Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 **Company registration number 13515955 (England and Wales) Charity registration number 1197386 (England and Wales)** ## **JERWOOD FOUNDATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Lara Wardle|| |---|---|---| ||Tara Mayhew|| ||Philippa Campbell|| ||Rupert Tyler (Chairman)|| ||Lucy Ash|| ||Katharine Goodison|| ||Christopher King|| ||Miranda Thompson-Schwab|| ||Juliane Wharton|| ||Kathrin Kahrass Carmona e Costa|(Appointed 1 September| |||2025)| |**Country of incorporation**|United Kingdom|13515955| ||(England and Wales)|| |**Charity registration**|England and Wales|1197386| |**Registered office**|Countrywide House|| ||23 West Bar|| ||Banbury|| ||Oxfordshire|| ||England|| ||OX16 9SA|| |**Auditor**|Ellacotts Audit Services Limited|| ||Countrywide House|| ||23 West Bar|| ||Banbury|| ||Oxfordshire|| ||England|| ||OX16 9SA|| |**Bankers**|Natwest|| ||15 Bull Ring|| ||Ludlow|| ||West Midlands|| ||SY8 1AG|| |**Investment managers**|W1M Wealth Management Limited|| ||Dowgate Wealth Limited|| Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 7| |Independent auditor's report|8 - 10| |Statement of financial activities|11| |Balance sheet|12| |Statement of cash flows|13| |Notes to the financial statements|14 - 26| Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025** The Trustees present their annual report and financial statements for the year ended 31 December 2025. 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 charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The governing document states that the objects of Jerwood Foundation are the advancement of education of the public in the appreciation of art including making art available to the public in such museums, art galleries and other such buildings or institutions as the Trustees shall agree from time to time; and such other charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine. The main activity to further Jerwood Foundation’s purpose is loaning works from Jerwood Collection and the making of grants to enable visual or performing art to be made available for public benefit. ## _Public benefit_ The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## _Activities_ During the financial period Jerwood Foundation loaned works to exhibitions including: _Vanessa Bell; A World of Form and Colour_ (Charleston, Lewes); _Impressions: Selected Works from Jerwood Collection_ (Edinburgh Printmakers, Edinburgh); _Garden Futures: Designing with Nature_ (Victoria and Albert Museum, Dundee); _With these Hands_ (Laing Art Gallery, Newcastle-upon-Tyne); _Blusher: Art, Make-up, Materiality_ (Leicester Gallery, Leicester); _Gap in the Clouds_ (The Heong Gallery, Cambridge); _Echoes: Works from Jerwood Collection_ (Arnolfini, Bristol). In addition to these loans, Jerwood Foundation also has works on long-term loan including _Crucifixion_ by Craigie Aitchison RA, which is on public display in Hereford Cathedral. During the financial period Jerwood Foundation acquired key works by the following artists for the Jerwood Collection, which have expanded and enriched our holding of modern and contemporary art: Dame Barbara Hepworth, Ben Nicholson OM, John Armstrong, Sarah Ball, Stanley William Hayter, Lubna Chowdhary and William Coldstream. Jerwood Foundation paid out grants totalling £1,056,939 during 2025 to the following organisations: - Arnolfini, Bristol: _Art for Enjoyment_ : a visual art programme, which also included lending works from Jerwood Collection; - Almeida Theatre, London: _Almeida Makers_ : to support theatre directors and designers; - Art Fund, London: _Jerwood Art Fund Commissions:_ to support museums and galleries to commission artists to make work of exceptional innovation and quality; - Birmingham Royal Ballet: _BRB2:_ a two-year talent development programme for exceptional ballet graduates; - Britten Pears, Suffolk: _Britten Pears Young Artists:_ a programme to support early career musicians; - Brixton Chamber Orchestra, London: _The Estates Tours_ : to support free orchestral events in community settings; - DanceEast, Ipswich: _Commissioning Programme:_ to support the creation of two new dance works; - Edinburgh Printmakers: _Jerwood Residencies:_ six residencies in printmaking; - Far From The Norm, London: _NORMGROUND:_ an artist development programme for hip hop dance theatre; - Forward Arts Foundation, London: _Jerwood Prize for Best First Collection:_ to support emerging poets; - Glyndebourne, East Sussex: _Jerwood Pit Perfect_ and the _Jerwood Young Artists:_ programmes to support emerging orchestral musicians and opera singers; - 1 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** - HighTide Theatre, Suffolk: _Jerwood HighTide Writers Group:_ a development programme for playwrights; - Holburne Museum, Bath: _Assistant Curator:_ to support a key role within the curatorial team; - Hofesh Schechter Company, London: _Schechter II:_ continuing professional development programme for eight emerging dancers; - Impermanence, Bristol: _Powered by Jerwood:_ programme to support 16 choreographers; - Ikon Gallery, Birmingham: _Thread the Loom: a_ group exhibition _,_ celebrating the medium of weaving; - Mahogany Opera, Cumbria: _Jerwood Opera Designers:_ to support three teams of talented designers in set, costume, lighting, video and projections; - MK Gallery, Milton Keynes _: Euan Uglow Catalogue_ : to support a publication to accompany the exhibition. Two works by the artist were also on loan to the exhibition from Jerwood Collection; - National Theatre, London: _Jerwood Workshops:_ sessions held at the New Work Studio to support 60 theatre artists to develop 12 new works; - Natural History Museum, London: _Jerwood Gallery_ : to support programming in the gallery, a capital project of Jerwood Foundation; - National Life Stories, London: _Artists’ Lives_ : to support recordings of artists; - National Life Stories, London: _Craft Lives:_ to support recordings of craft practitioners; - New Writing North, Newcastle Upon Tyne: _Jerwood Fellowship for Emerging Writers:_ to support three writers living in the North of England; - NMC Recordings, London: _Extended Play: Jerwood Series:_ recordings of works by two composers _;_ - London Philharmonic Orchestra: _LPO Young Composers Programme:_ to enable newly composed works to be played to an audience by a chamber orchestra; - Pentabus Theatre, Shropshire: _Jerwood Writer-in-Residence:_ to support; an emerging playwright who will work with the company for a year; - Royal Court Theatre, London: _Jerwood New Playwright_ and the _Jerwood Royal Court Commissioning Scheme:_ to support a production by an emerging playwright, and also fund six commissioned works per year across the UK; - Royal Shakespeare Company, Stratford-upon-Avon: _Voice Training for Actors:_ programme to support the development of vocal resilience for stage work; - Sir John Soane’s Museum, London: _Jerwood Artist in Residence:_ a programme to support six artists; - Sound Roots, Lancashire: _Artist Mentoring Programme:_ support for eight folk and grassroots musicians; - The Walk Productions, London: _The Herds_ Emerging Company: to support 25 makers and puppeteers to make and animate puppets for a large-scale public event; - The Glasgow School of Arts: _Jerwood Curatorial Fellowship:_ to support the professional development of two curators; - ThickSkin Theatre, Wigan: _Jerwood Associate Artist Placement Programme:_ to support four mid-career directors; - Young Vic Theatre, London: _Jerwood Assistant Directors:_ to give production experience to eight earlycareer directors. ## **Grant making policy** The Trustees meet quarterly to discuss grant making and consider applications. The focus of our grant making is on the promotion of arts for the public benefit. ## **Strategic report** The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report. ## **Achievements and performance** _Significant activities and achievements against objectives_ Loaning Jerwood Collection works to exhibitions has enabled wide public benefit and, during the financial period, 78 works from the Collection were loaned to exhibitions, which welcomed more than 340,000 visitors. - 2 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** Grants that were awarded in 2025 enabled a wide benefit to beneficiaries as well as society as a whole. For example: - A grant to the Royal Court Theatre, London supported the _Jerwood New Playwright_ programme and also enabled them to launch the new _Jerwood Royal Court Commissioning Scheme_ . This programme is extending the theatre’s resource to award six grants to theatres across the UK. Six writers will be supported to write plays, which will be produced and then programmed, allowing the theatres awarded to take greater risks with their programming and benefit audiences by showing completely new plays. - A grant to Ikon Gallery supported the _Thread the Loom_ exhibition, which presented the work of contemporary textile artists and also brought an AVL Studio Dobby loom into the gallery space. Weavers from the West Midlands and Birmingham City University engaged in a series of 'micro-residencies' to gain experience in combining hand-weaving with computer-aided design and produce further work for the exhibition on the loom. The exhibition achieved excellent public engagement by attracting 19,890 visitors. - A grant was awarded to The Walk Productions, London to contribute towards training the 25 UK-based makers and puppeteers that made up the Emerging Company for _The Herds_ , an epic stampede of lifesized animals that undertook a 20,000km journey from the Congo Basin to the Arctic Circle to inspire action on the climate crisis. The seven performances in London and Manchester in the summer of 2025 were seen by 35,000 people. - A grant to the National Theatre, London has generated 12 new projects outside London through the _Jerwood Workshops_ programme. The programme will enable 60 talented theatre artists to access the resources they need to hone their craft, develop new work and be innovative. The first workshop, held in November 2025, supported the development of _The Manningtree Witches_ , produced by, and performed at the Mercury Theatre in Colchester, Essex, in association with Frantic Assembly. - A grant awarded to the Sir John Soane’s Museum in London will fund six _Jerwood Artists-in-Residence_ to follow in the footsteps of Soane’s apprentices and draughtsmen and make work in Soane’s remarkable Drawing Office, as they did 200 years ago. The first two _Jerwood Artists-in-Residence_ Simon Farid and Mohammed Qasim Ashfaq started work in July 2025 and the work, made in response to the context of the historic space and wider legacy of the museum, will also go on public display there. - A grant awarded to Hofesh Schechter Company, London has continued Jerwood Foundation’s support of their _Jerwood x SII_ continued professional development programme, for which eight exceptional contemporary dancers were selected in September 2025. This programme provides transformative, paid opportunities for exceptional, early-career dancers (aged 18-25) to train, create and tour within Hofesh Shechter’s professional contemporary dance company. - A grant awarded to the Curwen Print Study Centre, Cambridge, to support the second phase of their activity _Artists’ Lithography in Britain: Making the Curwen Archive Accessible for All_ . The Curwen archive is a rare collection of artists’ proofs, correspondence and studio notebooks. The grant will enable them the creation of an online platform and digitalisation of the archive to enable it to be shared with audiences far and wide - A grant awarded to Northern Ballet, Leeds to support their _Conducting Fellowship_ . Conducting for dance is a highly specialised skill and Northern Ballet is one of only a few organisations that offer experience and mentorship in this area for emerging conductors. The conductor will develop the skills, insight, and confidence required for a future career in conducting for ballet and will rehearse, tour and conduct live performances of _Gentleman Jack_ to audiences across the UK. - A grant awarded to the Royal Shakespeare Company, Stratford-upon-Avon to support their _Voice Training for Actors_ course: 16 actors began training with renowned voice coach Patsy Rodenburg in November 2025. The course was developed specifically to address the theatre sector’s decreasing emphasis on foundational craft skills and to ensure actors are ‘match fit’ to perform Shakespeare’s text to audiences. - 3 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Financial review** The Foundation’s total income in 2025 was £1,329,069, the majority of which was from investment income. The total expenditure for the year was £1,617,832 which includes £954,107 of grant expenditure (including grants committed by the charity in 2025, and some that will be paid over multiple years), £413,827 spent on other Charitable Activities, and £249,898 spent on raising funds. The net surplus for the year was £7,387,731 and total funds at the year end amounted to £73,607,169, all of which was unrestricted. ## _Going concern_ The Trustees have given due consideration to the performance of the investment portfolios as well as the outgoings and future commitments and have a reasonable expectation that Jerwood Foundation has adequate resources to continue in operational existence for the foreseeable future. There are therefore no material uncertainties about Jerwood Foundation’s ability to continue as a going concern. ## _Reserves policy_ Jerwood Foundation is able to spend capital from its investment portfolios 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 except in unusual circumstances **.** The Trustees have agreed it is prudent to maintain reserves for the following reasons: - To ensure Jerwood Foundation has sufficient income and funds to meet existing and future commitments, notwithstanding any deterioration in financial markets. - To ensure Jerwood Foundation has sufficient funds to meet operational costs in those same circumstances, or due to other unexpected adverse events. The balance of Jerwood Foundation investment portfolios as of 31 December 2025 amounted to £61,897,113. On the basis of the balance of the portfolios and a policy of monitoring liabilities regularly it is the Trustees' view that the reserves available are sufficient to fulfil their policy as set out above. Total funds held by the charity at 31 December 2025 were £73,607,169, after deducting fixed assets held the level of free reserves was £1,632,012. ## _Investment policy_ The Trustees' investment policy is to achieve long-term capital growth balanced with achieving the income needed to support Jerwood Foundation’s grant-making goals, and throughout 2025 the total return target was CPI +3%. Funds continue to be managed by W1M Wealth Management and Dowgate Wealth. ## _Investment performance_ At the start of 2025 the value of Jerwood Foundation’s investment portfolios was £54,354,560. Within the year £1,329,069 was received as income from this fund to enable Jerwood Foundation's activities. The valuation of the investment portfolios on 31 December 2025 was £61,897,113. ## _Major risks_ Major risks are discussed in Trustee meetings and recorded on Jerwood Foundation’s risk register. The main risk areas identified during 2025 were grantee financial stability and fraud, as well as appropriation or re-direction of grant funds and damage to the Jerwood brand. Risks around cyber security and bank fraud were also identified and considered. The Trustees are satisfied that procedures are in place to mitigate exposure to these risks. - 4 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Plans for future periods** The purpose of Jerwood Collection is to enhance the understanding and enjoyment of modern and contemporary art. To fulfil this purpose Jerwood Foundation will continue to make Jerwood Collection available for public display as well as continuing to acquire new works when it is felt that they will enhance the quality and diversity of the Collection. Future exhibitions that will include loans from Jerwood Collection that have already been confirmed include: _HAPPY!,_ Hatton Gallery, Newcastle-upon-Tyne (14 February – 9 May 2026); _Euan Uglow: An Arc from the Eye,_ MK Gallery, Milton Keynes (14 February – 31 May 2026); _Black Waters: Inference To The Veil,_ The Glasgow School of Art (14 March – 25 April 2026); _Break the Mould,_ Ikon Gallery, Birmingham (25 March – 6 September 2026); _Gladys Hynes: Radical Lives,_ Charleston in Lewes, East Sussex (2 May - 11 October 2026); _Comrades in Art: Artists Against Fascism,_ Towner Eastbourne, East Sussex (7 May - 18 October 2026); _Bloomsbury in Wiltshire,_ Salisbury Museum, Wiltshire (23 May - 27 September 2026); _The Sun and The Moon,_ Saatchi Gallery, London (5 June - 13 September 2026); _Wilhelmina Barns-Graham,_ Tate St Ives,Cornwall (24 October 2026 - 11 April 2027 tbc); Exhibition at Glasgow School of Art (20 March - 1 May 2027). - 5 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** The following grants awarded by Jerwood Foundation in 2025 were multi-year grants that included a commitment to payments in future years: - **2026** � Brixton Chamber Orchestra, London: £40,000 for _The Estates Tours_ 2026; � Forward Arts Foundation, London: £35,000 for _Jerwood Prize for Best First Collection_ 2026; � Hofesh Schechter Company, London: £40,000 for _Jerwood X SII_ 2026/27; � National Theatre, London: £35,000 for the _Jerwood Workshops_ 2026/27; � Royal Court Theatre, London: £100,000 for the _Jerwood New Playwright/Jerwood Royal Court Commissioning Scheme_ 2026; - � Sir John Soane’s Museum, London: £35,000 for the _Jerwood Artists-in-Residence_ 2026/27; � Young Vic Theatre, London: £35,000 for the _Jerwood Assistant Directors_ 2026/27. - **2027** � Far From The Norm, London: £10,000 for _NORMGROUND_ 2027; � National Theatre, London: £35,000 for the _Jerwood Workshops_ 2027/28; � Sir John Soane’s Museum, London: £35,000 for the _Jerwood Artists-in-Residence_ 2027/28. Multi-year grants that were awarded in years prior to 2025 are: - **2026** � Art Fund, London: £124,890 for _Jerwood Art Fund Commissions_ 2025/26; � Art Fund, London: £ 9,110 for _Jerwood Art Fund Commissions_ 2026/27; � Far From The Norm, London: £10,000 for _NORMGROUND_ 2026; � Glyndebourne, Sussex: £60,000 _Jerwood Pit Perfect_ 2026; � Glyndebourne, Sussex: £30,000 _Jerwood Young Artists_ 2026; � HighTide Theatre, Suffolk: £20,000 for _Jerwood HighTide Writers Group_ 2026/27; � London Philharmonic Orchestra: £20,000 for _LPO Young Composers Programme_ 2026/27; � Mahogany Opera, Cumbria: £20,000 for _Jerwood Opera Designers Award_ 2026; � Natural History Museum, London: £25,000 for _Programming in the Jerwood Gallery_ 2026; � Oxford International Song Festival: £15,000 for _Young Artist Programme_ 2026/27; � The Glasgow School of Arts: £19,333 for _Jerwood Curatorial Fellowship_ 2026/27; � ThickSkin Theatre, Wigan: £20,000 for _Jerwood Associate Artist Placement_ 2026/27. **2027** - Art Fund, London: £124,890 for _Jerwood Art Fund Commissions_ 2026/27; - � Natural History Museum, London: £25,000 for _Programming in the Jerwood Gallery_ 2027. ## **Structure, governance and management** The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Lara Wardle Tara Mayhew Philippa Campbell Rupert Tyler (Chairman) Lucy Ash Katharine Goodison Christopher King Miranda Thompson-Schwab Juliane Wharton Alan Grieve CBE (Deceased 14 May 2025) Kathrin Kahrass Carmona e Costa (Appointed 1 September 2025) - 6 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Statement of Trustees' responsibilities** The Trustees, who are also the directors of Jerwood 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 Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Auditor** In accordance with the company's articles, a resolution proposing that Ellacotts Audit Services Limited be reappointed as auditor of the company will be put at a General Meeting. ## **Energy and carbon report** As the charity has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. ## **Reference and administrative details** Jerwood Foundation was incorporated within the United Kingdom. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, OX16 9SA. The main office is located at Studio Office, Stoke Lodge, Cleedownton, Ludlow, SY8 3EG. The Trustees' report, including the strategic report, was approved by the Board of Trustees. .............................. Rupert Tyler (Chairman) ## **Trustee** 22/7/2026 | 17:00 BST Date: ............................................. - 7 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JERWOOD FOUNDATION** ## **Opinion** We have audited the financial statements of Jerwood Foundation (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant 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 in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ 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 obtained is sufficient and appropriate to 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 8 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JERWOOD FOUNDATION** ## **Responsibilities of Trustees** As explained more fully in the statement 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative 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 accordance with 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed 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 detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with 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 non-compliance. 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 (UK), We exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures: - Enquiry of management and those charged with governance around actual and potential litigation and claims. - Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations. - Reviewing minutes of meetings of those charged with governance. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Reviewed income and expenditure to ensure classified to the appropriate fund. - Reviewed minutes of board meetings to ensure that all grants agreed in the year had been recognised in the financial statements. - Auditing the risk of management override of controls, including thorough testing 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 at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 9 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **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 work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to 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 to anyone other than the charity and the charity’s trustees 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 Services Limited, Statutory Auditor Chartered Accountants Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England 23/7/2026 | 20:07 BST Date: ......................... - 10 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|-|30,063,154| |Investments|**4**|1,329,069|1,550,575| |**Total income**||1,329,069|31,613,729| |**Expenditure on:**|||| |Raising funds|**5**|249,898|208,744| |Charitable activities|**6**|1,367,934|2,496,560| |**Total expenditure**||1,617,832|2,705,304| |Net gains/(losses) on investments|**12**|7,676,494|3,401,622| |**Net income and movement in funds**||7,387,731|32,310,047| |**Reconciliation of funds:**|||| |Fund balances at 1 January 2025||66,219,438|33,909,391| |**Fund balances at 31 December 2025**||73,607,169|66,219,438| The statement of financial activities includes 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. - 11 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **BALANCE SHEET AS AT 31 DECEMBER 2025** |**Notes**
**Fixed assets**
Tangible assets
**14**
Heritage assets
**15**
Investments
**16**
**Current assets**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**19**
**Net assets**
**The funds of the charity**
Unrestricted funds
**21**|**2025**
**£**
**£**
739
10,077,305
61,897,113
71,975,157
48,002
2,655,893
2,703,895
(841,993)
1,861,902
73,837,059
(229,890)
73,607,169
73,607,169
73,607,169|**2024**
**£**
**£**
1,255
9,931,601
54,354,560
64,287,416
103,968
3,001,977
3,105,945
(775,590)
2,330,355
66,617,771
(398,333)
66,219,438
66,219,438
66,219,438| |---|---|---| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 22/7/2026 | 17:00 BST The financial statements were approved by the Trustees on ......................... .............................. Rupert Tyler (Chairman) **Trustee** - 12 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025** ||||**2025**||**2024**| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Cash flows from operating activities**|||||| |Cash (absorbed by)/generated from|**23**||||| |operations|||(1,663,390)||28,208,388| |**Investing activities**|||||| |Purchase of tangible fixed assets||-||(1,093)|| |Purchase of heritage assets||(145,704)||(109,747)|| |Purchase of investments||(12,958,944)||(47,512,330)|| |Proceeds from disposal of investments||13,092,885||18,880,906|| |Investment income received||1,329,069||1,550,575|| |**Net cash generated from/(used in) investing**|||||| |**activities**|||1,317,306||(27,191,689)| |**Net cash generated from financing activities**|||-||-| |**Net (decrease)/increase in cash and cash**|||||| |**equivalents**|||(346,084)||1,016,699| |Cash and cash equivalents at beginning of year|||3,001,977||1,985,278| |**Cash and cash equivalents at end of year**|||2,655,893||3,001,977| - 13 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** # **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1 Accounting policies** ## **Charity information** 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 Basis of preparation** 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 Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate 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. ## **1.3 Charitable funds** Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. Designated Funds are amounts which have been put aside out of general unrestricted funds at the discretion of the Trustees. Restricted Funds are those which are given for particular purposes as specified by their donors. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** All income is recognised in the Statement of Financial Activities (SOFA) 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 performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 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 accounted for when receivable and is stated gross of any reclaimable taxation relief - 14 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computers 2 years straight 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. ## **1.7 Heritage assets** The Art Collection falls within the definition of 'Heritage 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 made/the cost of valuation is likely to 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 deterioration or doubts arise as to their authenticity, The Art Collection is reviewed each year in order to assess whether any overall impairments are necessary. ## **1.8 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.9 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.10 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 15 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1 Accounting policies** ## **(Continued)** ## **1.11 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services 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 at transaction price and subsequently 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 discharged or cancelled. ## **1.12 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 16 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Critical judgements** ## **Heritage assets** The Trustees consider that obtaining annual valuations for the art collection would not be cost-beneficial. The collection is therefore not revalued routinely. The collection was initially recognised at deemed cost (based on insured values at the date of initial recognition) and subsequent additions are recognised at cost. The carrying value is reviewed annually for indicators of impairment. The carrying value of the heritage assets at the year end was £10,077,305 (2024: £9,931,601). ## **3 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Donations and gifts|-|30,063,154| |**Donations and gifts**||| |Donations from Jerwood Charity|-|30,063,154| ||-|30,063,154| On 1 January 2024, the assets and operations of Jerwood Charity were transferred into Jerwood Foundation to create a single UK charity with the purpose of ensuring increased benefit for present and future beneficiaries. This donation is reflected in this note in relation to the prior year. The assets were transferred for nil consideration. - 17 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **4 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Income from listed investments|1,328,586|1,550,575| |Interest receivable|483|-| ||1,329,069|1,550,575| |**Expenditure on raising funds**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Investment management**|249,898|208,744| - **5 Expenditure on raising funds** ## **Investment management** - 18 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **6 Expenditure on charitable activities** |**Support**
**costs –**
**grant-makin**
**g,**
**administrati**
**on and**
**communicat**
**ions**
**2025**
**£**
**Direct costs**
Storage and technical
support
25,778
Insurance
11,298
Transport
3,110
Copyright
692
Books
186
Restoration and reframing
1,999
Photography
623
43,686
Grant funding of activities
(see note 7)
-
**Share of support and governance costs**
Support
343,115
Governance
27,026
413,827
**Analysis by fund**
Unrestricted funds
413,827|**Grant**
**Making**
**2025**
**£**
-
-
-
-
-
-
-
-
954,107
**(see note 8)**
-
-
954,107
954,107|**Total**
**Support**
**costs –**
**grant-makin**
**g,**
**administrati**
**on and**
**communicat**
**ions**
**2025**
**2024**
**£**
**£**
25,778
18,130
11,298
10,960
3,110
544
692
872
186
581
1,999
2,495
623
-
43,686
33,582
954,107
-
343,115
264,355
27,026
32,843
1,367,934
330,780
1,367,934
330,780|**Grant**
**Making**
**2024**
**£**
-
-
-
-
-
-
-
-
2,165,780
-
-
2,165,780
2,165,780|**Total**
**2024**
**£**
18,130
10,960
544
872
581
2,495
-| |---|---|---|---|---| |||||33,582
2,165,780
264,355
32,843| |||||2,496,560| |||||2,496,560| - 19 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **7 Grants payable** |Grants to institutions:
Pentabus Theatre
Art Fund
Jerwood Space
London Philharmonic Orchestra
Birmingham Royal Ballet
Royal Court Theatre
Britten Pears Arts
DanceEast
Edinburgh Printmakers
Impermanence
National History Museum
Glyndebourne
Brixton Chamber Orchestra
Hightide
Mahogany Opera
ThickSkin
Forward Arts Foundation
National Theatre
New Writing North
Sir John Soane's Museum
Hofesh Schechter
Young Vic
Arvon
Other grants <£40,000|**Grant**
**Making**
**Grant**
**Making**
**2025**
**31**
**December**
**2024**
**£**
**£**
-
40,000
-
402,000
-
480,000
-
60,000
-
100,000
200,000
150,000
-
50,000
-
50,159
-
45,235
-
40,000
-
75,000
-
120,000
40,000
12,500
-
40,000
-
40,000
-
40,000
70,000
-
105,000
-
44,000
-
105,000
-
80,000
-
70,000
-
40,000
-
200,107
420,886
954,107
2,165,780| |---|---| For additional information on grants made in the period, please refer to the Trustees' Report. The above table lists the grants committed to by the Charity in 2025 and includes some that will be paid over multiple years. The list on pages 3 and 4 of the Trustees' Report lists all grants paid out during the year and note 20 of these financial statements gives detail on how these are accounted for within these financial statements. - 20 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **8 Support costs allocated to activities** |**2025**
**2024**
**£**
**£**
Staff costs
241,819
175,957
Depreciation
516
129
Travel and subsistence
13,298
13,191
Office running costs
16,387
14,245
Insurance
3,693
1,875
IT and subscriptions
16,069
20,873
Legal and professional
2,984
3,149
Sundry expenses
2,203
5,260
PR and consultancy
27,489
29,676
Marketing
18,657
-
Governance costs
27,026
32,843
370,141
297,198
**Analysed between:**
Support costs – grant-making, administration and communications
370,141
297,198
Governance costs includes payments to the auditors of £11,900 (2024 - £11,100) for audit fees. Further to
this, governance costs include other accountancy fees, annual review fees and legal and professional fees
incurred during the year.
**9**
**Net movement in funds**
**2025**
**2024**
**£**
**£**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
11,900
11,100
Depreciation of owned tangible fixed assets
516
129|**2025**
**£**
241,819
516
13,298
16,387
3,693
16,069
2,984
2,203
27,489
18,657
27,026
370,141
370,141|**2024**
**£**
175,957
129
13,191
14,245
1,875
20,873
3,149
5,260
29,676
-
32,843| |---|---|---| |||297,198| |||297,198| |||| ## **10 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 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 12. ## **11 Employees** The average monthly number of employees during the year was: |**2025**|**2024**| |---|---| |**Number**|**Number**| |5|3| - 21 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** |**11**|**Employees**||**(Continued)**| |---|---|---|---| ||**Employment costs**|**2025**|**2024**| |||**£**|**£**| ||Wages and salaries|195,321|153,097| ||Social security costs|24,190|14,760| ||Other pension costs|22,308|8,100| |||241,819|175,957| ||The number of employees whose annual remuneration was more than £60,000||| ||is as follows:||| |||**2025**|**2024**| |||**Number**|**Number**| ||80,001 - 90,000|-|1| ||90,001 - 100,000|1|-| ||**Remuneration of key management personnel**||| ||The remuneration of key management personnel was as follows:||| |||**2025**|**2024**| |||**£**|**£**| ||Aggregate compensation|93,200|84,800| |**12**|**Gains and losses on investments**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| ||Gains/(losses) arising on:|**£**|**£**| ||Revaluation of investments|5,926,219|1,954,772| ||Sale of investments|1,750,275|1,446,850| |||7,676,494|3,401,622| |**13**|**Taxation**||| The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 22 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **14 Tangible fixed assets** |**Cost**
At 1 January 2025
At 31 December 2025
**Depreciation and impairment**
At 1 January 2025
Depreciation charged in the year
At 31 December 2025
**Carrying amount**
At 31 December 2025
At 31 December 2024
**15**
**Heritage assets**
At 1 January 2025
Purchases
**At 31 December 2025**|**Computers**
**£**
1,870
1,870
615
516
1,131
739
1,255
**Jerwood**
**Collection**
**£**
9,931,601
145,704
10,077,305| |---|---| Heritage assets held consist of a collection of artwork. It 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 to have indeterminable lives and it 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 the condition of the paintings and arranges for their conservation where necessary. These assets were brought into the financial statements at deemed cost, based on their insurance value at the date of initial recognition, during year ended 31 March 2023, and subsequent additions to the Collection are included at cost. - 23 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **16 Fixed asset investments** |**Cost or valuation**
At 1 January 2025
Additions
Valuation changes
Profit on disposals
Disposals
At 31 December 2025
**Carrying amount**
At 31 December 2025
At 31 December 2024
**17**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**18**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Grants payable
Other creditors
Accruals and deferred income
**19**
**Creditors: amounts falling due after more than one year**
Grants payable|**Listed**
**investments**
**£**
54,354,560
12,958,944
5,926,219
1,750,275
(13,092,885)
61,897,113
61,897,113
54,354,560
**2025**
**2024**
**£**
**£**
48,002
103,968
**2025**
**2024**
**£**
**£**
13,943
10,659
748
5,326
806,940
741,329
1,679
1,616
18,683
16,660
841,993
775,590
**2025**
**2024**
**£**
**£**
229,890
398,333| |---|---| - 24 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **19 Creditors: amounts falling due after more than one year** ## **(Continued)** The trustees have accrued as a liability grant commitments that have been agreed. Although each grant is subject to an annual review, the likelihood is deemed to be that the grant will be paid so a full accrual for the commitment is made. |subject to an annual review, the likelihood is deemed to be that the grant
commitment is made.|will be paid so a full accrual for t| |---|---| |**Movement in recognised grant commitments during the year**|**Charitable commitments**| ||**accrued**| ||**£**| |Grant commitments recognised at the start of the year|1,139,662| |New grant commitments charged to the SoFA in year|954,107| |Grants paid during the year|(1,056,939)| |Amount of grant commitments recognised as at 31 December 2025|**1,036,830**| |**20**|**Retirement benefit schemes**||| |---|---|---|---| |||**2025**|**2024**| ||**Defined contribution schemes**|**£**|**£**| ||Charge to profit or loss in respect of defined contribution schemes|22,308|8,100| The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. ## **21 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At 1 January**
**2025**
**£**
General funds
66,219,438
**Previous year:**
**At 1 January**
**2024**
**£**
General funds
33,909,391|**Incoming**
**resources**
**£**
1,329,069
**Incoming**
**resources**
**£**
31,613,729|**Resources**
**expended**
**£**
(1,617,832)
**Resources**
**expended**
**£**
(2,705,304)|**Gains and**
**losses**
**£**
7,676,494
**Gains and**
**losses**
**£**
3,401,622|**At 31**
**December**
**2025**
**£**
73,607,169| |---|---|---|---|---| |||||**At 31**
**December**
**2024**
**£**
66,219,438| - 25 - Docusign Envelope ID: BDF2D0D8-33D5-87DE-80C6-9AF5BDB141C4 ## **JERWOOD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **22 Related party transactions** During the period the charity entered into the following transactions with related parties: Rent totalling £9,600 (period ending December 2024: £8,400) was paid to a trustee and her husband for the use of their office space. No amounts were outstanding at the year end. During the year, purchases of £9,592 (2024: £12,575) were made on behalf of two trustees for health insurance. Of this, £7,103 was reimbursed to the Foundation. |**23**
**Cash (absorbed by)/generated from operations**
Surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Cash (absorbed by)/generated from operations**|**2025**
**£**
7,387,731
(1,329,069)
(1,750,275)
(5,926,219)
516
55,966
(102,040)
(1,663,390)|**2024**
**£**
32,310,047
(1,550,575)
(1,446,850)
(1,954,772)
129
(57,508)
907,917
28,208,388| |---|---|---| ## **24 Analysis of changes in net funds** The charity had no material debt during the year. - 26 -