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).

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.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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;

• 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 early- career 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.

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

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.

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 life-sized 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.

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.

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.

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.

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 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.

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).

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:

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.

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.

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.

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.

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 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.

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.

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.

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.

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:

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.

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.

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.

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.

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.

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.

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.

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.

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.

Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief

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.

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:

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.

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.

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.

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).

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.

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, 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, 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.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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).

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.

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.

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.

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.

The average monthly number of employees during the year was:

The remuneration of key management personnel was as follows:

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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.

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.

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.

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.

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.

The charity had no material debt during the year.