Re9iStered number.. 09850522
Charity nuM￿r. 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 ￿t￿le 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 lo￿ardS 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 ￿nIketh￿ce￿IUry. 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 be￿een resldencles and foll0v￿ng 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 re￿iVed 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 reaso1￿ble 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 Sp￿ication 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 COmpan￿S 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)N￿g 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
S￿JnIficant 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 $0 that we rn￿ht State
to the chaiitable Fourklallon's membws Ihose matters we are required to slate lo Ihem in 8n auditOfS' report and
for nts olhef purpose. To It￿ fvlle$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 acknO￿edge their responsibilities for cOmpl￿n9 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.
pa￿15

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
p￿parIng 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 rneasu￿d 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 Sha￿hOlder 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