Registered number: 08861248 Charity number: 1180372
The Foundation Foundation
(A company limited by guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 January 2025
The Foundation Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Foundation, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent examiner's report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 23 |
The Foundation Foundation
(A company limited by guarantee)
Reference and Administrative Details of the Foundation, its Trustees and Advisers For the Year Ended 31 January 2025
| Trustees | Antony Gormley |
|---|---|
| Vicken Parsons | |
| Marco Compagnoni | |
| Richard Calvocoressi | |
| Laura Stevenson | |
| Company registered number 08861248 Charity registered number 1180372 Registered office 15-23 Vale Royal London N7 9AP Executive Officer Alice O'Reilly Accountants UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ Bankers HSBC Private Bank 8 Cork Street London Greater London W1J 3LJ Solicitors Weil, Gotshal & Manges (London) LLP 110 Fetter Lane Holborn London EC4A 1AY |
Page 1
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report For the Year Ended 31 January 2025
The Trustees present their annual report together with the financial statements of the Company for the year 1 February 2024 to 31 January 2025. The annual report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document, the provisions of the Charities SORP (FRS 102) (second edition – October 2019), 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, and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022).
OBJECTIVES AND ACTIVITIES
The Foundation Foundation was established for the advancement of art for the public benefit by advancing education in the arts in particular but not exclusively through:
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The provision of grants and professional development to art students at college and university and to artists who have recently graduated from college or university.
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The provision of arts education and workshop facilities including studio space to art students at college and university and to artists who have recently graduated from college or university.
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After the death of Antony Gormley, the curation of the studios, archives, and works of art by Antony Gormley and Vicken Parsons (but not including works of art by Vicken Parsons during her lifetime) for the purposes of display, use, and research.
In shaping the objectives and planning the Foundation's activities, Trustees have considered the Charity Commission's guidance on public benefit.
The Foundation is registered as a charity (registration number 1180372) and is not liable to UK taxation as it has no taxable activities. In the exercise of their powers, the Trustees have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.
The following notes record the chief elements in the Foundation’s programme during the year with particular reference to the accompanying financial statements.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Review of Activities
Over the course of this reporting period, the Foundation welcomed twelve artists to its residency programme at High House, offering them studio space, time, and a stimulating environment to support the development of their work. Meanwhile, the Foundation’s grantmaking initiative—the Emerging Artists Exhibition Fund—has continued to support the creation of original new works by promising emerging artists from across the UK.
Page 2
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
Throughout the year, the Foundation supported its residents with travel grants of £110 and weekly subsistence grants of £55 to cover food and materials. The board has been both pleased and inspired by the work produced during these residencies. Artists engaged deeply with the unique context of High House, using the dedicated time and space to develop new work for exhibition or to advance their practice. The residencies have yielded a diverse and vibrant range of outcomes—including painting, text-based work, film, installation, photography, and collage—reflecting the energy, focus, and creative momentum that defined their time with us.
The feedback we have received from artist residents over the year has been enormously positive:
“The residency at High House provided me with the invaluable time, space, and outdoor environment to create larger sculptural works. It came at a crucial time when I was struggling to realise such works due to space and environmental limitations. Not only did it enable me to complete two significant works, but it also pushed me to expand my practice by working on a larger scale.”
“Much of my time is spent in the urban environment of London and I realised beginning each day outside and connecting with earth, wood, manure (!) heightened my senses and my engagement with my practice. It gave me a new pace, silence and calm that fuelled my ecological practice. Having an amazing large studio was an absolute joy! This enabled me for the first time to layout the work into different installations and visualise the connections, associations and readings of the work in relation to my community practice.”
“Having space, both physically in terms of a first-class studio and mentally through distance from distractions, enabled a focus that I find rare.”
“I achieved more than I wanted to, but in a different way to that which I had expected. Having time, headspace and freedom allowed me to explore new ideas, let go of preconceived ones, and develop new practical skills. Going forward I feel very excited about building on the work started at High House.”
“Each day I was able to submerge myself in the views of the surrounding land, the horizon line with vast stretches of the sky. Waking early morning, working outdoors, going for walks – all fed into my time in the studio. My vision seemed to have sharpened and I became more acutely aware and, subsequently appreciative, of my surroundings.”
The Foundation’s Emerging Artists Exhibition Fund has enjoyed another highly successful year. Open to applications from museums and galleries presenting an artist’s first solo exhibition in a UK public gallery, the fund continues to champion new talent. The grants awarded in 2023 have supported exhibitions taking place across the country throughout 2024, featuring work by Andrew Omoding at Camden Art Centre, Dion Kitson at Ikon, Revital Cohen and Tuur Van Balen at Mostyn, Iris Touliatou at Peer Gallery, Olu Ogunnaike at Spike Island, and Adrian Balseca at Void Gallery all opening during the year.
The Foundation continues to believe that at a time when the core budgets of museums are stretched – especially in the context of local authority funding cuts – there remains a strong need for this grantmaking scheme that puts money for artistic production into the hands of artists.
Building on this momentum, the trustees approved a further round of grants in Autumn 2024, committing a total of £88,745 to support upcoming exhibitions by Saelia Aparicio at Baltic, Claudia Pages Rabal at Chisenhale, Kira Freije at Hepworth Wakefield, Mykola Rydni at John Hansard Gallery, Vanessa Da Silva at Mostyn, Leah Clements at Peer, Christina Kimeze at South London Gallery, Sarah Rose at Tramway and Emily Macfarland at Void Gallery.
Page 3
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
This year, the trustees were pleased to receive feedback from artists supported by the Emerging Artists Exhibition Fund, highlighting how vital this support has been in enabling them to fully embrace the pivotal opportunity of their first solo show. By realising their ambitions without compromise, artists have been able to propel their careers forward—gaining new opportunities, forging connections, and strengthening their reputations.
“Presenting my first exhibition in the United Kingdom, held in Derry, provided a pivotal opportunity to gain visibility and engage with a new audience. This experience allowed me not only to showcase my work in a fresh context but also to experiment with and further refine techniques I had been exploring. The project’s funding played a crucial role in fostering this creative freedom, as it enabled me to comfortably push the boundaries of my practice. I was able to experiment with innovative methods such as printing with vegetable-based inks and filming with a handheld camera, both of which opened new avenues for exploration.
In addition to the technical experimentation, the funding allowed me to immerse myself in a different environment, engaging with artisans skilled in techniques that were previously unfamiliar to me. This collaboration deepened my understanding of craft processes and enriched the work I was producing. Furthermore, access to new archives and resources, which I would not have been able to consult otherwise, contributed significantly to the development of my ideas. Altogether, this experience has broadened my artistic perspective and provided a platform for continued growth.” Adrian Balseca
““The Foundation Foundation support towards our exhibition at Mostyn has allowed us to create a new body of work combining our interest in industrial processes with a more traditional sculptural and studio-based approach. The funds enabled us to produce new experimental powders for coating, this time adding copper and pearl particles to the formulas which produced new colours, surfaces and patterns formed by the behaviour of copper with electrical charge, or the way the pearl catches light. Having the budget to do so allowed us to produce a sizable series of these metal sheet works, optimising the process and giving them a strong presence in the gallery. We are very happy with the results and grateful for the opportunity to reach them.” Revital Cohen and Tuur Van Balen
Through its activities, the Foundation has continued to fulfil its mission: supporting talented artists at the point of graduation, providing studio space for those developing their practice, and nurturing the ambitions of emerging artists as they prepare for their first major presentation at prestigious museums and galleries in the UK.
As the Foundation’s work progresses, it will continue to evaluate the success of the residency programme by archiving images of work created at High House Studios and gathering feedback from participating artists. Maintaining contact with all residents remains a priority, with the Foundation committed to following their future careers with interest.
Feedback from both artists and institutions supported by the Emerging Artists Exhibition Fund is collected to help the Foundation understand the programme’s impact. Over time, the aim is to build a clearer picture of the long-term effects of this support. Visual documentation and other materials related to funded artworks and exhibitions are also gathered to form a comprehensive record.
Insights, reflections, and suggestions from all beneficiaries play a key role in informing the Trustees’ ongoing development of the Foundation’s work, ensuring its support remains relevant and responsive to the needs of those it serves.
The Trustees are satisfied with the progress the Foundation has made in delivering on its aims during the reporting period and beyond.
Page 4
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
Executive Officer
The Foundation is grateful for the assistance of Alice O’Reilly. Alice is also Executive Assistant to Antony Gormley, and her time provided to the Foundation is remunerated under those separate arrangements. Consequently, there is no payroll cost to the Foundation. 249 hrs were provided by Alice during the year. From November 2024 until November 2025 (anticipated), Alice O’Reilly is on parental leave and her day-to-day responsibilities for the Foundation are shared between Rebecca Davies, Isabel Bohan, Neil Andrews and Fiona Andrews.
Grant Making Policies
The Foundation Foundation makes grants available to artists at important stages of their careers. The overall intention is to use the monies of the Foundation to promote innovation, ambition, collaboration, education, and the extension of an ever-widening field of practice in sculpture, painting, performance and time-based media. The Trustees wish to use their expertise in the field and the expertise of others to identify individuals and areas of practice that would benefit from support. This will always be done in line with the objects of the Foundation to advance education in the arts.
FINANCIAL REVIEW
At year end the Foundation holds total funds of £8,376,840 of which:
-
£8,224,638 is held in investments
-
£152,202 represents net current assets
The total income for the year was £173,362 (2024: £121,841). Total expenditure was £169,846 (2024: £187,924). At 31 January 2025, the Foundation held fund balances of £8,376,840 of which all was unrestricted. The Trustees have decided to think of their investments for operational purposes as an expendable endowment to fund the current and future activities of The Foundation Foundation.
Investments
The trustees remain pleased to see continued growth in 2024/25, with the portfolio performing well relative to benchmark funds throughout the year.
The investment aims of the Foundation are long term and its investment policy is therefore steered toward growth and protection against the threat of inflation.
The investments of the Foundation are managed by Brown Advisory and the Trustees maintain a diversified portfolio so as not to expose the Foundation to undue risk. The Foundation’s investment policy is reviewed annually to ensure its continued efficacy and relevance. Income from investments is disbursed as part of the Foundation’s work and/or reinvested at the discretion of the Trustees.
The Trustees expect that the fund managers with whom the Foundation's assets are invested to behave with integrity, to be fully compliant with all regulatory requirements and to meet relevant codes of practice. In addition, investment managers are expected to take account in their decision-making of environmental, social and governance issues.
Page 5
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
Although the charitable objects of the Foundation do not require the automatic avoidance of investment in any particular geography, sector or corporation the Trustees have decided to adopt an investment policy that prohibits exposure to those equities, bonds and other asset classes that might open the Foundation to criticism on ethical or environmental grounds. They recognise that this policy may impact the growth potential of their investment, but they have decided that this risk is acceptable to protect the Foundation’s reputation and are confident that their positioning, especially towards renewable energy sources, represents a sensible, long-term investment.
The Foundation’s long-term investment objective is to achieve CPI +3% per annum (over rolling three-year periods). The strategic asset allocation targets are currently: equities 80%, fixed interest assets 20%.
Reserves Policy
The Trustees aim to maintain general funds at a level and with such liquidity as to enable twelve to eighteen months of unrestricted charitable expenditure to be undertaken at any time.
At the end of the reporting period the Foundation had £82,957 in available cash.
The Trustees recognise that they are still developing their long terms plans and therefore they have decided to continue to keep their reserves at a higher level than required by their reserves policy in order to provide for the future activities of the Foundation, including the stewardship of Antony Gormley and Vicken Parsons’ artistic estates and potential capital projects.
The Trustees will regularly review their reserves policy to ensure it remains appropriate in the context of their evolving range of activities.
Risk Management
The Trustees review the major financial and non-financial risks to the Foundation in order to ensure that steps have been taken to minimise risk and to take action to mitigate the impact of any unavoidable risks. Risk is reviewed at least annually with action resulting from this analysis represented in the Foundation’s Risk Policy.
One of the principal risks to the Foundation’s funds is inflation which has the potential to threaten the value of the Foundation’s investments. This is particularly challenging when political and economic uncertainty in the wider world may cause volatility in the markets. Trustees have sought to 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 identified by the Trustees in the types of equities and bonds to be invested in by the Foundation. Seeking to minimise this risk, the Trustees have devised a stringent investment policy for their investment manager (Brown Advisory) which proscribes classes of investments, for example equities in fossil fuels, tobacco and defence.
The trustees remain mindful of the potential risk that funds awarded through the Emerging Artists Exhibition Fund could be used for purposes outside the intended scope. To address this, the board has ensured that the grant terms and conditions include provisions for repayment should any misuse occur. However, given the charitable status and strong reputations of the partner institutions, the board considers this risk to be minimal.
Page 6
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
Information on Fundraising Activities
The Foundation does not currently rely on fundraising as a major source of income nor does it employ or engage professional fundraisers. The Foundation does not currently receive funding from the public or make applications to other trusts and foundations. As a result, the Foundation is not registered with the Fundraising Regulator, however, should fundraising activities take place in the future the Foundation will review this. The Foundation is committed to avoiding any intrusive fundraising approaches and will never apply undue pressure to donate.
PLANS FOR FUTURE PERIODS
The Foundation is committed to continuing the Emerging Artists Exhibition Fund and residencies for artists at High House Studios in 2025/2026.
With the Foundation anticipating taking responsibility for the artistic estates of Antony Gormley and Vicken Parsons the Trustees continue to carefully evaluate the long-term vision for the Foundation, ensuring that any programmes committed to now can grow sustainably into the future.
During the reporting period the Foundation’s activity was funded from the income of 1.6% of the value (calculated over a defined prior period) of the Foundation’s investment portfolio. The Foundation intends to continue to fund the Foundation’s activity in this sustainable way – that continues to allow for long term growth – for the foreseeable future.
The strategic priorities of the Foundation will always be towards the Foundation’s aim of advancing art for the public benefit by supporting education in the arts, recognising and fostering the potential of artists and thereby supporting a thriving, creative society in the U.K
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Foundation Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. It is a registered charity number 1180372.
Organisation
The Board of Trustees is appointed by majority agreement of the Foundation’s membership and meets regularly to review and make decisions by majority vote on the Foundation's activities 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. When 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 understanding of all aspects of the work of the Foundation. On their appointment new trustees are given a copy of the Memorandum and Articles of Association, previous Trustee reports and accounts and copies of all charity policies.
Page 7
The Foundation Foundation
(A company limited by guarantee)
Trustees’ Report (continued) For the Year Ended 31 January 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes 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 Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Approval
Approved by order of the members of the board of Trustees and signed on their behalf by:
Antony Gormley
16 September 2025
Page 8
The Foundation Foundation
(A company limited by guarantee)
Independent Examiner's Report For the Year Ended 31 January 2025
Independent Examiner's Report to the Trustees of The Foundation Foundation ('the Foundation')
I report to the charity Trustees on my examination of the accounts of the Foundation for the year ended 31 January 2025.
Responsibilities and Basis of Report
As the Trustees of the Foundation (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Foundation as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Foundation's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Foundation and the Foundation's Trustees as a body, for my work or for this report.
Signed: Tracey Moore BFP ACA
Dated: 29 September 2025
UHY Hacker Young
Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ
Page 9
The Foundation Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 January 2025
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 8 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments 13 Net movement in funds Reconciliation of funds: 16 Total funds brought forward Net movement in funds Total funds carried forward 16 |
Restricted funds 2025 £ 1,000 - 1,000 - 1,000 1,000 - - - - - - |
Unrestricted funds 2025 £ 8,409 163,953 172,362 63,089 105,757 168,846 3,516 845,212 848,728 7,528,112 848,728 8,376,840 |
Total funds 2025 £ 9,409 163,953 173,362 63,089 106,757 169,846 3,516 845,212 848,728 7,528,112 848,728 8,376,840 |
Total funds 2024 £ 11,629 110,212 121,841 59,166 128,758 187,924 (66,083) 530,663 464,580 7,063,532 464,580 7,528,112 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 23 form part of these financial statements.
Page 10
The Foundation Foundation
(A company limited by guarantee) Registered number: 08861248
Balance Sheet As at 31 January 2025
| Note Fixed assets Investments 13 Current assets Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Unrestricted funds 16 Total funds |
111,306 82,957 194,263 (42,061) |
2025 £ 8,224,638 152,202 8,376,840 8,376,840 8,376,840 |
90,115 65,252 155,367 (17,356) |
2024 £ 7,390,101 138,011 |
|---|---|---|---|---|
| 7,528,112 | ||||
| 7,528,112 | ||||
| 7,528,112 |
The Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 16 September 2025 and signed on their behalf by:
Antony Gormley
The notes on pages 13 to 23 form part of these financial statements.
Page 11
The Foundation Foundation
(A company limited by guarantee)
| Statement of Cash Flows For the Year Ended 31 January 2025 |
||
|---|---|---|
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2025 £ (135,732) 163,953 1,409,338 (1,398,663) 174,628 38,896 155,367 194,263 |
2024 £ (169,003) 110,212 2,031,599 (2,060,628) 81,183 (87,820) 243,187 155,367 |
The notes on pages 13 to 23 form part of these financial statements
Page 12
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
1. General information
The Foundation Foundation is a charitable company limited by guarantee and incorporated in the United Kingdom (company number 0886148 and charity number 1180372), governed by its Memorandum and Articles of Association. Its registered office is 15-23 Vale Royal, London, N7 9AP.
The charitable company's functional and presentation currency is GBP, presented rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Foundation Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is recognised in the period to which it relates.
Donated professional services and facilities are recognised on receipt on the basis of the value of the gift to the Foundation which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt.
Page 13
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
The Foundation Foundation
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. The Foundation has taken the exemption under subsection (1) of the Charities Act 2011 not to disclose the identities of the recipients of grants made out of the funds of the charity, or the amounts of any individual grants so made, if the disclosure would fall to be made at a time when the settler or any spouse or civil partner of the settler was still alive.
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 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 probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Foundation 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.
Page 14
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
2. Accounting policies (continued)
2.7 Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Foundation does not consider there to be any significant estimates or judgments that have been made by management in preparing the financial statements.
Page 15
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
4. Income from donations and legacies
| Donations Donations Donated administrator time Total 2025 Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 1,000 250 - 8,159 1,000 8,409 1,000 10,629 |
Total funds 2025 £ 1,250 8,159 9,409 11,629 |
Total funds 2024 £ 1,250 10,379 |
|---|---|---|---|
| 11,629 | |||
Donated administrator time relates to non-exchange transactions in respect of the Executive Officer's time provided to the Foundation.
5. Investment income
| Unrestricted funds 2025 £ Dividend income 149,773 Interest on cash deposits 14,180 163,953 Total 2024 110,212 |
Total funds 2025 £ 149,773 14,180 163,953 110,212 |
Total funds 2024 £ 96,776 13,436 |
|---|---|---|
| 110,212 | ||
Page 16
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
6. Investment management costs
| Unrestricted funds 2025 £ Investment management fees 63,089 Total 2024 59,166 |
Total funds 2025 £ 63,089 59,166 |
Total funds 2024 £ 59,166 |
|---|---|---|
7. Analysis of grants
| Grant making Total 2024 |
Grants to Individuals 2025 £ 94,507 105,402 |
Total funds 2025 £ 94,507 105,402 |
Total funds 2024 £ 105,402 |
|---|---|---|---|
8. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 1,000 105,757 1,000 127,758 |
Total 2025 £ 106,757 128,758 |
Total 2024 £ 128,758 |
|---|---|---|---|
Page 17
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
9. Analysis of expenditure by activities
| Grant Making Total 2024 |
Grant funding of activities 2025 £ 94,507 105,402 |
Support costs 2025 £ 12,250 23,356 |
Total funds 2025 £ 106,757 128,758 |
Total funds 2024 £ 128,758 |
|---|---|---|---|---|
Analysis of support costs
| Audit fees Independent examination fees Professional fees Bank charges Trustee expenses Insurance Donated administrator time Charity website costs Listed investment foreign exchange rate loss 10. Independent examiner's remuneration Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts |
Total funds 2025 £ - 3,090 47 67 310 494 8,159 83 - 12,250 2025 £ 3,090 |
Total funds 2024 £ 3,486 3,000 13 31 94 484 10,379 4,711 1,158 |
|---|---|---|
| 23,356 | ||
| 2024 £ 3,000 |
Page 18
(A company limited by guarantee)
The Foundation Foundation
Notes to the Financial Statements For the Year Ended 31 January 2025
11. Staff costs
During the year the charitable company employed no staff (2024: Nil). As a result, no employees received any remuneration in either year.
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 January 2025, expenses totaling £ 310 were reimbursed in connection with travel expenses, directly to 1 Trustee (2024 - £94 to 1 Trustee) .
13. Fixed asset investments
| Cost or valuation At 1 February 2024 Additions Disposals Revaluations At 31 January 2025 Unrestricted funds 2025 £ Listed investments noted above comprise: Fixed Income 1,342,716 Equities 6,430,654 Alternatives 451,268 8,224,638 |
Total funds 2025 £ 1,342,716 6,430,654 451,268 8,224,638 |
Listed investments £ 7,390,101 1,398,663 (1,409,338) 845,212 |
|---|---|---|
| 8,224,638 | ||
| Total funds 2024 £ 1,202,114 5,637,662 550,325 7,390,101 |
14. Current asset investments
Investments - Cash deposits
| 2025 | 2024 |
|---|---|
| £ | £ |
| 111,306 | 90,115 |
Page 19
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
15. Creditors: Amounts falling due within one year
| Accruals Grant creditor |
2025 £ 8,312 33,749 42,061 |
2024 £ 7,356 10,000 |
|---|---|---|
| 17,356 |
Page 20
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
16. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds High House Residency Total of funds |
Balance at 1 February 2024 £ 7,528,112 - 7,528,112 |
Income £ 172,362 1,000 173,362 |
Expenditure £ (168,846) (1,000) (169,846) |
Gains/ (Losses) £ 845,212 - 845,212 |
Balance at 31 January 2025 £ 8,376,840 |
|---|---|---|---|---|---|
| - | |||||
| 8,376,840 |
High House Residency is a programme offered by The Foundation Foundation, that allows selected artists to reside at High House Studio whilst they concentrate on their work, develop their practice, try new things and focus on future exhibitions. The fund was donated by a Trustee and it was fully spent in the year.
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds High House Residency Total of funds |
Balance at 1 February 2023 £ 7,063,532 - 7,063,532 |
Income £ 120,841 1,000 121,841 |
As restated Expenditure £ (186,924) (1,000) (187,924) |
Gains/ (Losses) £ 530,663 - 530,663 |
Balance at 31 January 2024 £ 7,528,112 |
|---|---|---|---|---|---|
| - | |||||
| 7,528,112 |
Page 21
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2025 £ Fixed asset investments 8,224,638 Current assets 194,263 Creditors due within one year (42,061) Total 8,376,840 Analysis of net assets between funds - prior period Unrestricted funds 2024 £ Fixed asset investments 7,390,101 Current assets 155,367 Creditors due within one year (17,356) Total 7,528,112 Reconciliation of net movement in funds to net cash flow from operating activities 2025 £ Net income for the period (as per Statement of Financial Activities) 848,728 Adjustments for: Losses on investments (845,212) Dividends, interests and rents from investments (163,953) Increase in creditors 24,705 Net cash used in operating activities (135,732) |
Total funds 2025 £ 8,224,638 194,263 (42,061) 8,376,840 Total funds 2024 £ 7,390,101 155,367 (17,356) 7,528,112 2024 £ 464,580 (530,663) (110,212) 7,292 (169,003) |
|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
Page 22
The Foundation Foundation
(A company limited by guarantee)
Notes to the Financial Statements For the Year Ended 31 January 2025
19. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2025 £ 194,263 194,263 |
2024 £ 155,367 |
|---|---|---|
| 155,367 |
20. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 February 2024 £ 65,252 90,115 155,367 |
Cash flows £ 17,705 21,191 38,896 |
At 31 January 2025 £ 82,957 111,306 |
|---|---|---|---|
| 194,263 |
21. Related party transactions
The Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Foundation at 31 January 2025.
Page 23