Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O Charity registration number 1197386 Company registration number 1351S955 {England and Wales) JERWOOD FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Alan Grieve CBE Lara Wardle Tara Mayhew Philippa Campbell Rupert Tyler (Chairman) Lucy Ash Katharine Goodison Christopher King Miranda Thompson-schwab Juliane INharton (Appointed 7 November 20231 (Appointed 7 Novemkr 20231 (Appointed 7 November 20231 (Appointed 7 November 20231 (Appointed 7 Novembèr 20231 (Appointed 7 November 20231 Charlty number 1197386 Company number 13515955 Registered office Countrywide House 23 West Bar Banbury Oxfordshire England OX169SA Auditor Ellacotts Audit Services Limited Countrywide House 23 West Bar Banbury Oxfordshire England OX189SA Bankers Natwest 15 Bull Ring Ludlow Wesl Midlands SW8 1AG Ellacotts LLP Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION CONTENTS Pagg Trustees. report statement of Trustees, responsibilities Independent auditorfs report Stslemenl of financial activities 10 Balance sheet 11 Notes lo the financial statements 12-24
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE PERIOD ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial slalements for the period ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial statements and comply with the charty's governing document, thè Companies Act 2006 and "Accounting and Reporting by Charities". Stslemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. ObJectlves and actlvltles The governing document states that the object of Jerwood Foundation is the advancement of educaticn of the public in the appreciation of art induding making art available to the pubic in such museums, art galleries and other such buildings or institutions as the Trustees shall agree from lime to lime," and such other charitable purposes for the public benefit as are exclusively charitable according lo the laws of England and Wales as the Ttuslees may from lime to lime determine. The main activity to further Jerwood Foundation's purpose is loaning works from the Jerwood Collection and the making of grants to enable visual or performing art lo be made available for public benefit. Public benefit The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Activities During the financial period Jerwood Foundation loaned works lo exhibitions including.. Saint FnCIS of Assisi (National Gallery, London),. A Celebrat of Portraiture (Piano Nobile Gallery, London),. A BnJsh with Evil IBen Uri Gallery and Museum, London., Dutch Flower Paintings (Millennium Gallery, Sheffieldl,. Wilfred Avery and the Unpredictable Image Imuseum of Barnslaple and North Devon),. and Dream and Refuge (Arnolfini Gallery, Brisloll. In addition lo these loans lo exhibitions, Jerwood Foundation had works on long-lerm loan including Crucifixion by Craigie Ailchison RA, which is on public display in Hereford Cathedral. During thè financial period Jerwood Foundats"on acquired key works for the Jerwood Collection, which expanded and enriched ils holding of 20th and 2151 century art, including works by Jean Cooke RA, Kaye Donachie, Lubaina Himid CBE, RA, Yinka Ilori, Mike Silva, and John Cecil Stephenson. Jenood Foundation paid out grants totalling £214,150 during the financial period, lo organisations Including.. Arnolfini Gallery, Bristol, to support an exhibition of Jerwood Collection works curated by an MA Curating student lon placemenll from the University of the Wesl of England IUWEI, Art UK, lo enable Art UK lo commission 48 stories around modern and contemporary British Art from broad range of authors", Brixton Chamber Orchestra, lo pay for young professional musicians lo parb'cipale in their eslale tours., Courtauld Gallery. lo support a major exhibition of work by British artist Claudette Johnson129 September 2023 and 14 January 20241,. Glyndebourne Pit Perfect concerts and workshops,. Ikon Gallery, Birmingham, to support their Start the Pressl exhibition., Messums Wiltshire lo support their 4x20 Choreography Platfomi,. Natural History Museum, London, lo support The Polar Silk Road, an exhibition of photographs by Gregor Sailer", Scherzo Ensemble, a professional development platform for young singers who have recently completed their training., Trinity Laban for the Jerwood Intemalional Chair of Violon110 and Chamber Music and Jerwood concerts and lour,. Paintings in Hospitals lo enable the conservation, resloralion and digitisalion of part of their art collection. Grant m&king policy Grant making policy The Trustees meet quarterly to consider applications and submissions received. The focus of our grant making is on the promotion of the arts for the public benefit.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Strateglc report The description under the headings 'Achievements and perfomiance" and "Financial review" meet the company law requirements for the Trustees lo present a strategic report. Achievements and perfom)ance Sigi?ificant activities and achievements &g8inst objectives Loaning Jerwood Collection works to exhibitions has enabled ride public access to the Collection. For example, Saint Francis of Assisi16 May to 30 July 20231 at the National Gallery, London, which included Saint Francis by Craigie Aitchison RA1192&20091 from JenNood Collection welcomed 220,000 visitors., and Dutch Flower Paintings al Millennium Galleries, Sheftield122 June 17 September 20231, which included 11 works on loan from Jerwood Collection welcomed 40,000 visitors. Grants that were awarded enabled a wide benefit lo beneficiaries as well as society as a whole. For example, The Natural History Museum welcomed 261,030 visitors lo The Polar Silk Road exhibition", the Courtauld Gallery welcomed 23,449 visitors lo their Claudette Johnson exhibition," and Glyndebourne's Pil Perfect Scheme is a unique programme where young recently graduated inslrumenlalisls join the Glyndebourne Sinfonia, gaining their first professional operatic experience., and the grant to Scherzo Ensemble enabled Principal and Chorus roles for early career performers. Flnanclal revlew The total income for the period was £449,988. This comprised of £449,828 from investments and £160 in royalties received. Total expenditure for the period was £349,803 which includes £106,080 of grants lo organisalions, £185,772 related to Charitable activities and £57,951 to raising funds. We recorded a nel surplus of £1.128.983 and thus total funds held for the year were £33,909,391, all of which was unrestricted. Going concem Reserves policy The Trustees have given due consideration to the performance of the investment portfolios 88 well as the outgoings and future commitments and have a reasonable expectation that Jerwood Foundation has adequate resources lo continue in operational existence for the foreseeable future. There are therefore no material uncertainties about Jenood Foundation's ability lo continue as a going concem. Resepves policy JenOod Foundation is able to spend capitsl from both its portlolios and income generated entirely without condition. The current strategic aim adopted by the Trustees is to maintain the original capital value of the portfolios so far as Possible and not to deplete it for general funding purposes eXpt in unusual circumstances. The Trustees have agreed that it is prudent to maintain reserves for the following reasons.. To ensure Jerwood Foundation has sufficient income and funds lo meet existing and future commitments, nolthStanding any deterioration in the financial markets., To ensure Jenood Foundation has sufficient ftjnds lo meet operational costs in those same circumstances, or due to other unexpected adverse events.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 The balance of both portfolios as at 31 December 2023 amounted to £22,321,514. On the basis of the balance of the portfolios and a policy of monitoring labilities regularly, il is the Trustees view that the reserves available are sufficient to fulfil their policy as sel out above. Total funds held by thè charity al 31 December 2023 were £33,990,391. After deducting fixed assets held the level of free reseNes was £1,513,992. Investment policy Investment policy There are no restrictions on JenNood Foundation's powers to invest. The Trustees investment policy is to achieve Iong-term capital growth baland with achieving the income needed lo support Jerwood Foundation's grant-making goals, and throughout 2023 the lolal return target was CPl+3°h for the year. Funds continue to be managed by investment managers.. Waverton Investment Management Ltd and Dowgale Wealth. M&jor risks Prlnclple rlsks The major risks are discussed in Trustee meetings. Part of the regular process of reviewing the organisation's procedures to manage and mitigate risk. The impact of inflation and rising costs on the Foundation and its operating environment are the main areas for risk factors. The Trustees are satisfied that procedures are in F4ace to mitigate exposure. Plans for future periods The purpose of the Jerwood Collection is lo enhance the understsnding and enjoyment of 20th and 21st century art. To fulfil this purpose Jerwood Foundation wll continue to make the Jerwood Collection available for public display as well as continuing lo acquire new works when il is felt that they will enhance the quality and diversity of the Collection. Loans have already been confirmed for future exhibrf(ions including.. Unseen Slori&s al Kensington Palace, London 115 March - 27 October 20241,. Th Women.. Gardens and the Imagiftalion at th& Garden Museum. London115 May - 29 September 20241.. Euan Uglow at Hazlitt Holland-Hibbert122 May - 19 July 20241., With These Hands.. Paintings of Making and Mending at the Laing Art Gallery, Newcastle upon Tyne15 Oclober 2024 - 15 February 20251., 8ri(Iging Time.. JMW Tumer, landscape and a changing wortd at Norwch Castle & Art Gallery 119 October 2024 - 23 February 20251., Vanessa Bell al Milton Keynes Gallery (October 2024 January 20251., and Dora Cafflngton al Pallanl House Gallery, Chichesler19 November 2024- 27 April 20251. In addition to these loans, Jerwood Foundation's Ihree-year partnership with Am01n1 Gallery, Bristol, which draws on Jerwood's extensive collection of modern and contemporary British art lo bring to life Am01n1'S exhibition archive in an annual exhibition, is ongoing. Future grants in the visual and performing arts that have been conlimied include grants lo.. Ransack Dance Company., Outside In., During the financial period, the Trustees decided lo merge with Jerwood Charty (charity number 10740361 lo create a single UK charity, for the benefit of its present and ftjlure beneficiaries. The merger was considued and agreed al the Trustees meeting on 7 November 2023 and took effect from 1 January 2024. There are 10 committed grants due lo be paid in 2024 that were transferred lo Jenood Foundation from Jerwood Charity on 1 January 2024 as part of the merger agreement.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Structure. govemance and management The company is governed by ils Articles of Association which established the objects and Powers of the charitable company. The Directors are ils Trustees for the purposes of charity law. In this report and colleclwely referred to as the Trustees. The charity is a company incorporated in England and Wales wth Company Number 13515955 and a Registered UK Charity Number 1197386. The Trustees, who are also the Directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were". Alan Grieve CBE Lara Wardle Tara Mayhew Philippa Campbell Rupert Tyler (Chairman) LucyAsh Kalharine Goodison Christopher King Miranda Thompson-schwab Juliane W)arton (Appointed 7 November 20231 IAppDinted 7 November 20231 (Appointed 7 November 20231 (Appointed 7 November 20231 (Appointed 7 November 20231 (Appointed 7 November 20231 Recmilment 8nd appointment oftmslees New Trustees are appointed by ordinary resolution by the Charity Members or the existing Trustees and are selected on the basis of their expertise and knoedge of the Foundation's activities. None of the Trustees has any beneficial interest in the company. Two of the Trustees, being Alan Grieve and Lara Wardle, are members of the company and guarantee lo contribute £10 in the event of a winding up. Organisalional slmcture The Foundation direction and grant decisions a agreed by the Trustees. Day to day operations and management are undertaken by the Executive Director. Indurtn 8nd training of tmstees New Trustees undergo an induction process when they are ftjlly briefed on the activities of the Fotndalion. They are also guided through the decision-making processes, recent business plans and management reports and are provided with copies of the relevant documentation. Other matte Annual remuneration reviews are in December and recommendations made to the Board for approval. One Trustee receives a fee for the services provided Ilhe Executive Director). No other Trustee receives a fee. The Exe¢ulive Director is not involved in setting their own remuneration, which is determined by the remaining non- conflicted Trustees.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Relationship with related partS Relationships with thir(I parties During the period 1 April 2023 to 31 December 2023, there were three UK organisalions within the Jerwood group.. JenOod Foundation, Jerwood Charity, and Jerwood Spa. A separate legal entity, JeNood Limited is now dormant. During the year.. Lara Wardle (Executive Director and Trustee, Jerwood Foundalionl was also a Director of JeO(j Space and a Member of Jetwood Space., Lara Wardle was also a Director of JenNood Limited.. Alan Grieve ITrustee, Jenood Foundation) was also a Director of Jerwood Limited,. Rupert Tyler (Chairman and Trustee, Jerwood Foundation) was also a Director of Jerwood Space. Lara Wardle (Executive DireclDr and Trusleel is daughter of Alan Grieve (Trusteel. Jerwood Foundation was appointed the Group Member of Jerwood Charity and Jerwood Space on 19 July 2022. Auditor In accordan¢e with the company's articles, a resolution proposing that Ellacotts Audic SeNices Limited be reappointed as auditor of the Company will be pul al a General Meeting. Eneryy and Carbon report As the charity has not consumed more than 40,000 kwh of energy in this reporting period, il qualifies as a low energy user under these regulations and is not required to report on ils emissions, energy consumption or energy efficiency aclivilies. The Trustees, report, including the strategic report, was approved by the Board of Trustees. wri Rupert Tyler (Chairman) Trustee 22/8/2024 | 16:38 BST Date..
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 31 DECEMBER 2023 The Trustees, who are also the directors of Jeood Foundation for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare finanaal ststements for each financial year which gwe a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charrtable company for that period. In preparing these financi81 stslemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JERWOOD FOUNDATION Oplnlon We have audited the financial statements of Jerwood Foundation Ithe 'charity'l for the period end1 31 December 2023 which comprise the statement of financial activities, the balance sheet and notes lo the finanaal stalemenls, including signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republic of Ireland (United Kingdom Generally Apted Accounting Practice). In our opinion, the financial slatemenls". give a true and fair view of the slate of the charitable company's affairs as at 31 December 2023 and of its incoming resou8 and application of resou$. for the period then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorts spOnSIbl1rt1eS for the audit ol the financial slalements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nDI identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least twelve rnonlhs from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth resped to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information induded in the annual report other than the finala1 statements and our auditor's report thereon. The Trustees are responsible for the other information contsined within the annual report. Our opiniDn on the financial statements does not cover the other infomiation and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other Information and, in doing so, consider whether the other Information is materially inconsistent wth the financial slalements or our knoedge obtained in the course of the audit, 01 otherwise appears to be materially misstated. If we identify such malerral Inconsi51encies or apparent material misstslemenls, we are required lo determine whether this gives rise lo a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there is a material misstslement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which wg ar& requirod to report by 8xception We have nothing to report in respect of the followng mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the financial statements is innSiStenI in any material respect ¥Mth the Trustees, report., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records.. or we have not received all the information and explanations we reqLJire for our audit.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF JERWOOD FOUNDATION Responslbllltles of Trustees As explained more fully in the ststement of Trustees, responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the Trustees determine is neSSary ID enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financjal slalemenls, the Trustees are responsible for assessing the charity'5 ability to continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitsble company or lo cease operations, or have no realistic altemalive but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan ¥Mth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalement when it exists. Misslatemenls can arise from fraud or error and are considered matenal rf, individually or In the aggregate, they could reasonably be expected lo influenc& the economic decisions of u5er5 taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance wrfth laws and regulations. We design procedures in line with our responsibilities, oudined abovè, lo delect material misslalements in respect of IrrularItie$, including fraud. The exlenl lo which our procedures are capable of delecling irregularf(ies, including fraud is detsiled below". Extent to which the audit was considered capable of detecting irregularites. including fraud Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misstatement in the financial ststemenls or non-compliance with regulation. This risk increases the more that Complian wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noTrc0mplian. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI, We exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the followng procedures.. Enquiry of management and those charged with governance around actual and potential litigation and claims. Enquiry of enlily staff in compliance functions to identify any instances of noTrcompliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disdosures and testing to supporbng documentation to assess Complian with applicable laws and regulations. Reviewed income and expenditure to ensure classified to the appropriate fund. Reviewed minutes of board meetings lo ensure that all grants agreed in the year had been recognised in the financial slatemenls. Auditing the risk of management override of controls, including thorough lesling of journal entries and other adjustments for appropriateness, and evaluating the rationale of significant transactions outside the normal course of business for the charity. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https.'Il wTh.frc.org.uklaudilorsresponsibilities. This description fomis part of our auditor's report.
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF JERWOOD FOUNDATION Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit worf( has been undertaken so that we might slate to the charity's trustees those matters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity s ttuslees as a body, for our audit work, for this report, or for the opinions we have formed. David Stevens BA FCA (Senior Statutory Auditor) for and on behalf of Ellacotts Audit Servicas Limitad Chartergd Accountsnts Statutory Auditor Countrywide House 23 Wesl Bar Banbury Oxfordshire OX18 9SA 23/8/2024 1 08:32 BST Date..
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2023 Unrestrlcted Unrestrlcted funds funds 31 December 31 March 2023 2023 Notes Income and endowmgnts from: Donations and legacies Investments other income 33,780,586 358,777 101 449,828 160 Totsl Income 449,988 34,139,464 Expendlture on: Raising funds Charitable activities 57,951 291,852 75,200 584,189 Total expenditure 349,803 659,389 Net gainslllossesl on investments 12 1,028,798 1699,6671 Net income and movement in funds 1,128,983 32,780,408 Reconciliation of funds: Fund balances al 1 April 2023 32,780,408 Fund balances at 31 December 2023 33,909,391 32,780,408 The ststemenl of financial activities indudes all gains and losses recognised in the period. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 31 December 2023 31 March 2023 as restated Notes Flxgd assets Tangible assets Heritage assets Investments 14 15 16 291 9,821,854 22,321,514 583 9,711,338 21,520,705 32,143,659 31,232,626 Current assets Debtors Cash at bank and in hand 17 48,460 1,985,278 17,820 1,911,618 2,031,738 1,929,438 Credrtors: amounts falling due within one year 18 185,OC 188,656 Net current assets 1,846,732 1,740,782 Totsl assets less ¢urr&nt Ilabllltles 33,990,391 32,973,408 Credltors: amounts falllng due after more than one year 19 181,0001 1193,0001 Net assets 33,909,391 32,780,408 The funds of the charlty Unrestricted funds 33,909,391 32,780,408 33,909,391 32,780,408 The company is entiued to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 Decernber 2023, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying wlh the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. 22/8/2024 | 16:38 BST The financial statements were approved by the Trustees on . Rupert Tyler (Chairman) Trustee Company registration number 13515955 (England and Wales)
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Accountlng pollcles Charity infomiation Jerwood Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Countrywide House. 23 West Bar. Banbury. Oxfordshire. OX16 9SA. England. 1.1 Reportlng perlod The financial statements are presented for the 9 month period from 1 April 2023 to 31 December 2023 The charitable company was incorporated on 16 July 2021 al Companies House and as such the prior period spans from incorporation lo 31 March 2022. 1.2 Accounting convention The financial statements have been prepared in accordance with the charity's governing document. the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland I'FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Stalanent of Cash Flows. The financial statements are prepared in sleding, which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.3 Going concern Al the time of approving the financial statements. the Trustees have a reasonable expectation that the charity has adeqLJate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitable funds Unrestricted Funds comprise those funds which the Trustees are free lo use in accordance with the charitable objects. Designated Funds are amounts which have been put aside out of general unreslricled funds al the discretion of the Trustees. Reslricled Funds are those which are given for particular purposes as specified by their donors. The Foundation has one restricted fund which represents the original donation to acquire the Jerwood Collection. Endowment funds are subject to specific conditions by donors that the capital musl be maintained by the charity. 1.5 Income Al income is recognised in the Statement of Financial Activities ISOFAI when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has been or will be made such income is grossed up for the tax recoverable. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance condrfcions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. 12-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnugdl Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Investment income is accountèd for when receivable and Is slated gross of any reclaimable laxabon relief 1.6 Exp8nditurg Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, It is probable that a transfer of economic benefits will be required in setllemenl, 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 dir1 costs and shared wsls. including supwrt ¢osls involved in undertaking each activity. Direct costs attributable lo 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 apportlDned bettn those activitEs on a basis consistent with the use of resources. Staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on thè following bases". Computers 2 years slraighl line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Heritage assets The Art Collection falls ¥Mthin the definition of 'Herilage Assets. under FRS 102 and the Charities SORP. Heritage assets are stated at cost or estimated market value if donated, unless a reliable estimate cannot be maderthe cost of valuation is likely lo exceed the benefits provided by the information, and are not subject to depreciation. Impairments in the carrying value of heritage assets are recognised if they have suffered physical delerioralion or doubts arise as lo their aulhenlicily, The Art Collection is reviewed each year in order lo assess whether any overall Impairments are necessary. 1.9 Fixed asset invastmènts Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.10 Impalrment of flxed a$sgts Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to delerrnine whether there is any Indication that those assets have suffered an impairment loss. If any such Indication exists, the iecoverable amount of the asset is eslimaled in order lo determine the extent of the impaimenl loss lif any). 1.11 Cash and cash equivalents Cash and cash equivalents Indude cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or les5, and bank overdrafts. Bank overdiafts are shown thin borrowings in current liabilities. 13-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnugdl 1.12 Flnancial instrum8nl$ The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balan8, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured at the present value of the ftjlure receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 8aslc flnanclal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable wthin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or setvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequenuy measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are dischaTged or cancelled. 1.13 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's servi¢es are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 14-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the Trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Trusteès do not consider there lo be any critical accounting estimates or key judgements in Ilkse financial slalemenls. Income from donations and legacies Unrestricted Unrestricted funds funds 31 December 31 March 2023 2023 Donations and grfts 33,780,586 Donatlons and glfts Donations from individuals Donations from Jerwood Holdings Limited 5,033,520 28,747,066 33,780,586 Income from Investments Unrestricted Unrestricted funds funds 31 31 March December 2023 2023 Income from listed investments 449,828 358,777 15-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Other Income Unrestricted Unrestricted funds funds 31 31 March December 2023 2023 Royalts'es 160 101 Expendlturg on ralslng fund$ Unre$trl¢ted Unrestrlcted funds funds 31 31 March December 2023 2023 Investment management fees 57,951 75,200 16-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Expendlture on charltsble actlvltles Jerwood Grant Collection Making 31 31 31 December December December 2023 2023 2023 Total Jerwood Collection 31 March 2023 Grant Making 31 March 2023 Total 31 March 2023 Dlrect Costs Donations Photography storage and technical support Insurance Transport Copyright Books 1,000 1,000 750 750 14,148 7,108 1,433 133 88 14,148 7,108 1,433 133 88 21,979 4,086 4,039 365 139 21,979 4,088 4,039 365 139 23,660 23,660 30,608 1,000 31,608 Grant funding of activities (see note 81 106,080 106,080 423,520 423,520 Share of support and governance costs (see note 91 Support 134.696 Governance 27,416 134,696 27,416 102,639 26,422 102,639 26,422 185.772 106,080 291.852 159.669 424,520 584.189 Analysls by fund Unrestricted funds 185,772 106,080 291,852 159,669 424,520 584,189 17-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Grants payable Grant Making 31 December 2023 Grant Making 31 March 2023 Grants lo institutions.. Scherzo Ensemble Oxford Lieder Royal College of Physiaans Glyndebourne Trinity Laban The Courtauld Inslilule ofArt Persona Arts Tracing Movement Arnolfini Paintings in Hospitals Oxford Song Choreography Platfom Festival of Dance ArtUK Sl Mungos Brixlon Chamber Orchestra Ransack Dan Company Outside In Ikon Gallery 39,650 1,000 15,370 192,000 65.000 30,000 1,000 3,000 16,500 20,000 30,000 10,000 20,000 25,000 1,000 25,000 10,000 15,080 10,000 106,080 423,520 18-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Support costs allocated to actlvltles 31 Docomber31 March 2023 2023 Staff costs Depreciation Travel and subsistence Office running costs Insurance IT and subscriptions Legal and professional Sundry expenses PR and consultancy Governance costs 82,885 292 7,917 8,416 4,914 4,740 7,498 340 17,694 27,416 84,521 194 4,734 4,341 1,543 3,642 3,600 64 26,422 162,112 129,061 Analysed between- Jetwood Collection 162,112 129,061 Governance costs inclLJdes payments to the audrtors of £9,90012022- £9,000) for audit fees. 10 Tru$tee$ None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the period. One Trustee, Lara Wardle, has been paid for their work as Executive Director employed by the charity. Total remuneration for the year can be found in note 11. 11 Employggs The average monthly number of employees during the period was.. 31 December 2023 Number 31 March 2023 Number Employment costs 31 December 2023 31 March 2023 INages and salaries Social security costs Other pension costs 70,590 8,060 4,235 72,583 7,826 4,112 82,885 84,521 19-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 11 Employ99$ Icontlnugdl The number of employees whose annual remuneration was more than £60,000 is as follows.. 31 December 2023 Number 31 March 2023 Number 70,001 80,000 Rgmuneration of key management personnel The remuneration of key management personnel is as follows. 31 December 2023 31 March 2023 Aggregate compensation 53,040 54,180 12 Galn$ and lo$$&s on Investments Unrestrlcted Unrestrlcted funds funds 31 31 March December 2023 2023 Gainslllossesl arising on.. Revaluation of investments Sale of investments 1,494,957 1466,1591 1699,6671 1,028,798 1699,6671 13 Taxation The charity is exempt from laxalion on Its activities because all Ils Income is applied for charitable purposes. -20-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 14 Tanglble fixed assets Computer5 Cost At 1 April 2023 777 Al 31 December 2023 777 Depreclatlon and Impalment At 1 April 2023 Depreciation charged in the period 194 292 Al 31 December 2023 486 Carrying amount Al 31 December 2023 291 At 31 March 2023 583 15 Heritage assets Jerwood Collection At 1 April 2023 Purchases 9,711,338 110,516 At 31 December 2023 9,821,854 Heritage assets held consist of a collection of artwork. 11 is intended to remain a living collection by acquiring further works where the opportunity arises and where they are consistent with the themes of the collection. Such items are not depreciated or revalued as a matter of routine as the assets are deemed lo have indetemiinable lives and il is not practical to revalue them each year. Items from the Collection are regularly loaned to museums and galleries for Exhibition purposes and images are available to view online. The collection is actively managed by the Collection Manager who supervises all loans, monitors condition of the paintings and arranges for their conservation where necessary. 21
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 16 Flxe(l asset Investments Listèd investments Cost or valuatlon Al 1 April 2023 Additions Valuation changes Loss on disp05als Disposals 21,520,705 3,604,270 1,468,481 1466,1591 {3,805,7831 Al 31 December 2023 22,321,514 Carrying amount Al 31 December 2023 22,321,514 Al 31 March 2023 21,520,705 17 Debtors 31 December31 March 2023 2023 Amounts falling due within one year: Prepayments and accrued income 46,460 17,820 18 Credltors: amounts falllng due wlthln one year 31 December31 March 2023 2023 Trade crelyilors Grants payable Other creditors Accruals and deferred income 3,664 159,580 847 20,915 1,041 155,650 847 185,006 188,656 19 Credltors: amounts falllng due after more than one year 31 December31 March 2023 2023 Grants payable 81,000 193,000 -22-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 19 Crgdltors: amounts falllng du9 after mor9 than on9 year Icontlnugdl The trustees have accrLJed as a liability grant commitments that have been agreed. Although each grant is subject to an annual review, the likelihood is deemed lo be that the grant will be paid so a full accrual for the commitment is made. Movement In recognlsed grant commltments durlng the year Charltsble commltments accrued Grant commitments recognised al the start of the year New grant commitments charged lo the SOFA in year Grants paid during the year Amount of grant commitrnenls recognised as at 31 December 2023 348,650 37,580 1145.6501 240.$80 20 UnrestrI9d funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unreslricled ftjnds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng rgsourcgs Resources expended Galns and 10$$9$ At31 Dg¢gmber 2023 General funds 32,780,408 449,988 1349,8031 1,028,798 33,909,391 Previous year- At 1 April 2022 Incoming resources Resources expended Gains and At 31 March losses 2023 General funds 34,139,464 1659,3891 1699,6671 32,780,408 21 Events after the reporting date On 1 January 2024 the operations and assets of Jetwood Charity were transferred into Jerwood Foundation. In addition to this, all intellectual property was transferred from Jerwood Charity lo Jerwood Foundation on the same dale. 22 Related party transactions During the period the charity entered into the followng transactions with related parties". Rent lolalling £6,300 Imarch 2023". £2,100) was paid to a Iruslee and her husband for the use of their office space. During the prior year, a purchase of £11,179 was made on behalf of a trustee for health insurance. The full amount was repaid by the trustee and there was no outstanding amount at the prior year end. There was no such purchase made during the period to 31 Dember 2023. -23-
Docusign EnvelopÈ ID". lo89c676-9E4E47E991C-s72lFFFB382O JERWOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 23 Prlor perlod adlustment A prior period adjustment has been put through in Spect of cash balances held wthin investments that should have been included wthin cash al bank on the balance sheet. Changes to the balance sheet At 31 December 2022 As pvioUSlY Adjustment reported As restated Fixed assets Investment5 Current assèts Bank and cash 21,944,791 1424,0861 21,520,705 1,487,532 424,086 1,911,618 Net assets 32,780,408 32,780,408 Capitsl funds Income funds Unrestricted funds 32,780,408 32,780,408 Total equity 32,780,408 32,780,408 -24-