Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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 F￿nCIS 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.
Jen￿ood 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
Violon￿110 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". lo89c676-9E4E47E￿991C-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
Jen￿ood Foundation's ability lo continue as a going concem.
Resepves policy
Jen￿Ood 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 eX￿pt 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,
no￿lthStanding any deterioration in the financial markets.,
To ensure Jen￿ood Foundation has sufficient ftjnds lo meet operational costs in those same circumstances,
or due to other unexpected adverse events.

Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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 balan￿d 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 Am0￿1n1 Gallery, Bristol, which draws
on Jerwood's extensive collection of modern and contemporary British art lo bring to life Am0￿1n1'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 Jen￿ood Foundation from Jerwood
Charity on 1 January 2024 as part of the merger agreement.

Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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 kno￿edge 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.
Indurt￿n 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". lo89c676-9E4E47E￿991C-s72lFFFB382O
JERWOOD FOUNDATION
TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT
(CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Relationship with related part￿S
Relationships with thir(I parties
During the period 1 April 2023 to 31 December 2023, there were three UK organisalions within the Jerwood group..
Jen￿Ood 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 Je￿O(￿j
Space and a Member of Jetwood Space., Lara Wardle was also a Director of JenNood Limited.. Alan Grieve ITrustee,
Jen￿ood 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". lo89c676-9E4E47E￿991C-s72lFFFB382O
JERWOOD FOUNDATION
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Trustees, who are also the directors of Je￿ood 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". lo89c676-9E4E47E￿991C-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 end￿1 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 A￿pted
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 resou￿8 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 fina￿la1 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 kno￿edge 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 in￿nSiStenI 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". lo89c676-9E4E47E￿991C-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 ne￿SSary 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 Irr￿ularItie$, 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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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.
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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 dir￿1 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 bett￿￿n 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$sgts
Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to delerrnine
whether there is any Indication that those assets have suffered an impairment loss. If any such Indication
exists, the iecoverable amount of the asset is eslimaled in order lo determine the extent of the impaimenl
loss lif any).
1.11 Cash and cash equivalents
Cash and cash equivalents Indude cash in hand, deposits held at call with banks, other short-lerm liquid
investments with original malurilies of three months or les5, and bank overdrafts. Bank overdiafts are shown
thin borrowings in current liabilities.
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-s72lFFFB382O
JERWOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
A¢¢ounllng poll¢lg$
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 balan￿8, 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.
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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". lo89c676-9E4E47E￿991C-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
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Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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 UnrestrI￿9d 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 De￿mber 2023.
-23-

Docusign EnvelopÈ ID". lo89c676-9E4E47E￿991C-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 p￿vioUSlY
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-