Reglstered number: 08861248
Charlty number. 1180372
THE FOUNDATION FOUNDATION
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021

THE FOUNDATION FOUNDATION
IA company limit•d by guarants•l
CONTENTS
Page
RefeTence and admlnlstratlye detrlls of the Compaiiyj Its Trustees and advlstvs
Tru8t608' report
Indfrpendent audito￿. report on the financial statsments
8-11
ststemftnt ol Ilnanclal actlvltleg
12
Balarfcg shoet
13-14
Statement of cash flows
15
Not•s to th8 financi41 stato'rn•nts
16-26

THE FOUNDATION FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTrATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JANUARY 2021
Truste
Slr Antony Gormley
Lady Vicken Gormley
Marco Compagnoni
Richard Galvocoiessi
Laura Heath
Company reglstered
number
08861248
Charsty reglstered
number
1180372
Reglstered office
15-23 Vale Royal
London
N7 9AP
Ind•pond8nt auditors
MHA MaclntyTe Hudson
Chartered Accountants
Victoria Court
17-21 Ashford Road
Maidstone
Kent
ME14 5DA
8ank•rs
HSBC Private Bank
8 Corf( Street
Mayfair
London
W1S3LJ
Brown Advisory Investment Management
10 Bruton Slr*t
New Bridge Street
London
EC4V 6BJ
Sollcltors
W￿1 Gotshal & Managers (London) LLP
110 Fetter Lane
Holbom
London
EC4A 1AY
Page 1

THE FOUNDATION FOUNDATION
IA company lirnited by guarantgel
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
Tru$te&s Re
ort
Forthe Yearended 31stJanuary 2021
The Trustees present Iheir annual report together with the audited financial statement5 of the company for the
year 1st February 2020 - 31st January 2021. The Trustees confirm that the Annual Report and financial
stslements of the company comply with the current statutory requirements. the requirements of the company's
governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to>
charities preparing their accounts In accordance wlh the Fin8naal Reporting Slanrlard applicable in the UK and
Republic of Ireland {FRS 1021.
Aims Ob'ectives and Activities
The Foundation Foundation was established for the advancement of art for the public benefft by athancing
education in the arts in particular bul not exdusively through..
The provision of grants lo students at Central Saint Martin's College
The provision of residencies to graduates of Norwch University of the Alts
The provision of arts education facilities including studio space
In shaping the objectives and planning tho Foundation's activities, Trustees have considered the Charity
Commission's guidance on public benefit. The Foundation continued to draw on donations made in 201812019
land income derived from Ihernl to cover its running costs during the reporting periad. Its actiV￿.eS are offered
without charge lo benefiaaries.
The Foundation is registered as a charity IregistratlDn number 1180372) and is not liable to UK taxation as il
has no tsxable activities. In the exercise of their powers, the Trustees have paid due regard to the published
guidance from the.Ch8rity CThrmission on the oper8tion of the Public Benefit requirement under thè Charities
Act2011.
The following notes record the chief elements in the Foundation's programme during the year with particular
reference to the accompanyng finanaal stslemenls.
Review of Activities
During this reporting perbod the chanty continued ils 3Ctivities and responded tD the Coviik19 pandemic. The
Trustees made strategic decisions about the charit￿S programme and the long-term objectives of The
FoundatlDn Foundation.
The Foundation Founclation's scholar at Central Saint Martin's conts'nued their studies this year and charity
trustees Antony and Vicken Gormley met with them to see their work. discuss the course at Central Saint
'Martin's, and their plans for future work. In January 2021 the scholar (leferred the completion of their coursè
because of the impact of the Covid-19 pandemic bul the charity looks forward lo their gradu8tion in the coming
academic years.
11 was anticipated that The Foundation Foundab'on would welccffle ￿ more graduates from Norwich University
of the Arts. Fine Art BA programme to the residency facilities at High House in the summer of 2020.
Unfortunately, because of the Covid-19 pandemie. these young arb'sts were un3bl8 to lake acfvantage of the
opportunity but The Foundation Foundaliory and NUA have planned for the 2020 and 2021 s¢holaT5 to take up
consecutive pla￿S during the Summer of 2021. Each wll receive the £5DO Stipend to cover living expense5 and
materials. Selected by staff al Norwich University of the Arts. the gradu3les wll spend 4 weeks C&f the summer
away from the demands of their everyday lives to work on developing their practice at this crucial moment in
their careers. At the end of the month, Antony and Vi¢ken Gomley will join mèmbers of the NUA faculty to
discuss the artists, progres5 and the next steps in their development.
Page 2

THE FOUNDATION FOUNDATION
{A company lirnited by guarantee)
TRUSTEES, REPORT ICONllNUEDI
FOR THE YEAR ENDED 31 JANUARY 2021
Eafty in the year the trustees recogni5ed that the Covid-19 pandemic was resulting in unprecedented challenges
for practitioners in the visual arts. In order lo support the continued creats.on of artwork through this difficult lime
they approached indèpendent directors of charitable art instrtutions to nominate arb'sts whose excellent work
recommended them for a small grant lo contribute lo the continued practice of their work in this exceptionally
difficult year. Grants of £2500 were offered to 8 artists in May 2020 and another 8 artssts in January 2021,
although 3 payments from the January round of grant making occuffed post year-end.
In these ways the charity continued to fvlfill its aims through ils activth"es. The chaTity is ath.vely furthering ils
objective to support education in the arts by funding a post-graduate place at Central Saint Martin's lunts'l the
CUTrenl student completes their sludiesl and by developing young artists, practice through a funded residency at
High House that includes an opportunity to receive constructive feedback from inlernalionally r&cognised arb"stS,
Antony and Vicken Gomiley. By supporting artists during the pandemic via the Covid-19 grants the trustees
helped to ensure that there was no interruption lo the developfllent of excellent work for the public to a¢c&ss in
the future.
Thls year there have been changes to the way that the trustees seek to meet their aims and objectives. The
trustee5 have reviewed the provision of a ljursary to Central Saint Martin's and decided that the £12,000 cost
could be more effectively deployed in support of their aims and objectives. With this in mind they have informed
Central Saint Martin's thai they wll not be renewing their relats"onship wth the college when the current scholar
completes their studies. In 2019-20 the charity offered weekly stipends to artists at all stages of their careers
taking up residencies at High House. After board discussion this programme has been paused. pending further
athce on ils appropriate structure.
As the charity'5 activities conts'nue, the Foundation will be assessing success by archiving images of work
created at High House and seeking feedback trom residency recipients as well as NUA faculty stsff on the
programme. The Foundation will similarly track the academic career of the 2019-21 bursary reapient and those
who have received Covi&19 grants. The comments, thoughts and suggestions of all ben&ficiari8s wll be used
by the Trustees to record success and develop the charitys work so that it always responds to the needs of
those it seeks to assist.
The Trustees are satisfied with the progress made by the charity in achieving activities durlng and
subsequent to th& reporting period.
Volunteers
The Foundation is grateful for the assistsnce of 1 adminislralive volunteer, Aice O'Reilly. It is estimated that
approximately 130 volunteer hours were provided during the year. If this lime 1$ conservatively valued al £50 per
hour. the volunteer effort amounts to £6500 in the reporting period.
Grant Makin
Polic
The Foundation Foundation wishes to make grants available to Working artists at all stages of their careers. The
overall intention is to use the monies of the Foundation to promote innovation. collaboratson, education, and the
extension of an ever-widening field of Practi￿ in sculpture, paintsng. performance and time based media. The
trustees wsh to use their expertise in the field and the expertise of others to identty individuals and areas of
practice that would benefit from support. This wll always be done in line with the objects of the charity to
advance educab.on in the arts and lo advance the arts by encouraging high'slandards.
Whilst final responsibility for granl-making lies Wth the board of TTUStees, decisions to offer grants to particular
recipients are made by designated persons and board rnembers as well as being delegated to Central Saint
ma￿"n'S School of Art lin the case of the grant to cover tuition fees) and with the partiapation of staff from
Norwch University of th8 Art5 lin the case of the residencies for BA Fine Art graduates).
In the case of the Covid 19 grants trustees retained independence by requesting nominations of recipionts from
Page 3

THE FOUNDATION FOUNDATION
IA company limit&d by guarante&l
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2021
experts working at a senior level of public faang. chari(able arts organi58tion5 In the U.K.
Flnancial Anal sls
Al year end the Foundation holds Totsl Funds of £6,687,062 of which..
£6.263,893 is held In investments
£423,369 is in net current assets
The totsl incoming resources for the year were £81.471 12020 - £51,488). Total resources expended were
£115,371 12020 £47,028). Al 31 January 2021, the charity held fund balances of £6,687,062 12020
£6,284,413) of whith unrestricted funds was £6,694,562 12020 - £6.284,4131. There were no restricted or
designated funds in either 2021 or 2020. The Trustees have d￿lded to treat their investments for operational
purposes as an expendable endowment in order to fund the current and future activities Df The Foundation
Foundats"on.
Investments
The investment aims of the charTty are long tem and rts investrnent pc4icy is therefore steered toward growth
and wotection against the threat of inllation.
The investments of the Foundation are managed by Brown Advisory 8nd the Trustees maintain a diversified
portfolio so as not to expose the Foundation lo undue risk. The Foundation's investment policy is reviewed
annually to ensure Its CC•ntinued efficacy and relevance. Income from investments wll be disbursed'as part of
the Foundab"on's work andlor reinvested at the discretion of the Trustees.
The Trustees expect that the fund managers wth thom the Foundation's assets are invested to behave wth
integrity, to be fully compliant wth all iegulatory requirements an(a lo meet relevant cod8s of practice. In
addition, investment managers a￿ expected to tske account in their decision•making of environmental, social
and govemance issues.
Although the charitable objects of the Foundation do not require the aulomatyc avoidance of inveslmenl in any
particular geography, 5eGtor or GofpoTation the Trustees have deaded lo adopt an investment policy that
prohibits exposure lo those equities. bonds and other asset classes that might open the Foundation lo criticism
on ethical OT environmental grounds. They re￿gnISe that this policy may impact the grovrth potential of their
investments but have decided that this risk 15 acceptable to protect the Foundation's reputslion.
The Foundation's long-temi investment objective is to achieve CPI +3% per annum. The strategic asset
allo(31ion largels are currently.. equities 70%, fixed interest assets 30%.
Reserves Polic
The Trustees aim lo maintain general funds at a levèl and with such liquidity as lo enable twelve to eighteen
months of unrestricted chaTilable expenditure lo be undertaken at any time.
At the end of the reporting period the charty had £98.041 in available cash.
The Trustees recognise that they are still dèveloping a full programme of activty and therefore they have
decidèd to continue to kaèp their reseThes 81 a higher level than required by their reserves policy in order lo
provide for potential feasibiltty studies relating to possible building works and consultancy fees associated wth
investigating new avenues of grant making actiwty.
The Trustees will regularly review their reserves policy lo ensure it remains appropriate in the context of their
evolving range of aclivilies.
Page 4

THE FOUNDATION FOUNDATION
IA company limited by guaranteel
TRUSTEES, REPORT ICONTINUED}
F,OR THE YEAR ENDED 31 JANUARY 2021
Risk Mana ement
The Trustees Tewew the malor financial and non-financ4al risks to the Foundation in Order to ensure that steps
have been taken lo minimise Tisk and to take action to mitigate the impact of any unavoidable risks. Risk is
reviewed at least annually ￿th action resulting from this analysi5 represented in the Foundation's Risk Policy.
One of the prinupal risks is inflation which has the potential to threaten the value of the Foundation's
investments. This 18 particularfy challenging when political and economic uncertainty in the wider v￿rtd may
cause volatility in the markets. Ttustees have sought lo minimise this risk by spreading the Foundation's
investments over a broad strategic asset base and across global markets.
A key reputational risk has been idenbfied by the Trustees in the types of equities and bonds to be invested in
by the Foundation. Seeking lo minimise this risk, the Trustees have devised a stringent investment plan for their
investment manager (Brown Advisory) which proscribes classes of inveslmenls, for example equities in fossil
fuels. tobacco and defence.
In this financial year the Iruste8s identffied the potential private benefit to artists receiwng the Covi&19 grants as
potential repulalional and financial risk. It was, however. agreed that in this case private benefit 15 iricidental
considering the small size of the grants and thè arcumstan￿S in which the grants are made.
Infonnatlon on Fundraisln
Practices
The Foundation does not currently rely on ftjndraising as a major source of income nor does It ern￿OY or
engage profession81 fiJndr8isers. The Foundatson does not currently receive funding from the public OT make
applications lo, other trusts and foundations. As a result. the Foundation is not registered with the Fundraising
Regulator, however, should fundraising activities tske pla￿ in the future the Foundation will ￿VIeW this. The
Foundation is committed to avoiding any intruyve fundraising approaches and vrill never apply undue prèssure
to donate.
Goln
Concern
The Foundation has substantial resources to conts'nue in operational existence for the foreseeable future. For
this reason the Trnstees continue to adopt the going concem basis in preparing the financial slatements.
Strate
Ic Revlew and Future P
ans
At the date of this report the proposed ch8nges lo the charrtls objects described in the 201 ￿2020 report
continue to be discussed with thè Charity Commission.
Throughout 2021>2021 the trustees have been making decisions towards a new grant making program. It is
anticipated that this wll offer tharitable arts institutions across the country the opportuntty to apFAy to the
charl￿S Emerging Art1515 Exhibition Fund. This fund will offer support to meet the costs of exhibrtions by artlsls
enjoyng their first solo exhibrtion In the U.K.
The strategic priorities of the Foundation will always be towards ihe charity's aim of 8dvanang art for the public
benefit by SUppo￿.n9 education in the arts, recognising and f05tering the potential of art￿$15 and thereby
5UPPOrting a thriving, crealivo society in the U.K.
Page 5

THE FOUNDATION FOUNDATION
IA company limlted by guarantee)
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
Structure Governance and Mana
ement
Constitution
The Foundation is registered as a charitsble company limited by guar8ntee and was set up by a Memorandum
of Association. It is a registered charity number 1180372.
anisat40n
The Board of Trustees is appointed by majority agreement of the Charitys membership and meets regularfy to
review and make decisions by majority vole on the Foundati¢)n's adivilies and strategy. Day to day management
of the Foundation is undertaken by Alice O'Reilly.
The Board of Trustees keeps under review the skills required of the Board. Vvhen necessary the Board will seek
new Trustees in order to ensure that the Board has a relevant and appropriate mix of skills for the activities and
plans of the Foundation.
The induction of new Trustees is designed to give them a proper vnderslanding of all aspects of the work of the
Foundation. On their appointment new trustees are given a copy of the Memorandum and Arkndes of
Association, previous reports 8nd accounts and the Annu81 Review.
Statement of Trustees, Res
Onsibili￿eS
The Trustees (who are also directors of The Found8tion Foundab'on for the purposes of company lawl are
responsible for preparing the Trustees, report and the financial statements in accordan￿ wth applicable law
and United Kingdom Accounting Standards {United lfjngdom GenorallyAccopted A¢Gounting Prarticel.
Company law requires the Trustees lo prepare financial stslements for each financial year. Under company law
the Trustees musl not approve the financial slalements unless they are satisfied that they give a true and fair
view of the state of affairs of the charitable company and the group and of the incoming resources and
application of resources, including th8 income and 8xpendilure, of the charitsble group for that period. Irb
preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consislenuy.
observe the methods and principles in the Charities SORP.,
make judgments and accounb.ng esb"mates that are reasonable and prudent,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
haritable group will continue in operation.
The Trustees 8re responsible for keeping adequate accounting records that arè sufficient to show and explain
the ch81ilable company and the group's Iiansactions and disc105e with reasonable accuracy al any time the
financial positson of the charitable group and enable them to ensure that the financial statements comply wth
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and
the group and hence for taking reasonable steps for the prevenbon and detection of fraud and other
irregulaTities. Legislation in the United Kingdom goveming the preparation and dissemination of fjnancial
statements may differ from legislation in otherjurisdictions.
DI closu
f In
rm
dl
Each of tha person5 who are Ttustees at the tine when this Ttustees, report is approved ha8 confirnied that..
so far as that Trustee is aw8re, there is no relevant audit information of which the charitable group's
auditors are unawaie, and
that TrkJstèÈ has takÈn all thè slÈps th81 ought to havÈ been takèn as a Trustee in order to be aware of
Page 6

THE FOUNDATION FOUNDATION
{A company limited by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2021
any relevant audrt information and to e5tabli5h that the charitable group's auditors are aware of that infomiation.
In prèparing the report, the Trustees have taken advantage of the small companies exemptions available under
the Companies Act 2006.
Th"is report was approved by the Trustees, on 13
and Signgd on their behalf by..
Richard Calvocoressi
Chairman. Board of Trustees
Vicken Gormley
Trustee & Director
Page 7

THE FOUNDATION FOUNDATION
IA company limitèd by guarantèe)
INDEPENDENT AUDITORS, REPORT TO THE MEIABERS OF THE FOUNDATION FOUNDATION
Oplnlon
We have audit&d Ihe financial slalemenls of The Foundation Foundalion Ilhe'charitable company'l for thè year
ended 31 January 2D21 which comprise the Statement of financial activities, the Balance sheet, the Slaternenl
of cash fl¢)ws and the related notes, incluoling a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Finanaal Reporting Standard 102 'The Financsal Reporb"ng Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally A￿pted Accounting Practi¢el..
In our opinion the financial slatemenls..
give a true and fair view of the state of the charitsble company's affairs as at 31 January 2021 and of its
incoming resources and application of resources, induding its income and expenditure for the year then
ended.,
have been propet1y prepared in accordance with United lQngdom Generally Accepted Accounting
Practice,. and
have been prepared in accordan￿ with the requirements of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance vrith Inleinalional Standards on Auditing IUKI IISAS (UK)) and applicable
law. Our re5ponsibililies under those 51andard5 are further described in the Auditors. responsibilities for the audit
of the financial statemènts section of our report. We are independent of the tharit8ble company in accordance
with the ethical requirements that are relevant lo our audit of the finanaal statements in the United Kingdorn,
induding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in acGc)rdance with Ih?se requirements. We Ixlieve that the audit evidence we have obtained is
sufficient and appropriate lo provide a basis for our opinion.
Concluslons relatlng to golng concern
In aud￿ng the financial statements, we have conduded thal the Trustees. use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based Dn the work we have performed. we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on Ihe charitsble cowpany's ability to
continue as a going concern for a period of at least ￿e1ve months from when the financial statement5 are
aulhorised for issue.
Our responsi￿.1111es and the responsibilitie5 of the Trustees wth respect to going concern are described in the
relevant sections of ihis reporL
Page 8

THE FOUNDATION FOUNDATION
IA company Ilmlted by guaranteel
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION
ICONTINUEDI
Other Inforniatlon
The Trustees are responsible for the other information. The other information comprises the information
included in the Annual report, other than the finanaal statements and our Auditr)rs' report thereon. Our opinion
on the financAal statements does not cover the other information and, exeepl lo the extent otheTrMse explicitly
stated in our report, we do not express any form of assurance conclusion Ihereon.
In connection with our audit of th8 financial slatemenls, our responsibility is to read the other information and, in
doing so, consider whether the other infomation is materially inconsistent with the finanaal slalemenls or our
knowledge obtained in the audr( or olherwse appears to be materially misstated. If we identify such material
inconsistencies or 8pparenl material misstatements, we aTe required to detemiine whether there is a material
misslalement in the financial statements Dr a material misstatement of the other information. If, based on the
work we have perfomied, we condude that there is a material misstatemenl of this other infoimation, we are
required lo report that fact.
We have nothing to report In thls regard.
Opinion on othèr mattèrs prescrlbed by the Companies Act 2006
In our opinign, based on the work undertaken in the course of the audit..
the infomialion given in the Tru5tees' report for the financial year for which the financial statements are
prepared is consistent ￿th the finanaal statements.
the Trustees, report has been prepared in accordance wth applicable legal requirements.
Matters on whlch wo are requlTed to Rport by exceptlon
In the light of our kno￿edge and understanding of the charitable company and its environment obtsined in the
course of the audit, we have not identified material misstatements in the Trustees, report.
We have nothing to report in respect of the followng matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion-
adequate accounting records have not been kept, or retums adequate for our audit have not boen
received from branches not visited by us," or
the financial statements are not in agreement with the accounting records and returns.. or
certain disclosures of Trustees. remuneration specified by law are not made.. or
we have not received all the informalion and explanations we require lor our audit., or
the Trustees were not entitled to prepare the financial statements in accordance wth the small
companies regime and lake advantage of the small companie5, exemptions in preparing th8 Trustees,
report and from the Tequiremenl to prepare a Strategic report.
Page 9

THE FOUNDATION FOUNDATION
{A company limited by guaranteg
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION
ICONTINUEDI
Responslbllltles of trustees
As exFAained more fully in the Trustees, ￿SponSibl1111es statement, thè Trustees (who are also the directors of
the charrtable eompany for the purposes of company lawl are responsible for the preparats'on of the financial
slalemenls and for being satisfied that they give a true and fair view, and for such intemal control as the
Trustees detemiine is necessary to enable the preparalign of financial statements that are free from material
misstalemenl, whether due lo frayd or error.
In preparing the financial statements. the Trustees are responsible for assessing the charitable ￿mpan￿$
ability lo continue as a going concern, disdosing. as applicable, matters related to going concem and using the
g¢ing COn￿M basis of accounting unless the Trustees erther intend lo liquidate the charitable company or to
cease Dperation5, or have no ieali51ic altemalive bul lo do so.
Audltor8' re8ponslbllltles for the audSt of the flnancial statements
Our objectives are to obtsin reasonable assurance about vthether the financial statements as a vthole are free
from material misstatement, whether due to fraud or error, and to issue an Audrtors, report that includes our
opinion. Reasonable assurance is a high level Df assuran￿, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) wll abmays detect a material misstatement when il exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could Teasonably be
8xpected lo influence the economic decAsions of users taken on the basis of these financial statements.
Irregularit'es, including fraud, are instances of non-compliance wrth laws and regulations. We design
procedures in line vrith our responsibilities. oudined above, to delect material misslatem8nls in respect of
irregularities, including fraud. The extent to which our PTocedure5 are capable of detecting irregularities.
induding fraud is detailed below.
Enquiry of management and those charged wth governance around actual and potential litigation and daims..
Perfomiing audit wot* over the risk of management override of controls, including testing of joumal entries and
other adjustments for appropriateness, evaluating the business rab"onale of signrficant Iransaetions outside the
normal eourse of business and revieing accounting estimates for bias.
Reviewng minutes of meetings of those charged wth governance.,
Reviewing financial statement disclosures and testing lo supporting documentation tg assess compliance
th applicable law5 and regulations.
Because of the inherent limitations of an audit, there Is a risk that we wll not detect all irregularities, induding
those leading to a material misstatement in the ffinancial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is Temoved from the events and transactions
Teflected in the fin8nGial Ststemenls, as we wll be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional coneealment, forgery, collusion, omission. or mi￿preSen￿tion.
A further description of our responsibilities for the auLlit of the financial statements is located on Ihe Financial
Reporting Council's website at.. wv4w.frc.or
.uklauditorsres
onsibilities. This description fomis part of our
Auditors. report.
Page10

THE FOUNDATION FOUNDATION
IA company limlted by guarantoel
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION
(CONTINUED)
Use ofour report
Thls report is mado solely to the charitsble company's members, as a body, in accordance wrth Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the
Charitable companls members those matters we are required lo slate lo them in an Audiiors. report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty lo anyone other
than the charitable company and its member5. as a body. for our audr( work, for this report, or for the opinions
we have forrned.
Duncan Co¢hran&Dyet Bsc BFP FCA (Senlor statutory audltor)
for and on behalf of
MHA Maclntyre Hudson
statutory Auditor
Maidstone
United Kingdom
Date.. 4 October 2021
Page11

THE FOUNDATION FOUNDATION
IA company Ilmlted by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 JANUARY 2021
Unrestrlctgd
funds
2021
Total
funds
2021
Total
funds
2020
Note
Income from:
Dtsnations and legades
Investments
6,50D
74,971
6,SOO
74971
29,796
21,690
Totsl Income
Expendlture on:
Raising fijnds
Charitsble activi(ies
81.471
81.471
51.486
51,396
63,975
51,396
63,975
17,916
29,112
Total expenditure
115,371
115,371
47,028
Nel gains on investments
436,$49
436,649
51,437
Ngt movoment In funds
Re¢onclllallon of funds:
Totsl fijnds ￿OUght fO￿ard
Net movement in funds
402.649
402,649
55,895
6,284,413
402,649
6,284.413
402,649
6,228,518
SS,895
Totsl funds carried forward
6.687.062
6,687,062
6,284,413
The Statement of financial activib.es 4ndudes all gains and losses recognised in the year.
The notes on pages 16 to 26 form part of these financial statements.
Page 12

THE FOUNDATION FOUNDATION
{A company Ilmlted by guaranteel
REGISTERED NUMBER.. 08861248
BALANCE SHEET
AS AT 31 JANUARY 2021
2021
2020
Note
Flxed assets
Investments
Current assets
12
6,283,693
6,101,818
Debtors
Inveslments
Cash al bank and in h8nd
13
14
4,759
341.050
98.041
4.759
47,410
137,853
443.850
190,022
Creditors.. amounts falling due within one
year
15
120.4811
17,427)
Nèt current assets
423.369
182,595
Totsl net assets
6.687,062
6,284.413
Charity funds
Unre5tricte(kfiJnds
16
8.687.062
6.284,413
Total funds
6,687,062
6.284,413
Page 13

THE FOUNDATION FOUNDATION
IA company limitèd by guarnnteel
REGISTERED NUMBER: 08861248
BALANCE SHEET ICONTINUEDI
AS AT 31 JANUARY 2021
The Trustees aCkno￿edge their responsibilities for complying wth the requirement$ of the Act with respect lo
accounting records and preparation of finanaal statements.
The entity was entitled lo exemption from audit under section 477 of the Companies Act 20C6 and under section
144 of the Charities Act 2011. The trustees have voluntarily opted for an audit under the Companies Act 2006.
Inancial slalements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Marco Compagnoni
Date..
The notes on pages 16 to 26 form part of these finanual ststements.
Page 14

THE FOUNDATION FOUNDATION
(A company Ilmlted by guarant881
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2021
2021
2020
Cash flows from operatlng actlvltles
Net cash used in operating ath'vrtie8
195.8171
1,208,954
Cash flows from Inveytlng actlvltles
Dividends. inte￿$ts and rents from investments
Proceeds from sale of investments
Purchase of investments
74,971
21,690
1,340,430
72,117
11,085,758) 16,122,49ei
Net cash provided byllusgd In) Investlng actlvltles
349.645
16,028.6911
Changg In cash and cash equlvalents In the year
Cash and cash equivalents at the beginning of the year
253,828 14,819.737)
185.263
5,005,000
Cash and cash equlvalents at th¢ ond of the year
439.091
185,263
The notes on pages 16 10 26 fc*rm part of these financial statements
Page 15

TrtE FOUNDATION FOUNDATION
IA company Ilmltod by guarant801
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
General Infomiation
The Foundation Foundation is a charitable company limited by guarantee and incotporaled in the United
Kingdom.
The aim of the charity is the adVan￿MeTrt of art for the public benefit by advanang education in the arts
in parbcular, not exclusively through.. A. the provision of grants to students at Central Saint Martin's
College., B. Ihe provision of residencies lo graduates of Norwch University of the Arts.. C. the provision of
arts eduGalion facilities including studio Space.
All amounts in the finandal ststements'are presented in Brrtish Pounds and are rounded to the nearest
£1.
Accounting policies
2.1 Basls of preparatlon of financlal ststements
The finandal statements have bèen prepared in accordance wth the Charities SORP {FRS 1021-
Accounting and Reporting by Charities. Statement of Recommended Practice applirable to charities
preparing their acGounts in aCc￿danCe wth the Financial Reporting Standard applicable in the UK
and Rèpublic of Ireland IFRS 1021 (effective 1 Janu3ry 20151, the Financial Reptsrts'ng Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
The Foundation Foundation meets the definition of a ¢ubliG benefft entity under FRS 102. Assets
and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in
the relevant accounting wlicy.
2.2 Golng concom
The finanryal statements have been prepared on a going concern basis. The Trustees have
CA)nsidered relevant information, induding the annual budget, forecast future cash flows and thè
impact of Subsequent events in making their assessment. The COWD-19 pandemic and the
ensuing economic shutdown has had some impact on the company's operations as The Foundation
Foundation re￿iVeS its income in the form of dividends from stock market investments however
these investments have proven to be robust In response lo the COVID-19 pandemic, th8 Trustees
have performed a robust analysis of forecast fvture cash flows taking into account the potential
impact on the business of possible future scenarios arising from the impad of COVID-19. This
analysis also considers the effecliveness of available measures to assst in mitigating the impact.
Based on these assessments and having regard to the resources available lo the enlily, the
Trustees have conduded that there is no material un￿rtaInty and that they can continue to adopt
the going concern basis in preparing the annual report and accounts.
2.3 Incomg
l income is r8cognised once the Company has entitlement tD the income, it is probable that the
income wll bè rècwved and the amount of incDme tyceivable can be measured reliably.
Incom8 lax recoverable in fftlation to investment income is recognised at the time the investment
income is receivable.
Page16

THE FOUNDATION FOUNDATION
A company limited by gyaranto81
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Accounting policles {conllnuedl
2.4 Expendituwe
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefrt to a third party, it is wobable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is dasstfied by
aclivty. The costs of each activity are made up.of the total of direct C05t5 and shared costs,
including support costs involved in undertakiny each adivity- Direct costs attn"butable to a single
acts.vity are allocated direetly lo that activity. Shared costs urt)ich contribute lo more than one acb.vity
and support costs which are not attn"butable to a singlè activity are apportioned be*￿een those
8ctivib.es on a ba%s consistent with the use of r&sources. Central stsff costs are all¢xated on the
b8sis of time spent, and depreciation charges allocated vn the PO￿On of the asset's use.
Expendrture on raising funds includes all expenditure incurred by the Company to raise funds for ils
charitsble purposes'and indudes costs of all fundrai&ng activities events and noTrcharitatle trading.
Expenditure on charitable activities is incurred on directly undertaking the activities ¥knich further the
Companls objectiv&s, as well as any associated support costs.
Grants payable are charged in the year vthen the offer is made except In those c8ses where the
offer 18 conditional, such grants being recognised as expenditure when the condition5 attaching are
fulfilled. Giants offered subject lo conditions which have not been met at the year end are noted as a
commitment. but not accrued as expenditure.
All expenditure 18 inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are 8 form of finanryal instrument and are iniiially recognised al their
transaction cost and subsequenlly measure(J at fair value at the Balan￿ sheet dale, unles5 the
value cannot be measured reliably in which case it is measured at cost less impairment. Investment
gains and losses, whether reali5ed or unrealised. are combined and presented as 'Gainsl{Lossesl
on investments, in the Statement of finanual ath'vities.
16 Debtors
Trade and other debtors are recognised at the settlernent amount after any trade discount offered.
PrepayTnents are valued at the amount p￿paid net of any trade discounts due.
17 Cash at bank and In hand
Cash at bank and in hand includes cash and 5hort-lerm highly liquid investrnents ￿th a short
rnatUTlty of three months or le55 from the date of acquisitson Dr opening of the deposit or similar
account.
Page 17

THE FOUNDATION FOUNDATION
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Accountlng policies Icontlnuedl
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, it is prob8Ne th81 8 transfer of èconDmic benefit will be required in setllemenl, and the
amount of the settlement can be estiTnaled reliably.
Liatilities are recognised at the amount that the Company anticipates it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where
the effect of the time value of money is material, the provision is based on the Present value of those
amr>unts, discounted at the pre-tax discount rate that reflects the risks speetfic lo the liability. The
unvAnding of the discount is recognised in the Statement Df financial adivilies as a finance cost.
19 FinanGial Inslruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic fjnanual inslnjments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans whith ar&
subsequently measured at amorbsed cost using the effective interest method.
2.10 Fund accountlng
General funds are unrestricted funds which are available for use at the discretion ol Ihe Trustees in
furtherance of the general otyectives of the Company and which have not been designated for other
purposes.
Investment income, gains and losses are allocated lo the appTopriale fund.
Income from donatlons and legacles
Unrestricted
funds
2021
Total
funds
2021
Total
nds
2020
Donations
6,500
6.500
29,796
Total 2020
29,796
29,798
Page18

THE FOUNDATION FOUNDATION
IA company limited by guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Investment Income
Unrestrlcted
funds
2021
Total
funds
2021
Total
funds
2020
Dlvidends accumulated
74,971
74,971
21.690
Total 2020
21.890
21,690
Investment management costs
Unrestrictsd
funds
2021
Total
funds
2021
Totsl
fvnds
2020
Investment management fees
51,396
51,39é
17,916
Total 2020
17,918
17,916
Analysls of grants
Grants to
Grants to
Institutions Individuals
2021
2021
Total
funds
2021
Total
nds
2020
Grant making
40,000
40,000
13,450
Page19

THE FOUNDATION FOUNDATION
IA company limited by gyaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Analysls of expendlture on charltable actlvltles
Summary by ftsnd type
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Charitable actiwties
63,975
63.975
29,112
Totsl 2020
29,112
29,112
Analysls of 8xp•nditure by activities
Grant
funding of
activities
2021
Support
costs
2021
Total
funds
2021
Total
fiJnds
2020
' Charitable activities
40,000
23,975
63,975
29,112
Total 2020
13.450
15,e62
29,112
Page 2Q

THE FOUNDATION FOUNDATION
IA company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Analysls of expendSture by actlvltles Icontlnugd
Analysis of support costs
Total
fund$
2021
T¢Xal
fiJnds
2020
Audit fees
Accountancy fees
Profe55ional fees
Sundry
Bank charges
Trustee expenses
Insurance
Listed investment foreign exchange rale loss
Professional f8es- Bookkeeping
3.224
3.338
6.000
4.523
3.000
2,030
76
12
24
292
4.609
6.500
6.000
Total 2021
23.97S
15,662
Audltors, remuneration
2021
2020
Fees payable to the Companls auditor for the audit of the Companls
annual accounts
3,224
4,523
Fees payable lo the Company's auditor in respect of..
All non-audil sermces not included above
3,338
3,000
10. Staff costs
Dunng the year the charitable company employed no 8taff12020'. Nill. As a result, no employees received
any remuneration in either year.
11. Trustees. remunerntion and expenses
During the year, no Trustees received any rernuneration or other benefits12020- £NIL).
During th8 year ended 31 January 2021, no expenses were reimbursed or paid directly to Trustees12020
£9).
Page21

THE FOUNDATION FPUNDATION
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
12. Flxed asset Investments
Llsted
Investments
Cost Dr valuatlon
At 1 February 2020
Addits"ons
Disposals
Revaluations
6,101,818
1,065,756
{1,401,9461
498,06S
At 31 January 2021
6,263.693
Net book valu
At 31 January 2021
6.263,693
At 31 January2020
6,101,818
13. Debtors
2021
2020
Due within one year
other debtors
4.759
4,759
14. Current asset investments
2021
2020
Inve8tment8- Cash deposits
341.OSO
47.410
Page 22

THE FOUNDATION FOUNDATION
IA company limited by guarantsel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
15. Credltoys.. Amounts falling due wlthln one year
2021
2020
Trade credf(ors
Accruals and defe￿ed income
13,500
6.981
7.427
20,481
7,427
16. Stal8ment of funds
Statement of funds - currgnt year
8alance at 1
Fgbruary
2020
Balance at
Gainsl 31 January
{Lossesl
2021
Income Expendltura
Unrestrlcted funds
General Funds- all fvnds
6,284,413
81.471
1116,371)
436.549
6,687,062
ststement of funds- prlor yèav
Balance at
1 February
2019
Balance at
Gainsl 31 January
(Losses)
2020
Incomè Expenditure
Unrestricted funds
General Funds- all fvnds
6.228.518
46,926
142.488)
51,437
6,284,413
Page 23

THE FOUNDATION FOUNDATION
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEME14TS
FOR THE YEAR ENDED 31 JANUARY 2021
17. Surnmary offunds
Summary offund5- cuTrentyear
Balance at 1
February
2020
Balance at
Galnsl 31 January
{Lossesl
2021
Income Expendltttie
General funds
6.284,413
81.471
1115,3711
4￿,549
6.687.062
Summary offunds- prior y&ar
Balance 81
1 February
2019
Balance at
Gain51 31 January
(Los5esl
2020
Inctsme Expenditure
General funds
6,228,518
46,926
142,468)
51,437
6,284,413
18. Analys1$ of net assets betwèon funds
Analysls of net assets between fund5 - current period
Unrestrlcted
funds
2021
Total
funds
2021
Fixed asset investments
Current assets
6,263.693
443,850
120,481}
6,263,693
443,850
120A811
Creditors due within one year
Total
8.687,062
6.687,062
Page 24

THE FOUNDATION FOUNDATION
IA company limited by guarant80)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
18. Analysls of net assets between funds {conllnuedl
Anaty$ls of net assets between funds- prfor period
Unrestricted
funds
2020
Total
funds
2020
Fixed assèt inv&stmgnts
Current assets
Creditors due within one year
6.101,818
190,022
17,4271
6,101,818
190,022
17,4271
Total
6,284.413
6,284,413
Roconciliation of net movemont in funds to net cash flow from Opefating activities
2021
2020
Net incoTlle for the period las per Statement of Financ4al Activities)
401649
55,895
Adjustments for.
Gains on investments
Dividends and interest from investments
Decreasellinueasel in debtors
Increasèlldecreasel in creditors
(436,S491
174,9711
(51,4371
{21,690)
1,252.466
121,941)
13.OS4
Net ￿$h provlded byllusod Inl operatlng actlvllles
(95,8171
1,213,293
20. Anatysls of cash and cash equlvalents
2021
2020
Cash in hand
439.091
185,263
Page 25

THE FOUNDATION FOUNDATIOM
IA company Ilmlted by guarant?•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
21. Analysls of changes in net debt
Changes in
Ma￿et
value and
At1
exchange
February
rate
2020 Cash flows movements
At31
January
2021
Cash at bank and in hand
Liquid investments
137,863
47,410
14B1.5821
298.249
441,770
14.6091
98.041
341.050
185.263
183.3331
437.161
439.091
22. Related party transactlons
During the year, donations made wthout conditions tL) the charity by trustees totalled £Nil excluding Gift
Aid12020.' £19,037).
There WEre no further related party transactions during the year.
Page 26