Règlstered number: 09850522 Charity number: 1167018 THE AMPERSAND FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE AMPERSAND FOUNDATION (A company limlted by guarantee) CONTENTS Page Referènce and admlnlslrative details of the Foundatlon. ils Truste•s and advlsers Trustees. roport Independent audltors. report on the financial staternonts Statement of financial aclivities 9-12 13 Balance sheet 14-15 Slatemgnt of cash fl¢Ms 16 Notes to the Ilnanclal statements 17-29
THE AMPERSAND FOUNDATION (A company limlt•d by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees T Arruda De Carvalho S L Conway J A C Kirkland. Chairnwn V M Siddall A D Sooke SDZThome Company reglstered number 09850522 Charlty regis19red number 1167018 Reglstered office Waltons Business Advisers Limited, Maritime House. Harbour Walk, Hartlepool. TS24 OUX Independent audltors HPH Accountants LLP, 54 Bootham. York. Y030 7XZ Bankers Natwest, 58 Sl Peter's Street. Derby, DE1 1 XL Investment managèrs J.P. Morgan Inlernalional Bank Limited. PO Box 68214. 1 Knightsbridge, London. SW1 P 9UH Page 1
THE AMPERSAND FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the The Ampersand Foundation {TAF) for the year 1 April 2024 to 31 March 2025. The annual report serves the purposes of both a Trustees. report and a directors, report under company law. The Trustees confinn Ihal the annual reporl and financial slatements of Ihe charitable company comply with the current statutory requirements. Ihe requirements of the charitable company's goveming document and the provisions of the Slatement of Recommended Praclice (SORP) applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191. Since the Foundation qualrfies as small under section 382 of Ihe Companies Acl 2006, the strategic POrt required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omtllod. Objectlves and activities Polieles and objectives The objects ol TAF ale to advance education and apprectation in Ihe visual arts in all fomis in such Wa as Ihe Trustees may detemiine. TAF Is a grant-awarding ¢harity. Between 2018 and 2020 TAF conGenlrated. outside of its oulslanding commitments. on supporting projects outside of London. In 2021 the Trustees decided lo refflove this constraint and acc8Pt and support projects from all the UK regions including London. TAF also supports Iransfomiational projects across the UK. focusing on providing muFti-year funding and major grants lo ease the lundraising burden ol arl organisations and increase public benefit. Thts is a particular interest of TAF'S overall 9rant-giving stralegy. Donations and inveslment income receTrved by TAF are ulilised lo achieve the above objectives. In selting objeclives and planning for aclivilies. the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public b8n8fit, including the guidance 'Public benefit- running a charily (PB2)'. • Main aellvitles undertaken to further the Foundatlon's purposes lor tha publlc benefit The main activity to further TAF'S purpose is the making of grants. Grants are discussed and agreed upon at Trustees. meetings on Ihe basis ol applications received. TAF continues lo have an active fole in developing and delivenng ils own projeds, particularly the edition of the The Ampersand Foundation Award. thè piloting of a new grant-glving strategy. the implementation of a two- phase application process for annual grants. and the running of residencies al Wigwell Lodge through working wrth regional organisations. As part of our new grant-giving slralegy. we a aclNely WOTking towards building partnerships wilh institutions lo provide multi-year support with the aim of easing the fundraising burden of inslilulions and making possible the development of projects that will have a transformational impact on them, their local communities and the citie$ in which they are based. Page 2
THE AMPERSAND FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance • Revlew of actlvltles Annual granls As part of our annual grants program. we awarded eighteen grants this year. We supported a variety of visual art projects and exhibitions. including the reframing of Tintoretto's The Resurreclion of Christ (c. 1570sl at ihe Ashmolean Museum: an exhibition by Helen Cammock, Kamard Taylor. and Ingrid Pollard at DCA.. perfomiance by Linder at the Edinburgh Art Festival (Edinburgh)- the free-to4nler installation5 at temporary locations across the town of Kenilworth by artist Lindsey Mendick organised by English Heritage: three commissions by emerging artists at Four Corners (London) part of their Working Live exhibition: the Connecting Thin Black Lines 1985 - 2025 exhibition at the ICA (London),. an exhibition by Portia Zvavahera al Kettle's Yard (Cambridge) and Ihe Fruilmark8t (Edinburgh). a multi-plattorm project by Alice Rekab entitled 'Family Lines., for Liverpool Biennial 2025 {Liverpooll- an exhibition by Barbara Steveni at Modern Art Oxford (Oxford): performance by Vanessa da Silva at Mostyn (Llandudno): a commission by Santiago Yahuarcafii at The Whitworth (Manchester>- a new comrnission by candi Lin at the Whitechapel Gallery (London)- and a granl to the Laing Art Gallery (Newcastle) to engage subjecl-specialisl expertise and undertake r8search to evaluate and enhance the understsnding of Japanese colleclions and holdings of gallery. Aongside these grants. we also allocated £2.000 to the Wirksworth Festival for a retrospective exhibition of works by previous Wigwell Lodge residents to lake place in May 2025. The festival informod us that the exhibition planned for May 2025 dldn't.go ahead due io issues with securing an exhibition venue. Therefore. we requested the return of the funds in June 2025. multi.year grants. pledges and fulure grants In 2020, we awarded £455.000 to the Graves Gallery for Iheir Looking Forward programme. a five-year project to Iransforrn the gallery exhibition space. collection photography and framing, collection rehang, and outreach programmes. Following successful reporting from the Graves Gallery and visits made by the Trustees. Ihe fifth and last instalment of £89,000 was approved. and payment was completed in November 2024. In 2022. we pledged to support Nottingham Coniemporary s campaign Fund for the Future. a capital r2mpaign to guarantee free access lo the gallery's exhibitions and educational programme. We pledge to support Gallery 2 with £175,000 over 10 years {£17,500 p.a.). At the Trustees, meeting held on 14 Seplember 2023. il was agreed, following Nottingham Contemporary s request. to provide the lunds in 3 yearly instaSmenls of £58,333.33 instead of 10. The second yearfy payment was made in November 2024 following successfvl reporting and visits by membèrs of staff. There is a Ihifd and la51 instslment ol the grant Ihal is outstanding, and which is due in late 2025. In Dernber 2024, Nottingham Conlernporary informed us Ihal they are undergoing a consultancy pmcess lo explore the inlroduction of entry charges. Following discussions with the gallery and evalualion of the information provided. the Trustees decided at the 6 March 2025 meeting to wilhhold the Ihird and last instalment of the Fund for the Future grant until the situation is resolved to the salisfaction of the Trustees. The Trustees also reserve the right to request the return of funds that have already been disbursed. At the Trustees, meeting held on 14 September 2023, we awarded the National Gallery a 3-year grant of £25.000 for the Articulation Prize. Following successful reporting from the National Gallery and staff altending the Grand Final in March 2024. the second yearly pawnent was made in December 2024. The last remainlng yearly payment will be suty'ect to successful reporting and regular checks by the Trustees. Al the same meeting, we awarded Studio Voltaire a 3-year grant for an annual produclion residency. The Lap- See Lam exhibition opened in Seoember 2024. Page 3
THE AMPERSAND FOUNDATION (A company limitèd by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achièv•menls and performance (eontlnued) Following successful reporting from Studio Voliaire, the second instalmenl of £20,000 was paid in December 2024 and was allocated lo a Hilary Lloyd produGtion residency that will open in September 2025. The last remaining yearly payment will be subject to successful reporting and regular checks by Ihe Trustees. Al the 7 March 2024 meeting, we pledged a £125,800 grant to Tate towards developing a Cool and Conditioned Store for photography. The payment is still outstanding while Tale confirms the fundraising of the total funds they need to deliver the projects. We will Te¢eive an update in November 2025. Ampersand x Photoworks Fellowship In 2021. sel up the Afflpersar x Pholoworks Fellowship in partnership with Photoworks, aimed at mid-career photographers. The fellowship grants the fellow a £15.000 award and commissions a new body of work accompanied by a touring exhibilion. Johny Pitts was the firsl recipient of the lellowship in 2021, with exhibitions taking pla at the Graves Gallery (Sheffield), Stills (Edinburgh), and The Photographers Gallery (London). In 2023. Ihe second fellowship was awarded to Felicity Hammond. with the first exhibilton opening ai QUAD (Derby) during Ihe Format Festival in March 2025. The last 2 exhibitions will open at The Pholographers Gallery {London) in June 2025 and at Stills (Edinburgh) in November 2025. At our 6 March 2025 meeting. following the success of th8 Mio previous 8ditions. Ihe Truslees agreed lo run a third edition of ihe fellowship. allocaling £25,000 to Photoworks (an uplift of £5.000 from previous editions). Alongside Ihe Photoworks grant, we also allocated a £5.000 grant to each of the 3 venues that will be part of the fellowship exhibition tour in 2026-27. The venues are to be confimied. TAF Award The Ampersand Foundalion Award was established in 201g as a biennial UK prize oflering an institution funds lo produce their dream exhibition or visual art project. The winning institution is awarded £125.000 to realise their proposed project plus an additional £25,000 to produce a felated publication. The remaining four shortlisted institutions receive £5,000 each lo cover the costs of preparing the proposal. In May 2023. Clarrie Wallis, Dirèctor of Turner Contemporary (Margate), was announced as Ihe winner of The Ampersand Foundation Award 2023 for her proposal Resistance, an exhibilion, co-curated with artist Steve McQueen. that charts photography and protest in Britain through the twentieth century. The exhibition opened In February 2025 and will tour to the National Galleries of Scotland later in the year. In November 2024, we Clrculaled a call for proposals lor the fourth edition of the Award. Out of 24 proposals rerAived, the judging panel shortlisled 5 in February 2025.. Camden Arts Centre (London). Grizedale Arts (Lawson Park). MIMA (Middlesbrough), MK Gallery (Milton Keynes) and Towner Eastboume (Eastbourne). The 5 selected curatofslorganisalions pSented their projects in person in May 2025. Adam SutherfandlGrizedale Arts (Lawson Park) were selected as the winner for their pro1t "Reform Life-: an exhibition, public art project. symposium, and publication which focuses on environmentalism and the rural arts movements of the pasl 100 years. The Award is open to directors and curators workin9 at institutlons that are ¢urrently members of the Plus Tate network. Wlgwell Lodgo Wigwell Lodge is The Ampèrsand Foundation's residency space localed near Wirksworth. Derbyshire. The lodge offers accommodation and a working studio for residents who want to spend time in the East Midlands countryside. 11 s8Nes as a pla for residents. whether they are artists or academics, lo reflect on their practice, Page 4
THE AMPERSAND FOUNDATION (A company Ilmlted by guaranteè) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (contlnued) create new work. and engage wilh the local area. All residents al Wigwell Lodge receive a monlhty stlpand, and each partner organisation receives a grant for the administralFon and management ol the residency. The fifth residency in partnership with Ihe Wirksworth Feslival took place. Stef Kerek was the artist in residence and stayed at the property lor 3 months between July and September 2024. The art15t will retum in 2025 to produce WOFk for an exhibition lo take place during the September 2025 festival. We ran the fourth academic residency in partnership with the Association for Art History. Prol. Robert Mills, Professor of Medieval Sludies at UCL History ol Art. stayed at the property lor 4 months from October 2024 to January 2025. The fourth and final lens-rnedia artist residency with Photowork5 occurred from February 2023 to June 2024. Glasgow-based visual and sound artist Matthew Arthur Williams was the resident artist. We are Gurrenlly developing new residencies with regional organisalions for 2025 and 2026. Evaluatton In order to m8a5ure succ8SS. the Trustees andlor the member{s) of staff aim to visit all the project5 SUPPOrted. They report back to the rest of the Trustees al the winter meeting. Reports including visitors, figur8s. press reviews. etc. from the supported projeclslinstitutions are also received and reviewed by the Trustees. Investment policy and performance The majority of the Foundation's funds, £8.92m are held in investment accounts managed by J.P. Morgan. Income 01 £33k was received and there were realised and unrealised gains on investments of £233k. Inveslfflents at J.P. Morgan are currently targeted at long term capital 8pprecialion with the aim that the Foundation will become self-suslainable. See the principal funding 5eGtion for further details on investment policy. Flnanclal review • Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that TAF has 8dequ8te resources to conlinue in operalional exi51en¢e for the for8s8eable future. For this reason. they continua to adopt the 90ing concem basis in preparing the financial statements. Further details regarding the adoption of Ihe going concern basis can be found in the accounting policies. Page 5
THE AMPERSAND FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 • RoSorve8 policy The Trustees aim to maintain positive reserves in unrestricted funds by managing the tevel of grants awarded to ensure that resources expended do not exceed incoming resources. At present no commitments extend further than three years from the date of this report and are fully covered by the reserves in place. Grants are made from selVeS and will not exceed incoming re50urces. Money is not raised through traditional fundraising events and therefore will not be adversely affected by the lack of such evenls. TAF is also nol reliant on Govemm8nt funding and is thus well insulated against change5 in Govemmenl spending. Malerlal Investments pollcy Investments al J.P. Morgan are currently targeted at long term capital appreciation with the aim that the charily will become self-suslainable. From an investrnenl perspective, TAF priority is lo generaie a risk-adjusted relum that will SUPPDri its aclivilies. over the long term, while ensuring, where possible. thal it invests ils capital responsibly and sustainably. • Principal risks and uncertainties The Trustees have assessed the major risks to whith the Foundation 15 exposed. in particular those related to the operations and finances of the Foundalion and are satisfied that systems and procedures a in place to mitigate our exposure lo the major risks. The Trusteès 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. donalions from the founder and others). Risks are mitigated by the diversity of funds making up the portfolio and the aim of being Se-sUS1aIab1e. • Prlnclpal funding Donations totalling £405.197 were received plus a £261,609 associated repayment from HMRC. Funds were used lo provide granls lo support the arts in line with the slated Dbiecls as above. A legaGy of £15.980 was received in the year. This was Ihe remaining balan from the estale of J N Kirkland. Funds wer8 used Io Provide 9rants to support the arts in line with Ihe stated objects as above. At the year end Ihe Foundation has unrestricled funds of £10.3m. Slruclurei gov¢rnance and management • Conslltutlon The Foundation is registèred a5 a charitable company limited by guarantee and was sel up by a Memorandurn of Association on 23 October 2015 (amended by spe¢ial resolution(sl dated 16 November 2017). The Foundation is constiluted under a MemoTandum of Association dated 30 October 15 and is a règistered charity number 1167018. There have been no changes in the objectives since the last annual report. Page 6
THE AMPERSAND FOUNDATION (A company Ilmlled by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. govemance and management (conlinuedl • Methods of appointmenl or electlon of Trustees The Founder (J A C Kirkland) has the power to appoint future Trustees subject therelo and in the event of the Founder's death or if he is incapable, whether mentally or physically, of managing his own affairs, future Trustees are appointed by majority vote of the Founder's Issue per stirpes in the first instance and by resolution ol the Trustees in the second Instsn. • Organlsatlonal structure and declslonwmaklng The Foundation direction and decisions as lo grants made are aged by the Trustees during Trustees. meelings. Day to day operations are delegated to the staff members. • Poli¢i&s adopted for the induction and training of Trustees The Trustees have laken care to familiarise themselves wilh the Charity Commission guidelines. • Pay policy for koy management p¢rsonnel There are currenlly two members of staff whose salary is agreed by the Truste85. Plans for future perlods The Foundation will continue lo make granls to Arts projects as decided by the Trustees. Page 7
THE AMPERSAND FOUNDATION (A company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees, responsibilili8s The Trustees (who ale also the direclors of the Foundation for the purp058s of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GerF8rally Accepted Accountin9 Practice). Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a Irue and fair view of the state of affairs of thg Foundation and of its incoming resources and application of resources. induding its income and expendilure. for that period. In preparing Ihese financial slalements, the Trustees are required to: select suitable accounting policies and then apply them conslslently., observe the methods and principles of the Charilies SORP (FRS 102); rnake judgments and accounting estimates Ihat are reasonable and prudent: state whelher applicable UK Accounting Standards (FRS 102} have been followed. subject to any material departures disclosed and explained in the financial statements., piepare Ihe financial slatements on the going concern basis unless it is inappropriate to presume Ihat Ihe Foundation will continue in business. The Truslee5 are responsible for keeping adequate accounling records Ihal are sufficient lo show and explain the Foundation's transactions and disclose with reasonable accuracy at any lime the financial posilian of the Foundation and enablè them to ensure Ihat the financial statements comply wilh the Companies Act 2006. Thèy a also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other iTglarItIes. Dlsclosure of information to auditors Each of the persons who are Trustees al th8 time when this Trustees. report is approved has confirmed that.. so far as that Trustee 15 aware, there is no relevant audil infomiation of which the charills audilor5 are unaware, and that Trustee has taken all the steps thal oughl to have been taken as a Trustee in order to be aware ol any relevanl audil infr)rrnalion and to èstablish that the charity's auditors are aware of that inlormalion. Approved by order of the members ol thg board of Trustees and signed on their behalf by.. J A C Klrkland Truslee Dat8- 17. 11.2oLr Page 8
THE AMPERSAND FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION Unquallfied Oplnlon We have audiled the finanGial stalemenls of The Ampersand Foundation {'TAF') for the year ended 31 March 2025 which comprise Ihe ststemenl of financial activities, Ihe balance sheet, the statement of cash flows and the related notes. including a summary of significanl accounting policies. The financial reporting framework that has been applied in their prepaFalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements- give a true and fair view of the state of the charitable companvs affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditu for the year Ihen ended; have been properly prepared in accordance with United Kingdom Generally Acc8Pted Accounting Practice,. and have been prepared in accordance with Ihe requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the Auditors. responsibilities for the audit of the linancial statements section of our report. We are independent of the charitable company in accordan wilh the ethical requirements Ihat a relevant io our audil of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence w8 have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng ¢oncern In audiling the financial statemenls. we have concluded Ihat ihe Trustees, use of the going concem basis of accounting in the preparation of the financial stalements is appropriate. 8a5ed on the work we have performed, we have not idenlified any material uncertainties relaling io evenls or conditions that. individually or collectively, may casl significant doubl on the charitable companrfs ability to continue as a going Gonorn for a period ol at least twelve months from when the financial slatements are authorised for issue. Our responsibilities and Ihe responsibilities of the Truslees with respect to going concern are des¢ribed In the relevant sections of this report. Page 9
THE AMPERSAND FOUNDATION (A Company Ilmiled by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION (CONTINUED) Olher Infomiation The other information comprises Ihe informalion included in Ihe annual report other than the financial statements and our auditors. report ihereon. The Trustees are responsible for the olher information contained wilhin the annual report. Our opinion on Ihe financial statements d06s not cover the other information and, excepl io the extent otherwise exFlicilly staled in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislent with the financial stalements OF our knowledge obtained in the course of the audit. or otheise appears to be materially misstated. If we identify such material inconsistenc$ or apparent material misstatements. we are required to determine whelher this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude Ihat there is a material misslatement of this other information. we are required to report Ihat fact. W8 have nothing to report in this regard. Matters on whlch we are requlrnd to roport by exceptlon We have nothing to report in respect of the following matters where the Charities {Accounis and Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given in the Trustees, report is inconsistent in any material respect with the finallcial staternents: or sufficient accounting records have not been kepl.. or the financial slalements are nol in agreement with the accounlin9 records and retums- or we have not feceived all the infmatIon and explanalions we require for our audit. R¢5ponslbilitio5 of trustees As explained more fully in Ihe trustees, responsibilities sialement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparatlon of the financial slalements and for being salisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to Iraud or error. In preparing the financial slatemenls, the Trustees are responsible for a55essing the charitable company's abilily to conltnue as a going concein. disclosing. as applicable. rnallers related to going concern and using the going concern basis of aG¢ounling unless the Trustees either intend lo Ilquidale Ihe charitable company or lo cease operations, or have no realistic alternative but to do so. Page 10
THE AMPERSAND FOUNDATION (A company limited by guarantse) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION (CONTINUED) Auditors, responsibillties for the audlt of the financlal statemenls We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance wilh the Acl and relevanl regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whethef Ihe financial stalemenls as a whole are fre8 from material misstatement, whether due lo fraud or error. and to issue an auditors, report that includgs our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material rnisstalement when it exisls. Misstatemgnts can arise Irom fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic de¢isions of users taken on the basis of Ihese financial statements. Irregularities, including fraud. are instances of non<ompliance with laws and regulations. We design procedures in lin8 With our responsibilities, ouuined above, to detect material misstatements in respect of irregulafilies. indudin9 fraud. The extent lo which our procedures are capable of detecting irregulaTttie5. including fraud is detailed below.. We obtained an understanding of the legal and regulalory frameworks within which the company operates, focusing on those laws and regulations that have a difect effect on Ihe determination of material amounts and disclosures in the financial slatements. The laws and regulations we considered in this contexl were the Companies Act 2006 together with the Charities SORP IFRS102). We assessed the required compliance with Ihese laws armd regulations as part of our audit procedures on the related financial statement items. In addition, we constdered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance wilh which might be fundamental lo the charitable company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context were Empkjymenl legislation. Charity Commission regulations and General Data Protection Regulation {GDPR). Auditing siandards limit the required audit procedures to identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal corresponden¢e, if any. We also considered the opporlunities and incenlives that may 8XlSt within the charitable company for fraud. We identified the greatest risk of material impact on the financial stalements from irregularities. including fraud. lo be the override of controls by maDagemenl and income recognition. In response lo the risk of Irregularities and non-compliance wTrth laws and regulations and risk of fraud. we designed procedures which included but were not limited to- sample lesling on the posling of joumats, liming of recognition of income. grant Commitments, review of trustee's minutes and any corréspondence with regulators. Owing to the inherent limitations of an audit. Ihere is an unavoidable risk that we may not have detected some malerial misstalements in the financial statements. evan though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to delecl non-compliance with all laws and regulalions. These inherent limitalions are particularly significant in the case of misstatement resulting from fraud as this may involve 50phislicaled schemes designed to avoid dete¢lion, including deliberate failure to Tecord transaclions. collusion. or the provision of intentional misrepresenlations. We ar8 not responsible for preventing fraud and cannot be expected to d8tecl all fraud. Page 11
THE AMPERSAND FOUNDATION {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE AMPERSAND FOUNDATION (CONTINUED) A further description of our responsibilities for the audit ol the financial stalemenls is loGated on the Financial Reporting Council's websi18 at.. www.rrc.or -uklauditOfsres onsibilities. This desuiplion forms parl of our auditOF5' fEPQrt. Use of our report This report is rnade solely lo the charitable Foundalion's members. as a body. in accordance with P8rt 4 of the Charities (Accounts and Reports) Regulations 2008. Our audil Wofk has been undertaken so that we might slate to Ihe Gharilable Foundation's members those matters we are required lo slate to them in an auditors. report and for no olher purpose. To thé lullest ext8llt permitted by law, we do not ac¢ept or assume re5ponsibilily lo anyone other than the Gharilable company and its members. as a body, for Our audit work, for thi5 report, or for the opinions we have fL7rrned. Sarah Wearing {FCA) {senior $tatutory audlt for and on behalf of HPH Accountants LLP Chartered accountants Slatutory auditois 54 Boolham York Y030 7XZ Dale.. 17 HPH Accountants LLP are eligible lo act a5 aLtditOfS in terms ol section 1212 of the Companies Act 2006. Page 12
THE AMPERSAND FOUNDATION (A company Ilmited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrèstrlcted funds 2025 Total funds 2025 Total funds 2024 Note INCOME FROM: Donalians and legacies Investments 682.786 41,691 682,786 41,691 605, 765 120.024 TOTAL INCOME 724477 724,477 725, 789 EXPENOITURE ON: Raising funds Charitabl& activitbes 9.667 724460 9.667 724.460 43.462 995,254 TOTAL EXPENDITURE 734,127 734,127 1,038, 716 NET EXPENDITURE BEFORE NET GAINS ON INVESTMENTS Net gains on inveslments (9.650) 233,127 (9,650) 233,127 (312,927) 1,064.291 NET MOVEMENT IN FUNDS 223A77 223.477 T51,364 RECONCILIATION OF FUNDS: Total funds brought fOard Net movement in funds 10.074.310 223A77 10,074,310 223,477 9,322.946 751,364 TOTAL FUNDS CARRIED FORWARD 10,297,787 10,297,787 10,074,310 The Stalement of Financial Aclivities includes all gain5 and losses recognlsed in Ihe year. The notes on pages 17 to 29 lorm part of these financial slatemenls. Page 13
THE AMPERSAND FOUNDATION (A ¢ompany Ilmlted by guarantee) REGISTERED NUMBER: 09850522 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED ASSETS Tangible assets Invesimenls 12 13 662,397 8.925.869 682.136 8, 720. 183 9.588,266 9.402.319 CURRENT ASSETS Debtors Cash at bank and in hand 14 263,609 626,117 212,137 607.163 889,726 819,300 CURRENT LIABILITIES CditorS.. amounts falling due within one year 15 (180,2051 (147.309) NET CURRENT ASSETS 709,521 671,991 TOTAL NET ASSETS 10,297,787 10.074,310 CHARITY FUNDS Unrestricted funds 10,297.787 10,074,310 TOTAL FUNDS 10.297,787 10.074.310 The entity was entitled to exemption from audil under seclion 477 of the Companies Act 2006. The members have not requir8d the entity to obtain an audit for the year in question in accordance wlth section 476 of the Companies Act 2006. However, an audit is requir8d in accordan¢e wlth seclion 144 of Ihe Charilies Act 2011. The Trustees acknowledge their responsibilities for complying with Ihe requirements of the Act with respecl to accounting records and preparation of financial statements. The financial slatements have been prepared in accordance with the provisions applicable to enlities subject to the small companies regim8. Page 14
THE AMPERSANO FOUNDATION (A company limlted by guarantee) REGISTERED NUMBER: 09850522 BALANCE SHEET (CONTINUED} AS AT 31 MARCH 2025 The financial statements were approved and aulhorised for issue by the Trustees and slgned on Iheir behalf by: J A C Klrkland Trustee Date.. The notes on pages 17 to 29 form part of these financial statements. Page 15
THE AMPERSAND FOUNDATION (A company limited by guaranlee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided byl(used in} operating activities (6,944) (45.278) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Proceeds from sale of Investments Purchase of inveslmenls (1,543) 170.496 8. 186,509 (143,055) {8,249.612J NET CASH PROVIDED 8YI(USED IN) INVESTING ACTIVITIES 25.898 163,103) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 18,954 (108,381) 715,544 Cash and cash equivalents at Ihe be9inning of the year 607,163 CASH AND CASH EQUNALENTS AT THE END OF THE YEAR 626.117 607.163 The notes on page5 17 to 29 forrn part of these finanal statements Page 16
THE AMPERSAND FOUNDATION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The Foundation 15 a company limited by 9uaranlee. The member of the company is J Kirkland. In the event of the Foundation being wound up the liability in respecl of the guaranlee is limited lo £1 per member of the Foundation. The regtstèred office address is.. CIO Waltons Business Advisers Limiled Maritime House Harbour Walk The Marina Hartlepool TS24 OUX ACCOUNTING POLICIES 2.1 Basls of preparatlon of flnanclal statements The financial slalements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {offective 1 January 20191. the Financial Reporting Standard apPIable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Ampersand Foundation meets the definition of a public benefrt entily under FRS 102. Assets and liabilities are initialty recognised al historical cost or Iransaclion value unless otherwise slated in ihe rélevant accounting policy. 2.2 Income All income is recognised once the Foundation has entitlement lo the income, it is probable Ihal 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 entitlement, Ihe probability of receipt and the abilily to estimate with sufficienl accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Foundation has sufficient 8vidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that Ihe property in question wlll not be required to satisfy claims in the estate. Rec8ipI of a legacy must be recognised when il is probable that it will be r8ceiv8d and the fair value of the amount receivable. which will generally be the expeoted cash amount to be distributed lo the Foundation, can be reliably measured. Income tax r0Verable in relation to donatlons received under Gift Aid or deed5 of covenant is recogni5ed at Ihe lime of the donation. Investmenl income is recognised wh8n the dividend or interest payment is received. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer e¢onomic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be m8asured reliably. Page 17
THE AMPERSAND FOUNDATION (A ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (CONTINUEO) 2.3 Expendlture (continued) Costs of raising funds are investment manager fee5 and fOren exchange movements. Expenditure on charitable activities is incurred on directly undertaking Ihe activities which further the Foundaiion's objectives, as well as any associated support costs. Gran15 payable are payments made lo third parties in furtherance of Ihe charilable objectives. Where TAF gives a grant wilh conditions for payment being a specific level of service or oulpul to be provided such grants are only recognised in the SOFA once the recipient of the grant has Provided the specAfic service or output. Grants are paid based on decisions made in Trustee meetings. 2.4 Inlorest rnceivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation- this is normally upon notification of the Inte$t paid or payable by the institution with whom Ihe funds are deposited. 2.5 Tangible fixed assets and thpreciation All assets costing more than £150 are capitalised. Tangible fixed assets are carri8d at cosl. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value, over Iheir expected useful lives. Depreciation is prowded on the following bases: Freehold property Fixtures and fittings Computer equipment Freehold Improvements 50 years straight line 5 years straight line 3 years straight lin8 20 years straight line 2.6 Investments Fixed assèt Investments are a form of financial instrument and are Initially recognised at their transaction cost and subsequently measured at fair value al the balance sheet date. unless the value cannot be measured reliably in which case il is measured at cost less impairment. Inveslmenl gains and losses, whelher roali58d or unrealised, are combined and pr8senled as 'GainsllLossesl on investments. in the statement of financial adivities. 2.7 Deblors Trade and other debtors are recognised at the settlem8nl arnount after any trade discount offered. Prepayrnents arè valued at the amount prepaid nel of any trade discounts due. Page 18
THE AMPERSAND FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLicies (CONTINUED) 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid inv&stments with a short malurity of three months or less from the date of acquisition or opening of Ihe deposit or similar account. 2.9 Llablllties and provisions Liabilili8s are recognised when there is an obligation al Ihe balance Sheet date as a resull of a pasl evenl, il is probable that a transfer of economic benefit will be required in seltlement, and Ihe amount of the settlement can be estimated reliably. Liabilities are recognised at the afflount Ihal the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the good5 or services it must provide. 2.10 Financial Instruments The Foundation only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlemenl value wrlh the exGeption of bank loans which are subsequ8ntly measured at amortised cost using the effective interest method. 2.11 Penslons The Foundation contribute5 to a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to Ihe fund in respect of the year. 2.12 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the Foundation and which have not been designaled for olher purposes. The Foundation holds no restricted. endowed or designated funds Iherefore the fund movements are reflecied in the SOFA and balance sheet. Page 19
THE AMPERSAND FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM DONATIONS Unreslrlcted funds 2025 Total funds 2025 Total funds 2024 Donations Tax relief claimed 405.197 261.609 15.980 405,197 261,609 15,980 344, 729 212, 736 48,900 Legacies Total 2025 682,786 682,786 605. 765 Total 2024 605.765 605. 765 No income is included above in respect of artwork donated to the Foundation from the artist in residence due to the difficulty of delermining such a value. Page 20
THE AMPERSAND FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME Unrestrlcted funds 2025 Total tunds 2025 rotal funds 2024 Dividends Bank interest 33,177 8,514 33,177 8,514 109.664 10.360 41,691 41,691 120,024 Total 2024 120.024 120,024 EXPENDITURE ON RAISING FUNDS Unrostricled funds 2025 Total funds 2025 Total ftinds 2024 Portlollo management charges Forex movement 9.210 457 9.210 457 39,90T 3.555 9.667 9,667 43.462 Total 2024 43.462 43,462 Page 21
THE AMPERSAND FOUNDATION {A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Acllvltles undertaken directly 2025 Grant lundlng of activities 2025 Support costs Total funds 2025 Tolal fvnds 2024 2025 Support ¢osts Grants and donaltons {note 8) Wigwell Lodge costs Wigwell Lodge partnshIp 183,342 183,342 478,803 29,315 33,000 153.009 793.509 33. 736 15.000 478,803 6,500 22,815 33,000 55,815 485,303 183,342 724,460 995,254 Total 2024 36, 736 805.509 153.009 995.254 ANALYSIS OF SUPPORT COSTS Total funds 2025 Total funds 2024 Actlvities 2025 Stsff costs Depreciation Bank charges Accountancy Meeting expenses Printlng. Postage & stationery Insurance Audit fee Marketing Legal & professional 91,097 21,282 153 5.034 7,564 1.894 3,170 5.483 80 47,605 91,097 21,282 153 5,034 7.564 1.894 3,170 5,463 80 83, 764 21,821 153 4.770 13.270 1.729 3.191 4,360 7,099 12,852 47,605 183,342 183.342 153,009 Tolal 2024 153,009 153,009 Page 22
THE AMPERSAND FOUNDATION (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENCIED 31 MARCH 2025 ANALYSIS OF GRANTS Grants lo Grants to Institutlons Indivlduals 2025 2025 Total funds 2025 Total funds 2024 Grants to institutions Wigwell Lodge Residency Pro9ramme 478,803 478,803 6,500 793.509 12.000 6,500 478,803 6,500 485,303 805.509 Total 2024 793,509 12,000 805,509 Page 23
THE AMPERSAND FOUNDATION (A company limlted by guarant8•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GRANTS TO INSTITUTIONS TAF has made the following malerial granls to institutions during the year: NAME OF INSTITUTION Ashmolean Museum British School of Rome Barbican Fitzwilliam Museurn Forma Glasgow Intemational Golden Thread Gallery Hundred Heroines Ikon National Gallery Peer South London Gallery Spike Island + Camden Art Centre The Line 2025 £ 24,000 2024 £ 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.OtXI 5.000 150.000 125,800 5.000 5,000 5,000 89.000 58.333 20,000 25.000 Warwick Arts Centre Quad TPG Tufner Contemporary Tate Gallery Fnjitmarket Home Manchester Liverpool Biennial Graves Gallery {Mulliyear grant) Notlingham Contemporary {Multiyear grant) Studio Voltaire (mu1Year granti National Gallery (Multiyear grant) Dundee Contemporary Arts Edinburgh Arts Festival English Heritage Four Comers ICA 15,000 89,000 58,333 20,000 25.000 15,000 20,000 16,000 5.970 20,000 20,000 5,500 20,000 10,000 Modern Art Oxford Mostyn Peckham Platform The whiOrth Page 24
THE AMPERSAND FOUNDATION (A ¢ompany limit8d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Wallace Collection Whitechapel Gallery William Morris Gallery Lalng Art Gallery Kettle's Yard Photoworks 25,000 15,000 15,000 10,000 20,000 30.000 AUDITORS. REMUNERATION 2025 2024 Fees payable to the Foundation's auditor for the audit of the Foundation's annual accounls 5,463 4.360 10. STAFF COSTS 2025 2024 Wages and salaries Social securily costs Contribution to defined contributron pension schemes 78.175 3.287 9,635 78.853 3.388 1.523 91.097 83. 764 The average number ol persons employed by the Foundalirm during the year was as lollow5". 2025 No. 2024 No. Support (key management) The number of employees whose employee bonefits <excluding employer pension costs) exceeded £60,000 was.. 2025 2024 No. In the band £60.001- £70.000 Page 25
THE AMPERSAND FOUNDATION (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. TRUSTEES. REMUNERATION AND EXPENSES During th& year, no Trustees recÈiv8d any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, expenses lotalling £975 were reimbursed or paid diredly to 3 Trustees (2024- £889 to 2 Truslees). 12. TANGIBLE FIXED ASSETS Freehold Computer Improvemen 8qulpment ts Frèehold Fixtures and property litting5 Total Cost At 1 April 2024 Additions 600.000 6,898 2,527 167.090 776,515 1,543 At 31 March 2025 600.000 6,898 4,070 167,090 778,058 Depreclatlon At 1 April 2024 Charge for the year 68,000 12.000 6,622 85 1,263 18,494 8,355 94,379 21.282 At 31 March 2025 80.000 6,707 2,105 26,849 115,661 Nèt book value At 31 March 2025 520.000 191 1,965 140,241 662.397 At 31 March 2024 532.000 276 1,264 148.596 682, 136 Pag8 26
THE AMPERSAND FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. FIXED ASSET INVESTMENTS Llsted investments Cost At 1 April 2024 A(Jditions Disposals Revaluations 8,720,183 143,055 (170,496) 233,127 At 31 March 2025 8,925,869 14. DEBTORS 2025 2024 Other debtors 263,609 212. 137 263,609 272. 137 1S. CREDITORS.. AMOUNTS FALLING DUE THIN ONE YEAR 2025 2024 Trade creditors Other taxation and so¢ial security Other creditors Accruals 174 2,017 922 177,092 2.213 298 144. 798 180,205 147.309 Page 27
THE AMPERSAND FOUNDATION IA company limited by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 16. ACTIVITIES 2025 2024 Net incorne lor the year (as per Statement of Financial Activities) 223,477 751,364 Adjuslments for: Depreciation charges {In¢reaseydecrea58 in deblors Incroasel(Decrease) in creditors unrealised105s1lgain) on investments 21,282 21.821 (51,472) 107.574 32,896 138,254 1233,127) (1.064,291) Net cash used in operating activities (6.944) (45,278) 17. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in hand 626,117 607.163 Total cash and cash 8quivalenls 626,117 607.163 18. ANALYSIS OF CHANGES IN NET DEBT At l April 2024 Cash Ilows At 31 Mareh 2025 Cash at bank and in hand 607.163 18,954 626,117 607.163 18.954 626.117 19. CONTINGENT LIABILITIES Contingent liabilities existed al the year end in respect of: Studio Voltaire - £20,000 unlil March 2026 National Gallery- £25,000 until March 2026 Page 28
THE AMPERSAND FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. RELATED PARTY TRANSACTIONS Income from the J A C Kirkland Settlemenl 2003 of £319,744 (31 March 2024: £259,278) was reGeived. J A C Kirkland is a Trustee and settlor of the J A C Klrkland Settlement 2003. Services were contracted lor the maintenance and sèrvicing of Wigwell Lodge from DBS for Ihe sum of £2.230 {31 March 2024. £4.338). The company is ovmed by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Direclor. Services were contracted for the mainlenance and servicing of Wigwell Lodge Irom KPS for the sum of £3.134131 March 2024: £1.338). The company is owned by Bowrner + Kirkland of which J A C Kirkland s a shareholder and D1Ctor. Sorvices were contracted for the mainlenance and servicing of Wtgwell Lodge from B+K Site Services for the sum of £NIL 131 March 2024.. £1321. The company is owned by Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. IT services for £840 (31 March 2024- £8401 were purchased from Design IT Solutions Limited. a company whose ultimate Pant company is Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Page 29