 5 shoruisled institutsons werè Home {Mancheslerl. Fuirtmarket (Edinburghl, Liverpool Btennial (LiverprM)l). Tuiner Contemporary (Margate) [winner]. and Newlyn Art Gallery & The Exchange (Newlyn) [withdrawnl. The Abward is open to directors and curators working at institutions that are currently membeTs of the Plus Tate network. Wigwoll Lodge The fourth resi(fjency in partnership with the Wirksworth Festival also took place. Feral Practice (Fiona MacDonna15) was the artist in residence and stayed al the propety for 3 months between July and Septembei 2023. The artist wll retum the following year to produce a work for the festival. There was a gap of one month beeen resldencles and foll0vng a suggestion from the Wirksworth Festival, artist Musiafa Boga stayed at the Lodge for a month in October 2023. We run Ihe third academic residency partnership with the Assttiation for Art History. Su¥annah Thompson. Professor of Contemporary M and Ciitscism and Head of Doctoral Studies at the Glasgow Scltool of Ar( stayed at the property for 3 months from November 2023 to January 2024. We ran our fourth tens-medra artist residency in partnership with PhotOWOfks, a Brighton-based plaffomi for contemporary photography working natonally and intemationalty. Gtasgow-based visual and sound artist Matthew Arthur Williams was the selected resident and stayed at the propety for 5 months from Febnjary to June 2024. All residents at Wigwell Lodge receNed a monthly stipend and ea¢h partner Institution re¢eived a grant for Ihe running and management of the residency. Page 4
THE AMPERSAND FOUNDATION IA company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfonnanco {contlnuedl Evaluation In order to measure success, the Trustees andlor the member(sl of staff aim to visit all the projects supported. They report back to the rest of Ihe Trustees at the winter meeting. Reports including visitor5. figures. press ieviews, etc. from the sUPPQrted projeclstinstilulions are also received and reviewed by the Truslee5. • Investment policy and perforniancg The majoiity of the Foundation's funds. £8.72m are held in investment accounts managed by J.P. Morgan. Income of £109k was received and there were realised and unreallsed gains on investments of £1,064k. Investments at J.P. Morgan are currently tsrgeted at long term capital appreciation with the aim that the Foundation will bpcome self-suslainabl8. See the princpal funding section for further details on investment policy. Financial review • Going concom After rnaking appropriate enquiries, the Trustees have a reasonable expectslion that TAF has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt Ihe going concern basKs in preparing the financial stalements. Further details regarding Ihe adoption of Ihe going concem basis can be found in the accounting polic$. Resèrves pollcy The Trustees aim lo maintain positive reseNes in unrestrtcted funds by managing Ihe level of granls awarded to ensure that resources expended do not exceed incoming resour$. At present no commitments extend further than three years from the date of this report and are fulty covered by the reserves in place. Grants are made from ieserves artif wtrll not exceed incoming resources. Money is not raised Ihmugh traditional fundraising events and therefore wtll not be adversely aftected by the lack of such events. TAF is also not reliant on Govemment funding and is thus well insulated against changes in Government spending. • MateTial inveslments pollcy Investments at J.P. Morgan aro ¢urrentty targeted at long teTm capital appreciation wtth the aim that the tharty wlll become se]f-suslainabl8. From an inve$trnent perspethe. TAF prfoiity is to generate a rlsk-adjusted retum that will support tls acliviiies, over the long term. Nthile ensuring, vA)ere posslble. that il invests its Capital responsibly and sustainably. Page 5
THE AMPERSAND FOUNDATION IA company Ilffllted by guarant¢&) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal rlsks and un¢ertaintie$ The Trusleas have assessed the major risk5 to whi¢h the Foundation is exposed. in particular those re5ated to Ihe opeTations and finances of the Foundation and are satisfied that systems and procedures are in place to miligale our exposufe lo the major risks. The Trustees review the principal risks and uncertainties at the Trustees. meetings. The key risks are a fall In investment value and lack of income stream {e.g. donations from the founder and others). Risks are mitigated by the diverslty of funds making up the portfolio and the aim of being self-suslainable. Principal fundlng Donation5 totalling £344,729 were reiVed plus a £212.136 associated repayment from HMRC. Funds were used to provide grants to support the arts in line with the slated objects as above. A legacy of £48.goo was receNed in the year. This was the remaining balance from the estste of J N Ktrkland. Funds were used to provide grants to support the arts in line with the stated objects as above. At the year end the Foundation has unrestricted funds of£10.07m. structure. 9ov8rnan¢e and manag8mont Constitution The Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 23 Octr)ber 2015 lamgnded by special resolution(s} dated 16 November 2017). The Foundation is constituted under a Memorandum of Associalion dated 30 October 15 and is a registered charity number 1167018. There have been no changes in the objectÉves since the last annual report. Method5 of appolntment or elecllon of Trustees The Founder (J A C lfjrkland) has the power to appoint future Trustees subject thereto 8T in the event of the Founder's death OF rf he is incapable, whether mentally or physically. of managing hi5 own affairs. future Trustees are appointed by maiorÈty vote of the Founderfs Issue per stirp8s in the first instance and by resolution of the Tnjstees in the second instance. • Organlsatlonal St£9 and do¢islon4naklng The Foundation dlrectlon and decisions as to granls made are agreed by fhe TTu$leeg during Trustees. meetin9s. Day to day operatiorks a delegated to the staff rnembers. • Poli¢les adopted for the Inducllon and tralning of TTU$tees The Trustees have taken care lo famifiarsse themselves wilh the Charlty Commission guidelines. Page 6
THE AMPERSAND FOUNDATION IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Icontlnued) • Pay pollcy for key management personnil There are currently members of stsff whose salary is agfeed by the TnJstses. Plans for future periods The Foundation will continue lo make grants lo Arts projects as decided by the Trustees. Statement of Trustees. re$ponslbllities The Trustees (who are also the directors of the Foundatlon for the purposes of company law) are responsible for preparing the Truslees. report and the financial slatemenls in accordance w7lh applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly A¢Gepled Accounting Praclic&l. Company law req¢Jires the Trustee$ to prepare financial statements for each firEancial . Under company law. the Trustee5 must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of Éts incoming resources and application of resouices. including its income and expenditure, for that period. In preparing these financi81 statements. the Trustee5 are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP IFRS 102)" make jud9ments and accounting estimates that are reasonable and pruderit: state whether applicable UK Accounting Standards (FRS 102) have been followed, subject lo any material departures disclosed and explained in the financial slalemenls: prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Foundation will continue in busines5. The Trustees are rèsponsible for keeping adequate accounting records that are sufficient lo show and explain the Foundation's transactions and disdose with reaso1ble accuracy at any time the financial position of the Foundation and enable them to ensure that the financial ststements compty wilh the Companies Acl 2006. They are also responsible for safeguardin9 the assets of the Foundation and hen¢e for takin9 reasonable steps for the prevention and dete¢tion of fraud and other irregularities. Page 7
THE AP4fjPERSAND FOUNDATION IA company limited by guaranieel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosura of Informatlon to audlto Each of the persons who are Trust88S.at the tlme when this Trusloes, Feport is approv9d has confirm8d that: so far as thal Truslgo aware. there is no relevant audit information of which the chariws auditors are unaware. and that Trustee has taken all sleps thal ought lo have been taken as a Tru*ee order to be aware of any relevant audil information and to est8blish that Ihe charitV5 auditors are aware of Ihal information. Appro by order of the membèrs of the board of Trustees and signed on their behalf by. J A C Klrkland Tfuslee Dats.. .11. Z Pag8 8
THE AMPERSAND FOUNDATION {A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION Unquallfted Opinion We have audited Ihe financial statements of The Ampersand Foundation (TAF,) for the year ended 31 March 2024 which comprise the slalement of financial activities. the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounling policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accovnling Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepubliG of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statsments-. give a true and fair view of the stale of the charliable COFnpany's aff8ir5 as at 31 March 2024 and of its incoming resources and Spication of resource5. includlng its income and expenditure for the year then have been properly prepared in accordance wilh United Kingdom Generally Accepted A¢ntIng Practice., arid have been prepared in accordaDo with the requirements of the Charittes Act 2011. Basls for oplnlon We conducted our audit in accordance wsth Intemational Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those stanflards are fvrther described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance WFth the ethica5 requiremen15 that ale relevant to our audit of the financial statements in the United Ktngdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our olheF ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtsined is sufficsenl and appropriate to provide a basis for our opinion. Conclusions relaling to going concern In auditing the ffinancial statements. we have concluded that the Tnjslees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have t identified any material uncertainties relating to events or conditions that. individually or ry)IEectFvely. may cast significant doubl on the charitable companws abilty to continue as a going con for a perK)d of at least twelve months frcffti when the financial statements are authorfsed for issue. Our re5ponsibiltbe$ and the responsibilities of the Trustees wilh respect to going concem are described in the relevant secttons of this report. Page 9
THE AMPERSAND FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION {CONTINUED) Other information The other inforniation comwises the information included in Ihe annual report other than the fin8n¢ial slatemenls 2nd our auditors, report thereon. The Trustees are responsible for the other information contained within the annual repcrt. Our opinion on Ihe financial sialemenls does not cover the other information and. except to the extent otherwise gxpliciuy staled in our report, we do not express any fom of assurance conclLtsion Ihereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial stalemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi$stated. If we identify such material inconsistencles or apparent material misstatements. we are required to determine whether this give5 TiSe lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this ¢ther information. we are required lo report that fact. We have nothing to report in this regard. MatteTS on whlch we are requlred to report by excoption We have nothing to report in respecl of the folbwing matlers where the Charities (Accounts and Reports} Regulations 2008 requires us lo report to you if, in our opinion-. the inforniation given in Ihe Trustees. report is inconsistent in any matena5 respect wllh the financial statements" or sufficient accounting records have not been kepL or the financial statements are not in agreement with the a¢counting records and retums" or we have not received all the infomiation and explanation5 we require for our audlt. Responsibilities of trustees AS explained more fully in the trustees, responsibilities statement. the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparalion of the financial slatements and for being satisfied that they give a trlte and fair view. and for such intemal control as the Trustees deterniuie 15 necessary to enable the preparation of financial statements that are free from material misslatement. vthelher due to fraud or errof. In preparing the financtal statements, the Trustees are responsible for assessing the charitable companls abillty to continue as a going concern. disckjsing, as applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic allemative but to do so. Page 10
THE AMPERSAND FOUNDATION IA Gompany Ilmlted by guarante¢} INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION (CONTINUED) Auditors. responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordanGe the Act and relevant regulations made or hawrig effect Ihereunder. Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor5, report that includes our opinion. Reasonable assurance is a high level of assuTance. but is not a guarantee that an audit condLEcled in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements c8n arise from fraud or error and are consÈdered mate¥ial if, individually or in the aggregate. they could reasonably be expect8d to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect materlal misstatements in respect of irregtslarilies. including fraud. The extent to which our procedures are capable of detecting iiregularilies, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the company opefates, focusing on those laws and regulations that have a direct effect on the deterlninalion of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charttkes SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on Ihe related financial statement items. In addition, we considered provlsions of other law5 and regulations that do not have a direct effect on Ihe financial statements but compliance with which might be fundamental to the charitable COmpanS ability lo operate or to avoid a material penalty- The laws and regulations we considered in this contexi were EmployThent legislation. Charity Commission regulations and General Data Protection Regulation (GDPR). Auditing standards limit the required audit procedures to identify non•compliance these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We also ¢onsidered the opportunities and incentives that may exisl within the charitable company for fraud. We identified the greatest risk of material impact on the fiF7ancial slatÈment5 from irregularities. including fraud. to be the override of contrds by management and income recognition. In response to the risk of irregularities and non-compliance with laws and regulations and risk of fraud. we designed procedures which induded but were not limited to.. sample testing on the posting of joumals, timing of recognition of income. review of trustee's minutes and any corresponden¢e wilh regulalors. I)Ng to the inherent limilalions of an audit, there is an unavoidable risk that we may not have dete¢ted Some material misstatements in the financial Statements, even though we have properly planned and performed our audit in accordance auditing standard5. We are not responsible for preventing noTrcompltance and cannot be expected to detecl non<ompliance with au laws and regulations. These inherent limitatiorts are particularly SJnIficant in Ihe Case of misstatement resulting from fraud as this may involve sophislscated schemes designed to avoid detection. including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations. We are not responsible for preventing fraud and cannot be expected to detect all fraud. Page11
THE AMPERSAND FOUNDATION IA Gompany Ilmited by guaranteè) INDEPENDENT AUDITORS. REPORT ro THE TRUSTEES OF THE AMPERSAND FOUNDATION {CONTINUEO) A further description of our responsibditi lor the audit of the financial slatemeftis i% lo¢aled on the Financial Reporting Council's website at: www.frG .uklauditors onsibililies. This description forms part cf our auditOfS' report. Use of our report This T8POrt Is made solely to the charitabl8 FovndaU¢n's m8mber5. a$ a body, in a¢cordan¢e 1th Part 4 of the Charities (Accounts and Rep¢)rtsl Rggulations 2008. Our audil Work has beer) undertaken $0 that we rnht State to the chaiitable Fourklallon's membws Ihose matters we are required to slate lo Ihem in 8n auditOfS' report and for nts olhef purpose. To It fvlle$t exieni permitted by law. we do nol accepl or assume responsibility io anyone other than the charitable Clmnpany and its members, 8$ a body, for our aud41 work, for tNs report. or for the opinions we have fomied. Sarah Wearing {FCA} Is•nlor s for and on behall of HPH Accountants LLP ctsrtered a¢¢ountants Stalutory audil(fis 54 Bootham York Y030 7XZ ry audltor) ()r 2OZit HPH Accountants LLP are dtgiijle to acl as aLtditors Èn tems of 5Ection 1212 of the Companies Act 2006. Page 12
THE AMPERSAND FOUNDATION {A company Ilmlted by guarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Total funds 2024 Tolal funds 2023 Not? INCOME FROM: Donations and legacies Investments 605,765 120,024 605,765 120.024 5,458.902 52,002 TOTAL INCOME 725,789 725.789 5.510.904 EXPENDITURE ON: Raising fund5 Charitable activities 43.462 995.254 43A62 995,254 28,230 402.056 TOTAL EXPENDITURE 1.038.716 1.038.716 430,286 NET {EXPENDITURE)IINCOME BEFORE N GAINSI{LOSSES) ON INVESTMENTS Net gainslllosses) on investmènts {312,927) 1,064,291 (312,92n 1.064.291 5.080.618 (696,025) NET MOVEMENT IN FUNDS 751,364 751,364 4,384,593 RECONCILIATION OF FUNDS: Total funds brought forward Not movement in funds 9,322.945 751,364 9,322,945 751,364 4.938,352 4,384.593 TOTAL FUNDS CARRIED FORWARD 10,074,309 10,074,309 9,322,945 The Statement of Financial Activitias indudes all gains and losses recognised In the year. The notes on pages 17 29 fonn part ofthese financial statements. Page 13
THE AMPERSAND FOUNDATION (A company limlted by guarantee) REGISTERED NUMBER: 09850522 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nots FIXED ASSETS Tangible assets Investments 12 13 682,136 ,720.183 703.957 7.592,789 9.402.319 8,296.746 CURRENT ASSErs Debtors Cash at bank and in hand 14 212,136 607,163 319,710 715,544 819,299 1.035,254 Credttors: amounts falling due wthin one year 15 1147.309} (9,055) NET CURRENT ASSETS 671.990 1.026,199 TOTAL NET ASSETS 10,074,309 9,322,945 CHARITY FUNDS Unrestricted funds 10.074,309 9,322,945 TOTAL FUNDS 10,074.309 9,322,945 Page 14
THE AMPERSAND FOUNDATION (A company Ilmited by guarantee) REGisfERED NUMBER: 09850S22 BALANCE SHEET {CONTINUED} AS AT 31 MARCH 2024 The entity was eniitled to exemption from audit urHlei 5ecliory 477 of Ihe Companies Act 2006. The mgmbers have not requiretl tho entity to obtsfn an audit lor the year In quosuon in acwrdance wlth section 476 of lh8 Comp8nies Act 2006. However, an audit Is reouired In accordance with section 144 ot Ihe Charllles Aot 2011. Th8 Trustees acknOedge their responsibilities for cOmpln9 Wth the requirements of the Act th respect to accounting records an¢J preparatlon of financial statements. The financtal statemeTrts have boen prep8fed in accordance with the proMsion5 appli¢able to entities subJect lo the small companies regime. The ffinancial statements were apKwoved and auihorised Yor issue by the Trustees and 8ignod on their bghalf by. J A C Kirkiand Trustee Date.. ¢.Ii.Zc The not&8 on pagfjs 17 to 29 part of thesg finonclal statements. pa15
THE AMPERSAND FOUNDATION (A company Ilmited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided byl(used inl operating activilios 145.2781 4.923,136 CASH FLOWS FROM INVESTING ACTIVITIES Proceed5 from sale of invesknents Purchase of investments 8,186,509 9.433.853 {8.249,612) {14.704,032J NET CASH USED IN INVESTING ACTIVITIES 163,1031 (4,670.179) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 1108.381) 715.544 252,957 Cash and cash equivalents at the beginning of the year 462.587 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 607.163 715,544 The notes on pages 17 to 29 form part of these fi.nancial statements Page 16
THE AMPERSAND FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The Foundation Is a eompany limited by guarantee. The member of the company is J Kirkland. In Ihe 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 Advis8rs Limited Marilime House Harbouf Walk The Marina Hartlepool TS24 OUX ACCOUNTING POLICIES 2.1 8asis of preparatlon of financlal statement5 The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporling by Chartties= Statement of Recommendèd Practice applicable to charities pparIng their accounts in accordance with the Financial Reportlng Slandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Ael 2006. The Ampersand Foundation meets the definition ol a public benefit entity under FRS 102. Agsels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in Ihe relevant accounting policy. 2.2 Income All income rs recognised once the Foundation has entillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entbllemenl. the probability of receipt and the ability to estimate wlth sufficient ac¢uracy the amount receivable. Ewdence of entitlement to a legacy exists when the FourHlation has sufficient evidence that a gift has been left to them {through knowledge of the exi8tence of a valld will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be raceived and the fair value of the amount re¢vable. which wtll generally be Ihe expected cash amount to be distributed to the Foundation. can be rellably measured. Income tax recoverable in relation to donalions received under Glft Akl or deeds of covenant is recognised at the time of the donation. Investment income is rec¢)gDised when the divtdend or interest payment is received. 2.3 Expendlture Expenditu is re¢ognised once Ihere is a tegal or constructive obligation to transfer e¢on¢mic benef to a third party. it is probable that a transfer of economic benefits will be required in settlement and th• amount of the obligation can be measured reltably. Page 17
THE AMPERSAND FOUNDATION (A company1Smlted by guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES {CONTINUED} 2.3 Expendlturè {ry>ntinued) Costs of raising funds are investment manager fees and foreign exchange movemenls. Expenditure on charitable activitie5 is incurred on directly undertaking the a¢tivilies which further the Foundation's objectives. as well as any associated 5UPPOrt Costs. Grants payable are payments made to third parties in furtheran¢e of the charitsble objeclives. Where TAF gives a grant with condltiorls for pawnent being a specific level of service or oulput lo be provided such grants are only recognised in the SOFA once the recipient of the grant has provKled the specific service or outpul. Grants are paid based on decisions made in Trnstee meetings. 2.4 Interest recelvable Interest on funds held on depostt is included when receivable and the amount can be measured reliably by the Foundation,. this is norffl811y upon nolificalion of the interest paid or payable by the institution with whom the funds are deF)OSited. 2.5 Tangible flxed assets and deprgclatlon All assets costing mole than £150 are trdpitslised. Tangible fixed assets are caffied at cos( net of depreciation and any provision for impaiment. Depreciation is provided at rates calculated io write off the cost of fixed assets. less Iheir estimated residual value. over their expected useful lives. Depreciation is provided on Ihe following bases: Freehold property Fixtures and filtings Computer equipment Fre¢hold Impfovgments 50 years 51raight line 5 years straight line 3 years straight line 20 years slraight line 2.6 Invostments Fixed asset investsnents are a fom of ffinancial instrument and are Initially recognised at their transaction c051 and subsequently measured at fair value al the balance sheet dale, unless the value Cannot be rneasud reliably in which ease it is measured at cost less impairment. Investrnent gain5 and losses, whether realised or unrealised, are combined and presented as 'Gainsl(L055e51 on investments. in the statement of financial activitie5. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 18
THE AMPERSAND FOUNDATION IA company lirnit¢d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTIIIG POLICIES (CONTINUED) 2.8 Cash at bank and In hand Cash at bank and in hand indudes cash and short-term highly Iiqlsid investments with a Short maturily of three moTlths or less from the dale of acquisition OT opening of the deposit or simil8r account. 2.9 Llabllitlgs and provlsions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a pasl event. it Is probable that a transfer of economic benefit wlll be required in settlement. and the amount of the settlement can be eslimated reliably. Liabilities are recognised al the amount thal the Foundation anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or swvices it must provlde. 2.10 FKnanGial instruments The FourKl81ion only has financial assets and financial liabilities of a kind that qualify as bastc financial instrufflerrts. BasÉc financial instruments are initially re¢Trised 21 transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effectiv¢ interest method. 2.11 Penslons The Foundation contr%butes to a defined contribution pension scheme and the pension charge represents the amounts paygble by the Foundation to the fund in respect of the year. 2.12 Fund accounlrng General funds are unrestricted funds which are available for use al the discretion of the Trustees in further8 of the general objeciives of the Foundation and which have not been designated for other purposes. The Foundation holds no restricted, endowed or dssignated funds therefore the fund movements are reftected in the SOFA and balance sheet. Page 19
THE AMPERSAND FOUNDATION IA company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS Unro$tricted funds 2024 Total funds 2024 Total (unds 2023 Donations Tax relief claimed Legacies 344,729 212.136 48.900 344.729 212,736 48.900 390.830 319. 710 4. 748.362 Total 2024 605.765 605,765 5.458.902 Total 2023 5,458,902 5,458,902 No income is included above in respect of artwork donated to the Foundation from the artist in residence due to the difficulty of determining such a value. Page 20
THE AMPERSAND FOUNDATION IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Unr¢strlcted fund5 2024 Total funds 2024 Tolal funds 2023 Dividends Bank inlerest 109.664 10,360 109,664 10,360 47.427 4,575 120.024 120.024 52.002 rolal 2023 52.002 52,002 EXPENDITURE ON RAISING FUNDS Unrestrlcted funds 2024 Total tunds 2024 Tolal funds 2023 Portfolio management charges Forex movement 39.907 3.555 39,907 3.555 19.346 8.884 43,462 43,462 28,230 rotal 2023 28.230 28.230 Page 21
THE AMPERSAND FOUNDATION IA company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSI8 OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertaken directly 2024 Grant funding of actlvlties 2024 Support costs 2024 Total funds 2024 Tolal funds 2023 Support costs Grants and dorsations (note 8) Wigwell Lodge costs Wigwell Lodge Partnership 153,009 153.009 793,509 33.736 15,000 83.840 269,624 33.592 15,000 793.509 12,000 21.736 15.ODO 36,736 805.509 153.009 995.254 402,056 Total 2023 36,592 28t.624 83,840 402,056 ANALYSIS OF SUPPORT COSTS Total funds 2024 Total fijnds 2023 Activrties 2024 Staff costs Depreciation Bank charges Accountancy Meeting expenses Printing, Postage & slalionery Insurance Audit fee Marketing Legal & professional 83,764 21.821 153 83,764 21.821 153 4,770 13.270 1,729 3,191 33,466 20.236 148 4.817 7,827 1.885 2.622 3,155 3,684 6,000 4.770 13,270 1.729 3,191 4.360 7,099 12,852 7,099 12,852 153,009 153,009 83,840 Total 2023 83,840 83,840 Page 22
THE AMPERSAND FOUNDATION (A company Ilmited by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF GRANTS Grants to Grants to Institutions Individua5s Total funds 2024 Total funds 2024 2024 2023 Grants lo institutions Wigwell Lodge Residency Progr8mme 793,509 793.509 12,000 269,624 12.000 12.000 793,509 12.000 805,509 281.624 Total 2023 269.624 12,000 281.624 Page 23
THE AMPERSAND FOUNDATION IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GRANTS TO INSTITUTIONS TAF has made the following material grants to inst¥lulions during the year.. 2024 2023 NAME OF INSTITUTION Ashmolean Museum British School of Rome Batbican Fitzwilliam Museum Forma 15,000 15,000 20,000 20.000 15.000 20,000 19,126 10,000 20.000 35.000 15.000 11.250 40.000 20,000 20.000 5,000 5.000 5.000 150,000 125,800 5.000 5,000 5,000 89,000 58,333 20,000 25,000 Glasgow International Golden Thread Gallery Hundred Heroines 6.953 Ikon National Gallery Peer South London Gallery Spike Island + Camden Art Centre The Line Warwick Arts Centre Quad TPG Stills Turner Contemporary Tate Gallery Fruilmarket Home Manchester Liverpool Bienni81 Graves Gallery (Multiyear grant) Notknngham Contemporary (Multiyear grant) Studio Volta1 Imultiyear grant) National Gallery (Multyear grant) Association ofArt History Firstsite Focal Point GalEery Hammer Museum HolLx)me Museum Photoworks RArrhomas Dane Gallery Sir John Soane's Museum 89,000 15,000 22.800 25,000 19.500 21,371 15,000 20.000 5,000 25.000 Page 24
THE AMPERSAND FOUNDATION IA company limited by guaranteey NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Disability Arts 5.000 269 624 AUDITORS. REMUNERATION 2024 2023 Fees payable to the Foundation's auditor for the audit of the Foundation's annual accounts 4.360 3,155 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 78.853 3,388 1.523 32.898 568 83,764 33.466 The 8verage number of persons employed by the Foundation during the year was a5 follows: 2024 No. 2023 No. Support (key management) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was: 2024 2023 No. In the band £60.001- £70.000 11. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustee5 received any remuneration or other benefits (2023- £NILJ. During the year ended 31 March 2024, expenses totalling £889 were reimbursed or paid directly to 2 TTUStees (2023- £2993 to 5 Trustees). Page 25
THE AMPERSAND FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. TANGIBLE FIXED ASSErs Freehold Computer Improvemen equlpment ts Freehold Fixture5 and property flttlngs Total Cost At 1 April 2023 600,000 6,898 2,527 167,090 776,515 At 31 March 2024 600,000 6,898 2,527 167.090 776.515 Depreclation Al 1 April 2023 Charge for the year 56,000 12.000 5.998 624 421 10.139 8.355 72,558 21.821 At 31 March 2024 68,000 6,622 1,263 18,494 94,379 Net book value AI 31 fvAarth 2024 $32,000 276 1.264 148,596 682,136 At 31 March 2023 544.(KlO 900 2.106 156,951 T03.957 13. FIXED ASSET INVESTMENTS Listed Investm£nts Cost or valuatlon Al 1 April 2023 Additions Disposals Revaluations 7.592.789 8.249,612 (8.186.509) 1,064.291 AT 31 MARCH 2024 8,720,183 Page 26
THE AMPERSAND FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS 2024 2023 Other debtors 212,136 319,710 212.136 319,710 q5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other taxation and social securily other creditors Accruals 2.213 298 144.798 9.055 147,309 9,055 RECONCILIATION OF NEf MOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING 16. ACTIVITIES 2024 2023 Net income for the period las per Statement of Financial Acknvitie5) 751,364 4,384,593 Adlustmenls for: Depreciation charges Purchase of fixed assets (Increaseydecrease in debto Increa$el(Decrease> in creditors Unrealised los¥Jlgainl on investments 21,821 20.236 (It6,791) (66.273) &351 696,020 107.574 138,254 {1,064,2911 Net ¢ash provided byl(used Inl operating actlvltles (45,278) 4,923,136 Page 27
THE AMPERSAND FOUNDATION IA company Ilmited by guarantèé) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 607.163 775,544 Total ¢a$h and cash equivalents 607.163 715.544 18. ANALYSIS OF CHANGES IN NEf DEBT At 1 April 2023 Cash Ilows At 31 March 2024 Cash at bank and in hand 715.544 {108,381) 607.163 715.544 (108,3811 607,163 19. CONTINGENT LIA81LITIES Contingent liabilities existed at Ihe year end in respecl of: Grdves Gallery- £89,IJOO until March 2025 Nottingham Contemporary- £116.666 until March 2026 Studio Voltaire - £40,000 until March 2026 National Gallery- £50.0(M) until March 2026 Page 28
THE AMPERSAND FOUNDATION (A company lifflited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. RELATED PARTY TRANSACTIONS Income from the J A C Kirkland Settlement 21]03 of £259,278131 M8rch 2023- £390.830} was received. J A C Kirkland is a Trustee and settlor of the J A C Kirkland Settlement 2003. Services were contracted for the maintenance and servicing of Wigwell Lodge frorn DBS for the sum of £4,338 (31 March 2023.. £3.5601- The comp8ny is owned by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Services were contracted for the malntenance and seNcing of Wigwell Lodge from KPS for the sum of £1.338 {31 March 2023.. £NIL). The ¢ompany is owned by Bowmer + Kirkland of which J A C Kirkland is shareholder and DSreclor. Services were contracted for the maintenance and servicing of Wigwell Lodge from B+K Site Services for the sum of £132 {31 Maich 2023-. £NIL)- The company is owned by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. IT seNices for £840 (31 March 2023.. £840) weie pur¢hased from Panbptech. a company whose ultimate parent company is Bowmer + Kirkland of which J A C Kirkland is a ShahOlder and Director. Services were contracted for roofing and sewaga works at Wigwell Lodge By BKPS for the sum of £NIL {31 March 2023: £113.8401. The company 15 owned by Bowmer + Kirktand of which J A C Kirkland is a shareholder and Director. Repair services were purchased for the sum of £NIL {31 March 2023: £1981 from Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Victoria M Siddall is a Trustee and Chair of Studio Voltaire. At the meeting held on 14 September 2023, we allocated a 3-year grant to Studio Voltaire for the running ol an annual artist production residency. Victoria M Siddall declared a conflict of interest. Although she was invited by the Tnjslees to Provide information, she withdrew herself from the meeting during the vote. Page 29