Pocu&w ￿Ve￿pe ID.. ￿7FD4&797D41D2.A2FA-B9E¢O41lD7B6 Company Registslion No. 07113861 Regist¢r¢d Charity No. 113SI17 THE HEPWORTH WAKEFIELD REPORT AND FfNANCIAL STATEMENTS for the Ye￿ ended 31 March 2022 Do¢uSvJn Envelop• ID.. BA37Fo40.707D41D¥A2F￿￿gE¢B411D7B& The Hepworth Wakefield OFFICERS AND PROFESSIONAL ADVISERS DIRECTORS AND TRUSTEES ThB DnwrORS OF ITIE CIIARTfABLE COMPANY (THE C.JiARrrY) ARE ITS TRUSTL.Fs rok THÈ thosE OF CHARrrY LAW. THE'fKUSTEFS AND Or￿CERs SCRVING DURING THE YEAR ANIJ StNCE THE YEAR END WERE AS FOLLOWS: KEY MANAOEMENTPERS(hNNEL OF THEHEPW.ORTH WAKEFIEiD".ThusTEES.ANDDIRECTORS: Stuart Fletcher (appointed Interirn Chair Jw)e 2￿21) Andtew Haigb (resigned 31 Dec¢mber 2022) DÉan¢ Howse NielLolas Jolimon (resign￿ 7 August 202.1) Priya Klianchalldani Steve tthngan (appointed i July 2022) Jalle Madeley Hejhry Meyric Hughes Dame h&gdalene Odundo Ali¢c Raw5tknrn (resigned l June 2021) KEY MANAGEMEKf PERSONNEL OF TrEHEPWORTH WAKEFIELD; SENIOR MANAGEMENTTEAM Daily management of the ¢harity'sa¢tivities is d¢kgated by the trustees to the senior management team whith is comwised of the folluwing: Sitnon Wallis Olivia Collin8 Nicola Freeman Laura Smith Katharine Knight Vicii Kirkpatrick David Bryan (Director) (Director of Comtnuiiications & Development) (Director of En8a8ement & Leaming-yesigned May 2022) (Director of Colle£ti¢)ns & Exhibitions- appointed September 2022) (Director of Business & OpErations- resigned Febn]ary 2022) (Interim Head of Finance- resigned May 2022) (Dit¢ctor ofFinance & Operations-appointed May 22) COMPANYSECRETARY. Kotharine Knight (Resigned February 2022) Simoh Ivallis (Ap￿l￿t&d Febr￿ry 2022} REGISTERED OFFICE Gallery Waik Wak¢field, WFI SAW BANKERS The Co-operdtive Bank Providenee Street Wakefi¢ld Wesl Yorkshir4 WFI 3BG SOLICITORS Winckworth SheNiood Minerva House 5 Mojjtague Close London. SEI 9BB DouJSb3n EnveloFe ITr. BA37F04>797D4102-A2FA-BgEC6411D786 The Hepworth Wakefield QFFICERS AND PROFESSIONAL ADVISERS Jordans.Solicitors l8 King Street Wakefield WF12SQ AUDtroR Saffery charnpt)￿ LLP Mitre Ho Nordi Part Road Harn)gate HGI 5RX Do¢w%lgn EnvalDP8 ID: BA37FD4W797￿1D2.A2FA49E¢8l1lD7Bfj The Hepworth Wakefield TRUSTEES, REPORT TRUSTEES, REPORT Th¢ t￿￿tE¢s, who are director5 of the compatty* pfEscnt their atlljual report. on the affairs of the company and the group. togetherwith the f]Dancial ststements andauditOT'S rq)ort for the year ended 31 March2022. The small companies exemption has been taken froDJ preparin8 a Strategic ReporL and the Trnstees, report has. been prwred in accordanc£ with the prov.isions applicable to cornpanies subject to the s7nall Companies, FOREWORD BY THE CHAlli rhe Hepwortl) Wakefield reopen4yJ its doors followillg months of nationa] lockdown.on 21 May.202"1, 10 years to tEo day from when the gallery fjrst opened in 2011. To Celebrate the 10th anniveisary, we held the largest exhjbition of Barbara Hepwortb's work sinc¢ the artist's death in E975. It oxptsndEd across all our Ballery spaces and garden to providè an in4epth exploraiion ofthe Wakefiel(kbom artist's life, int¢r¢sts work and legacy. Newly commissioned work from Ta¢ita Death a[￿ Veronica Ryan showed how Hepworth continues to b¢ an intluence on artists today and monumejllal St￿ptUTeS by Hepworth. not seen together since the 1951 Festival of Britain, were reunited itl ourgarden, arbara HeFWOrth.. Ari & Life was made possible by g¢n¢rous support from lead sponsors New Art Centre Offer Waternian, a significant grar]t from The He4dlcy Trust, 5UPPOrt from Jay Franke & David Herro. with additionat fllnding from the Hetjry Moor¢ Foundation, The Porthmeor Fund and our 10th antiiv¢15ary circle. I would also like to thank all th¢ lending institution5 and individuats for th¢ir pali¢nc¢ as exhibition dates werc amended and stretched as we m2na8ed ￿r response to the Blobal pandemic. We are a]so extremeIy gr.ats￿L for the 5UPPOrt and fiexJl)ility given by our majorfi￿d￿S Arts Council Engiand 8nd W2kefLeld Cow¢il during the chal]enBing periods of enforced ¢lo$ur¢ at]d wlii]¢ we worked to build back our programme and audience througlLOUt 2021n2. A second grant trom the 80vernTtLE￿'S CuIts￿e Recovery Fund was tnvaIuable in supporting unAvokd8ble costs when lye weTe unable to generate tncome fFOm OUT usual sources and helped us Stage OUT important Hepwortb exhibition which will 80 on totour to three fitrthtr vemies around the UK. starting with the National Galleries of Scotl8Thd. l also want to give SPEcial thank5 to all of our Collection Qircle. contemporary cirol< patro￿* and members for their ongoijjg supprrtt and for sticking with u5 when out Us￿( offer w.ay rethL¢ed or chang￿. The searth for our new Chair of th¢ Boord of Tr￿￿eBs IV&S success￿] and we welcomwj Steve Langan 85 our new Chair ID June, 2022, ready to lead the gallery into 115 next de¢ade. li has been an honour to be Entetim Chair for The Hepworth Wgkefield over the last year gnd I would lik¢ to thank my fellow board members for fheir trusL supporL volunteered tiiue artd generosity in sharing their advice aThJ ￿perienC& While it has been the most challenging period ID th¢ gall¢ry's thort history. I wJnm¢nd th¢ staff and voluntttrs for their commitw¢D¢ adaptability oud continued pursuit of ¢x¢gll¥n¢¢ attd ￿￿0VatIOn. I b4v¢ doubt that Tho Hepwijrth Wakefie]d wilj emeT8e from thtBlobal paDdemic rnore resilient than ever and will nouri&h' furth¢r over the next 10 ye4r5. sI￿rt Fl¢leh¢r ]nterim Chair of The H¢pworth.WakefIeld Dpcusign EnvEiope ID.. B437FD4&7971)41tr1.A2FA-BX641107E6 The Hepworth Wakefield TRUSTEES, REPORT DIREcfoR'S REPORT 2(121 marked the 10th annivers￿ of Th¢ Hepwortb Wakefield and il was wollderfid to reeeive 80 many warm Wishes from visitors, supporteT4 artists and oiber partners we have wo)keA with other the last decade. It a]so .pres¢ntsd an oppot¢unily to reflert on the impact of the gallery over the l&st 10 Y1￿$. Ak>ngsid¢ pre￿ntIryg 10 years of exceptional art in the hegrt of Yorkshire. on¢ of our greatest athievemeryls is our learning and engagement work This progr￿￿1￿¢ is one of the most oxlensive and bigh profile in the county. with over 40,000 yartÉCRFdnts e8¢h year in ueative activities from early years, thTough every stage of s¢hool, in¢luding those who have dropped out of. foTmal educatio￿ and on into adultlLO(d. Our aim 15 to r¢spfmd to the needs of our loc41 commuiiity to deliver inclusive wo8vdmJhes that hav¢ lasting impact. We are very grate￿1 to The Liz and T¢Jry Bramall Foundation for their multi-year 5UPPQrt of our faEnily leamins programme,. which this year has inclu(kd the developmait of a new outdoor resource to engage families with. 3culpttir8 and the ganlen gnd the r¢tUFn of our dTOP-in creatiye workshops led by loc&1 artists. Tile Paul Hamlyn Foundation has supported many y￿S of our w.ork with young. people who are not in education, training or employmenl to develop life skill$ so ihat they are Hble to fulfil tiieir potential and fjnd pathways back into work or education. This pTh)gremitto has CDlltinued ihToughout the year. with a number of tELe p4rticipallts ¢ompl¢ting One-ll￿one.meD10r]ng and exhibitftng their artwo We werR delighted to be able to welcome sthoo]s back on-8ile this year. starting with 1200 students from L¢¢ds taking part in cultural experieJKe days and cr¢aiive workshops as part of Burberry IMpir& This se¢ondary schools programm* is delivered in p8rtnership with Leeds Playhouse, Northern Ballet and Lthlg Yow]g Film and eight sdiooEs in West Yorkshire. with fvnding the Butberry Foundation. Summer 2022 marks the culÉnination of this in-depth, four-year s¢liools programme and we look fO￿ard to 8eeiiE the full imwdct olthis PToject drougb resegrch ca￿l¢doUt by Kings College London. Since estsblishing die gallery as an iTrde￿enL chakity, we have strniegically grown Wakefield's art ¢olleGtion, filling hi￿Or￿C 8ap5 and maintainlng the forward-thinki￿g policy of Ju￿t￿ring ¢onlemporary talent that vas forged the 1930s. Over £62tnilliiTrn of art lias been added to the collection over th¢ last decade, all athi¢Y¢a thtDu8h 8¢netOU5 philallthropic gifts, bequests andfundraising. 2021122 has been no exception: In 202.1122. the Hepworth'scollection was expènded to include artwork donated io Wakefield co￿￿]1 by Stefollie HeirLZ¢ and WO￿ acquired through fimding by Cecily Brown, a multi-media work by Alvaro Barritigton, a large-scale pastel by. Rach¢l Jon¢s a bTonze swlplure by Darta Schutz, Ivhose fjrst 5010 ibition in the UKwas held at The Hq)worth Wak¢fjeld in 20I3. In accordance with the agreement in p12ce wthth Wakefield CounciL the 8Tt work is not recognised within the Hepworth's fjnancial 3tatemellis. We also s¢¢ur¢d fi¥nding from the Ar¢.Fund, H¢t￿Y Mootr Foundauon and VLtA Purchas¢ fjran¥Fund io acqutre a new ceramic Ve￿￿[ by Magdalene Odundo, which then immediatety went on display at the piestigious Veni& art bicnnale. Contemporary Art gocicty awaraed ws th¢ ljreat With awar4 enabling US to a¢quire a newfy eommi55iDn woik from Mona Hatoum, ElectriciFied (Variabl¢ 111). A I￿ge-sta]e SCUI￿ure by Phyllida Barknv was givelljoitttly to The HepwoTth and Leeds Art Gallery througli th¢ cuItL￿al Gift5 Scherne. We also managed to fLJndraise over £2m from'a multitude of S0￿c¢S Èncluding from the National Heritsg¢ Memori Fuhd, ArtFund. TlisHepwoTth Fthte. Henry Moore Fo￿a￿tIon, Porthmeor Fund and &mutnberof individuals lo secweBen Nicho150n's MaSt￿p10¢e Wh(te Relief (Qu¢DY dAttÉeuil). 1935 for the collection.. Quai d'AuÉéuil, one of the mos¢iJnportant white Lrliefs by tht BTiti5h artist and is a superlative exampk of a Benre of carved painting unique to NicholsoTh It is of immense itnportanc¢ to the devtlopment of Britislk Modernism. a5 wdl as being one ofNicholsort'smost impotrant ¢onttibutions to internationalmod¢mism. We have also been. working closely wi¢h th¢ family of the lats Jefftey Sherwin, who built the b> privately-owned ¢oll¢ctiolls OF British SU￿taIlsm. The Sherwin Colle￿10n has now found its pennanent hom¢ at The Hepworth Wakefield and will be on display for most of 2022. We aE¢ incredibly grateful to all of the donor4 trnsts and f¢)und&tions and our contempoiary and collection Circles Ihat have made these a¢qvisilions possible. It is only through their 8eJhemsity tha* we ai¢ able to eJk8ure Wakefleld's ¢oll¢¢tiorL Continues to be.animp)rtatJt and acce8sibl¢ resource for aur broad audien¢¢5. Doujsgn Enh*fopE ID. 4cll9EotrTr4B￿.B04>coaB922D6Ey8 The Hepworth Wakefield TRUSTEES, REPORT The ambitii)llS team at The Hepworth have achieved so many TEmaTkable things since we opened l¢n yeats aEO. We au be liugety pmud of what we've made happen and of the momenknnthatk¢eps buÉldin8 her¢ in tFrnis of artist and ¢ommunity engagement and urban regeneration on our wider site. We're excited to be a pmv¢ll catalyst for eThablittg the positive ¢haDge that culture brings and for being part of ¢reatill8 an inspiring. and imagiuative futtttf for a distri¢l Ihat has suffered much s(Kio-eci)]￿￿1C deprivation ovw the decades. We've been vety fortunJle to have the ste8dfast investment of Arts Council En81and and Wakefield.Council, who understand tlL¢ ¢l¢arreturn on inYes(ment they get from us via the matLy ￿sItIv¢ outcomes of our leaming and a¥h1￿]ll0￿ programme. incre&sed tOUri5m, a J)ationalty acclairn￿ hithprofile insti￿tIOn for Wakefjeld. th& well-being agenda, 8reater civic-pride and aspiration, urban regenerntion and the good quality jobs we create. We've also benef￿ed from attracting so maoy gellerous"trusls, foundations and philanthropic Éndividuals to I￿1p us thrive sustainably by investiThg ilk the district. Fundamentally il's the quality and dedication of the artists Ive.'ve Worked ivith who luvè beeTh key to our suceegs and iheir generostty lias. been humbling. I would like to thank all our artist% tourin8 Partn¢ts and lenders for tbétr genetosity a￿d understanding as we scheduled and modified.our &thibition progrdmi.ne as the covid situation tapidly ¢hanged. L thallk each of my colleagues at The Hepworth Wakefield, inCh￿Ing our t￿rn of volunteers, for their oontinuetl dedication to engaging wide audiences with art itk imaginative ways. I would aLso like to Offer Tyhy personal thanks to the Board of Truste&8 for their commitment and 5UPPOrt and in particu]ar, to our iThterim Chair. Stuart Fletcher for his support and guidance durinB such ￿Certain lime5. Simon Wallts Director DfThe H¢pworth' Wakefield Docustqn En¥aJopg ID". BA37FDrf9-7971HID2.A2FA£9EC6411D7B6 The Hepworth Wakefield TRUSTEES, REPORT OBJECTIVES The H¢pworth Wakefield Provid￿ & pennanent public l¢ga¢y lor Barbara Hepworth in her home city,.wiih xhibitiorEs that respond to and refiect the unique qualiti&s .of the Wakefield PernJ2nent Art 'Collectio alongside The Hepworth Famity Gifi on pern)anenl di&play. Our David Chipperficld desi8ned building emb¢)dies many sculpturnl qualities and provide5 somèof'the f]nest spaces in the world in which to experience art. The building is a tsstament to the ambition of Wakefield a)Ml the relatÉonship trgtween the arcliitecttwe, the works.of art we display and ow stt7>ng sense of place i& a unique part of the experitIiCE of our programmE. Modernist sculptLtre snd the process of creativity are rentral to our offer, as is the intluenee of.the Yorkshir¢ landscape orL modern art. Our programrne strives to ensure th.at w¢ preserLI the best in modenl and contemporary art froin all over the world. We want to en5urc that tlie preseThtation of tljis work is a¢¢essible and provides en8Yi8i118 di8loBue for a wide, dLVEf5e audience. so that the p8st and pre￿nI iThforni one allother a Compelling way. Our work is ￿hanCed throu￿ our yorkshi￿ Sculpthre International pathe¢ship comprising The Hepworth Wakefield, Yorkshire Sculpture Park, The HeAuy Moor¢ Institute and Leeds Art Gallery. Togcther we vrfork to be reeogt]ised os one of the major world centres for the research, pre5entats.on publK understanding of sculpture. We use the legacy of Yorkshire born B8rbara Hepworth arid Henry Moore as the basts of our offer. We are.al7￿yS Clearly wded in our area of ttxpertise but acttvely respoiid to ¢iwiging locol national agendas new partnersliips to ensure our work is consiStent]y reltvant to our audiences and the wider ort world. Our work wÈth major srakeholders wm[￿ and the Arts Council Ellgland is central to what wt do and w¢ aim to ¢losety follow.thÈir PTiOTities And agendas to su¢eegsfulty deliver mutualty agreed strategic out¢omes. In shaping our objectives for the year and planning our activitie4 the t￿￿1¢¢$ have ¢onsid¢red the Charity Commission's guidance on publie bÉnefiL it)¢luding the guidance 'public benefrt: rutinitlE a charty (PB2)'. We rely on grants and donations AS w¢ll as income from charitable and trading activiltes through tkn subsidiary ¢on)pany. Affordability and access to the gallery and wider activities is important to us and is Tetlected in the pri¢in¥ of enty to the gallery and offering free a¢¢e88 to all tEsidents of Wakefield District. and thos¢ aged uttdet 18. Mi$5ion Our Mission is to create art expErienr£&that Tnsptre: captivate. surprise aud ￿hance ¢v¢ryone'"5 Itve5. Viyio We want to be recognised as one of the world'.s leoding art galleri¢4 ¢reatxng'unforsettabl¢ art &¥periences for 811. while inspiringpositive change locally. VAlues Th¢se are the values that we b61ieve in.. Embrace innovation From the way we work with wlleagues and partne1¥. to how we present our collections and exhibitton$ in an ¢ver-¢iiAllging world. we'ts always w71oriDg new ways to itthovdte. Art doesn't ' stand still. Nor do we. > Be bold DOwS￿n Envdtye ID.. BA37FD4W797D41DU2FI¥BgEC6411D7B6 The Hepworth Wakefield TRUSTEES, REPORT OT]r staff, our lo¢ation, our building and our programming. is all proof ol how ambittous w¢ are. R¢l¢ntl¢s51y embrace this spirit. of adventure lo challenge 'and surprise. W¢ create. impad in everything we do to eJh8age people in rrcativ¢ CA￿ricn(cs. >.Be tspen B¢ing open m¢ans.we aTe in¢lusivq we collaTrM)rate freely ￿ fairty. andar¢ gen¢rows with our time ond knowl¢dEe..We"ar¢ wel(x)ming and make the experiences wo offer ￿ee￿i1)Ie to everyone. >Quality matte We strive to achieve the highest possi7)la qualÈty- Everyone has a rol¢ to play in ensuring th'at excellence ftll￿ tlttmxkgh ¢y￿ aspect of our work The" clwity's pU￿oseS and objects are detailed under'SiJu¢iute, GovaMan¢¢ aAI Ma￿ement,. below.: ACTIVtTIE& AcHIEVEL￿ENTs & PERFORMANCE IN 21121122 'It's clear ihat 7he Hepwop*lJ haf hadam Imptsci on Wdtykld o hrony lÉveiY. Ih Lrrea kKockedh¢wdby ih lotss of mèAy tradiliortal bh414rtriÉs, Davd Chipp8rfi6lds ri￿￿Ide gallery haf enri¢hed ihe publi¢ pealth apid Its success hcxf clearly gibEn ihe city a I￿1 torfidence... li has oP￿￿d ttnd wl(kr horizonsfor its visilorJ d ￿]3￿clo11y.(￿r ils yoU￿g wopien. ATh1 dgspiIE its nallohal a￿11￿¢erNal￿ol resolla￿ce, it re￿a￿Si￿¥t a firmly eTrtbeddedin tysplace, in thEsport of YorkghtrÉ, ar thè ar¢ist whos¢ sA)ry i1pri￿rp&1lY tsll&. Neil MacGre8or, BBC Radi04, March 2022 E%hibi¢ion Prov￿￿￿¢ The Hepworth Wakefield ￿ntInueS to dcvelop a natlDnally and internationally reco8ni5ed exhibitio pmgt7mme. which su¢ce5sfvIty combillu inajor hi5torÉca] exhibitions wrth support for diverse contemporary , includin8 new commissions. To mark our 10th annIva￿ary in 2021. For the fjrst tllne, we PTE5ented atL eXhI￿]hOn that cxpanded acm&8 al! 10 of our galley spaces. It e¥plored tlie many facets of BarbaraHepMlorth's extraordinary life and career and included contemporary commis5LOll5 by Tacita Dtan and Veronica Ryan that T¢fl¢th¢d on H¢pworth'J kgacy and ongoing infiu¢n¢e. The &¥hi￿Etion had 48.65fj visitOT& Barbar¢T Hepwrih.. Art & L.fi è 2] May 2021- 27 Febnwiy 2022 Leadsposors." Offer Wthermun (JndNew Ari Centre The largestexlLibition of BArbata Hepworth's w¢)rk since the artÈSt's death in 1975 presenting an indepth vew of the Wakcfield-born artist's lift, inter¢5ts. WOTk and legacy. It displayed some of Hepworth's most celebrntsd swlptur¢s inGludinB th¢ mod¢rn ab5traEt fdrying launched her ureer in the 1920s and 1930$. h¢T iwni strun8 sCUlpth￿S from later in Iker czreer. Key loans from J]atiQJ3al publir colledion5 were shown alongside w.orks fiy)In ￿l¥att Collectiolls that have not becn onpublic d'isplay since the I970s, and rarely seen drawings, paintings and fabric des]￿s. It willreveal how Hepworth'5 wide sphere of interests compTisill8 music, dance, science, space exploratio￿ politics and religion. 8$ well as Events in her pe￿￿￿1 life, influenced her work. Ivith generous sworlfrom The Headley T￿￿¢ Hemry Aloore Fotyvduiion The Poriknieorfund Davidmwro & JayFrafftJke and fhe l(yk annI￿r$a￿ clrcle.. The Hepworth.Eslal¢.Styartth Trish Flekher, Aliee RowJthorn aml those who wish ¢0 remuin Press eoverage The extensive intemAtson8Li)41ional and local press (xmpg4ign fortlie exhibition and book had ihe 8ditori41 value equiyolent of over £41m with atolal circulation of 2.378.772.657. '.Barbopa Hepwonh..ATi andLrfe Is an éVO¢qiivd ¢*lebraTron of IVokèfield'.s lo'calhero. _ the i 'BwknaHépwopth changedik.w(ry we see }vorld'_ The Telegrnph Dorusw EnvEIcq)8.10.. BA37FD49-797D41D2-A2FA-88EC641107e6 The Hepworth Wakefield TRUSTEES, REPORT ..Ihis exhiblfion reveals. ufalmosl ewrji Hepwortk s ovepilding commilment lo I￿r woYk'.Obsprver, **•* 'A nveepingsknw of2o1h-ce￿tUry arlisf Bar.baraHepwopth 3 WCNtsrun¥l york.brlw Ilfr-qfftrmlrtg viFion itTÈI?focus.' Wall StLEet Journal Magazkne 'Th￿ is an w¥￿IK$able exklbition'Aesthetica Public Prngramme In order to redu¢¢ the fitbonciAI inipact of the ongoi1￿ pandemic and potential future enforce closurc, llie Hq)worth Wakefield deciijed to ¢Yt¢nd the of Burbara Hepworih.. Arl & Life to nine months. While w¢. knew this would Pr￿eTht challenges to eii¢oiiLBnginE Tepeat visits from ow local audience4 it enabled tbe IArgYst possible audience to experien¢e this important £Yhibition. To p.rovide multiple TeAsons to visÉt during tha exhibitiott ru￿ we devised a ptogrAm]n¢ of creattve responses to Barbatz Hepworth from & range of p¢rfonlleT&and artlsts.. 7Augusi- Wlclorla Lucas.. The Search Ari audio installalion ¢r¢al¢d in response lo B￿bara Hepworth's 1934 Mother & Child.s¢ulptur¢ in which the art￿1 and her iwo sisters ty to replicate the lost sowid of their mother's laugh. First CLTated in 2DIO 28 Part of the gallery's pre-openkng programme. Lucas is Ah artist based in Sheffield. 4 Seplember- HÉpivorih Brass Band...RhJ4hm ofLigl¢ A newly composed suite of music by Liz Lgne celdiraling the life and wod< of BartTrar& Hepworth and perfiKmed by Hepworth Brdss Band. It comprised four Mov￿ments - Landscap4 Shadow by the sutL P2Yan 2nd Gulliard, and Rhythm. Ilan¢e and everything. 2 Oelober- Olivia LoLnTel.. The Arlisi Spegth audio-visual installation in the gallery ba5¢d aiound a r¢-SOUDdiThB of a 1961 recording of Barbara Hepworth's voice. Olivia Louvel i5 a Fr￿ch-born British ¢omp05et and artisL JO Oclober- SurfaGeAreo Dance Thethre." BehiKdtheface ofu rock thro7vEngsl0￿eS A tiew dance perfornMnce Siving an ￿Pe[EeThti￿ understandin8 and knowledg¢ ofBritish SigtL LaHgua8e> Dldeaf culture, Japanese culture and ButolL Dancers wore SubpH¢s thattranslat¢ sound into vibratio￿. Surface Area Dance Tlieatre CIC creatc &diverse rdn&e of artistic and socially engaged adivitiC5 to build awareness a[￿ under5tAndin8 of Dldeaf art and lall8￿age tljrough theiT work. 19 FebTr￿ry-SEW￿l Nwajan.. Jvappins the Music A s¢)nice exploration of B&rbaM Hepworth's sctslptsweo, whith Dr* [li￿Pped in.3D andtrun51ated into musicAI composthions follow the rise and foll of their ridge8 and curves. The live perlonnance feats￿ed vocals from composer and director suprlyoNagaraja￿ souttd and musi¢ frojb sowkd orti& Duncan chapn￿n, pefc. ussionist Dtlia SteV￿s and The Cbroima Horp Duo. NwundoEbllii.' The Gord¢ll ofCirc#&7r PailLr An inimer5iYc sound work created as a gTrJided journey throu8h the art.and lifc of Barbara Hep.wortb featuring comp)sed music and field recordings from places in Yorksbire and Cornwall thalweie important lo Hepworth. Digital CouteDt The Hepworfh Wakefield established two majordigital parthersliips lo share the content from the ¢xhibitioD as wide]y8S Possible- Google AYLY & Crdtt¢re hosled a'meef Barbara Hepworth. onlill¢ ¢xhibition fratiwing Stories about differ¢tit facets of the artist's life 8nd (xre¢r. Google aiso worked with The H¢pworth Wak¢field to Create a Barf)ara Hepworth 'Google Ikjodle, to lawidi th¢ exhibilio DO￿s1]n Er￿￿(￿81￿. BA37FW797041D2-A2FA-BgEC64110786 The Hepworth Wakefield TRUSTEES, REPORT Bloombrfrg CopwKls app gavp The Hepworth Wakefield the opportwiity to create and hostan audio guide for the exhibition. This was perfomied aThd edited by Leah Whilalier with ¢xtra¢ts of Barbara Hepwortb's tsw words and writing read by talented author and admiter of Hepwortb's work, Olivia Laing. OrloThlo WeeLf.' &tsmerhingotJt offNothlxg Through thnding from Bloomberg Philanthn)pie8, The Hepworth Wakefield wgs able to eommission Orlan Weeks lo work. wiÉh aniEnalor Marcus Arniitage to create a short animated stary inspir¢d by Baybara H¢pworth:s life and wotk with a voiceovet by Maxine Peake and ￿lgiNe1 score created by Week5 attd percussionistLuca Caruso. MKr03ite- io accompwtlie &xhibiton. The Hepwotlh Wakefield created it's fwst online MI￿Osite dedicaled to the exhibition featuring short films. a Éimtline of the artist's lif¢and d¢t4iled ¢onteni of ¢v¢ry ¥¢thion of th¢ exLiibition. Short fiims were alw made with Verorti¢a Ryan and Ta¢ila Dean talking about their ¢otfjmissioned interventions Within the exhibition. LeaTDing Progratnme OurLeaming PiOgram￿C promiites the ￿]JOyménE 2ppreciation and understandrAg of visual arts for the widest audiellce possibl4 lllaiiy of whom have never previfju51y vi51ted a gallery or mus¢uoJ. In 2021 our main fo¢us was building badt thc ra￿llY pro￿a￿]me. We deYi5ed llEW Explote & Draw packs for families attd young peoplr to m¢aninghly en8agt with the displays and garden in self directed, creative ways. Falllilres have provided excellent feedback on packs. wilh one s¥yJng. Brilliartl uclivity kif- Ihe b8s1 we kne seen. My dat4ghier3 were engaged., bespok¢ Garden Play resour￿ was developed by the l¢aming team together with childr¢n and 5t8ff from Th¢ C3siloNurn¢ry in Wakefield. ariisr And play specialist Steph Jefferies and 4￿hiteCts sti￿10 Polpo b¥¢d Ih Shoffield. The bespoke resource fut)ded by The Liz & Terry Btymall Fou￿dation and desigDed to ¢nwurag&op¢n-¢nded interaction pAd cr¢ativity asafomity. Although wc We￿ not able to go ithto s¢hools to deliver proj¢¢ts such as School Prinfs, we weT¢ deliglii¢d to wel¢om¢ ￿h0o1 groups ba¢k on site for self.dire¢ted Nisits. ltt May. we hosled tsvo fu]1 year groups from South Craven SclLooI and Utiivasity A¢ad¢my Keighl¢y for ¢vlturnl ¢xp¢ri¢n¢¢ days atihe 8allery, Most of their BiÈrkry fR￿PEr< experience hRd b¢¢n d¢liv¢red virthlly so it was really rewardin8.to have thein on5itc. The Hepworth Wakefield took part in Wakefield's FÉsiival olihe F4pth ITh October 2021. se¢uring fup)dit)B ftom Wakefield Council to eii8a8e local youn8 pwle from the N&x¢ G¢n¢ratson Youth and Communty PMject.with nature on thcir door5ttp. Th¢ young pcopl¢ work¢d with musicians Duncwi ￿apmarL and Supriya Na8aTJjan from Manasimitra, a D¢wBbury artist ¢ollective to record and mix sounds collected in gTe¢n spa¢es in Ettstmoor- en ar¢a just beyond The Hepworth Wak¢fi¢ld. To 'illustra¢¢ their sounds, they colJ&bora*d with waker￿]dA)*￿ed artist Helen Th0[￿￿ *0 turn Sketches drawn on a walk to attd in The Hcpworth Wakefield Gardell i￿10 an artwork for 8 gallery window which overlooks th¢ir lo¢pl atEa, Th¢ oudio-visual projeot Was iftstalled ill the gdlery and oll the Bloomberg Connecis App forvibitors to eujoy. Vtsltor ExperleD¢e We are committed to delivering-inspiring engakement witii all our visitor5. through our t¢am of friendly? knowled@eable attdhelpfiil staff. We w¢re delighted to be awarded Goldby Vi3ti England's Qualty Assurance S¢h¢me in 1021- Lt is the highestacco]ade awarded to those who score l14ghly in every area of the visitor expcrience. Our visitOT survey data from 2021122 reports that 900/0 of vi51tOf5 are extreme.ly likdy to recommet]d THW. W¢r¢ aL¥o awanled a Cool BraDd Award for our originality, innovation, authenticity. d¢sir4bility and re5ponsibilty, voted by an independent panel of 49 experts and influeneers from a ronge of ficlds from te¢1￿0108Y to fashion and from beauty to health. ckjC￿i￿ Ertvek)p8lD: tsA37FD4&797tHID2-A2FA-B9EC£411D7B6 The Hepworth Wakefield TRUSTEES, REPORT PeDpk We have contillued" to invest ID the skills dèvelop]nent of oiir p¢ople. parficularty focusing on ac¢e8& and 'inclu5ion frniTruig. SuppDrt¢vJ We would like to sinceiely thank all our many generous support¢rs. including all our.Members who stayed Ivith us'throughoutthe pandemic. MAJORDONORS ArtFund Bkoomberg Thilanthropies Sophie Bowness BurberryFoundation RonnieDunLxn Wendy Fisher and The Kirsh Foundation sttwt.and Trish Flotclier Tlie Headley Trnst Henty MIM>re Founduion John EllettnatL foulldation Elle Khouri Art Foundation The Liz and Terry BTamall Foundation National Heritage Mentorial Fund John Oldha]n and Terry BacotL Paul Hamlyll Foundatio Peter Dubens Farnily Found￿10￿ pklexaThder V.'Petalas Gris¢ld4 Pollook Th¢ Roden Family The Rt)nald Moody Thist Gilbert and Pauline Ro Tim Sayer and Annemarie Norton Rich'ard Schlagman V&A Purthas¢ Grant FutLd Alan w1￿]n%0￿ The WolfsottFoundtition SUPPORTBRS The Ciore Duffield Foundation io DorA&Jn EThve￿[¢ BA37F049.797D41D2-A2FA.BgEC64flD7B6 The Hepworth Wakefield TRUSTEES. REPORT Contemporary Art Society CreaÉiy¢ Minds- South Wogt YorkshirelqHS Foundation Trust. aThd Alison Deighton Eridge Tmst Christoph¢r Gornian-Evan8 The Hepworth Estate Ofenheim Charitable Trnst Paul Mèllon Centre foT Studies in British Art ThePorthmeoT F￿Ad ptarniigan TrL￿t The Rowland St Oswald 1984 Chatit&bJ¢ TNst Alice RawsthoTn Wakefield and Distriot Health and Community Support CORPORATESUPPORTERS New Art Centre Off¢r Wateman Grand Centr21 Rail SNIH Jolliffo Corf Jordans Solicitots Ml Oulton Hall Trinity Wall( Wilkes Group THE COLLECTION CIRCIE Jim. and Ruth Gr.over Jay Franke David H¢Tro G&Eosian Clive and Virginia Lloyd THE CONTEMPORARY CIRa Carol Atack and Al¢x Yan'sorneren Sir Michael Craig-MartinCBE RA" Thomas Dant Gallery Ernity King and Ntstthew Slotoyer Christopher Kncale JJ Docu&yn En¥eloFe ID.. W7FDW-797D41D2-A2FA-BgEC6411D7B6 The Hepworth Wakefield TRUSTEES. REPORT PATKONS Sophie Bowness Ridiard Dot)ner Wayne Ewart Lady Polly Feversbam Stuart aThd Trish FIeld￿r Colin Fine Jalle'and Al￿ttF￿le Sir Charles Forbes Adam Bt. OBE Lady Rosalind Forbe5 Adam Willoughby'GeJri5h and Daisy Bell Anditi"e5 under those standards aTe further described irj the Auditor's rcsponsibilitie5 for the audLt of thE firJaThcial ststen]ents section of our re[￿. WE Ere indyndent of the group and parfnt charitable company itl accordance with the ethical requirettLents that aTe relevant to our audit of the financial statements iti the UK. ifiGludirtg th< FRC'S Ethical stand￿(L and wt hav¢ fi]lfilled our ethical re5PoT￿lb1llc1a1 ￿ accordancc with thcE¢ TCqULmncnts. Wo bclicvc that tht audlt ryidcncc Ivc haYc.obtaincd is suffi¢ie&t alld appropriate to provide a basis for our opinioll. Concluslolls reJatiDg to going eolleerll In audtting the ffflallci815tatetnen￿ we hav¢ ci)Thcluded ihaf the trustee￿ use of ihe going conLYrn basi5 of accounting in the Preparation of the fllwicial statements is appTopri&Ie. Based on the Ivork we hAv¢ p¢rfi)rnied, wo have id¢ntified any m8leri41 uncertainties r¢lLting to &verLts or ¢onditions th81, individually or colleetiyety. mey e&s¢ $ignifi¢Bnt doulrt on th¢ ￿ollp or the par¢nt ¢haritable company's &bility to eontinue 83 a going conc¢m foT a period of.at leasttyelv¢ months from wh¢n th¢ finon¢iAI statements are authorised for issue. Our responsibiliiies and the responsibi]ities of the trnstees widi ￿SpeCt to going concern are describ￿ in tho relevant sections of this report. Other iDforniatlDn The tNst¢es. ar¢ r¢sponsible for the otii¢r infomiation. Th¢ other inforn)ation comprises the infotyllatioii ineluded in the Annual w)0¢ ￿herthall tlie fill￿￿181 s¢atem•lts and our audttor'8 r¢port th¢reon. opinion on tlie f￿vIncIaL statements does not COVLY the other tnfomiation ottd. except to the extent otlienvise explicitly stsled in ourTeport, we do nof ¢xpress Hny fonn of assurnnee conclusion thereo Our responsibility is to read tho other ittformation and. in dotng so. ¢on$idèr Wheth￿ the aiher infomyation is materially inconsistenl with the fmancial statements or our knowledge obtsilled in the cout%e ot'the audit or otherwise appèars to be thaterially misstatetL If wé idèntify such material in¢onsi$t¢n¢i¢s or apparenl material misstattments, we are requir￿ to detertnine whelhtt thig give8 Tige to a material mi¥iatem¢nt ITI th¢ financial Statements themselves. If, based. on the work we Iiave performed, we conclude there is a thateriai mlS5taternent of this other iJJfotrnation" we are required to report that f￿1. We hxve nothiNgto report itLthJs T¢8ard. J8 E¥)cu&w Envelapa ID: BAs7FD4W707041Dg￿￿FA-89Ee6411D7B£ The Hepworth wakefield tNDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD Other m*tt¢ts pr￿tribEd by the CDmp•ni¢s Act 2(K16 In our optnion, based on the work undertaken in the course of the auditr. tILe infomialion stvèn in the Tru5tees' Annual Report which includes the DirKtors' Report for the fina￿¢￿[ yeaT foT wh'ith thE fjna'nrial stateménts sre prepared is ￿nsIStenI with th¢ finan¢ial gtstem¢nts" .tILe Ttustees, Anntsal Report whi¢h includes the Director&. ReRX)rt hay been prepatEd in accotM12nce with applicable lewal re4uirements. matte￿ w¢ arc rcquirrd to r¢pvrt by exception In the ligm of the knowledge and uxJdeTStanding of the group and the pareErt charTtable cornpany aTM"l their euvironwent obtained in the course of the audil. we have not identified macerial illisslotements in the Trustees. "Annual R¢porL We l)#v¢ nothitig to ￿ptsrt in respect of the following matters where tlie C4)mpAni&s Act 2006 require us. to port to you if. in our opinion.. adequote accounting Te¢oTds haye not been kept by the parent clwitable COmPQllYi for our audit have not been receiv¢d fi￿rn branches not viytted by us. ov the parent charitable ¢ompany financial statem¢ntsar¢ not inagreementwith the accounting record% and return4 or ettain disclosures Oft￿stees, re]Trllmeration specified by law are not.made' OT we have not T#eived all the infornyation and &¥planaliolls we require for our audil. or the tLILStees were not entitled to propAre the financial sratements inac¢9rdgnce with the small cotnpani&s Yegime al￿ Èo tske gdvantage of the small ¢ompani¢s exemption irn preparing the Thistees, Anrwal Report 2nd the Slrategic Repo or Tetums adequate Ropotssibllltles of trustees A5 explained more fvlly Art th¥ StOtemeTht of Tn]stees' Responsibilities set out on page 17, th¢ trust¢¢s (who are also th¢ directors of the parent ¢harÉtabk company for th¢ purpog¢& of ¢ompany law) are responsible for the prepatatiOtL of the financial statements and fw being satksfLed that they give a true and fair view. and for such it￿eTna1 control as the ttusteeg determille is necessary Éo eTAblothe preparation of the financial staÉetnents".that are fret from material misstalem¢nL whether due to fraud or error. Jn preparing the fu)ancial statement4 the tn]5t¢es are ie8pons]l)le for assessing the group and the parent ch2riÈablc company's ability to continue a5 a going Conce￿ d15rlo5in& as applicable. matters related to going eoncern and using the going rots¢em basis of a¢¢ounting Unless the trnstees either inlend io liquidate the group or the parent ¢haritgbl¢ ¢oJnpw or to ￿￿88 opernticrtis. or h&ve no realistic altemative but lo do yo. Audito￿8 responslbllltles for tbe audtt of tIE¢ finallei41 st4l¢m¢nts We have been app(trtnled as auditors under.the Companies Act 2006 and report in a¢cordan¢e widi regulatiODS ntsde under that Act. Our objectiY¢s are to obtain reasonable 25sur3nce about wbetiier *he"group andparent fmancial statEm¢nts a5'a whole are from material mi5StatemenL whether due Éo fraud or Error, and lo issu¢ an auditor's r¢pDrt that includes our opinion. ReasoJTrable a&%urance ts a high level of assuranc¢, but is not a 8uardntce that an audit conducted in accorda￿¢ with 18As (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or ermr and Hre considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken pn the basis of these financial ststements. lttegularities, iu¢lvdtng frau¢l 8re instances of non%ompliance widi laws and Tr£ul￿l0ns. W* d¢$ig procedures in line with Dur respon5ibilitie& outlined abov¢, to detect th&t¢rial illiss¢atem¢nts in r£S￿¢t of 19 Do￿J5gn Enveknpe ID.. PA37FD4&797D41D2-A2FA-BgEC641 ID786 The Hepworth Wakefield tNDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including Irdud are detailed below. Id¢ntifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent charitable company's f￿ancial statem¢nts to material misstatenient and how fraud might oc¢ur. including through di5¢ussions with th¢ trnst¢¢s. dtscussions within our audit tcam planning mccting. updating OUT record of intcrnal controls and cn5uring (h¢sc controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulalions that are of significan¢e in th¢ eont¢xt of the group and parent charitable company bj. dis¢ussions with trustces, and updating our undcr51anding of th¢ sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent eharÈtable ¢ompany includ¢ The Companies Act 2(H)6 and guidan¢¢ issued by the Charity Commission for England and Wales. Audit response to risks identified.. We considered the extent of compliance with these laws and regulations as part of our audit procedureg on the related financial 5tateinent I*￿]5 including a revi¢w of ftnanckal statefflent disclosures. We reviewed the parent charitable company's records of breaches of law5 and regulations. Ininutes of meetings and correspondence with relevant authorities (o identify potential material misstatements arising. We discussed the parent ¢haritable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagen)ent partner drew attention to the key aTeas whirh ight involve non-compliance with laws and r¢gulations or fraud. We enquired of Tnanagement whether they were aware of any instances of txon-complianee with laws and regulatlOll5 or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fr3ud through managernent override of controls by resting the appropriateness of joumal entries and identifying any signifEcant transactions that were unusual or outside the nortnal course of business. We assessed whether judgements made in makÉng accounting estimates gave rise to a possible indkcation of management bias. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approa¢hed their work with appropriate professional sc¢pticism and thus the capacity to identify non-compliance WTth laws and regulations and fraud. There are inh¢r¢nt limitatlOn5 Ill the audit procedure5 described above and the fvrth¢r removed non-compliance with 12ws and regulation5 is from the events and transactions refle¢t¢d in the financial staternents. the less likely we would bt¢ome aware of it. Also, the risk of not detecting a Tnaterial missiatemeni due to ftaud is higher than the risk of not d¢t¢eting one resulting from error. as fraud may involve deliberate con¢ealm¢nt by, for exAmple, forgery or kntentional misreprc5CFLtations. or through collusion. A fijrther description of our responsibilities is available on the Financial Reportin8 Council's website at: www.frc.or .uLlaudiiorsr¢s onsibilities. This d¢scription fornis part of our auditOT'S ￿port. 20 DorJJSon Envetore10.. WFD￿797D4lts2-A2FA-B>EcsIl1D7Be The Hepworth Wakefield DEPENDENT AUDJTOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD Use ofour report This report is made solely to the ware￿ Ch￿Itable company's members. ag a body, in acix>rdance with Chapter 3 of Part 16 of the Companies Aet 2006. Our audit work ha5 been undertgken so that we might state to th¢. paTent charitable ¢omwdny's members those matters we are required to state to them in an auditor's report ￿]d for no other purpose. To the fullest extent permityed by law, we do not ac(Ypt or assum¢ T45ponsibility to anyone other than the P2Ltnt eharitable company and the parent charitable ¢ompony's members as a body. for our audit wort. for this report. orfor the opinionsw¢ have fonlled. S,fv1 QJNfy- LLe Sally Appleton (Senior Statutory Auditor) for and on beh￿f of Saffery Champness LLP Chartettd Aeeountants Mitre House North Park Ro&d' HGI 5R Statutory Auditors 26 January 2023 Safftry Champness LLP is eligibk to act as an auditor in tenns of section 1212 of the Companies Act2006 21 DO¢￿19n Envdrp8 ID.. BA37FD4>797D41D2A2FA-89EC641107B6 The Hepworth Wakefield CONSOLIDATED STATEMENT OF FtNANCIAL ACTtVlTTES (tNCORPOBATING A CONSOLIDATEDINCOME AND EXPENDITURE ACCOUNT) Year ended 31 March 2022 Uyrestrlcted Deslgnated Restrlrted funds funds funds 2022 2022 21n2 Totsl funds 2022 Total fund5 3021 Jneome and endowments from: Dollationg and lèEaeies 200,922 338,186 620.187 'Cbaritsble activiti¢s 2263.529 2,586,081 4,849.610 2238.699 Other trading activtttcs. ,047,674 1,047,674 "819,452 Investsnents 17.650 17.650 17.481 Tots"15Bcome 3.466,123 2,787,003 6.253.126 3,fj95.819 ￿￿endi￿rè OJL. Raising funds 943.754 943.754 548556 Ch81itabl¢ artivi¢i¢s 2J34.337 3,007,522 5.341.859 2288.435 Total expe￿dItur¢ 3278.091 3,007,522 6,285,613 2,936,991 .Taxation on other trading aotivi(io5 14 Net gain ott inv&skn¢nts 39,679 39.679 148.054" N¢t tncornei{expeThditure) 227.711 1220,519) 7.192 9)6,882 Transfer be￿een fund5 229,022 (229,022) Other re¢OgnIs￿ g•ln$ and losses A¢¢uaria] gain l (loss)on defm¢d benefrt pension 27 167.0110 167,ODO (148.000) N4tmov•m•tln for theye&r 1449,541) 174,192 75&,882 Reeoncl]l*tAon tyl tsThds Total funds brnught fonvard 3.460.066 723.996 4.184.062 3.425.180 Totsl ￿ndS txrtri￿ fonv*rd 22-24 4.083,? 274.455 4.358.254 4.l84.'062 All incoming resowc¢s and r¢sources extKndal dttiv¢ from continuin8 activities. All 8ains and losses reco8ni5ed in the Current yèar and prior year are included abovc. The 8ross incorrie of the parent charity w&s £5,448,049 (2021.. £3,404,324) and the net inconie'resources w¢re £.2Q4,1 I6 (2021: £9￿2,084 outgoing). Dowsign Envdope ID.. 4c77gE￿9CEF4BSy-B04S-C0889z2D6E78 The Hepworth Wakefield CONSOLIDATED STATEMENT OF FtNANCIAL POSITION 31 March 2022 Company Registr81ion No. 071 l)861 Registered CliaTity No. 1138117 Note 2022 2021 Fixed assets Tangible assets Investsiients 15 1,880,647 1,258,052 2,057,425 960,314 16 3.138,699 3,017.739 Current assets Stocks 17 165.356 1.320 139.019 1,320 932,668 Investments 18 Debtor5 19 329,162 1,863.583 Cash at bank and in hand 1,304,516 2,359.421 2,377,523 Liabilities Creditors.. amounts falling du¢ within one year 20 {824,860 (767200) Net current assets 1.534.555 1.610,323 Total gssets less eurrexht liabilili¢s 4.673,254 4,628,062 Creditors: amount5 falling due aft¢r more thall on¢ year Provisions for liabilities Def]ned benefit pensi(Trn scheme liability 27 (315,000) (444,000) Total tket assets 4.358.254 4,184.062 The tmllds of the ¢harity Unrestricted funds General funds 22 4,398,799 (315,000} 3.904.066 (444,000) Pension resetve 22 4.083,799 3,460,066 Designated funds Restricted income fvnds 23 24 274,455 723,996 Total charity fuDds 4,358,254 4,184,062 The financial ststements have been prepared in accordance to the provisions applicEble to companies subject to the small coinp2ny regiine. The f￿a[1claI statements on pages 22 10 62 were approved by the Board of Trnsteey d for issue on 23 January 2023 and are signed on its behalf by= Interim Chair 23 Docusgn &vthpe ID.. ÉA37FD4W797D4102-A2FA-BgEC6411D786 The Hepworth Wakefield STATEMENT OF FtNANCIAL POSITION 31 Mar¢h 2022 CoinpaNy Registrkn"on No. 071 li861 Register¢d Charity No. 1138117 Not• 2022 2021 Fixed assets Tangible a55¢ts lllv¢stm¢nts 15 16 226,354 L,258,053 312,229 .960,315 1,484,407 Currelll 355¢ts Stocks 834 .Investtnents J,320 455.087 Debtors 19 1,085,549 1.139,532 cash #t baok and in hand 1,453,343 1,909,750 2,227,235 Liabilities Credilor5.' amounts falling due within one y&2r (427.931) (608,669) Net £urreRt assets 1,481.8J9 1,618,566 Total as5¢ts k>s ¢urf¢4t 1SabffilltkJ 2.960,220 2,891,110 Creditor5= amount5 fallin￿ due in.more th one year Proyi5ions liabiliti¢s DefllLed benefit wion schéme liability Neta&sets 27 (315,IMJO) {444.OOQ) 2.651,226 2,447,110 FuTrds of the ebarity UrJr¢stri¢t¢d fynd$ General Teserve 2.691.771 2.l67.1 14 (444.000) Pension reser¥e 22 (315.1)00) 2J70,TII 1.723,114 DeSI￿ated fimds Restricted incorae ￿ndS 24. 274.455 723,996 Total eh*rJty fknuds 2.651226 2,447.110 As pemiitted by Section 408 of the Comp&nies Aot 2006. the Stat¢m¢n¢ of Finan¢i81 A¢tivitie$ of tile parent Charity is not presented as part of those fJn8ncial statements. .Tli¢ Charity's.gain for theyear was £204.116 (2021: deficit £902.084). 24 t)￿￿￿{yn Envel￿ ID.. gF¥FE06-3AOD40F5-AF8FCC6coeDA818D The Hepworth Wakefield STATEMENT OF FINANCIAL POSIT]QN 31 March 2022 CoD)paRy Resi5tralion No. 07113861 R¢gist¢ted Charity No. 113811.7 The financial stalementshaye been prèpared An ￿e0td￿neè tr) the provisioftL8 appltC9ble to Cornponiey subject to the small company regime. The financial stat¢ments on pages 22 to 62 w¢re approved by the Board of Trnstses and auth0ri5¢d for issue on "23 .January 2023 1 15:43:42 tJ and are si8ll¢d on lis bebalf by: StuartFletcher Inl¢rim Chair Do¢V￿gn &¥ek)pe ID.. BA37FD4￿7p7￿41D2.A2F￿BoEc641lQI&6' The Hepworth Wakefield STATEMENT OF CASH FLOWS Year ended 31 March 2022 Group 2022 Note Netcash from operating a"etivities 29 813218 1.147.179 InvesÉthg a¢tivitics Rethrns on inv¢stments 'P.'urehase oftangible fixed 8&8ets Proceeds from sale of investments Cash (released frotn) I reinYe5ted within inves¢tneJrt portEolio Purchase of investtllents 17.656 17.48l (13,748) (520.037) 474,777 (35,675) (697,161) (61,417) Net cash used ill investing activities (254,151) (511.626) Increase in cth in the year Cash and cash ¢quiyalentsat the beginning of the year 559.067 035J53 IJ05.836 670283 Totsl cash and cash eqtsfv41tAts #f ihe end of the year 29 1,864.903 1,305,836 26 DotyJSbJn Envekn￿ lTr-BPJ7FD49-797t>41D2-A2FA-BSECfjd11D7BB The Hepworth Wakefield NOTES TO THE FINANCLIL STATEMENTS Year ended 31 March 2022 ACCOUNTtNG POLlCtES CHARtTY INFOiiMATION Th¢ HEpworth Wakefield is a compatty limited by Eu2r2nté¢ domiciled attd illCO4M)rated in England alld Wales. The re8lStertd tsfFice is Gall¢ry Walk, Wakefield WFJ 5A W. The 8roup consist5 of Th¢ Hepworth Wakefi¢ld 'and its subsidiaries. The Hepivorth Wakefield EnteFprkqes Limited (Company Registration Nurnb¢r- 07594964) and The Hepworth Wakefield Garden.Th￿t (Coillpany Regtstration Numb¢r-10383188). The Hepworth W8kefiold meetsthe definition of a public benefit entity under FRS 102. The charity exists foE the benefit of the. public through the provision of aceess to inspirin& world-c]a5s art. which is detailed in the charit&es' principal activities. Th¢ charity's and tho 8mup's prin¢ipal activilies atr d¢s¢rib¢d in detail poges 6 and 7 along with the nature 0£ the ¢harity's operations 2nd the grow)'s operntions. Tli¢ ¢¢)mpany has adopted the following prillcipal accounting policies which should be read in ¢onjunction with the financial statements set out on pages 22 to 62. The cliarity is a qualifying entty fort1￿ PULPOSes of FRS 102. beillg a meinber of a group wheEt the par¢nt of that group prepares publicly available consolidated fjnanrial statc]nenls, including this charity, which are. intended to give a tn]e and fair view ollhe a55els, liabilities fjnancial positioll a]Ml profit or loss of the group. The eharity hos tberelore tsken advantage of exemptioiis froni the following disclosure r¢quir¢menls for parent arity inforniation presented within the ¢oLwlidated financial statcmellts.. Section 7 'Statcm¢Tht of Cash Flows,: Pr¢s¢ntatiort of a statement of cash t]ow and related notes. and disclosures. ACCOUNTING CONVENTJON These financial stst¢]ner]ts hav£ been prepar and obj¢ctiYes. Vlhere ¢xp¢ThlituFe on mu]ti*UTpose fundratsing activity h85 taken place. these &rearoortioned on the basis of the aim and content of mark¢ting and OJndraigin8 Output ￿tween Costs of raising fimds (where expey￿￿tur¢ is on material for rai5ill8 the general profil¢ of the gallery) and charitable cxpenditure {wlLere expenditure is on niat¢rialspecifically provided io furth¢rth¢ ¢harity's objtctives). The activktie5 of th¢ charity fall into discrete are￿ of OF¢ration& Directty attributable outgoing r¢s￿￿e5 are" UELdcr the relevant ]wdin8. IThdirect outgoing resouFCe5 are allocated to the Projects on the bosis of usage. staff time, value or area occupied. a5 appropiiak. The remaitling rton-atiributsble amounts represent the sl of the overall m8n8gwThent and adtninistrdtion of the charity artd are sl)own under that heading on the Stat¢m¢nt otFinancial Activities. An explanaiion oflhe amount of indirect costs allocated in this way ig shown in note I l. Support Cost5 ¢omprAsing ijk the maiority'staff costs have been apportioned ￿roSS the activities b&ged urK>n the stafftime devoted to tht5e ar¢a& Charitsblo expenditu￿ and adininists*ion costs. comprise direct expenditure including dirc¢t staff costs attributable lo the activity. Wh¢r¢ cosls C￿)nothe directly attributed they have been allocated to activities on a b￿15 consistent with us¢ of the resources. Fund raisin8 Costs are thoss incurred in s¢eking voluntary ¢ontribulion8 for the 8allery. Management and ad￿l￿1Str￿t1on eosts are those incurred in COT￿e¢tlO￿ with the mana8ement of the ￿llery,5 assets and org8nisatiotJal adtntnistration. Gtivemftn¢e costs are th08e i￿u[red in oonn¢¢tion with ¢pmpli8nce with constitutiknnal 'aThd #atutory requitrment DorJJSlgn En￿[￿ ￿1.. &437FD1>787D41D2.A2FA-B9EC641107È6 The Hepworth Wakefield NOTES TO THE FfNANCIAL STATEMENTS Ycar cndcd 31 March 2022 ACCOUNTNG POLICIES IcoMfln￿dj COLLECTIONS The Hepwonh Wakefield is the managing'tllth of the'eollections. However, WMDC is the custodittntru5tee and theréfore tknné ofthe collertions ar.e inciuded in fixed assets. New grtwork 18 typically a¢quir¢d by The Hepworth by donation or fimded acquisition. Bydonation, in which there is not trbnsfer of monelary value, the artwork is Biv¢n to WMDC to ￿cOMe part of thc Council's collectton. When 3rtwark is acquired throu8h filnded acqtsisitioJ4 the fi￿aItig #nd expense are included WAthin the financial statements, but with the physi￿[ asset tran5ferritLg lo WMDC. TANGLBLE FIXED ASSETS Where purcliased tangible fixed assets are initially included attheir costof acquisitiorA, includin8 costs tl)at ar¢ directly attributable to bringingthe assets into workn￿'cOndition for their intended use. Where a f￿ed asset is acquired ill thll or in part fmm the pro¢e¢d$ of a grant it is included at its full acquisition cosl without IiettinE offthe ￿an1 PToceeds. Donated, functional fixed assets are includd at a valuationmadè by the Tnjslees. Wh"ero th¢ uso ofthese assets is unr¢5tr1¢l￿ they aT¢ Inch￿ed in a designated fimd reflecting their book value. All fixed Assets where the we is Iiilrestrict￿ are then transfeLTed after initial recwition from T&Stricted or designated fil￿ into g¢nerAIAEsetvas. No valu¢ is shown in the ac¢ounts for assets occupied and usedbythe TTUSt under li(%nse from WMDC. llldividual fAxed assets costing £500"or more ￿e capitalised. Costs directly Telated to briD8ing an asset to its completed state are eapitali5ed as they arè incts￿a iti a¢¢ordan¢e with FRS102 (Chapter 17). Long-tenn thibition equÈpment is capitalised a5 a fixed asset. Temporary exhibition costs are writlen off as resources exTrended in the yeaTthatth¢y are incutred. Tangible f]xed assets are derxeciated on a straight-line basis overtheir estimated usefvl live& 'Depr¢ciation is. Ghar8ed motkthly. A 5JU month's depreciation is charged the month of acqui￿li0n, Jwlle the ritDnth of disposal. [kpr￿i3tlfjtt is ¢harged at th¢ fDlkn¥itig rates.. Plant & m&chillery Fixtures and fittings Offi¢e attd 8allery equipment. Computer and AV equipment Le￿ehOld buildings Leasehold garden WOTk$ 20Yo Por antiL]m IOO/• per arnum 20/1 per ai)num 250/0 per annum SD/• per amlum 5V• peranThum Dcprcciation 15 llDt pmided assets in the Eour5c of ron5truction uirtil thE asset L5 bri)ught into Use irL the busintss. IMPAIRJAENT OF FtXE.D ASSETS An assessment is made at each reporting dats. of whether there are indicatÉons that a fL¥ed asset may. be impaired or that an Impalm￿nI loss p￿vi¢M1Y t¢¢ogllis¢d h45 fulty or pw¢ialLy rev¢rs¢d. If s￿h iDdication5 exist, the Gtvup estimates the recoYerg4ble amount ofthe asset. 29 Docusign EnYdcyelD.: BA37FD4&797EH102.A2FfvB9EC641107B6 The Hepworth Wakefield NOTES TO THE FINANCIALSTATEMENTS Ycar cndcd 31 March 2022 AccouKfiNG POLICIES (coNiinutd} IMPAtRMENT OF FIXBD ASSETS (coKlinuedJ ShortfalIs beLween the c2rryin8 value of fixed assets and their recoverable amounts. being the hTgher of fair value 1¢&5 ¢osts to sell and value-in-ug< are recogttiged 8$ irnpainnent low& Impairments of revalued a&%¢ts ate treated as a revulualion lo&q. All other impairnient losses are ￿QOgnISed in the. slatethent of financial. activities. li¢cogDiscd impairment losses are reversed if, a]Ml only if, the reasons for the iinpainnent lo￿ have ceased lo apply. Reversals of impairnient losses are reeostsised profEt or ioss or, for revalued assets, as a Tevaluatio gain. On r¢v¢rsal of an impaimient loss. the dcprECiation or amortisation is aditssted t(J alloEat¢ lh¢ a55et'5 revised Lxrrying amount (less any residual valuB).over its remaining USEful life. INVESTMENTS Long-terni inyestments are clHssified as fixed assets. Short tenn inyesttnents are classified as current asset& Fixed &sset investmenls slated at cost in the.eompany balan¢¢ sheeL Provision is Jnad¢ for aDy impairm¢rit in they8h￿ of fixed investments. STOCK Si(Kk is valued at the lower of cost and net realisable value. Ner ￿81t$able valu¢ 1$ based on estin￿ted selling price. Provision is mad¢ for obsolde, slow moving or defective lten￿ where appropTiAtO. At eadi reporting date, th¢ group assesses whetlier $lo¢ks are impaired or if an impairmfflt loss recognised in prior p¢rAods ha5 Th¢rs¢d. Any ￿¢￿$S of the carying amount ol stock over its estimaled selling price less osts to co￿pIet¢ alld sell, is recogDi8ed as an 1mpaitmentl0￿ in the statement of fu￿le1&1 activities. Revctsals of impaiEment losseg ate a150 réeo8ELised in the ski*m¢nl offmancial activities. Stock5 &L¢ld for distribution at no Drnorninal consideration are ]neasured.at COBt. 2djusted where 2ppii¢abk. CASHAND CASH EQ[￿vALENTs Cash and ca5b equivalents include cash in depDsits held at call with bank4 other shTrrt t¢nn liquid investsneftts witEL ori8inal maturities of thre¢ montlis or less, and bank overdrafts. Bank OVErdrafts are shown within borrowings in current liabililie5. FtNANCIAL INSTRUMENTS The company lias ele¢ted to apply th¢ provisions of Sectiort I I 'B43io Financial Instruments. gnd Sortion l2 'OtheT Fin8n¢ial Instnunenls IssU¢s' of FRS 102 to all of its fjttancial instrLllllents. Financial instruments recognised when tbe cthllpany becomes party to the '¢otttra¢ttthl ptOViSiOllS of.the instrument. Fittancial assets and liab'ilities are DffS￿ with the net amounts pr¢sented iTh the fIna￿(al statements, whenthere is a Iwlly etJforc¢abl¢ ri8ht to sd off th¢ recognised aIn0￿ts and there is an Intention to settle off a net basis or to realise the asset and settk the liability simultaneously. B8sÈc financial assets, which include trade and other Trceivables and ry45h And bank bRJance4 are initialty meAsured at transaction price including tran$a¢tton ¢05ts.and are subsequently ra￿led at Hrnortised cost using the effective Inte￿5t method unless the orrangem¢t)t ¢QTh8titut¢s a r]Dancing ÉLWLsaction. whue. the knnciAI et is measured at the pre*nt value of the future receipts dis¢ount¢d at a inarket rat¢ of interest. 50 C¥¢uSgTh Envelope ID.. BA37FU49-797r)4102:A2FA-89EC6411D7B8 The Hepworth Wakefield NOTES TO TFE FINANCIAL STATENqENTS Y¢ar Cndcd 31 Marrh 2022 ACcOuNT￿G POLICIES (conllrtued) FINANCIAL tNSTRUMENfs I¢owthued) ttssets Ftt)an¢ial &8sels, other than those held at fair value 'thmugh profit atsd loss. are agsessed for indiL*tors or imP8menl at e?¢h reporting ¢nd date. Fitiancial agsets are imwair¢d wh¢re there is objectiYe..evidenee thal. Hs a. resuh of on¢ or more evenls that occunrd after the illitial recogttilion of the financial asset, the estimated futur¢ cash flows have been affected. If an asset is impaired, the impirment105s is the difference behveen the canying and the presentvalue of the estimated r251L flows dtscounted at the a5seVs original efftctiv¢' interE5t rdte. The impairni¢nt loss is Tec¢)gnised in profit or loss. If there is a decrease in the impairment lo￿ arisin8 from an event occurrin8 after the impairment was Terogni5ed. the impairment is reVe￿e{L The revers21 is such that the current carrying amount do¢s not exceed what the cwing olllount would have been, had the impainnellt not p￿viouSlY been reiogt]ised. The impairment.reversat isrecognised in profrt or loss. D¢recognltfon ofJlnLwGial ¢7ssets FiThallcial a58ets are derecognised only when the contractttsl rights to the ¢a8h flows froJll the asset expire or are settled, or when the company transfers the financial asset and subsrantially all the risks and rewards of ownership to arLother eTfrtity. or if sonLe"signifi¢ani risks and rewards of oWTh￿Ship are relained but control of the asseth&s trallSfe￿d to another paty thai 18 able lo sell the asset in its enlitety lo all unrelated third p4tty. Clagsffjc&loA ofJ1￿￿￿e1QI Ilablliliès Finattcial liabilities and equity instnynents #t¢ classified a¢¢ordillg" to th¢ sub5tallc¢ of the contra¢thal rrangejnents entered itlto. kn equity InstrU￿ent is any contract that.evidellces a residual interest in.the assets of the company after deductiU8 all of its liabilitie5. Ba¥icfinancial liubililies Basic financial liabilities, including trade and other payables and loans from fellow group companies.that are ¢lassifi¢d as debl ar¢ itlitially Trcognised at tratlsaciion price unless the anngement Constitutes a r]nancing transaction. Ivhere th¢ debt instnllllent is llLe&suted at the p￿t value of the future payments di5COUllted at a market rate of interest. Debt.instruments ar¢ ￿SeqUentlY ¢atried at amortised ￿$( using the effective interest rate metho(L Derecognilion o inanC￿l liobililies Financial Liabilities art dere¢osnised whw4. wjd only whrn. th¢ GotxLP￿Y.,S rontraGtual i)blL8.ation3 arc di8charged wic¢lleth oTthey expira GIFTS tN KIND Gifts in kind ar¢ accounted foT at a reasonable estimate of their valu6 ro th¢ charity or th¢ amoullt a¢￿alty ealise¢l Those received the purposes of sale OT distribution are included in the accounts ￿ gifts only when sold or distributcd by tELQ dwity. Those received for use by the ¢harity are included in the Statement of FinaTJcial Activities s3 incornin8 TesouEces when receiyable. Volunt¢¢r work is not recognised in the ac797D41D2.A2FA-89EC8411D7B6 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 INCOME EARNED FROM OTHER AcrJvrrIES Unrestriepd Re8tsicted nds Total. Unr¢¥tri¢ted &e5tricteAI 2022 ftmds Total 2021 'Cgt patk income Coo)oral¢ path¢r8hip liicome Event income ember5hip Other Int￿ne Trnding illcome CoronaYAnts Jtsb Retention Scheme grantincome Mus¢ums Galleries & Exhil)itions Tax R¢lief GardeThTn￿t income 18.825 18.825 8.000 10,939 53,326 29,957 832,089 10,939 53,326 4.682 9,942 9,942 36,550 342255 831089 3422.5S 39.113 366,778 29.697 1,472 1,472 10,T23 l.Q47,674 1.047.674 819.452 819,452 INVESTMENT INCOME All of the group's inves(ment in¢om¢ of £17.656 (2021.. £17.481) arises from.&) money ILeld in illterest bea]Ing deposit .accounts of £nil (3021". £4) aJtd b) ]lloney held in & CO￿0￿ate bond porfolio of £17,650 (2021: £17.477). DEFERRED INCOME l April DEf¢￿ed Released 31 Klarch 2022 Other deferred ÈncollLC (43,058) Charity J April 2021 DefeTred Re]￿Sed 31 Ma￿h 2022 Otber defenEd income The defe￿ed income balarjce. at l April 2021 relates to booking income received before l April 2021 which relates to the f]nancial peLiod of the year ended 31 ￿tarch 2022. 35 'DO¢￿i￿n En￿10￿* ￿}. WFD4>-797D41D2-A2FA-B9ECfj41107P The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 INFORMATION REGARDING TRUSTEES ATr]D EWLOYEES 2021 No. AveLaEe number of persons efflpjoytd: CollecttPh&and exbibitions 13 25 Visitor services 31 Mauage]neDI and administrdtion Developinwit Tr&ding subsid1￿y. Pr¢mis¢s l.5 91 2￿22 Averdge number of FTE employed.. Collections and thibition5 Visitor seryices Markding Man8gem¢nl andadministtation Development Trading subsidiary Pr¢mis¢8 13 14 52 50 36 D¢￿S[9n E1)i￿10p9 ID.. BA37FD4Q-797D41DM2FA.BgEC641107B6 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Ycar cnd¢d 3l March 2022 g. INFORMATION REGARDING TRUSTEES AND EMPLOYEES {cont￿Ue￿ 2022 2021 StsfE.losts during the year.. Wages and salaries Suci41 s¢curity costs P¢nsion costs Re¢ruitmeAt and temp)rary. stoff costs Other ￿￿ff¢0stS Staff ￿]nIng and ¢xpais¢5 .338,414 97.989 130,765 1.324.722 99.446 98JOO 10,023 21,620 8,491 165 1.575.256 I J62.602 Jn the current yeox a settlemenlivas paid to one (2021: nil) employe¢5 4)f£6,000 (2021.. £nii). The number of ell)plOyee￿ wh05e emolumeats As der￿ed for tsxatitm purposes amounted lo over £60,IXIo in the year was as follows.. 2022 No. 202] £60.001- £70,000 £70.001- £80.000 £80,0￿- £90,000 All employees earniT]g oYeT £80,000 participated in tbe pension ￿herne. Total ¢ontribution5 paid during the period in respect of these emp.loyees were £1 1,350 (2021: £11,639). VOLUNTEERS In the year a significant savin8"to.the tharity was the invaluable as%istatkcr rcceived from VDlunteers. During the year a total of $9 volunteers offeredih¢ir serYic¢s and the resulting savings from this are estimated to FE ID 'Ihe re8ion of £13,029, equivalent to 0.7 ￿1] time m¢tnb¢r5 of Staff. In tht priot year. due to th¢ sallery clos and Covid re5trAoions Ih¢r¢ was no os5ithn¢¢ recelved fftom voluThteer& TrUSTEES> REMUNERATION No trusteès received remunerattDn durins thE ¢urr¢ntyear or priorperiod. .Expetwes of £685 (2021: £Nil) were paid to two (2021.. £nil) trustees in respect of a¢¢oinmodatitsn and trayel MANAGEMENT PERSONNEL The key matiagem¢Dt of ihc group compris¢ those of Ibe chaiity and the key n￿n￿gE￿nent petgonnel of Its wholly ow1￿1 Subsidiaries. The total employee benefits of the kry management pwsonfiel of the gLOUP wer¢ £289.152 (2021-. £322,289), txcludittg amoutits paid to employmènt agencies. The key management porsollnel of the ¢harity comprises the tNstees and the senior Marta8¢mentT&3m. 37 Doe￿19n Envdcpe ID.. BA37FD4W797D4ID2J2F￿gECfj41ID7E The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Y¢ar cnd¢d 31 March 2022 10. EXPENDITUIiE ON RAtSING FUNDS Unrestricted Funds Stsff ¢osts Direct Overhead Depre¢- Markoling costs iation costs osts GoYer- nance Total 2022 Total costs Cost of raisÉng fi]nds Fundraislllg trading Garden 94.458 56,508 6,945 236.944 194.572 277.620 356,516 42,091 5,382 5.700 692.109 5,068 14,701 Total 372.078 418,092 106285 21,378 16.557 9J64 943.754 Kestricted Staff costs D1￿ct Overb¢ad Deprec- costs costs iaiion MaLI(eting ¢osts Gover- ano¢ eosts Total 2022 Total Cost of LX15ing fi￿d5 Total 38 Dow&Jn ID.. W7FD49-797D41D2-A2FA-B9EC6411D7B6 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 EXPENDITURE ON CHARrrABLE ACTivrtlBS Ur￿￿trIcted Depre- ffvlarket- Gover- Ciation nance costs Staff .Direct Ovejhead Osts costg 2022 2021 Cblledions 'and exhibition5 285,730 3.2,221 198,095 24,299 39,094 12,819 s￿,258 452,111 310J08 462,158 31,428 58,427 23,620 153,556 287,588 33.982 38,001 12,461 474,245 54.672 17,927 1,1)09,883 482,797 Visitor servicdq Publie Programjlle Garde 57.865 19.226 39.326 4,254 129,760 31.449 10,532 1,817 1300 128,191 Totsl 1,147,510 236,431 593,968 168,248 140,428 47.752 2,334,337 2,034,743 Restricted funds Market- Gover- ])ance Staff DiroGt ¢osts Overhead ¢OSts costs ciation Total 2022 2021 CollectioThs and exhli )itions 44.745 2.663,663 26,51NJ 2.734.908 240.656 Leamtng VisitOT serYL¢es Publie -10.924 75,304 159.880 246.114 104.036 8,OOQ Totol 55.669 2.738.967 212.886 3.007522 353,692 Shaicd and support costs tota'lling £2,839,407 (2021: £2.186,565) atLd comprising in the majorty staff cost& have been allocated across the activities ba*ed upon tIiE 5taffiim¢ devoted to the5e.areas. stsffcosts for these area5 are reported under the staff cost other tiuTh amounts allocated to Govemau¢E. 39 Dw9pJn En¥4ope ID: 8A37F04&797tH1D2-A2FA-B9EC6411D7B6 The Hepworth Wakefield NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 March 2022 12. GOVERNANCE COSTS 2022 Legal and Professional fees Audit and Accounfancy fe.es 18.066 39,050 5.949 29,lJ50 57,116 34.999 13. NET INCOME￿PENDITuRE FOR THE YEAR This ig stated after ¢harging: 2022 2021 tkpreciation Auditor's remuneration.. Fees payable to the cojnpany's auditoy for the audit of the company's at￿Ul1 f￿ancIal 5tatetncnts Fees payable lo the company's auditor forthe auditof the subsidiary's annual fjnancial statements Tax compliance serviG¢s A¢cpo ID.. W7FD40.797t)41D2.A2FA-BgEC6411D7B6. The Hepworth Wakefield NOTES TO THE FINAFICIAL STATEMENTS Ycar cnded 3 l March 2022 15. TANGIBLE FIXED ASSETS Qrimtp Assets in the course of Plant 2nd Fixthres and construction machitiery fittinEg Gatehous¢ Gardens Offi(t and Computer Leasehold gallery and AV land and equipment equipmen buildings Totsl C(Jst At l April 2021 179,040 128 762 169.373 1,641.584 8,06Q Additions 69,805 359.507 188509 2.73.6.590 13.712 (232 471) Disposals {56296) D7.847) (138.328) At 31 March 2022 136,822 169,373 1,641,584 37,610 221.179 188,509 2517,821 Acc￿￿Ulated depieeiation At l Aprit 2￿21 ChaTg¢ For the y￿r Disposals 119,341 23,700 (50,082) 62,289 23,439 10.248 9,663 67,880 82,093 66.416 296A31 1,714 (37,847) (138578) 56J50 679,155 190,526 (232,507> At31 Mareh 2022 86,959 .85.728 19.91l L49.973 30283 198.345 65.975 637,174 Net book valu¢ At 31 March 2022 35,785 51,094 149,462 1.491,611 7,327 22,834 I22,534 1,880,647 At 31 March 2021 59,699 66.473 159,125 1,573 704 3,389 63.076 131,959 1057.425 DOcuS￿n En￿lOp￿ ID.. BA37FD49-'797D41D2-A2FA-89Ec8411D7B8 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 3 l March 2022 15. TANGIBLE FIXED ASSETS.[continuedl Charity .Assets in'the 'Office a￿d aiinput¢r Leasehold Cour￿ ol Plant and Fixtures and gallery and AV land and construction ma¢hirAery fittin8s equipment equipmeTh buildings Total Cost At l April 2021 Additions Dtspjsals 169,065 123.727 8.060 54,731 352,566 188,449 888,538 8,060 (219￿67) {56296) 112.769 (28,715) (134,936) 25996 217,630 At 31 March2022 131,787 188.449 676.631 Accumulated depre¢iaiion At l April 2021 ChArge for the year Dispornls 112,284 2I,909 (56.082) 60.266 54,731 292,478 39.521 128.735) (135,185) 56,550 9.425 576.309 93.970 [220,002) At 31 March 2022 78,111 83,381 25,996 196.814 65,975 450,277 Netlx)ok v8lue At 31 Mar¢h 2022 34,658 48,406 20.816 122.474 226.354 At31 Matth 202I 56.781 63,461 60,088 l31,899 312.229 All iangible Axed a$s¢t$ We￿ iised for tsitsbl¢ purposes. 42 Dttusvan Envelupe ID.. BWJ7F04&797Li41D242FA49EC6411D786 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 16. rNVEST￿NTs HELD AS FIXED ASSETS 2022 Group 2022 Charity Group Charity Investsnent in subsidiary Listed illve5tments 1258,052 1,258,053 96Q,314 960,314 Listed investmellts. 2022 lllvestmenls 2022 2021 Inve8tmeThts 2021 Market valu¢ brou8ht fotward at l ApriI 942.658 697,161 (474,777) 17.656 780,304 61,417 (47,117) 22,886 Add: athtitions to invéstments at cosl Disposa]s at caryin8 value Movement in cath Revaluation 35,675 (5230) 39,679 148,054 Market value as af 31 Marth 2022 1204.721 53,331 942,658 17,656 Th¢ company 1) The aggrwk as5¢ts, liabilities and fi￿a% w&$: 2022 2021 Assets Liabilities 281,387 331,026 (215,014) (334,751) 66,373 {3,725> Represented by.. Call¢d up thar¢ capitsl Profit aljd loss accuunt {3.r26) Shartholderfs funds 66,373 {3.725) DO￿s￿an Erw8K)￿ ID.. BA37FD49.797D41D2-A2FA.BgEC6411D7B6 The Hepworth Wakefield NOTES TO TF£ FINANCIAL STATEMENTS ended 31 Ma￿h 2022 16. INVESTMENTS HELD AS FIXED ASSETS fGon1im￿d) The in¢om¢ and expenditure of The Hepwortts Wakefield G'arden TriLSt Limit￿ for ihe ptriod.ended 31 March 2022 is summarised below:. 2022 Total fimdsbrought forward (337,312) 'Total irjcome endowments Total expenditure 42,871 (142.893) T•tal carried forward {437,334) The Aggregate of the &ggét& li4bilitie$ and'fvnds w8S: Assets Liabilittes 2.003,742 (2.441.076) Represented by.. Unro4triCted fundg (437,334) 17. STOCKS 2022 Group 2022 Charity 2021 Group 2021 a￿rity Go(ds for re&ile 165J56 139,019 834 18. INVESTMENTS 21￿2 Group 2022 Charity 2021 2021 Charity Cll￿ent asset investment held in.cash 1,320 45 DorJJStyn ErNoIop8 IU: BA37FD49.797t)4lD￿2FA-89EC64llD7Bfi The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMEwrs Ycar cndcd 31 March 2022 19. D.EBTORS 2U22 Grtsup 2022 Chatity 202] Group 2021 Amounts falling due within one yeaT'. Trade debtors Amount owed by subsidiaries Other debtors Prepayments and a¢¢w¢d in¢ome VAT debtor. 50.887 l81.166 61.180 1fj1,854 .42,234 29,289 .504J39 2,083 506 657JlO 654966 231.041 (103,551) 329.162 455,087 932,608 1.085.549 20. CRED'ITORS.. Amounts falling due iyithin one year 2022 2022 Charity 2021 Group TTade creditOLS Other creditors Amounts due to group eon)pani¢s Otheriaxes and social secijrity Accruals and deferred inc4)tno VAT. creditor 182.933 9.59( 156,621 9,590 228,238 393 J76 200.110 239J62 25.071 109,709 27.089 I IB,780 486,474 2S,07k 120,515 109,914 K24.7l7 824,866 427,931 767,200 608,669 2J. F￿ANC[AL DISTRUMENTS 2022 2022 Cliarity 2021 Group 2021 Carrying atTrowkt of fiBznci41 ?55¢ts Debt instrutnents Me&￿u[ed at atThortised cost 156,359 656,020 643.075 C8rrylng amoNn¢ of finalldal Ilablllth Measured at Hmortised cost 290.273 255.098 322201 283.467 40 En¥dapelD'. ￿437FD4￿797D4ID2.A2F￿B￿CG4￿lD7￿8 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 22. MOVEhlBNTTN UNRESTRtCTED FUNDS UnTe5trict¢d funds comprise the followin8: GTOUP l Aptil 2021 IpEomc. Expenditutv. Nd gaius / Trdnskrs (losses) on inve5ttnents Actuwial 31 N(arch gal￿10&8} 2022 OenEral unTestrictsd funds Pe￿10 re8erve 3.904.066 3.451.123 (3.225.091) 39.679 229.022 4,395.799 (444.000} (53.fj.00) 167.000 (315.000} Total unrestricted ryds 3.460,066 3.466.123 (3278.09L) 19.679 229,022 167.000 4.083.799 Charity l April 2021 Income Expendithre Nel gains l Transfers (1055ES} on investsnents Actuarial 3 1 March gaill/(1055) 2022 General unie5tticted funds Pension reseFVC 2,167,11.4 2,646,04S {2,390,089} 39,679 229,022 2,691,771 (444.000) (53,OlJO) 167,QOD {315.000) Total unrestricted 1,723.114 2,661.045 (1443.089) 39,679 167.000 2,376,771 PBJOR YEAKMOVEMENT JN UNBISTBJCTED FUNDS Unrestricted fuRds compri&e the followitig: Group ]ncome Expenditnre NeÉ gains l TransfeTS {loss¢s) on investments ActLwial 31 Marcli diThlOoss) 2020 General unrestricted 353,986 3,025,014 (2,565,299) 148,05.4 2942,311 3.904,066 Pensii>n r¢serye (278,000> (18.000) (148,000) (444.oou) unrestricted filllds 75986 3,D25.OT4 (2.583299) 14&.054 2.942.311 (143.1)00) 3,460,066 4T Dowslw Envelope ID.. B437FD49-797D4702-A2FA-BgEC6411D7 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 MarcEL 2022 PIUOR YEAR MOVEMENT IN UNRESTRICTED FUNDS (C1￿1¢￿¥edj Unreslricted fimds comprlse Ihe followtn2: l April 2020 In¢ome Expenditure Net gairLq l Trdnsfet3 {lo$ses) on inves)llents Actuarial 31 Mard} gainl(loss) 2021 General uttrestrided 278.000 2,739,01.9 (3,940,270) 14%.054 2,942,311 2.167,l14 Pension re5erYc {278,000) (18,000) (148,000) {444 000} Totsl unrestricted funds 2.739,019 (3.958,270) 148.054 2.942.311 (148.1)00) 1.723.114 23. MOVEMENT IN DESIGNATEDTrI]NDS Desi8Dated funds ¢omprise the following;. Gmup l April Inci)me ExperAiWTe 2021 Nel"gains / Trnnsfeis (losses) on investments A¢ttsarial 31 Marrh gainlooss) 2022 Designated ￿ndS Charity J April Income Expendilur¢ 2021 Net gaAn&l Transfers (losses) olk iThv¢sthieDts Actuarial .3.1 March ainl(10ss) 2022 D'esignated fjjnds 48 DocUStqrtrEN￿¢p8 ID: BA37FD4￿797D41D￿F￿B9EGE411D7B6 The Hepworth Wakefield NOTFS TO THE F￿ANCIAL STATEMENTS Y¢ar cnded 31 March 2022 23. MOVEMENT IN DESIGNATED FUNDS rcon(Ini￿dJ PRIOR YE4R MOVEMENT ￿ DESIGNATED FUNDS Duignated fijnds comprise th¢ followit]g.' Group l April Income Exp¢ndinll 2020 Netgains l Transfus (losses) on invethents Actuarial 31 Majrh ga1￿(loS5) Designated funds 1,458,470 £1,45a,470) Charity l April In¢onie Expenditure N¢t gains I 'Tr8nsftt5 Actuarial 31 Mar Oosse>}"on gainl{1085) 2021 investments 2020 DesiBnated'fiJt]ds .458.470 (1.458,470) In prioryears designated fU￿]S w6re set aside i)ut oEthe current year surplus by the trustee5 to ¢over fll￿re expenditure. DestBnatEd income reccived in.the current year was £nil [2021: £Nil) and the trarJ$f¢r made from ut]restricted funds in the cuttent year was £nil (2021: £1,458,470) with attribut¢d rcvcnue expendibJTe of £nil (2021: £nil). There was a redesigrtation Of fill￿S within funds thwing the prioryear with the trustees a8rBeirLg to release deferred income into unrestricted fi]nd5. 49 "rk)trJSkJn Envek)pe ID.. W7FtJ49-797D-410ZA2F*bBgEC8411D7B6 The Hepworth Wakefield NOTES TO TI4E FINANCIAL STATEMENTS Year cnded 3l March 2022 MOVEMENT IN RESTRICTED FUNDS Restricted fimds eotllpri*'gratlts and dtsnations"giventowards expenditure on the Hepworth s ¢hatit&ble aims. April 31 March 2022 Inoomo Expendit¥Jre Trat]sfus Arts Council Museums Resilience Leaming: oth¢rprogratnme costs Learning.. Ihtegrdted Youth ProgLwnme Leamin¥. DementiaTrroj¢¢t Lwamitig: Sthool Prints Coll¢¢lion Conservation ExhibilioTh- Sheila Hicks Learning.. Gallery EtirichmentPiiot Programme Exhibilions- Hepwotth2021 Acquisitions Collections & B%knl)ition$ Art Fund C¢TamI￿ Project Exhibitions- H¢pworfli R¢s¢ar¢h Network Arts Council Catalyst.. Match Funding Learning- wellbetng r¢lattd The Hepwortli Priz£ for Sculpture lrriva." Puturc ColleGt Gott Collection Learning- Dementia Cafe Learning: Iinagine Better Futhres Project Le Grdnd Depart-Thomas Houseago EJhibition- Hannakn Slatkey Special acquisittons (7.405) 214,697 75,046 967 1.447 8.823 63,244 7,405 (108.307) (118,026) (75,304) 258 (967) {1,447) (8.823) {44,177) (41,244) (41,303) (11,899) 119,000 107,364 15.000 39.200 5.000 123.000 30,000 1,278 (34.200) (5.000) (5.000) (5,145) 27.000 (ioo.000) 29.816 (100) (978) 16 (8,935) (3.620) 17.745 <17,745) 13,106 (13,106) (2,359) 936 (105) 2.S86,081 (2,S86,081) 77.420 723,996 2.787.003 (3.007,522) (229.022) 274.455 t%)c￿S19n En¥*lopa ID." BAS7FD4W797D4lD2-A2F￿BpEC84l1D7Be The Hepworth Wakefield NOTES TO THE FINANCtAL STATEMENTS Year ¢lld￿ 31 Mar¢h 2022 24. MOVEMENT fN RESTRtCTED FUNDS (conlipn4pd) 31 Match 2022 2021 In¢oin¢ Expenditure Transfers Charity Art$ Ciyjncil Museums Resilience Learning.. other pro8ram]Jie costs Learning.. Inte￿aledy0UIh Prograjllme Learning.. Demeniia Projeel Lean)in8'. Sthtsol Pritits Colleetion Con8ervatio ExhibilioTh- Sheila Hicks Learning.. Gallery Enrichment Pil Programme Exhibitions- Hepworth 2021 Acquisitions CoUeGlions & Exhibitio￿$ Art Fund.Ceramics Project ExhibitiotL5- Hepworth Rescarch Nthvork Arts CounciLCatalystr. Match Fundtng Learning- wellbeing related The Hepworth Prize for Sculptujr Iniv&.' Future Collect Gott CollectÉon Learning- Demelltia Cafe Ltarning.. Iniagine BerterFuture5 Projeet Le Grdnd D￿art- ThomasHou3eago EthibiÈiorL- Hannah Starkey Special a¢quisitions (7,405) 214,697 75,046 967 1,447 8,823 63,244 53202 7,405 {I08,307) (I k8,026) {75,304) 258 119,000 107,364 (1,447) (8.823) (44.177) (41244) (41,303) (11.899) 3.7.177 15,OOQ 39,200 5,000 123,000 30,000 (34.200) {5,000) (5,145) (184) (978) 27.000 {IIX).oc(o) 29,816 (300) 16 8.935 3.620 (8.935) (3.620) 17,745 (17,745) 13.106 9,000 (13,106) (9,000} (2J59) 2,359 936 77,525 (936) (105) 2586.081 (2.586.081) 77,420 723,996 2.787.093 {3.1107,522} (229,022) 274.455 RestrRcted fimds as at 3] March 2022 collslst of unspeot r¢sirfct¢d grams .donations and fixed assets purchased with restricted fi￿as. lilhere restricted money i& donated to fiu)d assets which will be for the g¢n¢ral f the Gharity, a transfer. is made froTn the rtstricted reserve to unrestricted when the asset i5 purchased or brou8ht into Use. .Fund Transfe'rs Fu]M15 tran5feTred ill.the yearrelthto ￿>W coAnplet¢d fund¢d programmes of activity. The major fithds are Qonsidered below: Girtt Collection- futLds ￿e1Ved iowar&8the con5¢rvation and digitisation of.the 10-YoluJne Gott collection. LthibitkOlls- funds receiv￿ towards the costs of exhJl>itions in 2019r20 and 2020121 and.prior years. Lcamin8 Gallery Enrichmejit Ptlot PnJ8ramme- fi￿d5 f¢cEived in pl￿5¢S to. cnable the developrnent of a secondbry school cross curricular learning programme. tXyw&gn Env8[0￿ 10: a437FD49-797D41D2.A2FbVB9EC6411D7B8 The Hepworth Wakefield NOTES TO TI4B FINANCIAL STATEMENTS Year ended 31 March 2022 Lèatnxtig: Int¢grat¢d Youth Fro￿0￿me- funds r¢¢oived to enablB the" r.uttning of a ￿08l￿nMe for NEETS (individuals not in educatio￿ employmenf or training) to Attend a youth progtamine hosted by the Hepworth Wakefield. LeaTnin"g". tmagine Better Futures- ￿ndS received to enable the ¢unning of a programme fijr young women on the rtht deposit achetne who %vete. previowly homele59 to engage witii the Gott colleetion to explore Wak¢fi¢ld'8 history ahd th¢ir future. Learning Studio Redevelopment- 5Jnd5 liave been raised to enable the redeveiopm¢nt of the l¢arning $pae ith trnprovements which will make a si8nifJ¢ant difference to the way the Hepworth present5 its learning pro8rammE engdg¢sT4ith learnin8 &udiences, creatin8 a more iYel¢oKniDg and M￿nIngfill ￿Perience. LeaTnin8 - wellbeinB related - W8kEfield Metropolitan Distrsct Council grant to support lo¢al ¢u]￿ra] organisatlDns to deliver cultural activitie5 whith contribute towards improving the health and wellbetn8 01 people ond ¢ommuniti¢s across the district The Hepworth Prizk for Sculpture-.aggregate fimds received to cover. tho cost of the priz¢ the exhibition and a&g0¢i4tsd The w of individual dom￿l0￿S has beell t¢stri¢l¢d a¢¢iirdinE to donor stxpulations. The HepwoJth Wllkefield Garden Tn￿- fvnds received Hre to be used to coverthe cost ofthe planning, design and ¢on8tnJction of the garden. L¢e Miller ¢xhibi*iokn publi¢arion - fuNls received towarib the casts of 8 bo(sk which would othetwise not be Learning.. Dementia Proj¢ci- funds T¢￿i¥¢a thwards the.¢o$i of this proj¢tt School Printg- thnds rr¢tiv¢d towards the cost of pr(xlu¢ing prints forschools Exhibition- Sheila Hick5- fimds re¢eiv¢d toivards th¢ Cost of th¢ exhibition planned for 2022 Exhibition- Hannah Stvthy- fund5 rec¢ivEd Éowards'the cost of thi5 &thibiiion launched in October 2022. Exhibition- Bill Brandtl Hulry Moore- fi￿dS rcceived towards thecDSt.pf this exhibition ArtFund Ceramics Pmject- filnds recei￿a tOW3rd5 the of thi5 project EXhibitio￿￿- Hepworth ReSearchNelwo￿._ fi￿dS received towards the cost ofthe netwo Exhibilions- Hepworth 2021- fjjttds re(*ived towards tlie Cost of this" exhI￿ltiOn Iniva: Fthure Coll¢¢t- fundttig re¢¢ived for thé salary Costs of 2 tr&itte6 Cutator. S￿CIal Acquisitions- fundiEkB rcceiyed for tIL¢purchas¢.of artwork for the collection. 52 Do¢uSkJn Erfvdopa ID.. BA37F049-797D41DWFA-B9ECO411DrnS The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMEKrs Year ended 31 March 2022 24. MOVEMENT IN RESTRICTED FUNDS {¢onilnu P￿OR YBAR MOVEMENTIN RESTRtCTED FUNDS Restrided fimds compTise grants. and dott&tion$ given towards expendiÉure on the Hepworth's charitsble aims. l ApiiL 2020 Income Experidibjre Trat]sfets 2021 Gro'up ATts Council Museums Resili¢nc¢ Leaming: other programine costs L¢arning: Integrated Youth Progrnmme Leftming: Detnentia Project LL¥drning: School Prints Colleclion Conservation 5.076 Exhibition- Sheila Hicks 56J94 Th¢ Hq)WQTth Wakefi¢]d Oarden Ttt￿t 1.285271 L.earning: Gallery Enric])ment PAtot Pro8tzmllLe ExhibitioDs- Hepworth 2021 Acquisllions Collections & Exhibitions Le2ming s￿di0 Redevelopment Art Fund CrEa￿l￿5 Projrtt Exhibktions- Hepworth Researth N¢twotk Arts Council Catalyst.. Match FuThding Learning- wellbeing related The HcpworthPrize for Sculpture Golt Collection Leamin8- Dementia C&fe Lee Miller ¢xhibition publÉcation L¢amin8". Equipment Leamin8: ILna8ine Better Futures Project Le Grand Depart- Thomas IIcpusea80 Exhil)ition- H8nnah Ststkey Pllblic Progtsmme Finnis.S¢ott- Garden Planting 11985 (20,390) 180593 58.500 (64,721) {27,454) (23,615) 214,697 75,046 .742 9.500 3.747 (8.053) 1,447 (3.150) (2.500) (1,285,271) 63,244 2,500 56234 5.000 <3.032) (800) {30JOO) (205524) 35.000 35500 328J24 150.052 30,000 ,480 (150,052) 30,000 1,278 (643) 16 8,935 3,620 13,106 9,000 1500 5,752 8,935 3.620 13,106 9,0(N) ,5(K>) (5,752) 2,359 936 77J65 2,359 936 1,000 5.500 {i.000} (5500) 1.890.724 670,80S (353,692) (1,483,841) 723,996 DO￿￿Th En￿k1p0 ID.. BA37FD4W7970-41D2-A2FA-BPECN11DTB6 The Hepworth Wakefield NOTES TO THE FINANCJAL STATEMENTS Y¢ar ended 31 March 2022 24. MOVEMENT ￿ RESTRJcfED FUNDS (Contin1￿d) l April 2020 Incotlle Expenditlwe TTgnsfers 2021 Charity Arts Council Museums Resilience Learning.. oih¢rprowamme costs L¢aming.' Intcgtated Youth Prog￿Mme Learning.. Dementia Proj¢d LeaTning- Sthool Prints Colle£tion Conservation Exhibition- Sheila Hicks The Hepworth Wgkefield GatKlenTrust L.eaming: GAtlery EnrichmentPilot Programme E%htbititsns- Hepworth 2021 Acquisitions Collections & Exhil)itioJJs Learning StudÈo Redeyelopment Art Fund CeramycsProject Exhibitions. Hq￿orth Research Network Arts Council Catalyst.. MakhFuThding LearniDg- wcllbeitL8 related Thc H¢piYortlLPiiLG foT siu1ptt￿c. Gott CDlleGÉio Learning- Dementsa Café Lee Miller exhibition publication Learnins: EquÉpmtnt Learning: tmagine BetterFutures Project Le Grand Dcpart- Thomas Hou%Ago Exhibition - Hannah St8rkey Public Programme <20,390) (7.405) 214.697 75,046 967 96,OS6 fj7,615 1.742 180.593 58,500 (64,721) (27,454) (23,615) (775) (8.053) 9.5¢)0 5.076 56.394 1285.271 8,823 63244 io,ooo 2.500 (3.150) (2,500) (1,285,271) 56.234 5.000 (3,032) (800) (30.500) 328.524 (205524) 35,000 39200 5.000 123.000 150,QS2 (150,052) 30.000 1.480 441 (643) 16 8.935 3.620 16 &935 3,620 13,106 9,000 9.000 (1,500) 2,3S9 936 936 (40) (1.000) 1.000 1,890.724 665.305 {348.192) (1,483.841) Re5trictcd funds 3s at 31 March 2021 consist of uDspent restricted grants and donations and fixed 18sets pur¢hased withrestricted funds. Wh¢re restricted rnoney i5 donated to fi￿d &ssets which will be for the general use of the charity. a transftt is madc from the restricted reserye to unr¢5trithd when th¢ asset is purchascd or brought ittto ￿Se. Thc mujorfiuLds are con5idcred below". fjott.Coll&tion-'fuTrds Tec¢ived towards the conservation and digitisation of the I￿vOlU1)le Gott wll¢rtion. Exhibili￿￿- fvnds received towards the ¢osts'of exhibitions i￿2017]18 and those planned for20'I&II9. Luming Gallery Enrieluntht Pilot Progt￿n1ne- fimds re(Y1Y￿ in two phase5 to enable the development of a s￿On￿ary school cross cuJrÉcular Learning ptbgrammd Learning.. Integrated Youth Pmgramme- fi￿dS received from Paul Hamlyn'Foundation to enable the running 54 tx)¢uSiqn Envd£pe ID.. BA37FD49-797D-41DWFA-B9EC8411D7B8 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMwrs Yefjr ended 31 March 2022 of a programme for NEETS (Andividua]s not itl educatio￿ employnir4Lt or tratning} to attend a youtli program￿¢ ]MislEd by the Hepworth Wakefiel¢L Lmming: Ima8iThe Better FuÈure5- fund5 received to enab.le the r￿￿Ing.Of a prograrnme for youfjg women'on the rcnt deF￿sit sclieme who were pr¢viously homeless to engage with the Gott collectÈoTh to explor¢ Wakefield's history and theTrfuture. L.earning Sthdio Red¢velopmeAt- fijnds have been raised to tllablc.the redevelopment of the learning 5pacos with improvements whith will m4kn a 5tgnifLcant difftrcncc to tht way thc Hcpivorth pr¢5¢nts ils karnillg pro￿4￿me attd ekngAges with learning audiaices. Creati1￿ A tnore wel¢ominE alld the•ninthl expeFience. Learning - wellbeing related - Wakefield Metropolttall Distri¢1 Coun¢il kralli to support looal ¢uhural organi5alions to deliver cultural Activities whtch contribut8 towards improving the health and wellbeing of eople andcoththunities a¢ross the district. Learhing - Dementia Café - 8rant fi￿d$ towatds ¢ot))mut)ity adiviti¢s and workshops'involving aTknSfS atsd voIut)¢èers. Arts Council Catalyst Match Funding - fimds ieceived which are matchej at a rate of 213 to r￿St time donations from new m¢mlxr4 patron4 tnlsts, fDundatÈon4 individual donors & baokcd colEectron box donations. The Hepworth Prize for Sculpture- aBgre8ate fjJnds receiyed lo cover the Cost of the wize. the &xhibilion at as50CiAted costs. The use of individual donatiow has been Testri¢led aLYordin8 to donor stkpulatjDns. Th¢ Hq)wortlL Wakeficld Gardcn Trust-.funds re£￿Ved are to bE Used to Eover thc r05t of the platLnin& de5iS and"con5truction of Ihe HepTrvortli Wakefield Riyerside Gallery Garden. Disobedient Bodies exhibition- fwjds Teceiyed to help fijnd therost&of the ¢¥hibitipn in 2017118. Howard H￿IgkIn Exhibition- fvnd3 r￿*1Y¢dtO h¢lp fU￿d th¢ costs of th6 exhibition. Alina Szapc7nikow &xhibition- fimds received will be wsed to help fimd Ihe c4ksts of the exhibition in 2017118. Acquisition fvnd- fvnds donatsd towards the purchase ofjjew additionsto Tlie Wakefield Collectson. Anthtjny M¢Call exhil>ition funds.receiYed.to help fuTrJ thecosts of the.exhtbition ill2017118. Communities project- fimds received'to help ￿nd the Commwlity staff post. Lte MillcrExhibition publi¢ation - funds'receivcd towards the eosts of a book which would 1)then￿'not F produr More & Bettei -.funds received frtitii the Paul Hamlyn Ftiundatiwi to fimd.a progwnme d¢siglled. to engage loeal young people in th¢ orts. 55 Do￿ls￿)n EnK*lop8 KJ.. BA37F045.797D41D2.A2FA.BgEC8411D788 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMEwrs Year ended 31 March 2022 25. ANAL YSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS Unrestri¢ted Desig)aied Restrièt¢d 31 Mar¢h 31 March fund5 funds fun(ts 2022 2021 Group Tangible fix￿ assets Fixed asset investhients Stocks Investmenig Debtors. Cash #t bank and in hand Cr¢ditot¥: amunts falling due wilhin one yeat Defined benefit pension 5cheme.liability 1.880,647 1.258.052 165,356 1.88Q,647 2,057,425 1,258,052 960.314 165 J50 139,019 1,320 329,162 242,037 1,863,583 1,304,516 {824,866) (767200) 296,744 ,621,546 (824,866) {315.000) (315.000) (444,000) At31 ￿￿ch2O22 4,083,799 274,455 4J58254 4.184.062 Unreslrict¢d D¢5i8nat¢d Restrictsd 31 March 31 March fuDds funds 2022 2021 Charity Tangible fixed assets Fixed asset investhLtnts Sts*ks Investments Debtors Cashot bartk and in h8nd Credits)￿. amounts frdlling due within one year Defjnedbenefit pension schem¢ liabiIity 226.354 .258.053 226.354 1.258.053 312.229 960.315 834 lJ20 1,320 32,418 455.087 1,085,549 242.037 1.453J43 l.139532 (427.931) {608,669) lJ20 .421669 (427,931) {315,000) (315.000) {444.0.00). Al 31 Maroh 2022 2.376.77l 274.455 2.651,226 2.+17.L 10. DocL6¥Jn EThveJDpe ID: BA37FD4&797[H1D2.A2F￿89Ec641lD786 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Ycat cndcd 31 March 2022 25. ANALYgis OF ASSETS AND LIABILrriES BETWEETrfFUNDS (eontiiiuvd) PRtOR YEAkANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUFIDS Untestiicted D¢signat¢d Restriclwj 31 M4rch 31 Marc fimd8 funds 2021 2020 Group Tangibl¢ fix¢d ass¢ts Fixed asset ittyestmenls Sto¢ks Investtnents Debtors Cash at bartk.aThd in liand Creditors.. amounts falling due within one year Lkfined bBThefit pensi¢)n $the￿¢ liabilty 2,057.425 2,057,425 1,682,625 960,314 803,189 139,019 143,876 .320 275.316 251,173 932,668 1.028,854 {457,875) 1?04,516 394.968 (29,616) (767200) (625,647) 960J14 139.019 lJ20 6gi.495 1.762J91 (737,584) (444,000) (444.000} (278,000) At3 I March 2Q21 3.460.066 723,996 4,184,062 3,425,181 Unrestricted Desigrtated Regtri¢ted 31 Matrh 31 MaTch funtlq nds fiinds 2020 Charity Tangible f￿ed assets Jnvestments Skn¢ks JTAve51ments Debtors Ca51i at baThk and Ètl liand Creditors.. amounts falling due within one year D¢finedbenefft Pensio￿schEMe liability 311229 312,229 1,674.749 $03.190 751 1.320 275J17 251,173 1.085,549 1.121,841 {457,875) 1,139,$32 336,833 (29,616) (608.669) (585,488) 960,314 834 1.320 834.376 (579,051) (444,0(MJ) {444,000} (278,000) At 31 March 202I 1,723,114 723.996 2,447.110 3J49.192 26. COMPANY STATUS The company ig limited by guaranlee ftx an amount not ex¢¢eding £1 permember, inGluditL8 any rnem￿r litho ¢eased to be a memberwithin the previous twelve months. 57 DrKLÉ*n Envd£p8 ID.. BAS1FD49-797D41D￿FA-BeEC64IlD788 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMEwrs Year ended 31 March 2022 27. PENSION SCHEMBS The groupt(Attrib￿t¢S to'tivo pension s¢h¢¢ne8. Dellthed ¢onlribulloD seheme There is a Group Personal PeThsion Scheme. whi¢h 18 a defined contribulion pension scheme, adminÉstrred by Scottish Life whi¢h is avail4ble.to all oÉher ¢mployees.nol PArt of the def]ned benefit scheme, Th¢ dwg¢ to the slatemcnl of fjnancial activitics in respect of d¢fu]cd contribution scheme was £77,705 (2021.. £80.9.30).. As at 31 March 2022, contrJbution5 of £9,741 (2021: £9,560) due in resp¢¢t of the ¢urren¢ Feporttng period had not been paid over to the sclieme. D¢fine41 bellefit sehem¢ There is a aefined benefit schem¢ Op¢Iat￿ by the West Yorkshire Pension Fund whith ￿ only available to staff who have previously rontributed to the scheme. Under the Scheme. employees are ¢ntill¢d to retireM￿t benefits ba8eAI a combination of length of service and final salary on attainment of a retirement ag¢ of 65 (55 with'employer ¢onsent). No other post-retir¢m¢nt be7tefits are provided. The scheme is a funded s¢h¢rne. The most recent &ewarial valuations of scheme assets and th¢ present value of the"defined be*èfit obligation were catried out at 31 March 2022 by Aon HewitL As the thnd is ¢losed to llEW entrants, the cost of the fuknre accrual as a proportion of th¢ salary roll be &Ypected to increftse as the av¢rdgE oge of the membejship rew on a given basis. Adjustment to ti)¢ valuation at die yeot-end have beenmadé based QTA the following assUJnptiO￿8. 2022 2021 Key assumptions: Discount late Expected ￿te of salary iweases Expected rat¢ of ffinciease f￿ fuh￿¢ pension itLCT¢ase$ Rate ofinllatio 2.7 2.9 4.15 3.85 Mortality assllmptiOn5: Thc ossumed life expectations on Fetiretnent at a8¢ 65 are: 2022 2021 y¢ar5 Retiring today: MalÈa Females Retiring in 20 years.. Males Females Zl.8 25.7 21.9 24.7 22,6 25.8 25.7 58 Dcojstgn Env8lOPO ITr. BA37F04&797D41D2-A2FA-BgEce411D7B6 The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2022 PENSION SCHEMES (rontin7%dJ Ami)unts recogni5ed in th¢ stat¢m¢nt of finaThcialactivities: 2022 2021 Cury¢ntserYice cost Net llknie5t on defined benefit liability 45,000 9.000 12.000 6,OOtJ Totsl costs L8,(MU Atnounts tsken to othercompr¢henJive in¢om¢ 2022 Actual return on scheme ￿ets 77,000 130.000 The amounl included iti ihe balance sheet aTisillg from obligations in respect of ils def]ned bellefit retttemenl benefft scliemes is as fDIIow8: 2022 2021 Presentvalue 0fder￿ed benefitobligation8 Fair vatue of sche]ne ￿etS (1.129.ODO) (1.157.000) 814.000 Totsl liability recO￿L￿ed (3.I5.000) (444,000) Re¢oncAliation ofJthme 835¢ts and liabilitie5 A55ets Liabilities T.otal At l April Z02 1 713.000 (1.157.000) (4H.000) (1,000) 16,ODO 9,01>0 B￿efits paid Employer ¢imtributions Participant contributions cU￿ent *rvice cost Int¢'re5t inEo]Iiel(exT￿nSe) R¢-measuremellt gain51(los&es} Ackn￿la18aI￿sl(199Se5) 16.000 (9.000) (45.000) (45,000) (9,000) 62,000 105.000 15,000 oooo At 31 MaTch 2022 814.00(1 (1,129.000) {315.000) Doujsbn Etwelope ITr. BA37FD49-797D41DZ-N2FA-BeEC6411D7Bfy The Hepworth Wakefield NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 March 2Q22 27. PENSION SCHEMES (coiUimied) The fair value of the plan assets was: Fair value of Fair value of. a￿tIS assets 2022 2021 Equity instnrnents Property Gov¢rnm¢nt bonds Co￿Orate bonds Cash 649.000 569,000 27,000. 59,OOU 33.(M)O 14,000 11.000 60.000 39.000 24,000 9.000 814.000 713,000 Tbe returns pIan a&8ets was.. Fair vAiue of Fair value of assets assets 2022 2021 Interest in¢ome Return on plan a$¥ets less irtlere5t iti¢om¢ 13.000 62,000 Total retum on plan as5et& 77.000 The Current valuation do¢s not r¢flt£t th¢ expected in¢Teas¢ in b¢n¢fits artd ther¢for¢ liability as a iesult of Guaranteed Minimum Pen5iDn ('GMP') equali58tion between men and W0￿