Charity registration nwnbpr 1127262 IEngland ind Wales Company wistration number 06637374 THE DAVID HOCKNEY FOUNDATION IUKI UMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 'AEC7807F• 3010912025 COUPANIES HOLISE THE DAVID HOCKNEY FOUNDATION {UK) LIMITED CONTENTS Pay Tru5tees' report Statement of trust8es' responsibdilie5 Independent audrtrfs report Stslemenl of f￿ana81 a¢Yi¥it*$ Balance sheet 10 Stslemenl ofcash flows 11 Notes to the fman(aal statements 12-20 THE DAVID HOCKNEY FOUNDATION (UIQ LIMITED LEGALAND ADMINISTRATIVE INFORPIATION Trustees J P Gryyl¥es de Lima J Hill D HThkny D Juda K Kdty S•crntary Breams Secretaries Limited Charfty number 1127262 Company nwilxr 37374 Registered offi¢• Fh)or 8 710ueen VKtoiia Street London Untted lfj"ngdom EC4V 4AY Audltor Crowe U.K. LLP 55 Lwjgate Hill London EC4M 7JW Solicilovs vltdlake Bdl LLP 71 Queen Vthria Street London United ￿"ngthm EC4V 4AY THE DAVID HOCKNEY FOUNDATION {UK) LIMrrED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who are also of the chaIrtab￿ C¢)mpany. present their arbnual report M Ihe affairs of The Dav(Il Hcckney Foundalion IUIQ Limited (the 'CharrtatrAe Compaftrf or Foundats"onl. together wilh the financial staiemenls and auditorfs report for the year ended 31 De(*mber 2024. The f￿anCIal statements have been p￿pared in acurdance wilh the Charibes Act 2011, the Ctynpanies Act 21 ond the Ststgm¢nt of R¢¢tynmended Pra¢ti¢¢." A¢¢ounling and ReporbThJ by CWtie$ 2019. The Trustè&s' Report has beèn prèpared in accordance wrth the special provisions ap￿ICable to c4mpani•s enlilkd Its the small CoMpan￿s. exèmption and exempl￿n from preparing a Strategic Re Obj•ctiv•s and activiti•s The primary objective of the Charilable Ccryany is the fvrtheran¢e of the edu¢abon of the in the appreciation of art by making Dawd HoL*ney's ar￿0th5 and ar¢hNe5 available to public through exhibitton. preservation, and publ￿allOn. The CharitatAe Company established an a[￿k Collection. which * ach*vÈd 8lm05t entirely Ihrough gifts of ar￿Irk received from Dawd Hockney from 2008 - 2017. The Trustees conffirm thai they have referred to and had due regard for the gu￿anCe contsined in the Charity Ctynmi55ion's 9eneral guH1an(t on public beneffit when reviewing the Trust's aims and obJedive$ and in plannirwj fulure a¢lMbes and setting grant makin9 policy for the year. A¢hl•v•m•nts and ￿rtOrn￿n Stgrriffcant acts'vit￿s and achievements againstobieclives The Oawd Hockney Foundation continues to lend artw￿ generously to museum exhibition$. In 2024 this induded notable loans to.. the National Portrait Gallery, London". Petersen Automotive Museum, Los Angeles." and Los Angeles 0￿ra. Selections from the colknlion are on full-time at the 1853 Galery at Salts Mill, Saltaire. YO￿$hIre. In additKJn. intensive researth and preparatijry acts"￿"e5 were undertaken for a signfficant exhibition at Fondation Loui5 Vuitton. Paris, opened inApn'l 2025. Update5 continue lo be made lo the FoUrKlaIM￿'S webs￿le. Qualffied s￿￿8r5 were g￿￿n access to the collection and ar¢hives for ￿Search pU￿Ose$. Finanelal révTèW The Charitable Company is ftjnded by rAsh donatK>ns from David Hocknèy in ¥ddrtKJn to the arfvKJrk he has already donated. Although the athork donated is of wgnificant value, the Trusteès acknowledge that as the a￿Ork is held by them a5 a collection to meet the Charilable Company's obpth"¥e$. any risk of nuC￿allOn in vahje wll have I￿le finaniial impad to the Chariiable Company. The Tw$lee$' poly is lo maintsin a level of ￿$¢￿Ve$ SLrffKyenl to p¥0￿de a Stsblo base for the Charitab Company's contsnuing activities. The Twstees believe Ihat Ihe reserves are sufficient for it$ current purposes and th¢se are reviewed on a regular ba%s. The reser¥es at 31 Oecember 2024 were S1.022,￿9k(2023.. $1,019,167k}, in¢ludin9 fixed assets of $l,O18,￿3k121r￿3.' $1,W1.174k). In the current and prior year. no donation5 of arbvork were made to the Charilable Company. During the CLtrrent year, cash donations of $982k Q023." $945kl were received by Ihe Chartable Company. Going con¢ein The Tnjstees have consRlefed the thl of expenditure to 7Athich the Charitabl• Company ts committed and the limiNJs of future cash lTr)ws arising. Thefe were net ojrrent assets at 31 December 2024 01 $4.L￿Gk 12023.. $17,993kl and total asset5 less liatslities were $1.022.969k {2023." $1.019,167k). The Trustees considèr that the assets held within the Charitable Company are suffi￿n￿y Capable ol generating income to meet such expenditure as and when reqvired. The Trvslees have a rea$onatAe exped3t1￿ thal the Charita￿e Company has adequate re50urrEs to coniinue to Ope￿te lor a period of al least tsv$lve months from date of signing the fina￿la1 statements. The Charitable Cornpany is well placed to manage ts bu￿ne$S risks successluly desme the current uncertain economic oudook. Ac¢ordingty. the Tiustees conclLbJ8 that il is appropFratè to prepare the charitab￿ Companys financial statements on the going ¢oncem basis. THE DAVID HOCKNEY FOUNDATION {UK) LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (COMllNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for futufe yrlods The Trustee5 are focused on Conlin￿ng to make the O￿ler11(￿ and aTthi¥e availatle via h)ans to exhibit*)ns and private access by qualified irKliwduals. structur•. govern•nc• and manag•m•nl The David Hockney FoUndat￿n (UK) ￿mited is a g)mpany limited by share5. company number ￿637374 and registered chanty, tharity number 1127262. The Company was in¢>yporated on 3 Juty 2(￿ and its governing documents are its Memorar￿um al￿ Art￿e$ ofA5s0¢iation. h became a registered chanty on 23 De¢ember 2008. 11 is vèsted in the Trustees to run the Chantable Cc*npany in accudarKe with its Memrandum and Articles of Association in order to Tneet ts charita￿e objects"ves. The number of Twstees holding office may not at any time be fewer than two and thwe 15 no maximum number of Truslees that may hold office. The shareholders may appoint additi￿al Trustees in accordance with the Pri￿*￿Vre$ of the goveming doojmenls, which a150 set OLrt the procedures for retiiing tnjstees. Induction and training wdl be Prowded io r￿W Trustees by the existing Twstees and their advisers. The Charitable Company does not have any dired en¥Aoyees in the year tyjl empbyees of David Hod(ney and olher Oayid Hockney related entities sp￿d part of the* time workwig for the C￿181￿e Company and thus wage costs are wharged to il. FIX the purpose of this report and accounts. Oavid Hockney is treated a5 a related paty in hi5 caparity as Trustee, dmor and officer of the Charrtable Cornpany. During thè year, Dawd Hockney incurred expenses on behaw of the Charitable Company whith were inoJrreO the fvrth¥*￿ of the Charitable Companls objeclives (see note 16 laled paty transactions}. Thè maier risks to whKh the Chan"tablè Coftyny is exposed. a$ rdènIff￿d by Ihè Trnsléès ara in relation to safeguarding the assets. Assets a￿ hekj in seDJre hxations to manage those risks. The Twstees. who a￿ also the d*e¢tors fof the purpose of ¢omp*)y l•v. and who served durin9 the year, unless $tst•d Othe￿1¥e. arwJ up to the date of Signature of the finanoal statements were.. J P GOn￿1ve5 de Lima D Hockney D Juda K Kelly C Scheips J ￿lkinsOn (Resigned 12 J￿1 2024) Auditor Eath of the petsons who is a Truslee at the d*0 of apwoval of thtsAnnual Rewrt ttjnfimis Ihat." so far as the Trustees a￿ aware. there ts re￿vant audrl tnfornalion of whith the Charrtable Companls auditor is unaware.. and the Tnjstees have taken all the steps that they ought to have taken as a Trustee lo make ihemselves aware of any relevant audit tnformation and lo establish that the Chaiitable Company's auditor is aware of that inlormation. This confirn81ion is given and shwld be interweied in attlwdance with the pro¥ish)ns of s418 of the CompaniesAct 20C6. Crowe U.K. LLP have expressed Iheir willingness to conlinue Offi￿ as audilor to the Charitablè Company and a resolution proposing that they be re-appty.nted wdl be put al a GenerJ Meeb"ng. THE DAVID HOCKNEY F.OUNDATION ￿K1 uMrrED TRIISTEES REPORT UNCLUOING OIIIECTW REPORTI ICONIWIUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 J w￿n$¢n THE DAVID HOCKNEY FOUNDATION (UK) LIMITED STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who ar• also the diredws of The DavKI Ho¢￿Y Foundation (UK) Lwnited for the purposes of Company lawl are ￿sponsible for preparing the Trustees. knnual Rèport and the financi415tatements in a¢¢ordan¢e with applicable law and Unrted kn"ngdom Au)Junting Standards (United Kingdom Generally Ac£epted Acts)unling Practice) induding FRS 102'The Financaal Rewl¥vJ Stsnd¥d appI￿￿le in the UK and ftepubl￿ of Irelanrf. Company law reqvires the Tru51ees to prepare finanrial statements for eath finanaal year which give a true and tsir ew of the state of affair5 of the Ch*itable Company and of the inL>yning resowcES and applution ol re50urce5, including the income and expendrture. ofthe Chantable Company that year. In preparing those financial statements. the Truslees are required to: select s￿table accounting rrtjlicies and then appty them ¢xrk5i5tendy: observe the fflethods and principles of the Charibes SORP". make judgements and e5b"mates that are reasonaWe and prudent-, state whether applicable UKAccounting Standards have been fol¢y4ved', and prepare the financial stslements on the g￿ng o)rwi basis ￿lesS it is inappropriate to presume that the Charit8bte Company will ¢ontinue in business. The Tnjslees are ￿sponsIb￿ for keeping adequate a¢￿UntIng records that di5d05e wrth re850nable a¢¢urary at any time thè finanual posits.on of the Charitable Company and enable them to ensure that thè firtancial statèments compty with the Companies Act 2006. They a￿ also responSi￿e for safeguarding the assels of the Charitable Company and hence for tsking reasonatAe Steps for the prevention and deteCt￿n of fraud and other irre9ularities. In 50 lar as the trustees are aware.. there is no relevant audit infomMb"on of which the Chantable Company's auth.lor is unaware,. and the trustees have tsken all steps that they ought to have taken to make themselves aware of any rele￿t audrt information and lo establish that the auditor is aware of that information. THE DAVIO HOCKNEY FOUNDATION IUK) LIMITED IMDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DAVID HOCKNEY FOUNDATION IUKI UMITED Opinion We have audrted the finantial ststements of The David Hoc*ney Foundation IUIQ Limrted {the 'Charitable Company'l for the year ended 31 D￿rnber 2024 which c4Jmprise the ststemenl of financial activities, the balance sheet, the $t*ement of cash flows and notes to the financial statements. induding significant accounting policies. The financial reporting framework that has been applied in their preparat￿n is apFlicable law and Unrted ￿'ngdoM Accounting Standards, induding Finanrjal ReF4Jrting sfandard 102 Thg Finan￿91 Re&vth"ng Standard applKable in the UK and R&pubh"c oflrnland (United Kwdom Generalty A¢¢apte(l Acc￿￿￿"n9 Pract￿). In our opinion the ffftawal slatements". give a true and fair Mew ol the State of the tharitable trynp￿￿5 affairs as at 31 Decer￿eT 2024 and of its come and expenditure, for the year then ended., have been property prepared ￿ xcordance *lh United lQngdom Gèneraly Accepted Ac¢ounting Pra¢b"ce.' an¢J have been prepared in accordance vthh the requirements ofthe Cthwies Ad 21Xffj. Basis for opinion We conducled our audit in accordance wilh Inlemalional Standards on Audiling IUK) IISAS (UK)) and applicable law. Our ￿SponSibl1111es under those $tsndar(ts are fvrther ￿e￿be￿ in the Auditorfs respon5ibililies for Ihe audit of the finanrjal statements seclion of ouf reptyl. We are independent ol Ihe charita￿ Company in accordance with the ethical requrrements that are rdevant to our audrt of the finanaal statements in the UK. indudin9 the FRC'5 Ethul Slandard. and we have fulfilled our other ethical responsitslities in accordan￿ with these requirements. We beliève that th¢ audit evidencE we have obtwned is suffic4ent and approprbate to provide a basis lor OL* op41ion. Conclusions relating to going concem In •udilin9 the financial statemènts. we have conduded that the Iwstee's use of the going con¢em basis of accounting in the preparation of the financial slatements is appropriale. Based on Ihe work we have pwtsmied. we have not idenlified any material un¢ertsinties ietating lo event5 or ccndilions that, indivKJualty crf collectt¥ely, may cast significant doubt on the charitable ability to continue as a going concem for a penod of at feast twelve months from when the ffinancial statements are aLrthorised for issue. Our responsibilsiEs and the respor￿1￿￿11eS of the trustees wilh respeGI to going cOr￿M dèscribed in the relevant sections ol this report. Other 5nfomiation The Iru$tees are respOn￿b￿ for the other information contained within the annual report. The other informatK)n comprisès information induded in the annual repNt, other than the financial ststements and our auditorfs report thefeon. Our opinion on the finanual statements does nol cover the other inforrnab.tsn and. except to the extent othemse explicitly slated in our report. wé do not express any fomi tsfassurance condusitin thereon. Our responsibility is to ￿ad thè other infomiatmm and, in doirrfJ so. consider whether the othef infonnation is matolially inconsistent wilh Ihe financial slatements or our kn￿￿edge obtained in the audrt or otherwise appears to be materialty misslated. If we hlentify material inconsisterKaes or apparent material misstatement5, we are reqvired to detefmine whether this gives rise tt) a malerial misslaten*nl in Ihe finanryal statements themselves. If, based on the work we have performed, we that there is a materol rnisststement of Ihis other infoTmatK)n, we are required to report that fa(*. We havè nothing to report in this regard. Opinions on othef m•tters pr•s¢ribed by the Cofflpanies Act 2006 In our opinion based on the work undertaken in the ¢ourse of the audit". . the Inf￿tion given Ni the Twste8s' RepoiL ￿c*JdeS the Dweciors. Report prepared ft>r the purposes of company law lor Ihe finanaal year for wlM¢h the finanaal statements ar• p￿Pared is consistent with the finanoal statements. and the Directors. RepcKt induded wilhin the Trustees. R8Wt ha5 been p￿pared in a¢xordance with applicat4¥ 18gal requirements. THE DAVID HOCKNEY FOUNDATION (UK) LIMrrED INDEPENDENT AUDITOR'S REPORT {COPfflNUEDI TO THE TRUSTEES OF THE DAVID HOCKNEY FOUNDATION lu￿ UMITED Matter5 on Yknich we ave required to report by exception In light of the knowledge and unde￿tandIng of tharilal￿e ojnpany and their ¢Mronment obtsined in the course of the audrt, we have not rdenlffied fflater￿1 misstslefflents in the dI￿10r$. report indLthd within the trustees, report. We have nothing Its report in respect of the fol￿41n9 matters in relatw lo *thic* the CoJY¥>anies Act 2006 requires U5 to ieport lo you if, in our opsnion.. adequate and proper a¢counling le￿rdS ha%* not been.. or the financ￿ statements are not in agreement 7Mth Ihe accounting records and retum$,' or certain disdosures of Iruslees. remuneralK)n 5peryfied by law are not mado," or we have not receNed all the infomiab.on and explanations we require for our audil,. c the Iruslees We￿ not entitled to prepare the finanrial 51atemenls in accordan￿ wrth the small C￿mpanieS regime and take athntage of the small cornpanies. exempbons in preparing the trustees. directors, report and from the requirement to prepare a strategic Teport. R•gponsibilities ol trusl••s explained more I￿ty in the twslee$' ￿sponsIbl11￿eS statement, the trustees (who are also the 11￿CtorS of the Charita￿e Company fof the purposes of company law) are responsib￿ for the preparation of the finanoal $latements and for being satisf*d that they gNe a true and fair Mew, and for suth intemal conlrol as th¢ truslge$ detemine is necessary to enable thè preparats.on of financi￿ statements that are free from material misstatèmènt. vthether due to fraud or error. In preparing the finarrial statements, the tnjstees are responsible for assessing the Charitable Company's ability to cC￿tinue a5 a going o)ncern, disdosing. as applicable. matter5 relaled lo going corw and Ltsing the going concem basis of accr¥Jnting unless the inJ5tees either ￿teThd lo liquidate the charrtable company or to cease operats'ons, or have no realistic aliemaiNe but to do so. Auditorf$ responsiblllties for the audit of th¢ fifian¢ial Statements Our objectives are to obtain reaSona￿e assurance about whether the finarKgal statements as a whole are Ira8 from material misstatement. whether due to fraud or errof, and to issue an auditorfs report ihat indudes our opinion. Reasona￿e assurance 1$ a high level of assurance is not a guaranlee that ￿ audit condu¢tsd in accordance with ISAS IUIQ will a￿ayS t1etèet a malerial misslatement when rt exists. Mis5tatemenls can arise from fraud or error and are considered material rf. Individu￿ly or in the aggregate, they could reasonably be expècied to influence Ihe economic derys•Jns of users taken on the basts olthese finanrAal statements. Details ol the extent to which the audit was considered capable of delecling irregularilies. induding fraud and nC￿- compliarKe w￿h LIw3 and r8gulations are set out t>ekyw. A further descript*M of our respon&t¥lAI'es is located on the Finanaal Reporting Counc41'5 webstte at.. https'.11 www.frc.org.ukJauditorsie$ponsibilities. This descriplion forms part of our auditorfs report. THE DAVID HOCKNEY FOUNDATION (UK) LIMITED INDEPENDENT AUDITOR'S REI>ORT ICONTINUEDI TO THE TRUSTEES OF THE DAVID HOCKNEY FOUNDATION IUK) UMITED Ext•nt to which the audit was cons1def￿ cwble of detectlnq iryularlliws. Includlng fraud Irwg¢Jlaritl￿. induding fraud. are ￿StanceS of nOn-com￿lance vAth laws and regulation5. We identified and a$$essed the risks of mat8rial misstalement of the finanoal statements from irregularities. whether thje to fraud or èrror, and disujssed these betsyeen our audit ieam mèmber5. We then desuned and perforTned audit procedures responsive to those risks, induding obtsining audit evklence suffioenl arHI appropriate to prtsmde a basis for our opinion. We Obtain￿ an under5tsnding of thè le9al and regulatory frameworks wrthin whth the ¢haritable ¢x)mpany operates, frKusin9 on those laws and regulab"Ms that have a direct ellect on the determination of m*erial 8mounts and disclosures in the ffinanrAal slatements. The laws and regulations we Congdered in this o)nlext were the Companies Ac¢ 2LX16 together wsth the chariti.es SORP {FRS10212019. assessed the required ￿)mpliance hyith these laws and regulab.ons as part of our aLwAit procedures on the related financial statement items. In addilion, we considered provisions of other laws and that do not h￿e a direca effect on the finandal statements bLrt cAynplia￿e with which rnight be fvndamental lo the Chaiilable cKJmpanls abilty to operate or to avoid a material penaKy. We also considered the OppOrtunrt￿ and incentives that may exist within the cknaritable cornpany for fraud. The laws and regukb.ons we considered in this ¢onlext for the UK operations were Chanty Commission regulations. taxabon legi$lalK*n. and ernpbyrnnt ￿lSIatty. Audrting standards limit the required audit procedurès lo idenbfy norrtompliance wth these laws and re9ulalion$ to enqulry of the Trustees ant1 other management and inspection of regulatory and le9al correspondence, if any. We identffied the greatest risk of material impaLI on the finanrya statements from iffegvlarities, induding fraud. to be within the allocation of expenditure from related pa￿"t$ and group undertakin9s. the ￿mpletenesS and disdosu¥e5 of related party transact￿rtS. and Ihe override of contrd$ by management. Our audit procedures to respond lo these risks induded enquiries of management and the trustees aboul their own Kjentrfication and assessment of Ihe risk$ of Irregularit￿S, sample tesb"n9 on Ihe posling of ioumals, rewewing accounting e$limales for biases. assessing the appfopriateness and reasonableness of the cosl alkjcation meihodology, revièwing regulatory correspondence the Charity Commission. ￿leWIng the dedarations of interest ujmpleted by the twslees and senior management team . and reading minutss of meety.ngs of Ih05e charged wilh govemance. ¢Jw'ng to the inherent h'rnitstws of an audit. there is an una¥oidable ri$k that we may not have deteded some rnatefial misstatements in the finanoal slatèments. evèn though we ha￿ pmpèrfy ￿anned and perfomed our audrt in accordance wth auditing standafds. For example, the lurther removed nofvcompliar*ce with laws and regulalirjns (ir￿gU1arltieSI is from the event5 and transactions rellected in the finar￿la1 slatements. the less likely the inhèrenuy limrted procedures reqUI￿d by auditing standards would identjfy it. In addition. as any audit. there remained a h￿her risk of non4IeteCt￿ of irregularilies. as Ihese may invofve collusV￿, forgery. intentional omissions. misfepresentations, or the ovenide ol intemal ¢)Jntrc4s. We a￿ not resron5ible for pre¥entry non-cornpliance and nnot be expected to detect non-compliance ￿th all law5 and re9ulab"ons. THE DAVID HOCKNEY FOUNDATION (UK) LIMrrED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DAVID HOCKNEY FOUNDATION (UK) UMITED Us• of our report This report is madè solely lo the charitsble COmpan￿S members, as a boty. in accordance with Chapter 3 of Part 16 of the Companie$Act 20CI%. Our audit work has been undertaken so that we mKJht state to the charitabl& company'$ Members those matters we are required to state to them in an audrtor's reF)Ort and for no other purpose. To the fullest èxtènt p•nnitted by law. we do not accept or assume responsibilty to arryone other than the charitat4e company and the charitable company's members as a Ix*ty, for our audit work. for this report, or for the ¢)pinions we have fomed. Jayne Rowe FCCA IS•nior Statutory Aydito Crowe U.K. LLP ststutory Auditlx Lond Da￿.. 30 September 2025 THE DAVID HOCKNEY FOUNDATION (UK) LIMITED STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENIXTURE AccouKr FOR THE YEAR ENOED 31 DECEMBER 2024 Unrnstriet•d Unrnstri¢t•d fvnds fund$ 2024 2023 as reststed s'ooo In¢ome from: Donations and legacjes Other incorr* 945 Totsl Income 945 Expendlture on: Charitable acb"MtTres 1,429 1,834 Tot41 tX￿ndItur¢ 1.429 1,834 Net •XP•Adliurè and movefflént In fvnds {3811 (889} Revaluation ol herits9e asséts Other gains Nèt gains on in¥estrnents 270 759 ProfiVllo$sl forthe year 3.802 (130} Reconciliation of funds: As originally reported Prior yèar adjustmènt AS resiated Fund balancès at 1 J￿￿ary 2024 1.017.721 1.576 1.019,167 1.019,297 Fund balanc•s at 31 D•e*mber 2024 1.022,￿9 1.019.167 The stslement of financial actNities inchjdes all gain$ and losses rec(tyised in the yeaf. All 1￿me and expenditure derive from ¢onts"nying a¢b"¥its"es and relate to unrestn.ded funds. The notès on pag•$ 12 to 20 fonn pwt of these fina￿JaI slalements. THE DAVID HOCKNEY FOUNDATION IUKI LIMrrED BALANCE SHEET AS AT 311)ECEM8ER 2024 10 11 1.(Kfj.043 13.8 I.￿1,174 In¥•stme 1.018.￿9 1.0)1,174 13 4.(L$1 614 14.147 4.flJ5 18.141 14 on* year {148) 17,993 1.022.969 f.Q19.167 N•t ass•ts 1.019.167 Thè fund• ofth• Charflth Cornwny 211186 810.783 211253 ,914 Rev4u8tion r•s•rve 1.022,969 1.019.167 - 2£ ffjc7ThFMgc( Lozf J WI￿n* 10- THE DAVID HOCKNEY FOUNDATION (UK) LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 as restated s'ooo $'ooo Cash flows from 0￿￿tIng aetlvltl•s Cash absorbed by operations In¥•sting actlvill¢s Other investments N•t ¢•sh used in Inv¢stlng 4¢liviti•s Financing activltSes Proceeds from borrowings N•t cash g•n•rat•d Irom financing activiti•s 17 (6761 {8451 (13.8161 (13,816} 780 Net decreas• In cash and Cash equivalents (13.8021 (65) Cash and cash equivalents at beginning of year Effect of foreign exthange fatès 14.147 269 13,453 759 Cash and ¢a$h ¥quival•nts at •nd Of￿ar 614 14,147 The notes on pJes 12 10 20 fom part ol ihese ffinaThial statements. 11 THE DAVID HOCKNEY FOUNDATION (UK) LIMrrED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENOED 31 DECEMBER 2024 A¢counling policies Ch•rity inforniation The Dav¢d Hoc*ney Foundation (UK) Limited is a pubfic benefit entsty and a Charitable Company incorporated in the United lQngdom and is registered in England and Wales as a company limsted by shares and having a share casxtal of 1 share of £1. Each member has undertaken to coniribule to the assets in the event of winding up a sum not exceeding £10. The tharity is a registered charty. At the date of this report, there are currenlty six Tnjstees. The address of the registered office is gNen on pa9e 1. The nature of the Charitable CLNnpanls operats'ons and ils principal athbibes are set ￿J1 ￿ Ihe Trustees, Rewi on pages 1 and 2. 1.1 Aeeounling c4)nvention The financial slalemenls are wepared under ihe hr51orical cost Convention. in awdanc£ with the Statement of Recommended Pra¢tw£ "A¢¢ounting and Reporting by Chanlies ISORP 2019)" applicable to tharity.es preparing Iheir accounts in a¢rArdance wilh Ihe Fin¥nual Rew*b"ng Standard apFAirabfe in the UK aTh RepublK of Ireland IFRS 102). effectNe 1 January 2019.. and the Companies Aca 2(￿￿. The principal accounb"rw3 adopted in the preparakn of the fmarhrial statements are Sel Qui below. Functional currency The majorily of the Charitaue C￿￿ny'S inc¥Jme and experhlilure 15 derK¢ted in Uniled Ststes dollars. Accordingty. this currency has tjeen adopled a5 knth.onal and presentalional currenry. Transactions in eurrenaes other than enttys furttional currency (foreign ￿lreA￿￿$) arè rneordèd at the rate5 of exrA)ange prevailing on the dates of the transactions. At the balantx Sheet date. monetsry assets and liabilities that are denominated in foreign cu1r￿CleS are reIran￿ated ai the prévailing rates on the balan¢e Sheet date. Exchange drfferences are re¢09rM￿ in the 8alance Sheet in the in whth they arisa. 12 Golng ¢offi￿rn The Trustees have ￿nsidered the level of expenditure to which the Chaiitable Company is committed and the mings of fvture cashknis arising. The￿ were net current assets at 31 December 2024 of $4.066k12023.' $17.993k} and lotal assets less liabilities were $1,022.969k 12023." $1.018,167kl. The Trustees o)nsider that the asset5 held within the Company are sufficienuy capabk of geneRting income to rneel such expenditure when required a5 the Charitable Coffyny has the abilty to reali5e assets ar￿01 seek donations from David Hod(ney and other sour05 rf required. The Trustees have a feasonable expectalion that the Charitab* Company has adewate resources to continue to operate for a penod of at leasl month5 from the date of signing the finanrial 51alements. The Charitable Company is well ￿aCed lo manage rts business risks succe55fulty despile the current uncertain economic oullook. A¢¢xJrdingty. the Trustees ¢ondude that it is appropriate to prepare the Charitable Companls financial statements on the g￿ng concem bays. 1J In¢om• Income comprises amoun15 due to the Charitable Company Tecognised on an aci¥uals basis in the accounting period in whith they are reCeI￿ble, whith is when the Charitable C￿npanY becomes entided to thè resource. Gifts in knnd are vafued at the date feeeived and are Ir￿uded as voluntary inc4>me. Olher incmie ¢omprises sale of ¥vhith is recognised as at the pc4nt of sale when Ihe risk$ and r¢ward$ of tr4¥ner5hip have be8n transferr8d. 12- THE DAVID HOCKNEY FOUNDATION (UK) LIMITED NOTES TO THE FINANCIAL STATEMEPWJ IcopinNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng poli¢i¢¥ IContinu¢dl 1.4 Ex￿nd1tsre xpenditure 15 charged to the Stslemenl of FinarKial Acti￿￿￿$ ￿ an accrua15 baws. ExFwditur¢ is allocated as folbws.. Chantable Acbvrfiès.. Expendrturé incurred dir¢t* in the fulfiknwrt of th• obiedtves of the Chaiilable Company itKluding allo¢*¢tJ ovetheads. Governance costs are expenditure incajrred in the general wnning and administertng the Charitablè Company. These costs indude audrt and other costs associated ￿ statutory requirements. Support costs." Support costs include central offi¢e lund*￿¥ suth a$ general m8nagement. fin*)¢e. informal￿n technology and human resour￿$. All support costs are alkxaled lo Ihe single ch¥itable *Xivhy. 1.5 Heritage as$ets Heritage assets are lnitka1￿ recorded at deemed cost at the time of being gifted to the Chariiabje Company. Subsequenlly ihey are held and insured at fair market value at each balance sheet date. The assets aro considered lo have indefinile usefvl economic INes. A¢¢or(lingty no depre¢iation is provided. The assets ale reviewed annually ether by extemal professional advt.sors or inlemal expert$ who have the sufficient experb'se for change in fair value and indub.on of impaiment. In 2024. extemal èxperts at Gurr John$ ￿VIeWed the Valuations and ad*ised no ¢han9e was neèded irt the fair market valuès for thè heritage assets. 1.6 Fixed asset inveslrnents Fixed asset investments are In1b￿ty measLYed at tr¥nsac*"on price e¥d￿Jing transaction costs, and are subsequently measured at fair value al eath repwb.ng dale. Changes in fair value are ￿cOgnised in net irKomellexpendilurel for the yeai. Transath"on costs are expensed a5 incurred. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call tp4th banks, other short-term h.qubd investments with Ofvjinal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within botrowings in current liatslities. 1.8 Financial instruments Financial assets and fin4￿1￿1￿3b1fd•eS are re￿9Th$¢￿ t•then the Charitsble Company becomes a paty lo the contradual PfOWSKMS ofthe inslrurnenL AN financial assets and liabilities are ￿l￿allY measwe