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 De￿rnber 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 p￿Sented their projects in person in May 2025. Adam SutherfandlGrizedale Arts (Lawson Park) were selected as the winner for their pro1￿t "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￿-sUS1aI￿ab1e. • 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 ag￿ed 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 iT￿g￿larItIes. 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 othe￿ise 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 inf￿matIon 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 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 D1￿Ctor. 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 Pa￿nt company is Bowmer + Kirkland of which J A C Kirkland is a shareholder and Director. Page 29